"Tracking Chase Coleman’s Tiger Global Portfolio – Q3 2021 Update"
"Chase Coleman’s 13F portfolio value decreased from $53.76B to $52.06B this quarter.Tiger Global increased Snowflake while decreasing Roblox and Apollo Global Management during the quarter.The largest three positions are Microsoft, JD.com, and Sea Limited and they add up to ~21% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Chase Coleman’s Tiger Global Management 13F stock portfolio on a quarterly basis. It is based on Tiger Global’s regulatory  filed on 11/15/2021. Please visit our  Portfolio series to get an idea of their investment philosophy and our  for the fund’s moves in Q2 2021.Chase Coleman’s 13F portfolio value decreased ~3% from $53.76B to $52.06B. Recent 13F reports have shown 100+ positions. 40 of those are significantly large (more than 0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Microsoft Corporation, JD.com, Sea Limited, Doordash, and DocuSign. Together, they add up to ~29% of the entire 13F portfolio.Prior to founding Tiger Global Management in 2001, Chase Coleman was the technology analyst at Tiger Management from 1997 to 2000, making him a bona fide “tiger cub”. To know more about Julian Robertson and his legendary Tiger Management, check out .Note 2: Regulatory filings since the quarter ended show them owning significant stakes in the following businesses: 6.4% of Embark Technology (EMBK), 6.4% of Perimeter Solutions (PRM), 11.8% of Weave Communications (WEAV), 6.8% of Qualtrics International (XM), and 9.4% of TaskUs (TASK).New Stakes:Warby Parker (WRBY) and Robinhood Markets (HOOD): WRBY had a Direct Public Offering on September 29th. Shares started trading at ~$54 and currently goes for $46.60. Tiger Global had participated in all their funding rounds after leading the Series A in 2011. HOOD had an IPO in July. Shares started trading at ~$35 and currently goes for $20.13. Tiger Global participated in funding rounds earlier this year and their stake is at 1.10% of the portfolio.Note: Regulatory filings since the quarter ended show them owning 8.65M shares of Warby Parker. This is compared to 15.13M shares in the 13F report.Stake Disposals:None.Stake Increases:Sea Limited (SE): The 6.38% position in SE had seen consistent buying since Q2 2018 when around 6M shares were purchased at prices between $10.25 and $16.50. Q4 2019 saw a ~40% selling at prices between $26.70 and $40.25. Last four quarters have seen a ~24% stake increase at prices between ~$158 and ~$367. The stock is now at ~$238.Note: Tiger Global’s ownership stake in Sea Limited is ~5.5% of business.DoorDash (DASH): DASH is a 4.37% of the portfolio stake. They had an IPO in December. Shares started trading at ~$190 and currently goes for ~$158. The stake was built over the last two quarters at prices between ~$125 and ~$206. There was a marginal increase this quarter.DocuSign (DOCU), Snowflake Inc. (SNOW), and Shopify (SHOP): These three positions were substantially increased in the last three quarters. The 3.61% DOCU stake was built at prices between ~$180 and ~$310 and the stock currently trades well below that range at ~$144. The ~3% SNOW stake saw a ~300% increase over the last four quarters at prices between ~$206 and ~$388 and it currently goes for ~$371. The 2.30% SHOP position was built in the last three quarters at prices between ~$885 and ~$1643 and it is now at ~$1462. There was a marginal increase this quarter.Zoom Video (ZM): The 2.39% ZM stake had seen a ~50% stake increase over Q2 & Q3 2020 at prices between ~$114 and ~$501. Next quarter saw a ~20% selling at prices between ~$337 and ~$568 while the last three quarters have seen a ~230% stake increase at prices between ~$257 and ~$445. It is now at ~$185.Workday Inc. (WDAY): WDAY is a ~2% of the portfolio stake built last year at prices between ~$114 and ~$258 and the stock currently trades at ~$280. There was a minor ~2% stake increase this quarter.RingCentral Inc. (RNG): RNG is a 1.65% of the portfolio position purchased in Q1 2019 at prices between $78.50 and $112 and increased by ~120% next quarter at prices between $103 and $125. That was followed with a ~18% further increase last quarter. The stock currently trades well above those ranges at ~$185. This quarter also saw a minor ~2% stake increase.Datadog Inc. (DDOG): DDOG is a 1.42% position built in H1 2020 at prices between ~$29 and ~$90 and it is now at ~$175 Last two quarters have seen a ~10% stake increase.UiPath (PATH) and Coinbase Global (COIN): UiPath and Coinbase had IPOs last quarter. UiPath shares started trading at ~$69 and currently goes for ~$44. Tiger Global’s stake goes back to a funding round last year. The valuation at the time was ~$10B and the current valuation is ~$23B. Coinbase started trading at ~$328 and currently goes for ~$256. Tiger Global’s position goes back to a funding round in 2018 when the valuation was ~$8B. This is compared to current valuation of ~$55B. Both positions saw minor increases this quarter.Futu Holdings (FUTU): FUTU is a small 0.73% of the portfolio stake purchased in Q1 2021 at prices between ~$49 and ~$191 and the stock currently trades below that range at $43.95. There was a ~20% stake increase this quarter at prices between ~$86 and ~$162.Stake Decreases:JD.com (JD) & Calls: JD was a ~5M share position first purchased in Q4 2014 at prices between $23.50 and $27. The next two quarters saw the position built up to a huge ~70M share position (~25% of the 13F portfolio at the time) at prices between $24 and $38. H2 2018 had also seen a ~42% increase at prices between $19.25 and $39.50. It is their second-largest 13F position at 7.10% of the portfolio (51.14M shares). The stock is now at $79.71. There was minor trimming in the last two quarters.Carvana Inc. (CVNA): CVNA is a 3.56% portfolio position purchased in Q1 2019 at prices between $30 and $60 and increased by ~38% next quarter at prices between $58 and $75. Q3 2019 saw another ~75% stake increase at prices between $58 and $85. Q1 2020 also saw a ~22% stake increase. The stock is now at ~$271. Last few quarters have seen only minor adjustments.Note: Tiger Global has a ~9.5% ownership stake in Carvana.Apollo Global Management (APO): APO is a 2.65% portfolio position first purchased in Q1 2017 at prices between $19.50 and $24.50 and increased by ~40% the following quarter at prices between $24 and $28.50. The stock is now at $69.65. Last two quarters have seen a ~40% selling at prices between ~$47 and ~$64.Note: They have a ~10% ownership stake in the business.Roblox Corp (RBLX): RBLX had an IPO in March. Shares started trading at ~$70 and currently goes for ~$116. Tiger Global’s 2.53% of the portfolio position goes back to a  Series F funding round in 2018 when the valuation was ~$2.5B. This is compared to current valuation of over 25x that. The position was reduced by ~57% over the last two quarters at prices between ~$64 and ~$100.Uber Technologies (UBER): The 1.79% of the portfolio UBER stake goes back to funding rounds in 2015. UBER started trading at $41.50 and is currently at $36.67. Q4 2019 saw a ~225% stake increase at prices between $26 and $33.75. There was a ~55% selling next quarter at prices between ~$15 and ~$41 while Q3 2020 saw a similar increase at prices between $29.50 and $38. There was a ~80% further increase next quarter at prices between ~$33.50 and ~$55 while in Q1 2021 there was a ~25% reduction at prices between ~$48 and ~$63. Last two quarters have seen minor trimming.Peloton Interactive (PTON): PTON is a 1.20% of the portfolio position purchased in Q1 2020 at prices between $19.50 and $33.50. Next quarter saw a ~28% stake increase at prices between $26.75 and $58.50. There was another ~45% stake increase in Q3 2020 at prices between ~$59 and ~$101. It currently trades at $38.51. There was a ~12% further increase last quarter while this quarter saw a ~18% trimming.Spotify Technology (SPOT): Spotify is a venture capital investment that became part of their 13F portfolio following its IPO in Q2 2018. SPOT started trading at ~$150 and currently goes for ~$233. Q1 2019 saw a ~36% selling at prices between $109 and $151 and that was followed with another ~50% selling next quarter at prices between $122 and $150. The three quarters through Q1 2020 had seen another one-third reduction at prices between ~$110 and ~$160. Q2 2020 saw a ~16% stake increase at prices between ~$122 and ~$268. This quarter saw a similar reduction at prices between ~$205 and ~$276. The stake is now at 1.15% of the portfolio.Kept Steady:Microsoft Corporation (MSFT): MSFT is currently the largest position at 7.11% of the portfolio. It was established in Q4 2016 at prices between $57 and $63 and increased by ~400% in Q2 2017 at prices between $65 and $72. Q1 2018 also saw a ~38% stake increase at prices between $85 and $97. Q4 2019 saw a ~30% selling at prices between $135 and $159 while in Q1 2021 there was a ~15% stake increase at prices between ~$212 and ~$240. The stock is now at ~$343. There was a ~4% trimming last quarter.Amazon.com Inc. (AMZN): AMZN is a fairly large 3.58% of the portfolio stake. The position was established in Q2 & Q3 2015 at prices between $370 and $540. Q1 2016 had seen a two-thirds reduction at prices between $482 and $676. The following quarter saw a ~40% increase at prices between $586 and $728. There was a ~38% selling in Q4 2018 at prices between $1344 and $2013. Q4 2019 and Q1 2020 had seen another ~22% reduction at prices between ~$1700 and ~$2170. The stock is now at ~$3444. There was a ~7% trimming last quarter.Note: AMZN has seen a previous round-trip in the portfolio. A 1M share stake purchased in 2010 in the low-100s price range was disposed in Q1 2014 in the high-300s realizing huge gains.CrowdStrike Holdings (CRWD): CRWD is a 3.56% of the portfolio stake established in Q2 2020 at prices between ~$55 and ~$105. Q3 2020 saw a ~50% stake increase at prices between ~$97 and ~$144. The stock currently trades at ~$199.Meta Platforms (FB) previously Facebook: The 3.29% FB stake was established in Q4 2016 at prices between $115 and $132. The buying continued through Q2 2019 at prices up to ~$200. Q4 2019 saw a ~25% selling at prices between $175 and $208. Last three quarters had seen another ~42% selling at prices between ~$246 and ~$356. The stock currently trades at ~$330.Note: Facebook has seen a previous roundtrip in the portfolio. A pre-IPO investment of ~54M shares was sold out by Q4 2012. The trade generated over $1B in profits.ServiceNow Inc. (NOW): NOW is a 2.64% of the portfolio position that saw a stake doubling in Q3 2020 at prices between ~$402 and ~$500. The two quarters through Q1 2021 had seen another ~45% stake increase at prices between ~$475 and ~$595. The stock currently trades at ~$647.Pinduoduo Inc. (PDD): PDD is a 2.45% position that saw a ~175% stake increase in Q4 2019 at prices between $31.25 and $43.50. Q3 2020 saw another ~135% stake increase at prices between ~$74 and ~$97. The stock is now at $63.62.TransDigm Group (TDG): TDG is a 2.11% of the portfolio position. It was first purchased in Q4 2016 at prices between $245 and $289. H1 2017 saw the position built up to a large ~9% portfolio stake (4M shares) at prices between $210 and $272. The position has wavered. Recent activity follows: The two quarters thru Q3 2018 had seen a ~35% selling at prices between $301 and $373 while next quarter saw a ~12% stake increase. There was a ~15% trimming in Q1 2020. The stock is now at ~$605.Note: TDG has seen a previous round-trip in the portfolio.Atlassian Corp plc (TEAM): TEAM is a 1.85% portfolio stake that saw a ~150% stake increase in Q4 2019 at prices between $108 and $133. There was a ~85% stake increase in Q3 2020 at prices between ~$161 and ~$197. The stock currently trades at ~$373.Procore Technologies (PCOR) and DoubleVerify Holdings (DV): Procore and DoubleVerify had IPOs last quarter. Procore started trading at ~$88 and currently goes for $82.58. Tiger Global’s position goes back to a funding round in 2018 when it was valued at ~$3B. DoubleVerify started trading at ~$36 and currently trades at $31.39. Tiger Global’s investment goes back to a funding round last year.Note: They own ~7% of Procore Technologies (PCOR) and ~9% of DoubleVerify Holdings (DV).Netflix Inc. (NFLX): NFLX is a frequently traded stock in Tiger Global’s portfolio. It has seen multiple roundtrips since 2011. The bulk of the current 1.27% of the portfolio position was purchased in Q3 2017 at prices between $146 and $189. The stake has wavered. Q4 2019 saw a ~30% selling at prices between $267 and $337. Q4 2020 saw another one-third selling at prices between ~$471 and ~$554. The stock currently trades at ~$612. Last quarter saw a ~3% increase.Alibaba Group Holdings (BABA): BABA is a 1.20% portfolio stake established in Q3 2016 at prices between $78.50 and $109. The position had since wavered. Q3 2019 saw a ~80% stake increase at prices between $154 and $183 while next quarter there was a ~55% selling at prices between $162 and $216. Q1 2020 saw a ~28% stake increase at prices between ~$175 and ~$230. The stock currently trades at ~$125. There was a ~6% trimming last quarter.Elastic NV (ESTC): The 1.15% ESTC stake was primarily purchased in Q4 2019 at prices between $61 and $87 and the stock is currently at ~$117.Adobe Inc. (ADBE), Asana Inc. (ASAN), Coupa Software (COUP), MasterCard Inc. (MA), PayPal Holdings (PYPL), and Sunrun Inc. (RUN): These very small (less than ~1% of the portfolio each) stakes were kept steady this quarter.Note 1: Although the relative sizes as a percentage of the portfolio are very small, it is significant that they own substantial ownership stakes in the following businesses: 1Life Healthcare (ONEM), 8x8 Inc. (EGHT), AiHuiShou International (RERE), AltC Acquisition (ALCC), Blend Labs (BLND), Dingdong (DDL), Just Eat Takeaway.com (GRUB), Katapult Holdings (KPLT), Logistics Innovation (LITT), Sumo Logic (SUMO), TCV Acquisition (TCVA), VTEX (VTEX), and Yatsen Holding (YSG).Note 2: In July 2018, it was reported that Tiger Global has taken a ~$1B stake in Softbank (SFTBY). The stock was at ~$20 (split-adjusted) at the time and currently trades at $24.34.Below is a spreadsheet that shows the changes to Chase Coleman's Tiger Global Holdings 13F portfolio holdings as of Q3 2021:Source: John Vincent. Data constructed from Tiger Global's 13F filings for Q2 2021 and Q3 2021.Regulatory filings from 6/16/2021 thru 9/26/2021: Form 3 – 9/21 – Warby Parker Inc. – WRBY – 15.63M shares. 8/2 – VTEX – 11.3M shares – 15.2% of business. 13G – 7/30 – Blend Labs – BLND – 16.88M shares – 8.1% of business. 13G – 7/22 – AltC Acquisition – ALCC – 4M shares – 8% of business. 9/9 – 13G – APO – 23.6M shares – 9.6% of business,  , Form 4 – 7/14 – 7.44M shares disposed – 23.62M shares remain. Form 4 – 7/2 – 3.86M shares disposed, 31.05M shares remain. 13G – 7/12 – Dingdong – DDL – 21.32M shares – 7.1% of business. 13G – 6/28 – AiHuiShou International – RERE – 11.73M shares – 13.3% of business. 13G – 6/25 – Just Eat Takeaway.com – GRUB – 12.56M shares – 5.9% of business. 13G – 6/21 – KPLT – 5M shares – 5.6% of business. 13G – 6/21 – Logistics Innovation Tech. – LITT -  2.8M shares – 8.2% of business."