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Tiger Global Management Bullish On Tech, Bearish On Traditional Media

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Chase Coleman’s Tiger Global Management filed its Form 13F for the second quarter of the year on Friday, disclosing its long equity positions as of June 30, 2015. This article will look into the firm’s portfolio and some of its most interesting moves and positions.

After adding eight new stocks, increasing its stakes in another five, trimming positions in 10 more, and closing out 22 positions, the fund’s equity portfolio’s value surged from $9.12 billion last quarter, to $9.78 billion this quarter.

Unlike many of its peers’, this portfolio is quite concentrated: 69 percent of assets are placed in consumer discretionary stocks and an extra 27 percent on information technology stocks.

JD.Com Inc(ADR) (NASDAQ: JD)continued to be the firm’s favorite in the second quarter - same as in the first one. After more than tripling its exposure over the period, the fund disclosed ownership of 70,175,611 shares of the company, worth almost $2.4 billion.

Only one institutional investor has a larger stake in the eCommerce company: Lei Zhang's Hillhouse Capital Management, one of the largest funds in Asia. As of the end of the second quarter, the firm declared holding 142,947,816 shares of the company, worth more than $4.78 billion. This position accounts for more than ¾ of its total equity portfolio’s value; so, one can assume the firm is bullish.

Another big bet was placed on Netflix, Inc. (NASDAQ: NFLX), Tiger Global’s second largest equity position. As of the end of the quarter, the fund held 17,997,273 shares of the company (after a 7:1 split), worth more than $1.68 billion, according to the filing. The biggest institutional investor in the company is Capital Research Global Investors, with 45,762,724 shares.

Related Link: Jim Simons Betting On Microsoft, Colgate-Palmolive, Novo Nordisk & Alaska Air

On the other hand, the two largest hedge fund investors in Netflix as of the end of the first quarter are now moving away from the company. Over the quarter, Carl Icahn sold all of his 9,883,482 shares, while Philippe Laffont’s Coatue Management got rid of 83 percent of its stock, keeping only 2,006,095 shares – still a sizeable position.

Among new positions, Amazon.com, Inc. (NASDAQ: AMZN) was king. Between April and June, Coleman’s fund acquired 747,000 shares of the company, worth almost $325 million.

Traditional media also saw some attention. More than 11 percent of the total first-quarter equity portfolio was placed in Liberty Global plc - Class C Ordinary Shares (NASDAQ: LBTYK) and Twenty-First Century Fox Inc (NASDAQ: FOXA). However, the fund sold all of its 16,805,219 Fox shares and 9,288,326 Liberty shares over the second quarter.

Also bearish on both these companies was Citadel Advisors, which closed its positions in the two stocks over the second quarter.

Posted-In: Capital Research Global Investors Carl IcahnLong Ideas Hedge Funds Movers Tech Trading Ideas General

 

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