Tiger Global fund, headed by Chase Coleman, grabbed headlines in 2022 after two decades of outsized growth technology investing made it one of the industry’s stars.
But investors’ tastes veered from growth stocks this year, battered by recession worries, a hawkish Fed policy’s rising interest rates, and high inflation, halving the fund’s assets in 2022.
Coleman founded his New York-based fund in 2001, during the ‘dot com bubble of the early 2000s.
Here are some of Coleman’s most significant positions and recent trades reported to the SEC.
Top Sales
The fund sold high priced companies with low profits.
It liquidated its DocuSign (US:DOCU) position after the electronic signature providers’ shares peaked above $300 in 2021. Remote workers accelerated DocuSign use during the worst of the pandemic. As the pandemic comes more under control, the push for home work solutions eased. The stock trades at a 14% discount to consensus valuation, with more than 50% of analysts neutral or bearish.
The fund trimmed its holding in Singapore e-commerce giant Sea Ltd (US:SE) to 4.6%. The stock fell 70% this year as of last Friday. The shares bottomed in May and have traded at around $70 a share since.
The company recently shifted its focus to profitability ahead of top line growth, given the inflationary environment.
Tiger Global also sold most of its stake in Canada’s Shopify (US:SHOP, CA:SHOP) and online car-retailer Carvana (US:CVNA), which both fell 70% this year through last week.
The fund trimmed about two percent of its DoorDash (US:DASH) stake, representing 1.6% of its assets when reported.
Coleman reduced his stake in cloud-computing data company Snowflake Inc (US:SNOW) to about $300 million, accounting for about 2.5% of assets.
Consensus, Wall Street targets remain bullish, suggesting a 27% upside for Snowflake.
Tiger Global shifted its focus to investing in attractively valued large-cap tech, chasing ‘affordable’ growth.
Tiger allocated about 10 percent of its assets to Chinese e-commerce giant JD.com (US:JD, HK:9618), its largest holding. The market remains very bullish on the giant, with consensus targets suggesting an almost 50% share price upside.
Coleman added to his stake in Chinese electric vehicle maker Li Auto (US:LI, HK:2015), topping out at about $500 million to make it the fun fund’s second largest allocation.
The EV maker defied the broader sell-off, losing just 7.4% year to date. Li’s delivery growth is encouraging Wall Street’s bullish output.
This article originally appeared on Fintel
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