- Chase Coleman’s 13F portfolio increased from $6.94B to $8.03B this quarter.
- Tiger Global added Fiat Chrysler while increasing Priceline Group & JD.com and dropping Apple.
- The largest three positions are Priceline Group, JD.com, and Amazon.com Inc. and they add up to ~51% of the portfolio.
Chase Coleman’s 13F portfolio increased ~16% this quarter
from $6.94B to $8.03B this quarter. Recent 13F reports have shown a total of
around 20 individual stock positions in the portfolio. The largest five stakes
are Priceline Group (PCLN), JD.com (JD), Amazon.com Inc. (AMZN), Charter
Communications (CHTR), and Fiat Chrysler (FCAU) and they add up to two-thirds
of the entire 13F portfolio.
Chase Coleman is a "tiger cub" best known for a
stunning 44% annualized return during the 2001-2008 period. To know more about
Julian Robertson and his legendary Tiger Management, check out Julian Robertson: A Tiger in the Land
of Bulls and Bears.
Below is a summary:
Fiat Chrysler (FCAU):
FCAU is a large (top five) ~6% of the portfolio position purchased this
quarter at prices between $6 and $9 and the stock is now well above that range at
$10.91.
Alibaba Group
Holdings (BABA): BABA is a large ~6% portfolio stake established last
quarter at prices between $78.50 and $109 and the stock is now at $103. For
investors attempting to follow Tiger Global, BABA is a good option to consider
for further research. There was a marginal trimming this quarter
Amazon.com Inc.
(AMZN): AMZN is currently the third-largest 13F stake at ~13% of the
portfolio. 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 and the stock is now at $853. There was a very minor increase this 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 of
in Q1 2014 in the high-300s realizing huge gains.
Apple Inc. (AAPL):
AAPL was a fairly large 5.87% stake last quarter. The original position was
purchased in Q4 2015 at prices between $106 and $123. Q1 2016 saw a ~47%
reduction at prices between $93 and $110 and that was followed with another
~76% selling the following quarter at prices between $90 and $112. There was an
about turn last quarter: ~160% increase at prices between $95 and $116. The
disposal this quarter was at prices between $106 and $118. The stock currently
trades at $139.
Charter
Communications (CHTR): CHTR is a top-five ~8% portfolio position. It was
first purchased in Q3 2012 at a cost-basis of ~$75 per share. The position has
wavered. Recent activity follows: The first three quarters of 2015 saw the
position reduced by ~84% at prices between $150 and $195. The pattern reversed
in Q4 2015: roughly thirteen-times increase at prices between $175 and $193 in
the three quarters thru Q2 2016. There was a ~20% reduction last quarter at
prices between $232 and $278 and that was followed with another ~30% selling
this quarter at prices between $244 and $292. The stock is now at $324.
FleetCor Technologies
(FLT): FLT is a fairly large ~6% of the portfolio stake first purchased in
Q4 2012 at prices between $45 and $53. Q3 2015 also saw a ~47% increase at
prices between $148 and $163. Last three quarters had seen selling: ~48%
combined reduction at prices between $113 and $175. There was an about-turn
this quarter: ~22% increase at prices between $141 and $175. The stock is now
at $160.
Priceline Group
(PCLN): PCLN is currently the largest position at ~24% of the portfolio.
The position was purchased in Q4 2015 at prices between $1237 and $1465. Last
quarter saw a one-third increase at prices between $1248 and $1473 and that was
followed with another similar increase this quarter at prices between $1424 and
$1578. The stock is now at $1754.
Note: PCLN has seen a previous roundtrip in the portfolio. A
fairly large position first purchased in 2007 in the high double-digits was
disposed of in Q3 2015 in the 1200s price range realizing huge gains.
Note 1: Regulatory Filings since the quarter ended show
Tiger Global owning 3M shares of Domino’s Pizza (DPZ). This is compared to
~600K shares in the 13F.
Note 2: Tiger Global has a ~7.6% ownership stake in Etsy
(ETSY).
Below is a spreadsheet that shows the changes to Chase
Coleman's Tiger Global Holdings US long portfolio holdings as of Q4 2016. For a
look at how the portfolio has progressed, see our previous update:
To learn more about how to profit from a strategy of
following the best hedge fund picks, check out our book Profiting from Hedge Funds: Winning
Strategies for the Little Guy .
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