Tiger Global Management, the firm founded by Chase Coleman (Trades, Portfolio), disclosed this week that it further dimmed its holding in Sunrun Inc. (RUN, Financial) according to GuruFocus Real-Time Picks, a Premium feature. The firm also revealed in November a significant stake in Yatsen Holdings Ltd. (YSG, Financial).
Coleman, a former protégé of Tiger Management legend Julian Robertson (Trades, Portfolio), focuses on investing in small-cap and technology companies. Tiger Global also seeks value in early-stage venture, late-stage venture, post-initial public offering and secondary market equities.
Firm continues dimming Sunrun holding
Having reduced the holding several times since October, Tiger Global reduced this week its Sunrun holding to 11,890,895 shares, down 39.02% from the Oct. 16 holding of 19.5 million shares. The transaction trimmed the equity portfolio 1.31%; Sunrun was the firm's third-largest holding as of the Sept. 30 portfolio date with a weight of 6.46%.
The San Francisco-based company provides homeowners with clean, affordable solar energy and storage. GuruFocus ranks Sunrun's financial strength 2 out of 10 on several warning signs, which include a low Piotroski F-score of 2, a poor Altman Z-score of 1.46 and a debt-to-equity ratio that underperforms over 90% of global competitors.
Other gurus with holdings in Sunrun include Philippe Laffont (Trades, Portfolio)'s Coatue Management and Pioneer Investments (Trades, Portfolio).
Yatsen
Tiger Global reported a holding of 112,854,805 shares in Yatsen, allocating 5.52% of its equity portfolio to the position.
The Guangzhou, Guangdong-based beauty retailer announced on Nov. 19 the pricing of its initial public offering of 58.75 million American depository receipt (ADR) shares at $10.50 per share, amounting to a total gross offering size of $616.90 million.
For the year ending December 2019, Yatsen had revenues of approximately $432.178 million and net income of approximately $10.75 million.
According to GuruFocus, Yatsen's cash-to-debt ratio of 2.59 and debt-to-equity ratio of 0.25 outperform over 70% of global competitors, suggesting good financial strength.
Portfolio overview
As of third quarter-end, Tiger Global's $35.53 billion equity portfolio contains 90 stocks with a turnover ratio of 11%. The technology sector occupies 39.30% of the portfolio, up from the second-quarter weight of 35.88%.
Consumer cyclical stocks occupy 29.52% of the portfolio, headlined by top holding JD.com Inc.'s (JD, Financial) weight of 11.28%.
See also
GuruFocus Premium members have access to a wide range of guru features, including the Real-Time Picks feature that tracks trades in which the guru has at least 5% ownership in, or increases the share ownership to at least 5%.
Other key guru features include the Aggregated Portfolio of Gurus and the Hot Picks of Gurus page.
Disclosure: No positions.
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