Chase Coleman (Trades, Portfolio), founder of New York-based investment firm Tiger Global Management, is a “Tiger Club” – i.e., a manager who learned his investment strategies from Julian Robertson (Trades, Portfolio). Tiger Global has a preference for internet and technology companies, and, in the third quarter, about one-third of the stocks the firm bought or sold were technology related.
Tiger Global bought 10 stocks that are new to its portfolio – Bitauto Holdings Ltd (BITA, Financial), Tableau Software Inc (DATA, Financial), Mobileye NV (MBLY, Financial), GoPro Inc (GPRO, Financial), 21Vianet Group Inc (VNET, Financial), Trina Solar Ltd (TSL, Financial), Insys Therapeutics Inc (INSY, Financial), Glu Mobile Inc (GLUU, Financial), iDreamSky Technology Ltd (DSKY, Financial) and China XD Plastics Co Ltd (CXDC, Financial) – and all but two are technology related (either directly or indirectly).
Tiger Global bought 6,565,000 shares of Bitauto Holdings, a Cayman Islands-based limited liability company, for an average price of $70.55 per share. The transaction had a 6.8% impact on the portfolio.
Tiger Global purchased 1,440,418 shares of Tableau Software, a Seattle-based computer software company, for an average price of $65.48 per share. The acquisition had a 1.4% impact on the portfolio.
The firm added to its stakes in eight companies – Hertz Global Holdings Inc (HTZ), MasterCard Inc (MA), Autohome Inc (ATHM), SouFun Holdings Ltd (SFUN), CBS Corp (CBS), King Digital Entertainment PLC (KING), Fleetcor Technologies, Inc. (FLT) and Masonite International Corp (DOOR). Only two of those stocks are directly or indirectly involved in technology.
Tiger Global bought 12,808,300 shares of Hertz Global Holdings, a Florida-based car and truck rental and leasing company, for an average price of $28.48 per share. The transaction had a 4.28% impact on the firm's portfolio.
The firm acquired 4,146,471 shares of Mastercard, a financial services company based in New York, for an average price of $76.24 per share. The deal had a 4.04% impact on Tiger Global's public equities portfolio.
Divestitures and reductions
Tiger Global sold all its holdings in 21 companies – Dollar General Corp (DG), Fidelity National Information Services Inc (FIS), Comcast Corp (CMCSA), Netflix Inc (NFLX), Liberty Media Corporation (LMCK), Qihoo 360 Technology Co Ltd (QIHU), Liberty Media Corporation (LMCA), 58.com Inc (WUBA), Mallinckrodt PLC (MNK), QIWI PLC (QIWI), Exact Sciences Corp (EXAS), iRobot Corp (IRBT), Tuniu Corp (TOUR), Endurance International Group Holdings Inc (EIGI), Ambarella Inc (AMBA), Burlington Stores Inc (BURL), GrubHub Inc (GRUB), CRITEO (CRTO), Vince Holding Corp (VNCE), Potbelly Corporation (PBPB) and zulily Inc (ZU). Eight of those companies are involved in technology either directly or indirectly.
The firm sold its 7,893,663-share stake in Dollar General, a Tennessee-based chain of variety stores, for an average price of $59.96 per share. The sale had a -5.7% impact on his portfolio.
Tiger Global also sold 3,802,114 shares of Fidelity National Information Services, a Florida-based financial services company, for an average price of $56.54 per share. That transaction had a -2.6% impact on its portfolio.
The firm sold all of its 3,643,831 shares of Comcast, a Philadelphia-based mass media company, for an average price of $54.8 per share. The sale had a -2.5% impact on its portfolio.
The firm also sold its 400,300-share stake in Netflix, a streaming media company based in California, for an average price of $453.97 per share. The transaction had a -2.2% impact on his portfolio.
Tiger Global sold portions of its holdings in seven companies – Vipshop Holdings Ltd (VIPS), Priceline Group Inc (PCLN), Twenty-First Century Fox Inc (FOXA), Charter Communications Inc (CHTR), Avis Budget Group Inc (CAR), 3D Systems Corp (DDD) and MakeMyTrip Ltd (MMYT). Two are either directly or indirectly involved in technology.
Tiger Global sold 7,142,960 shares of Vipshop Holdings, a Cayman Islands-based apparel company, for an average price of $20.6 per share. The sale had a -1.71% impact on its portfolio.
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