Tiger Consumer Management Llc filed its first quarter 13F with the Securities and Exchange Commission today. The hedge fund reported that it made investments in 12 new stocks, bought additional stakes in 8 stocks, exited 6 stocks and reduced holdings in 15 stocks during the first quarter ended March 31.
Tiger Consumer’s market value increased from $2.14 billion to $2.50 billion during the quarter. The hedge fund, run by Patrick McCormack, has 41 stocks in its portfolio. Top ten holdings represent 40.18 percent of its total portfolio. This excellent piece reveals how Tiger Consumer’s shorting strategy works.
Major New Positions
The hedge fund purchased 1,326,582 shares of Ulta Salon, Cosmetics & Fragrance, Inc. (NASDAQ:ULTA) for $107.6 million. Ulta Salon now represents 4.30 percent of Tiger Consumer’s total portfolio. The second largest new position was Ross Stores, Inc. (NASDAQ:ROST) which now accounts for 3.07 percent of the hedge fund’s total portfolio. Tiger Consumer purchased 1,268,407 shares of Ross Stores, Inc. (NASDAQ:ROST) that currently have a market value of $76.89 million.
Yahoo! Inc. (NASDAQ:YHOO) was the third largest new holding of Tiger Consumer. The hedge fund purchased 3,210,164 shares of the digital media company during the first quarter for about $75.53 million. The next big addition was Panera Bread Co (NASDAQ:PNRA) in which Tiger Consumer invested $71.92 million to buy 435,287 shares. Whole Foods Market, Inc. (NASDAQ:WFM) was the fifth largest holding of Tiger Consumer, accounting for 2.86 percent of its portfolio. The hedge fund acquired 823,813 shares of the company for $71.46 million.
Tiger Consumer’s Top Holdings
Liberty Global Inc. (NASDAQ:LBTYA) is by far the largest holding of Tiger Consumer, accounting for 5.14 percent of its total portfolio. The hedge fund owns 1,754,814 shares of Liberty Global that have a market value of $128.76 million. The second largest holding was Kraft Foods Group Inc (NASDAQ:KRFT), contributing to 4.88 percent of the hedge fund’s total portfolio. Tiger Consumer owns 2,371,666 shares of Kraft Foods as of March 31. The hedge fund sold 382,834 Kraft Foods shares during the quarter.
New addition Ulta Salon, Cosmetics & Fragrance, Inc. (NASDAQ:ULTA) is now the third largest holding of Tiger Consumer. The next big position was Catamaran Corp (NASDAQ:CTRX) (TSE:CCT), of which Tiger Consumer owns 1,970,583 shares that have a market value of $104.5 million.
Sold out Positions
Tiger Consumer dumped all 1,746,422 shares of eBay Inc (NASDAQ:EBAY) it owned. The hedge fund also closed its position in McKesson Corporation (NYSE:MCK) where it owned 914,039 shares at the beginning of the first quarter. Another position closed during the quarter was Buffalo Wild Wings (NASDAQ:BWLD). Tiger Consumer sold all the 898,314 Buffalo Wild Wings (NASDAQ:BWLD) shares it owned.
The two other positions closed during the first quarter were Tripadvisor Inc (NASDAQ:TRIP) and Starbucks Corporation (NASDAQ:SBUX).