Tiger Global, the fund headed by Chase Coleman, isn’t one to sit quiet – something evidenced in his recent 13F filing. From Q3 to Q4, only eight of his 61 equity allocations remained unchanged.
Tiger Global’s New Acquisitions
Tiger Global made a total of 27 new purchases, accounting for 9.8% of his entire fund.
While none of his new buys cracked his top 10 allocations, two surpass the 1% mark: Restoration Hardware Holdings Inc (NYSE:RH) and Vipshop Holdings Ltd – ADR (NYSE:VIPS), each now composing 1.52% of his fund.
Restoration Hardware, of which Tiger purchased 1.8 million shares, sells home furnishings. And with the housing market improving, American households have ramped up spending significantly on home items as of late. RH has reaped the benefits of this, the stock up +53.75% over the past 365 days. When the company reported results in December, it posted a +39% increase in net revenues for Q3.
Chinese online discount retailer Vipshop has been a hot stock in recent months – and having purchased 1.46 million shares of it, Chase Coleman certainly took note. According to Google Finance data, the company has been given buy or outperform ratings by several analysts due to its strong growth. Since its 2012 IPO, Vipshop’s price has increased by +1962%, including +365.3% in the past year and +35.56% YTD.
Tiger Global’s Increased Positions
Tiger Global took a larger stake in 15 companies, including iBillionaire Index constituents Priceline.com Inc (NASDAQ:PCLN), Twenty-First Century Fox Inc (NASDAQ:FOXA), Dollar General Corp. (NYSE:DG) and Netflix, Inc. (NASDAQ:NFLX).
Priceline was upgraded by Jeffries Group just this week and is up +84.42% over the past year. If its Jeffries target price of $1,475 is fulfilled, Tiger Global is in for quite a gain.
Twenty-First Century Fox, Dollar General and Netflix have also proven long-term winners. Their sectors – media, retail and technology – are in constant fluctuation, but none of them seem to be losing steam. For the past year, Netflix has increased a whopping +120.73%, Dollar General +30.5% and Twenty-First Century Fox +13.13.
Tiger Global’s Decreased Positions
Tiger decreased 11 of his positions in Q4, including FleetCor Technologies, Inc. (NYSE:FLT), Motorola Solutions Inc (NYSE:MSI), Groupon Inc (NASDAQ:GRPN), Liberty Media Corp (NASDAQ:LINTA), Visa Inc (NYSE:V) and Stratasys, Ltd. (NASDAQ:SSYS).
For Groupon, this is just another blow as the company fails to live up to post-IPO expectations. Analysts are once again expecting a weak quarter as results come out today. And although it might have been able to capitalize on the improving economy and mobile retailing, changes in its team and stiff competition from Google, Amazon and eBay aren’t rendering the scenario particularly bright. The stock is down YTD -14.08.`
The story of 3D printer manufacturer Stratasys is worth noting as well. SSYS has increased +81.82% over the past year but is down -6.19% YTD.
Some investors don’t think the 3D printing market will hit its stride for a few more years. The companies with most patents in the market and that are better poised to make gains from the industry haven’t delivered strong results yet, although that could change soon. Coleman seems to be on the side of unconvinced investors, as he also sold shares of 3D Systems Corporation (NASDAQ:DDD).
Tiger Global’s Sold Out
Tiger Global eliminated just two of his positions last quarter – one a call option on Intel, which represented 2.02% of his fund, and the other with UTI Worldwide, previously 0.56% of his portfolio.