Tiger Global Buys Google Inc (GOOG), J.C. Penney, Dollar General

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Tiger Global Management Llc said in its 13F filing with the Securities and Exchange Commission that it has added 22 new stocks to its portfolio, increased stake in 9 stocks, reduced holdings in other 9 stocks and exited 15 stocks in the first three months of this year. The New York-based hedge fund’s market value increased from $5.38 billion to $6.44 billion during the first quarter. Top ten holdings of Tiger Global account for 50.48 percent of its total holdings. As of March 31, the hedge fund has 64 stocks in its portfolio.

Tiger Global Management

In March, Tiger Global’s private equity unit acquired Dubai-based daily deals site Cabone for an undisclosed amount. The Internet startup will use Tiger Global’s capital infusion to expand its operations.

Major New Positions

Liberty Media Corp (NASDAQ:LMCA) (NASDAQ:LMCB) was by far the biggest new addition to Tiger Global’s portfolio. The hedge fund purchased 5,475,000 Liberty Media shares that are currently valued at about $611.17 million, representing 9.49 percent of Tiger Global’s total portfolio. The next big addition was Dollar General Corp. (NYSE:DG), of which Tiger Global purchased 5,330,000 during the quarter. Tiger Global also purchased puts on 300,000 Google Inc (NASDAQ:GOOG) shares that represent 3.7 percent of its portfolio. The hedge fund added Carter’s, Inc. (NYSE:CRI) to its portfolio by purchasing 2,940,000 shares of the company.

The other major addition was J.C. Penney Company, Inc. (NYSE:JCP) of which Tiger Global bought 5,350,000 shares.

Top Holdings

The latest new addition, Liberty Media Corp (NASDAQ:LMCA) (NASDAQ:LMCB), was the largest holding of Tiger Global at the end of the first quarter. Groupon Inc (NASDAQ:GRPN) was the second largest position where Tiger Global owns 65,000,000 shares currently valued at about $397.7 million. Mastercard Inc (NYSE:MA) is Tiger Global’s third largest holding, representing 5.28 percent of the hedge fund’s total portfolio. Another payment technology company, Visa Inc (NYSE:V), was the next biggest position, accounting for 5.07 percent of Tiger Global holdings.

Sold Out Positions

Tiger Global dumped its entire holding in Starz (NASDAQ:STRZA) (NASDAQ:LSTZA), selling all the 3,325,000 shares of the entertainment company it owned. The hedge fund also sold all the 15,300,000 shares of Yandex NV (NASDAQ:YNDX) during the first quarter.  Tiger Global also closed its position in Yahoo! Inc. (NASDAQ:YHOO) by selling all of its 14,000,000 shares of the digital media company.

Moreover, the hedge fund reduced holdings in Apple Inc. (NASDAQ:AAPL) as it sold 790,000 shares of the iPhone maker during the quarter.

Note (5/24/2013): The article was amended to reflect that Tiger Global Management’s private equity arm had invested in Cabone. A previous version said that the firm’s hedge fund (public equity) business had made the investment.

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