Baidu Inc (ADR) (BIDU), Google Inc (GOOG): Robert Karr’s Bet on Tech Pays Off Well During Q1

Joho’s stake in Qunar Cayman Islands Ltd (NASDAQ:QUNR) constituted 8.22% of its equity portfolio with 1.51 million shares valued at $42.89 million. Qunar is a China-based company that provides search-based services for the travel industry. For the fourth quarter of 2014, the company posted a 400% annual increase in revenue from mobile devices and 62% growth in flight ticket volume. Overall, Qunar Cayman Islands Ltd (NASDAQ:QUNR)’s revenue doubled to $83.8 million, but its net loss expanded to $4.77 per share in the fourth quarter, from $0.48 a year earlier. However, the company’s stock surged by 45.1% during the first quarter of 2015, amid the substantial revenue growth. Last week, Hillhouse Capital Management reported the sale of around 789,600 class B shares of Qunar Cayman Islands Ltd (NASDAQ:QUNR) (held via Sponsored ADS), following which it owns 17.16 million class B shares held directly and through affiliates. Moreover, Viking Global, Andor Capital Management, and JAT Capital Management also reported large stakes in Qunar Cayman Islands Ltd (NASDAQ:QUNR) in the previous round of 13F filings.

On the other hand, Joho’s position in Yelp Inc (NYSE:YELP) had a negative impact on the fund’s returns. The company has been facing several lawsuits involving claims of extortion, review fabrication and manipulation, due to which the stock has declined by almost 40% since June 2014 and lost 14% during the first three months of 2015. Mr. Karr has been decreasing his position in Yelp Inc (NYSE:YELP)  throughout the first nine months of 2014, but he boosted his position by 152% during the fourth quarter to 480,700 shares valued at $26.31 million. Other major investors in Yelp Inc (NYSE:YELP) are Eashwar Krishnan’s Tybourne Capital Management with 2.65 million shares and Columbus Circle Investors with 808,900 shares.

Disclosure: None