Tiger Global Management LLC, managed by Chase Coleman, has further reduced its passive stake in MakeMyTrip Limited (NASDAQ:MMYT). In a new filing with the U.S. Securities and Exchange Commission, the hedge fund disclosed holding 2.63 million shares of MakeMyTrip Limited (NASDAQ:MMYT), down from 5.08 million shares reported earlier. The new stake represents 6.3% of the company. In November 2014, Tiger Global Management reported reducing its stake in MakeMyTrip Limited (NASDAQ:MMYT) to 5.08 million shares from 7.18 million shares of the company.
Tiger Global was founded by Chase Coleman in 2001 with $25 million seed money from legendary investor Julian Robertson. Coleman runs Tiger Global’s equity funds, who is a graduate of Princeton University. Tiger Global Management returned 71% after fees in 2007, and its annualized return since inception was around 44% by the end of 2007. Tiger Global lost 26% in 2008, and, in 2009, the fund was up about 1%. In 2011, they returned 45%, and 23% in 2012, as well as 14% in 2013.
The value of Tiger Global’s equity portfolio amounted to $7.5 billion as of the end of the third quarter of 2014. The fund had a strong focus on Services and Technology stocks during the third quarter. Twenty-First Century Fox Inc (NASDAQ:FOXA), Mastercard Inc (NYSE:MA), and Bitauto Hldg Ltd (ADR) (NYSE:BITA) were represented as the largest holdings, in terms of value, of the fund. According to its latest 13F, Tiger Global disclosed owning 16.81 million shares of Twenty-First Century Fox Inc (NASDAQ:FOXA), which stock moved up by 3.89% since February 2014. The investor added more shares to its holding of Mastercard Inc (NYSE:MA) during the quarter, bringing its ownership to 7.59 million. Mastercard Inc (NYSE:MA) gained 16.36% in last one year. Bitauto Hldg Ltd (ADR) (NYSE:BITA) was new position the fund started in the third quarter, disclosing ownership of 6.57 million shares of the company. Since October 2014, Bitauto Hldg Ltd (ADR) (NYSE:BITA) stock lost 26.14%.
Tiger Global initiated a stake in MakeMyTrip Limited (NASDAQ:MMYT) during the third quarter of 2010, soon after the company went public initially holding 4.13 million shares. MakeMyTrip Limited (NASDAQ:MMYT) is an online travel company based in Gurgaon, India. The market cap of the company is around $1.1 billion. MakeMyTrip Limited (NASDAQ:MMYT) provides air tickets, customized holiday packages, hotel bookings, railway tickets, bus tickets, and car hire services. Its subsidiaries include MakeMyTrip (India) Private Limited, MakeMyTrip Inc. (USA), MakeMyTrip FZ-LLC (UAE), Luxury Tours & Travel Pte Ltd (Singapore), Luxury Tours (Malaysia) Sdn. Bhd. (Malaysia), the Hotel Travel Group (Thailand), the ITC Group (Thailand) and the ETB Group (The Netherlands).
