Tiger Global Management is an asset management firm founded and managed by Chase Coleman. Its star hedge fund Tiger Global, managed by Feroz Dewan, returned 6.1% in June, and more than 15.2%, year-to-date.
Between May 1, 2014, and June 30, 2014, the S&P 500 (INDEXSP:.INX) surged about 4%. However, amongst Tiger Global’s top 15 picks, we can find several stocks that have returned much more than that. So, let’s take a look at some of them in order to find out how they have managed to –widely- outperform this index, and its industry peers.
The fund’s second largest bet, represented by Twenty-First Century Fox Inc (NASDAQ:FOXA), has paid off over the past couple of months. Between May and June, the stock returned about 9.8%, and still trades very close to the high end of its 52-week range ($29.42-$36.43). At current prices, the fund’s 19.26 million shares of Twenty-First Century Fox Inc (NASDAQ:FOXA) –disclosed at the end of Q1- are worth more than $687 million.
Other funds that have reaped an even larger profit from Twenty-First Century Fox Inc (NASDAQ:FOXA) are Donald Yacktman’s Yacktman Asset Management, which last declared ownership of 58.6 million shares, and Andreas Halvorsen’s Viking Global, which owns more than 37.9 million shares of this $79 billion market cap diversified media and entertainment company.
Amongst the fund’s top 15 picks, the biggest returns were posted by MakeMyTrip Limited (NASDAQ:MMYT). Over the period comprehended between May 1 and June 30, this small-cap Indian online travel company saw its stock appreciate by 65.8%. Several events have triggered this upsurge; amongst them we can count MakeMyTrip Limited (NASDAQ:MMYT)’s recently announced partnership with online reputation management company TrustYou, its encouraging quarterly results, and the fact that Citigroup initiated coverage with a “Buy” rating. Moreover, the stock has more than doubled its price over the last year.
Tiger Global is the largest hedge fun investor in the company (amongst those we keep track of), with 7.18 million shares, worth about $202 million at current stock prices. However, other funds are also making money off MakeMyTrip Limited (NASDAQ:MMYT). For instance, David Kowitz And Sheldon Kasowitz’s Indus Capital owns 800,000 shares of the company, while Michael Novogratz’s Fortress Investment Group holds 519,100 shares. Both these funds started a position in MakeMyTrip Limited (NASDAQ:MMYT) over 2014, probably foreseeing the upcoming growth.
Another company that deserves a mention is Vipshop Holdings Ltd – ADR (NYSE:VIPS), an $11.1 billion market cap Chinese online discount retailer of which Tiger Global last declared (Q1 2014) owning more than 2.23 million shares. This position makes it the largest hedge fund shareholder of record, and thus, the one that has benefited the most from the 33.9% increase in Vipshop Holdings Ltd – ADR (NYSE:VIPS)’s stock price, which took place between May and June. However, this upsurge is almost insignificant when compared to the rise in price that the stock has seen since the beginning of 2014 (135%), and over the past year (535%).
Although Tiger Global could not fully reap the profits from this increment, because it started its position over Q4 2014, it has certainly seen its holdings at Vipshop Holdings Ltd – ADR (NYSE:VIPS) almost triple in value since it first acquired its stock. Another fund benefitting from this upsurge is John Burbank’s Passport Capital, which last disclosed ownership of 1.79 million shares. Passport Capital has fully taken advantage of the price escalation, since it has held the stock for more than 1 year.
Other stocks amongst Tiger Gobal’s top 15 picks with remarkable returns over May and June, which have helped the fund return nearly 15% over the period are:
- Liberty Global plc – Class C Ordinary Shares (NASDAQ:LBTYK), up 10%
- FleetCor Technologies, Inc. (NYSE:FLT), up 15.5%
- Charter Communications, Inc. (NASDAQ:CHTR), up 16.8%
Disclosure: Javier Hasse holds no position in any stocks or funds mentioned