Billionaire Chase Coleman’s Tiger Global Cuts Exposure to Tech Stocks amid 22% Drop in Q1

Followed Icahn’s Lead On Apple

With regard to Apple Inc. (NASDAQ:AAPL), Coleman and his team were not so drastic as Carl Icahn. However, they still nearly halved their position amid widespread concerns over the company’s ability to grow, particularly in China. Following this move, Tiger Global was left with 5.65 million shares worth $616 million. One of the biggest surprises offered by the latest wave of 13F filing was Berkshire Hathaway’s $1.07 billion new position in Apple Inc. (NASDAQ:AAPL). Not a fan of the technology sector, Warren Buffett has said many times he does not invest in companies he does not understand. This time, however, the position that amounts to 9.81 million shares was initiated by one of his “lieutenants.” Although it ended the first quarter on a slightly positive note, Apple Inc. (NASDAQ:AAPL) stock has fallen off a cliff in the second quarter. First came the earnings report that showed a decline in revenues for the first time since 2003. Then Carl Icahn, one of the company’s strongest and loudest supporters, announced his exit from the position. The stock took a nosedive and is now down by 8.5% for the year.

The boost in Tiger Global’s holding of Charter Communications, Inc. (NASDAQ:CHTR) is one of the few bullish moves made by the fund’s management during the first quarter. Worth approximately $397 million, the fund’s stake in the provider of cable services amounts to 1.96 million shares, up by 181% from the end of the fourth quarter. The largest stake in Charter Communications, Inc. (NASDAQ:CHTR) among the funds followed by Insider Monkey is held by Buffett’s Berkshire Hathaway and amounts to 10.3 million shares, up by 1% over the quarter, worth some $2.09 billion. So far this year, the stock has surged by roughly 13% and has ended yesterday’s trading session at $203.60 per share. Charter Communications, Inc. (NASDAQ:CHTR) has recently received the green light from the California Public Utilities Commission to complete the proposed takeover of Time Warner Cable Inc (NYSE:TWC), as the company is looking to strengthen its position against rival Comcast Corporation (NASDAQ:CMCSA). Charter Communications agreed to buy Time Warner Cable in May 2015 in a cash and stock deal worth $56.7 billion.

Disclosure: none.