Tiger Global Management was founded by former Julian Robertson’s Tiger Management employee Chase Coleman in 2001. Coleman was an early investor in some of the biggest technology companies today. Tiger Global Management invests in private and public markets. Started with just $25 million in seed money from Julian Robertson, the fund has a portfolio value of more than $8 billion as of the end of December, according to its latest 13F filing. Tiger Global Management’s performance was disappointing in 2016, as the fund lost 15.3%, according to Wall Street Journal. However, the fund revived in January and gained 5.5%.
The filing also showed that Tiger Global Management initiated 12 new stakes and closed two positions, including the one in Apple Inc. (NASADQ:AAPL) during the quarter ended December. The top three stocks amassed over 50% of the portfolio and they include Priceline Group Inc (NASDAQ:PCLN), JD.Com Inc (ADR) (NASDAQ:JD) and Amazon.com, Inc. (NASDAQ:AMZN). In the article below, we will discuss some of the fund’s new picks such as Fiat Chrysler Automobiles NV (NYSE:FCAU), Alphabet Inc. (NASDAQ:GOOGL), TransDigm Group Incorporated (NYSE:TDG), and Domino’s Pizza, Inc.(NYSE:DPZ).
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Fiat Chrysler Automobiles NV (NYSE:FCAU) represents the largest new position in Tiger Global Management’s 13F portfolio, with the fund having acquired 52.74 million shares worth $480.99 million at the end of December. Another investor bullish on Fiat Chrysler Automobiles NV (NYSE:FCAU) was Ken Griffin who bought 1.74 million shares increasing Citadel Advisors’ holding to 2.18 million shares. Though General Motors Company (NYSE:GM) had earlier rejected a proposed merger with Fiat Chrysler Automobiles NV (NYSE:FCAU) in 2015, Fiat CEO Sergio Marchionne still believes that a merger with GM could avoid duplication of technology and result in the most powerful auto company in the U.S. Furthermore, it would also reduce costs of manufacturing smart green cars. In a recent meeting with president Trump, Marchionne pledged to spend billions of dollars to boost production and hiring in the U.S. The stock has already gained more than 26% year-to-date.
Tiger Global Management also added 186,100 shares of Alphabet Inc. (NASDAQ:GOOGL)’s Class A stock during the fourth quarter and reported a $147 million stake in its latest 13F. However, the fund sold 93,377 class C shares of the company, holding 190,500 shares worth $147 million as of the end of December. Larry Robbins‘ Glenview Capital Management increased its stake in Alphabet Inc. (NASDAQ:GOOGL)’s class A stock by 105% to 763,605 shares during the December quarter. Alphabet Inc. (NASDAQ:GOOGL) reported adjusted earnings of $9.36 per share for the fourth quarter, missing the consensus estimate of $9.64, though its revenue of $26.06 billion topped estimates of $25.26 billion. The company missed on earnings because of increased costs of many new initiatives taken in its core business, including content acquisition for YouTube, its Pixel phone and Google Home personal assistant.