Tiger Global Management trims top tech holdings, adds new position in ZoomInfo
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Tech-focused hedge fund Tiger Global Management sold large chunks from several of its biggest positions in the fourth quarter , but investor Chase Coleman didn’t completely turn his back on the market. Tiger Global trimmed its stake in most of its top holdings, according to securities filings and VerityData’s InsiderScore.com. That includes selling more than 12% each in Microsoft and Workday , a 27% drawdown in JD.com and dumping more than half its stake in ServiceNow . However, Coleman’s fund did significantly increase its stake in Meta Platforms and Amazon , while adding a new position in software stock ZoomInfo that was worth nearly $188 million as of Dec. 31. Many of the newly disclosed trades were reversals from the third quarter . For example, Tiger more than tripled its holdings in DataDog during the third quarter before slashing its shares by 83% in the latest period. Elsewhere, Tiger Global eliminated positions in RingCentral and Li Auto that were worth about $99 million and $396 million, respectively, at the end of the third quarter. The fund added smaller stakes in a few names, including Confluent and Take-Two Interactive . The latest security filings show only the long equity positions for Tiger, and do not reflect any potential hedges or shorts. The filings also do not show when and at what price the portfolio changes were made. Coleman is one of the so-called Tiger Cub hedge fund managers who worked under Julian Robertson at Tiger Management. Tiger Global was one of the tech-focused hedge funds that was caught offsides by last year’s sharp pullback for growth stocks. CNBC’s David Faber reported in June that the fund had lost over 50% of its value in the first five months of 2022.