Tiger Global Reduces Bitauto Stake

Chase Coleman and Feroz Dewan's Tiger Global filed an amended 13G with the SEC regarding its position in Bitauto (BITA).  Per the filing, Tiger Global now owns 9.6% of the company with around 6 million shares.

They've reduced their stake by 479,978 shares since the end of the first quarter.  The filing was made due to activity on March 23rd.

Per Google Finance, Bitauto is "a China-based provider of Internet content and marketing services. The Company also distributes its dealer customers’ automobile pricing and promotional information through approximately 600 Internet service provider partners, including Tencent, Netease and Qihoo 360. It operates in four segments bitauto.com advertising business, which offers automakers and dealers a range of advertising services through its Website, and mobile applications; EP platform business, which provides Web-based and mobile-based digital marketing and sales assistant solutions and customer relationship management applications to new automobile dealers in China; taoche.com business, whichprovides listing services to used automobile dealers which display used automobile inventory information on the Website, mobile applications and digital marketing solutions business, which provides automakers with digital marketing solutions."

You can view other portfolio activity from Tiger Global here.

Tiger Global Discloses On Deck Capital Position

Chase Coleman and Feroz Dewan's hedge fund Tiger Global has filed a 13G with the SEC regarding On Deck Capital (ONDK).  Per the filing, Tiger Global now owns 9.2% of the company with over 6,333,004 shares.

This is a newly disclosed equity stake and the filing was made due to activity on December 17th as the company recently completed its initial public offering (IPO).  It priced at $20 and now trades around $22.

Per Google Finance, On Deck Capital is "an online platform for small business lending. Enabled by its technology and analytics, the Company aggregates and analyzes data points from dynamic, disparate data sources to assess the creditworthiness of small businesses. Small businesses can apply for a term loan or line of credit on its Website and, using its OnDeck Score, it can make a funding decision immediately and transfer funds the same day."

You can view other Tiger Global portfolio activity here.

Tiger Global Reduces MakeMyTrip Stake

Chase Coleman and Feroz Dewan's hedge fund Tiger Global has filed an amended 13G with the SEC regarding their position in MakeMyTrip (MMYT).  Per the filing, Tiger Global now owns 12.2% of the company with over 5 million shares.

This means they've reduced their position size by over 2 million shares since the end of the second quarter.  The filing was required due to activity on October 31st.

We've highlighted other recent portfolio activity from Tiger Global here.

Per Google Finance, MakeMyTrip is "an online travel company in India. The Company conducts its business principally through its Indian subsidiary, MakeMyTrip (India) Private Limited (MMT India). Through its primary Website, www.makemytrip.com, or MakeMyTrip.com, its subsidiaries’ websites, such as www.hoteltravel.com, www.makemytrip.ae, www.makemytrip.com.sg, and other technology-enhanced distribution channels in India, including its call centers, travel stores and travel agents’ network, travelers can research, plan and book a wide range of travel services and products in India as well as overseas. Its services and products include air tickets, hotels, packages, rail tickets, bus tickets, car hire and ancillary travel requirements, such as facilitating access to travel insurance."

Tiger Global Discloses New Bitauto Stake, Boosts Autohome Position

Chase Coleman and Feroz Dewan's hedge fund Tiger Global recently filed two separate 13G's with the SEC. 


New Bitauto Stake (BITA)

First, they disclose a new position in Bitauto (BITA).  Per the 13G filing, they now own 14.9% of the company with over 6.56 million ADR shares. 

The filing was required due to activity on September 3rd.  They had previously been involved in shares but SEC filings indicate they sold out of the position in the first quarter of this year.  But now they've jumped back in.

Per Google Finance, Bitauto is "a provider of Internet content and marketing services. The Company’s bitauto.com and taoche.com websites provide consumers with up-to-date new and used automobile pricing information, specifications, reviews and consumer feedback."


Increases Autohome Stake (ATHM)

Second, Tiger Global has revealed they've increased their position in Autohome (ATHM).  Per the filing, they now own 18.5% of the company with 6.735 million shares.  The filing was made due to activity on September 2nd.  At the end of the second quarter, they only owned 290,873 shares.

Tiger Global isn't the only other major hedge fund involved here.  Earlier in the year, we highlighted how Tybourne Capital has a large Autohome stake as well.  Tybourne was founded by Eashwar Krishnan, previously of Lone Pine Capital.

Per Google Finance, Autohome is "an online destination for automobile consumers in China. Through its two Websites, autohome.com.cn and che168.com, it delivers independent and interactive content to automobile buyers and owners. Content it provides to its users include professionally produced content, user generated content, automobile library and automobile listing information. It has an editorial team focusing on serving consumers throughout the automobile ownership lifecycle. It conducts independent and professional evaluations of vehicle models from its users’ perspective."

Tiger Global Exits Tuniu (TOUR) Position

Chase Coleman and Feroz Dewan's hedge fund Tiger Global has filed an amended 13G with the SEC regarding shares of Tuniu (TOUR).  Per the filing, Tiger Global no longer owns an equity stake in the company.

The filing was made due to activity on July 15th.  We previously disclosed Tiger Global's new Tuniu stake back in May as the company completed its IPO then.  But now they've exited that position.

For more recent activity from this hedge fund, check out Tiger Global's moves here.

Per Google Finance, Tuniu is "an online leisure travel company. The Company offers a selection of packaged tours, including organized tours and self-guided tours, as well as travel-related services for leisure travelers. It offers packaged tours sourced from over 3,000 travel suppliers, covering over 70 countries, as well as all popular tourist attractions in China. The Company’s product portfolio consists of over 100,000 stock-keeping units (SKUs) of organized tours, over 100,000 SKUs of self-guided tours, and tickets for over 1,000 domestic and overseas tourist attractions. Its online platform, which consists of its tuniu.com Website and mobile platform, provides comprehensive product and travel information through user-friendly interfaces to enable leisure travelers to plan their travels and search for itineraries. Its online platform contains photos, information and recommendations for all destinations it covers."

Tiger Global Discloses Zhaopin Position

Chase Coleman and Feroz Dewan's hedge fund Tiger Global has filed a 13G with the SEC regarding shares of Zhaopin (ZPIN).  Per the filing, Tiger Global now owns 18.6% of the company with over 2.49 million shares (represented by over 1.24 million ADR shares).

The filing was made due to activity on June 12th as the company has just completed its initial public offering (IPO).

You can view other recent portfolio activity from Tiger Global here.

Per Google Finance, Zhaopin is "a career platform in China, focusing on connecting users with relevant job opportunities throughout their career lifecycle. The Company’s zhaopin.com Website is a career-focused Website in China. The Company provides a range of services, including online recruitment, campus recruitment, assessment and other human resources related services. Through its zhaopin Websites and mobile applications, it provides classified job postings and display advertisements, resume access services and other online services. The Company provides campus recruitment services primarily to customers seeking to recruit college and university students. These services include selecting campuses, organizing recruiting events, collecting and managing resumes and conducting interviews and assessment tests with candidates."

Tiger Global Raises Restoration Hardware Stake

Chase Coleman and Feroz Dewan's hedge fund Tiger Global has filed a 13G with the SEC regarding shares of Restoration Hardware (RH).  Per the filing, Tiger Global has revealed a 6.4% ownership stake in RH with over 3.19 million shares.

This marks an increase of over 1.25 million shares since the end of the first quarter.  The filing was made due to activity on June 2nd.

You can view additional recent portfolio activity from Tiger Global here.

Per Google Finance, Restoration Hardware is "a holding company. The Company is merchants of home furnishings. Restoration Hardware Holdings offers merchandise assortments across a number of categories, including furniture, lighting, textiles, bath ware, decor, outdoor, garden, and baby and child products. The Company’s business is integrated across its multiple channels of distribution, consists of its stores, catalogs and Websites."

Tiger Global Exits Carter's Stake

Chase Coleman and Feroz Dewan's hedge fund Tiger Global has filed an amended 13G with the SEC regarding shares of Carter's (CRI).  Per the filing, Tiger Global has completely exited its stake and no longer owns any shares.

The filing was made due to activity on May 23rd.  The hedge fund had previously owned over 6.4 million shares and it had been a longstanding position.  Some hedge funds had been concerned with product cost inflation and the potential impact on gross margins this year.

Hedge funds that owned sizable CRI stakes as of the end of Q1 include Hound Partners, Pennant Capital, Glenview Capital, and White Elm Capital.

You can view other recent portfolio activity from Tiger Global here.

Per Google Finance, Carter's is "a branded marketer of apparel for babies and young children in the United States. The Company owns two brand names in the children’s apparel industry, Carter’s and OshKosh. Its Carter’s brand provides apparel for children sizes ranging from newborn to seven. OshKosh brand provides its line of apparel for children sizes newborn to 12. Its Carter’s, OshKosh, and related brands are sold to national department stores, chain and specialty stores and discount retailers."

Tiger Global Discloses Tuniu Position

Chase Coleman and Feroz Dewan's hedge fund Tiger Global has filed a 13G with the SEC regarding shares of Tuniu (TOUR).  Per the filing, Tiger Global has revealed a new position in TOUR with 3.6 million shares. 

This represents a 10.1% ownership stake in the company.  The filing was required due to activity on May 9th when the company completed its initial public offering (IPO).

In other recent activity, Tiger Global also started a Zillow stake.

Per Google Finance, Tuniu is "an online leisure travel company. The Company offers a selection of packaged tours, including organized tours and self-guided tours, as well as travel-related services for leisure travelers. It offers packaged tours sourced from over 3,000 travel suppliers, covering over 70 countries, as well as all popular tourist attractions in China. The Company’s product portfolio consists of over 100,000 stock-keeping units (SKUs) of organized tours, over 100,000 SKUs of self-guided tours, and tickets for over 1,000 domestic and overseas tourist attractions. Its online platform, which consists of its tuniu.com Website and mobile platform, provides comprehensive product and travel information through user-friendly interfaces to enable leisure travelers to plan their travels and search for itineraries. Its online platform contains photos, information and recommendations for all destinations it covers."

Tiger Global Starts Zillow Stake

Chase Coleman and Feroz Dewan's hedge fund has filed a 13G on shares of Zillow (Z).  Per the filing, Tiger Global now owns 9.5% of the company with over 3.1 million shares.

This is a brand new position for the hedge fund as they didn't report ownership of any shares at the end of 2013.  The filing was required due to activity on April 21st.

It should be noted that Tiger Global's venture capital arm has also recently made an investment in fellow real estate company, RedFin.  They were a part of a $50 million round about six months ago.

Lee Fixel, who runs the VC arm, talked about their investment in a press release: "The real estate industry is ready for an innovator who understands how business can be transformed by putting the customer first, as we’ve seen with many industries before. We are confident this strategy will create significant value for all stakeholders over the long term."

You can view some of Tiger Global's other recent portfolio activity here.

Per Google Finance, Zillow is "provides real estate and home-related information. Zillow provides products and services to help consumers through every stage of homeownership, such as buying, selling, renting, borrowing and remodeling. The Company makes home-related decisions and enables homeowners, buyers, sellers and renters to find and connect with local professionals. Individuals and businesses that use Zillow have updated information on more than 37 million homes and have added nearly 100 million home photos."

Tiger Global Boosts 58.com Stake

Chase Coleman and Feroz Dewan's hedge fund Tiger Global has filed a 13G on shares of 58.com (WUBA).  Per the filing, Tiger Global now owns 6.5% of the company with over 1.2 million ADR shares (equivalent to 2.5 million ordinary shares).

This means they've boosted their exposure from 300,000 ADR shares (WUBA) at the end of 2013 to over 1.2 million ADR shares now.  The filing was made due to activity on March 28th.

Just recently, we highlighted how John Burbank's Passport Capital was active in WUBA shares as well.

Per Google Finance, 58.com is "a holding company. The Company is an online marketplace serving local merchants and consumers in China through its Website www.58.com and mobile applications. Its online marketplace enables local merchants and consumers to connect, share information and conduct business. The Company’s online marketplace contains a range of information in approximately 380 cities, across diverse content categories, including housing, jobs, used goods, automotive, pets, tickets, yellow pages and other local services. Its online marketing services include listing services, such as real-time bidding and priority listing, and marketing services through collaboration with third-party Internet companies in China. The listings on its online marketplace cover a range of content categories, such as housing, jobs, used goods, automotive, tickets, homecare and relocation, renovation, wedding, business services, travel, education, food, beauty, entertainment, franchise, and other local services."

You can view other recent portfolio activity from Tiger Global here.

Tiger Global Raises dELiA*s Stake

Chase Coleman and Feroz Dewan's hedge fund Tiger Global has updated its position in dELiA*s (DLIA).  Per a 13G filed with the SEC, they now own 6.3% of the company with over 4.4 million shares.

This marks an increase of over 1 million shares since the end of 2013.  The filing was made due to activity on February 18th.

They aren't the only hedge fund that's been active in this stock lately, either.  David Gallo's Valinor Management started a DLIA stake recently and Lee Cooperman has owned DLIA as well.

Per Google Finance, dELiA*s is "a retail company comprised of two lifestyle brands primarily targeting teenage girls and young women. The Company generates revenue by selling predominantly to teenage consumers through direct mail catalogs, Websites and retail stores. It operates in dELiA*s brand. Through its e-commerce Webpages, catalogs and retail stores, dELiA*s (the brand) offers a variety of product categories to teenage girls to cater to an entire lifestyle. Through its catalogs and the e-commerce Webpages, it sells many name brand products along with its own brand products in key teenage spending categories. These products include apparel and accessories. Its mall-based dELiA*s specialty retail stores derive revenue primarily from the sale of apparel and accessories and, to a lesser extent, branded apparel to teenage girls. It operates in two segments: direct marketing and retail stores."

Tiger Global Adds to Carter's Stake

Chase Coleman and Feroz Dewan's investment fund Tiger Global just filed an amended 13G with the SEC regarding their stake in Carter's (CRI).  Per the filing, they've disclosed an 8.2% ownership stake in CRI with 5,653,031 shares.

This marks a 41% increase in their position size since the end of second quarter.  They bought over 1.6 million shares and the event date that required the filing was October 24th, the same day CRI shares were down 8% after reporting earnings.

Prior to this filing, Tiger Global was already one of the largest institutional holders of Carter's shares, and now they own even more.

Numerous other prominent hedge funds we track have also been long CRI shares as of Q2, including Viking Global, Hound Partners, Pennant Capital, Corvex Management, and Glenview Capital.  In a few weeks, we'll see who remains long as of the end of Q3.

Per Google Finance, Carter's is "is a branded marketer of apparel for babies and young children in the United States. The Company owns two brand names in the children’s apparel industry, Carter’s and OshKosh. Its Carter’s brand provides apparel for children sizes ranging from newborn to seven. OshKosh brand provides its line of apparel for children sizes newborn to 12. Its Carter’s, OshKosh, and related brands are sold to national department stores, chain and specialty stores and discount retailers."

For more on this hedge fund, we've posted some other recent Tiger Global portfolio activity here.

Tiger Global Increases BBA Aviation Stake Again

Chase Coleman and Feroz Dewan's investment firm Tiger Global has been adding to its BBA Aviation (LON:BBA) stake again.  Due to trading on October 14th, Tiger Global now hold 11.14% of BBA's voting rights.  That's more than double the voting rights from their last filing back on September 17th.

As the BBA stake has grown, it has become a significant holding when compared to all of Tiger's other disclosed holdings.  Tiger initially disclosed an interest in BBA back in July of this year.

Per Google Finance: “BBA Aviation plc is a provider of aviation services and aftermarket support to   operators of business and general aviation, military and commercial aircraft. The Company delivers   its services at over 220 locations on five continents. The Company operates through two segments:   Flight Support segment and Aftermarket Services segment. The Company’s Flight Support segment   provides refuelling, ground handling and other services to the business, general and commercial   aviation markets. Its Aftermarket Services segment maintain, manufacture and support engines   and aerospace components, sub-systems and systems. The Flight Support segment consists of   Signature Flight Support and ASIG, and Aftermarket Services and Systems segment consists of Engine   Repair and Overhaul, Legacy Support and APPH. Its Flight Support has approximately 200 locations   worldwide, and its Aftermarket Services has approximately 23 locations worldwide.”

Tiger Global Increases BBA Aviation Stake

Chase Coleman and Feroz Dewan's investment firm Tiger Global Management has increased its stake in London listed BBA Aviation (LON: BBA). Due to trading on September 9th, Tiger Global now own 5.11% of BBA Aviation’s voting rights and this represents around a 21% increase in their position size. 

We previously highlighted that Tiger Global first disclosed an interest in BBA in July 2013. 

Per Google Finance – “BBA Aviation plc is a provider of aviation services and aftermarket support to   operators of business and general aviation, military and commercial aircraft. The Company delivers   its services at over 220 locations on five continents. The Company operates through two segments:   Flight Support segment and Aftermarket Services segment. The Company’s Flight Support segment   provides refuelling, ground handling and other services to the business, general and commercial   aviation markets. Its Aftermarket Services segment maintain, manufacture and support engines   and aerospace components, sub-systems and systems. The Flight Support segment consists of   Signature Flight Support and ASIG, and Aftermarket Services and Systems segment consists of Engine   Repair and Overhaul, Legacy Support and APPH. Its Flight Support has approximately 200 locations   worldwide, and its Aftermarket Services has approximately 23 locations worldwide.”

Tiger Global Starts BBA Aviation Stake

Chase Coleman's hedge fund firm Tiger Global Management has disclosed a new position in London listed BBA Aviation (LON:BBA).  Due to trading on July 9th and 11th, Tiger Global now holds 4.22% of BBA's voting rights.

BBA Aviation's stock price is up about 50% in 2013 and it looks as though Tiger Global acquired some of their stake at approximately 286p / share.

Per Google Finance, BBA Aviation plc "is a provider of aviation services and aftermarket support to operators of business and general aviation, military and commercial aircraft. The Company delivers its services at over 220 locations on five continents. The Company operates through two segments: Flight Support segment and Aftermarket Services segment. The Company’s Flight Support segment provides refueling, ground handling and other services to the business, general and commercial aviation markets. Its Aftermarket Services segment maintain, manufacture and support engines and aerospace components, sub-systems and systems. The Flight Support segment consists of Signature Flight Support and ASIG, and Aftermarket Services and Systems segment consists of Engine     Repair and Overhaul, Legacy Support and APPH. Its Flight Support has approximately 200 locations worldwide, and its Aftermarket Services has approximately 23 locations worldwide.”

For more on this hedge fund, we've detailed more of Tiger Global recent portfolio activity here.

Tiger Global Boosts Carter's (CRI) Stake

Chase Coleman's hedge fund firm Tiger Global filed a 13G with the SEC regarding their position in Carter's (CRI).  Per the filing, Tiger Global has revealed a 6.75% ownership stake in CRI with 4 million shares.

This marks a 36% increase in the amount of shares they own since the end of the first quarter.  This latest disclosure comes due to portfolio activity on May 9th.

To see the rest of Tiger Global's recent portfolio, check out the brand new issue of our premium newsletter that just came out yesterday.

Per Google Finance, Carter's is "a branded marketer of apparel for babies and young children in the United States. The Company owns two brand names in the children’s apparel industry, Carter’s and OshKosh. Its Carter’s brand provides apparel for children sizes ranging from newborn to seven. OshKosh brand provides its line of apparel for children sizes newborn to 12. Its Carter’s, OshKosh, and related brands are sold to national department stores, chain and specialty stores and discount retailers."

Tiger Global Reduces Position in UK-based Dignity Plc

Chase Coleman’s hedge fund Tiger Global Management has slightly reduced its position in London listed funeral services company, Dignity (LON: DTY).

Due to trading on April 4th, Tiger Global now hold 5.98% of the voting rights, reduced from their previous 6.69% position. Based on public filings, Tiger Global have been invested in Dignity for several years.

Per Google Finance - “Dignity plc is a United Kingdom-based holding company. The Company, along  with its subsidiaries, is engaged in the provision of funeral services, including funeral directing,  crematoria operation and the marketing and administration of pre-arranged funeral plans. Its  operations are managed across three main areas: funeral services, crematoria and pre-arranged  funeral plans. Funeral services revenues relate to the provision of funerals and ancillary items, such  as memorials and floral tributes. As of December 28, 2011, the Company operated a network of 600  funeral locations throughout the United Kingdom. During the fiscal year ended December 28, 2011,  it conducted 62,300 funerals. Crematoria revenues arise from cremation services and the sale of  memorials and burial plots at the Company's crematoria and cemeteries. It operates 35 crematoria  in England and Scotland. On January 25, 2013, the Company acquired Yew Holdings Limited.”

For more on this hedge fund, we've highlighted some of Tiger Global's other portfolio activity.

Chase Coleman's Tiger Global To Reduce Size, Adds Feroz Dewan as Key Man

Chase Coleman's Tiger Global has decided to offer a special redemption window, the hedge fund noted in its third quarter letter to investors.

Tiger Global currently has $6.8 billion under management (AUM) and their rationale for decreasing their AUM is as follows:

"As the Fund's assets have grown, it has become increasingly difficult to source attractive short opportunities and size them appropriately. It has also become challenging to take meaningful long positions in certain smaller capitalization companies, particularly in emerging markets."

Feroz Dewan Added As Key Man

The second bit of major news from Tiger Global is that they've added co-portfolio manager Feroz Dewan to their key man clause in addition to founder Chase Coleman. Tiger writes that, "Chase is in good health and is in no way changing his role or commitment to the business on a day-to-day basis." This becomes effective at the start of 2012.

Portfolio Notes

On the short side of their portfolio, they've seen most success in the Media & Internet and Retail Consumer sectors. In terms of positioning, Tiger Global has 139% gross exposure with 45% net long exposure. To see some of the hedge fund's investments, we've posted up Tiger Global's portfolio activity here.

For more hedge fund Q3 letters, we posted David Einhorn & Greenlight Capital's letter yesterday.