Chase Coleman (Trades, Portfolio), founder of Tiger Global Management and one of the late Julian Robertson's former "tiger cubs," disclosed his second-quarter equity portfolio earlier this month.
Having been an early investor in Meta Platforms Inc.’s (META, Financial) Facebook and Spotify Technology SA (SPOT, Financial), the guru's New York-based hedge fund is known for focusing on small-cap stocks and technology startups. It also searches for value opportunities among early-stage venture, late-stage venture, post-initial public offering and secondary market equities.
Keeping these considerations in mind, the 13F filing for the three months ended June 30 showed Coleman entered two new positions, sold out of 16 stocks and added to or trimmed a slew of other existing investments. His largest trades for the quarter included a new position in Eli Lilly & Co. (LLY, Financial), boosts to the Apollo Global Management Inc. (APO, Financial) and Take-Two Interactive Software Inc. (TTWO, Financial) holdings and reduced bets on Amazon.com Inc. (AMZN, Financial) and Alphabet Inc. (GOOG, Financial).
Investors should be aware 13F filings do not give a complete picture of a firm’s holdings as the reports only include its positions in U.S. stocks and American depository receipts, but they can still provide valuable information. Further, the reports only reflect trades and holdings as of the most-recent portfolio filing date, which may or may not be held by the reporting firm today or even when this article was published.
Eli Lilly
The guru invested in 724,100 shares of Eli Lilly (LLY, Financial), allocating 2.84% of the equity portfolio to the holding. The stock traded for an average price of $418.16 per share during the quarter.
The Indianapolis-based pharmaceutical company has a $522.99 billion market cap; its shares were trading around $550.92 on Tuesday with a price-earnings ratio of 77.72, a price-book ratio of 47.25 and a price-sales ratio of 16.89.
The GF Value Line suggests the stock is significantly overvalued currently based on its historical ratios, past financial performance and analysts’ future earnings projections.
At 75 out of 100, the GF Score indicates the company is likely to have average performance going forward. While it received high profitability and growth ratings, its financial strength is more moderate and the value and momentum ranks are low.
Of the gurus invested in Eli Lilly, PRIMECAP Management (Trades, Portfolio) has the largest stake with 2.48% of its outstanding shares. The Vanguard Health Care Fund (Trades, Portfolio), Ken Fisher (Trades, Portfolio) and the Harbor Capital Appreciation Fund (Trades, Portfolio) also have notable holdings.
Apollo Global
The investor expanded his stake in Apollo Global (APO, Financial) by 371.94%, picking up 9.73 million shares. The transaction had an impact of 6.24% on the investment. Shares traded for an average price of $66.81 each during the quarter.
Coleman now holds 12.34 million shares, which occupy 7.92% of the equity portfolio as his third-largest holding. GuruFocus estimates he has gained 96.58% on the investment so far.
The private equity company headquartered in New York City has a market cap of $46.19 billion; its shares traded around $81.47 on Tuesday with a price-earnings ratio of 69.94, a price-book ratio of 6.02 and a price-sales ratio of 1.77.
According to the GF Value Line, the stock is modestly overvalued currently.
The GF Score of 85 implies the company has good outperformance potential on the back of high ratings for profitability, value and momentum and more moderate growth and financial strength ranks.
With a 2.18% stake, Coleman is Apollo’s largest guru shareholder. Other top guru investors include Glenn Greenberg (Trades, Portfolio) and Tom Gayner (Trades, Portfolio).
Take-Two Interactive
Impacting the equity portfolio by 1.83%, Coleman boosted the Take-Two Interactive Software (TTWO, Financial) position by 98.97%, buying 2.37 million shares. During the quarter, the stock traded for an average per-share price of $130.57.
Coleman now holds 4.77 million shares, which account for 5.87% of the equity portfolio as the fifth-largest holding. GuruFocus data shows he has gained an estimated 16.83% on the investment to date.
The New York-based video game holding company has a $23.86 billion market cap; its shares were trading around $140.52 on Tuesday with a price-book ratio of 2.67 and a price-sales ratio of 4.27.
Based on the GF Value Line, the stock is modestly undervalued currently.
Further, the GF Score of 85 means the company has good performance potential, driven by high ratings for three of the criteria as well as more moderate financial strength and momentum ranks.
Coleman is Take-Two’s largest guru shareholder with a 2.81% stake. Bill Nygren (Trades, Portfolio) and Steven Cohen (Trades, Portfolio) also have significant positions in the stock.
Amazon
The guru curbed the Amazon (AMZN, Financial) stake by 61.85%, selling 5.98 million shares. The transaction impacted the equity portfolio by -5.63%. The stock traded for an average price of $114.02 per share during the quarter.
Coleman now holds a total of 3.69 million shares, representing 4.03% of the equity portfolio as the seventh-largest position. GuruFocus found he has gained 76.53% on the long-held investment.
The e-commerce company headquartered in Seattle has a market cap of $1.39 trillion; its shares were trading around $134.25 on Tuesday with a price-earnings ratio of 105.71, a price-book ratio of 8.21 and a price-sales ratio of 2.59.
The GF Value Line suggests the stock is modestly undervalued currently.
Supported by high ratings for four of the criteria and a more moderate financial strength rank, the GF Score is 97. This means the company has high outperformance potential.
Holding a 0.40% stake, Baillie Gifford (Trades, Portfolio) is the company’s largest guru shareholder. Amazon is also being held by Fisher, Dodge & Cox, Frank Sands (Trades, Portfolio), Al Gore (Trades, Portfolio), Philippe Laffont (Trades, Portfolio), Harbor Capital, Warren Buffett (Trades, Portfolio) and Chris Davis (Trades, Portfolio), among others.
Alphabet
The investor trimmed his stake in Alphabet (GOOGL) by 54.42%, dumping 4.55 million Class A shares. The transaction had an impact of -4.29% on the equity portfolio. During the quarter, shares traded for an average price of $114.92 each.
He now holds 3.81 million shares, which make up 3.81% of the equity portfolio as the eighth-largest holding. GuruFocus says Coleman has gained an estimated 12.42% on the investment over its lifetime.
The communications services company based in Mountain View, California, which owns the Google search engine, YouTube and a number of other businesses, has a $1.63 trillion market cap; its Class A shares traded around $129.08 on Tuesday with a price-earnings ratio of 27.35, a price-book ratio of 6.10 and a price-sales ratio of 5.86.
According to the GF Value Line, the stock is modestly undervalued currently.
The GF Score of 98 implies the company has high outperformance potential on the back of solid ratings for financial strength, profitability, growth and momentum. The value rank, however, is more moderate.
With 0.34% of its outstanding Class A shares, Fisher is Alphabet’s largest guru shareholder. Other top guru investors include PRIMECAP Management (Trades, Portfolio), Dodge & Cox, Harbor Capital, Nygren, Laffont, Hotchkis & Wiley and Jeremy Grantham (Trades, Portfolio).
Additional trades and portfolio composition
During the quarter, the guru also entered a position in Novo Nordisk AS (NVO, Financial), added to the holdings of Meta, Intuit Inc. (INTU, Financial) and Nvidia Corp. (NVDA, Financial), cut back the investment in Snowflake Inc. (SNOW, Financial) and sold out of Mastercard Inc. (MA, Financial).
A majority of Coleman’s $11.97 billion equity portfolio, which is composed of 41 stocks, is invested in the technology, communication services and consumer cyclical sectors.
