Tiger Global Added to Hertz, Exited Dollar General Last QuarterKelly Bit and Margaret Collins
Tiger Global Management LLC, the $15 billion investment firm run by Chase Coleman, increased its stake in Hertz Global Holdings Inc. in the third quarter and exited Dollar General Corp.
Tiger Global, based in New York, added 12.8 million shares of rental-car company Hertz, to increase its position to $402.5 million as of Sept. 30, according to a filing with the U.S. Securities and Exchange Commission today. Hertz said today it will revise financial statements from 2011 through 2013 and continue a review that has found $87 million of errors so far. The shares fell as much as 14 percent.
Coleman started Tiger Global in 2001 with backing from billionaire Julian Robertson and has two business lines: public equities including hedge funds and private equity through venture capital funds. The value of its U.S. public equities dropped by $98.7 million during the quarter to $6.85 billion, according to the filing.
Tiger Global sold its stake in Dollar General worth $452.8 million as of the prior quarter, according to the filing. The firm also got out of a $88 million position in Qihoo 360 Technology Co. Ltd., the owner of China’s second-largest online search engine, and cut 7.1 million shares of Chinese online fashion retailer Vipshop Holdings Ltd. It took a new position in Bitauto Holdings Ltd. valued at $512.1 million as of Sept. 30.
Carolyn Sargent, a spokeswoman for Tiger Global at Rubenstein Associates, declined to comment on the filing.
Money managers who oversee more than $100 million in U.S. equities must file a Form 13F within 45 days of the end of each quarter to list their holdings in stocks that trade on U.S. exchanges, as well as options and convertible debt. Hedge funds are lightly regulated pools of capital whose managers can invest in any asset and share in annual profits.