Tiger Stock Values Jump 23%, Adding Avis, Sellling SouFunKen Kohn
Chase Coleman’s Tiger Global Management added shares of Avis Budget Group Inc. last quarter, sold stock in SouFun Holdings Ltd. and exited CBS Corp. as the value of its reported U.S. equities rose.
The hedge fund firm added 1.72 million shares of Avis and the value of its stake increased by $152.4 million to $337.9 million as of Dec. 31, the biggest gain among previously disclosed holdings, according to a quarterly filing with the Securities and Exchange Commission.
Tiger Global cut its holdings of SouFun’s American depositary receipts by 8.43 million shares, leaving 5.57 million shares valued at $41.1 million, a decline of 70 percent. The firm liquidated its $85.4 million investment in Class B shares of CBS, selling 1.6 million shares.
Tiger Global’s equity holdings rose in value by 23 percent to $8.47 billion, a period when the Standard & Poor’s 500 Index of U.S. equities rose 4.4 percent.
Tiger, based in New York, returned 17 percent in its Tiger Global fund last year and 16 percent in its Tiger Global Long Opportunities fund, according to an investment letter sent to clients on Jan. 30. The firm has about $7 billion in its hedge fund and the remainder in venture capital investments.
The firm owned shares in 59 companies at the end of the quarter and 23 of them were newly reported, led by a $604.5 million stake in Alibaba Group Holding Ltd. and a $199.5 million holding in Liberty Ventures.
Money managers who oversee more than $100 million in equities in the U.S. must file a Form 13F within 45 days of each quarter’s end to list those stocks as well as options and convertible bonds. The filings don’t show non-U.S. securities, holdings that aren’t publicly traded, or cash.