- Some Tiger Cubs got rid of DoorDash, which was down more than 48% year-to-date.
- Tiger Global and Coatue exited a significant portion of their positions in Snowflake.
- The Tiger Cubs are betting on big names in retail and food names, from Dollar General to a potato company.
After a tough first few months of the year, the Tiger Cubs are rejuvenating their portfolios by adding retail, travel and food stocks, while exiting some technology companies.
The Tiger Cubs, hedge funds run by proteges of investor Julian Robertson, have a long history of betting on top tech companies, a sector Robertson once emphasized when he ran Tiger Management.
Chase Coleman’s Tiger Global fell 50.1% in the first half, although it may have gained 3.4% in June, The Wall Street Journal reported. It gained 0.4% in July, but was still down 49.8%, Bloomberg reported earlier this month. Viking Global gained 2% at the end of June, falling 7.4% for the year, Bloomberg rreported in July.
The S&P 500 is down 10.2% year-to-date and just over 3% in the year ending Aug. 16.
Here’s a look at what the Tiger Cubs did in the second quarter of 2022, according to the 13F documents, which are submitted 45 days after the end of a quarter:
Tiger Cubs bet on retail, travel and food
Once heavily focused on tech companies, the Tiger Cubs are taking their chances on big names in retail and food names, from Dollar General to a potato company.
Maverick has added a plethora of small bets in retail and food businesses to its portfolio. The hedge fund now has a $3.9 million position in e-commerce site Etsy and more than $3.8 million in Dollar General. Maverick also included a $3 million position in Cracker Barrel, a restaurant and gift store chain, just over $2 million in Shake Shack and over $1 million in the fast-food giant. Wendy’s.
Coatue added kitchenware and home furnishings company Williams Sonoma, with a $34 million position, and Las Vegas Sands resort and casino, with a $3.4 million position.
Maverick and Viking revamped their wallets
Maverick Capital and Viking Global revamped their portfolios in the second quarter and made the most changes of any Tiger Cubs.
Maverick sold 72 of its positions and bought 52 new names. Lee Ainslie’s hedge fund has sold IBM, MGM Resorts, Netflix and Verisign, and entered companies like Etsy, Dollar General, Salesforce and Home Depot.
Meanwhile, Andreas Halvorsen’s hedge fund sold 24 companies, bought 15 new stocks and raised bets on 33 stocks. Dollar General was also a new investment for Viking, along with MetLife, Boeing and Blackstone. The hedge fund scrapped Tesla, Peloton, KKR and Zillow.
Cubs throw DoorDash
Tiger Global, the $125 billion fund managed by Chase Coleman, sold more than 3.4 million shares, worth about $403.6 million, in DoorDash during the second quarter, leaving the fund with more than 8 million shares valued at $960 million.
Coatue Management, worth $73 billion, by Philippe Laffont sold more than 4.3 million shares, worth around $278.8 million, in DoorDash, leaving the hedge fund with 935,161 shares in the $60 million food delivery platform.
Greenwich-based Lone Pine Capital, which held more than $28 billion in assets at the end of 2021, sold DoorDash’s 4.6 million shares, which were worth about $292.3 million.
DoorDash is down more than 48% year-to-date and down 60% over the past year, ending Aug. 16.
Split on Snowflake
Data cloud company Snowflake was hit in the first months of 2022 and is down about 51% year-to-date.
During the second quarter, Tiger Global and Coatue exited a significant portion of their positions in Snowflake. Tiger Global reduced its shares by 68.9%, while Coatue unloaded more than 1.8 million shares worth $252.6 million.
Daniel Sundheim’s $40 billion D1 Capital Partners added 492,057 shares to its overall position, with a total of 1,829,994 valued at $254.5 million.