- Tiger Global has had a tough 2022 as its tech stock holdings have sold off considerably.
- The hedge fund giant has reportedly lost $17 billion in client assets amid the broad tech rout.
- These were some of the top changes Tiger Global made to its portfolio during the first quarter.
Hedge fund giant Tiger Global Management has taken it on the chin so far in 2022, with its main strategy down 44% in the first four months of the year, according to a Bloomberg report.
Tiger Global's long-only fund experienced an even worse decline, falling 25% in April alone for a year-to-date loss of 52%, according to Bloomberg.
The loss has led to a $17 billion reduction in assets under management, and the fund has now wiped out around two-thirds of the cumulative gains it had made for investments since it was founded in 2001.
In an investor letter seen by Bloomberg earlier this month, Tiger Global told clients that "Markets have not been cooperative given the macroeconomic backdrop, but we do not believe in excuses and so will not offer any." That macroeconomic backdrop includes rising inflation and higher interest rates, which has led to a year-to-date sell-off of as much as 30% for the Nasdaq 100.
All-in, the disastrous performance means the hedge fund is on track for its worst year ever since it was founded in 2001. Prior to this year's decline, Tiger Global had a strong reputation of delivering consistent outperformance relative to the S&P 500 while notching only two down years since its inception, according to Bloomberg.
Amid the carnage, Tiger Global made sweeping changes to its portfolio in the first quarter, according to its 13F filed with the SEC on Monday. Tiger liquidated many of its tech stocks and reduced its concentration in some of its top holdings like JD.com and Microsoft.
These were some of the top changes Tiger Global made in the first quarter of 2022, according to its 13F filing. The data is as of March 31, and doesn't reflect any potential changes Tiger may have made since then.
10. Sold Netflix
Ticker: NFLX
Prior Shares of Portfolio: 1.42%
Current Share of Portfolio: 0%
9. Sold Alibaba
Ticker: BABA
Prior Share of Portfolio: 1.09%
Current Share of Portfolio: 0%
8. Sold Adobe
Ticker: ADBE
Prior Share of Portfolio: 0.91%
Current Share of Portfolio: 0%
7. Trimmed Uber
Ticker: UBER
Prior Share of Portfolio: 1.65%
Current Share of Portfolio: 0.17%
6. Trimmed Peloton
Ticker: PTON
Prior Share of Portfolio: 0.80%
Current Share of Portfolio: 0.12%
5. Bought More Li Auto
Ticker: LI
Prior Share of Portfolio: 0.52%
Current Share of Portfolio: 1.92%
4. Bought More XPeng
Ticker: XPEV
Prior Share of Portfolio: 0.68%
Current Share of Portfolio: 1.42%
3. Bought More Monday.com
Ticker: MNDY
Prior Share of Portfolio: 0.13%
Current Share of Portfolio: 1.23%
2. Bought More Toast
Ticker: TOST
Prior Share of Portfolio: 0.34%
Current Share of Portfolio: 1.03%
1. Bought More Block
Ticker: SQ
Prior Share of Portfolio: 0.49%
Current Share of Portfolio: 1.39%