Tiger Global bought shares of Microsoft, Block, Uber in third quarter (updated)
14/11/2022 21:59
(Adds portfolio value, context)
By Manya Saini and Carolina Mandl
Nov 14 (Reuters) - Investment firm Tiger Global
Management raised its stake in tech giant Microsoft Corp
MSFT.O , Jack Dorsey's payments firm Block Inc SQ.N and Uber
Technologies Inc UBER.N last quarter, a regulatory filing
released on Monday showed.
The hedge fund cut stakes in most of its portfolio in the
second quarter amid losses. urn:newsml:reuters.com:*:nL1N2ZR1LU
The tech-focused investor had logged losses earlier this
year as the Federal Reserve's monetary policy tightening and
surging inflation weighed on asset prices, triggering a sell-off
in the sector.
Tiger increased its stake in Microsoft by 16.4%, or roughly
$205 million at current prices, making it its second biggest
investment last quarter, only behind China's e-commerce firm
JD.com.
It also added 9.3 million new shares of Uber, or nearly $272
million.
The hedge fund trimmed its investments in JD.com Inc JD.O ,
digital banking firm Nu Holdings NU.N , software firm Blend
Labs Inc BLND.N and cybersecurity firm SentinelOne Inc S.N .
The tech-heavy Nasdaq Composite Index .IXIC has lost
roughly 28% so far this year amid fears of a looming recession
and geopolitical turmoil.
Tiger Global also added Pagaya Technologies Ltd PGY.O and
payments processor PayPal Holdings PYPL.O to its investments.
Its portfolio value fell to $10.9 billion at the end of last
quarter, or $1 billion below where it was in June. That includes
new additions, sales and market decline.
The stakes disclosed in the so-called 13-F filing are as of
Sept. 30. The quarterly filings are one of the few ways that
funds are required to disclose their long positions but may not
reflect current holdings.
The filings are closely watched for possible investment
trends and potential future performance.
(Reporting by Manya Saini in Bengaluru and Carolina Mandl in
New York; Editing by Shailesh Kuber and Cynthia Osterman)
((Manya.Saini@thomsonreuters.com;))