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Tiger Global raised stakes in some tech names battered by year’s rout -filing -Breaking

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© Reuters. FILE PHOTO – A trader on the New York Stock Exchange, NYSE, in Manhattan, New York City (USA), May 5, 2022. REUTERS/Andrew Kelly

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By Svea Herbst-Bayliss

BOSTON, (Reuters) – Investment company Tiger Global lost billions this year in the technology stock market meltdown. However, it increased its stakes within the first quarter in several businesses that were especially affected by the saleoff. A regulatory filing documents.

A Monday filing shows that Tiger Global raised its holdings in Sea Limited, a consumer internet company, by 18%. On March 31, it owned 13.5million shares. Sea Limited’s stock prices have fallen nearly 69% over the past year.

New York-based CrowdStrike Holdings increased its stake in the cybersecurity firm CrowdStrike Holdings by 16%, to hold 8.8 millions shares at the close of the quarter. Stock prices have fallen by 27% in the past month.

CrowdStrike, Sea Limited and other investment managers are included in the 13-F report by Tiger Global. It lists their top five holdings.

The information may be outdated, but the quarterly filings will still be carefully analyzed to see if there are any investment trends. This information may be used to analyze what occurred at large investment companies that have suffered heavy losses as a result of the tech crash. Information about more aggressive interest rate increases to limit inflation have had an impact on stock prices and tech names.

While the overall economy is down almost 16%, tech-heavy has fallen more than 25%.

Tiger Global has also invested more in Block Inc financial services firm, which was once known as Tiger Global. Square Inc (NYSE:) by 97% in the first quarter. Since January, the stock price fell 51%.

Tiger Global has also sold off its shares in Rivian Automotive Inc. Rivian is an electric vehicle maker. Shares debuted on the stock markets last year to great fanfare, but they have plummeted around 80% in their first public offering.

Tiger Global’s spokeswoman refused to comment.

An investor from Tiger Global said that Tiger Global had told investors that the company lost 44% over the first four month of this year. According to LCH data, an Edmond de Rothschild Group fund that tracks hedge funds, the firm made $25 billion in gains between 2001 and last year.

LCH has estimated that Tiger Global’s losses this year have been $17 billion. This is the largest ever decline in hedge funds.

Tiger Global has reduced some of its investments in stocks which continued to plummet. This is evident from the Tiger Global first-quarter filing.

Amazon.com Inc. (NASDAQ) was lowered by 58% during the quarter prior to the stock plummeting 32% in April 1.

Peloton (NASDAQ): It reduced its share in the exercise company by 88%, to 1.2 Million shares. This was due to the change of chief executives at Peloton and pressure from activist investors to sell.

Uber Technologies (NYSE) Inc was reduced by 93%, to 1.2 Million shares. The stock price of the ride-hailing company has fallen 46% over the past year.

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