"Tiger Global sells technology stocks against the market trend! Tiger Global reduces holdings of technology giants 'AAMG' in Q2, while establishing positions in Gilead Sciences and Novo Nordisk."

According to the disclosure from the U.S. Securities and Exchange Commission (SEC), Tiger Global has submitted its second quarter (Q2) holdings report (13F) as of June 30, 2023.

Statistics show that Tiger Global's total market value of holdings in the second quarter reached $11.967 billion, an increase of approximately 8.8% compared to the previous quarter's total market value of $10.995 billion. The company added 2 stocks to its investment portfolio, increased its holdings in 10 stocks, reduced its holdings in 19 stocks, and completely exited 17 stocks. The top ten holdings accounted for 75.07% of the total market value.

Among the top five major holdings, Meta Platforms (META.US) had the highest value at $2.46 billion, accounting for 20.54% of the investment portfolio, followed by Microsoft (MSFT.US) at $1.93 billion (16.13%), Apollo (APO.US) at $947.9 million (7.92%), JD.com (JD.US) at $719.3 million (6.01%), and Take-Two Interactive Software (TTWO.US).

Looking at the changes in holdings, the top five stocks purchased in the second quarter included Apollo Global Management, Meta, Take-Two Interactive Software, Eli Lilly (LLY.US), and Intuit (INTU.US). The main stocks sold included Amazon (AMZN.US), Google (GOOGL.US), Mastercard (MA.US), and Snowflake (SNOW.US).

In detail, during the second quarter, Tiger Global significantly reduced its holdings in the last four of the "FAAMG" big tech stocks, including a reduction in Microsoft holdings by 4.4% (a total decrease of $82.5 million), a decrease in Amazon holdings from 9.69 million shares to 3.7 million shares (a 61% decrease), and a decrease in Google holdings from 8.36 million shares to 3.81 million shares (a 54% decrease). It also reduced its Apple holdings by 850,000 shares, accounting for 1.28% of its total market value. However, it increased its holdings in TSMC, Meta, Nvidia, and other stocks, including a 14% increase in Meta shares to 8.56 million shares, which remains its largest holding, accounting for 20% of its portfolio market value. Increased holdings of TSMC by 17% to 1.87 million shares. The fund significantly increased its investment in NVIDIA, increasing its stake by 1300% to around $194.9 million. NVIDIA has been a beneficiary of the growing demand for artificial intelligence and its market value has grown by 200% this year.

Tiger Global seems to be bullish on the pharmaceutical leader that exploded in popularity this year due to the "weight loss miracle drug." It has taken positions in 720,000 shares of Jian Cang Li Lai and 630,000 shares of Jian Cang Nuo He Nuo De, totaling over 3.6% of its investment portfolio. Both companies have performed well this year, with increases of 33% and 46% respectively. In addition, Tiger Global has also increased its holdings in the acquisition giant Apollo Global Management, with its stake increasing from 2.61 million shares to 12.3 million shares, a growth of over 370%, adding approximately $650 million.

Overall, Tiger Global Management, Maverick Capital, and other so-called "Tiger Cubs" reduced their holdings of technology stocks in the second quarter, adopting a different strategy from other large fund management companies that increased their holdings in the industry. Chase Coleman's Tiger Global Management and Lee Ainslie's Maverick reduced their holdings of technology stocks by 5.2% and 3.5% respectively, while Steve Mandel's Lone Pine Capital reduced its holdings by 2.4%. Philippe Laf white-space: normal;">Meanwhile, according to Bloomberg's analysis of quarterly regulatory filings on Monday, hedge funds, endowments, family offices, and other institutional investors increased their investments in the technology industry more than any other industry. As of mid-year, technology stocks accounted for nearly one-fourth of the market value exposure of over 5,800 asset management companies, an increase of 1.5% from the end of the first quarter. Monday of this week was the deadline for thousands of institutional investors to submit their 13F quarterly filings to the U.S. Securities and Exchange Commission, including hedge funds, pension funds, and endowments.

This shift may be for portfolio rebalancing or to lock in profits after the surge in technology stocks in the second quarter. The tech-heavy Nasdaq 100 index rose 15% during the same period. These strategic moves by Tiger Global indicate that their investment strategy is diversified, with a focus on technology stocks and pharmaceutical companies, while increasing positions in strong-performing assets.