Chase Coleman’s Tiger Global Management continued to grow positions in software and Big Tech during the third quarter after a rough start to the year, according to securities filings. Coleman’s tech-centric fund has struggled amid the sector’s dramatic declines this year. A source told CNBC’s David Faber earlier this year that the fund was down 50% in total after a 14% loss in May alone. But the fund has not changed its strategy, at least on the long side. A securities filing on Monday showed that Tiger still had a $1.5 billion bet in JD.com and a $1.4 billion invested in Microsoft, as of Sept. 30. Its stake in ServiceNow grew to more than $600 million. The fund also added significantly to several positions during the third quarter, including Alphabet, DataDog, Workday and Li Auto. Tiger’s largest additions during the quarter included AppLovin, Hubspot, Pagaya Technologies and Taiwan Semiconductor. The fund also expanded its position in Chinese recruiting firm Kanzuhn Ltd. by more than 50%. Tiger has nearly $11 billion in long equity positions, according to a CNBC calculation. Tech stocks struggled again during the third quarter, with the iShares US Technology ETF falling 8.2%. But it’s unclear exactly when Tiger made the new purchases. The securities filing shows the fund’s long equity position but does not include details about the timing of the trades or of potential hedge positions. Tiger did significant trimming on two large holdings, cutting back on Crowdstrike and Nu Holdings. Tiger’s notable exits during the quarter included ProCore Technologies, XPeng, Monday.com and 1Life Healthcare.
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