Tiger Global Management made a new bet on Apple in the first quarter, while expanding positions in some major technology players that posted a strong start to the year. The tech-centric hedge fund managed by Chase Coleman opened a more than $140 million stake in the iPhone maker in the first quarter, along with a new position in Taiwan Semiconductor totaling about $148 million, according to securities filings released Monday. Both stocks have seen a strong start to 2023, rising more than 33% and 16%, respectively. Along with Apple, the fund opened new positions in a host of semiconductor names, including Applied Materials (up 26% this year), Lam Research (up 33% YTD), Palo Alto Networks (37% higher YTD) and AI-beneficiary Nvidia, (up 100% in 2023). Tiger also upped its stake in technology leaders Alphabet, Amazon and Microsoft in the first quarter. At the end of March, the fund’s largest holding, Microsoft, totaled more than $1.7 billion. Coleman increased his stake in the Google parent by more than 124% to about 8.4 million shares. The latest securities filings also showed Tiger exited small positions in Roblox , Warby Parker and Pinduoduo parent PDD Holdings . Coleman founded Tiger Global in 2001. He is widely known as one of the Tiger Cub hedge fund managers who worked at Tiger Management under Julian Robertson.
This story originally appeared on CNBC
