Tiger Global Management LLC, managed by Chase Coleman, has further reduced its passive stake in MakeMyTrip Limited (NASDAQ:MMYT). In a new filing with the U.S. Securities and Exchange Commission, the hedge fund disclosed holding 2.63 million shares of MakeMyTrip Limited (NASDAQ:MMYT), down from 5.08 million shares reported earlier. The new stake represents 6.3% of the company. In November 2014, Tiger Global Management reported reducing its stake in MakeMyTrip Limited (NASDAQ:MMYT) to 5.08 million shares from 7.18 million shares of the company.
Tiger Global was founded by Chase Coleman in 2001 with $25 million seed money from legendary investor Julian Robertson. Coleman runs Tiger Global’s equity funds, who is a graduate of Princeton University. Tiger Global Management returned 71% after fees in 2007, and its annualized return since inception was around 44% by the end of 2007. Tiger Global lost 26% in 2008, and, in 2009, the fund was up about 1%. In 2011, they returned 45%, and 23% in 2012, as well as 14% in 2013.
The value of Tiger Global’s equity portfolio amounted to $7.5 billion as of the end of the third quarter of 2014. The fund had a strong focus on Services and Technology stocks during the third quarter. Twenty-First Century Fox Inc (NASDAQ:FOXA), Mastercard Inc (NYSE:MA), and Bitauto Hldg Ltd (ADR) (NYSE:BITA) were represented as the largest holdings, in terms of value, of the fund. According to its latest 13F, Tiger Global disclosed owning 16.81 million shares of Twenty-First Century Fox Inc (NASDAQ:FOXA), which stock moved up by 3.89% since February 2014. The investor added more shares to its holding of Mastercard Inc (NYSE:MA) during the quarter, bringing its ownership to 7.59 million. Mastercard Inc (NYSE:MA) gained 16.36% in last one year. Bitauto Hldg Ltd (ADR) (NYSE:BITA) was new position the fund started in the third quarter, disclosing ownership of 6.57 million shares of the company. Since October 2014, Bitauto Hldg Ltd (ADR) (NYSE:BITA) stock lost 26.14%.
Tiger Global initiated a stake in MakeMyTrip Limited (NASDAQ:MMYT) during the third quarter of 2010, soon after the company went public initially holding 4.13 million shares. MakeMyTrip Limited (NASDAQ:MMYT) is an online travel company based in Gurgaon, India. The market cap of the company is around $1.1 billion. MakeMyTrip Limited (NASDAQ:MMYT) provides air tickets, customized holiday packages, hotel bookings, railway tickets, bus tickets, and car hire services. Its subsidiaries include MakeMyTrip (India) Private Limited, MakeMyTrip Inc. (USA), MakeMyTrip FZ-LLC (UAE), Luxury Tours & Travel Pte Ltd (Singapore), Luxury Tours (Malaysia) Sdn. Bhd. (Malaysia), the Hotel Travel Group (Thailand), the ITC Group (Thailand) and the ETB Group (The Netherlands).
For the fiscal third-quarter of 2015, MakeMyTrip Limited (NASDAQ:MMYT) reported strong financial results. The company posted revenue of $75.7 million for fiscal quarter ended December 31, 2014, compared to $70.0 million in 2013. It booked a net loss of $3.7 million for the quarter, versus a loss of $1.6 million in 2013. Loss per share was $0.09, compared to loss per share of $0.04 in 2013. For fiscal year 2015, the company improved its annual revenue less service cost guidance to a constant currency growth of 30% to 31%, which is in the range of $137 million to $138 million.
“In the final fiscal quarter of 2015, we remain committed to investing for high growth in our Hotels and Holiday Packages business and improving the customer experience on our mobile platforms,” Chairman and Group CEO Deep Kalra states.
On Thursday, MakeMyTrip Limited (NASDAQ:MMYT) traded down by 0.56% to $24.65. Since February 2014, the stock moved down nearly 13%. During last six months, the stock fell by 18.59%. The stock has consensus average target price of $33.33, while the consensus average recommendation is ‘Buy’.
Among the largest shareholders of MakeMyTrip Limited (NASDAQ:MMYT) is Daniel Gold’s QVT Financial, which disclosed ownership of 1.55 million shares of the company in its latest 13F. Another shareholder is Columbus Circle Investors which held 601,494 shares of the company as of the end of September 2014. Merchants’ Gate Capital, managed by Jason Capello, also sees value in MakeMyTrip Limited (NASDAQ:MMYT), in which the investor started a new position in the third quarter of 2014, owning 311,323 shares as of the company.
Disclosure: none
