In this article, we discuss the 15 long-term stock picks of Tiger Global.
Even as the venture capital efforts of Tiger Global Management come under increased scrutiny on the back of reportedly disappointing post-pandemic performance, the 13F portfolio of the fund seems to be performing exceedingly well to taper over these concerns. From the beginning of 2023 through to the end of the first quarter of 2024, the public long positions of the fund returned more than 80% to investors. These were dominated by prominent stakes in hyperscalers riding the AI boom. The rate of return posted by the fund was more than double the returns of the benchmark S&P 500 over the period. In contrast, a recent report by news publication Bloomberg reveals that the sixteenth private markets fund of Tiger Global, which set out with a target to raise more than $6 billion in funding back in 2022, closed with $2.2 billion in funding earlier this year. Tech news platform TechCrunch reports that the VC efforts of Tiger Global are suffering from a reputation of making bad bets during the pandemic.
Read more about these developments by accessing 10 Best AI Data Center Stocks and 10 Buzzing AI Stocks According to Goldman Sachs.
Even though perfectly-timed bets on tech stocks are the claim to fame for Tiger Global in the past few years, a team from the fund recently noted in an investor letter that 30% of its exposure sits in businesses other than the AI-driven tech sector. Per the fund, these positions have roughly doubled over the last fifteen months with an 80% hit rate. Compared to these astute bets, the venture capital efforts of the company paint a grimmer picture. For example, a recent report by the California State Teachers’ Retirement System reveals that the paper losses on the fifteen private markets fund stood at more than 15% at the end of June 2024. This fund had raised more than $12.7 billion back in 2021 to invest in high growth areas. Data from PitchBook Benchmarks shows that the steep losses of this fund place it in the bottom 10% of all venture funds raised in 2021.
However, there is still time for some of these investments to bear fruit in the long term. The investment team at Tiger Global is certainly losing no sleep over these numbers. In a letter to investors, the fund has noted that the private holdings of the fund generated positive returns in the first quarter of 2024. This year, the VC arm of Tiger Global has invested in many prominent startups, including Waymo, OpenAI, Scale AI and Wiz. The Tiger Global team stressed in the letter that a meaningful portion of the private exposure of the public fund is concentrated in global market leaders who are performing well and awaiting attractive opportunities to go public. The team further added that it was also encouraged by the signs of life in the IPO market following relative dormancy over the last two years.
Read more about these developments by accessing 30 Most Important AI Stocks According to BlackRock and Beyond the Tech Giants: 35 Non-Tech AI Opportunities.
For this article, we selected stocks by combing through the 13F portfolio of Tiger Global Management at the end of the third quarter of 2024. Only the companies that have been in the 13F portfolio of the fund consistently for the past three years were selected. These stocks are also popular among other hedge funds. Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).
Chase Coleman of Tiger Global
Tiger Global’s Long-Term Stock Picks
15. Dingdong (Cayman) Limited (NYSE:DDL)
Number of Hedge Fund Holders: 9
Dingdong (Cayman) Limited (NYSE:DDL) operates an e-commerce company in China. The stock features on the list of long-term stock picks of Tiger Global as it has consistently been a part of the 13F portfolio of the fund for the past three years. This stake, comprising over 118,000 shares valued at over $420,000, has stayed constant for the past two years. Before this, at the end of the first quarter of 2022, Tiger Global owned more than 12 million shares in the Chinese firm but sold almost all of them in the ensuing months.
There are several reasons why Tiger Global is bullish on the stock. One of these is solid fundamentals. In earnings for the third quarter of 2024, Dingdong (Cayman) Limited (NYSE:DDL) posted a revenue of over RMB6.54 billion, up 27.2% year over year. The firm also reported a noteworthy increase in gross merchandise value, up 28.3% year over year to RMB7.27 billion. The results further showed that the firm achieved non-GAAP profitability for the eighth consecutive quarter and GAAP profitability for the third consecutive quarter.
14. Toast, Inc. (NYSE:TOST)
Number of Hedge Fund Holders: 43
Toast, Inc. (NYSE:TOST) runs a cloud-based technology platform for the restaurant industry. At the end of the third quarter of 2024, Tiger Global owned more than 78,000 shares in the company worth close to $2.2 million. As a constant feature in the 13F portfolio of the fund for the past three years, the firm is considered a long-term stock pick of Tiger Global. Over the years, the company has come to represent a small portion of the total 13F portfolio of the fund. For example, at the end of the second quarter of 2022, Tiger Global’s stake in the firm represented nearly 1.6% of the entire 13F portfolio. This has decreased to below 0.01% this year.
Wall Street analysts are keeping a close eye on Toast, Inc. (NYSE:TOST), just like Tiger Global. RBC Capital recently maintained a Sector Perform rating and $40 price target on the stock. In an investor note, the advisory noted that the stock’s run-up had likely already captured the upside as it remained the most expensive payments stock in its coverage. The advisory added that FY25 sales and marketing expense assumption was increased to $567 million from $489 million to reflect the investments the company was making in its international and vertical expansion initiatives, with the changes driving a reduction of the adjusted EBITDA estimate to $494 million from $517 million.
13. JD.com, Inc. (NASDAQ:JD)
Number of Hedge Fund Holders: 75
JD.com, Inc. (NASDAQ:JD) provides supply chain-based technologies and services in the People’s Republic of China. Between the second quarter of 2024 and the end of the third quarter of 2024, Tiger Global slashed its stake in the company by close to 60%. Latest disclosures show that the fund now owns just over 344,000 shares in the company worth $13.7 million, representing 0.05% of the 13F portfolio. However, the stock remains one of the long-term stock picks of Tiger Global since it has consistently featured in the 13F portfolio for the past three years.
However, Tiger Global has been selling JD.com, Inc. (NASDAQ:JD) steadily over the past few quarters. In ten of the last eleven quarters, the fund has reduced its stake in the company. In the second quarter of 2022, the company represented over 16% of the 13F portfolio of the fund. Even as Tiger Globals sells the stock, Wall Street analysts remain bullish on the company. Bernstein recently upgraded the stock to Outperform from Market Perform with a price target of $46, up from $43. A macro environment in China where government support acts as a periodic crutch for durables consumption should favor JD, the advisory told investors in a research note. Bernstein added that the company’s greater focus on profit growth versus market share should help to protect its earnings in a downside case for macro and consumption incentives. It upgraded JD as part of its China internet outlook for 2025.
12. Oklo Inc. (NYSE:OKLO)
Number of Hedge Fund Holders: N/A
Oklo Inc. (NYSE:OKLO) designs and develops fission power plants to provide reliable and commercial-scale energy to customers in the United States. The stock has surged following reports that the company has signed an agreement to provide nuclear power to data center operator Switch. The two firms released a statement announcing the deal and claimed that it was one of the largest corporate power agreements in history. Under the terms of the deal, Oklo will develop powerhouses across the US and sell energy to Switch through a string of power purchase agreements. Oklo aims to deploy 12 gigawatts of power through 2044.
Oklo Inc. (NYSE:OKLO) is one of the most prominent long-term stock picks of Tiger Global. At the end of the third quarter of 2024, the fund owned more than 3 million shares in the company worth over $24 million, representing close to 0.1% of the 13F portfolio. Tiger Global has made no changes to this stake in the past three quarters. The fund first bought a stake in the firm back in late 2021 at an average share price of just under $10. The stock is presently trading at close to $20 following the Switch deal momentum.
11. ATRenew Inc. (NYSE:RERE)
Number of Hedge Fund Holders: 12
ATRenew Inc. (NYSE:RERE) operates a pre-owned consumer electronics transactions and services platform in the People’s Republic of China. On November 20, the firm posted earnings for the third quarter of 2024, reporting a revenue of $577 million, up close to 30% compared to the revenue over the same period last year and beating market expectations by more than $13.4 million. For the fourth quarter of 2024, the company currently expects its total revenues to be between RMB4,740 million and RMB4,840 million, representing an increase of 22.4% to 24.9% year-over-year.
ATRenew Inc. (NYSE:RERE) has been a mainstay in the Tiger Global 13F portfolio for the past three years, emerging as a long-term stock pick of the fund. At the end of the third quarter of 2024, the fund owned over 11 million shares in the company worth close to $32 million. The fund has not made any changes to this stake for the past seven quarters. Even though the firm purchased a sizable stake in the firm back in late 2021 at an average share price of $7.71, it has not changed its bullish outlook on the stock despite the shares dropping to less than half this value in the period since.
10. Datadog, Inc. (NASDAQ:DDOG)
Number of Hedge Fund Holders: 71
Datadog, Inc. (NASDAQ:DDOG) provides monitoring and analytics services. The firm specializes in cloud computing and AI-powered cybersecurity products. Stifel analyst Brad Reback recently raised the price target on the stock to $165 from $141 and kept a Buy rating on the shares. After a bumpy start to 2024, the year is ending on a higher note for the enterprise software group, driven by stabilizing-to-modestly accelerating top-line growth rates along with relatively attractive mid-year multiples, earlier signs of AI monetization, especially among the largest software companies, declining interest rates and solid economic growth and a safe haven status post the election given limited, to no, tariff or China exposure, the advisory told investors in a 2025 preview for the group.
Datadog, Inc. (NASDAQ:DDOG) remains one of the top long-term stock picks of Tiger Global. The stock has featured in the 13F portfolio of the fund since late 2019. Since then, Tiger Global has gradually increased its stake in the firm, climbing to a high of close to 6 million shares in the third quarter of 2022. Latest filings show that the fund owned just over 979,000 shares in the company at the end of the third quarter of 2024 worth over $112 million, representing close to 0.50% of the entire 13F portfolio.
9. Uber Technologies, Inc. (NYSE:UBER)
Number of Hedge Fund Holders: 136
Uber Technologies, Inc.(NYSE:UBER) develops and operates proprietary technology applications worldwide. Even though the fund trimmed its stake in the company by 14% in the past few months, the firm is still one of the top long term stock picks of Tiger Global. It has featured in the 13F portfolio of the fund constantly since the second quarter of 2019. At the end of the third quarter of 2024, Tiger Global owned close to 2.6 million shares in the ride hailing firm worth close to $200 million, representing 0.83% of the portfolio.
Just like Tiger Global, Wall Street analysts are also bullish on Uber Technologies, Inc.(NYSE:UBER). Investment bank Goldman Sachs recently termed the firm as one of its top stock picks for 2025. In an investor note, Goldman analyst Eric Sheridan said Uber’s risk-to-reward balance was among the most attractive heading into 2025. Sheridan highlighted that Uber was mired in a series of short-term debates, including discussion on pricing inflation and competition impact on mobility growth, as well as medium/long-term industry concerns over the impact of autonomous vehicles on supply/demand if not outright disintermediation. Against that backdrop, we see a company that can continue to deliver on its February 2024 Investor Day commitments despite the rise of autonomous vehicles, countered Sheridan.
8. Nu Holdings Ltd. (NYSE:NU)
Number of Hedge Fund Holders: 54
Nu Holdings Ltd. (NYSE:NU) owns and runs a digital banking platform in Brazil, Mexico, Colombia, Cayman Islands, Germany, Argentina, the United States, and Uruguay. At the end of the third quarter of 2024, Tiger Global owned more than 18.4 million shares in the company worth over $251 million, representing 1.07% of the 13F portfolio. The company is one of the long term stock picks of Tiger Global since it has featured in their 13F portfolio consistently since late 2021. Back then, the fund purchased a stake in the firm at an average share price of $9.82. The shares are presently trading at over $10.6 per share.
However, not all on Wall Street are as bullish on Nu Holdings Ltd. (NYSE:NU) as Tiger Global. For example, Citi analyst Gustavo Schroden recently downgraded the stock to Sell from Neutral with a price target of $11, down from $14.60. The company has shown an impressive capacity to expand its operations in Brazil rapidly while maintaining even faster net income growth, the analyst told investors in a research note. However, Citi sees the stock’s strong year-to-date performance as a good opportunity to take profits. Nu’s alternative revenue sources, like payroll loans in Brazil, Mexico and Colombia, could take longer than expected to offset the slowdown in credit cards and personal loans in Brazil, contends Citi.
7. CrowdStrike Holdings, Inc. (NASDAQ:CRWD)
Number of Hedge Fund Holders: 74
CrowdStrike Holdings, Inc. (NASDAQ:CRWD) provides cloud-delivered protection across endpoints and cloud workloads, identity, and data. The company features on the list of long term stock picks of Tiger Global as it has consistently featured in the 13F portfolio of the fund since the second quarter of 2019. Tiger Global has steadily increased its stake in the company since then. Latest filings show that this stake comprised 900,000 shares at the end of the third quarter of 2024 worth over $252 million, representing 1.07% of the 13F portfolio.
There are several reasons why Tiger Global and Wall Street analysts like Adam Borg of Stifel, who recently raised the price target on the stock to $400 from $375 and kept a Buy rating on the shares, are bullish on CrowdStrike Holdings, Inc. (NASDAQ:CRWD). Some of these include premium growth metrics, high-value contracts, and strong client retention. CrowdStrike aims for $10 billion annual recurring revenue (ARR) by FY2031, tapping into a $250 billion AI-native cybersecurity market. In the third quarter of this year, this value surpassed $4 billion, growing 27% year-over-year with 115% net retention.
6. Workday, Inc. (NASDAQ:WDAY)
Number of Hedge Fund Holders: 84
Workday, Inc. (NASDAQ:WDAY) markets enterprise cloud applications and is headquartered in California. Wells Fargo analyst Michael Turrin recently raised the price target on the stock to $330 from $300 and kept an Overweight rating on the shares. The advisory notes that on December 6, it was announced that Workday will be included in the S&P 500, after months of investor debate and market consideration. Wells believes this represents a tactical opportunity in the stock as sentiment begins to trend upward.
Workday, Inc. (NASDAQ:WDAY) has constantly featured in the 13F portfolio of Tiger Global for three years and makes it to the list of long term stock picks of the fund. At the end of the third quarter of 2024, Tiger Global owned over 1.8 million shares in the company worth close to $460 million, representing 1.96% of the portfolio. Tiger Global first bought shares in the company back in 2012, but sold off that stake within months of buying it. Since late 2019, however, it has consistently maintained a stake in the enterprise cloud application company.
5. ServiceNow, Inc. (NYSE:NOW)
Number of Hedge Fund Holders: 78
ServiceNow, Inc. (NYSE:NOW) provides end-to-end intelligent workflow automation platform solutions for digital businesses in North America, Europe, the Middle East and Africa, Asia Pacific, and internationally. It is one of the top long term stock picks of Tiger Global. At the end of the third quarter of 2024, the fund owned 579,655 shares in the company worth over $518 million, representing 2.21% of the portfolio. This holding has stayed the same for the past three quarters, with Tiger Global neither trimming this stake nor buying more shares.
The bullish sentiment towards ServiceNow, Inc. (NYSE:NOW) by Tiger Global is also shared by Wall Street. Wolfe Research recently raised the price target on the stock to $1,225 from $1,010 and kept an Outperform rating on the shares. In a research note, the advisory said it hasn’t been this excited and inspired for the software sector in a long time, and thinks that the combination of improving fundamentals, easing regulatory environment, secular AI tailwinds, and open for business capital markets makes this an amazing time to not only be alive, but also cover software stocks.
4. Amazon.com, Inc. (NASDAQ:AMZN)
Number of Hedge Fund Holders: 286
Amazon.com, Inc. (NASDAQ:AMZN) operates as a technology conglomerate with core interests in the ecommerce business. The company is truly one of the top long term stock picks of Tiger Global. The fund bought a stake in the firm back in the fourth quarter of 2010. It then maintained this stake, with minor adjustments, till 2012. Since the middle of 2015, however, the firm has been a constant feature in the 13F portfolio of Tiger Global. At the end of the third quarter of 2024, the fund owned over 6.4 million shares in the company worth $1.1 billion, representing over 5% of the total 13F portfolio.
Like Tiger Global, JPMorgan is also bullish on Amazon.com, Inc. (NASDAQ:AMZN) stock. It recently raised the price target on the shares to $280 from $250 and kept an Overweight rating on the stock. Despite continued strong share performance and select higher valuations, JPMorgan remains positive on the internet group into 2025, the advisory told investors in a research note. JPMorgan expects artificial intelligence to continue to dominate the investment narrative, but says the focus will shift more to agents and applications.
3. Sea Limited (NYSE:SE)
Number of Hedge Fund Holders: 58
Sea Limited (NYSE:SE) is a Singapore-based technology company with interests in a wide array of businesses that include digital entertainment, ecommerce, and fintech. The stock has surged since the firm posted a solid rise in third-quarter revenue, helped by double-digit percentage growth in all its business segments. These numbers also mitigated the impact of a slight miss on profit. In the third quarter of 2024, the firm saw its total revenue grow nearly 31% to $4.3 billion, ahead of the Wall Street estimates by $220 million.
Sea Limited (NYSE:SE) also features on the list of long term stock picks of Tiger Global. At the end of the third quarter of 2024, the fund owned more than 16 million shares in the company worth over $1.5 billion, representing 6.45% of the 13F portfolio. Tiger Global has consistently maintained a stake in the ecommerce giant since early 2018. It has added to this stake in four of the last five quarters.
2. Microsoft Corporation (NASDAQ:MSFT)
Number of Hedge Fund Holders: 279
Microsoft Corporation (NASDAQ:MSFT) is a Washington-based technology company. Tiger Global is bullish on the stock and has maintained a stake in the tech firm since late 2016. At the end of the third quarter of 2024, Microsoft was the second largest holding in the 13F portfolio of the fund. This stake comprised over 5.3 million shares worth close to $2.3 billion, representing 9.8% of the entire 13F portfolio. Back in 2016, Tiger Global had bought shares in the firm at an average price of $60.15. The stock is presently trading at over $440 per share.
Wall Street analysts echo the bullish sentiments of Tiger Global regarding Microsoft Corporation (NASDAQ:MSFT) stock. UBS recently raised the price target on the stock to $525 from $500 and kept a Buy rating on the shares. Given the new capacity will come on throughout the second half, it is more likely that the Azure acceleration is more back-end loaded, the advisory told investors in a research note. Microsoft sentiment is modestly improving but remains mixed, reflecting concerns about supply-related push-outs of the Azure acceleration, lack of conviction in the timing of capacity go-lives, weariness about elevated capex and uncertainty about how the OpenAI relationship will evolve, UBS added.
1. Meta Platforms, Inc. (NASDAQ:META)
Number of Hedge Fund Holders: 235
Meta Platforms, Inc. (NASDAQ:META) engages in the development of products that enable people to connect and share with friends and family. The firm is the largest holding in the 13F portfolio of Tiger Global and has featured in this portfolio consistently since late 2016. At the end of the third quarter of 2024, Tiger Global owned over 7.4 million shares in the tech firm worth close to $4.2 billion, representing 18.2% of the 13F portfolio. This stake has neither been added to nor sold over the past three quarters by the fund.
Tiger Global first purchased a stake in Meta Platforms, Inc. (NASDAQ:META) in the third quarter of 2012, comprising over 11 million shares. However, it sold off this holding within months. In 2016, when it bought a stake in the tech giant again, it purchased shares at an average price of $122.81. The stock is presently trading at over $611 per share.
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