Chase Coleman’s Tiger Global Management took profits in many of his largest tech positions in the second quarter, but placed significant bets on Nvidia as well as some new positions in a pair of pharmaceutical companies, according to securities filings. Coleman lowered his exposure in six of his top 10 holdings, including some of the largest technology stocks. He trimmed his position in No. 2 holding Microsoft by $82.5 million, or 4.4%, and slashed his stakes in Amazon.com, his seventh-largest holding, by 61%. The size of Google-parent Alphabet, Coleman’s eighth-largest position, fell by 54%. However, he enlarged notable positions elsewhere in Tiger’s portfolio. Coleman raised his stake in Nvidia by 1,300%, which was worth about $194.9 million. The key artificial intelligence beneficiary is up by about 200% this year. Coleman also took new positions in a pair of pharmaceutical stocks: Eli Lilly and Novo Nordisk. The pharmaceutical makers are higher this year by roughly 33% and 46%, respectively, on optimism surroudning their weight loss medications. Eli Lilly shares are also higher this year following positive trial results for its Alzheimer’s drug. Uber was also a major buy in the quarter. Coleman raised his position in the stock by 492%. Coleman, who was one of the so-called Tiger Cubs who worked under Julian Robertson at Tiger Management, also doubled down on his stake in alternative asset manager Apollo Global Management. He raised his position in the No. 3 holding by roughly $650 million, or 371%. Meanwhile, the allocation to Intuit, another top 10 holding, grew by 136% in the quarter.
