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Tiger Global ditches its billion-dollar Netflix bet, cuts its Apple stake

Kevin Spacey plays Frank Underwood in the Netflix hit series “House Of Cards.”

Tiger Global’s public-equity business, run by Scott Shleifer and Chase Coleman, ditched its massive bet on Netflix.

During the second quarter, the hedge fund sold its 17,997,273 shares of Netflix (NFLX), according to the fund’s most recent 13-F filing. The position had been valued at just over $1.8 billion at the end of the first quarter.

Tiger Global had been in the stock since the fourth quarter of 2014. In the second quarter of 2015, the fund massively increased its stake, making it a billion-dollar plus bet.

Julian Robertson’s Tiger Management also exited its entire stake in the second quarter.

Elsewhere, Tiger Global massively reduced its stake in (AAPL), selling 4.2 million shares in the second quarter.

The fund didn’t initiate any new long stock positions in the quarter, but it did add to its existing positions in Charter Communications (CHTR), Amazon (AMZN), Priceline (PCLN), and Restaurant Brands International (QSR).

Consumer internet has been one of the long themes in Tiger Global’s portfolio.

Hedge funds of a certain size are required to disclose their long stock holdings in filings known as 13-Fs. Of course, the filings only provide a partial picture since they do not show short positions or wagers on commodities and currencies. What’s more is these filings come out 45 days after the end of each quarter, so it’s possible they could have traded in and out of the position. Still, it does provide a glimpse into where some of the top money managers have been placing money in the stock market.

Julia La Roche is a finance reporter at Yahoo Finance.

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