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Tiger Global Management sells Alphabet, taking the G out of its 'FANG' holdings

Evelyn Cheng
Adam Jeffery | CNBC. FANG stocks are not likely to continue strong outperformance in 2018, and investors should overweight other tech names and value stocks, says FundStrat.

Chase Coleman's Tiger Global Management hedge fund is buying all the "FANG" stocks, except Google. In the third quarter, Tiger dissolved its $66 million stake in Google parent Alphabet (GOOGL), a required quarterly filing with the U.S. Securities and Exchange Commission showed Tuesday. But the hedge fund added to its holdings in the other so-called FANG stocks: buying nearly $500 million worth of Netflix (NFLX) shares, $275 million of Amazon.com (AMZN) and $229 million of Facebook (FB). Coleman's fund also increased its stake in Fiat Chrysler (Milan Stock Exchange: FCA-IT) by 3.88 million shares, or $222 million, and initiated a $137 million stake in design software company Autodesk (ADSK). Tiger also bet on the Chinese internet by initiating new stakes in Weibo (WB) — sometimes called China's version of Twitter — and its parent Sina (SINA). The hedge fund also increased its holdings of Chinese e-commerce companies Alibaba (BABA) and JD.com (JD) by 191,000 and 5.38 million shares, respectively. Alibaba reported record sales worth $25.4 billion on Singles Day, Nov. 11, while JD.com reported the equivalent of about $19.1 billion over its Singles Day shopping period, which began on Nov. 1. The third-quarter filing also showed Tiger held shares of three recent initial public offerings: Redfin (RDFN), Roku (ROKU) and Argentine online travel company Despegar.com (DESP). Coleman has a net worth of $2.2 billion, according to Forbes.

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