Chase Coleman's Trades and Holdings in Q1 2025

Breaking down the stocks Chase Coleman (Tiger Global) bought, sold, and held in Q1 2025, including their holdings at the end of the quarter. All data sourced from Tiger Global's 13F filed on May 15, 2025.

Who are Chase Coleman and Tiger Global?

Chase Coleman is the founder and managing partner of Tiger Global Management LLC (commonly referred to as Tiger Global). The fund is known for its concentrated public equity portfolio, typically consisting of 40-50 stocks, with the top 5 holdings comprising over 40% of assets, and variable cash holdings deployed aggressively when high-conviction opportunities arise across public and private markets. His investment strategy is a growth-oriented crossover approach inspired by Julian Robertson's Tiger Management, emphasizing investments across company lifecycles from private ventures to public equities in pursuit of asymmetric upside from technological disruption. Coleman focuses on undervalued or high-potential companies in sectors like internet, software, e-commerce, consumer, and financial technology that can scale globally, with strong qualitative factors like network effects, high margins, rapid user adoption, deep moats, optionality, business model innovation, and alignment with secular trends such as AI and digital transformation.

Tigerglobal.com
Q1 '25 13F filed with SEC

Holdings in Q1 2025

Current Investment Strategy

Chase Coleman's Tiger Global maintained its concentrated, tech-heavy growth strategy in Q1 2025, with Meta, Microsoft, Sea Limited, Alphabet, and Amazon comprising over 40% of its $26.6 billion public equity portfolio while adding AI-driven advertising play AppLovin and fintech name Block as new positions amid exits from semiconductor names Qualcomm and Arm Holdings. The Tiger cub continued his crossover approach of backing high-growth internet platforms with strong network effects and margin expansion potential, particularly doubling down on AI infrastructure through increased stakes in Microsoft and Nvidia while maintaining core convictions in digital commerce leaders Spotify, Flutter Entertainment, and emerging market bet Grab.

New Investments

AppLovin APP

Chase Coleman bought $442.03M of AppLovin in Q1 2025. AppLovin delivered exceptional Q3 2025 results with 68% revenue growth to $1.41 billion and 96% EPS growth to $2.45, significantly outperforming peer profitability levels. The company's 82% adjusted EBITDA margin far exceeds the industry average of 20-40%, demonstrating superior operational efficiency and the inherent scalability of its advertising technology platform. The strategic launch of Axon Ad Manager represents a transformative pivot from gaming-centric advertising to a broader cross-vertical platform, with early momentum showing 50% weekly spending increases from e-commerce clients.

• Revenue beat consensus by 5% at $1.41 billion with 68% YoY growth, while EPS surged 96% to $2.45.
• Adjusted EBITDA margin expanded to 82%, more than double the industry average of 20-40%.
• Generated $1.05 billion in free cash flow with net debt-to-EBITDA ratio below 1.5x.

Zillow Group Z

Chase Coleman bought $357.54M of Zillow Group in Q1 2025. Zillow Group delivered strong Q3 2025 results, with revenue reaching $676 million, representing 16% year-over-year growth that substantially outpaced the broader residential real estate industry's approximately 5% growth. The company achieved a significant turnaround in profitability, swinging to net income of $10 million from a $20 million loss in Q3 2024, while adjusted EBITDA expanded to $165 million with margin improvement to 24% from 22%. All business segments demonstrated positive momentum with rental revenues growing 41%, mortgages revenue climbing 36%, and residential revenues increasing 7%, positioning the company for sustained growth.

• Diluted adjusted EPS grew 26% year-over-year to $0.44 from $0.35.
• Rental revenues surged 41% to $174 million, driven by 62% growth in multifamily segment.
• Cash and investments increased to $1.4 billion from $1.2 billion at end of Q2, reflecting strong operational cash generation.

GE Vernova GEV

Chase Coleman bought $322.16M of GE Vernova in Q1 2025. GE Vernova delivered strong Q3 2025 results with $9.97B revenue exceeding consensus by 8.84%, driven by robust equipment orders in Power and Electrification segments. Despite an EPS miss at $1.64 versus expected $1.86, the company's adjusted EBITDA more than tripled to $811M with 600 basis points of margin expansion, demonstrating exceptional operational leverage. The company reaffirmed 2025 revenue guidance toward the higher end of $36-37B, supported by a record $135B backlog and $14.6B orders (up 55% organically).

• Revenue surged 12% year-over-year to $9.97B, with 10% organic growth exceeding analyst forecasts by $810M.
• Adjusted EBITDA margins expanded 600 basis points to 8.1% with $811M in EBITDA, more than 3x prior year.
• Orders momentum accelerated with $14.6B booked up 55% organically, and backlog grew to record $135B with 1.5x book-to-bill ratio.

Block XYZ

Chase Coleman bought $102.4M of Block in Q1 2025. Block reported Q3 2025 earnings that missed analyst expectations on both EPS ($0.54 vs $0.63 forecast) and revenue ($6.11B vs $6.33B forecast), causing the stock to decline 3.69% in after-hours trading. However, the company demonstrated robust operational execution with gross profit expanding 18% year-over-year to $2.66B and adjusted operating margins expanding 200 basis points to 18%, reflecting strong unit economics across both the Square and Cash App segments. Management's raised full-year guidance—projecting 15% gross profit growth and 28% adjusted operating income growth—alongside strategic initiatives like Square AI, Bitcoin payment integration, and international GPV growth of 26%, suggests the miss was driven by near-term market timing rather than fundamental deterioration.

• Gross profit grew 18% YoY to $2.66B, with adjusted operating margin expanding 200 basis points to 18%.
• Cash App gross profit surged 24.3% YoY, driving gross profit per monthly transacting active to $94, up 25.3% YoY.
• Full-year 2025 gross profit guidance raised to $10.243B (15% YoY growth) and adjusted operating income to $2.056B (28% YoY growth).

Zillow ZG

Chase Coleman bought $60.35M of Zillow in Q1 2025. Zillow delivered strong Q3 2025 results with $676 million in revenue, up 16% year-over-year, outperforming analyst expectations despite a modest 0.08% stock decline in aftermarket trading. The company's rental segment proved to be a major growth driver with rental revenue surging 41% to $174 million, while profitability improved as adjusted EBITDA margin expanded 200 basis points to 24%. Forward guidance remains robust, with management projecting mid-teens revenue growth for full 2025 and rental revenue growth of approximately 40% for the year, positioning the company for continued market outperformance.

• Q3 revenue increased 16% year-over-year to $676 million, exceeding the $669 million consensus estimate..
• Rental revenues surged 41.5% year-over-year to $174 million, with multifamily revenue growing 62% YoY..
• Adjusted EBITDA margin expanded 200 basis points to 24% of revenues at $165 million, driven by better-than-expected growth and cost discipline..

Added, Trimmed, and Exited

Added

Chase Coleman significantly increased 14 existing positions, led by a massive 540% surge in Veeva (VEEV) adding $481M in value, alongside substantial additions to e-commerce plays Coupang (CPNG) up 64% and PDD Holdings (PDD) up 68%, plus coordinated semiconductor infrastructure builds across Nvidia (NVDA), Taiwan Semiconductor (TSM), Lam Research (LRCX), and Broadcom (AVGO). Reddit (RDDT) was increased 60% and Zscaler (ZS) up 27%.
What it means: The additions reveal Tiger Global is aggressively concentrating around three converging themes: vertical SaaS dominance (the Veeva buildup signals conviction that healthcare tech platforms with deep regulatory moats will compound for decades), Asian e-commerce positioned to capture emerging market digital payment adoption, and picks-and-shovels AI infrastructure through the semiconductor complex. The coordinated chip adds across design (NVDA), manufacturing (TSM), and equipment (LRCX, AVGO) suggest Coleman views the current AI buildout as multi-year rather than cyclical. The Reddit increase indicates sustained belief in advertising platforms with irreplicable community network effects that can monetize engagement at scale.

Trimmed

Chase Coleman made only two reductions: a 49% cut in Apollo Global (APO) reducing the position by $1.18B, and a near-complete 94% exit from Uber (UBER) trimming $146M.
What it means: The dramatic Apollo Global reduction—from what was previously a top-5 position—represents a tactical retreat from alternative asset managers after a strong valuation run-up, possibly reflecting concerns that fee compression and fundraising headwinds will pressure margins as institutional allocators become more selective. The Uber near-exit signals skepticism about the ride-sharing leader's ability to sustainably expand margins amid autonomous vehicle disruption from Tesla and Waymo, or simply disciplined profit-taking after the position appreciated significantly. Both moves suggest Coleman is rotating capital from mature business models with decelerating growth into earlier-stage disruptors with steeper adoption curves.

Exited

Chase Coleman completely liquidated nine positions worth $646M, including major exits from Qualcomm (QCOM) at $285M, Datadog (DDOG) at $140M, Atlassian (TEAM) at $97M, and pre-revenue nuclear play Oklo (OKLO) at $65M, plus Arm Holdings (ARM), Rubrik (RBRK), StandardAero (SARO), Klaviyo (KVYO), and Dingdong (DDL).
What it means: The exits reveal a strategic pivot away from horizontal infrastructure software (Datadog, Atlassian) that faces increasing competition from hyperscaler-bundled alternatives, and semiconductor plays outside the core AI training/inference stack (Qualcomm's mobile chips, Arm's licensing model). The Oklo liquidation is particularly telling—despite the AI power/nuclear thesis gaining momentum, Coleman appears skeptical about pre-revenue next-gen reactor plays with uncertain regulatory timelines. The cleanup of recent IPOs like Rubrik, Klaviyo, and StandardAero suggests these positions failed to deliver post-listing momentum, likely due to valuation compression or decelerating growth that made them less attractive than redeploying capital into the five new positions acquired this quarter.

Disclaimer: All posts are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.