Chase Coleman's Trades and Holdings in Q1 2026

Breaking down the stocks Chase Coleman (Tiger Global) bought, sold, and held in Q1 2026, including their holdings at the end of the quarter. All data sourced from Tiger Global's 13F filed on May 15, 2026.

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 '26 13F filed with SEC

Holdings in Q1 2026

Current Investment Strategy

As of Q1 2026, Tiger Global Management's Chase Coleman continued to execute a high-conviction, growth-oriented crossover strategy anchored by a concentrated public equity portfolio, with top holdings including Alphabet, Sea Limited, GE Vernova, Lam Research, and Netflix, while selectively rotating into new positions such as MercadoLibre, Lumentum, and EquipmentShare and exiting names like Flutter Entertainment, Veeva, and Workday — reflecting a disciplined pruning of lower-conviction software and consumer bets in favor of global e-commerce, AI-infrastructure adjacencies, and fintech. Having emerged from the 2022 drawdown with a more selective, quality-over-quantity philosophy, Coleman's Q1 2026 portfolio signals a sharpened focus on secular technology disruptors — spanning cloud security (Zscaler), emerging-market fintech (Nu Holdings, Corpay), and digital wealth management (Wealthfront) — underscoring the firm's evolution from its prior "spray-and-pray" era toward precision capital deployment across companies benefiting from AI adoption, digital transformation, and global consumer internet growth.

New Investments

MercadoLibre MELI

Chase Coleman bought $233.43B of MercadoLibre in Q1 2026. Over the last two quarters, the company has continued to post robust top-line growth, with Q4 revenue up roughly 33.8% year over year to about $6.79B and net income rising to around $523M, while the latest quarter produced a more mixed print that triggered about a 5.4% after-hours pullback as investors reassessed the pace of growth and earnings leverage. Operationally the business is still gaining ground, as daily active users increased to roughly 70.8M (up about 25.1% year over year) and the ecosystem continues to benefit from strong e-commerce and fintech synergies, though a modest EPS miss of roughly 3.2% versus expectations last quarter highlights ongoing reinvestment and cost pressures. Despite near-term volatility—with shares up roughly 11–12% over the last year but down about 8–9% over the past month—the stock’s valuation around a mid- to high-30s P/E still appears supported by high-30% revenue growth, expanding profitability, and structural Latin American digital adoption tailwinds that could drive further upside as recent investments begin to scale.

• Q4 revenue grew about 33.8% year over year to roughly $6.79B, beating consensus by approximately 3.9% while EPS of about $8.23 came in roughly 3.2% below estimates.
• Daily active users reached around 70.8M in the last reported quarter, an increase of about 25.1% year over year, while net income rose roughly 5.9% quarter over quarter to about $523M.
• The stock is up roughly 11–12% over the last 12 months but has declined about 8.7% over the past month following a mixed Q1 earnings reaction, trading at a P/E in the high-30s on normalized earnings.

Lumentum LITE

Chase Coleman bought $96.14B of Lumentum in Q1 2026. Over the last 12 months, Lumentum has transitioned from relatively modest growth to a high-momentum story, with Q3 FY26 revenue up 90% year over year to a record $808.4 million and non-GAAP operating margin expanding 2,140 bps, signaling substantial operating leverage versus prior quarters. The last two quarters mark a clear inflection, as accelerating demand in its optical and photonics markets is driving both top-line growth and profitability higher, in stark contrast to the low 0.8% 3-year revenue growth pace reported by third-party data. Reflecting this turnaround, the stock has surged roughly 1,153% over the past year (within a $71.04–$1,085.68 52-week range), suggesting investors are rapidly repricing the company for stronger growth while also increasing the risk of elevated volatility if execution or end-market demand slows.

• Q3 FY26 revenue grew 90% year over year to a record $808.4 million, with non-GAAP operating margin expanding by 2,140 bps.
• The share price is up about 1,153% over the last 12 months, trading within a $71.04–$1,085.68 52-week range.
• GuruFocus cites a 3-year revenue growth rate of roughly 0.8%, underscoring how recent quarterly performance represents a sharp acceleration versus the longer-term trend.

EquipmentShare EQPT

Chase Coleman bought $93.29B of EquipmentShare in Q1 2026. Over the last two quarters, the company has delivered back-to-back earnings beats, with Q4 2025 EPS of $0.24 vs. $0.19 expected and Q1 2026 EPS of -0.11 vs. -0.23 expected, alongside strong top-line growth. In the current quarter (Q1 2026), revenue grew 38% YoY to $989M, driven by a 37% increase in rental revenue to $764M and a 23% rise in sales, while adjusted core EBITDA climbed 39% to $399M, indicating the platform is gaining share and scaling efficiently despite seasonally weaker profitability. Shares trade around $24–25 for a market cap of roughly $6.1B and a very high trailing P/E of about 6,447x, but the combination of rapid revenue and EBITDA growth, recent earnings beats, and a consensus target price near $38.88 suggests investors expect significant value creation if growth is sustained.

• Q1 2026 revenue grew 38% YoY to $989M, with rental revenue up 37% to $764M and sales up 23%.
• Adjusted core EBITDA increased 39% YoY in Q1 2026 to $399M, outpacing revenue growth and signaling operating leverage.
• The stock trades around $24.5 with a market cap of about $6.1B, a trailing P/E near 6,447x, and a consensus price target of $38.88 implying substantial upside.

Intel INTC

Chase Coleman bought $72.32B of Intel in Q1 2026. Over the last two quarters, shares have re-rated aggressively, climbing roughly 196% year to date to around $109, far outpacing most semiconductor peers but leaving the stock trading at a lofty forward P/E above 100x and at a premium to some intrinsic value estimates (for example, Morningstar fair value of about $89), with the price now consolidating below its recent highs. Fundamentally, results are improving—2025 revenue was essentially flat year over year (down only about 0.47% to $52.85 billion) and losses shrank to roughly $267 million (an improvement of about 98.6% versus 2024), while the latest reported quarter (Q1 2026) delivered a return to positive EPS of $0.29 versus $0.01 consensus and revenue growth of 7.4%, indicating that the turnaround in core businesses is gaining traction. In the current quarter, the stock is seeing increased volatility rather than a continued melt-up as investors weigh major upside drivers—accelerated AI and foundry investment, potential US/EU fab subsidy support, and leadership/strategic updates focused on manufacturing and AI—against concerns about stretched valuation, recent downgrades and 'buyer exhaustion,' and a Street 12‑month price target clustered in the roughly $68–$77 range that implies roughly 30–40% downside if execution stumbles or AI/data-center spending moderates.

• Share price has risen about 196% since the start of 2026 to roughly $109, now trading approximately 18% below its 52‑week high of $132.75.
• In 2025, revenue declined only 0.47% year over year to $52.85 billion, while net loss narrowed to about $267 million, a roughly 98.58% improvement versus 2024.
• Most recent reported quarter (Q1 2026) produced EPS of $0.29 vs. $0.01 consensus and revenue growth of 7.4% year over year, even as the stock trades at a forward P/E near 110x and the average 12‑month Street target around $68 implies roughly 37% downside from current levels.

Robinhood Ventures

Chase Coleman bought $10.62B of Robinhood Ventures in Q1 2026. As a newly listed closed-end venture fund with a March 2026 IPO, it has delivered a very strong near-term price performance, rallying from a $25 issue price (and early lows around $21) to the mid‑$50s, even after a recent pullback from an exuberant spike toward approximately $77. Performance in the current quarter is being driven less by realized portfolio gains and more by retail enthusiasm for exposure to private AI and technology names—especially the announced $75 million OpenAI investment and stakes in companies such as Stripe and SpaceX—leading to a potentially elevated premium to underlying NAV and growing speculative risk. In the last several weeks, rising volumes, a 2.01% uptick in short interest, and the extremely high quoted dividend yield of roughly 40.76% underscore a tug-of-war between momentum buyers and cautious investors, leaving the risk/reward skewed toward volatility around upcoming NAV updates or further news on high-profile portfolio companies.

• Share price has climbed roughly +114% from the $25 March IPO level to about $54, and about +155% off the early-trading low near $21.
• The fund’s quoted dividend yield is an unusually high ~40.8%, with an equity market capitalization around $1.1 billion.
• Short interest has increased by about 2.01% month-over-month while the stock trades roughly 30% below its $77.39 52‑week high, highlighting growing skepticism about the current valuation.

PayPay PAYP

Chase Coleman bought $8.54B of PayPay in Q1 2026. The company has delivered better-than-expected earnings in the most recent quarter, with EPS of $1.34 beating the $1.27 consensus estimate by 5.43%, although Morningstar characterizes the quarter as weak in absolute terms as management continues to reset the business. Over the last two quarters, investor sentiment has remained cautious, with shares continuing to trend lower despite the latest earnings beat, leaving the stock down about 38.47% over the past 12 months and trading in the lower half of its $38.46–$79.50 52-week range. At roughly $44–$45 per share versus Morningstar’s $37 fair-value estimate (an implied premium of around 20%), the stock’s re-rating from here will likely depend on proof that the current strategic reset can translate EPS outperformance into more durable growth and margin expansion.

• Last reported quarter EPS of $1.34 was above the $1.27 consensus, representing a 5.43% positive earnings surprise.
• The share price is down approximately 38.47% over the past year and is currently trading around $44–$45 within a $38.46–$79.50 52-week range.
• Morningstar’s stated fair value is $37 per share, implying the stock trades at roughly a 20% premium to that intrinsic value estimate.

Xanadu Quantum XNDU

Chase Coleman bought $3.83B of Xanadu Quantum in Q1 2026. Over the past two quarters, Xanadu Quantum has continued to post hyper‑growth but loss‑making fundamentals, with trailing‑twelve‑month revenue rising to $4.62M (up 190.6% year over year) while net losses widened to about -$70.7M (up 53.7% vs. 2024), keeping cash burn and dilution risk front and center. In the current quarter, the stock has been extremely volatile—rallying nearly 30% in mid‑April on positive sentiment around Nvidia’s new “Ising” AI models but then plunging over 60% after an SEC filing flagged potential additional share issuance—leaving shares recently trading in the mid‑teens, well below the $42.44 52‑week high. Despite this drawdown, the name still trades at a premium growth multiple (P/E above 100x on thin positive EPS prints and a market cap in roughly the mid‑hundreds of millions to low billions) and is supported by a small analyst base with a $44 12‑month price target implying roughly 220%+ upside, so incremental news on commercialization, funding visibility, or strategic partnerships will be critical to drive further value from here.

• Trailing‑twelve‑month revenue is $4.62M, up 190.6% from $1.59M in 2024, highlighting very rapid top‑line growth off a small base.
• Net losses widened to about -$70.7M, a 53.7% increase versus 2024, underscoring continued heavy investment and cash burn.
• The stock trades around the mid‑teens versus a $42.44 52‑week high, with a consensus analyst price target of $44.00 implying approximately 223% upside from recent levels.

Added, Trimmed, and Exited

Added

Tiger Global added to eight existing positions in Q1 2026, increasing exposure to semiconductors and AI infrastructure by buying more Taiwan Semiconductor (TSM) (+1.84M shares), Nvidia (NVDA) (+1M shares), Applied Materials (AMAT) (+762K shares), and Broadcom (AVGO) (+709K shares), while also adding to consumer and platform names including Coupang (CPNG) (+8.33M shares), Zillow Group (Z) (+1.31M shares), Meta (META) (+336K shares), and Spotify (SPOT) (+319K shares).
What it means: The additions reveal a clear barbell strategy from Chase Coleman: doubling down on the AI infrastructure buildout by accumulating across the semiconductor supply chain — from chip design (Nvidia, Broadcom) to equipment (Applied Materials) to foundry (Taiwan Semiconductor) — while simultaneously reinforcing positions in platform businesses with durable consumer engagement. The Coupang add is particularly notable given its size, suggesting high conviction in the Korean e-commerce giant's continued market share gains. Together, these moves signal that Tiger Global is leaning into the secular AI capex cycle while maintaining exposure to global consumer internet compounders it knows well.

Trimmed

Tiger Global reduced eleven existing positions, with the largest cuts coming in Take-Two Interactive (TTWO) (-3.84M shares, roughly two-thirds of the position), Microsoft (MSFT) (-2.98M shares), Chime Financial (CHYM) (-3.11M shares), Apollo Global (APO) (-2.92M shares), Block (SQ) (-2.36M shares), and Reddit (RDDT) (-1.34M shares), with smaller trims to ServiceNow (NOW), AppLovin (APP), CoStar (CSGP), UnitedHealth (UNH), and Amazon (AMZN).
What it means: The pattern of trims tells a coherent story: Tiger Global appears to be rotating out of expensive software-as-a-service and alternative asset names — ServiceNow, AppLovin, CoStar, and Apollo Global were all significantly cut — while also locking in gains or reducing risk in high-multiple consumer and fintech names like Reddit, Block, and Chime Financial. The dramatic reduction in Take-Two Interactive stands out as a near-exit, possibly reflecting impatience with the gaming company's extended development cycle. The Microsoft trim is notable given the fund's simultaneous bet on Intel as a new position, potentially signaling a tactical shift within large-cap tech toward names with more asymmetric upside. Taken together, the trims look like disciplined profit-taking and risk reduction in crowded software and fintech trades to fund the more concentrated semiconductor and emerging growth bets.

Exited

Tiger Global fully liquidated seven positions in Q1 2026: Flutter Entertainment (PDYPF), Veeva (VEEV), Grab (GRAB), Workday (WDAY), Elastic (ESTC), Hinge Health (HNGE), and Circle (CRCL).
What it means: The exits represent a decisive cleanup of the portfolio's exposure to enterprise software and Southeast Asian consumer tech. Selling out of Workday, Veeva, and Elastic in the same quarter suggests Chase Coleman has grown less enthusiastic about traditional SaaS multiples at a time when AI-native software alternatives are beginning to challenge incumbent platforms. The full exit from Grab — a large Southeast Asian super-app — is a meaningful shift, especially as Tiger Global simultaneously holds Sea (SE) and Coupang (CPNG) as its primary emerging-market consumer bets, implying a consolidation of conviction rather than a retreat from the region entirely. Exiting Hinge Health and Circle trims exposure to digital health and crypto infrastructure respectively, sectors that have faced volatile sentiment. Overall, the exits signal a sharpening of focus — shedding positions where the near-term catalyst path is less clear and redeploying into areas where Tiger Global sees more concentrated, high-conviction upside.

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.