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 the first quarter of 2026, Chase Coleman's Tiger Global maintained its high-conviction, growth-oriented crossover strategy through a concentrated roughly 54-stock portfolio whose top five holdings—led by Alphabet, Sea Limited, GE Vernova, Lam Research, and Netflix—accounted for nearly half its assets, underscoring a persistent bet on AI infrastructure, semiconductors, and global internet platforms even as the book's value fell roughly 23% amid a growth-stock drawdown. The firm sharpened that thesis by initiating stakes in Intel, MercadoLibre, Lumentum, EquipmentShare, and Robinhood while adding aggressively to semiconductor and AI-adjacent names like Taiwan Semiconductor and Applied Materials, even as it exited lower-conviction software and consumer bets such as Flutter, Veeva Systems, Grab, Workday, and Elastic in a disciplined rotation toward fintech, e-commerce, and semiconductor infrastructure plays.

New Investments

MercadoLibre

Chase Coleman bought $233.43M of MercadoLibre in Q1 2026. In the current quarter (Q2 2026), MercadoLibre delivered net revenues and financial income of $10.2 billion, up 50% year over year (FX-neutral growth 43%), taking first-half 2026 revenues to about $19.0 billion (+49.4% YoY), but operating margin compressed to 6.7% and net margin to 4.6% as the company continued to reinvest aggressively in logistics, credit expansion, free shipping and user engagement. Over the last two quarters, revenue growth has remained consistently strong—Q1 2026 revenue grew 49% to roughly $8.8 billion while Q2 accelerated at 50%—yet net profit declined 15.6% year over year to $417 million in Q1 and a further 11% in Q2 to $466 million, reflecting management’s choice to prioritize long-term market share and ecosystem expansion over near-term earnings. Despite this margin pressure, operating metrics such as gross merchandise volume ($21.9 billion, +44% YoY), total payment volume ($101.0 billion, +56% YoY), credit portfolio ($16 billion, +75% YoY) and ecosystemic user growth (+37% YoY) underpin a compelling growth profile that appears to outpace most large-cap e-commerce and fintech peers and should support potential value accretion as investments in AI-driven personalization, logistics and financial services scale.

• Q2 2026 net revenues and financial income $10.2 billion, up 50% year over year with FX-neutral growth of 43%..
• Q2 2026 operating income $683 million with operating margin 6.7%, down 550 basis points and 17% year over year, while net income fell 11% to $466 million..
• Gross merchandise volume reached $21.9 billion (+44% YoY), total payment volume $101.0 billion (+56% YoY), and credit portfolio expanded to about $16 billion (+75% YoY)..

Lumentum

Chase Coleman bought $96.14M of Lumentum in Q1 2026. Over the last 12 months, Lumentum has shifted from modest growth to hyper-scale expansion, with quarterly revenue climbing from about $402.2 million and non-GAAP EPS of $0.42 in Q2 FY25 to $665.5 million and $1.67 in Q2 FY26, then $808.4 million and $2.37 in Q3 FY26. In the current quarter (Q4 FY26), the company is still gaining momentum, delivering record revenue of roughly $1.01 billion—about 109% year-over-year growth—and non-GAAP EPS near $3.23, reflecting continued strength in cloud and AI-related transceivers and laser chips and further margin expansion from already elevated Q3 levels. Recent catalysts that can support higher valuation include successive earnings beats (for example, Q2 FY26 non-GAAP EPS of $1.67 versus a $1.39 forecast and a 6.75% aftermarket stock move), Q3 FY26 results that again exceeded revenue and EPS expectations despite share-price volatility, and management’s commentary pointing to durable AI demand and strong pipeline visibility.

• Q4 FY26 revenue grew 109% year-over-year to about $1.01 billion, with non-GAAP EPS around $3.23..
• Q3 FY26 net revenue was $808.4 million, up 90.1% year-over-year and 21.5% sequentially, with non-GAAP EPS of $2.37 and non-GAAP gross margin of 47.9%..
• Q2 FY26 net revenue reached $665.5 million, increasing 24.7% sequentially and 65.5% year-over-year, while non-GAAP operating margin expanded to 25.2% and non-GAAP EPS to $1.67..

Equipmentshare Com Inc

Chase Coleman bought $93.29M of Equipmentshare Com Inc in Q1 2026. This addition increases our exposure to a high-growth equipment rental platform that just delivered a strong current quarter, with Q2 2026 revenue up 26% year over year to $1.449 billion, rental segment revenue up 39% to $908 million, and adjusted Core EBITDA up 34% to $531 million. Compared with Q1 2026, when the company generated $989 million of revenue and a net loss of $29 million, Q2 marked a clear inflection back to profitability with net income of $19 million and adjusted net income rising 169% year over year to $43 million, though trailing-12-month earnings, net margin around 0.4%, and ROE of 1.4% still lag trade distributor peers whose earnings are growing roughly 6.9% annually. Operational momentum remains strong as the company opened 23 new locations in Q2 to reach 430 sites, guided to about 33% rental revenue growth for 2026, and authorized a $500 million share repurchase program; despite the share price falling roughly 33.7% over the last three months, it is still up about 31.2% over the past year, outperforming the S&P 500’s approximately 20.4% return, which we believe sets up attractive risk/reward if margin expansion continues.

• Q2 2026 total revenue $1.449 billion, up 26% year over year; rental segment revenue $908 million, up 39% year over year..
• Q2 2026 adjusted Core EBITDA reached $531 million, growing 34% year over year, while adjusted net income rose 169% to $43 million..
• Share price is down about 33.7% over the last three months but up roughly 31.2% over the past year versus the S&P 500’s approximately 20.4% return..

Intel

Chase Coleman bought $72.32M of Intel in Q1 2026. Over the last two quarters Intel has moved from early-stage turnaround to clear top-line acceleration, with revenue rising from $13.6B in Q1 2026 to $16.1B in Q2 2026, a 25% year-over-year increase that delivered its fastest quarterly growth since 2011 and drove non-GAAP EPS up from $0.29 to $0.42. In the current quarter the company is gaining momentum beneath a headline GAAP loss of $2.16 per share driven by a one-time $12.5B CHIPS Act mark-to-market charge, as it delivered non-GAAP gross margin of 41.8% (about 280 bps above guidance), AI-driven businesses that grew over 70% year-over-year and now represent roughly 70% of revenue, and its seventh consecutive beat versus guidance. Looking ahead, management’s Q3 outlook for adjusted EPS of roughly $0.38 on $15.8B–$16.8B of revenue, a 2026 capex plan raised to more than $20B to meet AI and foundry demand, and sequential improvement in foundry operating loss to $2.1B on revenue of $5.8B all point to strengthening cash-generation and manufacturing progress that can support a higher valuation as the turnaround gains credibility.

• Q2 2026 revenue was $16.1B, up 25% year-over-year and about $1.8B above the midpoint of guidance..
• Non-GAAP EPS rose to $0.42 in Q2 2026 from $0.29 in Q1 2026, roughly doubling the Street’s $0.21 forecast..
• AI-driven businesses now contribute roughly 70% of revenue and grew more than 70% year-over-year in Q2 2026, versus about 40% growth and 60% revenue contribution in Q1 2026..

Robinhood Ventures Fd I

Chase Coleman bought $10.62M of Robinhood Ventures Fd I in Q1 2026. Since inception through March 31, 2026, the fund’s early track record shows a modest NAV gain of 0.85% and stronger share-price appreciation of 6.16%, outperforming the Nasdaq Composite’s -0.16%, but trading data for the subsequent quarter indicate a sharp drawdown of more than 20% as the initial listing premium normalized. In the current quarter, shares have rebounded to about $28.45 versus a last reported NAV of $25.02, implying a roughly mid-teens market premium and leaving year-to-date total return around -8.48%, so the fund is gaining in price but still negative on a 2026 performance basis. With no leverage, no dividend, and a management fee of 2% of net assets, near-term value creation will depend mainly on quarterly NAV marks, exits or up-rounds in its concentrated set of private frontier companies, and continued broadening of the investor base through its public listing rather than traditional income or cost-cutting levers.

• Since inception through March 31, 2026, NAV return 0.85% vs Nasdaq Composite -0.16%, and share-price return 6.16%..
• Last reported NAV $25.02 as of June 30, 2026, compared with recent share price around $28.45, implying an approximate premium of 13–14% to NAV..
• Year-to-date total return approximately -8.48%, with maximum drawdown of about 22.62% and current drawdown near 20.60%, highlighting high volatility relative to traditional equity funds..

Paypay Corp

Chase Coleman bought $8.54M of Paypay Corp in Q1 2026. The purchase comes as the company builds on a breakout FY2026, where full-year total revenue grew 27% to ¥380.7 billion, profit surged 201% to ¥117.8 billion and adjusted EBITDA margin reached 29%, and has now delivered an even stronger latest quarter ended June 30, 2026 with revenue of ¥109.8 billion (up 27% year-on-year), profit of ¥19.7 billion (up 83%) and adjusted EBITDA of ¥37.4 billion (margin 34%), indicating continued share gains and operating leverage over the last two quarters. From a market perspective, the stock has produced a YTD return of about 22.6%, outperforming the MSCI World index at roughly 13.5%, and management has further supported the investment case by raising guidance for the year ending March 31, 2027 to total revenue of ¥465–¥473 billion and adjusted EBITDA of ¥149–¥155 billion, signaling expectations of sustained double‑digit growth and margin expansion that could drive additional value if delivered.

• Latest quarter revenue was ¥109.8 billion, up 27% year-on-year, compared with prior quarter revenue of roughly ¥102.2 billion, up 30% year-on-year..
• Profit for the period increased to ¥19.7 billion (up 83% year-on-year), following prior quarter profit of ¥14.5 billion (up 42% year-on-year)..
• Adjusted EBITDA margin expanded to 34% in the latest quarter from about 28% in the prior quarter, with FY2026 full-year margin at 29% and FY2027 guidance implying adjusted EBITDA of ¥149–¥155 billion on revenue of ¥465–¥473 billion..

Xanadu Quantum Technolo Ltd

Chase Coleman bought $3.83M of Xanadu Quantum Technolo Ltd in Q1 2026. Over the last year, the company has transitioned into a high‑growth but high‑loss phase: 2025 revenue rose to $4.6M (up 188% year-over-year), and Q1–Q2 2026 revenue continued to grow year-over-year, driven in part by DARPA Stage B contract revenue and an Albany facility expansion, yet net losses widened to as much as $42M in Q2 2026 as R&D and scaling costs accelerated. Across the last two quarters, Q1 2026 revenue of $2.8M (up about 4x vs. Q1 2025) was followed by a softer Q2 2026 at $1.5M (down 46% sequentially but up 43% year-over-year), while Adjusted EBITDA losses expanded from $13.9M to $21.3M and net losses more than doubled, indicating that the company is gaining scale but near-term profitability is deteriorating. Despite this fundamental drag, the shares are still up roughly 25% year‑to‑date but down about 30% over the last three months and now trade near $11, close to the bottom of their $6.97–$42.44 52‑week range and below the 200‑day moving average, suggesting investors are cautious even as the company touts a world‑class optical loss milestone of 0.085 dB per facet and maintains a robust $313M cash balance plus a $300M equity facility that could underpin future value creation.

• Q1 2026 revenue of $2.8M, up roughly 305% year-over-year from $0.7M in Q1 2025, while Q2 2026 revenue of $1.5M was down 46% sequentially but up 43% year-over-year..
• Net loss widened from $20.6M in Q1 2026 to $42.1M in Q2 2026, and Adjusted EBITDA loss increased from $13.9M to $21.3M, a roughly 53% sequential deterioration as spending on R&D and hiring climbed..
• Shares are trading around $11, down approximately 29.98% over the last 3 months but up about 25.15% year-to-date, and sit near the bottom of their $6.97–$42.44 52-week range and below the 200-day moving average..

Added, Trimmed, and Exited

Added

Tiger Global added to several existing positions, most notably increasing Coupang by 8,328,148 shares (+31.7%), TSMC by 1,839,600 shares (+49.4%), Zillow by 1,312,000 shares, NVIDIA by 1,000,000 shares, Applied Materials by 761,700 shares (+85.1%), Broadcom by 709,200 shares, Meta by 336,249 shares, and Spotify by 319,300 shares.
What it means: The largest dollar-weighted add was to Coupang and TSMC, both of which also posted strong quarterly returns (+5.4% and +66.1% respectively), suggesting Tiger Global is leaning into positions where fundamentals and price momentum are already confirming the thesis rather than averaging down. The sizable increase in Applied Materials (+146.2% return) alongside continued build-out in NVIDIA and Broadcom reinforces a clear semiconductor/AI-infrastructure conviction theme, even as the fund trimmed mega-cap software and payments names elsewhere—indicating a rotation toward capital-equipment and foundry exposure as the preferred way to play the AI buildout.

Trimmed

Tiger Global meaningfully cut several positions, led by Take-Two Interactive (-3,839,256 shares, -65.7%), Microsoft (-2,977,747 shares, -54.4%), Apollo Global Management (-2,916,162 shares, -47.0%), Chime Finl Inc (-3,110,719 shares, -21.9%), Block (-2,364,840 shares, -37.2%), Reddit (-1,343,915 shares, -35.0%), ServiceNow (-626,890 shares, -29.5%), CoStar Group (-759,109 shares, -33.6%), AppLovin (-292,984 shares, -22.7%), UnitedHealth Group (-69,760 shares, -16.6%), and a small reduction in Amazon (-11,379 shares).
What it means: These trims span software, fintech/payments, healthcare, and gaming—sectors where the fund had concentrated risk—and the scale of the cuts to Take-Two Interactive, Microsoft, and Apollo Global Management (each losing more than half their share count) suggests active de-risking or profit-taking rather than a shift in long-term conviction. Combined with new capital directed into MercadoLibre, Lumentum, and Equipmentshare Com Inc, the pattern points to a broader portfolio reshuffling away from mature mega-cap tech and fintech toward higher-growth, more niche AI-adjacent and emerging-market compounders.

Exited

Tiger Global fully exited seven positions: Flutter ($860.9M), Veeva Systems ($540.3M), Grab ($463.7M), Workday ($214.8M), Elastic ($127.5M), Hinge Health Inc ($83.9M), and Circle ($39.7M).
What it means: The exits total well over $2.3 billion and touch a wide range of sectors—online betting, enterprise software, ride-hailing/super-apps, search, and digital health—suggesting a broad capital reallocation rather than a single sector call. The size of the Flutter and Veeva Systems exits in particular indicates the fund is freeing up substantial capital, likely to fund the new high-conviction bets in MercadoLibre, Lumentum, and Intel, reflecting a pivot toward AI infrastructure and select emerging-market growth stories over legacy SaaS and consumer platforms.

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.