Tiger Global Management reduced its exposure to several of the biggest US technology companies during the second quarter while adding new positions in Advanced Micro Devices and SpaceX, according to a report by Reuters citing the firm’s latest regulatory filing.
The hedge fund made cuts across much of its portfolio of megacap technology stocks, including Alphabet, Nvidia, Microsoft, Amazon and Meta Platforms. It also significantly reduced its positions in Broadcom and Taiwan Semiconductor Manufacturing.
The most substantial reduction was in Alphabet, where Tiger Global cut its holding by 45.4% to 5.81 million shares by the end of June. Its Nvidia position fell 6.8% to 11.20 million shares.
The fund reduced its Microsoft holding by 9.3% to 2.27 million shares, while its Amazon stake fell 3.2% to 9.68 million shares. Meta was cut by 8.5% to 2.82 million shares.
Tiger Global also more than halved its Broadcom position, reducing it by about 51% to 1.75 million shares. Its holding in Taiwan Semiconductor was lowered by 12.3% to 4.88 million American Depositary Shares.
The moves indicate a broad effort to reduce exposure to some of the most heavily owned technology stocks following a strong run for the sector.
While trimming many established technology positions, Tiger Global increased its exposure to selected semiconductor companies.
The fund more than doubled its Intel holding to 4.25 million shares from 1.64 million at the end of the first quarter.
It also established a new position in AMD, holding 674,727 shares worth approximately $392m at the end of June.
Tiger Global also disclosed a 375,000-share investment in SpaceX, valued at about $64.1m at the quarter-end.
The investment gives the hedge fund exposure to the private space company at a time when investor interest in businesses linked to satellites, launch infrastructure and the broader space economy is growing.
Tiger Global had also exited Netflix. The filing showed that its previous holding of 2.44 million shares, worth approximately $234.5m at the end of March, was no longer held by the end of the second quarter.
