Key Takeaways
- • Tiger Global Management delivered a 45% return in 2011, positioning it as the top-performing hedge fund for the year, driven by long positions in Internet stocks and tactical short positions during summer market declines.
- • Chase Coleman's $6 billion hedge fund benefited from concentrated bets in technology and Internet companies, with Yandex accounting for over $1 billion of his $5 billion long-stock portfolio and representing his largest single holding.
- • Coleman manages $10 billion in total assets across his hedge fund and six private equity funds, with celebrated stakes in Facebook, LinkedIn, and other early-stage Internet companies, establishing him as the most successful Tiger Cub—a manager seeded by Julian Robertson.
- • His public equity portfolio extends across diversified technology and consumer names including Apple, Viacom, Liberty Global, Visa, and Mastercard, alongside concentrated positions in international Internet platforms including Yandex (Russia), Bitauto (China), MakeMyTrip (India), and HomeAway.
- • Coleman differentiated his fund structure by offering investors early redemption opportunities despite longer lock-up periods than typical hedge funds, reflecting a strategy focused on longer-duration startup and private company investments.
Summary
Chase Coleman's Tiger Global Management concluded 2011 with a 45% return, making it the top-performing hedge fund for the year. Coleman, who manages $6 billion in the flagship hedge fund and $10 billion in total assets including six private equity funds, achieved this performance through a combination of long exposure to Internet stocks and tactical short positions during the market decline of summer 2011. The fund was up 44% by August but added minimal gains in the final four months, indicating front-loaded performance during the volatile first half.
Coleman's strategy centers on concentrated positions in global Internet and technology companies, with particular emphasis on international platforms and early-stage companies. His largest public holding is Yandex, Russia's dominant search engine and most popular Internet company, which represented more than $1 billion of his $5 billion long-stock portfolio and made him the company's largest shareholder. Beyond Yandex, his public equity portfolio includes traditional technology leaders—Apple, Visa, Mastercard, Liberty Global, and Viacom—demonstrating a balanced approach between concentrated bets on emerging Internet platforms and exposure to established technology franchises.
The hedge fund's success reflects Coleman's distinctive focus on lesser-known companies and startups worldwide. His most celebrated private investments include stakes in Facebook and LinkedIn, while his portfolio extends to specialized Internet platforms: Bitauto Holdings (automotive content in China), MakeMyTrip (India's largest travel website), and HomeAway (vacation rental marketplace). This combination of public equity exposure and private venture-stage investments defines Tiger Global's strategy within the alternative investment landscape.
Coleman's prominence within the "Tiger Cub" cohort—managers seeded by Julian Robertson's Tiger Management—is underscored by his track record as the most successful of this group. He joined Tiger Management as a technology analyst in 1997 following his graduation from Williams College with an economics degree, and founded Tiger Technology in 2001 with Robertson's backing. The fund was renamed Tiger Global Management and established itself as one of Robertson's first seeded hedge funds. Despite maintaining longer lock-up periods than typical hedge funds, Coleman has offered investors early redemption opportunities over the past year, balancing the illiquidity inherent in startup-focused strategies with investor flexibility.
Coleman's strategy centers on concentrated positions in global Internet and technology companies, with particular emphasis on international platforms and early-stage companies. His largest public holding is Yandex, Russia's dominant search engine and most popular Internet company, which represented more than $1 billion of his $5 billion long-stock portfolio and made him the company's largest shareholder. Beyond Yandex, his public equity portfolio includes traditional technology leaders—Apple, Visa, Mastercard, Liberty Global, and Viacom—demonstrating a balanced approach between concentrated bets on emerging Internet platforms and exposure to established technology franchises.
The hedge fund's success reflects Coleman's distinctive focus on lesser-known companies and startups worldwide. His most celebrated private investments include stakes in Facebook and LinkedIn, while his portfolio extends to specialized Internet platforms: Bitauto Holdings (automotive content in China), MakeMyTrip (India's largest travel website), and HomeAway (vacation rental marketplace). This combination of public equity exposure and private venture-stage investments defines Tiger Global's strategy within the alternative investment landscape.
Coleman's prominence within the "Tiger Cub" cohort—managers seeded by Julian Robertson's Tiger Management—is underscored by his track record as the most successful of this group. He joined Tiger Management as a technology analyst in 1997 following his graduation from Williams College with an economics degree, and founded Tiger Technology in 2001 with Robertson's backing. The fund was renamed Tiger Global Management and established itself as one of Robertson's first seeded hedge funds. Despite maintaining longer lock-up periods than typical hedge funds, Coleman has offered investors early redemption opportunities over the past year, balancing the illiquidity inherent in startup-focused strategies with investor flexibility.
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