Philippe Laffont’s Coatue Management reduced its exposure to key Chinese e-commerce companies and exchange trade funds focused on the developing country at the end of 2024. The investor – who is one of the “Tiger Cub” fund managers that worked under the late Julian Robertson, founder of Tiger Management – reduced his firm’s stakes in Alibaba and PDD Holdings by about 93% in the fourth quarter last year, as well as his stake in JD.com by more than 92%, according to the latest 13F filing with the U.S. Securities and Exchange Commission. That brings the worth of his holdings in Alibaba and PDD to more than $16 million and about $18 million, respectively, while his holding in JD.com is worth more than $21 million. Additionally, Laffont decreased his investment in KraneShares CSI China Internet ETF (KWEB) by almost 96%, bringing that holding’s value to almost $9 million. He also dissolved his stake in iShares China Large-Cap ETF (FXI) . He created new positions in both funds in the third quarter. His moves away from Chinese stocks stand in contrast to others like Appaloosa Management’s David Tepper, who increased his “everything” bet on the country last quarter. The moves also come amid increasing concerns around the possible effects of tariffs from President Donald Trump. Earlier this month, Trump officially slapped an additional 10% tariff on imports from China, alongside proposed 25% tariffs on goods from Canada and Mexico. Trump had vowed to take these steps following his election victory. Meanwhile, Laffont began new positions last quarter in other technology names such as Reddit – which is his fund’s ninth biggest holding – and Affirm . Over the past six months, each stock has drastically outperformed the broader market. Shares of Reddit have gained nearly 265% in the timespan, while shares of Affirm have soared more than 202%. The technology-focused investor also increased his bets on artificial intelligence-related name Super Micro Computer , which is worth more than $270 million, and streaming giant Netflix , worth about $620 million. Amazon came out as his top holding in the quarter, while Facebook parent Meta Platforms and AI chip darling Nvidia are in the fund’s top 10.
Philippe Laffont’s Coatue moves away from China-related stocks in most recent quarter