Tiger Global has ditched Netflix

Screen Shot 2016 08 15 at 11.57.07 AMGoogle FinanceNetflix’s stock price has dropped from a year earlier.

Chase Coleman’s Tiger Global looks like it has exited its big Netflix position.
The tech-focused
fund took a huge stake in Netflix last year, but the firm did not list Netflix in its most recent 13-F filing for the second quarter, which was released Monday.

The 13-F filing lists long stock positions that investment firms make. The positions are current as of 45 days prior, so it is possible that Tiger has since changed its position.

A spokeswoman for Tiger Global didn’t immediately respond to a request for comment.

Tiger had been selling down its position for some time. As of the first quarter, Tiger had a $24.6 million stake in Netflix, according to a public filing.

Tiger Global’s onshore hedge fund is down -21.3% through July 29, according to a private investor letter obtained by Business Insider.

It’s not clear how the Netflix position affected Tiger’s performance. The letter did not mention Netflix.

Netflix has been a popular hedge fund position. UK-based Odey Asset Management, for instance, was short the company as last month, Business Insider previously reported. To short a stock means to bet its price will drop.

Odey said the streaming service made for a good short because it would continue to disappoint shareholders. “You watch their programs faster than they can make them,” Odey said.

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