Tiger Global, the tech-oriented fund run by Chase Coleman, added more than $1 billion to its portfolio thanks to a smart bet on Amazon.
The hedge fund bought 2.44 million shares of Amazon in the third-quarter, bringing its stake to more than 3.19 million shares.
If the company purchased at the share price low of $437.39 the new shares came at a price of $1.1 billion.
On September 30, the last day of the third quarter, Amazon’s shares were trading at $511.89. That increase would value the company’s holdings at $1.63 billion.
On Monday, Amazon shares closed at $647.81 for a $2.1 billion position.
Amazon is Tiger Global’s second-largest stock position. The company also purchased a large stake in video services provider Netflix.
Filings aren’t published until 45 days after the end of the quarter, so it’s possible funds could have traded in and out of positions during that time.