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2 iconic Tiger funds have ditched Netflix
(Netflix's stock price has dropped from a year earlier.Google Finance)
Julian Robertson and Chase Coleman have both dumped Netflix. Tiger Management, the firm run by legendary investor Robertson, and Tiger Global, run by Coleman, his protégé, sold the stock in the second quarter.
Tiger Global sold off its entire stake in the second quarter, which as of earlier this year was worth about $1.8 billion for 18 million shares, according to the fund's first-quarter form 13F filing.
Tiger Management and Tiger Global did not list Netflix in their most recent 13F filings for the second quarter.
Here is the Tiger Management document. Here is Tiger Global's.
The 13F filing lists long stock positions that investment firms make. The positions are current as of 45 days prior, so it is possible that both Tigers have since changed their positions.
As of the first quarter, Tiger Management had a $24.6 million stake in Netflix, according to a public filing. Tiger Global took a huge position in Netflix in 2015.
Tiger Global's flagship hedge fund dropped 21.3% this year through the end of July, according to a private investor update viewed by Business Insider. And Netflix was one of several tech stocks that contributed to the performance plunge earlier this year, according to The Wall Street Journal.
Netflix has been a popular hedge fund position. UK-based Odey Asset Management, for instance, was short the company as of last month, Business Insider reported. To short a stock means to bet its price will drop.
Crispin Odey, who manages the fund, 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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