Tiger Global has slashed its stock portfolio amid a brutal start to the year for the market, but it has placed a new bet on Lamb Weston, an Idaho-based producer of potato products.
Tiger Global opened up a $12.8 million position in shares of the potato and frozen-goods maker, an unexpected investment for a fund that has traditionally been laser focused on innovative, high-growth tech names.
The fund lost half of its value in the first half of the year as the tech sector took a beating. The Financial Times reported that Tiger Global dumped a number of its holdings.
The Lamb Weston stake is relatively small compared to its other holdings, as Tiger's investment in public stocks is currently down to $11.9 billion from $46 billion in 2011.
The bet on the potato firm may not be out of character for Tiger Global. Lamb Weston defines a "team ideology" that includes its product development and operations.
Lamb Weston's shares were down about 1% on Tuesday. Over the past six months, the stock has increased in value.
All Rights Reserved © 2024
