Just noticed something interesting about how the Tiger Cubs are positioning themselves right now. Chase Coleman, who runs Tiger Global Management with nearly $30 billion in assets, made some notable portfolio shifts recently that tell us something about where smart money is looking.

First, Coleman's fund completely exited MongoDB in Q4. On the surface it looks like they got caught in the software sell-off like everyone else, but there's more to it. MongoDB had been a solid performer—it's still up over 60% in the past year and more than 10x since its 2017 IPO. The problem is valuation expectations got way ahead of reality. When AI tools started making noise about building software faster, investors panicked and repriced the entire software sector. MongoDB's trading at 61x forward earnings now, which is pretty stretched even for a growth story.

But here's where it gets interesting. Chase Coleman's fund revealed they're holding a stake in Wealthfront, the digital banking platform that IPO'd last December. The stock's been hammered down 40% from its IPO price, which is brutal. Most people probably see this as a sign to stay away, but Tiger Global was an early private investor here, so they likely just held through the lockup period.

Wealthfront does something different in a crowded space—they built a platform around passive, tax-efficient investing that runs largely on autopilot. High-yield cash accounts, retirement accounts, automated index strategies. The valuation's actually reasonable now at 11.5x forward earnings and 3x revenue, especially compared to where MongoDB's trading. Revenue grew 19% in the first nine months of 2025, though earnings stayed flat because expenses went up.

The real question is whether Wealthfront can stand out in digital banking when every fintech player is doing similar things. Lower interest rates have also made their cash accounts less of a draw. That said, the stock doesn't look overpriced anymore, which is probably why Chase Coleman's comfortable holding it.

What I find telling about these moves is the shift in thinking—exiting a high-valuation software name and holding a reasonably-priced fintech play. Classic value discipline from someone who learned from the best in the business.