Chase Coleman’s Tiger Global Management has backtracked on Netflix Inc.

The hedge fund firm, which in 2016 ditched its stake in the company, last quarter increased its exposure to the stock eightfold, giving it a holding of more than 3 million shares valued at $554 million as of Sept. 30, according to a regulatory filing. As of the second quarter, Tiger Global had owned about 376,000 shares.

Netflix, the world’s largest online television service, has been burning through cash to invest in programming as part of an effort to fuel subscriber growth. The stock surged 21 percent in the third quarter.

Tiger Global boosted its position in Facebook Inc. to 1.8 million shares last quarter from 531,000 shares. Its holding was worth about $309 million as of Sept. 30, the filing shows. The New York-based investment firm bought more Amazon.com Inc. shares, while selling off its small position in Alphabet Inc.

Money managers who oversee more than $100 million in the U.S. must file a Form 13F within 45 days of each quarter’s end to list those stocks as well as options and convertible bonds. The filings don’t show non-U.S. securities, holdings that aren’t publicly traded, or cash.

Source: Bloomberg

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