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Investment firm Tiger Global Management raised its stake in tech giant Microsoft Corp , Jack Dorsey’s payments firm Block Inc and Uber Technologies Inc last quarter, a regulatory filing released on Monday showed.

The hedge fund cut stakes in most of its portfolio in the second quarter amid losses.

The tech-focused investor had logged losses earlier this year as the Federal Reserve’s monetary policy tightening and surging inflation weighed on asset prices, triggering a sell-off in the sector.

Tiger increased its stake in Microsoft by 16.4%, or roughly $205 million at current prices, making it its second biggest investment last quarter, only behind China’s e-commerce firm JD.com.

It also added 9.3 million new shares of Uber, or nearly $272 million.

The hedge fund trimmed its investments in JD.com Inc, digital banking firm Nu Holdings, software firm Blend Labs Inc and cybersecurity firm SentinelOne Inc.

The tech-heavy Nasdaq Composite Index has lost roughly 28% so far this year amid fears of a looming recession and geopolitical turmoil.

Tiger Global also added Pagaya Technologies Ltd and payments processor PayPal Holdings to its investments.

Its portfolio value fell to $10.9 billion at the end of last quarter, or $1 billion below where it was in June. That includes new additions, sales and market decline.

The stakes disclosed in the so-called 13-F filing are as of Sept. 30. The quarterly filings are one of the few ways that funds are required to disclose their long positions but may not reflect current holdings.

The filings are closely watched for possible investment trends and potential future performance.

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