Tracking Philippe Laffont’s Coatue Management Portfolio - Q2 2016 Update

• Philippe Laffont’s 13F portfolio decreased from $8.06B to $7.06B this quarter.
• Coatue Management added Liberty Broadband while dropping Charter Communications and doubling PayPal.
• The largest three positions are Activision Blizzard, Liberty Broadband, and Facebook and they add up to ~22% of the portfolio.

Philippe Laffont’s 13F portfolio decreased 12.47% from $8.06B to $7.06B as several significant stakes were either reduced or eliminated during the quarter. Recent 13F reports have shown a total of around 45 individual stock positions in the portfolio. The largest five stakes are Activision Blizzard (ATVI), Liberty Broadband (LBRDK), Facebook Inc. (FB), Alphabet Inc. (GOOG), and Netflix Inc. (NFLX) and they add up to over one-third of the entire portfolio.

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Below is a summary of the major moves this quarter:

Charter Communications (CHTR): CHTR was a fairly large 4.69% stake as of last quarter. The bulk of the position was purchased in Q1 2013 at prices between $78 and $106. Q1 2015 also saw a ~47% increase at prices between $151 and $194. The disposal this quarter was at prices between $198 and $233. The stock is now at $268. Coatue realized huge gains.

Liberty Broadband (LBRDK): LBRDK is a top-three 7.56% portfolio stake established this quarter at prices between $55 and $60. The stock is now at ~$70.

PayPal Holdings (PYPL): PYPL is a fairly large 4.65% portfolio position established last quarter at prices between $31.20 and $41.32 and more than doubled this quarter at prices between $34.20 and $40.31. The stock is now at ~$38. For investors attempting to follow Coatue, PYPL is a good option to consider for further research.

In addition, a number of other positions were reduced significantly: Adobe Systems (ADBE), Amazon.com (AMZN), American Tower (AMT), Electronic Arts (ERTS), Equinix Inc. (EQIX), Facebook Inc. (FB), Alphabet Inc. (GOOG), and Microsoft Corporation (MSFT).

Below is a spreadsheet that shows the changes to Philippe Laffont's Coatue Management US long portfolio holdings as of Q2 2016. For a look at how the portfolio has progressed, see our previous update:

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