Tracking Philippe Laffont’s Coatue Management Portfolio - Q4 2016 Update

• Philippe Laffont’s 13F portfolio increased from $8.15B to $8.44B this quarter.
• Coatue Management increased Nvidia & Alibaba while reducing Apple & Netflix.
• The largest three positions are Facebook, Liberty Broadband, and Alphabet and they add up to ~23% of the portfolio.

Philippe Laffont’s 13F portfolio increased marginally from $8.15B to $8.44B. Recent 13F reports have shown a total of around 50 individual stock positions in the portfolio. The largest five stakes are Facebook Inc. (FB), Liberty Broadband (LBRDK), Alphabet Inc. (GOOG), Nvidia Inc. (NVDA), and Activision Blizzard (ATVI) 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:

Apple Inc. (AAPL): AAPL is a fairly large 4.38% of the portfolio stake. It was established last quarter at prices between $95 and $116. This quarter saw a ~50% selling at prices between $106 and $118. The stock is now at $139.

Note: Apple in back in the portfolio after a quarter’s gap. A large ~7% long-term stake was disposed of in Q1 2016 at prices between $93 and $110.

Facebook Inc. (FB): FB is the largest position in the portfolio at ~8.3%. The original stake is from Q3 2013 at prices between $24 and $51. The four quarters thru Q2 2016 had seen a ~50% combined reduction at prices between $86 and $120. There was an about turn last quarter: ~50% increase at prices between $114 and $131. The stock currently trades at $138. There was minor trimming this quarter.

Alphabet Inc. (GOOG): GOOG is a long-term top-three ~7% portfolio stake. Recent activity follow: Q4 2015 saw a whopping ~330% stake increase at prices between $625 and $767. The following two quarters saw a reversal: ~45% reduction at prices between $668 and $767. The stock is now at $835. There was marginal selling this quarter.

Liberty Broadband (LBRDK): LBRDK is a top-three ~7.5% portfolio stake established in Q2 2016 at prices between $55 and $60. The stock is now at $84.55.

PayPal Holdings (PYPL): PYPL is a ~2.4% portfolio position established in Q1 2016 at prices between $31.20 and $41.32 and more than doubled the following quarter at prices between $34.20 and $40.31. Last quarter saw an about turn: almost one-third selling at prices between $36 and $41 and that was followed with a ~15% reduction this quarter at prices between $38 and $44. The stock is now at $42.79.

Below is a spreadsheet that shows the changes to Philippe Laffont's Coatue Management US long portfolio holdings as of Q4 2016. For a look at how the portfolio has progressed, see our previous update:

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