Tracking Philippe Laffont’s Coatue Management Portfolio – Q2 2017 Update

• Philippe Laffont’s 13F portfolio value increased from $10.38B to $11.09B this quarter.
•  Coatue Management added Shopify & increased Alibaba while reducing Bank of America & dropping JPMorgan Chase.
• The largest three positions are Facebook, Liberty Broadband, and Alibaba Group Holdings and they add up to ~22% of the portfolio.

Philippe Laffont’s 13F portfolio value increased ~7% from $10.38B to $11.09B. 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), Alibaba Group Holdings (BABA), Activision Blizzard (ATVI), and Broadcom Ltd. (AVGO) and they add up to over one-third of the entire portfolio.

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Below is a summary:

Apple Inc. (AAPL): AAPL is a 3.76% of the portfolio stake. It was established in Q3 2016 at prices between $95 and $116. The following quarter saw a ~50% selling at prices between $106 and $118. The stock is now at $164. There was a ~8% trimming last quarter and that was followed with marginal trimming this quarter.

Note: Apple had a previous round-trip. 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 ~9%. 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 in Q3 2016: ~50% increase at prices between $114 and $131. The stock currently trades at $172. There was a ~9% increase last quarter and that was followed with marginal trimming this quarter.

Alphabet Inc. (GOOG): GOOG is a long-term 4.52% 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. There was another ~25% selling last quarter at prices between $786 and $852. The stock is now at $937. The position was untouched this quarter.

Liberty Broadband (LBRDK): LBRDK is a top-three 6.77% portfolio stake established in Q2 2016 at prices between $55 and $60. The stock is now at $100. There was a marginal increase last quarter and was kept steady this quarter.

Symantec Corp. (SYMC): SYMC is a 4.56% portfolio stake established in Q4 2016 at prices between $23 and $25 and increased by a whopping 280% last quarter at prices between $24 and $31. The stock is now at $29.86. There was a ~4% increase this quarter.

Below is a spreadsheet that shows the changes to Philippe Laffont's Coatue Management US long portfolio holdings as of Q2 2017. For a look at how the portfolio has progressed, see our previous update:

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