Tracking John Griffin’s Blue Ridge Capital Portfolio – Q3 2017 Update

• John Griffin’s 13F portfolio value decreased from $5.72B to $5.57B this quarter.
• Blue Ridge Capital added Ulta Beauty while dropping Fleetcor & Wells Fargo.
• The largest three positions are Visa, Facebook, and Bank of America and they add up to ~18% of the portfolio.

John Griffin’s 13F portfolio value decreased ~3% from $5.72B to $5.57B this quarter. Recent 13F reports have shown a total of around 45 positions. The largest five stakes are Visa Inc. (V), Facebook Inc. (FB), Bank of America (BAC), Charter Communications (CHTR), and Citigroup (C ) and they add up to ~29% of the entire 13F portfolio.

John Griffin is a "tiger cub" who posted an outstanding 65% return in 2007 and followed it up with just an 8% loss during the financial crisis. To know more about Julian Robertson and his legendary Tiger Management, check out Julian Robertson: A Tiger in the Land of Bulls and Bears. 

Below is a summary:

Bank of America (BAC) and Citigroup Inc. (C): The two banking stocks were established in H2 2016 and they together account for ~11% of the portfolio. C is a ~5% portfolio stake established in Q3 2016 at prices between $43 and $48. Q2 2017 saw a ~30% selling at prices between $55.50 and $61.50 and that was followed with another ~18% selling last quarter at prices between $57.50 and $67. The stock is now at $79.45. There was a ~16% stake increase this quarter. The ~6% BAC stake was established in Q4 2016 at prices between $15.50 and $23 and it currently trades at $32.09. Q2 2017 saw a ~12% increase while last quarter saw a similar trimming. There was a ~10% increase this quarter.  

Amazon.com Inc. (AMZN): AMZN is a ~1% of the portfolio position established in Q1 2016 at prices between $482 and $676. Q2 2016 saw a ~50% increase at prices between $586 and $728 and that was followed with another ~20% increase the following quarter at prices between $716 and $837. There was a ~11% trimming in Q4 2016. Last quarter saw a two-thirds reduction at prices between $885 and $1011 and that was followed with a ~50% reduction this quarter at prices between $957 and $1196. The stock currently trades at $1358. Blue Ridge Capital realized huge gains.

Ulta Beauty (ULTA): The fairly large 4.39% position in ULTA was established this quarter at prices between $190 and $229 and the stock is now at $224. It is back in the portfolio after a quarter’s gap.

Note: ULTA was a very long-term stake established at much lower prices compared to the current price. Q4 2016 saw a ~50% selling at prices between $228 and $266. The ~2% remaining portfolio stoke was sold out last quarter at prices between $280 and $314. Blue Ridge Capital harvested huge long-term gains.

Note: Blue Ridge Capital has a ~3.7% ownership stake in Platform Specialty Products (PAH) and a ~5% ownership position in Ultra Petroleum (UPL).  

Below is a spreadsheet that shows the changes to John Griffin's Blue Ridge Capital Holdings US long portfolio holdings as of Q3 2017. For a look at how the portfolio has progressed, see our previous update:

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