Tracking Philippe Laffont’s Coatue Management Portfolio – Q3 2017 Update

• Philippe Laffont’s 13F portfolio value increased from $11.09B to $12.24B this quarter.
• Coatue Management increased Apple while reducing Symantec & dropping Walt Disney Holdings.
• The largest three positions are Facebook, Apple, and Alibaba Group Holdings and they add up to ~27% of the portfolio.

Philippe Laffont’s 13F portfolio value increased ~9% from $11.09B to $12.24B. Recent 13F reports have shown a total of around 50 individual stock positions in the portfolio. The largest five stakes are Facebook Inc. (FB), Apple Inc. (AAPL), Alibaba Group Holdings (BABA), Liberty Broadband (LBRDK), and Activision Blizzard (ATVI), and they add up to ~40% of the entire portfolio.

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Below is a summary:

Apple Inc. (AAPL): AAPL is a 9% 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. This quarter saw another ~150% stake increase at prices between $142 and $164. The stock is now at $174. The aggressive build-up indicates a clear bullish bias.  

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 9.22%. 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 $187. There was a ~9% increase in Q1 2017 and that was followed with marginal trimming last quarter.

Alphabet Inc. (GOOG): GOOG is a long-term 4.32% 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 in Q1 2017 at prices between $786 and $852. The stock is now at $1164. The position was untouched this quarter.

Liberty Broadband (LBRDK): LBRDK is a top-three 6.74% portfolio stake established in Q2 2016 at prices between $55 and $60. The stock is now at $95.80.

Symantec Corp. (SYMC): SYMC is a ~2% portfolio stake established in Q4 2016 at prices between $23 and $25 and increased by a whopping 280% in Q1 2017 at prices between $24 and $31. This quarter saw an about turn: ~55% selling at prices between $27.50 and $34. The stock is now at $26.80.

Shopify (SHOP): Coatue has a ~8% of the business stake in Shopify (SHOP) established last quarter at prices between $85 and $123 and the stock is now at $120.

Below is a spreadsheet that shows the changes to Philippe Laffont's Coatue Management 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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