Tracking Philippe Laffont’s Coatue Management Portfolio – Q2 2018 Update


·         Philippe Laffont’s 13F portfolio value decreased from $12.11B to $11.90B this quarter.

·         Coatue Management dropped Snap Inc. while adding Spotify.

·         The largest three positions are Facebook, Twitter, and Electronic Arts and they add up to ~27% of the portfolio.


Philippe Laffont’s 13F portfolio value decreased ~2% from $12.11B to $11.90B. Recent 13F reports have shown a total of around 50 individual stock positions in the portfolio. The largest five stakes are Facebook Inc. (FB), Twitter (TWTR), Electronic Arts (EA), Activision Blizzard (ATVI), and Shopify (SHOP), and they add up to around ~40% of the entire portfolio.



Philippe Laffont is one of the most successful among the "tiger cubs". 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:



Broadcom Ltd. (AVGO): AVGO is currently a large 4.15% of the portfolio position. The stake saw a ~30% increase in Q4 2017 at prices between $240 and $285. The original position was from Q2 2015 at prices between $120 and $148. The stock is now at $233. There was a ~16% trimming last quarter and another one-third selling this quarter at prices between $240 and $272.



Note: Coatue also had a large position in Avago that was established in H1 2014.



Apple Inc. (AAPL): AAPL is now a minutely small portfolio stake. The original position was established in Q3 2016 at prices between $95 and $116. The following quarter saw a ~50% selling at prices between $106 and $118. Q3 2017 saw another ~150% stake increase at prices between $142 and $164. The stock is now at $217. There was a ~40% selling in Q4 2017 at prices between $153 and $178 and that was followed with a ~55% reduction last quarter at prices between $155 and $182. The remaining ~2.6% portfolio stake was almost sold out this quarter at prices between $162 and $194.



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 10.30%. 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 $154. There was a ~25% reduction in Q4 2017 at prices between $168 and $183. Last quarter saw a ~17% increase and that was followed with a ~11% increase this quarter at prices between $152 and $202.  



Liberty Broadband (LBRDK): LBRDK is a large ~6% portfolio stake established in Q2 2016 at prices between $55 and $60. The stock is now at $81.38.



Shopify (SHOP): SHOP is a top-five ~6% of the portfolio stake established in Q2 2017 at prices between $85 and $123. The stake saw a whopping 170% increase in Q4 2017 at prices between $92 and $119. The stock is now at $136. This quarter saw a ~28% selling at prices between $117 and $173.



Below is a spreadsheet that shows the changes to Philippe Laffont's Coatue Management 13F long portfolio holdings as of Q2 2018. For a look at how the portfolio has progressed, see our previous update:








To learn more about how to profit from a strategy of following the best hedge fund picks, check out our book Profiting from Hedge Funds: Winning Strategies for the Little Guy .    







No comments :

Post a Comment