- Philippe Laffont’s 13F portfolio value decreased from $9.54B to $8.43B this quarter.
- Coatue Management increased Alibaba Group Holdins and Amazon.com while decreasing PayPal & Qualcomm and dropping Roku.
- The largest three positions are Alibaba Group Holdings, Amazon.com, and Microsoft and they add up to ~24% of the portfolio.
Philippe Laffont’s 13F portfolio value decreased ~12% from $9.54B
to $8.43B. Recent 13F reports have shown a total of around 50 individual stock
positions in the portfolio. The largest five stakes are Alibaba Group Holdigns
(BABA), Amazon.com (AMZN), Microsoft Corporation (MSFT), Facebook Inc. (FB),
and Liberty Broadband (LBRDK) and they
add up to around ~38% 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 5.68% 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 $271. There
was a ~16% trimming in Q1 2018 and another one-third selling next quarter at
prices between $240 and $272. Last two quarters have seen minor trimming.
Apple Inc. (AAPL): The
AAPL stake is now at ~1% of the portfolio. The original position was
established in Q3 2016 at prices between $95 and $116. The position has
wavered. Recent Activity follow: a ~2.6% portfolio stake was almost sold out in
Q2 2018 at prices between $162 and $194. The position was rebuilt last quarter
at prices between $184 and $232 but reduced by ~37% this quarter at prices
between $147 and $232. The stock is currently trading at $182.
Note: Apple had a previous round-trip. A large ~7% long-term
stake was disposed in Q1 2016 at prices between $93 and $110.
Facebook Inc. (FB):
FB is a large (top five) 7.21% of the portfolio position. 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 $173. There was a ~25% reduction in Q4 2017 at prices
between $168 and $183. H1 2018 saw a ~30% increase at prices between $152 and
$202 while last quarter there was a similar reduction at prices between $160
and $218. There was a ~10% stake increase this quarter.
Liberty Broadband
(LBRDK): LBRDK is a top five 6.88% of the portfolio position. It was
established in Q2 2016 at prices between $55 and $60. The stock is now at $90.81.
Shopify (SHOP): SHOP
is a ~4% 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 $206. Q2 2018 saw a ~28% selling at prices
between $117 and $173 and that was followed with a ~50% reduction last quarter
at prices between $133 and $174.
Below is a spreadsheet that shows the changes to Philippe
Laffont's Coatue Management 13F long portfolio holdings as of Q4 2018. For a
look at how the portfolio has progressed, see our previous update:
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