Tracking Philippe Laffont’s Coatue Management Portfolio - Q3 2016 Update

• Philippe Laffont’s 13F portfolio increased from $7.06B to $8.15B this quarter.
• Coatue Management added Apple while increasing Facebook.
• The largest three positions are Facebook, Apple, and Liberty Broadband and they add up to ~27% of the portfolio.

Philippe Laffont’s 13F portfolio increased 15.58% from $7.06B to $8.15B. 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), Liberty Broadband (LBRDK), Alphabet Inc. (GOOG), and Activision Blizzard (ATVI) and they add up to over ~40% of the entire portfolio.

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Below is a summary of the major moves this quarter:

Apple Inc. (AAPL): AAPL is currently the second-largest individual stock position at ~9% of the portfolio. It was established this quarter at prices between $95 and $116 and the stock is now at $117.

Note: Apple in back in the portfolio after a quarter’s gap. 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%. The original stake is from Q3 2013 at prices between $24 and $51. Last four quarters had seen a ~50% combined reduction at prices between $86 and $120. There was an about turn this quarter: ~50% increase at prices between $114 and $131. The stock currently trades at $119.

Alphabet Inc. (GOOG): GOOG is a long-term top-five ~7% 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. This quarter saw a ~8% increase. The stock is now at $794.

Liberty Broadband (LBRDK): LBRDK is a top-three 7.58% portfolio stake established last quarter at prices between $55 and $60. The stock is now at $74.36. There was a marginal reduction this quarter.

PayPal Holdings (PYPL): PYPL is a ~3% portfolio position established in Q1 2016 at prices between $31.20 and $41.32 and more than doubled last quarter at prices between $34.20 and $40.31. This quarter saw an about turn: almost one-third selling at prices between $36 and $41. The stock is now at $39.44.

Below is a spreadsheet that shows the changes to Philippe Laffont's Coatue Management US long portfolio holdings as of Q3 2016. For a look at how the portfolio has progressed, see our previous update:

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