Tracking John Griffin’s Blue Ridge Capital Portfolio – Q2 2017 Update

• John Griffin’s 13F portfolio value decreased from $7.69B to $5.72B this quarter.
• Blue Ridge Capital decreased Amazon, Autodesk & Liberty Global while dropping Nike.
• The largest three positions are Allergan plc, Bank of America, and Facebook and they add up to ~17% of the portfolio.

John Griffin’s 13F portfolio value decreased 27% from $7.69B to $5.72B this quarter. Recent 13F reports have shown a total of around 55 positions. The largest five stakes are Allergan plc (AGN), Bank of America (BAC), Facebook Inc. (FB), Transdigm Group (TDG), and Charter Communications (CHTR) and they add up to ~27% 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), Citigroup Inc. (C), and Wells Fargo (WFC): The three banking stocks were established in H2 2016 and they together account for ~13% of the portfolio. C is a 3.79% portfolio stake established in Q3 2016 at prices between $43 and $48. Last quarter saw a ~30% selling at prices between $55.50 and $61.50 and that was followed with another ~18% selling this quarter at prices between $57.50 and $67. The stock is now at $68.58. The ~6% BAC stake was established in Q4 2016 at prices between $15.50 and $23 and it currently trades at $24.09. Last quarter saw a ~12% increase while this quarter saw a similar trimming. The ~3.5% WFC position was purchased in Q4 2016 at prices between $43.50 and $57.50 and it is now at $50.97. There was a one-third selling this quarter at prices between $51 and $56.  

Amazon.com Inc. (AMZN): AMZN is a ~2% 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. This quarter saw a two-thirds reduction at prices between $885 and $1011. The stock currently trades at $978. Blue Ridge Capital realized huge gains.

Ulta Beauty (ULTA): ULTA was a very long-term stake established at much lower prices compared to the current price of ~$222. Q4 2016 saw a ~50% selling at prices between $228 and $266. There was a ~7% trimming last quarter. The ~2% remaining portfolio stoke was sold out this quarter at prices between $280 and $314. Blue Ridge Capital harvested huge long-term gains. The disposal of a long-term stake indicates a clear bearish bias.

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 Q2 2017. For a look at how the portfolio has progressed, see our previous update:

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