- Philippe Laffont’s 13F portfolio value decreased from $12.78B to $12.11B this quarter.
- Coatue Management increased Twitter and Electronic Arts while adding Micron.
- The largest three positions are Twitter, Facebook, and Shopify and they add up to ~23% of the portfolio.
Philippe Laffont’s 13F portfolio value decreased ~5% from $12.78B
to $12.11B. Recent 13F reports have shown a total of around 50 individual stock
positions in the portfolio. The largest five stakes are Twitter (TWTR), Facebook
Inc. (FB), Shopify (SHOP), Electronic Arts (EA), and Broadcom Ltd. (AVGO), and
they add up to around ~36% of the entire portfolio.
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"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 (top five) 6.32% of the portfolio position. The stake
saw a ~30% increase last quarter at prices between $240 and $285. The original
position was from Q2 2015 at prices between $120 and $148. The stock is now at
$248. There was a ~16% trimming this quarter.
Note: Coatue also had a large position in Avago that was
established in H1 2014.
Apple Inc. (AAPL): AAPL
is a 2.59% 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. Q3 2017 saw another ~150% stake increase at prices between $142
and $164. The stock is now at $188. There was a ~40% selling last quarter at
prices between $153 and $178 and that was followed with a ~55% reduction this
quarter at prices between $155 and $182.
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 second-largest position in the portfolio at 7.52%. 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 $203. There was a ~25% reduction last quarter at prices
between $168 and $183. This quarter saw a ~17% increase.
Alphabet Inc. (GOOG):
GOOG was a long-term ~4% 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 $1140. The position was disposed this quarter at prices between
$1000 and $1175. Coatue realized gains.
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 $78.67.
Shopify (SHOP): SHOP
is a top-three 7.21% of the portfolio stake established in Q2 2017 at prices
between $85 and $123. The stake saw a whopping 170% increase last quarter at
prices between $92 and $119. The stock is now at $157. There was a marginal
increase this quarter.
Below is a spreadsheet that shows the changes to Philippe
Laffont's Coatue Management US long portfolio holdings as of Q1 2018. For a
look at how the portfolio has progressed, see our previous update:
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