·
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:
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following the best hedge fund picks, check out our book Profiting from Hedge Funds: Winning
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