- Philippe Laffont’s 13F portfolio value decreased from $11.90B to $9.54B this quarter.
- Coatue Management added Qualcomm while dropping JD.com and increasing ServiceNow and Apple.
- The largest three positions are Liberty Broadband, Activision Blizzard, and Microsoft and they add up to ~23% of the portfolio.
Philippe Laffont’s 13F portfolio value decreased ~20% from
$11.90B to $9.54B. Recent 13F reports have shown a total of around 50
individual stock positions in the portfolio. The largest five stakes are
Liberty Broadband (LBRDK), Activision Blizzard (ATVI), Microsoft Corporation
(MSFT), Facebook Inc. (FB), and Netflix and they add up to around ~37% 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% 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 $232. There was a
~16% trimming in Q1 2018 and another one-third selling last 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): The
AAPL stake is now at ~2% of the portfolio. 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 $177. There
was a ~40% selling in Q4 2017 at prices between $153 and $178 and that was
followed with a ~55% reduction next quarter at prices between $155 and $182.
The remaining ~2.6% portfolio stake was almost sold out last quarter at prices
between $162 and $194. The position was rebuilt this quarter at prices between
$184 and $232.
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 a large (top five) 7.24% 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 $138. 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 this quarter there was a similar reduction at prices between $160
and $218.
Liberty Broadband
(LBRDK): LBRDK is now the largest position at 7.64% of the portfolio. It
was established in Q2 2016 at prices between $55 and $60. The stock is now at $81.91.
Shopify (SHOP): SHOP
is a 4.24% 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 $150. Last quarter saw a ~28% selling at prices
between $117 and $173 and that was followed with a ~50% reduction this 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 Q3 2018. For a
look at how the portfolio has progressed, see our previous update:
To learn more about how to profit from a strategy of
following the best hedge fund picks, check out our book Profiting from Hedge Funds: Winning
Strategies for the Little Guy .
No comments :
Post a Comment