- Philippe Laffont’s 13F portfolio value increased from $8.43B to $9.03B this quarter.
- Coatue Management increased Adobe (ADBE), MasterCard (MA), Visa (V), and Intuit (INTU) while decreasing Shopify (SHOP) and dropping Twitter (TWTR), Spotify Technology (SPOT), and Qualcomm (QCOM).
- The largest three positions are Liberty Broadband (LBRDK), ServiceNow (NOW), and Amazon.com (AMZN) and they add up to ~23% of the portfolio.
Philippe Laffont’s 13F portfolio value increased ~7% from $8.43B
to $9.03B. Recent 13F reports have shown a total of around 50 individual stock
positions in the portfolio. The largest five stakes are Liberty Broadband
(LBRDK), ServiceNow (NOW), Amazon.com (AMZN), Facebook Inc. (FB), and Netflix
(NFLX) and they add up to around ~37% 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 2.38% 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 $288. There
was a ~16% trimming in Q1 2018 and another one-third selling next quarter at
prices between $240 and $272. Last two quarters had seen minor trimming while
this quarter saw a ~62% selling at prices between $231 and $299. Coatue
harvested gains.
Apple Inc. (AAPL): The
original position was established in Q3 2016 at prices between $95 and $116. The
position has wavered. Recent Activity follow: a ~2.6% portfolio stake was
almost sold out in Q2 2018 at prices between $162 and $194. The position was
rebuilt next quarter at prices between $184 and $232 but reduced by ~37% last
quarter at prices between $147 and $232. The stock is currently trading at $198.
This quarter saw the stake disposed at prices between $142 and $195.
Note: Apple had a previous round-trip. A large ~7% long-term
stake was disposed in Q1 2016 at prices between $93 and $110.
Facebook Inc. (FB):
FB is a large (top five) 7.01% 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 $193. 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 next quarter there was a similar reduction at prices between $160
and $218. There was a ~10% stake increase last quarter while this quarter saw a
~18% selling.
Liberty Broadband
(LBRDK): LBRDK is currently the largest position at 8.17% of the portfoio.
It was established in Q2 2016 at prices between $55 and $60. The stock is now
at $104.
Shopify (SHOP): SHOP
was a ~4% 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 $300. Q2 2018 saw a ~28% selling at prices
between $117 and $173 and that was followed with a ~50% reduction next quarter
at prices between $133 and $174. The stake was disposed this quarter at prices
between $130 and $208.
Below is a spreadsheet that shows the changes to Philippe
Laffont's Coatue Management 13F long portfolio holdings as of Q1 2019. For a
look at how the portfolio has progressed, see our previous update:
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