Monitoring Philippe Laffont’s Coatue Administration Portfolio – This fall 2023 Replace

This text is a part of a collection that gives an ongoing evaluation of the modifications made to Coatue Administration’s 13F inventory portfolio on a quarterly foundation. It’s based mostly on Coatue’s regulatory 13F Kind filed on 2/14/2024. The 13F portfolio worth elevated from $19.71B to $23.84B this quarter. Latest 13F reviews have proven round 75 particular person inventory positions within the portfolio. The most important 5 stakes are Nvidia, Meta Platforms, Superior Micro Gadgets, Amazon.com, and Microsoft. They add as much as ~38% of your complete portfolio. Please go to our Monitoring Philippe Laffont’s Coatue Portfolio collection to get an concept of their funding philosophy and our earlier replace for the fund’s strikes throughout Q3 2023.

Philippe Laffont was a telecom analyst at Tiger Administration from 1996. He based Coatue Administration as a tech-focused long-short hedge fund in 1999 and is considered one of essentially the most profitable among the many “tiger cubs”. To know extra about Julian Robertson and his legendary Tiger Administration, take a look at Julian Robertson: A Tiger within the Land of Bulls and Bears.

New Stakes:

Salesforce.com (CRM) and Apple Inc. (AAPL): CRM is a 2.37% of the portfolio place bought this quarter at costs between ~$196 and ~$267 and the inventory at the moment trades above that vary at ~$300. The ~2% AAPL stake was established at costs between ~$167 and ~$198 and it’s now at ~$174.

Domino’s Pizza (DPZ), DocuSign (DOCU), ServiceNow (NOW), Invoice Holdings (BILL), Ford Motor (F), and Confluent Inc. (CFLT): These are small (lower than ~1.5% of the portfolio every) new stakes established through the quarter.

Stake Will increase:

Superior Micro Gadgets (AMD): The 7.72% AMD stake noticed a ~50% enhance throughout Q1 2023 at costs between ~$62 and ~$100. That was adopted by a two-thirds additional enhance subsequent quarter at costs between ~$82 and ~$129. The inventory at the moment trades nicely above these ranges at ~$191. The final quarter noticed a ~11% trimming whereas this quarter there was a marginal enhance.

Netflix Inc. (NFLX): The 4.66% NFLX place is a really long-term stake. It was established in 2012 at very low costs. The stake has wavered. Latest exercise follows. There was a stake doubling throughout Q1 2023 at costs between ~$293 and ~$368 whereas the following quarter noticed a ~25% promoting at costs between ~$318 and ~$445. The inventory is now at ~$618. There was a ~14% enhance this quarter.

Tesla Inc. (TSLA): TSLA is at the moment at 4.23% of the portfolio. It was bought in Q1 2020 at costs between ~$28 and ~$60. The place has wavered. Latest exercise follows. There was a ~17% discount throughout Q3 2022 at costs between ~$227 and ~$309. The 2 quarters by Q1 2023 noticed a ~37% enhance at costs between ~$108 and ~$309. The stake was decreased by 14% within the final quarter at costs between ~$215 and ~$293. The inventory at the moment trades at ~$174. There was a marginal enhance this quarter.

Eaton Corp (ETN): ETN is a ~4% of the portfolio place bought throughout Q2 2023 at costs between ~$156 and ~$201. The place was elevated by 113% within the final quarter at costs between ~$196 and ~$237. The inventory is now at ~$299. There was a minor ~5% enhance this quarter.

Adobe Techniques (ADBE): The three.69% ADBE stake was bought through the three quarters by Q1 2023 at costs between ~$275 and ~$451. There was a ~35% discount within the subsequent quarter at costs between ~$335 and ~$495. The place was elevated by 23% within the final quarter at costs between ~$481 and ~$565. That was adopted by a ~20% enhance this quarter at costs between ~$507 and ~$634. The inventory is now at ~$514.

Vertiv Holdings (VRT): The two.78% VRT place was elevated by 152% within the final quarter at costs between $24.08 and $39.87. There was a ~20% stake enhance this quarter at costs between ~$35 and ~$50. The inventory at the moment trades at ~$77.

NU Holdings (NU): NU is a 2.20% place constructed within the final quarter at costs between $6.81 and $8.18. The inventory is now at $11.79. This quarter noticed a ~14% stake enhance.

First Residents BancShares (FCNCA): FCNCA is a ~2% of the portfolio place bought throughout Q1 2023 at costs between ~$509 and ~$973. There was a ~150% stake enhance within the subsequent quarter at costs between ~$958 and ~$1321. There was a ~6% stake enhance final quarter and a marginal additional enhance this quarter. The inventory is now nicely above their buy value ranges at ~$1549.

Shopify (SHOP) and Intuitive Surgical (ISRG): The 1.90% SHOP place was established within the final quarter at costs between $51.51 and $70.37. The inventory at the moment trades at $77.52. There was a minor ~4% enhance this quarter. The 1.84% ISRG stake was bought final quarter at costs between ~$284 and ~$355. This quarter noticed a two-thirds stake enhance at costs between ~$259 and ~$338. The inventory is now at ~$393.

Stake Decreases:

Nvidia Corp (NVDA): NVDA is now the most important 13F place at ~9% of the portfolio. This fall 2021 had seen a ~200% stake enhance at costs between ~$197 and ~$334. H1 2022 noticed the stake nearly eradicated at costs between ~$145 and ~$301. The place was rebuilt through the two quarters by Q3 2022 at costs between ~$112 and ~$192. The inventory is now at ~$885. There was a ~7% enhance throughout Q1 2023 whereas the final three quarters noticed minor trimming.

Meta Platforms (META): META is at the moment a big (prime three) stake at 8.36% of the portfolio. It was first bought throughout Q3 2013 at costs between ~$24 and ~$51. The stake has wavered. Latest exercise follows. There was a ~50% discount within the two quarters by Q3 2022 at costs between ~$134 and ~$232. The 2 quarters by Q1 2023 noticed an enormous ~480% stake build-up at costs between ~$89 and ~$212. There was a ~30% promoting throughout Q2 2023 at costs between ~$208 and ~$289. The inventory at the moment trades at ~$497. The final quarter noticed a ~9% stake enhance whereas this quarter noticed comparable promoting.

Amazon.com (AMZN): A big stake in AMZN was constructed within the 2009-2011 timeframe however was bought down the following yr. The same stake build-up occurred in H2 2013 at costs between ~$13 and ~$14. Subsequent quarter noticed a ~80% discount at costs between ~$14 and ~$16. The stake has wavered. Latest exercise follows. The final three quarters noticed an enormous stake build-up at costs between ~$82 and ~$130. The inventory is now at ~$175 and it’s now a big (prime 5) stake at 6.26% of the portfolio. The final quarter noticed a ~15% promoting at costs between ~$126 and ~$145. This quarter additionally noticed a ~7% trimming.

Microsoft Company (MSFT): MSFT is a big ~6% of the portfolio stake bought in Q3 2021 at costs between ~$277 and ~$305. There was a ~90% stake enhance within the subsequent quarter at costs between ~$283 and ~$343. The 2 quarters by Q3 2022 noticed a ~77% discount at costs between ~$233 and ~$315. The three quarters by Q2 2023 noticed the place rebuilt at costs between ~$214 and ~$348. The stake was decreased by ~28% within the final quarter at costs between ~$312 and $358. The inventory at the moment trades at ~$417. This quarter noticed marginal trimming.

Lam Analysis (LRCX): LRCX is a 2.24% of the portfolio place established throughout Q3 2022 at costs between ~$366 and ~$532 and the inventory at the moment trades at ~$925. There was a ~72% stake enhance within the throughout Q1 2023 at costs between ~$414 and ~$541. The final quarter noticed a ~11% promoting and that was adopted by a ~4% trimming this quarter.

Intuit Inc. (INTU): The ~2% INTU place was elevated by 166% within the final quarter at costs between ~$447 and ~$553. This quarter noticed a ~50% discount at costs between ~$479 and ~$629. The inventory is at the moment at ~$630.

Equinix Inc. (EQIX): The 1.90% EQIX stake was established throughout Q2 2023 at costs between ~$675 and ~$784 and it now goes for ~$861. The place was elevated by 28% within the final quarter at costs between ~$703 and ~$811. There was a ~11% trimming this quarter.

Moderna (MRNA): A small MRNA stake was bought in Q1 2021 at costs between ~$109 and ~$186. There was a ~400% stake enhance within the subsequent quarter at costs between ~$130 and ~$235. This fall 2021 noticed a ~30% discount at costs between ~$226 and ~$369 whereas the following quarter there was a ~60% stake enhance at costs between ~$127 and ~$235. This fall 2022 additionally noticed a ~12% enhance. The final quarter noticed a ~25% promoting at costs between ~$96 and ~$127. That was adopted by a one-third discount this quarter at costs between ~$70 and ~$104. The inventory at the moment trades at ~$104. The stake is at 1.37% of the portfolio.

Alphabet Inc. (GOOG): The 1.30% GOOG stake was primarily constructed throughout Q1 2023 at costs between ~$87 and ~$109. There was a two-thirds promoting this quarter at costs between ~$123 and ~$143. The inventory at the moment trades at ~$148.

UnitedHealth Group (UNH): The 1.17% UNH stake was bought throughout Q1 2023 at costs between ~$460 and ~$519 and it now goes for ~$487. This quarter noticed a ~17% trimming.

Uber Applied sciences (UBER): UBER had an IPO in Q2 2019. Shares began buying and selling at ~$42 and at the moment go for $75.70. Coatue’s stake goes again to a funding spherical in 2018 when the valuation was ~$60B. That is in comparison with the present market cap of ~$158B. The stake has wavered. Latest exercise follows. This fall 2022 noticed the place bought down by ~80% at costs between ~$24.40 and ~$31.60 whereas the following quarter noticed the same enhance at costs between ~$25 and ~$37. That was adopted by a ~15% enhance throughout Q2 2023. This quarter noticed a ~42% discount at costs between ~$41 and ~$63. The stake is now at ~1% of the portfolio.

Oracle Corp (ORCL): ORCL is a ~1% of the portfolio place bought throughout Q2 2023 at costs between ~$93 and ~$127 and the inventory at the moment trades at ~$128. The stake was decreased by 49% within the final quarter at costs between ~$104 and ~$126. There was a minor ~3% trimming this quarter.

Utilized Supplies (AMAT), Constitution Communications (CHTR), Eli Lilly (LLY), Danaher Corp (DHR), and Taiwan Semi (TSM): These small (lower than ~1% of the portfolio every) stakes had been decreased through the quarter.

Stored Regular:

Walt Disney (DIS): An enormous place in DIS was inbuilt Q2 2020 at costs between ~$94 and ~$125. The following two quarters additionally noticed minor will increase. Q1 2021 noticed a ~45% promoting at costs between ~$163 and ~$202. There was one other comparable discount in Q1 2022 at costs between ~$129 and ~$158. This fall 2022 noticed the place nearly bought out at costs between ~$84 and ~$107. The following quarter noticed the stake rebuilt at costs between ~$89 and ~$113. The inventory at the moment trades at ~$114.

Maplebear Inc. (CART): CART is a ~1% place established within the final quarter at costs between $28.54 and $33.70 and the inventory at the moment trades at $37.25.

Albemarle Corp (ALB), and CrowdStrike Holdings (CRWD): These very small (lower than ~1% of the portfolio every) stakes had been stored regular this quarter.

Beneath is a spreadsheet that reveals the modifications to Philippe Laffont’s Coatue Administration 13F lengthy portfolio holdings as of This fall 2023:

Supply: John Vincent. Information constructed from Coatue Administration’s 13F filings for Q3 2023 and This fall 2023.