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This article is part of a series that provides an ongoing analysis of the changes made to Coatue Management’s 13F stock portfolio on a quarterly basis. It is based on Coatue’s regulatory 13F Form filed on 2/14/2024. The 13F portfolio value increased from $19.71B to $23.84B this quarter. Recent 13F reports have shown around 75 individual stock positions in the portfolio. The largest five stakes are Nvidia, Meta Platforms, Advanced Micro Devices, Amazon.com, and Microsoft. They add up to ~38% of the entire portfolio. Please visit our Tracking Philippe Laffont’s Coatue Portfolio series to get an idea of their investment philosophy and our previous update for the fund’s moves during Q3 2023.
Philippe Laffont was a telecom analyst at Tiger Management from 1996. He founded Coatue Management as a tech-focused long-short hedge fund in 1999 and 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.
Salesforce.com (CRM) and Apple Inc. (AAPL): CRM is a 2.37% of the portfolio position purchased this quarter at prices between ~$196 and ~$267 and the stock currently trades above that range at ~$300. The ~2% AAPL stake was established at prices between ~$167 and ~$198 and it is now at ~$174.
Domino’s Pizza (DPZ), DocuSign (DOCU), ServiceNow (NOW), Bill Holdings (BILL), Ford Motor (F), and Confluent Inc. (CFLT): These are small (less than ~1.5% of the portfolio each) new stakes established during the quarter.
Advanced Micro Devices (AMD): The 7.72% AMD stake saw a ~50% increase during Q1 2023 at prices between ~$62 and ~$100. That was followed by a two-thirds further increase next quarter at prices between ~$82 and ~$129. The stock currently trades well above those ranges at ~$191. The last quarter saw a ~11% trimming while this quarter there was a marginal increase.
Netflix Inc. (NFLX): The 4.66% NFLX position is a very long-term stake. It was established in 2012 at very low prices. The stake has wavered. Recent activity follows. There was a stake doubling during Q1 2023 at prices between ~$293 and ~$368 while the next quarter saw a ~25% selling at prices between ~$318 and ~$445. The stock is now at ~$618. There was a ~14% increase this quarter.
Tesla Inc. (TSLA): TSLA is currently at 4.23% of the portfolio. It was purchased in Q1 2020 at prices between ~$28 and ~$60. The position has wavered. Recent activity follows. There was a ~17% reduction during Q3 2022 at prices between ~$227 and ~$309. The two quarters through Q1 2023 saw a ~37% increase at prices between ~$108 and ~$309. The stake was decreased by 14% in the last quarter at prices between ~$215 and ~$293. The stock currently trades at ~$174. There was a marginal increase this quarter.
Eaton Corp (ETN): ETN is a ~4% of the portfolio position purchased during Q2 2023 at prices between ~$156 and ~$201. The position was increased by 113% in the last quarter at prices between ~$196 and ~$237. The stock is now at ~$299. There was a minor ~5% increase this quarter.
Adobe Systems (ADBE): The 3.69% ADBE stake was purchased during the three quarters through Q1 2023 at prices between ~$275 and ~$451. There was a ~35% reduction in the next quarter at prices between ~$335 and ~$495. The position was increased by 23% in the last quarter at prices between ~$481 and ~$565. That was followed by a ~20% increase this quarter at prices between ~$507 and ~$634. The stock is now at ~$514.
Vertiv Holdings (VRT): The 2.78% VRT position was increased by 152% in the last quarter at prices between $24.08 and $39.87. There was a ~20% stake increase this quarter at prices between ~$35 and ~$50. The stock currently trades at ~$77.
NU Holdings (NU): NU is a 2.20% position built in the last quarter at prices between $6.81 and $8.18. The stock is now at $11.79. This quarter saw a ~14% stake increase.
First Citizens BancShares (FCNCA): FCNCA is a ~2% of the portfolio position purchased during Q1 2023 at prices between ~$509 and ~$973. There was a ~150% stake increase in the next quarter at prices between ~$958 and ~$1321. There was a ~6% stake increase last quarter and a marginal further increase this quarter. The stock is now well above their purchase price ranges at ~$1549.
Shopify (SHOP) and Intuitive Surgical (ISRG): The 1.90% SHOP position was established in the last quarter at prices between $51.51 and $70.37. The stock currently trades at $77.52. There was a minor ~4% increase this quarter. The 1.84% ISRG stake was purchased last quarter at prices between ~$284 and ~$355. This quarter saw a two-thirds stake increase at prices between ~$259 and ~$338. The stock is now at ~$393.
Nvidia Corp (NVDA): NVDA is now the largest 13F position at ~9% of the portfolio. Q4 2021 had seen a ~200% stake increase at prices between ~$197 and ~$334. H1 2022 saw the stake almost eliminated at prices between ~$145 and ~$301. The position was rebuilt during the two quarters through Q3 2022 at prices between ~$112 and ~$192. The stock is now at ~$885. There was a ~7% increase during Q1 2023 while the last three quarters saw minor trimming.
Meta Platforms (META): META is currently a large (top three) stake at 8.36% of the portfolio. It was first purchased during Q3 2013 at prices between ~$24 and ~$51. The stake has wavered. Recent activity follows. There was a ~50% reduction in the two quarters through Q3 2022 at prices between ~$134 and ~$232. The two quarters through Q1 2023 saw a huge ~480% stake build-up at prices between ~$89 and ~$212. There was a ~30% selling during Q2 2023 at prices between ~$208 and ~$289. The stock currently trades at ~$497. The last quarter saw a ~9% stake increase while this quarter saw similar selling.
Amazon.com (AMZN): A large stake in AMZN was built in the 2009-2011 timeframe but was sold down the next year. A similar stake build-up happened in H2 2013 at prices between ~$13 and ~$14. Next quarter saw a ~80% reduction at prices between ~$14 and ~$16. The stake has wavered. Recent activity follows. The last three quarters saw a huge stake build-up at prices between ~$82 and ~$130. The stock is now at ~$175 and it is now a large (top five) stake at 6.26% of the portfolio. The last quarter saw a ~15% selling at prices between ~$126 and ~$145. This quarter also saw a ~7% trimming.
Microsoft Corporation (MSFT): MSFT is a large ~6% of the portfolio stake purchased in Q3 2021 at prices between ~$277 and ~$305. There was a ~90% stake increase in the next quarter at prices between ~$283 and ~$343. The two quarters through Q3 2022 saw a ~77% reduction at prices between ~$233 and ~$315. The three quarters through Q2 2023 saw the position rebuilt at prices between ~$214 and ~$348. The stake was decreased by ~28% in the last quarter at prices between ~$312 and $358. The stock currently trades at ~$417. This quarter saw marginal trimming.
Lam Research (LRCX): LRCX is a 2.24% of the portfolio position established during Q3 2022 at prices between ~$366 and ~$532 and the stock currently trades at ~$925. There was a ~72% stake increase in the during Q1 2023 at prices between ~$414 and ~$541. The last quarter saw a ~11% selling and that was followed by a ~4% trimming this quarter.
Intuit Inc. (INTU): The ~2% INTU position was increased by 166% in the last quarter at prices between ~$447 and ~$553. This quarter saw a ~50% reduction at prices between ~$479 and ~$629. The stock is currently at ~$630.
Equinix Inc. (EQIX): The 1.90% EQIX stake was established during Q2 2023 at prices between ~$675 and ~$784 and it now goes for ~$861. The position was increased by 28% in the last quarter at prices between ~$703 and ~$811. There was a ~11% trimming this quarter.
Moderna (MRNA): A small MRNA stake was purchased in Q1 2021 at prices between ~$109 and ~$186. There was a ~400% stake increase in the next quarter at prices between ~$130 and ~$235. Q4 2021 saw a ~30% reduction at prices between ~$226 and ~$369 while the next quarter there was a ~60% stake increase at prices between ~$127 and ~$235. Q4 2022 also saw a ~12% increase. The last quarter saw a ~25% selling at prices between ~$96 and ~$127. That was followed by a one-third reduction this quarter at prices between ~$70 and ~$104. The stock currently trades at ~$104. The stake is at 1.37% of the portfolio.
Alphabet Inc. (GOOG): The 1.30% GOOG stake was primarily built during Q1 2023 at prices between ~$87 and ~$109. There was a two-thirds selling this quarter at prices between ~$123 and ~$143. The stock currently trades at ~$148.
UnitedHealth Group (UNH): The 1.17% UNH stake was purchased during Q1 2023 at prices between ~$460 and ~$519 and it now goes for ~$487. This quarter saw a ~17% trimming.
Uber Technologies (UBER): UBER had an IPO in Q2 2019. Shares started trading at ~$42 and currently go for $75.70. Coatue’s stake goes back to a funding round in 2018 when the valuation was ~$60B. This is compared to the current market cap of ~$158B. The stake has wavered. Recent activity follows. Q4 2022 saw the position sold down by ~80% at prices between ~$24.40 and ~$31.60 while the next quarter saw a similar increase at prices between ~$25 and ~$37. That was followed by a ~15% increase during Q2 2023. This quarter saw a ~42% reduction at prices between ~$41 and ~$63. The stake is now at ~1% of the portfolio.
Oracle Corp (ORCL): ORCL is a ~1% of the portfolio position purchased during Q2 2023 at prices between ~$93 and ~$127 and the stock currently trades at ~$128. The stake was decreased by 49% in the last quarter at prices between ~$104 and ~$126. There was a minor ~3% trimming this quarter.
Applied Materials (AMAT), Charter Communications (CHTR), Eli Lilly (LLY), Danaher Corp (DHR), and Taiwan Semi (TSM): These small (less than ~1% of the portfolio each) stakes were decreased during the quarter.
Walt Disney (DIS): A huge position in DIS was built in Q2 2020 at prices between ~$94 and ~$125. The next two quarters also saw minor increases. Q1 2021 saw a ~45% selling at prices between ~$163 and ~$202. There was another similar reduction in Q1 2022 at prices between ~$129 and ~$158. Q4 2022 saw the position almost sold out at prices between ~$84 and ~$107. The next quarter saw the stake rebuilt at prices between ~$89 and ~$113. The stock currently trades at ~$114.
Maplebear Inc. (CART): CART is a ~1% position established in the last quarter at prices between $28.54 and $33.70 and the stock currently trades at $37.25.
Albemarle Corp (ALB), and CrowdStrike Holdings (CRWD): These very small (less than ~1% of the portfolio each) stakes were kept steady this quarter.
Below is a spreadsheet that shows the changes to Philippe Laffont's Coatue Management 13F long portfolio holdings as of Q4 2023:
Philippe Laffont - Coatue Management Portfolio - Q4 2023 13F Report Q/Q Comparison (John Vincent (author))
Source: John Vincent. Data constructed from Coatue Management’s 13F filings for Q3 2023 and Q4 2023.