Brad Gerstner Altimeter Capital Management
Brad Gerstner is the founder and CEO of Altimeter Capital, a technology-focused investment firm active in both public and private markets. A former internet entrepreneur and airline executive, he brings an operator’s lens to high-growth software, internet, and semiconductor businesses. Gerstner is frequently cited for concentrated bets on large-cap technology platforms and for outspoken commentary on AI infrastructure and capital allocation in the sector.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
United Airlines
UAL
|
+$108M |
| 2 |
TripAdvisor
TRIP
|
+$85.3M |
| 3 |
Expedia Group
EXPE
|
+$38.1M |
| 4 |
QUNR
Qunar Cayman Islands Limited
QUNR
|
+$27.2M |
| 5 |
Zillow
ZG
|
+$14.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Herc Holdings
HRI
|
+$65.2M |
| 2 |
Groupon
GRPN
|
+$24.9M |
| 3 |
Copa Holdings
CPA
|
+$23.5M |
| 4 |
CNQR
CONCUR TECHNOLOGIES INC
CNQR
|
+$17.2M |
| 5 |
Booking.com
BKNG
|
+$7.94M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Industrials | 50.43% |
| 2 | Consumer Discretionary | 37.89% |
| 3 | Communication Services | 8.36% |
| 4 | Technology | 2.72% |
| 5 | Miscellaneous | 0.6% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
United Airlines
UAL
$36B
| $322M | 22.44% |
4,812,903
+1,946,258
| +68% | +$108M |
2013 Q2
6 quarters
|
|
|
2
Expedia Group
EXPE
$30.8B
| $161M | 11.25% |
1,890,049
+449,602
| +31% | +$38.1M |
2013 Q4
4 quarters
|
|
3
Royal Caribbean
RCL
$86.4B
| $155M | 10.84% |
1,886,110
| – | – |
2013 Q2
6 quarters
|
|
4
Avis
CAR
$4.4B
| $124M | 8.64% |
1,868,543
| – | – |
2013 Q2
6 quarters
|
|
|
5
TripAdvisor
TRIP
$854M
| $89.6M | 6.25% |
1,200,000
+1,092,694
| +1,018% | +$85.3M |
2014 Q3
1 quarter
|
|
|
6
Booking.com
BKNG
$119B
| $85.9M | 5.99% |
1,883,775
-175,725
| -9% | -$7.94M |
2013 Q2
6 quarters
|
|
7
Alaska Air
ALK
$4.34B
| $79.4M | 5.53% |
1,328,146
| – | – |
2013 Q2
6 quarters
|
|
8
Meta Platforms (Facebook)
META
$1.64T
| $62M | 4.32% |
795,045
| – | – |
2013 Q2
6 quarters
|
|
9
American Airlines Group
AAL
$8.85B
| $53.9M | 3.75% |
1,004,161
+251,013
| +33% | +$10.8M |
2013 Q4
4 quarters
|
|
10
DELISTED
Hawaiian Holdings, Inc.
HA
| $49.1M | 3.42% |
1,883,812
+93,700
| +5% | +$1.77M |
2013 Q3
5 quarters
|
|
11
Delta Air Lines
DAL
$57.1B
| $47.4M | 3.3% |
963,455
| – | – |
2013 Q2
6 quarters
|
|
12
Trip.com Group
TCOM
$27.4B
| $40.3M | 2.81% |
1,772,516
| – | – |
2013 Q2
6 quarters
|
|
|
13
Herc Holdings
HRI
$5.53B
| $40.3M | 2.81% |
538,412
-965,452
| -64% | -$65.2M |
2013 Q2
6 quarters
|
|
|
QUNR
14
DELISTED
Qunar Cayman Islands Limited
QUNR
| $29.1M | 2.03% |
+1,024,326
| New | +$27.2M |
2014 Q4
0 quarters
|
|
|
15
Zillow
ZG
$6.74B
| $22.5M | 1.57% |
636,600
+392,517
| +161% | +$14.4M |
2014 Q3
1 quarter
|
|
|
DWRE
16
DELISTED
DEMANDWARE INC COM STK (DE)
DWRE
| $21.1M | 1.47% |
367,550
+77,550
| +27% | +$4.36M |
2013 Q2
6 quarters
|
|
17
HubSpot
HUBS
$10.8B
| $10.4M | 0.72% |
+347,902
| New | +$11.7M |
2014 Q4
0 quarters
|
|
18
DELISTED
Spirit Airlines, Inc.
SAVE
| $7.56M | 0.53% |
100,000
| – | – |
2013 Q2
6 quarters
|
|
|
RHT
19
DELISTED
Red Hat Inc
RHT
| $6.35M | 0.44% |
91,852
-100
| -0.1% | -$6.05K |
2013 Q2
6 quarters
|
|
20
Amazon
AMZN
$2.87T
| $6.21M | 0.43% |
400,000
| – | – |
2013 Q2
6 quarters
|
|
|
LONG
21
DELISTED
ELONG, INC. AMERICAN DEPOSITARY SHARES
LONG
| $5.38M | 0.38% |
299,950
+219,035
| +271% | +$4.05M |
2013 Q2
6 quarters
|
|
22
Workday
WDAY
$47.3B
| $3.67M | 0.26% |
+45,000
| New | +$3.89M |
2014 Q4
0 quarters
|
|
|
LKM
23
DELISTED
Link Motion Inc.
LKM
| $2.58M | 0.18% |
660,183
-40,080
| -6% | -$269K |
2013 Q2
6 quarters
|
|
24
Boyd Gaming
BYD
$5.45B
| $2.56M | 0.18% |
200,000
| – | – |
2013 Q2
6 quarters
|
|
|
25
CALL
TripAdvisor
TRIP
$854M
| $1.6M | 0.11% |
+30
| New | +$2.34K |
2014 Q4
0 quarters
|
|
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Brad Gerstner's Q4 2014 Portfolio in Review
As of Q4 2014, Brad Gerstner held 33 positions worth $1.43B, up 32% from $1.08B the previous quarter. Its ten largest holdings account for 82% of the portfolio.
Brad Gerstner deployed $172M of net new capital in Q4 2014, opening 5 new positions and adding to 8 existing holdings. Its largest new stake was Qunar Cayman Islands Limited: 1,024,326 shares worth $29.1M.
By sector, the portfolio is most concentrated in Industrials at 50% of assets, up from 48% a quarter earlier, followed by Consumer Discretionary and Communication Services.
On the sell side, the largest reduction was Herc Holdings, an estimated $65.2M trimmed.
- Brad Gerstner's largest Q4 2014 buy was Qunar Cayman Islands Limited: 1,024,326 shares worth $29.1M.
- Brad Gerstner added most to United Airlines in Q4 2014, an estimated $108M increase.
- Brad Gerstner's biggest Q4 2014 reduction was Herc Holdings, cutting an estimated $65.2M.
- Brad Gerstner fully exited Groupon in Q4 2014, selling an estimated $24.9M.
- Brad Gerstner's ten largest holdings make up 82% of its $1.43B portfolio in Q4 2014.
- Brad Gerstner opened 5 new positions and closed 4 in Q4 2014.
- Brad Gerstner's portfolio value rose 32% quarter-over-quarter to $1.43B.
Based on Altimeter Capital Management's 13F filing for Q4 2014, filed 13 Feb 2015.