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GK

Glen Kacher Light Street Capital Management

AUM $903M
1-Year Est. Return 113.12%
 

Glen Kacher is the founder of Light Street Capital Management, a long/short equity firm focused on technology and disruptive innovation. The firm emphasizes fundamental research into software, internet, and semiconductor-related businesses. Kacher’s portfolio is followed by investors tracking technology-specialist hedge funds.

This Fund
S&P 500
This Quarter Est. Return
-1.35%
1 Year Est. Return
+113.12%
3 Year Est. Return
+377.35%
5 Year Est. Return
+361.17%
10 Year Est. Return
+6,155.11%
AUM
$561M
AUM Growth
-$146M
Cap. Flow
-$115M
Cap. Flow %
-20.57%
Top 10 Hldgs %
54.75%
Holding
49
New
15
Increased
7
Reduced
10
Closed
16

Top Buys

Rank Stock Value
1
VNET
VNET Group
VNET
+$31.2M
2
BIDU icon
Baidu
BIDU
+$20.6M
3
MSGS icon
Madison Square Garden
MSGS
+$19.8M
4
SSTK icon
Shutterstock
SSTK
+$16.3M
5
SBAC icon
SBA Communications
SBAC
+$16.2M

Top Sells

Rank Stock Value
1
QIHU
QIHOO 360 TECHNOLOGY CO LTD ADS RPSTG 3 CL A SHS
QIHU
+$36.1M
2
TWTR
Twitter, Inc.
TWTR
+$26.5M
3
NFLX icon
Netflix
NFLX
+$25.8M
4
AMX icon
America Movil
AMX
+$23.9M
5
BKNG icon
Booking.com
BKNG
+$20.3M

Sector Composition

Rank Sector Weight
1 Communication Services 45.12%
2 Technology 30.12%
3 Consumer Discretionary 9.73%
4 Real Estate 7.33%
5 Industrials 1.61%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
OLED icon
26
Universal Display
OLED
$3.95B
$8.39M 1.5%
302,325
-255,000
-46% -$7.26M
SIRI icon
27
SiriusXM
SIRI
$9.67B
$8.09M 1.44%
231,060
-50,000
-18% -$1.72M
FSL
28
DELISTED
FREESCALE SEMICONDUCTOR LTD
FSL
$8.07M 1.44%
+320,000
New +$6.65M
CCI icon
29
Crown Castle
CCI
$32.1B
$7.87M 1.4%
+100,000
New +$8.01M
BKNG icon
30
Booking.com
BKNG
$158B
$3.88M 0.69%
85,000
-449,525
-84% -$20.3M
GDX icon
31
PUT
VanEck Gold Miners ETF
GDX
$31.8B
$3.66M 0.65%
+250,000
New +$4.83M
NEWR
32
DELISTED
New Relic, Inc.
NEWR
$697K 0.12%
+20,000
New +$654K
HDP
33
DELISTED
Hortonworks, Inc.
HDP
$405K 0.07%
+15,000
New +$381K
AMX icon
34
America Movil
AMX
$71.3B
– –
-950,000
Closed -$23.9M
BABA icon
35
Alibaba
BABA
$286B
– –
-110,000
Closed -$9.77M
EBAY icon
36
eBay
EBAY
$46.3B
– –
-451,440
Closed -$10.8M
GPRO icon
37
GoPro
GPRO
$116M
– –
-176,964
Closed -$16.6M
JD icon
38
JD.com
JD
$39.7B
– –
-600,000
Closed -$15.5M
LAMR icon
39
Lamar Advertising Co
LAMR
$15.3B
– –
-300,000
Closed -$14.8M
NFLX icon
40
Netflix
NFLX
$331B
– –
-4,007,710
Closed -$25.8M
RMBS icon
41
Rambus
RMBS
$9.9B
– –
-1,119,036
Closed -$14M
TRIP icon
42
TripAdvisor
TRIP
$1.17B
– –
-125,000
Closed -$11.4M
TWTR
43
DELISTED
Twitter, Inc.
TWTR
– –
-513,460
Closed -$26.5M
CSOD
44
DELISTED
Cornerstone OnDemand, Inc.
CSOD
– –
-228,193
Closed -$7.85M
BITA
45
DELISTED
Bitauto Holdings Limited
BITA
– –
-80,000
Closed -$6.24M
MBLY
46
DELISTED
Mobileye N.V.
MBLY
– –
-150,000
Closed -$8.04M
CVT
47
DELISTED
CVENT, INC.
CVT
– –
-229,012
Closed -$5.81M
ZU
48
DELISTED
ZULILY INC CLASS A COMMON STOCK
ZU
– –
-525,000
Closed -$19.9M
QIHU
49
DELISTED
QIHOO 360 TECHNOLOGY CO LTD ADS RPSTG 3 CL A SHS
QIHU
– –
-535,000
Closed -$36.1M
1
2

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NCM
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Glen Kacher's Q4 2014 Portfolio in Review

As of Q4 2014, Glen Kacher held 49 positions worth $561M, down 21% from $707M the previous quarter. Its ten largest holdings account for 55% of the portfolio.

Glen Kacher withdrew a net $115M in Q4 2014, closing 16 positions and reducing 10 holdings. Its most notable exit was QIHOO 360 TECHNOLOGY CO LTD ADS RPSTG 3 CL A SHS, an estimated $36.1M position sold in full.

By sector, the portfolio is most concentrated in Communication Services at 45% of assets, up from 43% a quarter earlier, followed by Technology and Consumer Discretionary.

Against the trend, Glen Kacher opened a new position in VNET Group worth $26.2M.

  • Glen Kacher's largest Q4 2014 buy was VNET Group: 1,694,072 shares worth $26.2M.
  • Glen Kacher added most to SBA Communications in Q4 2014, an estimated $16.2M increase.
  • Glen Kacher's biggest Q4 2014 reduction was Booking.com, cutting an estimated $20.3M.
  • Glen Kacher fully exited QIHOO 360 TECHNOLOGY CO LTD ADS RPSTG 3 CL A SHS in Q4 2014, selling an estimated $36.1M.
  • Glen Kacher's ten largest holdings make up 55% of its $561M portfolio in Q4 2014.
  • Glen Kacher opened 15 new positions and closed 16 in Q4 2014.
  • Glen Kacher's portfolio value fell 21% quarter-over-quarter to $561M.

Based on Light Street Capital Management's 13F filing for Q4 2014, filed 17 Feb 2015.