Glen Kacher Light Street Capital Management
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.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Lyft
LYFT
|
+$55M |
| 2 |
Visa
V
|
+$43.8M |
| 3 |
Mastercard
MA
|
+$42.7M |
| 4 |
StoneCo
STNE
|
+$42.6M |
| 5 |
Dynatrace
DT
|
+$30.9M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Uber
UBER
|
+$69.8M |
| 2 |
Pinterest
PINS
|
+$67.1M |
| 3 |
CBLK
Carbon Black, Inc. Common Stock
CBLK
|
+$62.3M |
| 4 |
SMAR
Smartsheet Inc.
SMAR
|
+$53.1M |
| 5 |
EVBG
Everbridge, Inc. Common Stock
EVBG
|
+$45M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 35.4% |
| 2 | Communication Services | 32.25% |
| 3 | Consumer Discretionary | 21.42% |
| 4 | Financials | 6.05% |
| 5 | Industrials | 2.69% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
The RealReal
REAL
$1.34B
| $5.56M | 0.4% |
248,732
-101,268
| -29% | -$2.04M |
|
|
GSUM
27
DELISTED
Gridsum Holding Inc.
GSUM
| $4.95M | 0.36% |
2,945,430
| – | – |
|
28
Spotify
SPOT
$110B
| $1.82M | 0.13% |
15,986
-160,450
| -91% | -$22.6M |
|
29
Salesforce
CRM
$172B
| – | – |
-150,920
| Closed | -$22.9M |
|
30
CrowdStrike
CRWD
$195B
| – | – |
-300,000
| Closed | -$5.12M |
|
31
Fiverr
FVRR
$337M
| – | – |
-722,089
| Closed | -$21.4M |
|
32
Palo Alto Networks
PANW
$286B
| – | – |
-881,550
| Closed | -$29.9M |
|
|
SMAR
33
DELISTED
Smartsheet Inc.
SMAR
| – | – |
-1,096,264
| Closed | -$53.1M |
|
|
EVBG
34
DELISTED
Everbridge, Inc. Common Stock
EVBG
| – | – |
-503,550
| Closed | -$45M |
|
|
CBLK
35
DELISTED
Carbon Black, Inc. Common Stock
CBLK
| – | – |
-3,723,921
| Closed | -$62.3M |
|
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Glen Kacher's Q3 2019 Portfolio in Review
As of Q3 2019, Glen Kacher held 35 positions worth $1.39B, down 25% from $1.85B the previous quarter. Its ten largest holdings account for 65% of the portfolio.
Glen Kacher withdrew a net $161M in Q3 2019, closing 7 positions and reducing 11 holdings. Its most notable exit was Carbon Black, Inc. Common Stock, an estimated $62.3M position sold in full.
By sector, the portfolio is most concentrated in Technology at 35% of assets, down from 44% a quarter earlier, followed by Communication Services and Consumer Discretionary.
Against the trend, Glen Kacher opened a new position in Visa worth $42.3M.
- Glen Kacher's largest Q3 2019 buy was Visa: 245,800 shares worth $42.3M.
- Glen Kacher added most to Lyft in Q3 2019, an estimated $55M increase.
- Glen Kacher's biggest Q3 2019 reduction was Uber, cutting an estimated $69.8M.
- Glen Kacher fully exited Carbon Black, Inc. Common Stock in Q3 2019, selling an estimated $62.3M.
- Glen Kacher's ten largest holdings make up 65% of its $1.39B portfolio in Q3 2019.
- Glen Kacher opened 6 new positions and closed 7 in Q3 2019.
- Glen Kacher's portfolio value fell 25% quarter-over-quarter to $1.39B.
Based on Light Street Capital Management's 13F filing for Q3 2019, filed 14 Nov 2019.