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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
+68.53%
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
$2.4B
AUM Growth
+$502M
Cap. Flow
-$375M
Cap. Flow %
-15.59%
Top 10 Hldgs %
48.14%
Holding
56
New
11
Increased
8
Reduced
20
Closed
16

Top Buys

Rank Stock Value
1
ETSY icon
Etsy
ETSY
+$53.7M
2
VYX icon
NCR Voyix
VYX
+$49.6M
3
GRUB
Just Eat Takeaway.com N.V. American Depositary Shares
GRUB
+$44.5M
4
STNE icon
StoneCo
STNE
+$38.8M
5
MELI icon
Mercado Libre
MELI
+$35.4M

Top Sells

Rank Stock Value
1
W icon
Wayfair
W
+$141M
2
WORK
Slack Technologies, Inc.
WORK
+$101M
3
AMZN icon
Amazon
AMZN
+$80.1M
4
SE icon
Sea Limited
SE
+$60.4M
5
LYFT icon
Lyft
LYFT
+$57M

Sector Composition

Rank Sector Weight
1 Technology 39.73%
2 Consumer Discretionary 25.57%
3 Communication Services 10.29%
4 Financials 4.69%
5 Industrials 2.45%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TAL icon
26
TAL Education Group
TAL
$6.28B
$43.5M 1.81%
635,500
+199,100
+46% +$11.4M
W icon
27
Wayfair
W
$13.9B
$41.7M 1.74%
211,100
-945,198
-82% -$141M
SMAR
28
DELISTED
Smartsheet Inc.
SMAR
$40.4M 1.68%
793,644
-351,118
-31% -$17.9M
ZM icon
29
Zoom
ZM
$31.5B
$40.2M 1.67%
+158,600
New +$28.5M
LYV icon
30
Live Nation Entertainment
LYV
$42.4B
$37.4M 1.56%
844,332
+114,589
+16% +$5.02M
FIVN icon
31
FIVE9
FIVN
$2.45B
$37.3M 1.55%
336,974
-279,026
-45% -$27.2M
MSFT icon
32
Microsoft
MSFT
$3.59T
$33.8M 1.41%
166,100
-119,800
-42% -$21.7M
LX
33
LexinFintech Holdings
LX
$219M
$30.7M 1.28%
+2,884,534
New +$25.7M
ACEL icon
34
Accel Entertainment
ACEL
$979M
$27.4M 1.14%
+2,843,468
New +$26M
CHWY icon
35
Chewy
CHWY
$9.83B
$22.1M 0.92%
+493,500
New +$21.5M
WORK
36
DELISTED
Slack Technologies, Inc.
WORK
$21.9M 0.91%
705,495
-3,373,458
-83% -$101M
QFIN icon
37
Qfin Holdings
QFIN
$1.41B
$17M 0.71%
+1,591,483
New +$14.5M
LYFT icon
38
Lyft
LYFT
$6.61B
$9.94M 0.41%
301,214
-1,802,110
-86% -$57M
UBER icon
39
Uber
UBER
$161B
$4.35M 0.18%
139,846
-1,813,300
-93% -$56.5M
PINS icon
40
Pinterest
PINS
$13.3B
$1.82M 0.08%
81,940
– –
CCL icon
41
Carnival Corporation Ltd
CCL
$35.2B
– –
-1,923,170
Closed -$25.3M
GDDY icon
42
GoDaddy
GDDY
$12.3B
– –
-704,700
Closed -$40.2M
GILD icon
43
Gilead Sciences
GILD
$181B
– –
-698,600
Closed -$52.2M
MA icon
44
Mastercard
MA
$509B
– –
-5,900
Closed -$1.43M
NCLH icon
45
Norwegian Cruise Line
NCLH
$7.92B
– –
-2,827,700
Closed -$31M
RCL icon
46
Royal Caribbean
RCL
$78.1B
– –
-897,400
Closed -$28.9M
REGN icon
47
Regeneron Pharmaceuticals
REGN
$85.9B
– –
-52,100
Closed -$25.4M
RNG icon
48
RingCentral
RNG
$5.6B
– –
-170,095
Closed -$36M
SY
49
So-Young International
SY
$230M
– –
-1,823,301
Closed -$18.7M
TSLA icon
50
Tesla
TSLA
$1.43T
– –
-1,017,450
Closed -$35.5M
1
2
3

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RFM
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SWM
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TFM
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PI
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SC
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SG
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NCM
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Glen Kacher's Q2 2020 Portfolio in Review

As of Q2 2020, Glen Kacher held 56 positions worth $2.4B, up 26% from $1.9B the previous quarter. Its ten largest holdings account for 48% of the portfolio.

Glen Kacher withdrew a net $375M in Q2 2020, closing 16 positions and reducing 20 holdings. Its most notable exit was Gilead Sciences, an estimated $52.2M position sold in full.

By sector, the portfolio is most concentrated in Technology at 40% of assets, down from 50% a quarter earlier, followed by Consumer Discretionary and Communication Services.

Against the trend, Glen Kacher opened a new position in Etsy worth $77.1M.

  • Glen Kacher's largest Q2 2020 buy was Etsy: 725,600 shares worth $77.1M.
  • Glen Kacher added most to NCR Voyix in Q2 2020, an estimated $49.6M increase.
  • Glen Kacher's biggest Q2 2020 reduction was Wayfair, cutting an estimated $141M.
  • Glen Kacher fully exited Gilead Sciences in Q2 2020, selling an estimated $52.2M.
  • Glen Kacher's ten largest holdings make up 48% of its $2.4B portfolio in Q2 2020.
  • Glen Kacher opened 11 new positions and closed 16 in Q2 2020.
  • Glen Kacher's portfolio value rose 26% quarter-over-quarter to $2.4B.

Based on Light Street Capital Management's 13F filing for Q2 2020, filed 14 Aug 2020.