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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
+11.8%
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
$925M
AUM Growth
-$300M
Cap. Flow
-$385M
Cap. Flow %
-41.59%
Top 10 Hldgs %
77.11%
Holding
30
New
7
Increased
3
Reduced
10
Closed
8

Top Buys

Rank Stock Value
1
MSFT icon
Microsoft
MSFT
+$32.8M
2
NTES icon
NetEase
NTES
+$26.5M
3
TAL icon
TAL Education Group
TAL
+$25.9M
4
SFIX
Stitch Fix
SFIX
+$25.1M
5
OKTA icon
Okta
OKTA
+$19.6M

Top Sells

Rank Stock Value
1
WIX icon
WIX.com
WIX
+$70.1M
2
MOMO
Hello Group
MOMO
+$59.4M
3
BKNG icon
Booking.com
BKNG
+$48.5M
4
EXPE icon
Expedia Group
EXPE
+$43.2M
5
LOGM
LogMein, Inc.
LOGM
+$37.5M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 27.91%
2 Technology 23.32%
3 Communication Services 22.02%
4 Consumer Staples 2.73%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AMZN icon
1
CALL
Amazon
AMZN
$2.79T
$196M 21.23%
3,358,000
– –
W icon
2
Wayfair
W
$13.9B
$78.3M 8.46%
975,000
+88,000
+10% +$6.18M
MTCH icon
3
Match Group
MTCH
$9.38B
$75.6M 8.17%
2,415,000
-760,000
-24% -$21.3M
META icon
4
Meta Platforms (Facebook)
META
$1.4T
$70.6M 7.63%
400,000
-75,000
-16% -$13.3M
AMZN icon
5
Amazon
AMZN
$2.79T
$69M 7.46%
1,180,000
+80,000
+7% +$4.4M
STMP
6
DELISTED
Stamps.com, Inc.
STMP
$56.4M 6.1%
300,000
-80,000
-21% -$15.5M
BABA icon
7
Alibaba
BABA
$286B
$47.4M 5.13%
275,000
-45,000
-14% -$8.06M
SHOP icon
8
Shopify
SHOP
$192B
$42.9M 4.64%
4,250,000
+600,000
+16% +$6.15M
XYZ
9
Block Inc
XYZ
$49.4B
$42.5M 4.59%
1,225,000
-450,000
-27% -$16.5M
MSFT icon
10
Microsoft
MSFT
$3.59T
$34.2M 3.7%
+400,000
New +$32.8M
NTES icon
11
NetEase
NTES
$82.1B
$29.3M 3.17%
+425,000
New +$26.5M
SFIX
12
Stitch Fix
SFIX
$446M
$28.4M 3.07%
+1,100,000
New +$25.1M
GTYHU
13
DELISTED
GTY Technology Holdings, Inc. Units
GTYHU
$25.8M 2.79%
2,500,000
– –
TAL icon
14
TAL Education Group
TAL
$6.28B
$25.3M 2.73%
+850,000
New +$25.9M
TSLA icon
15
Tesla
TSLA
$1.43T
$23.4M 2.52%
1,125,000
-825,000
-42% -$17.9M
IMAX icon
16
IMAX
IMAX
$2.89B
$18.5M 2%
800,000
-1,200,000
-60% -$28.3M
OKTA icon
17
Okta
OKTA
$23.5B
$17.9M 1.94%
+700,000
New +$19.6M
LOGM
18
DELISTED
LogMein, Inc.
LOGM
$15M 1.62%
130,593
-319,407
-71% -$37.5M
MELI icon
19
Mercado Libre
MELI
$97.5B
$11.7M 1.27%
+37,289
New +$10.1M
MOMO
20
Hello Group
MOMO
$850M
$9.64M 1.04%
393,827
-2,059,774
-84% -$59.4M
COUP
21
DELISTED
Coupa Software Incorporated
COUP
$3.9M 0.42%
+125,000
New +$4.24M
PANW icon
22
Palo Alto Networks
PANW
$292B
$2.9M 0.31%
120,000
-1,500,000
-93% -$36.5M
BKNG icon
23
Booking.com
BKNG
$158B
– –
-662,500
Closed -$48.5M
BL icon
24
BlackLine
BL
$1.85B
– –
-320,000
Closed -$10.9M
DESP
25
DELISTED
Despegar.com
DESP
– –
-185,238
Closed -$5.93M
1
2

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Glen Kacher's Q4 2017 Portfolio in Review

As of Q4 2017, Glen Kacher held 30 positions worth $925M, down 24% from $1.22B the previous quarter. Its ten largest holdings account for 77% of the portfolio.

Glen Kacher withdrew a net $385M in Q4 2017, closing 8 positions and reducing 10 holdings. Its most notable exit was WIX.com, an estimated $70.1M position sold in full.

By sector, the portfolio is most concentrated in Consumer Discretionary at 28% of assets, up from 25% a quarter earlier, followed by Technology and Communication Services.

Against the trend, Glen Kacher opened a new position in Microsoft worth $34.2M.

  • Glen Kacher's largest Q4 2017 buy was Microsoft: 400,000 shares worth $34.2M.
  • Glen Kacher added most to Wayfair in Q4 2017, an estimated $6.18M increase.
  • Glen Kacher's biggest Q4 2017 reduction was Hello Group, cutting an estimated $59.4M.
  • Glen Kacher fully exited WIX.com in Q4 2017, selling an estimated $70.1M.
  • Glen Kacher's ten largest holdings make up 77% of its $925M portfolio in Q4 2017.
  • Glen Kacher opened 7 new positions and closed 8 in Q4 2017.
  • Glen Kacher's portfolio value fell 24% quarter-over-quarter to $925M.

Based on Light Street Capital Management's 13F filing for Q4 2017, filed 14 Feb 2018.