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Josh Resnick Jericho Capital Asset Management
AUM
$12.1B
Turnover
42.42%
1-Year Est. Return
109.57%
Josh Resnick is the founder of Jericho Capital Asset Management, a technology-focused long/short equity firm. Jericho is known for fundamental research across software, internet, and communications-related businesses. Resnick’s portfolio disclosures are followed by investors tracking high-conviction technology specialists.
This Fund
S&P 500
This Quarter Est. Return
+9.54%
1 Year Est. Return
+109.57%
3 Year Est. Return
+573.41%
5 Year Est. Return
+1,063.76%
10 Year Est. Return
+24,516.22%
AUM
$1.6B
AUM Growth
+$93.7M
(+6.2%)
Cap. Flow
-$82.9M
Cap. Flow % of AUM
Cap. Flow %
-5.17%
Top 10 Holdings %
Top 10 Hldgs %
57.73%
Holding
49
New
15
Increased
9
Reduced
5
Closed
18
Avg Time Held
Equity + Options
0.3
years
Top 10 Avg Time Held
Equity + Options
0.3
years
Top 20 Avg Time Held
Equity + Options
0.2
years
Avg Time Held Equity only
0.3
years
Top 10 Avg Time Held Equity only
0.3
years
Top 20 Avg Time Held Equity only
0.3
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Baidu
BIDU
|
+$165M |
| 2 |
LVLT
Level 3 Communications Inc
LVLT
|
+$79.9M |
| 3 |
Netflix
NFLX
|
+$54.5M |
| 4 |
DISH
DISH Network Corp.
DISH
|
+$44.2M |
| 5 |
Gogo Inc
GOGO
|
+$39.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Vipshop
VIPS
|
+$121M |
| 2 |
MSG Knickerbockers Corp.
MSGK
|
+$71.6M |
| 3 |
Las Vegas Sands
LVS
|
+$61.8M |
| 4 |
DATA
Tableau Software, Inc.
DATA
|
+$49.4M |
| 5 |
Brunswick
BC
|
+$47.8M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Communication Services | 37.92% |
| 2 | Technology | 27.07% |
| 3 | Consumer Discretionary | 15.03% |
| 4 | Industrials | 11.34% |
| 5 | Miscellaneous | 8.65% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Baidu
BIDU
$27.2B
| $161M | 10.02% |
+807,000
| New | +$165M |
2015 Q2
0 quarters
|
|
2
JD.com
JD
$37.6B
| $122M | 7.61% |
3,578,117
-814,000
| -19% | -$27.7M |
2015 Q1
1 quarter
|
|
|
BID
3
DELISTED
Sotheby's
BID
| $105M | 6.55% |
2,319,885
| – | – |
2014 Q4
2 quarters
|
|
4
Criteo S.A.
CRTO
$864M
| $89M | 5.55% |
1,866,105
+179,597
| +11% | +$8.18M |
2014 Q3
3 quarters
|
|
5
Amazon
AMZN
$2.88T
| $82M | 5.12% |
3,780,000
| – | – |
2014 Q4
2 quarters
|
|
|
6
CALL
Baidu
BIDU
$27.2B
| $77.6M | 4.84% |
+390,000
| New | +$79.8M |
2015 Q2
0 quarters
|
|
|
LVLT
7
DELISTED
Level 3 Communications Inc
LVLT
| $76.8M | 4.79% |
+1,457,389
| New | +$79.9M |
2015 Q2
0 quarters
|
|
|
ZEN
8
DELISTED
ZENDESK INC
ZEN
| $76.3M | 4.76% |
3,433,247
+589,250
| +21% | +$13.5M |
2014 Q3
3 quarters
|
|
9
Meta Platforms (Facebook)
META
$1.61T
| $74.8M | 4.67% |
872,720
+33,968
| +4% | +$2.77M |
2013 Q4
6 quarters
|
|
|
10
Netflix
NFLX
$265B
| $61.1M | 3.81% |
+6,510,000
| New | +$54.5M |
2015 Q2
0 quarters
|
|
11
Zebra Technologies
ZBRA
$15.4B
| $59.8M | 3.73% |
538,697
+169,076
| +46% | +$17.5M |
2015 Q1
1 quarter
|
|
|
QUNR
12
DELISTED
Qunar Cayman Islands Limited
QUNR
| $53.5M | 3.34% |
1,249,352
+200,000
| +19% | +$9.37M |
2015 Q1
1 quarter
|
|
13
ON Semiconductor
ON
$28.7B
| $49.1M | 3.06% |
4,198,467
+726,000
| +21% | +$8.91M |
2014 Q4
2 quarters
|
|
|
EIGI
14
DELISTED
Endurance International Group Holdings, Inc.
EIGI
| $48.1M | 3% |
2,329,112
-231,173
| -9% | -$4.82M |
2014 Q4
2 quarters
|
|
|
PFPT
15
DELISTED
Proofpoint, Inc.
PFPT
| $46.3M | 2.89% |
727,740
+428,600
| +143% | +$25.2M |
2015 Q1
1 quarter
|
|
16
VEON
VEON
$5.26B
| $43.3M | 2.7% |
348,229
+95,538
| +38% | +$13.5M |
2014 Q3
3 quarters
|
|
|
DISH
17
DELISTED
DISH Network Corp.
DISH
| $42.8M | 2.67% |
+632,000
| New | +$44.2M |
2015 Q2
0 quarters
|
|
|
18
Gogo Inc
GOGO
$501M
| $39.5M | 2.46% |
+1,843,278
| New | +$39.4M |
2015 Q2
0 quarters
|
|
|
PNK
19
DELISTED
Pinnacle Entertainment Inc.
PNK
| $36.8M | 2.3% |
+988,400
| New | +$36.4M |
2015 Q2
0 quarters
|
|
|
ARRS
20
DELISTED
ARRIS International plc Ordinary Shares
ARRS
| $35.8M | 2.23% |
+1,169,000
| New | +$37.9M |
2015 Q2
0 quarters
|
|
|
DATA
21
DELISTED
Tableau Software, Inc.
DATA
| $34.7M | 2.17% |
301,256
-457,000
| -60% | -$49.4M |
2014 Q1
5 quarters
|
|
22
DELISTED
Infinera Corporation Common Stock
INFN
| $28.1M | 1.75% |
1,340,224
-742,202
| -36% | -$15.1M |
2014 Q4
2 quarters
|
|
23
PUT
Yelp
YELP
$1.12B
| $28M | 1.75% |
+650,000
| New | +$30.1M |
2015 Q2
0 quarters
|
|
24
Hello Group
MOMO
$659M
| $24.8M | 1.55% |
1,541,532
+1,233,103
| +400% | +$17.2M |
2015 Q1
1 quarter
|
|
|
25
CALL
Meta Platforms (Facebook)
META
$1.61T
| $21.4M | 1.34% |
250,000
-210,000
| -46% | -$17.1M |
2015 Q1
1 quarter
|
|
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Josh Resnick's Q2 2015 Portfolio in Review
As of Q2 2015, Josh Resnick held 49 positions worth $1.6B, up 6.2% from $1.51B the previous quarter. Its ten largest holdings account for 58% of the portfolio.
Josh Resnick withdrew a net $82.9M in Q2 2015, closing 18 positions and reducing 5 holdings. Its most notable exit was Vipshop, an estimated $121M position sold in full.
By sector, the portfolio is most concentrated in Communication Services at 38% of assets, up from 27% a quarter earlier, followed by Technology and Consumer Discretionary.
Against the trend, Josh Resnick opened a new position in Baidu worth $161M.
- Josh Resnick's largest Q2 2015 buy was Baidu: 807,000 shares worth $161M.
- Josh Resnick added most to Proofpoint, Inc. in Q2 2015, an estimated $25.2M increase.
- Josh Resnick's biggest Q2 2015 reduction was Tableau Software, Inc., cutting an estimated $49.4M.
- Josh Resnick fully exited Vipshop in Q2 2015, selling an estimated $121M.
- Josh Resnick's ten largest holdings make up 58% of its $1.6B portfolio in Q2 2015.
- Josh Resnick opened 15 new positions and closed 18 in Q2 2015.
- Josh Resnick's portfolio value rose 6.2% quarter-over-quarter to $1.6B.
Based on Jericho Capital Asset Management's 13F filing for Q2 2015, filed 14 Aug 2015.