Lee Ainslie Maverick Capital
Lee Ainslie is the founder of Maverick Capital, a long/short equity firm that emerged from the Tiger Management network of investors. Maverick is known for fundamental research, sector specialization among teams, and a classic hedge fund long/short structure. Ainslie’s firm remains a reference name among so-called Tiger Cub managers.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Humana
HUM
|
+$237M |
| 2 |
DuPont de Nemours
DD
|
+$235M |
| 3 |
VISN
Vistance Networks Inc
VISN
|
+$172M |
| 4 |
Alibaba
BABA
|
+$131M |
| 5 |
MGM Resorts International
MGM
|
+$121M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Microsoft
MSFT
|
+$249M |
| 2 |
Elevance Health
ELV
|
+$208M |
| 3 |
FISV
Fiserv Inc
FISV
|
+$169M |
| 4 |
SS&C Technologies
SSNC
|
+$142M |
| 5 |
US Foods
USFD
|
+$122M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 25.55% |
| 2 | Technology | 22.62% |
| 3 | Healthcare | 19.68% |
| 4 | Communication Services | 11.09% |
| 5 | Materials | 10.51% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
301
Elevance Health
ELV
$86.9B
| – | – |
-724,153
| Closed | -$208M |
|
302
Energizer
ENR
$1.47B
| – | – |
-148,510
| Closed | -$6.67M |
|
303
Five Below
FIVE
$13.8B
| – | – |
-3,700
| Closed | -$460K |
|
304
Floor & Decor
FND
$5.78B
| – | – |
-307,540
| Closed | -$12.7M |
|
305
Genesco
GCO
$390M
| – | – |
-24,879
| Closed | -$1.13M |
|
306
GoPro
GPRO
$116M
| – | – |
-4,073,560
| Closed | -$26.5M |
|
307
HCA Healthcare
HCA
$92.9B
| – | – |
-31,640
| Closed | -$4.13M |
|
308
Helen of Troy
HELE
$677M
| – | – |
-13,670
| Closed | -$1.58M |
|
309
Hilton Worldwide
HLT
$73.5B
| – | – |
-398,233
| Closed | -$33.1M |
|
310
Harley-Davidson
HOG
$2.93B
| – | – |
-119,880
| Closed | -$4.28M |
|
311
Heartland Express
HTLD
$993M
| – | – |
-349,370
| Closed | -$6.74M |
|
312
Howmet Aerospace
HWM
$108B
| – | – |
-417,749
| Closed | -$6.12M |
|
313
MarineMax
HZO
$1.15B
| – | – |
-46,828
| Closed | -$897K |
|
314
Infosys
INFY
$48.4B
| – | – |
-517,550
| Closed | -$5.66M |
|
315
Intuit
INTU
$100B
| – | – |
-8,810
| Closed | -$2.3M |
|
316
Jazz Pharmaceuticals
JAZZ
$16.5B
| – | – |
-39,040
| Closed | -$5.58M |
|
317
JPMorgan Chase
JPM
$935B
| – | – |
-133,570
| Closed | -$13.5M |
|
|
K
318
DELISTED
Kellanova
K
| – | – |
-49,757
| Closed | -$2.68M |
|
319
Keysight
KEYS
$53.8B
| – | – |
-51,650
| Closed | -$4.5M |
|
320
Coca-Cola
KO
$392B
| – | – |
-19,110
| Closed | -$895K |
|
321
Lear
LEA
$8.56B
| – | – |
-23,260
| Closed | -$3.16M |
|
322
El Pollo Loco
LOCO
$488M
| – | – |
-375,580
| Closed | -$4.89M |
|
323
Mastercard
MA
$509B
| – | – |
-24,510
| Closed | -$5.77M |
|
324
McDonald's
MCD
$192B
| – | – |
-182,430
| Closed | -$34.6M |
|
325
Mondelez International
MDLZ
$82.3B
| – | – |
-13,130
| Closed | -$655K |
|
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Lee Ainslie's Q2 2019 Portfolio in Review
As of Q2 2019, Lee Ainslie held 379 positions worth $6.9B, down 8.5% from $7.54B the previous quarter. Its ten largest holdings account for 47% of the portfolio.
Lee Ainslie withdrew a net $445M in Q2 2019, closing 98 positions and reducing 108 holdings. Its most notable exit was Elevance Health, an estimated $208M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 26% of assets, down from 26% a quarter earlier, followed by Technology and Healthcare.
Against the trend, Lee Ainslie opened a new position in MGM Resorts International worth $129M.
- Lee Ainslie's largest Q2 2019 buy was MGM Resorts International: 4,527,373 shares worth $129M.
- Lee Ainslie added most to Humana in Q2 2019, an estimated $237M increase.
- Lee Ainslie's biggest Q2 2019 reduction was Microsoft, cutting an estimated $249M.
- Lee Ainslie fully exited Elevance Health in Q2 2019, selling an estimated $208M.
- Lee Ainslie's ten largest holdings make up 47% of its $6.9B portfolio in Q2 2019.
- Lee Ainslie opened 105 new positions and closed 98 in Q2 2019.
- Lee Ainslie's portfolio value fell 8.5% quarter-over-quarter to $6.9B.
Based on Maverick Capital's 13F filing for Q2 2019, filed 14 Aug 2019.