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 |
ANDV
Andeavor
ANDV
|
+$282M |
| 2 |
EVHC
Envision Healthcare Holdings Inc
EVHC
|
+$205M |
| 3 |
AB InBev
BUD
|
+$153M |
| 4 |
US Bancorp
USB
|
+$148M |
| 5 |
US Foods
USFD
|
+$129M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Booking.com
BKNG
|
+$522M |
| 2 |
Lam Research
LRCX
|
+$209M |
| 3 |
Corpay
CPAY
|
+$206M |
| 4 |
TransDigm Group
TDG
|
+$193M |
| 5 |
American Express
AXP
|
+$182M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 29.95% |
| 2 | Technology | 20.52% |
| 3 | Consumer Staples | 13.38% |
| 4 | Communication Services | 10.94% |
| 5 | Materials | 6.29% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
WBA
26
DELISTED
Walgreens Boots Alliance
WBA
| $84.2M | 1.07% |
+1,013,553
| New | +$85M |
|
27
SBA Communications
SBAC
$19.4B
| $74.1M | 0.95% |
+615,339
| New | +$68M |
|
|
28
Corpay
CPAY
$27.4B
| $64.4M | 0.82% |
425,320
-1,313,729
| -76% | -$206M |
|
29
Viatris
VTRS
$18.7B
| $60.3M | 0.77% |
1,545,448
-2,253,833
| -59% | -$90.9M |
|
30
Pacific Biosciences
PACB
$420M
| $46.9M | 0.6% |
9,073,874
| – | – |
|
31
Comcast
CMCSA
$95.3B
| $43.2M | 0.55% |
1,148,214
-1,283,720
| -53% | -$47.6M |
|
32
Las Vegas Sands
LVS
$30.5B
| $29M | 0.37% |
+508,733
| New | +$27.7M |
|
|
CSLT
33
DELISTED
CASTLIGHT HEALTH, INC.
CSLT
| $4.34M | 0.06% |
1,188,074
| – | – |
|
34
Analog Devices
ADI
$182B
| $3.61M | 0.05% |
+44,089
| New | +$3.46M |
|
35
Chemours
CC
$2.4B
| $3.23M | 0.04% |
83,910
-49,500
| -37% | -$1.49M |
|
|
AKRX
36
DELISTED
Akorn Inc
AKRX
| $3.17M | 0.04% |
131,770
-19,600
| -13% | -$427K |
|
37
NVIDIA
NVDA
$5.2T
| $3.08M | 0.04% |
1,129,600
-289,200
| -20% | -$770K |
|
|
38
Lam Research
LRCX
$393B
| $3.06M | 0.04% |
238,300
-17,784,270
| -99% | -$209M |
|
39
Teradyne
TER
$58.7B
| $3.05M | 0.04% |
+98,140
| New | +$2.81M |
|
40
Applied Materials
AMAT
$391B
| $3.03M | 0.04% |
77,950
-23,360
| -23% | -$839K |
|
41
Cognex
CGNX
$10.2B
| $3.02M | 0.04% |
+71,840
| New | +$2.63M |
|
|
ISLE
42
DELISTED
Isle of Capri Casinos Inc
ISLE
| $2.98M | 0.04% |
112,990
-16,560
| -13% | -$410K |
|
|
43
Booking.com
BKNG
$158B
| $2.96M | 0.04% |
41,600
-7,904,700
| -99% | -$522M |
|
44
Ulta Beauty
ULTA
$22.4B
| $2.96M | 0.04% |
10,360
-2,340
| -18% | -$641K |
|
45
Toro Company
TTC
$9.47B
| $2.93M | 0.04% |
+46,870
| New | +$2.79M |
|
46
Texas Instruments
TXN
$241B
| $2.91M | 0.04% |
36,160
-7,420
| -17% | -$575K |
|
47
Philip Morris
PM
$293B
| $2.91M | 0.04% |
25,770
-10,080
| -28% | -$1.04M |
|
48
Skyworks Solutions
SWKS
$10.1B
| $2.91M | 0.04% |
29,680
-12,630
| -30% | -$1.15M |
|
49
Edwards Lifesciences
EW
$51.8B
| $2.91M | 0.04% |
92,670
-22,650
| -20% | -$709K |
|
|
EA
50
DELISTED
Electronic Arts
EA
| $2.9M | 0.04% |
32,420
-7,900
| -20% | -$673K |
|
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Lee Ainslie's Q1 2017 Portfolio in Review
As of Q1 2017, Lee Ainslie held 160 positions worth $7.84B, up 2% from $7.69B the previous quarter. Its ten largest holdings account for 58% of the portfolio.
Lee Ainslie withdrew a net $454M in Q1 2017, closing 30 positions and reducing 74 holdings. Its most notable exit was TransDigm Group, an estimated $193M position sold in full.
By sector, the portfolio is most concentrated in Healthcare at 30% of assets, up from 29% a quarter earlier, followed by Technology and Consumer Staples.
Against the trend, Lee Ainslie opened a new position in Envision Healthcare Holdings Inc worth $188M.
- Lee Ainslie's largest Q1 2017 buy was Envision Healthcare Holdings Inc: 3,065,266 shares worth $188M.
- Lee Ainslie added most to Andeavor in Q1 2017, an estimated $282M increase.
- Lee Ainslie's biggest Q1 2017 reduction was Booking.com, cutting an estimated $522M.
- Lee Ainslie fully exited TransDigm Group in Q1 2017, selling an estimated $193M.
- Lee Ainslie's ten largest holdings make up 58% of its $7.84B portfolio in Q1 2017.
- Lee Ainslie opened 36 new positions and closed 30 in Q1 2017.
- Lee Ainslie's portfolio value rose 2% quarter-over-quarter to $7.84B.
Based on Maverick Capital's 13F filing for Q1 2017, filed 15 May 2017.