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 |
Booking.com
BKNG
|
+$313M |
| 2 |
Lam Research
LRCX
|
+$216M |
| 3 |
AGN
Allergan plc
AGN
|
+$209M |
| 4 |
Meta Platforms (Facebook)
META
|
+$168M |
| 5 |
Northrop Grumman
NOC
|
+$124M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
ARRS
ARRIS International plc Ordinary Shares
ARRS
|
+$356M |
| 2 |
SC
SANTANDER CONSUMER USA HOLDINGS INC
SC
|
+$224M |
| 3 |
PF
Pinnacle Foods, Inc.
PF
|
+$196M |
| 4 |
Corpay
CPAY
|
+$193M |
| 5 |
Charter Communications
CHTR
|
+$174M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 29.27% |
| 2 | Industrials | 17.35% |
| 3 | Healthcare | 17.13% |
| 4 | Communication Services | 15.1% |
| 5 | Consumer Staples | 8.49% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
126
Herbalife
HLF
$1.33B
| $285K | ﹤0.01% |
+9,260
| New | +$239K |
|
|
SHPG
127
DELISTED
Shire pic
SHPG
| $280K | ﹤0.01% |
+1,630
| New | +$273K |
|
|
MLNX
128
DELISTED
Mellanox Technologies, Ltd.
MLNX
| $271K | ﹤0.01% |
+4,990
| New | +$231K |
|
129
Transocean
RIG
$6.61B
| $268K | ﹤0.01% |
+29,330
| New | +$292K |
|
130
Check Point Software Technologies
CHKP
$13.3B
| $267K | ﹤0.01% |
+3,050
| New | +$245K |
|
|
BT
131
DELISTED
BT Group plc (ADR)
BT
| $241K | ﹤0.01% |
+7,500
| New | +$251K |
|
132
Altisource Portfolio Solutions
ASPS
$62.6M
| $229K | ﹤0.01% |
+1,185
| New | +$252K |
|
133
Adeia
ADEA
$2.89B
| – | – |
-192,553
| Closed | -$1.53M |
|
134
AerCap
AER
$23B
| – | – |
-680,830
| Closed | -$29.4M |
|
135
Armstrong World Industries
AWI
$7.55B
| – | – |
-1,864,907
| Closed | -$85.3M |
|
136
Baxter International
BAX
$13.6B
| – | – |
-30,140
| Closed | -$1.15M |
|
|
137
Charter Communications
CHTR
$17.9B
| – | – |
-952,318
| Closed | -$174M |
|
138
Chipotle Mexican Grill
CMG
$46.7B
| – | – |
-19,500
| Closed | -$187K |
|
139
Costco
COST
$420B
| – | – |
-1,610
| Closed | -$260K |
|
140
Expedia Group
EXPE
$38.6B
| – | – |
-2,140
| Closed | -$266K |
|
141
H&R Block
HRB
$6.62B
| – | – |
-30,930
| Closed | -$1.03M |
|
142
Intuit
INTU
$100B
| – | – |
-2,600
| Closed | -$251K |
|
143
Micron Technology
MU
$1.09T
| – | – |
-101,840
| Closed | -$1.44M |
|
144
Nike
NKE
$60.5B
| – | – |
-25,200
| Closed | -$1.57M |
|
145
Insperity
NSP
$2.02B
| – | – |
-52,580
| Closed | -$1.27M |
|
146
Old Republic International
ORI
$10B
| – | – |
-7,034,340
| Closed | -$131M |
|
147
OneSpan
OSPN
$580M
| – | – |
-85,000
| Closed | -$1.42M |
|
148
Progressive
PGR
$127B
| – | – |
-52,640
| Closed | -$1.67M |
|
149
Sanofi
SNY
$110B
| – | – |
-91,300
| Closed | -$3.89M |
|
|
150
Corpay
CPAY
$27.4B
| – | – |
-1,351,068
| Closed | -$193M |
|
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Lee Ainslie's Q1 2016 Portfolio in Review
As of Q1 2016, Lee Ainslie held 158 positions worth $6.32B, down 8.9% from $6.94B the previous quarter. Its ten largest holdings account for 52% of the portfolio.
Lee Ainslie withdrew a net $574M in Q1 2016, closing 26 positions and reducing 13 holdings. Its most notable exit was ARRIS International plc Ordinary Shares, an estimated $356M position sold in full.
By sector, the portfolio is most concentrated in Technology at 29% of assets, up from 27% a quarter earlier, followed by Industrials and Healthcare.
Against the trend, Lee Ainslie opened a new position in Lam Research worth $246M.
- Lee Ainslie's largest Q1 2016 buy was Lam Research: 29,760,020 shares worth $246M.
- Lee Ainslie added most to Booking.com in Q1 2016, an estimated $313M increase.
- Lee Ainslie's biggest Q1 2016 reduction was Pinnacle Foods, Inc., cutting an estimated $196M.
- Lee Ainslie fully exited ARRIS International plc Ordinary Shares in Q1 2016, selling an estimated $356M.
- Lee Ainslie's ten largest holdings make up 52% of its $6.32B portfolio in Q1 2016.
- Lee Ainslie opened 36 new positions and closed 26 in Q1 2016.
- Lee Ainslie's portfolio value fell 8.9% quarter-over-quarter to $6.32B.
Based on Maverick Capital's 13F filing for Q1 2016, filed 16 May 2016.