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 |
Microsoft
MSFT
|
+$195M |
| 2 |
SCHW
Charles Schwab
SCHW
|
+$148M |
| 3 |
Adobe
ADBE
|
+$124M |
| 4 |
WP
Worldpay, Inc.
WP
|
+$122M |
| 5 |
Molson Coors Class B
TAP
|
+$119M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Newell Brands
NWL
|
+$299M |
| 2 |
Pfizer
PFE
|
+$261M |
| 3 |
Qualcomm
QCOM
|
+$231M |
| 4 |
Constellation Brands
STZ
|
+$177M |
| 5 |
Sabre
SABR
|
+$169M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 19.89% |
| 2 | Healthcare | 18.77% |
| 3 | Consumer Discretionary | 15.09% |
| 4 | Communication Services | 14.75% |
| 5 | Consumer Staples | 11.62% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
176
American Airlines Group
AAL
$9.15B
| – | – |
-49,360
| Closed | -$2.34M |
|
177
Abercrombie & Fitch
ANF
$4.84B
| – | – |
-265,671
| Closed | -$3.84M |
|
178
Broadcom
AVGO
$1.75T
| – | – |
-127,900
| Closed | -$3.1M |
|
179
Axos Financial
AX
$5.48B
| – | – |
-121,603
| Closed | -$3.46M |
|
180
AutoZone
AZO
$48.3B
| – | – |
-13,060
| Closed | -$7.77M |
|
181
Brookdale Senior Living
BKD
$2.82B
| – | – |
-271,810
| Closed | -$2.88M |
|
182
Cigna
CI
$73.3B
| – | – |
-111,800
| Closed | -$20.9M |
|
183
Comcast
CMCSA
$95.3B
| – | – |
-2,779,604
| Closed | -$107M |
|
184
Delta Air Lines
DAL
$54.2B
| – | – |
-46,720
| Closed | -$2.25M |
|
185
Domino's
DPZ
$11.3B
| – | – |
-57,810
| Closed | -$11.5M |
|
186
Fidelity National Information Services
FIS
$21.3B
| – | – |
-1,297,276
| Closed | -$121M |
|
187
HCA Healthcare
HCA
$92.9B
| – | – |
-68,850
| Closed | -$5.48M |
|
188
HDFC Bank
HDB
$121B
| – | – |
-143,320
| Closed | -$3.45M |
|
|
HOLX
189
DELISTED
Hologic
HOLX
| – | – |
-139,580
| Closed | -$5.12M |
|
190
Idexx Laboratories
IDXX
$43.9B
| – | – |
-32,420
| Closed | -$5.04M |
|
191
Jack in the Box
JACK
$331M
| – | – |
-625,564
| Closed | -$63.8M |
|
|
JNPR
192
DELISTED
Juniper Networks
JNPR
| – | – |
-176,250
| Closed | -$4.91M |
|
193
Knight Transportation
KNX
$11.7B
| – | – |
-127,463
| Closed | -$5.3M |
|
194
LPL Financial
LPLA
$28.5B
| – | – |
-67,770
| Closed | -$3.5M |
|
195
Macy's
M
$6B
| – | – |
-103,260
| Closed | -$2.25M |
|
|
MOMO
196
Hello Group
MOMO
$850M
| – | – |
-91,860
| Closed | -$2.88M |
|
197
NetApp
NTAP
$37.7B
| – | – |
-114,720
| Closed | -$5.02M |
|
198
NetEase
NTES
$82.1B
| – | – |
-59,250
| Closed | -$3.13M |
|
|
199
Newell Brands
NWL
$2.59B
| – | – |
-7,003,992
| Closed | -$299M |
|
200
Ollie's Bargain Outlet
OLLI
$4.6B
| – | – |
-109,300
| Closed | -$5.07M |
|
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Lee Ainslie's Q4 2017 Portfolio in Review
As of Q4 2017, Lee Ainslie held 230 positions worth $7.92B, up 0.54% from $7.88B the previous quarter. Its ten largest holdings account for 49% of the portfolio.
Lee Ainslie withdrew a net $276M in Q4 2017, closing 55 positions and reducing 23 holdings. Its most notable exit was Newell Brands, an estimated $299M position sold in full.
By sector, the portfolio is most concentrated in Technology at 20% of assets, up from 18% a quarter earlier, followed by Healthcare and Consumer Discretionary.
Against the trend, Lee Ainslie opened a new position in Charles Schwab worth $162M.
- Lee Ainslie's largest Q4 2017 buy was Charles Schwab: 3,150,359 shares worth $162M.
- Lee Ainslie added most to Microsoft in Q4 2017, an estimated $195M increase.
- Lee Ainslie's biggest Q4 2017 reduction was Constellation Brands, cutting an estimated $177M.
- Lee Ainslie fully exited Newell Brands in Q4 2017, selling an estimated $299M.
- Lee Ainslie's ten largest holdings make up 49% of its $7.92B portfolio in Q4 2017.
- Lee Ainslie opened 54 new positions and closed 55 in Q4 2017.
- Lee Ainslie's portfolio value rose 0.54% quarter-over-quarter to $7.92B.
Based on Maverick Capital's 13F filing for Q4 2017, filed 13 Feb 2018.