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 |
Dollar General
DG
|
+$333M |
| 2 |
McKesson
MCK
|
+$306M |
| 3 |
Allison Transmission
ALSN
|
+$193M |
| 4 |
AbbVie
ABBV
|
+$170M |
| 5 |
SC
SANTANDER CONSUMER USA HOLDINGS INC
SC
|
+$141M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Home Depot
HD
|
+$257M |
| 2 |
Capital One
COF
|
+$251M |
| 3 |
CTRX
CATAMARAN CORP COM STK (CDA)
CTRX
|
+$227M |
| 4 |
CTXS
Citrix Systems Inc
CTXS
|
+$227M |
| 5 |
Ralph Lauren
RL
|
+$199M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 22.84% |
| 2 | Technology | 17.66% |
| 3 | Financials | 8.85% |
| 4 | Communication Services | 8.04% |
| 5 | Industrials | 7.78% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
PUT
Invesco QQQ Trust
QQQ
$486B
| $526M | 7.55% |
+5,601,100
| New | +$500M |
|
2
HCA Healthcare
HCA
$92.9B
| $338M | 4.85% |
5,990,122
+1,113,582
| +23% | +$58.8M |
|
3
Crown Castle
CCI
$32.1B
| $335M | 4.81% |
4,515,034
+743,612
| +20% | +$55.8M |
|
4
TransDigm Group
TDG
$66.4B
| $335M | 4.81% |
2,004,352
+323,892
| +19% | +$58.4M |
|
|
5
Dollar General
DG
$27.2B
| $334M | 4.79% |
+5,824,217
| New | +$333M |
|
6
Bausch Health
BHC
$2.41B
| $331M | 4.75% |
2,625,014
+203,236
| +8% | +$25.9M |
|
7
Adobe
ADBE
$109B
| $330M | 4.73% |
4,559,368
+966,121
| +27% | +$62.3M |
|
|
8
McKesson
MCK
$100B
| $320M | 4.6% |
+1,719,923
| New | +$306M |
|
9
Liberty Global Class C
LBTYK
$3.55B
| $278M | 3.99% |
8,122,447
-1,241,906
| -13% | -$41.1M |
|
|
CPN
10
DELISTED
Calpine Corporation
CPN
| $241M | 3.45% |
10,105,447
-1,119,585
| -10% | -$25.4M |
|
|
SWI
11
DELISTED
SOLARWINDS INC COM STK (DE)
SWI
| $224M | 3.22% |
5,798,158
-649,866
| -10% | -$26M |
|
|
SC
12
DELISTED
SANTANDER CONSUMER USA HOLDINGS INC
SC
| $218M | 3.13% |
11,232,360
+6,629,373
| +144% | +$141M |
|
13
Baidu
BIDU
$31.6B
| $216M | 3.1% |
1,154,938
-435,596
| -27% | -$71.3M |
|
|
14
Allison Transmission
ALSN
$11B
| $198M | 2.85% |
+6,374,868
| New | +$193M |
|
15
Radian Group
RDN
$4.84B
| $190M | 2.73% |
12,821,886
+1,615,302
| +14% | +$23.5M |
|
|
16
AbbVie
ABBV
$468B
| $183M | 2.62% |
+3,235,133
| New | +$170M |
|
17
Palo Alto Networks
PANW
$292B
| $173M | 2.48% |
12,364,896
-13,299,318
| -52% | -$155M |
|
18
MGIC Investment
MTG
$6.34B
| $141M | 2.02% |
15,217,047
-1,282,953
| -8% | -$11.1M |
|
19
Ashland
ASH
$3.33B
| $136M | 1.95% |
2,557,880
-1,977,298
| -44% | -$98.6M |
|
20
Community Health Systems
CYH
$424M
| $133M | 1.91% |
3,546,117
+514,905
| +17% | +$17.1M |
|
21
Sabre
SABR
$848M
| $129M | 1.85% |
+6,417,943
| New | +$114M |
|
|
WCN
22
Waste Connections
WCN
$42.6B
| $125M | 1.79% |
+3,850,616
| New | +$116M |
|
|
23
Ralph Lauren
RL
$22.2B
| $116M | 1.67% |
724,885
-1,290,043
| -64% | -$199M |
|
24
Fortinet
FTNT
$113B
| $111M | 1.59% |
22,105,260
-21,875,700
| -50% | -$98M |
|
|
CXP
25
DELISTED
COLUMBIA PROPERTY TRUST, INC.
CXP
| $106M | 1.51% |
4,057,010
+269,724
| +7% | +$7.35M |
|
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Lee Ainslie's Q2 2014 Portfolio in Review
As of Q2 2014, Lee Ainslie held 67 positions worth $6.97B, down 2.5% from $7.15B the previous quarter. Its ten largest holdings account for 48% of the portfolio.
Lee Ainslie withdrew a net $443M in Q2 2014, closing 18 positions and reducing 16 holdings. Its most notable exit was Capital One, an estimated $251M position sold in full.
By sector, the portfolio is most concentrated in Healthcare at 23% of assets, up from 12% a quarter earlier, followed by Technology and Financials.
Against the trend, Lee Ainslie opened a new position in Dollar General worth $334M.
- Lee Ainslie's largest Q2 2014 buy was Dollar General: 5,824,217 shares worth $334M.
- Lee Ainslie added most to SANTANDER CONSUMER USA HOLDINGS INC in Q2 2014, an estimated $141M increase.
- Lee Ainslie's biggest Q2 2014 reduction was Home Depot, cutting an estimated $257M.
- Lee Ainslie fully exited Capital One in Q2 2014, selling an estimated $251M.
- Lee Ainslie's ten largest holdings make up 48% of its $6.97B portfolio in Q2 2014.
- Lee Ainslie opened 17 new positions and closed 18 in Q2 2014.
- Lee Ainslie's portfolio value fell 2.5% quarter-over-quarter to $6.97B.
Based on Maverick Capital's 13F filing for Q2 2014, filed 14 Aug 2014.