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 |
Alphabet (Google) Class C
GOOG
|
+$355M |
| 2 |
VISN
Vistance Networks Inc
VISN
|
+$158M |
| 3 |
Halliburton
HAL
|
+$141M |
| 4 |
Vulcan Materials
VMC
|
+$138M |
| 5 |
Booking.com
BKNG
|
+$125M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
AbbVie
ABBV
|
+$273M |
| 2 |
Alibaba
BABA
|
+$200M |
| 3 |
TFCFA
Twenty-First Century Fox, Inc. Class A
TFCFA
|
+$181M |
| 4 |
Cognizant
CTSH
|
+$151M |
| 5 |
Adobe
ADBE
|
+$146M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 20.18% |
| 2 | Technology | 18.88% |
| 3 | Communication Services | 15% |
| 4 | Financials | 10.26% |
| 5 | Industrials | 9.58% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Alphabet (Google) Class C
GOOG
$4.18T
| $347M | 5.44% |
+13,220,939
| New | +$355M |
|
2
Bausch Health
BHC
$2.41B
| $347M | 5.44% |
2,423,766
-104,130
| -4% | -$14M |
|
3
Dollar General
DG
$27.2B
| $344M | 5.39% |
4,862,281
-487,980
| -9% | -$31.8M |
|
4
Liberty Global Class C
LBTYK
$3.55B
| $318M | 4.98% |
8,126,373
-290,957
| -3% | -$10.6M |
|
|
SC
5
DELISTED
SANTANDER CONSUMER USA HOLDINGS INC
SC
| $283M | 4.44% |
14,452,986
+2,473,659
| +21% | +$45.4M |
|
6
TransDigm Group
TDG
$66.4B
| $281M | 4.41% |
1,432,382
-123,770
| -8% | -$23.3M |
|
7
McKesson
MCK
$100B
| $271M | 4.25% |
1,307,419
-549,854
| -30% | -$112M |
|
8
Radian Group
RDN
$4.84B
| $250M | 3.91% |
14,927,246
-1,713,075
| -10% | -$27.6M |
|
|
PARA
9
DELISTED
Paramount Global Class B
PARA
| $244M | 3.82% |
4,409,143
-418,827
| -9% | -$22.3M |
|
10
HCA Healthcare
HCA
$92.9B
| $241M | 3.78% |
3,285,443
-871,690
| -21% | -$61.3M |
|
|
11
Adobe
ADBE
$109B
| $206M | 3.22% |
2,829,372
-2,087,037
| -42% | -$146M |
|
12
AerCap
AER
$23B
| $201M | 3.15% |
5,179,574
+678,430
| +15% | +$28M |
|
|
CPN
13
DELISTED
Calpine Corporation
CPN
| $192M | 3.01% |
8,691,707
-993,101
| -10% | -$22M |
|
|
QIHU
14
DELISTED
QIHOO 360 TECHNOLOGY CO LTD ADS RPSTG 3 CL A SHS
QIHU
| $189M | 2.96% |
3,300,510
-392,570
| -11% | -$25.9M |
|
|
15
Vulcan Materials
VMC
$35.8B
| $186M | 2.91% |
2,826,752
+2,188,492
| +343% | +$138M |
|
|
SWI
16
DELISTED
SOLARWINDS INC COM STK (DE)
SWI
| $185M | 2.9% |
3,719,246
-1,170,229
| -24% | -$55.7M |
|
|
VISN
17
Vistance Networks Inc
VISN
$2.59B
| $161M | 2.53% |
+7,059,452
| New | +$158M |
|
18
Corpay
CPAY
$27.4B
| $136M | 2.13% |
914,693
-54,141
| -6% | -$7.8M |
|
19
Sabre
SABR
$848M
| $134M | 2.11% |
6,629,096
| – | – |
|
|
WCN
20
Waste Connections
WCN
$42.6B
| $129M | 2.02% |
4,401,338
+7,227
| +0.2% | +$227K |
|
|
21
Booking.com
BKNG
$158B
| $127M | 1.98% |
+2,775,000
| New | +$125M |
|
22
Crown Castle
CCI
$32.1B
| $124M | 1.95% |
1,579,520
+459,661
| +41% | +$36.8M |
|
23
Allison Transmission
ALSN
$11B
| $124M | 1.95% |
3,662,788
-3,578,506
| -49% | -$114M |
|
|
24
Halliburton
HAL
$29.4B
| $114M | 1.79% |
+2,900,873
| New | +$141M |
|
|
WBA
25
DELISTED
Walgreens Boots Alliance
WBA
| $96.1M | 1.51% |
+1,261,752
| New | +$84.4M |
|
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Lee Ainslie's Q4 2014 Portfolio in Review
As of Q4 2014, Lee Ainslie held 58 positions worth $6.38B, down 6.7% from $6.84B the previous quarter. Its ten largest holdings account for 46% of the portfolio.
Lee Ainslie withdrew a net $820M in Q4 2014, closing 13 positions and reducing 22 holdings. Its most notable exit was AbbVie, an estimated $273M position sold in full.
By sector, the portfolio is most concentrated in Healthcare at 20% of assets, down from 21% a quarter earlier, followed by Technology and Communication Services.
Against the trend, Lee Ainslie opened a new position in Alphabet (Google) Class C worth $347M.
- Lee Ainslie's largest Q4 2014 buy was Alphabet (Google) Class C: 13,220,939 shares worth $347M.
- Lee Ainslie added most to Vulcan Materials in Q4 2014, an estimated $138M increase.
- Lee Ainslie's biggest Q4 2014 reduction was Alibaba, cutting an estimated $200M.
- Lee Ainslie fully exited AbbVie in Q4 2014, selling an estimated $273M.
- Lee Ainslie's ten largest holdings make up 46% of its $6.38B portfolio in Q4 2014.
- Lee Ainslie opened 12 new positions and closed 13 in Q4 2014.
- Lee Ainslie's portfolio value fell 6.7% quarter-over-quarter to $6.38B.
Based on Maverick Capital's 13F filing for Q4 2014, filed 17 Feb 2015.