Tracking Philippe Laffont’s Coatue Management Portfolio – Q1 2024 Update

This article is part of a series that provides an ongoing analysis of the changes made to Coatue Management’s 13F stock portfolio on a quarterly basis. It is based on Coatue’s regulatory 13F Form filed on 5/15/2024. The 13F portfolio value increased from $23.84B to $25.50B this quarter. Recent 13F reports have shown around 75 individual stock positions in the portfolio. The largest five stakes are Meta Platforms, Amazon, Microsoft, Salesforce, and Taiwan Semi. They add up to ~33% of the entire portfolio. Please visit our Tracking Philippe Laffont’s Coatue Portfolio series to get an idea of their investment philosophy and our previous update for the fund’s moves during Q4 2023.

Philippe Laffont was a telecom analyst at Tiger Management from 1996. He founded Coatue Management as a tech-focused long-short hedge fund in 1999 and is one of the most successful among the “tiger cubs”. To know more about Julian Robertson and his legendary Tiger Management, check out Julian Robertson: A Tiger in the Land of Bulls and Bears.

New Stakes:

QUALCOMM Inc. (QCOM): The 2.43% of the portfolio position in QCOM was established this quarter at prices between ~$136 and ~$176. The stock currently trades well above that range at ~$227.

Broadcom Inc. (AVGO): AVGO is a 2.17% of the portfolio stake established this quarter at prices between ~$1045 and ~$1401. The stock is now at ~$1803.

Dell Technologies (DELL): The 1.89% DELL position was purchased this quarter at prices between ~$74 and ~$124, and it is now at ~$149.

Constellation Energy (CEG): CEG is a small 1.49% stake established this quarter at prices between ~$111 and ~$187. The stock currently trades at ~$220.

ASML Holding (ASML) and Vistra Corp. (VST): These very small (less than ~1% of the portfolio each) stakes were established this quarter.

Stake Disposals:

Apple Inc. (AAPL): The ~2% AAPL stake was established in the last quarter at prices between ~$167 and ~$198. The position was disposed this quarter at prices between ~$169 and ~$195. The stock is now at ~$214.

Walt Disney (DIS): A huge position in DIS was built in Q2 2020 at prices between ~$94 and ~$125. The next two quarters also saw minor increases. Q1 2021 saw a ~45% selling at prices between ~$163 and ~$202. There was another similar reduction in Q1 2022 at prices between ~$129 and ~$158. Q4 2022 saw the position almost sold out at prices between ~$84 and ~$107. The next quarter saw the stake rebuilt at prices between ~$89 and ~$113. The stake was disposed this quarter at prices between $89.29 and $122.36. The stock currently trades at ~$102.

Moderna (MRNA): A small MRNA stake was purchased in Q1 2021 at prices between ~$109 and ~$186. There was a ~400% stake increase in the next quarter at prices between ~$130 and ~$235. Q4 2021 saw a ~30% reduction at prices between ~$226 and ~$369 while the next quarter there was a ~60% stake increase at prices between ~$127 and ~$235. Q4 2022 also saw a ~12% increase. Q3 2023 saw a ~25% selling at prices between ~$96 and ~$127. That was followed by a one-third reduction in the last quarter at prices between ~$70 and ~$104. The stake was sold this quarter at prices between $85.37 and $115.44. The stock currently trades at ~$133.

Oracle Corp. (ORCL): ORCL was a ~1% of the portfolio position purchased during Q2 2023 at prices between ~$93 and ~$127. The stake was decreased by 49% during Q3 2023 at prices between ~$104 and ~$126. The position was dropped this quarter at prices between ~$102 and ~$129. The stock currently trades at ~$145.

UnitedHealth Group (UNH): The 1.17% UNH stake was purchased during Q1 2023 at prices between ~$460 and ~$519. The last quarter saw a ~17% trimming. The stake was disposed this quarter at prices between ~$471 and ~$543. It now goes for ~$481.

Applied Materials (AMAT), BILL Holdings (BILL), Charter Communications (CHTR), Confluent, Inc. (CFLT), and Ford Motor (F): These small (less than ~1% of the portfolio each) stakes were dropped during the quarter.

Stake Increases:

Amazon (AMZN): A large stake in AMZN was built in the 2009-2011 timeframe but was sold down the next year. A similar stake build-up happened in H2 2013 at prices between ~$13 and ~$14. Next quarter saw a ~80% reduction at prices between ~$14 and ~$16. The stake has wavered. Recent activity follows. The three quarters through Q2 2023 saw a huge stake build-up at prices between ~$82 and ~$130. The next quarter saw a ~15% selling at prices between ~$126 and ~$145. The last quarter also saw a ~7% trimming. There was a marginal increase this quarter. The stock is now at ~$183, and it is now a large (top three) stake at 7.12% of the portfolio.

Salesforce (CRM): CRM is a large (top five) 5.55% of the portfolio position purchased in the last quarter at prices between ~$196 and ~$267. The position was increased by 119% this quarter at prices between ~$251 and ~$317. The stock currently trades at ~$232.

Taiwan Semi (TSM): The 5.52% TSM position was primarily built this quarter at prices between ~$99 and ~$149. The stock is now at ~$180.

Eaton Corp. (ETN): ETN is a ~5% of the portfolio position purchased during Q2 2023 at prices between ~$156 and ~$201. The position was increased by 113% in the next quarter at prices between ~$196 and ~$237. The stock is now at ~$328. There was a minor ~5% increase in the last quarter and a ~4% increase this quarter.

Alphabet Inc. (GOOG): The 3.35% GOOG stake was primarily built during Q1 2023 at prices between ~$87 and ~$109. There was two-thirds selling in the last quarter at prices between ~$123 and ~$143. The position was increased by 155% this quarter at prices between ~$133 and ~$155. The stock currently trades at ~$177.

PayPal Holdings (PYPL): The 2.11% PYPL position was primarily built this quarter at prices between $56.13 and $66.99. The stock is now at $59.12.

Block, Inc. (SQ), Eli Lilly (LLY), and Burlington Stores (BURL): These small (less than ~1% of the portfolio each) stakes were increased this quarter.

Stake Decreases:

Meta Platforms (META): META is currently the largest position at 8.22% of the portfolio. It was first purchased during Q3 2013 at prices between ~$24 and ~$51. The stake has wavered. Recent activity follows. There was a ~50% reduction in the two quarters through Q3 2022 at prices between ~$134 and ~$232. The two quarters through Q1 2023 saw a huge ~480% stake build-up at prices between ~$89 and ~$212. There was a ~30% selling during Q2 2023 at prices between ~$208 and ~$289. The stake was decreased by 23% this quarter at prices between ~$344 and ~$512. The stock currently trades at ~$500.

Microsoft Corporation (MSFT): MSFT is a large (op three) ~6% of the portfolio stake purchased in Q3 2021 at prices between ~$277 and ~$305. There was a ~90% stake increase in the next quarter at prices between ~$283 and ~$343. The two quarters through Q3 2022 saw a ~77% reduction at prices between ~$233 and ~$315. The three quarters through Q2 2023 saw the position rebuilt at prices between ~$214 and ~$348. The stake was decreased by ~28% in the next quarter at prices between ~$312 and $358. The stock currently trades at ~$446. The last two quarters saw marginal trimming.

NVIDIA Corp. (NVDA): NVDA is now at ~5% of the portfolio. Q4 2021 had seen a ~200% stake increase at prices between ~$20 and ~$33.50. H1 2022 saw the stake almost eliminated at prices between ~$14.50 and ~$30. The position was rebuilt during the two quarters through Q3 2022 at prices between ~$11 and ~$19. The stake was decreased by 68% this quarter at prices between ~$48 and ~$95. The stock is now at ~$136.

Advanced Micro Devices (AMD): The 4.80% AMD position saw a ~50% stake increase during Q1 2023 at prices between ~$62 and ~$100. That was followed by a two-thirds further increase in the next quarter at prices between ~$82 and ~$129. The stake was decreased by 46% this quarter at prices between ~$135 and ~$211. The stock currently trades at ~$155.

Vertiv Holdings (VRT): The ~3% VRT position was increased by 152% during Q3 2023 at prices between $24.08 and $39.87. There was a ~20% stake increase in the last quarter at prices between ~$35 and ~$50 while this quarter there was a 33% selling at prices between $45.55 and $82.67. The stock currently trades at ~$95.

Nu Holdings (NU): NU is a 2.94% position built during Q3 2023 at prices between $6.81 and $8.18. The stock is now at $11.69. The last quarter saw a ~14% stake increase, while this quarter, there was marginal trimming.

Adobe Inc. (ADBE): The 2.83% ADBE stake was purchased during the three quarters through Q1 2023 at prices between ~$275 and ~$451. There was a ~35% reduction in the next quarter at prices between ~$335 and ~$495. The position was increased by 23% during Q3 2023 at prices between ~$481 and ~$565. That was followed by a ~20% increase in the last quarter at prices between ~$507 and ~$634. The stock is now at ~$522. There was a minor ~3% trimming this quarter.

Netflix, Inc. (NFLX): The 2.52% NFLX position is a very long-term stake. It was established in 2012 at very low prices. The stake has wavered. Recent activity follows. There was a stake doubling during Q1 2023 at prices between ~$293 and ~$368 while the next quarter saw a ~25% selling at prices between ~$318 and ~$445. That was followed by a 54% reduction this quarter at prices between ~$469 and ~$629. The stock is now at ~$686.

Intuitive Surgical (ISRG): The ~2% ISRG stake was purchased during Q3 2023 at prices between ~$284 and ~$355. The last quarter saw a two-thirds stake increase at prices between ~$259 and ~$338. The stock is now at ~$435. There was a minor ~2% trimming this quarter.

First Citizens BancShares (FCNCA): FCNCA is a 1.84% of the portfolio position purchased during Q1 2023 at prices between ~$509 and ~$973. There was a ~150% stake increase in the next quarter at prices between ~$958 and ~$1321. The stock is now well above their purchase price ranges at ~$1640. There was a ~16% trimming this quarter.

Tesla, Inc. (TSLA): TSLA is currently at 1.76% of the portfolio. It was purchased in Q1 2020 at prices between ~$28 and ~$60. The position has wavered. Recent activity follows. There was a ~17% reduction during Q3 2022 at prices between ~$227 and ~$309. The two quarters through Q1 2023 saw a ~37% increase at prices between ~$108 and ~$309. The stake was decreased by 14% during Q3 2023 at prices between ~$215 and ~$293. This quarter saw another 37% selling at prices between ~$163 and ~$248. The stock currently trades at ~$185.

Lam Research (LRCX): LRCX is a 1.69% of the portfolio position established during Q3 2022 at prices between ~$366 and ~$532 and the stock currently trades at ~$1090. There was a ~72% stake increase in the during Q1 2023 at prices between ~$414 and ~$541. Q3 2023 saw a ~11% selling, and that was followed by a ~4% trimming in the last quarter. The stake was decreased by 35% this quarter at prices between ~$730 and ~$992.

Equinix, Inc. (EQIX): The 1.33% EQIX stake was established during Q2 2023 at prices between ~$675 and ~$784. The position was increased by 28% in the next quarter at prices between ~$703 and ~$811. There was an ~11% trimming in the last quarter. The stake was decreased by 27% this quarter at prices between ~$785 and ~$914. It now goes for ~$774.

Intuit Inc. (INTU): The 1.31% INTU position was increased by 166% during Q3 2023 at prices between ~$447 and ~$553. The last quarter saw a ~50% reduction at prices between ~$479 and ~$629. That was followed by a one-third selling this quarter at prices between ~$585 and ~$668. The stock is currently at ~$610.

Shopify (SHOP): The 1.11% SHOP position was established during Q3 2023 at prices between $51.51 and $70.37. The stake was decreased by 37% this quarter at prices between $71.82 and $90.72. The stock currently trades at $64.25.

Domino’s Pizza (DPZ), DocuSign, Inc. (DOCU), Danaher Corp. (DHR), and ServiceNow (NOW): These small (less than ~1.25% of the portfolio each) positions were reduced during the quarter.

Kept Steady:

Maplebear Inc. (CART): CART is a ~1.50% position established during Q3 2023 at prices between $28.54 and $33.70 and the stock currently trades at $33.84.

Uber Technologies (UBER): UBER had an IPO in Q2 2019. Shares started trading at ~$42 and currently go for $70.33. Coatue’s stake goes back to a funding round in 2018 when the valuation was ~$60B. This is compared to the current market cap of ~$158B. The stake has wavered. Recent activity follows. Q4 2022 saw the position sold down by ~80% at prices between ~$24.40 and ~$31.60 while the next quarter saw a similar increase at prices between ~$25 and ~$37. That was followed by a ~15% increase during Q2 2023. The last quarter saw a ~42% reduction at prices between ~$41 and ~$63. The stake is now at 1.22% of the portfolio.

CrowdStrike Holdings (CRWD): The very small 0.60% of the portfolio stake in CRWD was kept steady this quarter.

Below is a spreadsheet that shows the changes to Philippe Laffont’s Coatue Management 13F long portfolio holdings as of Q1 2024:

Source: John Vincent. Data constructed from Coatue Management’s 13F filings for Q4 2023 and Q1 2024.

Editor’s Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.