Insight into Maverick Capital's Q3 2023 Portfolio Adjustments
Lee Ainslie (Trades, Portfolio), a prominent figure in the investment world and the mastermind behind Maverick Capital, has recently disclosed the firm's 13F holdings for the third quarter of 2023. Ainslie, who honed his skills under the tutelage of Julian Robertson at Tiger Management (Trades, Portfolio), founded Maverick Capital in 1993 with an initial $38 million. The firm's investment strategy is shaped by six industry experts who specialize in sectors such as consumer, health care, cyclical, retail, financial, and telecommunications, media, and technology. Ainslie's investment decisions are informed by discussions with these experts, ensuring a well-rounded approach to portfolio management.
New Additions to Maverick Capital's Portfolio
During the third quarter, Lee Ainslie (Trades, Portfolio)'s Maverick Capital made several strategic additions to its portfolio, including:
- Alibaba Group Holding Ltd (BABA, Financial) with 830,459 shares, representing 1.63% of the portfolio and valued at $72.03 million.
- Progressive Corp (PGR, Financial) with 272,659 shares, accounting for 0.86% of the portfolio, with a total value of $37.98 million.
- PTC Inc (PTC, Financial) with 264,368 shares, making up 0.85% of the portfolio and valued at $37.46 million.
Significant Increases in Existing Positions
Notably, Ainslie's firm also increased its stakes in several companies, with the most significant boosts in:
- Philip Morris International Inc (PM, Financial), where an additional 1,404,217 shares were acquired, resulting in a 306.59% increase in share count and a 2.93% portfolio impact, totaling $172.40 million in value.
- Union Pacific Corp (UNP, Financial), with an additional 325,424 shares, marking a staggering 13,912.95% increase in share count and a total value of $66.74 million.
Complete Exits from Certain Holdings
In a move to optimize the portfolio, Lee Ainslie (Trades, Portfolio)'s Maverick Capital exited several positions entirely in Q3 2023:
- Netflix Inc (NFLX, Financial), selling all 206,421 shares, which had a -1.94% impact on the portfolio.
- Applied Materials Inc (AMAT, Financial), liquidating all 271,986 shares, resulting in a -0.84% portfolio impact.
Reductions in Key Holdings
Additionally, Maverick Capital reduced its positions in a number of stocks, with the most notable reductions being:
- Bank of New York Mellon Corp (BK, Financial) by 1,565,199 shares, a -98.8% decrease, impacting the portfolio by -1.48%. The stock traded at an average price of $44.55 during the quarter.
- Constellation Brands Inc (STZ, Financial) by 239,329 shares, a -40.42% reduction, with a -1.26% impact on the portfolio. The stock's average trading price was $261.06 for the quarter.
Overview of Maverick Capital's Q3 2023 Portfolio
As of the third quarter of 2023, Lee Ainslie (Trades, Portfolio)'s portfolio comprised 302 stocks. The top holdings included 29.58% in Coupang Inc (CPNG, Financial), 3.98% in Amazon.com Inc (AMZN, Financial), 3.98% in Meta Platforms Inc (META, Financial), 3.89% in Philip Morris International Inc (PM, Financial), and 3.29% in NVIDIA Corp (NVDA, Financial). The investments span across all 11 industries, with a focus on Consumer Cyclical, Technology, Healthcare, Communication Services, Financial Services, Consumer Defensive, Real Estate, Industrials, Utilities, Energy, and Basic Materials.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
