Philippe Laffont’s Coatue Managment cut its position in Apple Inc. (NASDAQ:AAPL) to 442k shares, down from 1.59 million shares.
The tiger cub has launched multiple long-only funds this year and has also been investing in tech startups. Coatue Long-Only Offshore Fund was launched in October with $18 million under management whereas Coatue Long-Only Partners was launched in May with $45 million.
Coatue adds to Baidu
The fund boosted its position in Baidu Inc (NASDAQ:BIDU), the Chinese search engine, in a major way. Coatue bought 1.95 million shares of Baidu Inc (NASDAQ:BIDU), a nearly 9x increase of the previous holding. Shares of Baidu are up 55% YTD.
Other major additions to existing stakes were executed in Michael Kors Holdings Ltd (NYSE:KORS), American Tower Corp (NYSE:AMT) and Yandex NV (NASDAQ:YNDX).
Coatue’s top five public long holdings are as follows: Equinix Inc (NASDAQ:EQIX), CBS Corporation (NYSE:CBS), Time Warner Inc (NYSE:TWX), Facebook Inc (NASDAQ:FB) and LIBERTY GLOBAL PLC (NASDAQ:LBTYA)
Coatue buys Facebook, Pandora Media
Coatue bought into Facebook Inc (NASDAQ:FB) once again; the fund bought 9.24 million shares of the company, making it its fourth-largest position. Laffont bought 1.13 million shares of Pandora Media Inc (NYSE:P) in the last quarter, matching its stake with the other tiger cub, Patrick McCormack, who also initiated a position in Pandora with 2.9 million shares. Shares of the radio company are up 200% YTD. While Pandora faces rising competition from iTunes Radio, shares of the company have been marking new highs.
Coatue Management bought new positions in Sprint Corporation (NYSE:S) and News Corp (NASDAQ:NWSA) (NASDAQ:NWS) as well.
Coatue sold out of ADT Corp (NYSE:ADT), Broadcom Corporation (NASDAQ:BRCM) and The Gap Inc. (NYSE:GPS) in the third quarter.