Philippe Laffont’s Coatue Management Llc filed its first quarter 13F with the Securities and Exchange Commission today. The hedge fund said in the regulatory filing that it invested in 9 new stocks, increased stake in 17 stocks, exited 21 stocks and reduced holdings in 14 stocks. Top ten holdings of Coatue Management account for 64.60 percent of its total portfolio. The hedge fund’s market value increased from $6.07 billion to $7.94 billion during the first quarter.
In February, Coatue Management launched a $300 million growth fund to invest solely in high growth, pre-IPO startups. Founded in 1999 by Philippe Laffont and his brother, the hedge fund is known for betting heavily on Apple Inc. (NASDAQ:AAPL) in 2003.
Walter Schloss isn’t a name many investors will have heard today. Schloss was one of the great value investors who trained under Benjamin Graham and specialized in finding cheap stocks. His track record was outstanding. In Warren Buffett’s 1984 essay, the Super Investors of Graham-and-Doddsville, he noted that between 1956 and 1984, Schloss’s firm returned Read More
Major New Positions
The hedge fund purchased 5,128,737 shares of Green Mountain Coffee Roasters Inc. (NASDAQ:GMCR) for $291.1 million during the first quarter. It now accounts for 3.66 percent of Coatue Management’s total portfolio. The second largest new position was Broadcom Corporation (NASDAQ:BRCM) in which Philippe Laffont’s firm invested $225.75 million to purchase 6,509,745 shares. Broadcom contributes to 2.84 percent of its portfolio.
Another big new position was Yandex NV (NASDAQ:YNDX). Coatue Management bought 3,326,832 shares of Yandex NV (NASDAQ:YNDX) for $76.98 million. Coatue Management also added Best Buy Co., Inc. (NYSE:BBY) to its portfolio by purchasing 1,759,469 shares of the retailer for $38.97 million.
Equinix Inc (NASDAQ:EQIX) is the largest holding of Coatue Management, accounting for 11.96 percent of its total portfolio. The hedge fund owns 4,394,141 Equinix shares that are currently valued at about $950.4 million. Coatue Management purchased 230,664 shares of Equinix Inc (NASDAQ:EQIX) during the quarter.
Time Warner Inc (NYSE:TWX) was the second largest holding, contributing to 8.63 percent of the hedge fund’s portfolio. Coatue Management owns 11,902,275 shares of the entertainment company that have a market value of $685.8 million. The hedge fund purchased 1,751,752 shares of Time Warner Inc (NYSE:TWX) during the quarter.
The next big position was CBS Corporation (NYSE:CBS) of which the hedge fund owns 13,976,475 Class B shares having a market value of $652.5 million. Coatue Management also owns 1,205,403 shares of Apple Inc. (NASDAQ:AAPL) that have a market value of $533.58 million. The iPhone maker accounts for 6.71 percent of its total portfolio.
Sold Out Positions
Coatue Management sold off its entire stake in First Solar, Inc. (NASDAQ:FSLR). The hedge fund had 1,964,696 shares of First Solar, Inc. (NASDAQ:FSLR) at the beginning of the first quarter. The hedge fund also closed its position in NII Holdings, Inc. (NASDAQ:NIHD) by selling all the 7,243,390 shares it owned. Another position closed during the quarter was Herbalife Ltd. (NYSE:HLF). The hedge fund sold all the 850,000 shares of the nutritional supplement maker it had. Coatue Management also sold all the 811,054 shares of Silicon Laboratories (NASDAQ:SLAB) during the first quarter.