Maverick Capital Ltd Portfolio Overview
Lee Ainslie’s Maverick Capital Ltd just filed its Q3 2015 13F. Dated 25/12/2015, the 13f report shows the hedge fund has a portfolio value of $5.84 billion, representing a decrease of $716.84 million from the previous quarter when it was $6.55 billion. Note: This filling reprents about 39.66% of Maverick Capital Ltd’s assets, which which are listed in the US.
|Previous Mkt Value:||$6,552,469,000|
|Chg Mkt Value %:||-10.94 %|
|Turnover %:||23.48 %|
|Top 10 Holdings %:||55.64%|
Based on $14.71 billion in assets under management, Maverick Capital Ltd’s equity exposure is 39.66% of assets.
Fund New Positions
In this quarter, Lee Ainslie’s Maverick Capital Ltd started new positions in Pfizer Inc (PFE) for $217.92 million, Arris Group Inc New (ARRS) for $205.20 million, Pinnacle Foods Inc Del (PF) for $154.65 million, Yelp Inc (YELP) for $34.02 million and Webmd Health Corp (WBMD) for $1.43 million. These were the 5 biggest new positions. In total the hedge fund bought 21 new stocks.
|Top 5 New Buys|
|Arris Group Inc New||3.52%|
|Pinnacle Foods Inc Del||2.65%|
|Webmd Health Corp||0.02%|
|13F Sector Allocation|
|Consumer Discretionary||23 %|
|Information Technology||22 %|
|Health Care||9 %|
According to this 13f report the hedge fund upped its stakes in Aramark (ARMK) by 25% to $462.78 million, Commscope Hldg Co Inc (COMM) by 6% to $370.92 million, Google Inc (GOOG) by 19% to $451.84 million, Santander Consumer Usa Hdg I (SC) by 9% to $235.42 million and Liberty Global Plc (LBTYK) by 128% to $497.97 million. Maverick Capital Ltd also acquired smaller stakes in Sabre Corp (SABR) by 13.76% to $299.67 million, Aercap Holdings Nv (AER) by 8.69% to $186.90 million and Valeant Pharmaceuticals Intl (VRX) by 7.24% to $144.73 million. Building positions gradually is normal trading strategy for many investors.
Lee Ainslie’s fund disposed its stakes in Kraft Foods Group Inc (KRFT), Baidu Inc (BIDU), Charter Communications Inc D (CHTR), Liberty Global Plc (LBTYA) and Axiall Corp (AXLL). These stocks constituted 6.76 %, 2.42 %, 2.34 %, 0.87 % and 0.56 % of the fund’s portfolio, respectively. We can only speculate about the reasons for the selling but we believe it has to do with either value, momentum or a better place for Maverick Capital Ltd’s capital.
The fund also trimmed its postitons in Allergan Plc by -60.23%, Priceline Grp Inc (PCLN) by -83.04%, Avago Technologies Ltd (AVGO) by -71.41%, Radian Group Inc (RDN) by -17.53% and Kansas City Southern (KSU) by -0.93%.
Top 3 Holdings
Liberty Global Plc (LBTYK), Aramark (ARMK) and Google Inc (GOOG) made up the majority of Maverick Capital Ltd’s total US long portfolio in Q3 2015. These holdings were top 3 and constitute 24.2% of Maverick Capital Ltd’s US-listed securities. The top 10 holdings make approximately 55.64% of the investment manager’s portfolio.
The table above provides a summary of Maverick Capital Ltd’s top 10 US-listed stocks in Q3 2015.
13F Sector Allocation
Maverick Capital Ltd upped the information technology sector from 19 % to 22 %. According to the 13f report, the institutional investor also has securities for 23 % in the consumer discretionary sector. The finance sector is 15 % of Maverick Capital Ltd’s 13F portfolio. The fund trimmed the Consumer Staples and Materials sector positions by 4 % and 5 %, respectively.
So these are Q3 2015 fund’s sector weights now: consumer discretionary 23 % for $1.34 billion, information technology 22 % for $1.28 billion, finance 15 % for $875.34 million, industrials 10 % for $583.56 million, health care 9 % for $525.21 million, transports 4 % for $233.43 million, consumer staples 4 % for $233.43 million, consumer goods 3 % for $175.07 million and materials 1 % for $58.36 million.
Important Position Changes
Top 10 Q3 2015 New Positions: Pfizer Inc (PFE), Arris Group Inc New (ARRS), Pinnacle Foods Inc Del (PF), Yelp Inc (YELP), Webmd Health Corp (WBMD), Nvr Inc (NVR), Skechers U S A Inc (SKX), Sealed Air Corp New (SEE), Hawaiian Holdings Inc (HA) and Cadence Design System Inc (CDNS).
Top 10 Q3 2015 Sold Out Completely: Kraft Foods Group Inc (KRFT), Baidu Inc (BIDU), Charter Communications Inc D (CHTR), Liberty Global Plc (LBTYA), Axiall Corp (AXLL), Goldman Sachs Group Inc (GS), Solarwinds Inc (SWI), Roper Technologies Inc (ROP), Travelers Companies Inc (TRV) and Abbvie Inc (ABBV).
Maverick Capital Ltd – website
13F Filing Link: 000094787115000820
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