MAVERICK CAPITAL Top 10 Holdings in Q3 2015

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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.

Portfolio Q32015
Market Value:$5,835,630,000
Previous Mkt Value:$6,552,469,000
Chg Mkt Value %:-10.94 %
Turnover %:23.48 %
Stocks Activity
New Purchases:21
Additional Purchases:53
Sold out:25
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.

Portfolio New Buys

Top 5 New Buys
Pfizer Inc3.73%
Arris Group Inc New3.52%
Pinnacle Foods Inc Del2.65%
Yelp Inc0.58%
Webmd Health Corp0.02%
13F Sector Allocation
Consumer Discretionary23 %
Information Technology22 %
Finance15 %
Industrials10 %
Health Care9 %

Increased Positions

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.

Fund Sells

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.

Portfolio Sold All

Reduced Positions

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.

Portfolio Top Holdings

The table above provides a summary of Maverick Capital Ltd’s top 10 US-listed stocks in Q3 2015.

13F Sector Allocation

Information Technology Sector Maverick Capital Ltd - Lee AinslieMaverick 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).


Download the full 13F form in CSV: Q3-2015-Maverick-Capital-Ltd-Lee-Ainslie-13F-Portfolio-Stock-Holdings.csv

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Maverick Capital Ltd – website

13F Filing Link: 000094787115000820

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