Altimeter Capital

Q2 2017 13F · by Brad Gerstner, founder

Picture99.8% US stock

Full picture · of what this 13F reports is US stock

−1.3 pp in · −0.2 pp out

Options: 2 moves on a notional base, in the table below.

Very concentrated · behaves like 5 equal-sized positions

Low turnover · 2.5% a year, more than 30 years per position


UALUnited Airlines Holdings, Inc.	32.37%	10,307,765	$776M	added0%	−1.70 pp	17 q
EXPEExpedia Group, Inc.	27.96%	4,498,111	$670M	held	—	15 q
unresolvedPriceline Grp Inc	9.60%	123,000	$230M	held	—	17 q
DATATableau Software, Inc.	9.17%	3,584,663	$220M	held	—	8 q
ALKAlaska Air Group, Inc.	3.57%	952,489	$85M	added+2%	−0.49 pp	17 q
CTRPTrip.com Group Limited	2.89%	1,287,009	$69M	held	—	17 q
PEverpure, Inc.	2.51%	4,700,000	$60M	trimmed−7%	+0.16 pp	7 q
AMZNAmazon.Com Inc	2.02%	50,000	$48M	held	—	3 q
DALDelta Air Lines, Inc.	1.94%	863,455	$46M	held	—	17 q
AALAmerican Airlines Group Inc.	1.79%	850,000	$43M	held	—	15 q
XYZBlock, Inc.	1.28%	1,306,545	$31M	trimmed−7%	+0.14 pp	3 q
NFLXNetFlix Inc	1.22%	195,600	$29M	trimmed−19%	−0.46 pp	4 q
TWLOTwilio Inc.	0.88%	727,800	$21M	held	—	3 q
ZGZillow Group Inc Class A	0.75%	368,142	$18M	held	—	10 q
CRMSalesforce, Inc.	0.47%	130,000	$11M	held	—	3 q
PYPLPayPal Holdings, Inc.	0.45%	200,000	$11M	held	—	3 q
YELPYelp Inc.	0.29%	231,370	$7M	added×2.2	+0.13 pp	2 q
GOOGLAlphabet Inc. Class A	0.25%	6,400	$6M	added×3.6	+0.18 pp	2 q
TRIPTripAdvisor, Inc.	0.23%	145,800	$6M	new	+0.23 pp	new
BABAAlibaba Group Holding Limited	0.15%	25,750	$4M	new	+0.15 pp	new
CVNACarvana Co.	0.10%	120,000	$2M	new	+0.10 pp	new
OKTAOkta, Inc. Class A	0.07%	75,000	$2M	new	+0.07 pp	new
CARAvis Budget Group, Inc.	0.03%	30,000	$818,000	new	+0.03 pp	new
ALGTAllegiant Travel Company	—	−6,350	—	exited	−0.05 pp	—