Altimeter Capital

Q3 2017 13F · by Brad Gerstner, founder

Picture99.5% US stock

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

+0.4 pp in · −9.8 pp out

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

Very concentrated · behaves like 5 equal-sized positions

Low turnover · 11% a year, about 9.3 years per position


EXPEExpedia Group, Inc.	30.77%	4,498,111	$647M	held	—	16 q
UALUnited Airlines Holdings, Inc.	29.94%	10,347,765	$630M	added0%	−2.43 pp	18 q
DATATableau Software, Inc.	12.76%	3,584,663	$268M	held	—	9 q
unresolvedPriceline Grp Inc	10.70%	123,000	$225M	held	—	18 q
PEverpure, Inc.	3.57%	4,700,000	$75M	held	—	8 q
AMZNAmazon.Com Inc	2.32%	50,780	$49M	added+2%	+0.30 pp	4 q
YELPYelp Inc.	2.12%	1,029,485	$45M	added×4.4	+1.83 pp	3 q
XYZBlock, Inc.	1.79%	1,306,345	$38M	trimmed−0%	+0.51 pp	4 q
NFLXNetFlix Inc	1.69%	195,600	$35M	held	—	5 q
TWLOTwilio Inc.	1.03%	727,800	$22M	held	—	4 q
ZGZillow Group Inc Class A	0.70%	368,142	$15M	held	—	11 q
PYPLPayPal Holdings, Inc.	0.61%	200,000	$13M	held	—	4 q
CRMSalesforce, Inc.	0.58%	130,000	$12M	held	—	4 q
GOOGLAlphabet Inc. Class A	0.35%	7,500	$7M	added+17%	+0.10 pp	3 q
BABAAlibaba Group Holding Limited	0.26%	31,950	$6M	added+24%	+0.11 pp	2 q
MULEMuleSoft, Inc.	0.24%	252,132	$5M	new	+0.24 pp	new
unresolvedTrivago NV	0.21%	410,362	$4M	new	+0.21 pp	new
ALKAlaska Air Group, Inc.	0.18%	50,000	$4M	trimmed−95%	−3.39 pp	18 q
OKTAOkta, Inc. Class A	0.10%	75,000	$2M	held	—	2 q
CVNACarvana Co.	0.07%	99,680	$1M	trimmed−17%	−0.03 pp	2 q
CTRPTrip.com Group Limited	—	−1,287,009	—	exited	−2.89 pp	—
DALDelta Air Lines, Inc.	—	−863,455	—	exited	−1.94 pp	—
AALAmerican Airlines Group Inc.	—	−850,000	—	exited	−1.79 pp	—
TRIPTripAdvisor, Inc.	—	−145,800	—	exited	−0.23 pp	—
CARAvis Budget Group, Inc.	—	−30,000	—	exited	−0.03 pp	—