Altimeter Capital

Q4 2017 13F · by Brad Gerstner, founder

Picture99.6% US stock

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

+10.4 pp in · −12.2 pp out

Options: 3 moves on a notional base, in the table below.

Very concentrated · behaves like 4 equal-sized positions

Low turnover · 15% a year, about 6.9 years per position


UALUnited Airlines Holdings, Inc.	39.65%	11,136,865	$751M	added+8%	+9.71 pp	19 q
EXPEExpedia Group, Inc.	21.72%	3,432,362	$411M	trimmed−24%	−9.05 pp	17 q
DATATableau Software, Inc.	12.01%	3,284,663	$227M	trimmed−8%	−0.75 pp	10 q
unresolvedPriceline Grp Inc	11.29%	123,000	$214M	held	—	19 q
PEverpure, Inc.	3.52%	4,200,000	$67M	trimmed−11%	−0.05 pp	9 q
AMZNAmazon.Com Inc	3.14%	50,780	$59M	held	—	5 q
NFLXNetFlix Inc	1.98%	195,600	$38M	held	—	6 q
YELPYelp Inc.	1.81%	817,138	$34M	trimmed−21%	−0.31 pp	4 q
XYZBlock, Inc.	1.18%	644,345	$22M	trimmed−51%	−0.61 pp	5 q
PYPLPayPal Holdings, Inc.	0.78%	200,000	$15M	held	—	5 q
CRMSalesforce, Inc.	0.57%	105,000	$11M	trimmed−19%	−0.01 pp	5 q
TWLOTwilio Inc.	0.44%	350,000	$8M	trimmed−52%	−0.59 pp	5 q
BABAAlibaba Group Holding Limited	0.35%	38,650	$7M	added+21%	+0.09 pp	3 q
MULEMuleSoft, Inc.	0.34%	275,000	$6M	added+9%	+0.10 pp	2 q
GOOGLAlphabet Inc. Class A	0.28%	5,100	$5M	trimmed−32%	−0.07 pp	4 q
OKTAOkta, Inc. Class A	0.20%	150,000	$4M	added×2.0	+0.10 pp	3 q
ALKAlaska Air Group, Inc.	0.19%	50,000	$4M	held	—	19 q
MDBMongoDB, Inc. Class A	0.16%	100,000	$3M	new	+0.16 pp	new
unresolvedTrivago NV	0.15%	410,362	$3M	held	—	2 q
BIDUBaidu, Inc.	0.10%	7,800	$2M	new	+0.10 pp	new
CRTOCriteo S.A.	0.07%	50,000	$1M	new	+0.07 pp	new
NCLHNorwegian Cruise Line Holdings Ltd.	0.06%	20,000	$1M	new	+0.06 pp	new
CVNACarvana Co.	0.02%	23,800	$455,000	trimmed−76%	−0.05 pp	3 q
ZGZillow Group Inc Class A	—	−368,142	—	exited	−0.70 pp	—