Altimeter Capital

Q1 2018 13F · by Brad Gerstner, founder

As of: Mar 31, 2018
Filed: May 15, 2018
US stock: $2.0B · prev $1.9B
Positions: 25 · prev 23
Options notional: $3M
Documents: 1· no amendments

Picture99.6% US stock

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

US stock listed on a US exchange 99.6%
Foreign stock not listed in the US 0.3%
Notes debt, at principal 0.0%
Puts at notional value 0.1%
Calls at notional value 0.0%

Moves31 since the prior filing

+26.5 pp in · −27.4 pp out

New 9 +21.83 pp
Added 10 +4.69 pp
Trimmed 2 −11.93 pp
Exited 7 −15.51 pp

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

The book

Very concentrated · behaves like 4 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 98% a year, about 1.0 years per position

Low
Moderate
High

Top 5 positions87% of US stock

UAL United Airlines Holdings, Inc. added+0.67 pp added+0.6740.3%
BKNG Booking Holdings Inc. new+17.92 pp new+17.9217.9%
DATA Tableau Software, Inc. added+1.44 pp added+1.4413.4%
EXPE Expedia Group, Inc. trimmed−10.95 pp trimmed−10.9510.8%
P Everpure, Inc. held held4.2%

Positions25 in this filing · 7 exited


UALUnited Airlines Holdings, Inc.	40.32%	11,686,865	$812M	added+5%	+0.67 pp	20 q
BKNGBooking Holdings Inc.	17.92%	173,402	$361M	new	+17.92 pp	new
DATATableau Software, Inc.	13.45%	3,351,763	$271M	added+2%	+1.44 pp	11 q
EXPEExpedia Group, Inc.	10.77%	1,964,042	$217M	trimmed−43%	−10.95 pp	18 q
PEverpure, Inc.	4.16%	4,200,000	$84M	held	—	10 q
AMZNAmazon.Com Inc	2.16%	30,000	$43M	trimmed−41%	−0.98 pp	6 q
YELPYelp Inc.	2.04%	984,300	$41M	added+20%	+0.23 pp	5 q
METAMeta Platforms, Inc. Class A	1.59%	200,300	$32M	new	+1.59 pp	new
MSFTMicrosoft Corp	1.18%	260,000	$24M	new	+1.18 pp	new
MULEMuleSoft, Inc.	0.87%	400,000	$18M	added+45%	+0.53 pp	3 q
CRMSalesforce, Inc.	0.84%	145,000	$17M	added+38%	+0.27 pp	6 q
GOOGLAlphabet Inc. Class A	0.83%	16,100	$17M	added×3.2	+0.55 pp	5 q
BABAAlibaba Group Holding Limited	0.81%	89,350	$16M	added×2.3	+0.46 pp	4 q
TWLOTwilio Inc.	0.66%	350,000	$13M	held	—	6 q
SAVEQSpirit Airlines, Inc.	0.42%	225,000	$9M	new	+0.42 pp	new
OKTAOkta, Inc. Class A	0.40%	200,000	$8M	added+33%	+0.20 pp	4 q
unresolvedTrivago NV	0.39%	1,128,857	$8M	added×2.8	+0.24 pp	3 q
DBXDropbox, Inc. Class A	0.31%	200,000	$6M	new	+0.31 pp	new
unresolvedTesla Inc	0.25%	5,000,000	$5M	new	+0.25 pp	new
MDBMongoDB, Inc. Class A	0.22%	100,000	$4M	held	—	2 q
BIDUBaidu, Inc.	0.20%	18,000	$4M	added×2.3	+0.10 pp	2 q
WWayfair Inc.	0.07%	21,206	$1M	new	+0.07 pp	new
DALDelta Air Lines, Inc.	0.05%	20,000	$1M	new	+0.05 pp	new
NCLHNorwegian Cruise Line Holdings Ltd.	0.05%	20,000	$1M	held	—	2 q
IQiQIYI, Inc.	0.04%	50,000	$778,000	new	+0.04 pp	new
unresolvedPriceline Grp Inc	—	−123,000	—	exited	−11.29 pp	—
NFLXNetFlix Inc	—	−195,600	—	exited	−1.98 pp	—
XYZBlock, Inc.	—	−644,345	—	exited	−1.18 pp	—
PYPLPayPal Holdings, Inc.	—	−200,000	—	exited	−0.78 pp	—
ALKAlaska Air Group, Inc.	—	−50,000	—	exited	−0.19 pp	—
CRTOCriteo S.A.	—	−50,000	—	exited	−0.07 pp	—
CVNACarvana Co.	—	−23,800	—	exited	−0.02 pp	—