Altimeter Capital

Q4 2018 13F · by Brad Gerstner, founder

As of: Dec 31, 2018
Filed: Feb 14, 2019
US stock: $2.7B · prev $2.6B
Positions: 24 · prev 23
Options notional: $4M
Documents: 1· 1 amendment

Picture99.5% US stock

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

US stock listed on a US exchange 99.5%
Foreign stock not listed in the US 0.1%
Notes debt, at principal 0.2%
Puts at notional value 0.0%
Calls at notional value 0.1%

Moves25 since the prior filing

+12.8 pp in · −6.9 pp out

New 5 +1.57 pp
Added 11 +11.27 pp
Trimmed 1 −3.82 pp
Exited 4 −3.12 pp

Options: 4 moves on a notional base, in the table below.

The book

Very concentrated · behaves like 5 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Low turnover · 18% a year, about 5.6 years per position

Low
Moderate
High

Top 5 positions87% of US stock

UAL United Airlines Holdings, Inc. held held35.6%
META Meta Platforms, Inc. Class A added+12.03 pp added+12.0316.2%
DATA Tableau Software, Inc. held held15.3%
EXPE Expedia Group, Inc. added−0.18 pp added−0.189.9%
BKNG Booking Holdings Inc. trimmed−3.82 pp trimmed−3.829.7%

Revealed late, restated

restated 0 rows corrected by the filer · US stock −0.24%; later quarters recomputed 13F-HR/A · Feb 14, 2019 ↗

Positions24 in this filing · 4 exited


UALUnited Airlines Holdings, Inc.	35.63%	11,629,283	$974M	held	—	23 q
METAMeta Platforms, Inc. Class A	16.16%	3,368,000	$442M	added×5.3	+12.03 pp	4 q
DATATableau Software, Inc.	15.30%	3,484,663	$418M	held	—	14 q
EXPEExpedia Group, Inc.	9.87%	2,395,025	$270M	added+22%	−0.18 pp	21 q
BKNGBooking Holdings Inc.	9.67%	153,402	$264M	trimmed−12%	−3.82 pp	4 q
PDDPDD Holdings Inc.	2.04%	2,486,288	$56M	added+3%	−0.45 pp	2 q
AMZNAmazon.Com Inc	1.81%	33,000	$50M	added+3%	−0.70 pp	9 q
MSFTMicrosoft Corp	1.34%	360,000	$37M	added+20%	−0.01 pp	4 q
CRMSalesforce, Inc.	1.33%	265,000	$36M	added+36%	+0.11 pp	9 q
YELPYelp Inc.	1.26%	984,300	$34M	held	—	8 q
unresolvedTrivago NV	0.86%	4,157,556	$23M	held	—	6 q
NVDANvidia Corp	0.78%	160,000	$21M	new	+0.78 pp	new
MDBMongoDB, Inc. Class A	0.76%	249,484	$21M	held	—	5 q
BABAAlibaba Group Holding Limited	0.62%	124,350	$17M	added+72%	+0.15 pp	7 q
DBXDropbox, Inc. Class A	0.49%	650,000	$13M	added+68%	+0.08 pp	4 q
S9QSpirit Aerosystems Hold-cl A	0.48%	225,000	$13M	new	+0.48 pp	new
OKTAOkta, Inc. Class A	0.47%	200,000	$13M	held	—	7 q
NTNXNutanix, Inc. Class A	0.46%	300,000	$12M	added×2.5	+0.26 pp	2 q
GOOGLAlphabet Inc. Class A	0.21%	5,500	$6M	held	—	8 q
ESTCElastic N.V.	0.20%	75,000	$5M	new	+0.20 pp	new
unresolvedNorwegian Cruise Line Hldg L	0.11%	70,000	$3M	added+40%	0.00 pp	2 q
ALGTAllegiant Travel Company	0.07%	20,000	$2M	new	+0.07 pp	new
unresolvedMesa Air Group Inc	0.05%	186,198	$1M	added+55%	−0.02 pp	2 q
SKYWSkywest Inc	0.04%	23,000	$1M	new	+0.04 pp	new
PEverpure, Inc.	—	−2,500,000	—	exited	−2.54 pp	—
SAVEQSpirit Airlines, Inc.	—	−225,000	—	exited	−0.41 pp	—
PAGSPagSeguro Digital Ltd.	—	−128,146	—	exited	−0.14 pp	—
CPACopa Holdings, S.A.	—	−10,000	—	exited	−0.03 pp	—