Altimeter Capital

Q1 2019 13F · by Brad Gerstner, founder

As of: Mar 31, 2019
Filed: May 15, 2019
US stock: $2.9B · prev $2.7B
Positions: 23 · prev 24
Options notional: $8M
Documents: 1· no amendments

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 0.0%
Notes debt, at principal 0.2%
Puts at notional value 0.0%
Calls at notional value 0.3%

Moves24 since the prior filing

+9.9 pp in · −6.5 pp out

New 3 +0.57 pp
Added 9 +9.32 pp
Trimmed 6 −4.90 pp
Exited 4 −1.58 pp

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

The book

Very concentrated · behaves like 5 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 26% a year, about 3.8 years per position

Low
Moderate
High

Top 5 positions87% of US stock

UAL United Airlines Holdings, Inc. held held31.9%
META Meta Platforms, Inc. Class A added+4.22 pp added+4.2220.4%
DATA Tableau Software, Inc. trimmed−1.00 pp trimmed−1.0014.3%
EXPE Expedia Group, Inc. added+1.88 pp added+1.8811.8%
BKNG Booking Holdings Inc. trimmed−1.48 pp trimmed−1.488.2%

Positions23 in this filing · 4 exited


UALUnited Airlines Holdings, Inc.	31.92%	11,629,283	$928M	held	—	24 q
METAMeta Platforms, Inc. Class A	20.38%	3,553,400	$592M	added+6%	+4.22 pp	5 q
DATATableau Software, Inc.	14.30%	3,266,460	$416M	trimmed−6%	−1.00 pp	15 q
EXPEExpedia Group, Inc.	11.75%	2,868,693	$341M	added+20%	+1.88 pp	22 q
BKNGBooking Holdings Inc.	8.19%	136,402	$238M	trimmed−11%	−1.48 pp	5 q
NTNXNutanix, Inc. Class A	2.73%	2,100,000	$79M	added×7.0	+2.27 pp	3 q
PDDPDD Holdings Inc.	2.12%	2,486,288	$62M	held	—	3 q
MSFTMicrosoft Corp	2.03%	500,000	$59M	added+39%	+0.69 pp	5 q
CRMSalesforce, Inc.	1.44%	265,000	$42M	held	—	10 q
BABAAlibaba Group Holding Limited	0.86%	136,350	$25M	added+10%	+0.24 pp	8 q
unresolvedTrivago NV	0.77%	5,177,428	$22M	added+25%	−0.09 pp	7 q
MDBMongoDB, Inc. Class A	0.71%	140,000	$21M	trimmed−44%	−0.05 pp	6 q
OKTAOkta, Inc. Class A	0.57%	200,000	$17M	held	—	8 q
AMZNAmazon.Com Inc	0.49%	8,000	$14M	trimmed−76%	−1.32 pp	10 q
SAVEQSpirit Airlines, Inc.	0.41%	225,000	$12M	new	+0.41 pp	new
YELPYelp Inc.	0.36%	300,000	$10M	trimmed−70%	−0.90 pp	9 q
DBXDropbox, Inc. Class A	0.34%	450,000	$10M	trimmed−31%	−0.15 pp	5 q
ESTCElastic N.V.	0.27%	100,000	$8M	added+33%	+0.07 pp	2 q
NCLHNorwegian Cruise Line Holdings Ltd.	0.13%	70,000	$4M	new	+0.13 pp	new
ALGTAllegiant Travel Company	0.09%	20,000	$3M	held	—	2 q
SKYWSkywest Inc	0.07%	35,000	$2M	added+52%	+0.03 pp	2 q
unresolvedMesa Air Group Inc	0.06%	200,000	$2M	added+7%	+0.01 pp	3 q
LYFTLyft, Inc. Class A	0.03%	10,000	$783,000	new	+0.03 pp	new
NVDANvidia Corp	—	−160,000	—	exited	−0.78 pp	—
S9QSpirit Aerosystems Hold-cl A	—	−225,000	—	exited	−0.48 pp	—
GOOGLAlphabet Inc. Class A	—	−5,500	—	exited	−0.21 pp	—
unresolvedNorwegian Cruise Line Hldg L	—	−70,000	—	exited	−0.11 pp	—