Jericho Capital

Q4 2017 13F · by Josh Resnick, founder

As of: Dec 31, 2017
Filed: Feb 14, 2018
US stock: $1.9B · prev $1.8B
Positions: 30 · prev 27
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

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

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves43 since the prior filing

+55.0 pp in · −55.0 pp out

New 16 +39.54 pp
Added 8 +15.45 pp
Trimmed 6 −13.46 pp
Exited 13 −41.53 pp

The book

Focused · behaves like 22 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 211% a year, about 0.5 years per position

Low
Moderate
High

Top 5 positions34% of US stock

SBAC SBA Communications Corp added+2.42 pp added+2.427.7%
VMW VMware, Inc new+7.47 pp new+7.477.5%
BABA Alibaba Group Holding Limited added+2.91 pp added+2.917.3%
STMP Stamps.com, Inc. added−0.57 pp added−0.575.9%
unresolved New Oriental Ed & Tech Grp I added+4.03 pp added+4.035.7%

Positions30 in this filing · 13 exited


SBACSBA Communications Corp	7.68%	900,972	$147M	added+40%	+2.42 pp	2 q
VMWVMware, Inc	7.47%	1,142,280	$143M	new	+7.47 pp	new
BABAAlibaba Group Holding Limited	7.27%	807,110	$139M	added+82%	+2.91 pp	3 q
STMPStamps.com, Inc.	5.94%	605,173	$114M	added+7%	−0.57 pp	6 q
unresolvedNew Oriental Ed & Tech Grp I	5.72%	1,165,128	$110M	added×3.5	+4.03 pp	2 q
GRPNGroupon, Inc.	5.56%	20,878,862	$106M	added+67%	+1.87 pp	2 q
RHTRed Hat Inc	5.08%	810,785	$97M	trimmed−52%	−5.48 pp	4 q
PYPLPayPal Holdings, Inc.	4.83%	1,255,780	$92M	new	+4.83 pp	new
TWTRTwitter, Inc.	4.43%	3,532,247	$85M	new	+4.43 pp	new
MTCHMatch Group, Inc	4.35%	2,659,888	$83M	added×3.4	+3.32 pp	2 q
DATATableau Software, Inc.	3.44%	952,495	$66M	added+7%	−0.34 pp	3 q
MRVLMarvell Technology, Inc.	3.00%	2,680,169	$58M	trimmed−41%	−1.62 pp	6 q
OPTUOptimum Communications, Inc.	2.95%	2,662,755	$57M	new	+2.95 pp	new
NBISNebius Group N.V. Class A	2.94%	1,718,427	$56M	trimmed−41%	−2.48 pp	3 q
PANWPalo Alto Networks, Inc.	2.93%	387,307	$56M	new	+2.93 pp	new
unresolvedIlg Inc	2.92%	1,964,377	$56M	added×2.7	+1.81 pp	2 q
OLEDUniversal Display Corp	2.85%	316,007	$55M	trimmed−48%	−1.58 pp	3 q
WUBA58.COM Inc	2.25%	601,908	$43M	trimmed−50%	−2.02 pp	3 q
OKTAOkta, Inc. Class A	2.25%	1,685,399	$43M	new	+2.25 pp	new
NOWServicenow, Inc.	1.91%	280,023	$37M	new	+1.91 pp	new
SNAPSnap Inc.	1.88%	2,469,216	$36M	new	+1.88 pp	new
unresolvedEllie Mae	1.84%	395,000	$35M	new	+1.84 pp	new
NTAPNetApp, Inc	1.70%	588,307	$33M	new	+1.70 pp	new
VSATViasat Inc	1.55%	397,000	$30M	new	+1.55 pp	new
MLNXMellanox Technologies Ltd	1.46%	432,492	$28M	new	+1.46 pp	new
ASMLASML Holding NV	1.43%	158,000	$27M	trimmed−10%	−0.28 pp	2 q
AMBAAmbarella, Inc.	1.41%	461,154	$27M	new	+1.41 pp	new
TYPEMonotype Imaging Holdings Inc.	1.00%	798,440	$19M	new	+1.00 pp	new
ONON Semiconductor Corp	0.97%	886,000	$19M	new	+0.97 pp	new
SBGISinclair, Inc. Class A	0.96%	488,000	$18M	new	+0.96 pp	new
unresolvedPandora Media Inc	—	−14,289,481	—	exited	−6.25 pp	—
FWONKLiberty Media Corporation Series C Liberty Formula One	—	−2,426,650	—	exited	−5.25 pp	—
GDDYGoDaddy Inc	—	−2,089,000	—	exited	−5.16 pp	—
LOGMLogMein, Inc.	—	−528,133	—	exited	−3.30 pp	—
YELPYelp Inc.	—	−1,333,725	—	exited	−3.28 pp	—
FEYEFireEye, Inc.	—	−3,415,694	—	exited	−3.25 pp	—
NFLXNetFlix Inc	—	−311,000	—	exited	−3.20 pp	—
LCHappen, Inc.	—	−8,414,197	—	exited	−2.91 pp	—
NVDANvidia Corp	—	−222,000	—	exited	−2.25 pp	—
TRUETrueCar, Inc.	—	−2,505,407	—	exited	−2.25 pp	—
CNDTConduent Incorporated	—	−2,145,078	—	exited	−1.91 pp	—
XLNXXilinx Inc	—	−403,000	—	exited	−1.62 pp	—
YYJOYY Inc.	—	−182,433	—	exited	−0.90 pp	—