Maverick Capital

Q1 2014 13F · by Lee Ainslie, founder

As of: Mar 31, 2014
Filed: May 15, 2014
US stock: $7.1B · prev $7.7B
Positions: 49 · prev 64
Options notional: $0
Documents: 1· no amendments

Picture99.7% US stock

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

US stock listed on a US exchange 99.7%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.3%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves75 since the prior filing

+37.7 pp in · −37.8 pp out

New 15 +21.19 pp
Added 15 +16.53 pp
Trimmed 15 −5.13 pp
Exited 30 −32.64 pp

The book

Focused · behaves like 33 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 142% a year, about 0.7 years per position

Low
Moderate
High

Top 5 positions22% of US stock

RL Ralph Lauren Corporation added+2.16 pp added+2.164.5%
unresolved Valeant Pharmaceuticals Intl added+2.00 pp added+2.004.5%
TDG TransDigm Group Incorporated trimmed+0.67 pp trimmed+0.674.4%
LBTYK Liberty Global Ltd. Class C new+4.33 pp new+4.334.3%
PANW Palo Alto Networks, Inc. trimmed+0.81 pp trimmed+0.814.1%

Positions49 in this filing · 30 exited


RLRalph Lauren Corporation	4.55%	2,014,928	$324M	added+92%	+2.16 pp	4 q
unresolvedValeant Pharmaceuticals Intl	4.48%	2,421,778	$319M	added+48%	+2.00 pp	2 q
TDGTransDigm Group Incorporated	4.37%	1,680,460	$311M	trimmed−6%	+0.67 pp	4 q
LBTYKLiberty Global Ltd. Class C	4.33%	7,575,749	$308M	new	+4.33 pp	new
PANWPalo Alto Networks, Inc.	4.12%	4,277,369	$293M	trimmed−4%	+0.81 pp	4 q
HDHome Depot, Inc.	3.97%	3,572,412	$283M	trimmed−1%	+0.12 pp	4 q
unresolvedCrwn Castle Int'l Corp.	3.90%	3,771,422	$278M	added×2.8	+2.64 pp	4 q
unresolvedSolarwinds Inc	3.86%	6,448,024	$275M	trimmed−11%	+0.30 pp	4 q
HCAHCA Healthcare, Inc.	3.59%	4,876,540	$256M	trimmed−4%	+0.45 pp	4 q
COFCapital One Financial	3.52%	3,255,257	$251M	added+14%	+0.68 pp	4 q
BIDUBaidu, Inc.	3.40%	1,590,534	$242M	added×2.3	+1.80 pp	2 q
ADBEAdobe Inc.	3.31%	3,593,247	$236M	added+16%	+0.90 pp	3 q
unresolvedCalpine Corp	3.29%	11,225,032	$235M	added+19%	+0.92 pp	2 q
unresolvedCatamaran Corp	3.18%	5,063,889	$227M	added+26%	+0.72 pp	2 q
CTXSCitrix Systems Inc	3.18%	3,943,633	$227M	trimmed−19%	−0.79 pp	4 q
unresolvedAshland Inc New	3.10%	2,218,776	$221M	new	+3.10 pp	new
FTNTFortinet, Inc.	2.72%	8,796,192	$194M	trimmed−19%	+0.04 pp	4 q
unresolvedAvago Technologies Ltd	2.53%	2,800,615	$180M	added+19%	+0.92 pp	2 q
unresolvedMonsanto Co	2.38%	1,492,200	$170M	added×3.4	+1.71 pp	3 q
RDNRadian Group Inc.	2.36%	11,206,584	$168M	added+27%	+0.76 pp	3 q
QCOMQualcomm Inc	2.15%	1,945,891	$153M	trimmed−41%	−0.99 pp	4 q
unresolvedQlik Technologies Inc	2.02%	5,408,908	$144M	trimmed−38%	−0.97 pp	4 q
MTGMGIC Investment Corp.	1.97%	16,500,000	$141M	added+60%	+0.85 pp	4 q
NOVNOV Inc.	1.86%	1,704,351	$133M	trimmed−36%	−0.89 pp	4 q
NBISNebius Group N.V. Class A	1.86%	4,397,460	$133M	added+35%	+0.04 pp	3 q
unresolvedTwenty First Centy Fox Inc	1.81%	4,044,666	$129M	new	+1.81 pp	new
unresolvedCubist Pharms Inc.	1.79%	1,739,818	$127M	new	+1.79 pp	new
CTRPTrip.com Group Limited	1.72%	2,426,732	$122M	new	+1.72 pp	new
ABEVAmbev S.a.	1.65%	15,872,472	$118M	added+10%	+0.29 pp	2 q
SCSantander Consumer USA Holdings Inc	1.56%	4,602,987	$111M	new	+1.56 pp	new
AERAercap Holdings N.V.	1.47%	2,487,682	$105M	new	+1.47 pp	new
CXPColumbia Property Trust, Inc.	1.45%	3,787,286	$103M	new	+1.45 pp	new
TXTTextron, Inc.	1.41%	2,553,219	$100M	new	+1.41 pp	new
CYHCommunity Health Systems, Inc.	1.38%	2,505,134	$98M	trimmed−55%	−1.44 pp	4 q
MDRXVeradigm Inc	1.33%	5,255,290	$95M	new	+1.33 pp	new
FMXFomento Economico Mexicano, S.a.b. De C.v.	1.13%	864,051	$81M	trimmed−24%	−0.30 pp	4 q
BUDAnheuser-Busch INBEV SA/NV	0.55%	370,931	$39M	trimmed−64%	−0.86 pp	4 q
LBTYALiberty Global Ltd. Class A	0.52%	899,319	$37M	trimmed−42%	−1.27 pp	4 q
KMXCarMax Inc.	0.48%	737,850	$35M	new	+0.48 pp	new
PACBPacific Biosciences of California, Inc.	0.48%	6,459,784	$35M	held	—	4 q
NVSNovartis AG	0.42%	351,580	$30M	added+32%	+0.14 pp	4 q
unresolvedSoufun Holdings Ltd ADR	0.40%	415,080	$28M	new	+0.40 pp	new
unresolvedBurger King Worldwide Inc	0.12%	312,307	$8M	new	+0.12 pp	new
CSLTCastlight Health, Inc.	0.12%	450,000	$9M	new	+0.12 pp	new
FLTCorpay, Inc.	0.10%	62,941	$7M	new	+0.10 pp	new
unresolvedCapital One Financial 2018 Warrants	0.07%	149,900	$5M	held	—	4 q
Royal Bk Scotlnd Grp PLCconvertible	0.02%	47,881	$1M	held	—	3 q
Royal Bk Scotlnd Grp PLCconvertible	0.01%	31,954	$754,000	held	—	3 q
Royal Bk Scotlnd Grp PLCconvertible	0.00%	10,115	$225,000	trimmed−66%	−0.01 pp	3 q
EBAYeBay Inc	—	−5,727,415	—	exited	−4.06 pp	—
ZTSZoetis Inc.	—	−7,635,025	—	exited	−3.22 pp	—
DGDollar General Corp.	—	−3,203,348	—	exited	−2.50 pp	—
unresolvedCharter Comm's Inc	—	−1,168,206	—	exited	−2.06 pp	—
unresolvedPriceline Grp Inc	—	−129,748	—	exited	−1.95 pp	—
FFIVF5, Inc.	—	−1,448,126	—	exited	−1.70 pp	—
unresolvedYahoo Inc	—	−2,535,407	—	exited	−1.32 pp	—
unresolvedCBS Corp	—	−1,569,694	—	exited	−1.29 pp	—
FISFidelity National Information Services, Inc.	—	−1,840,004	—	exited	−1.28 pp	—
METMetLife, Inc.	—	−1,817,950	—	exited	−1.27 pp	—
NVRNVR, Inc.	—	−93,793	—	exited	−1.24 pp	—
ADSKAutodesk Inc	—	−1,890,588	—	exited	−1.23 pp	—
CCitigroup Inc.	—	−1,810,000	—	exited	−1.22 pp	—
HUMHumana Inc.	—	−833,034	—	exited	−1.11 pp	—
unresolvedCigna Corporation	—	−917,549	—	exited	−1.04 pp	—
unresolvedCameron International Corp	—	−1,353,355	—	exited	−1.04 pp	—
unresolvedTeam Health Holdings Inc	—	−1,468,135	—	exited	−0.86 pp	—
unresolvedPanera Bread Co	—	−280,635	—	exited	−0.64 pp	—
unresolvedTime Warner Cable Inc	—	−351,295	—	exited	−0.62 pp	—
ULTAUlta Beauty, Inc.	—	−449,112	—	exited	−0.56 pp	—
VISNVistance Networks, Inc.	—	−2,195,254	—	exited	−0.54 pp	—
ISRGIntuitive Surgical Inc.	—	−91,500	—	exited	−0.45 pp	—
unresolvedCheniere Energy Ptnrs LP Hld	—	−1,747,800	—	exited	−0.42 pp	—
unresolvedFidelity National Financial	—	−825,200	—	exited	−0.35 pp	—
METAMeta Platforms, Inc. Class A	—	−433,680	—	exited	−0.31 pp	—
ASMLASML Holding NV	—	−215,035	—	exited	−0.26 pp	—
ESNTEssent Group LTD	—	−300,000	—	exited	−0.09 pp	—
Royal Bk Scotlnd Grp PLCconvertible	—	−50,000	—	exited	−0.01 pp	—
Royal Bk Scotlnd Grp PLCconvertible	—	−15,000	—	exited	0.00 pp	—
Royal Bk Scotlnd Grp PLCconvertible	—	−9,404	—	exited	0.00 pp	—