Maverick Capital

Q2 2014 13F · by Lee Ainslie, founder

As of: Jun 30, 2014
Filed: Aug 14, 2014
US stock: $6.4B · prev $7.1B
Positions: 46 · prev 49
Options notional: $576M
Documents: 1· no amendments

Picture91.4% US stock

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

US stock listed on a US exchange 91.4%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.3%
Puts at notional value 8.3%
Calls at notional value 0.0%

Moves64 since the prior filing

+40.6 pp in · −40.7 pp out

New 15 +28.91 pp
Added 13 +11.68 pp
Trimmed 16 −16.14 pp
Exited 18 −24.57 pp

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

The book

Focused · behaves like 29 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 187% a year, about 0.5 years per position

Low
Moderate
High

Top 5 positions26% of US stock

HCA HCA Healthcare, Inc. added+1.71 pp added+1.715.3%
unresolved Crwn Castle Int'l Corp. added+1.36 pp added+1.365.3%
TDG TransDigm Group Incorporated added+0.89 pp added+0.895.3%
DG Dollar General Corp. new+5.24 pp new+5.245.2%
unresolved Valeant Pharmaceuticals Intl added+0.72 pp added+0.725.2%

Positions46 in this filing · 18 exited


HCAHCA Healthcare, Inc.	5.30%	5,990,122	$338M	added+23%	+1.71 pp	5 q
unresolvedCrwn Castle Int'l Corp.	5.26%	4,515,034	$335M	added+20%	+1.36 pp	5 q
TDGTransDigm Group Incorporated	5.26%	2,004,352	$335M	added+19%	+0.89 pp	5 q
DGDollar General Corp.	5.24%	5,824,217	$334M	new	+5.24 pp	new
unresolvedValeant Pharmaceuticals Intl	5.20%	2,625,014	$331M	added+8%	+0.72 pp	3 q
ADBEAdobe Inc.	5.18%	4,559,368	$330M	added+27%	+1.87 pp	4 q
MCKMcKesson Corporation	5.03%	1,719,923	$320M	new	+5.03 pp	new
LBTYKLiberty Global Ltd. Class C	4.36%	6,571,049	$278M	trimmed−13%	+0.03 pp	2 q
unresolvedCalpine Corp	3.78%	10,105,447	$241M	trimmed−10%	+0.49 pp	3 q
unresolvedSolarwinds Inc	3.52%	5,798,158	$224M	trimmed−10%	−0.34 pp	5 q
SCSantander Consumer USA Holdings Inc	3.43%	11,232,360	$218M	added×2.4	+1.87 pp	2 q
BIDUBaidu, Inc.	3.39%	1,154,938	$216M	trimmed−27%	−0.01 pp	3 q
ALSNAllison Transmission Holdings, Inc.	3.11%	6,374,868	$198M	new	+3.11 pp	new
RDNRadian Group Inc.	2.98%	12,821,886	$190M	added+14%	+0.62 pp	4 q
ABBVAbbvie Inc.	2.87%	3,235,133	$183M	new	+2.87 pp	new
PANWPalo Alto Networks, Inc.	2.71%	2,060,816	$173M	trimmed−52%	−1.41 pp	5 q
MTGMGIC Investment Corp.	2.21%	15,217,047	$141M	trimmed−8%	+0.24 pp	5 q
unresolvedAshland Inc New	2.14%	1,251,409	$136M	trimmed−44%	−0.96 pp	2 q
CYHCommunity Health Systems, Inc.	2.09%	2,930,675	$133M	added+17%	+0.71 pp	5 q
SABRSabre Corporation	2.02%	6,417,943	$129M	new	+2.02 pp	new
unresolvedWaste Connections Inc	1.96%	2,567,077	$125M	new	+1.96 pp	new
RLRalph Lauren Corporation	1.83%	724,885	$116M	trimmed−64%	−2.72 pp	5 q
FTNTFortinet, Inc.	1.74%	4,421,052	$111M	trimmed−50%	−0.98 pp	5 q
CXPColumbia Property Trust, Inc.	1.66%	4,057,010	$106M	added+7%	+0.21 pp	2 q
unresolvedQihoo 360 Technology Co. ADR	1.57%	1,086,146	$100M	new	+1.57 pp	new
HUMHumana Inc.	1.55%	771,168	$98M	new	+1.55 pp	new
unresolvedWalgreen Co	1.53%	1,318,963	$98M	new	+1.53 pp	new
BUDAnheuser-Busch INBEV SA/NV	1.36%	754,272	$87M	added×2.0	+0.81 pp	5 q
AERAercap Holdings N.V.	1.29%	1,798,208	$82M	trimmed−28%	−0.18 pp	2 q
unresolvedQlik Technologies Inc	1.23%	3,474,320	$79M	trimmed−36%	−0.79 pp	5 q
CTRPTrip.com Group Limited	1.15%	1,141,244	$73M	trimmed−53%	−0.57 pp	2 q
ICEIntercontinental Exchange Inc.	1.06%	357,813	$68M	new	+1.06 pp	new
LBTYALiberty Global Ltd. Class A	1.04%	1,497,100	$66M	added+66%	+0.52 pp	5 q
ACHCAcadia Healthcare Company, Inc.	0.79%	1,106,136	$50M	new	+0.79 pp	new
FISFidelity National Information Services, Inc.	0.64%	748,561	$41M	new	+0.64 pp	new
PACBPacific Biosciences of California, Inc.	0.63%	6,459,784	$40M	held	—	5 q
FLTCorpay, Inc.	0.55%	264,926	$35M	added×4.2	+0.45 pp	2 q
unresolvedNew York REIT Inc	0.53%	3,042,432	$34M	new	+0.53 pp	new
MLMMartin Marietta Materials	0.51%	248,049	$33M	new	+0.51 pp	new
NOKNokia Corporation	0.50%	4,215,343	$32M	new	+0.50 pp	new
HDHome Depot, Inc.	0.39%	308,330	$25M	trimmed−91%	−3.58 pp	5 q
QCOMQualcomm Inc	0.39%	311,120	$25M	trimmed−84%	−1.76 pp	5 q
unresolvedAvago Technologies Ltd	0.39%	344,840	$25M	trimmed−88%	−2.14 pp	3 q
unresolvedSoufun Holdings Ltd ADR	0.34%	2,220,920	$22M	added×5.4	−0.06 pp	2 q
ABEVAmbev S.a.	0.19%	1,727,960	$12M	trimmed−89%	−1.46 pp	3 q
CSLTCastlight Health, Inc.	0.10%	450,000	$7M	held	—	2 q
COFCapital One Financial	—	−3,255,257	—	exited	−3.52 pp	—
unresolvedCatamaran Corp	—	−5,063,889	—	exited	−3.18 pp	—
CTXSCitrix Systems Inc	—	−3,943,633	—	exited	−3.18 pp	—
unresolvedMonsanto Co	—	−1,492,200	—	exited	−2.38 pp	—
NOVNOV Inc.	—	−1,704,351	—	exited	−1.86 pp	—
NBISNebius Group N.V. Class A	—	−4,397,460	—	exited	−1.86 pp	—
unresolvedTwenty First Centy Fox Inc	—	−4,044,666	—	exited	−1.81 pp	—
unresolvedCubist Pharms Inc.	—	−1,739,818	—	exited	−1.79 pp	—
TXTTextron, Inc.	—	−2,553,219	—	exited	−1.41 pp	—
MDRXVeradigm Inc	—	−5,255,290	—	exited	−1.33 pp	—
FMXFomento Economico Mexicano, S.a.b. De C.v.	—	−864,051	—	exited	−1.13 pp	—
KMXCarMax Inc.	—	−737,850	—	exited	−0.48 pp	—
NVSNovartis AG	—	−351,580	—	exited	−0.42 pp	—
unresolvedBurger King Worldwide Inc	—	−312,307	—	exited	−0.12 pp	—
unresolvedCapital One Financial 2018 Warrants	—	−149,900	—	exited	−0.07 pp	—
Royal Bk Scotlnd Grp PLCconvertible	—	−47,881	—	exited	−0.02 pp	—
Royal Bk Scotlnd Grp PLCconvertible	—	−31,954	—	exited	−0.01 pp	—
Royal Bk Scotlnd Grp PLCconvertible	—	−10,115	—	exited	0.00 pp	—