Maverick Capital

Q3 2014 13F · by Lee Ainslie, founder

As of: Sep 30, 2014
Filed: Nov 14, 2014
US stock: $6.6B · prev $6.4B
Positions: 44 · prev 46
Options notional: $237M
Documents: 1· no amendments

Picture96.5% US stock

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

US stock listed on a US exchange 96.5%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 3.5%
Calls at notional value 0.0%

Moves56 since the prior filing

+26.0 pp in · −25.9 pp out

New 10 +17.58 pp
Added 17 +8.46 pp
Trimmed 16 −16.19 pp
Exited 12 −9.72 pp

Options: 1 move on a notional base, in the table below.

The book

Focused · behaves like 30 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 116% a year, about 0.9 years per position

Low
Moderate
High

Top 5 positions25% of US stock

MCK McKesson Corporation added+0.45 pp added+0.455.5%
ADBE Adobe Inc. added−0.03 pp added−0.035.2%
unresolved Valeant Pharmaceuticals Intl trimmed−0.18 pp trimmed−0.185.0%
DG Dollar General Corp. trimmed−0.29 pp trimmed−0.295.0%
HCA HCA Healthcare, Inc. trimmed−0.86 pp trimmed−0.864.4%

Positions44 in this filing · 12 exited


MCKMcKesson Corporation	5.48%	1,857,273	$362M	added+8%	+0.45 pp	2 q
ADBEAdobe Inc.	5.15%	4,916,409	$340M	added+8%	−0.03 pp	5 q
unresolvedValeant Pharmaceuticals Intl	5.02%	2,527,896	$332M	trimmed−4%	−0.18 pp	4 q
DGDollar General Corp.	4.95%	5,350,261	$327M	trimmed−8%	−0.29 pp	2 q
HCAHCA Healthcare, Inc.	4.44%	4,157,133	$293M	trimmed−31%	−0.86 pp	6 q
TDGTransDigm Group Incorporated	4.34%	1,556,152	$287M	trimmed−22%	−0.92 pp	6 q
LBTYKLiberty Global Ltd. Class C	4.23%	6,809,609	$279M	added+4%	−0.13 pp	3 q
ABBVAbbvie Inc.	4.13%	4,723,578	$273M	added+46%	+1.26 pp	2 q
unresolvedCBS Corp	3.91%	4,827,970	$258M	new	+3.91 pp	new
unresolvedQihoo 360 Technology Co. ADR	3.77%	3,693,080	$249M	added×3.4	+2.20 pp	2 q
RDNRadian Group Inc.	3.59%	16,640,321	$237M	added+30%	+0.61 pp	5 q
SCSantander Consumer USA Holdings Inc	3.23%	11,979,327	$213M	added+7%	−0.20 pp	3 q
unresolvedCalpine Corp	3.18%	9,684,808	$210M	trimmed−4%	−0.60 pp	4 q
ALSNAllison Transmission Holdings, Inc.	3.12%	7,241,294	$206M	added+14%	+0.01 pp	2 q
unresolvedSolarwinds Inc	3.11%	4,889,475	$206M	trimmed−16%	−0.41 pp	6 q
BABAAlibaba Group Holding Limited	2.96%	2,200,000	$195M	new	+2.96 pp	new
AERAercap Holdings N.V.	2.79%	4,501,144	$184M	added×2.5	+1.50 pp	3 q
unresolvedTwenty First Centy Fox Inc	2.74%	5,280,500	$181M	new	+2.74 pp	new
CTSHCognizant Technology Solutions	2.29%	3,375,000	$151M	new	+2.29 pp	new
unresolvedWaste Connections Inc	2.15%	2,929,407	$142M	added+14%	+0.19 pp	2 q
unresolvedBurger King Worldwide Inc	2.09%	4,650,884	$138M	new	+2.09 pp	new
FLTCorpay, Inc.	2.09%	968,834	$138M	added×3.7	+1.54 pp	3 q
SABRSabre Corporation	1.80%	6,629,096	$119M	added+3%	−0.22 pp	2 q
CYHCommunity Health Systems, Inc.	1.76%	2,118,086	$116M	trimmed−28%	−0.33 pp	6 q
unresolvedAshland Inc New	1.73%	1,099,643	$114M	trimmed−12%	−0.41 pp	3 q
BUDAnheuser-Busch INBEV SA/NV	1.57%	934,417	$104M	added+24%	+0.21 pp	6 q
CXPColumbia Property Trust, Inc.	1.53%	4,234,265	$101M	added+4%	−0.13 pp	3 q
MTGMGIC Investment Corp.	1.41%	11,904,556	$93M	trimmed−22%	−0.80 pp	6 q
MLMMartin Marietta Materials	1.38%	709,129	$91M	added×2.9	+0.87 pp	2 q
unresolvedCrwn Castle Int'l Corp.	1.37%	1,119,859	$90M	trimmed−75%	−3.89 pp	6 q
LBTYALiberty Global Ltd. Class A	1.25%	1,933,330	$82M	added+29%	+0.21 pp	6 q
PTCPtc, Inc	1.06%	1,904,256	$70M	new	+1.06 pp	new
unresolvedQlik Technologies Inc	1.05%	2,568,778	$69M	trimmed−26%	−0.18 pp	6 q
AMCXAMC Global Media Inc. Class A	0.86%	973,456	$57M	new	+0.86 pp	new
unresolvedNorthstar Rlty Fin Corp	0.70%	2,603,812	$46M	new	+0.70 pp	new
PANWPalo Alto Networks, Inc.	0.70%	473,825	$46M	trimmed−77%	−2.01 pp	6 q
VMCVulcan Materials Company(Holding Company)	0.58%	638,260	$38M	new	+0.58 pp	new
PACBPacific Biosciences of California, Inc.	0.48%	6,459,784	$32M	held	—	6 q
FTNTFortinet, Inc.	0.46%	1,193,635	$30M	trimmed−73%	−1.28 pp	6 q
ICEIntercontinental Exchange Inc.	0.45%	153,563	$30M	trimmed−57%	−0.61 pp	2 q
NVSNovartis AG	0.39%	272,570	$26M	new	+0.39 pp	new
BIDUBaidu, Inc.	0.38%	113,630	$25M	trimmed−90%	−3.01 pp	4 q
CSLTCastlight Health, Inc.	0.22%	1,144,324	$15M	added×2.5	+0.12 pp	3 q
NOKNokia Corporation	0.09%	667,420	$6M	trimmed−84%	−0.41 pp	2 q
RLRalph Lauren Corporation	—	−724,885	—	exited	−1.83 pp	—
HUMHumana Inc.	—	−771,168	—	exited	−1.55 pp	—
unresolvedWalgreen Co	—	−1,318,963	—	exited	−1.53 pp	—
CTRPTrip.com Group Limited	—	−1,141,244	—	exited	−1.15 pp	—
ACHCAcadia Healthcare Company, Inc.	—	−1,106,136	—	exited	−0.79 pp	—
FISFidelity National Information Services, Inc.	—	−748,561	—	exited	−0.64 pp	—
unresolvedNew York REIT Inc	—	−3,042,432	—	exited	−0.53 pp	—
HDHome Depot, Inc.	—	−308,330	—	exited	−0.39 pp	—
QCOMQualcomm Inc	—	−311,120	—	exited	−0.39 pp	—
unresolvedAvago Technologies Ltd	—	−344,840	—	exited	−0.39 pp	—
unresolvedSoufun Holdings Ltd ADR	—	−2,220,920	—	exited	−0.34 pp	—
ABEVAmbev S.a.	—	−1,727,960	—	exited	−0.19 pp	—