Maverick Capital

Q2 2015 13F · by Lee Ainslie, founder

As of: Jun 30, 2015
Filed: Aug 14, 2015
US stock: $6.6B · prev $6.2B
Positions: 120 · prev 119
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%

Moves113 since the prior filing

+25.1 pp in · −25.0 pp out

New 23 +15.26 pp
Added 31 +9.80 pp
Trimmed 37 −15.94 pp
Exited 22 −9.08 pp

The book

Focused · behaves like 25 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 94% a year, about 1.1 years per position

Low
Moderate
High

Top 5 positions31% of US stock

unresolved Kraft Foods Group Inc added+5.09 pp added+5.096.8%
ACT Allergan PLC new+6.76 pp new+6.766.8%
unresolved Priceline Grp Inc added−0.29 pp added−0.296.4%
ARMK Aramark added+0.23 pp added+0.235.9%
VISN Vistance Networks, Inc. trimmed+0.06 pp trimmed+0.065.4%

Positions120 in this filing · 22 exited


unresolvedKraft Foods Group Inc	6.76%	5,205,357	$443M	added×4.4	+5.09 pp	2 q
ACTAllergan PLC	6.76%	1,459,560	$443M	new	+6.76 pp	new
unresolvedPriceline Grp Inc	6.38%	363,346	$418M	added+2%	−0.29 pp	3 q
ARMKAramark	5.89%	12,466,784	$386M	added+12%	+0.23 pp	2 q
VISNVistance Networks, Inc.	5.42%	11,641,052	$355M	trimmed−0%	+0.06 pp	3 q
GOOGAlphabet Inc. Class C	4.94%	621,569	$324M	trimmed−12%	−1.28 pp	3 q
unresolvedAvago Technologies Ltd	4.33%	2,134,579	$284M	trimmed−12%	−0.61 pp	3 q
SCSantander Consumer USA Holdings Inc	4.13%	10,574,825	$270M	trimmed−22%	−0.92 pp	6 q
LBTYKLiberty Global Ltd. Class C	4.12%	5,327,386	$270M	added+86%	+1.82 pp	6 q
RDNRadian Group Inc.	4.11%	14,369,328	$270M	trimmed−17%	−0.59 pp	8 q
TDGTransDigm Group Incorporated	3.77%	1,100,438	$247M	trimmed−18%	−0.98 pp	9 q
SABRSabre Corporation	3.52%	9,691,463	$231M	added+38%	+0.78 pp	5 q
KSUKansas City Southern	3.34%	2,397,661	$219M	new	+3.34 pp	new
AERAercap Holdings N.V.	3.14%	4,496,991	$206M	added+22%	+0.55 pp	6 q
ADBEAdobe Inc.	2.88%	2,326,328	$188M	trimmed−33%	−1.23 pp	8 q
unresolvedTeam Health Holdings Inc	2.69%	2,698,345	$176M	trimmed−27%	−0.81 pp	3 q
unresolvedValeant Pharmaceuticals Intl	2.57%	756,609	$168M	trimmed−41%	−1.51 pp	7 q
VMCVulcan Materials Company(Holding Company)	2.46%	1,918,864	$161M	trimmed−15%	−0.62 pp	4 q
BIDUBaidu, Inc.	2.42%	797,737	$159M	trimmed−27%	−1.25 pp	2 q
unresolvedNorthstar Rlty Fin Corp	2.37%	9,762,361	$155M	added+38%	+0.31 pp	4 q
unresolvedCharter Comm's Inc	2.34%	896,954	$154M	new	+2.34 pp	new
UHSUniversal Health Services, Inc. Class B	2.20%	1,016,491	$144M	added+5%	+0.36 pp	3 q
unresolvedSensata Technologies Hldng NV	1.94%	2,406,068	$127M	added×2.4	+1.02 pp	2 q
FLTCorpay, Inc.	1.87%	784,798	$122M	trimmed−12%	−0.30 pp	6 q
BUDAnheuser-Busch INBEV SA/NV	1.79%	971,763	$117M	added+4%	−0.05 pp	9 q
MTGMGIC Investment Corp.	1.27%	7,291,359	$83M	trimmed−46%	−0.83 pp	9 q
ORIOld Republic International Corporation	0.91%	3,819,270	$60M	new	+0.91 pp	new
LBTYALiberty Global Ltd. Class A	0.87%	1,052,313	$57M	added+5%	+0.04 pp	9 q
CITCIT Group Inc.	0.72%	1,016,015	$47M	new	+0.72 pp	new
AWIArmstrong World Industries, Inc.	0.70%	865,646	$46M	added+6%	−0.06 pp	2 q
PACBPacific Biosciences of California, Inc.	0.62%	7,061,034	$41M	held	—	9 q
unresolvedWaste Connections Inc	0.58%	812,233	$38M	trimmed−52%	−0.74 pp	5 q
unresolvedAxiall Corp	0.56%	1,017,031	$37M	new	+0.56 pp	new
GSGoldman Sachs Group Inc.	0.55%	173,000	$36M	new	+0.55 pp	new
unresolvedSolarwinds Inc	0.40%	563,735	$26M	trimmed−78%	−1.71 pp	9 q
CSLTCastlight Health, Inc.	0.14%	1,144,324	$9M	held	—	6 q
SNYSanofi	0.08%	101,650	$5M	new	+0.08 pp	new
YAlleghany Corporation	0.01%	1,510	$708,000	held	—	2 q
MSFTMicrosoft Corp	0.01%	14,800	$653,000	trimmed−7%	0.00 pp	2 q
MUMicron Technology, Inc.	0.01%	24,220	$456,000	trimmed−100%	−2.62 pp	2 q
NAVINavient Corporation	0.01%	35,990	$655,000	added+10%	0.00 pp	2 q
NXSTNexstar Media Group, Inc.	0.01%	12,350	$692,000	trimmed−3%	0.00 pp	2 q
NKENike, Inc.	0.01%	6,830	$738,000	trimmed−6%	0.00 pp	2 q
ORLYO'Reilly Automotive, Inc.	0.01%	3,150	$712,000	trimmed−7%	0.00 pp	2 q
ODFLOld Dominion Freight Line	0.01%	10,190	$699,000	added+16%	0.00 pp	2 q
ROPRoper Technologies, Inc.	0.01%	3,960	$683,000	trimmed−6%	0.00 pp	2 q
ROSTRoss Stores Inc	0.01%	14,340	$697,000	added+9%	0.00 pp	2 q
SHWThe Sherwin-Williams Company	0.01%	2,440	$671,000	trimmed−4%	0.00 pp	2 q
SYMCGen Digital Inc.	0.01%	27,880	$648,000	held	—	2 q
unresolvedTesoro Corp	0.01%	7,600	$642,000	held	—	2 q
unresolvedTessera Technologies, Inc.	0.01%	17,430	$662,000	held	—	2 q
TWXTime Warner Inc	0.01%	8,290	$725,000	trimmed−5%	0.00 pp	2 q
TRVThe Travelers Companies, Inc.	0.01%	6,810	$658,000	added+4%	0.00 pp	2 q
ULTAUlta Beauty, Inc.	0.01%	4,540	$701,000	trimmed−10%	0.00 pp	2 q
UTHRUnited Therapeutics Corp	0.01%	3,770	$656,000	trimmed−16%	0.00 pp	2 q
VLOValero Energy Corporation	0.01%	11,310	$708,000	held	—	2 q
WSMWilliams-Sonoma, Inc.	0.01%	8,840	$727,000	held	—	2 q
ABBVAbbvie Inc.	0.00%	3,950	$265,000	trimmed−9%	0.00 pp	2 q
AYIAcuity Inc.	0.00%	1,490	$268,000	trimmed−9%	0.00 pp	2 q
unresolvedAetna Inc New	0.00%	2,230	$284,000	trimmed−15%	0.00 pp	2 q
ALKAlaska Air Group, Inc.	0.00%	4,180	$269,000	held	—	2 q
ALXNAlexion Pharmaceuticals Inc	0.00%	1,600	$289,000	added+19%	0.00 pp	2 q
ALLThe Allstate Corporation	0.00%	3,900	$253,000	added+10%	0.00 pp	2 q
AALAmerican Airlines Group Inc.	0.00%	6,210	$248,000	added+14%	0.00 pp	2 q
DCHDauch Corporation	0.00%	10,480	$219,000	new	0.00 pp	new
AXPAmerican Express Company	0.00%	3,200	$249,000	held	—	2 q
AMPAmeriprise Financial, Inc.	0.00%	2,110	$264,000	added+12%	0.00 pp	2 q
AMGNAmgen Inc	0.00%	1,680	$258,000	added+7%	0.00 pp	2 q
unresolvedAmtrust Finl Svcs Inc	0.00%	4,370	$286,000	trimmed−10%	0.00 pp	2 q
AAPLApple Inc.	0.00%	2,030	$255,000	held	—	2 q
BBYBest Buy Company, Inc.	0.00%	7,580	$247,000	added+11%	0.00 pp	2 q
CFCF Industries Holding, Inc.	0.00%	4,250	$273,000	held	—	2 q
CRICarter's Inc.	0.00%	2,540	$270,000	new	0.00 pp	new
CELGCelgene Corp	0.00%	2,230	$258,000	held	—	2 q
unresolvedChemtura Corp	0.00%	9,470	$268,000	new	0.00 pp	new
CMGChipotle Mexican Grill, Inc.	0.00%	390	$236,000	held	—	2 q
CSCOCisco Systems, Inc. (DE)	0.00%	8,990	$247,000	held	—	2 q
CLGXCorelogic, Inc.	0.00%	6,750	$268,000	new	0.00 pp	new
COSTCostco Wholesale Corp	0.00%	1,760	$238,000	held	—	2 q
DALDelta Air Lines, Inc.	0.00%	5,870	$241,000	held	—	2 q
unresolvedDiamond Resorts Intl Inc	0.00%	8,460	$267,000	added+12%	0.00 pp	2 q
unresolvedDirectv	0.00%	2,880	$267,000	held	—	2 q
DPZDomino's Pizza Inc.	0.00%	2,420	$274,000	trimmed−9%	0.00 pp	2 q
EWEdwards Lifesciences Corp	0.00%	1,960	$279,000	held	—	2 q
EXPEExpedia Group, Inc.	0.00%	2,450	$268,000	trimmed−16%	0.00 pp	2 q
METAMeta Platforms, Inc. Class A	0.00%	3,200	$274,000	held	—	2 q
FDXFedEx Corporation	0.00%	1,440	$245,000	held	—	2 q
BENFranklin Templeton, Inc.	0.00%	5,160	$253,000	added+6%	0.00 pp	2 q
unresolvedFresh Mkt Inc	0.00%	8,280	$266,000	new	0.00 pp	new
GDGeneral Dynamics Corporation	0.00%	1,810	$256,000	held	—	2 q
GILDGilead Sciences Inc	0.00%	2,340	$274,000	trimmed−12%	0.00 pp	2 q
HDHome Depot, Inc.	0.00%	2,270	$252,000	held	—	2 q
ITWIllinois Tool Works Inc.	0.00%	2,800	$257,000	added+6%	0.00 pp	2 q
unresolvedInformatica Corp	0.00%	5,430	$263,000	new	0.00 pp	new
NSPInsperity, Inc	0.00%	5,040	$257,000	held	—	2 q
INTUIntuit Inc	0.00%	2,520	$254,000	trimmed−7%	0.00 pp	2 q
JBLUJetBlue Airways Corp	0.00%	13,050	$271,000	trimmed−17%	0.00 pp	2 q
KRThe Kroger Co.	0.00%	3,670	$266,000	held	—	2 q
LBBath & Body Works, Inc.	0.00%	2,890	$248,000	held	—	2 q
LRCXLam Research Corp	0.00%	3,150	$256,000	held	—	2 q
LOGMLogMein, Inc.	0.00%	4,140	$267,000	new	0.00 pp	new
LOWLowe's Companies Inc.	0.00%	3,630	$243,000	held	—	2 q
LULUlululemon athletica inc.	0.00%	4,400	$287,000	added+15%	0.00 pp	2 q
MAMastercard Incorporated	0.00%	2,900	$271,000	held	—	2 q
unresolvedMead Johnson Nut'n Co	0.00%	2,700	$244,000	added+9%	0.00 pp	2 q
MSTRStrategy Inc Class A	0.00%	1,490	$253,000	new	0.00 pp	new
MCOMoody's Corporation	0.00%	2,430	$262,000	trimmed−7%	0.00 pp	2 q
unresolvedPinnacle Entertainment Inc.	0.00%	7,110	$265,000	new	0.00 pp	new
unresolvedRackspace Hosting Inc	0.00%	6,560	$244,000	new	0.00 pp	new
unresolvedReynolds American	0.00%	1,055	$79,000	new	0.00 pp	new
unresolvedSonic Corp	0.00%	8,730	$251,000	new	0.00 pp	new
LUVSouthwest Airlines Co.	0.00%	7,100	$235,000	added+20%	0.00 pp	2 q
S9QSpirit Aerosystems Hold-cl A	0.00%	4,820	$266,000	new	0.00 pp	new
unresolvedSpringleaf Holdings Inc	0.00%	5,530	$254,000	new	0.00 pp	new
SBUXStarbucks Corp	0.00%	5,060	$271,000	trimmed−9%	0.00 pp	2 q
unresolvedStarz	0.00%	6,270	$280,000	new	0.00 pp	new
TXNTexas Instruments Incorporated	0.00%	4,700	$242,000	added+6%	0.00 pp	2 q
TXRHTexas Roadhouse, Inc.	0.00%	7,510	$281,000	added+8%	0.00 pp	2 q
UALUnited Airlines Holdings, Inc.	0.00%	4,820	$256,000	added+20%	0.00 pp	2 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.00%	2,180	$266,000	trimmed−5%	0.00 pp	2 q
HALHalliburton Company	—	−2,385,406	—	exited	−1.68 pp	—
MCKMcKesson Corporation	—	−432,691	—	exited	−1.58 pp	—
unresolvedActavis PLC	—	−316,188	—	exited	−1.51 pp	—
HCAHCA Healthcare, Inc.	—	−874,177	—	exited	−1.06 pp	—
ADSKAutodesk Inc	—	−1,084,740	—	exited	−1.02 pp	—
VRTXVertex Pharmaceuticals Inc	—	−524,867	—	exited	−1.00 pp	—
CYHCommunity Health Systems, Inc.	—	−667,529	—	exited	−0.56 pp	—
SUMSummit Materials, Inc. Class A	—	−1,000,000	—	exited	−0.36 pp	—
DGDollar General Corp.	—	−226,340	—	exited	−0.27 pp	—
PPGPPG Industries, Inc.	—	−6,040	—	exited	−0.01 pp	—
SAVEQSpirit Airlines, Inc.	—	−9,150	—	exited	−0.01 pp	—
UNPUnion Pacific Corp.	—	−5,800	—	exited	−0.01 pp	—
unresolvedYahoo Inc	—	−15,750	—	exited	−0.01 pp	—
BBYD20230930-DK-BUTTERFLY-1 Inc	—	−3,500	—	exited	0.00 pp	—
DLTRDollar Tree Inc.	—	−3,280	—	exited	0.00 pp	—
FFIVF5, Inc.	—	−2,210	—	exited	0.00 pp	—
unresolvedHsn Inc	—	−3,860	—	exited	0.00 pp	—
INFIQInfinity Pharms Inc	—	−17,200	—	exited	0.00 pp	—
unresolvedIntegrated Device Technology	—	−12,760	—	exited	0.00 pp	—
MELIMercado Libre, Inc	—	−1,960	—	exited	0.00 pp	—
SKAASkechers USA Inc-cl A	—	−3,830	—	exited	0.00 pp	—
unresolvedSupervalu Inc	—	−26,460	—	exited	0.00 pp	—