Maverick Capital

Q3 2015 13F · by Lee Ainslie, founder

As of: Sep 30, 2015
Filed: Nov 16, 2015
US stock: $5.8B · prev $6.6B
Positions: 116 · prev 120
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%

Moves118 since the prior filing

+32.3 pp in · −32.1 pp out

New 21 +10.68 pp
Added 53 +21.59 pp
Trimmed 19 −18.22 pp
Exited 25 −13.92 pp

The book

Focused · behaves like 22 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 121% a year, about 0.8 years per position

Low
Moderate
High

Top 5 positions36% of US stock

LBTYK Liberty Global Ltd. Class C added+4.41 pp added+4.418.5%
ARMK Aramark added+2.04 pp added+2.047.9%
GOOG Alphabet Inc. Class C added+2.80 pp added+2.807.7%
VISN Vistance Networks, Inc. added+0.94 pp added+0.946.4%
SABR Sabre Corporation added+1.62 pp added+1.625.1%

Positions116 in this filing · 25 exited


LBTYKLiberty Global Ltd. Class C	8.53%	12,139,586	$498M	added×2.3	+4.41 pp	7 q
ARMKAramark	7.93%	15,613,506	$463M	added+25%	+2.04 pp	3 q
GOOGAlphabet Inc. Class C	7.74%	742,641	$452M	added+19%	+2.80 pp	4 q
VISNVistance Networks, Inc.	6.36%	12,351,571	$371M	added+6%	+0.94 pp	4 q
SABRSabre Corporation	5.14%	11,025,193	$300M	added+14%	+1.62 pp	6 q
unresolvedSensata Technologies Hldng NV	4.19%	5,516,391	$245M	added×2.3	+2.25 pp	3 q
TDGTransDigm Group Incorporated	4.16%	1,143,017	$243M	added+4%	+0.39 pp	10 q
SCSantander Consumer USA Holdings Inc	4.03%	11,528,660	$235M	added+9%	−0.10 pp	7 q
BUDAnheuser-Busch INBEV SA/NV	3.83%	2,099,622	$223M	added×2.2	+2.04 pp	10 q
PFEPfizer Inc.	3.73%	6,937,928	$218M	new	+3.73 pp	new
KSUKansas City Southern	3.70%	2,375,318	$216M	trimmed−1%	+0.36 pp	2 q
unresolvedArris Group Inc New	3.52%	7,901,276	$205M	new	+3.52 pp	new
RDNRadian Group Inc.	3.23%	11,850,904	$189M	trimmed−18%	−0.88 pp	9 q
AERAercap Holdings N.V.	3.20%	4,887,639	$187M	added+9%	+0.06 pp	7 q
CITCIT Group Inc.	3.10%	4,524,236	$181M	added×4.5	+2.38 pp	2 q
FLTCorpay, Inc.	3.03%	1,286,246	$177M	added+64%	+1.16 pp	7 q
ACTAllergan PLC	2.70%	580,418	$158M	trimmed−60%	−4.06 pp	2 q
unresolvedPinnacle Foods Inc DEL	2.65%	3,692,620	$155M	new	+2.65 pp	new
unresolvedValeant Pharmaceuticals Intl	2.48%	811,361	$145M	added+7%	−0.09 pp	8 q
ADBEAdobe Inc.	2.43%	1,724,871	$142M	trimmed−26%	−0.45 pp	9 q
unresolvedNorthstar Rlty Fin Corp	2.32%	10,940,628	$135M	added+12%	−0.05 pp	5 q
UHSUniversal Health Services, Inc. Class B	1.94%	908,071	$113M	trimmed−11%	−0.26 pp	4 q
AWIArmstrong World Industries, Inc.	1.44%	1,762,456	$84M	added×2.0	+0.74 pp	3 q
ORIOld Republic International Corporation	1.38%	5,144,270	$80M	added+35%	+0.47 pp	2 q
unresolvedPriceline Grp Inc	1.31%	61,609	$76M	trimmed−83%	−5.07 pp	4 q
unresolvedAvago Technologies Ltd	1.31%	610,281	$76M	trimmed−71%	−3.02 pp	4 q
unresolvedWaste Connections Inc	0.81%	971,219	$47M	added+20%	+0.23 pp	6 q
MTGMGIC Investment Corp.	0.75%	4,740,598	$44M	trimmed−35%	−0.52 pp	10 q
VMCVulcan Materials Company(Holding Company)	0.68%	446,342	$40M	trimmed−77%	−1.78 pp	5 q
YELPYelp Inc.	0.58%	1,570,802	$34M	new	+0.58 pp	new
PACBPacific Biosciences of California, Inc.	0.47%	7,456,034	$27M	added+6%	−0.15 pp	10 q
unresolvedTeam Health Holdings Inc	0.15%	162,399	$9M	trimmed−94%	−2.54 pp	4 q
CSLTCastlight Health, Inc.	0.08%	1,144,324	$5M	held	—	7 q
SNYSanofi	0.08%	101,650	$5M	held	—	2 q
YAlleghany Corporation	0.03%	3,170	$1M	added×2.1	+0.02 pp	3 q
MSFTMicrosoft Corp	0.03%	33,500	$1M	added×2.3	+0.02 pp	3 q
NXSTNexstar Media Group, Inc.	0.03%	32,010	$2M	added×2.6	+0.02 pp	3 q
NKENike, Inc.	0.03%	13,060	$2M	added+91%	+0.02 pp	3 q
ORLYO'Reilly Automotive, Inc.	0.03%	6,080	$2M	added+93%	+0.02 pp	3 q
unresolvedTesoro Corp	0.03%	15,710	$2M	added×2.1	+0.02 pp	3 q
ULTAUlta Beauty, Inc.	0.03%	9,210	$2M	added×2.0	+0.02 pp	3 q
VLOValero Energy Corporation	0.03%	24,330	$1M	added×2.2	+0.02 pp	3 q
unresolvedFresh Mkt Inc	0.02%	47,020	$1M	added×5.7	+0.02 pp	2 q
NSPInsperity, Inc	0.02%	22,760	$1M	added×4.5	+0.02 pp	3 q
MSTRStrategy Inc Class A	0.02%	5,020	$986,000	added×3.4	+0.02 pp	2 q
MUMicron Technology, Inc.	0.02%	86,890	$1M	added×3.6	+0.01 pp	3 q
NVRNVR, Inc.	0.02%	932	$1M	new	+0.02 pp	new
NAVINavient Corporation	0.02%	117,170	$1M	added×3.3	+0.01 pp	3 q
ODFLOld Dominion Freight Line	0.02%	21,710	$1M	added×2.1	+0.01 pp	3 q
unresolvedReynolds American	0.02%	24,090	$1M	added×22.8	+0.02 pp	2 q
ROSTRoss Stores Inc	0.02%	29,690	$1M	added×2.1	+0.01 pp	3 q
SEESealed Air Corp New	0.02%	28,360	$1M	new	+0.02 pp	new
SHWThe Sherwin-Williams Company	0.02%	5,660	$1M	added×2.3	+0.01 pp	3 q
SKAASkechers USA Inc-cl A	0.02%	10,410	$1M	new	+0.02 pp	new
S9QSpirit Aerosystems Hold-cl A	0.02%	19,860	$960,000	added×4.1	+0.02 pp	2 q
SBUXStarbucks Corp	0.02%	18,530	$1M	added×3.7	+0.02 pp	3 q
unresolvedStarz	0.02%	26,530	$991,000	added×4.2	+0.02 pp	2 q
SYMCGen Digital Inc.	0.02%	72,090	$1M	added×2.6	+0.01 pp	3 q
unresolvedTessera Technologies, Inc.	0.02%	43,790	$1M	added×2.5	+0.01 pp	3 q
TXNTexas Instruments Incorporated	0.02%	21,510	$1M	added×4.6	+0.02 pp	3 q
TWXTime Warner Inc	0.02%	20,480	$1M	added×2.5	+0.01 pp	3 q
UALUnited Airlines Holdings, Inc.	0.02%	17,750	$942,000	added×3.7	+0.02 pp	3 q
UTHRUnited Therapeutics Corp	0.02%	9,640	$1M	added×2.6	+0.01 pp	3 q
unresolvedWebmd Health Corp	0.02%	35,890	$1M	new	+0.02 pp	new
WSMWilliams-Sonoma, Inc.	0.02%	18,850	$1M	added×2.1	+0.01 pp	3 q
ELVElevance Health, Inc.	0.01%	4,850	$679,000	new	+0.01 pp	new
unresolvedCigna Corporation	0.01%	4,850	$655,000	new	+0.01 pp	new
CDNSCadence Design Systems	0.01%	34,150	$706,000	new	+0.01 pp	new
CTXSCitrix Systems Inc	0.01%	10,030	$695,000	new	+0.01 pp	new
DGDollar General Corp.	0.01%	9,170	$664,000	new	+0.01 pp	new
EFXEquifax, Incorporated	0.01%	6,980	$678,000	new	+0.01 pp	new
unresolvedExpress Inc	0.01%	33,510	$599,000	new	+0.01 pp	new
WOOFoot Locker Inc	0.01%	9,660	$695,000	new	+0.01 pp	new
HANHawaiian Holdings Inc	0.01%	30,170	$745,000	new	+0.01 pp	new
MANManpowerGroup	0.01%	7,860	$644,000	new	+0.01 pp	new
MPCMarathon Petroleum Corporation	0.01%	14,450	$669,000	new	+0.01 pp	new
AOSA.O. Smith Corporation	0.01%	10,600	$691,000	new	+0.01 pp	new
unresolvedSonic Corp	0.01%	36,590	$840,000	added×4.2	+0.01 pp	2 q
unresolvedAetna Inc New	0.00%	2,230	$244,000	held	—	3 q
ALKAlaska Air Group, Inc.	0.00%	3,300	$262,000	trimmed−21%	0.00 pp	3 q
ALLThe Allstate Corporation	0.00%	4,240	$247,000	added+9%	0.00 pp	3 q
AALAmerican Airlines Group Inc.	0.00%	6,210	$241,000	held	—	3 q
DCHDauch Corporation	0.00%	12,230	$244,000	added+17%	0.00 pp	2 q
AXPAmerican Express Company	0.00%	3,200	$237,000	held	—	3 q
AMPAmeriprise Financial, Inc.	0.00%	2,110	$230,000	held	—	3 q
AMGNAmgen Inc	0.00%	1,680	$232,000	held	—	3 q
unresolvedAmtrust Finl Svcs Inc	0.00%	4,370	$275,000	held	—	3 q
AAPLApple Inc.	0.00%	2,190	$242,000	added+8%	0.00 pp	3 q
AIZAssurant, Inc.	0.00%	3,320	$262,000	new	0.00 pp	new
CRICarter's Inc.	0.00%	2,540	$230,000	held	—	2 q
CELGCelgene Corp	0.00%	2,090	$226,000	trimmed−6%	0.00 pp	3 q
unresolvedChemtura Corp	0.00%	9,470	$271,000	held	—	2 q
CMGChipotle Mexican Grill, Inc.	0.00%	390	$281,000	held	—	3 q
CSCOCisco Systems, Inc. (DE)	0.00%	9,550	$251,000	added+6%	0.00 pp	3 q
CLGXCorelogic, Inc.	0.00%	6,750	$251,000	held	—	2 q
COSTCostco Wholesale Corp	0.00%	1,760	$254,000	held	—	3 q
DALDelta Air Lines, Inc.	0.00%	5,870	$263,000	held	—	3 q
DPZDomino's Pizza Inc.	0.00%	2,420	$261,000	held	—	3 q
EXPEExpedia Group, Inc.	0.00%	2,140	$252,000	trimmed−13%	0.00 pp	3 q
METAMeta Platforms, Inc. Class A	0.00%	2,760	$248,000	trimmed−14%	0.00 pp	3 q
BENFranklin Templeton, Inc.	0.00%	6,090	$227,000	added+18%	0.00 pp	3 q
GDGeneral Dynamics Corporation	0.00%	1,810	$250,000	held	—	3 q
GILDGilead Sciences Inc	0.00%	2,340	$230,000	held	—	3 q
HDHome Depot, Inc.	0.00%	2,120	$245,000	trimmed−7%	0.00 pp	3 q
ITWIllinois Tool Works Inc.	0.00%	2,800	$230,000	held	—	3 q
INTUIntuit Inc	0.00%	2,880	$256,000	added+14%	0.00 pp	3 q
JBLUJetBlue Airways Corp	0.00%	11,070	$285,000	trimmed−15%	0.00 pp	3 q
LBBath & Body Works, Inc.	0.00%	2,890	$260,000	held	—	3 q
LOGMLogMein, Inc.	0.00%	4,140	$282,000	held	—	2 q
LOWLowe's Companies Inc.	0.00%	3,630	$250,000	held	—	3 q
LULUlululemon athletica inc.	0.00%	3,860	$196,000	trimmed−12%	0.00 pp	3 q
MAMastercard Incorporated	0.00%	2,670	$241,000	trimmed−8%	0.00 pp	3 q
unresolvedMead Johnson Nut'n Co	0.00%	3,150	$222,000	added+17%	0.00 pp	3 q
MCOMoody's Corporation	0.00%	2,430	$239,000	held	—	3 q
LUVSouthwest Airlines Co.	0.00%	6,730	$256,000	trimmed−5%	0.00 pp	3 q
unresolvedSpringleaf Holdings Inc	0.00%	5,530	$242,000	held	—	2 q
unresolvedKraft Foods Group Inc	—	−5,205,357	—	exited	−6.76 pp	—
BIDUBaidu, Inc.	—	−797,737	—	exited	−2.42 pp	—
unresolvedCharter Comm's Inc	—	−896,954	—	exited	−2.34 pp	—
LBTYALiberty Global Ltd. Class A	—	−1,052,313	—	exited	−0.87 pp	—
unresolvedAxiall Corp	—	−1,017,031	—	exited	−0.56 pp	—
GSGoldman Sachs Group Inc.	—	−173,000	—	exited	−0.55 pp	—
unresolvedSolarwinds Inc	—	−563,735	—	exited	−0.40 pp	—
ROPRoper Technologies, Inc.	—	−3,960	—	exited	−0.01 pp	—
TRVThe Travelers Companies, Inc.	—	−6,810	—	exited	−0.01 pp	—
ABBVAbbvie Inc.	—	−3,950	—	exited	0.00 pp	—
AYIAcuity Inc.	—	−1,490	—	exited	0.00 pp	—
ALXNAlexion Pharmaceuticals Inc	—	−1,600	—	exited	0.00 pp	—
BBYBest Buy Company, Inc.	—	−7,580	—	exited	0.00 pp	—
CFCF Industries Holding, Inc.	—	−4,250	—	exited	0.00 pp	—
unresolvedDiamond Resorts Intl Inc	—	−8,460	—	exited	0.00 pp	—
unresolvedDirectv	—	−2,880	—	exited	0.00 pp	—
EWEdwards Lifesciences Corp	—	−1,960	—	exited	0.00 pp	—
FDXFedEx Corporation	—	−1,440	—	exited	0.00 pp	—
unresolvedInformatica Corp	—	−5,430	—	exited	0.00 pp	—
KRThe Kroger Co.	—	−7,340	—	exited	0.00 pp	—
LRCXLam Research Corp	—	−3,150	—	exited	0.00 pp	—
unresolvedPinnacle Entertainment Inc.	—	−7,110	—	exited	0.00 pp	—
unresolvedRackspace Hosting Inc	—	−6,560	—	exited	0.00 pp	—
TXRHTexas Roadhouse, Inc.	—	−7,510	—	exited	0.00 pp	—
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	—	−2,180	—	exited	0.00 pp	—