Maverick Capital

Q4 2015 13F · by Lee Ainslie, founder

As of: Dec 31, 2015
Filed: Feb 16, 2016
US stock: $6.9B · prev $5.8B
Positions: 122 · prev 116
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

+22.3 pp in · −22.2 pp out

New 24 +15.03 pp
Added 42 +7.26 pp
Trimmed 34 −16.36 pp
Exited 18 −5.83 pp

The book

Focused · behaves like 27 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 71% a year, about 1.4 years per position

Low
Moderate
High

Top 5 positions28% of US stock

LBTYK Liberty Global Ltd. Class C trimmed−1.70 pp trimmed−1.706.8%
ARMK Aramark trimmed−2.21 pp trimmed−2.215.7%
SABR Sabre Corporation added+0.12 pp added+0.125.3%
PFE Pfizer Inc. added+1.52 pp added+1.525.3%
unresolved Arris Group Inc New added+1.61 pp added+1.615.1%

Positions122 in this filing · 18 exited


LBTYKLiberty Global Ltd. Class C	6.83%	11,636,410	$474M	trimmed−4%	−1.70 pp	8 q
ARMKAramark	5.72%	12,314,822	$397M	trimmed−21%	−2.21 pp	4 q
SABRSabre Corporation	5.26%	13,056,726	$365M	added+18%	+0.12 pp	7 q
PFEPfizer Inc.	5.25%	11,298,953	$365M	added+63%	+1.52 pp	2 q
unresolvedArris Group Inc New	5.13%	11,642,994	$356M	added+47%	+1.61 pp	2 q
VISNVistance Networks, Inc.	5.02%	13,446,768	$348M	added+9%	−1.34 pp	5 q
GOOGAlphabet Inc. Class C	4.50%	411,322	$312M	trimmed−45%	−3.24 pp	5 q
TDGTransDigm Group Incorporated	4.34%	1,319,660	$301M	added+15%	+0.18 pp	11 q
KSUKansas City Southern	4.10%	3,808,851	$284M	added+60%	+0.40 pp	3 q
ADBEAdobe Inc.	4.03%	2,977,869	$280M	added+73%	+1.60 pp	10 q
unresolvedSensata Technologies Hldng NV	3.40%	5,131,212	$236M	trimmed−7%	−0.79 pp	4 q
SCSantander Consumer USA Holdings Inc	3.22%	14,116,046	$224M	added+22%	−0.81 pp	8 q
ACTAllergan PLC	3.06%	679,930	$212M	added+17%	+0.36 pp	3 q
unresolvedPinnacle Foods Inc DEL	2.97%	4,849,185	$206M	added+31%	+0.32 pp	2 q
RDNRadian Group Inc.	2.86%	14,848,241	$199M	added+25%	−0.37 pp	10 q
FLTCorpay, Inc.	2.78%	1,351,068	$193M	added+5%	−0.25 pp	8 q
NWLNewell Brands Inc.	2.65%	4,167,268	$184M	new	+2.65 pp	new
CITCIT Group Inc.	2.51%	4,391,749	$174M	trimmed−3%	−0.59 pp	3 q
unresolvedCharter Comm's Inc	2.51%	952,318	$174M	new	+2.51 pp	new
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	2.34%	1,380,832	$162M	new	+2.34 pp	new
unresolvedWaste Connections Inc	2.08%	2,558,501	$144M	added×2.6	+1.27 pp	7 q
ORIOld Republic International Corporation	1.89%	7,034,340	$131M	added+37%	+0.51 pp	3 q
HDSHD Supply Holdings, Inc.	1.82%	4,196,149	$126M	new	+1.82 pp	new
YELPYelp Inc.	1.81%	4,360,359	$126M	added×2.8	+1.23 pp	2 q
BUDAnheuser-Busch INBEV SA/NV	1.58%	875,199	$109M	trimmed−58%	−2.25 pp	11 q
KHCThe Kraft Heinz Company	1.53%	1,463,340	$106M	new	+1.53 pp	new
JAHJarden Corporation	1.46%	1,773,514	$101M	new	+1.46 pp	new
PACBPacific Biosciences of California, Inc.	1.43%	7,561,268	$99M	added+1%	+0.96 pp	11 q
UHSUniversal Health Services, Inc. Class B	1.37%	795,832	$95M	trimmed−12%	−0.57 pp	5 q
AWIArmstrong World Industries, Inc.	1.23%	1,864,907	$85M	added+6%	−0.21 pp	4 q
LBTYALiberty Global Ltd. Class A	1.02%	1,676,291	$71M	new	+1.02 pp	new
unresolvedNorthstar Rlty Fin Corp	0.90%	3,655,573	$62M	new	+0.90 pp	new
VMCVulcan Materials Company(Holding Company)	0.83%	606,997	$58M	added+36%	+0.15 pp	6 q
ERICEricsson	0.51%	3,705,667	$36M	new	+0.51 pp	new
unresolvedAvago Technologies Ltd	0.44%	208,780	$30M	trimmed−66%	−0.87 pp	5 q
AERAercap Holdings N.V.	0.42%	680,830	$29M	trimmed−86%	−2.78 pp	8 q
CSLTCastlight Health, Inc.	0.07%	1,144,324	$5M	held	—	8 q
SNYSanofi	0.06%	91,300	$4M	trimmed−10%	−0.02 pp	3 q
ULTAUlta Beauty, Inc.	0.03%	9,610	$2M	added+4%	0.00 pp	4 q
YAlleghany Corporation	0.02%	3,170	$2M	held	—	4 q
BAXBaxter International Inc.	0.02%	30,140	$1M	new	+0.02 pp	new
unresolvedCameron International Corp	0.02%	16,620	$1M	new	+0.02 pp	new
DFSDiscover Financial Services	0.02%	19,990	$1M	new	+0.02 pp	new
EBAYeBay Inc	0.02%	38,350	$1M	new	+0.02 pp	new
EXPDExpeditors International of Washington, Inc.	0.02%	23,370	$1M	new	+0.02 pp	new
unresolvedFresh Mkt Inc	0.02%	46,420	$1M	trimmed−1%	0.00 pp	3 q
GTGoodyear Tire & Rubber	0.02%	32,540	$1M	new	+0.02 pp	new
NSPInsperity, Inc	0.02%	26,290	$1M	added+16%	0.00 pp	4 q
INTCIntel Corp	0.02%	32,630	$1M	new	+0.02 pp	new
JNPJuniper Networks Inc	0.02%	53,850	$1M	new	+0.02 pp	new
LEALear Corporation	0.02%	12,880	$2M	new	+0.02 pp	new
MSFTMicrosoft Corp	0.02%	29,850	$2M	trimmed−11%	−0.01 pp	4 q
MSTRStrategy Inc Class A	0.02%	6,540	$1M	added+30%	0.00 pp	3 q
MUMicron Technology, Inc.	0.02%	101,840	$1M	added+17%	0.00 pp	4 q
NVRNVR, Inc.	0.02%	959	$2M	added+3%	0.00 pp	2 q
NAVINavient Corporation	0.02%	136,220	$2M	added+16%	0.00 pp	4 q
NXSTNexstar Media Group, Inc.	0.02%	27,690	$2M	trimmed−14%	−0.01 pp	4 q
NKENike, Inc.	0.02%	25,200	$2M	trimmed−4%	−0.01 pp	4 q
ORLYO'Reilly Automotive, Inc.	0.02%	6,080	$2M	held	—	4 q
unresolvedPolycom Inc	0.02%	120,020	$2M	new	+0.02 pp	new
unresolvedPriceline Grp Inc	0.02%	1,289	$2M	trimmed−98%	−1.29 pp	5 q
PGRProgressive Corporation	0.02%	52,640	$2M	new	+0.02 pp	new
unresolvedReynolds American	0.02%	24,090	$1M	held	—	3 q
ROSTRoss Stores Inc	0.02%	31,260	$2M	added+5%	0.00 pp	4 q
SEESealed Air Corp New	0.02%	35,770	$2M	added+26%	0.00 pp	2 q
unresolvedSonic Corp	0.02%	38,800	$1M	added+6%	+0.01 pp	3 q
S9QSpirit Aerosystems Hold-cl A	0.02%	21,480	$1M	added+8%	0.00 pp	3 q
SBUXStarbucks Corp	0.02%	18,270	$1M	trimmed−1%	0.00 pp	4 q
unresolvedStarz	0.02%	32,160	$1M	added+21%	0.00 pp	3 q
unresolvedTesoro Corp	0.02%	14,080	$1M	trimmed−10%	−0.01 pp	4 q
unresolvedTessera Technologies, Inc.	0.02%	50,940	$2M	added+16%	0.00 pp	4 q
TXNTexas Instruments Incorporated	0.02%	19,520	$1M	trimmed−9%	0.00 pp	4 q
UALUnited Airlines Holdings, Inc.	0.02%	20,360	$1M	added+15%	0.00 pp	4 q
UTHRUnited Therapeutics Corp	0.02%	10,570	$2M	added+10%	0.00 pp	4 q
VLOValero Energy Corporation	0.02%	22,870	$2M	trimmed−6%	−0.01 pp	4 q
unresolvedVasco Data Sec Intl Inc	0.02%	85,000	$1M	new	+0.02 pp	new
unresolvedVirgin America Inc	0.02%	44,590	$2M	new	+0.02 pp	new
unresolvedWebmd Health Corp	0.02%	35,890	$2M	held	—	2 q
WSMWilliams-Sonoma, Inc.	0.02%	25,620	$1M	added+36%	0.00 pp	4 q
XLNXXilinx Inc	0.02%	32,650	$2M	new	+0.02 pp	new
ELVElevance Health, Inc.	0.01%	5,740	$800,000	added+18%	0.00 pp	2 q
HRBH&R Block, Inc.	0.01%	30,930	$1M	new	+0.01 pp	new
unresolvedCigna Corporation	0.01%	5,540	$811,000	added+14%	0.00 pp	2 q
CDNSCadence Design Systems	0.01%	33,510	$697,000	trimmed−2%	0.00 pp	2 q
CTXSCitrix Systems Inc	0.01%	9,810	$742,000	trimmed−2%	0.00 pp	2 q
unresolvedExpress Inc	0.01%	44,710	$773,000	added+33%	0.00 pp	2 q
HANHawaiian Holdings Inc	0.01%	20,670	$730,000	trimmed−31%	0.00 pp	2 q
MANManpowerGroup	0.01%	8,240	$695,000	added+5%	0.00 pp	2 q
MPCMarathon Petroleum Corporation	0.01%	12,810	$664,000	trimmed−11%	0.00 pp	2 q
AOSA.O. Smith Corporation	0.01%	9,380	$719,000	trimmed−12%	0.00 pp	2 q
unresolvedAetna Inc New	0.00%	2,530	$274,000	added+13%	0.00 pp	4 q
ALKAlaska Air Group, Inc.	0.00%	3,300	$266,000	held	—	4 q
ALLThe Allstate Corporation	0.00%	4,240	$263,000	held	—	4 q
AALAmerican Airlines Group Inc.	0.00%	6,210	$263,000	held	—	4 q
DCHDauch Corporation	0.00%	11,460	$217,000	trimmed−6%	0.00 pp	3 q
AXPAmerican Express Company	0.00%	3,640	$253,000	added+14%	0.00 pp	4 q
AMPAmeriprise Financial, Inc.	0.00%	2,310	$246,000	added+9%	0.00 pp	4 q
AMGNAmgen Inc	0.00%	1,680	$273,000	held	—	4 q
unresolvedAmtrust Finl Svcs Inc	0.00%	4,370	$269,000	held	—	4 q
AAPLApple Inc.	0.00%	2,190	$231,000	held	—	4 q
CRICarter's Inc.	0.00%	3,020	$269,000	added+19%	0.00 pp	3 q
CELGCelgene Corp	0.00%	2,380	$285,000	added+14%	0.00 pp	4 q
unresolvedChemtura Corp	0.00%	8,490	$232,000	trimmed−10%	0.00 pp	3 q
CMGChipotle Mexican Grill, Inc.	0.00%	390	$187,000	held	—	4 q
CSCOCisco Systems, Inc. (DE)	0.00%	9,550	$259,000	held	—	4 q
CLGXCorelogic, Inc.	0.00%	6,750	$229,000	held	—	3 q
COSTCostco Wholesale Corp	0.00%	1,610	$260,000	trimmed−9%	0.00 pp	4 q
DALDelta Air Lines, Inc.	0.00%	5,870	$298,000	held	—	4 q
EXPEExpedia Group, Inc.	0.00%	2,140	$266,000	held	—	4 q
METAMeta Platforms, Inc. Class A	0.00%	2,500	$262,000	trimmed−9%	0.00 pp	4 q
GDGeneral Dynamics Corporation	0.00%	1,810	$249,000	held	—	4 q
GILDGilead Sciences Inc	0.00%	2,340	$237,000	held	—	4 q
HDHome Depot, Inc.	0.00%	1,940	$257,000	trimmed−8%	0.00 pp	4 q
ITWIllinois Tool Works Inc.	0.00%	2,800	$260,000	held	—	4 q
INTUIntuit Inc	0.00%	2,600	$251,000	trimmed−10%	0.00 pp	4 q
JBLUJetBlue Airways Corp	0.00%	11,070	$251,000	held	—	4 q
LBBath & Body Works, Inc.	0.00%	2,730	$262,000	trimmed−6%	0.00 pp	4 q
LOGMLogMein, Inc.	0.00%	3,650	$245,000	trimmed−12%	0.00 pp	3 q
LOWLowe's Companies Inc.	0.00%	3,400	$259,000	trimmed−6%	0.00 pp	4 q
MAMastercard Incorporated	0.00%	2,670	$260,000	held	—	4 q
MCOMoody's Corporation	0.00%	2,430	$244,000	held	—	4 q
LUVSouthwest Airlines Co.	0.00%	5,680	$245,000	trimmed−16%	0.00 pp	4 q
unresolvedValeant Pharmaceuticals Intl	—	−811,361	—	exited	−2.48 pp	—
unresolvedNorthstar Rlty Fin Corp	—	−10,940,628	—	exited	−2.32 pp	—
MTGMGIC Investment Corp.	—	−4,740,598	—	exited	−0.75 pp	—
unresolvedTeam Health Holdings Inc	—	−162,399	—	exited	−0.15 pp	—
ODFLOld Dominion Freight Line	—	−21,710	—	exited	−0.02 pp	—
SHWThe Sherwin-Williams Company	—	−5,660	—	exited	−0.02 pp	—
SKAASkechers USA Inc-cl A	—	−10,410	—	exited	−0.02 pp	—
SYMCGen Digital Inc.	—	−72,090	—	exited	−0.02 pp	—
TWXTime Warner Inc	—	−20,480	—	exited	−0.02 pp	—
DGDollar General Corp.	—	−9,170	—	exited	−0.01 pp	—
EFXEquifax, Incorporated	—	−6,980	—	exited	−0.01 pp	—
WOOFoot Locker Inc	—	−9,660	—	exited	−0.01 pp	—
AIZAssurant, Inc.	—	−3,320	—	exited	0.00 pp	—
DPZDomino's Pizza Inc.	—	−2,420	—	exited	0.00 pp	—
BENFranklin Templeton, Inc.	—	−6,090	—	exited	0.00 pp	—
LULUlululemon athletica inc.	—	−3,860	—	exited	0.00 pp	—
unresolvedMead Johnson Nut'n Co	—	−3,150	—	exited	0.00 pp	—
unresolvedSpringleaf Holdings Inc	—	−5,530	—	exited	0.00 pp	—