Maverick Capital

Q1 2016 13F · by Lee Ainslie, founder

As of: Mar 31, 2016
Filed: May 16, 2016
US stock: $6.3B · prev $6.9B
Positions: 132 · prev 122
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%

Moves157 since the prior filing

+35.1 pp in · −34.5 pp out

New 37 +12.78 pp
Added 80 +22.32 pp
Trimmed 13 −14.32 pp
Exited 27 −20.21 pp

The book

Focused · behaves like 25 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 129% a year, about 0.8 years per position

Low
Moderate
High

Top 5 positions31% of US stock

SABR Sabre Corporation added+1.65 pp added+1.656.9%
ADBE Adobe Inc. added+2.52 pp added+2.526.5%
ACT Allergan PLC added+2.92 pp added+2.926.0%
VISN Vistance Networks, Inc. added+0.93 pp added+0.936.0%
ARMK Aramark trimmed−0.02 pp trimmed−0.025.7%

Positions132 in this filing · 27 exited


SABRSabre Corporation	6.91%	15,110,216	$437M	added+16%	+1.65 pp	8 q
ADBEAdobe Inc.	6.55%	4,410,613	$414M	added+48%	+2.52 pp	11 q
ACTAllergan PLC	5.98%	1,410,362	$378M	added×2.1	+2.92 pp	4 q
VISNVistance Networks, Inc.	5.95%	13,478,428	$376M	added0%	+0.93 pp	6 q
ARMKAramark	5.70%	10,884,687	$361M	trimmed−12%	−0.02 pp	5 q
unresolvedPriceline Grp Inc	5.36%	262,612	$338M	added×203.7	+5.34 pp	6 q
LBTYKLiberty Global Ltd. Class C	4.26%	7,169,918	$269M	trimmed−38%	−2.57 pp	9 q
LRCXLam Research Corp	3.89%	2,976,002	$246M	new	+3.89 pp	new
PFEPfizer Inc.	3.86%	8,232,303	$244M	trimmed−27%	−1.39 pp	3 q
GOOGAlphabet Inc. Class C	3.78%	320,498	$239M	trimmed−22%	−0.72 pp	6 q
NWLNewell Brands Inc.	3.78%	5,399,103	$239M	added+30%	+1.13 pp	2 q
TDGTransDigm Group Incorporated	3.46%	992,599	$219M	trimmed−25%	−0.88 pp	12 q
RDNRadian Group Inc.	3.27%	16,680,341	$207M	added+12%	+0.41 pp	11 q
KSUKansas City Southern	3.11%	2,297,178	$196M	trimmed−40%	−0.99 pp	4 q
METAMeta Platforms, Inc. Class A	2.88%	1,596,378	$182M	added×638.6	+2.88 pp	5 q
BUDAnheuser-Busch INBEV SA/NV	2.44%	1,238,563	$154M	added+42%	+0.86 pp	12 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	2.27%	1,115,279	$144M	trimmed−19%	−0.07 pp	2 q
unresolvedSensata Technologies Hldng NV	2.16%	3,520,651	$137M	trimmed−31%	−1.24 pp	5 q
unresolvedBroadcom Ltd	2.11%	861,367	$133M	new	+2.11 pp	new
NOCNorthrop Grumman Corp.	2.06%	658,618	$130M	new	+2.06 pp	new
KHCThe Kraft Heinz Company	2.05%	1,648,946	$130M	added+13%	+0.52 pp	2 q
VMCVulcan Materials Company(Holding Company)	2.05%	1,229,659	$130M	added×2.0	+1.22 pp	7 q
UHSUniversal Health Services, Inc. Class B	1.91%	966,544	$121M	added+21%	+0.54 pp	6 q
HDSHD Supply Holdings, Inc.	1.88%	3,589,037	$119M	trimmed−14%	+0.06 pp	2 q
YELPYelp Inc.	1.71%	5,427,915	$108M	added+24%	−0.10 pp	3 q
CMCSAComcast Corp	1.67%	1,729,998	$106M	new	+1.67 pp	new
PCRXPacira BioSciences, Inc.	1.35%	1,610,932	$85M	new	+1.35 pp	new
ERICEricsson	1.17%	7,387,254	$74M	added+99%	+0.66 pp	2 q
PACBPacific Biosciences of California, Inc.	1.02%	7,561,268	$64M	held	—	12 q
unresolvedWaste Connections Inc	0.87%	855,796	$55M	trimmed−67%	−1.21 pp	8 q
USBU.S. Bancorp	0.64%	990,111	$40M	new	+0.64 pp	new
LBTYALiberty Global Ltd. Class A	0.60%	990,464	$38M	trimmed−41%	−0.42 pp	2 q
HCAHCA Healthcare, Inc.	0.46%	369,220	$29M	new	+0.46 pp	new
CITCIT Group Inc.	0.40%	812,240	$25M	trimmed−82%	−2.11 pp	4 q
unresolvedPinnacle Foods Inc DEL	0.21%	302,950	$14M	trimmed−94%	−2.76 pp	3 q
CSLTCastlight Health, Inc.	0.06%	1,144,324	$4M	held	—	9 q
ABBVAbbvie Inc.	0.04%	43,170	$2M	new	+0.04 pp	new
YAlleghany Corporation	0.04%	4,970	$2M	added+57%	+0.02 pp	5 q
BIIBBiogen Inc.	0.04%	9,370	$2M	new	+0.04 pp	new
CTSHCognizant Technology Solutions	0.04%	40,250	$3M	new	+0.04 pp	new
IPGThe Interpublic Group of Companies, Inc.	0.04%	110,210	$3M	new	+0.04 pp	new
JNPJuniper Networks Inc	0.04%	91,770	$2M	added+70%	+0.02 pp	2 q
KLACKLA Corporation	0.04%	33,870	$2M	new	+0.04 pp	new
LEALear Corporation	0.04%	22,640	$3M	added+76%	+0.02 pp	2 q
MCDMcDonald's Corporation	0.04%	19,580	$2M	new	+0.04 pp	new
MSFTMicrosoft Corp	0.04%	45,230	$2M	added+52%	+0.02 pp	5 q
NVRNVR, Inc.	0.04%	1,410	$2M	added+47%	+0.02 pp	3 q
NAVINavient Corporation	0.04%	213,730	$3M	added+57%	+0.02 pp	5 q
NXSTNexstar Media Group, Inc.	0.04%	54,210	$2M	added+96%	+0.02 pp	5 q
NVDANvidia Corp	0.04%	73,160	$3M	new	+0.04 pp	new
ORLYO'Reilly Automotive, Inc.	0.04%	8,820	$2M	added+45%	+0.02 pp	5 q
PBFPbf Energy Inc.	0.04%	75,970	$3M	new	+0.04 pp	new
unresolvedPolycom Inc	0.04%	220,410	$2M	added+84%	+0.02 pp	2 q
ROSTRoss Stores Inc	0.04%	41,740	$2M	added+34%	+0.02 pp	5 q
SEESealed Air Corp New	0.04%	50,570	$2M	added+41%	+0.02 pp	3 q
unresolvedTesoro Corp	0.04%	28,440	$2M	added×2.0	+0.02 pp	5 q
UBNTUbiquiti Inc.	0.04%	72,827	$2M	new	+0.04 pp	new
ULTAUlta Beauty, Inc.	0.04%	13,880	$3M	added+44%	+0.01 pp	5 q
UTHRUnited Therapeutics Corp	0.04%	20,930	$2M	added+98%	+0.02 pp	5 q
VLOValero Energy Corporation	0.04%	38,190	$2M	added+67%	+0.02 pp	5 q
VIABViacom Inc. Class B	0.04%	62,270	$3M	new	+0.04 pp	new
unresolvedVirgin America Inc	0.04%	73,570	$3M	added+65%	+0.02 pp	2 q
unresolvedWebmd Health Corp	0.04%	40,960	$3M	added+14%	+0.02 pp	3 q
WSMWilliams-Sonoma, Inc.	0.04%	44,030	$2M	added+72%	+0.02 pp	5 q
XLNXXilinx Inc	0.04%	50,990	$2M	added+56%	+0.02 pp	2 q
unresolvedCameron International Corp	0.03%	26,900	$2M	added+62%	+0.01 pp	2 q
DFSDiscover Financial Services	0.03%	36,250	$2M	added+81%	+0.01 pp	2 q
EBAYeBay Inc	0.03%	74,100	$2M	added+93%	+0.01 pp	2 q
EXPDExpeditors International of Washington, Inc.	0.03%	36,940	$2M	added+58%	+0.01 pp	2 q
unresolvedFresh Mkt Inc	0.03%	72,950	$2M	added+57%	+0.01 pp	4 q
GTGoodyear Tire & Rubber	0.03%	55,870	$2M	added+72%	+0.01 pp	2 q
INTCIntel Corp	0.03%	56,870	$2M	added+74%	+0.01 pp	2 q
MSTRStrategy Inc Class A	0.03%	10,490	$2M	added+60%	+0.01 pp	4 q
unresolvedSonic Corp	0.03%	57,300	$2M	added+48%	+0.01 pp	4 q
S9QSpirit Aerosystems Hold-cl A	0.03%	38,300	$2M	added+78%	+0.01 pp	4 q
SBUXStarbucks Corp	0.03%	30,480	$2M	added+67%	+0.01 pp	5 q
unresolvedStarz	0.03%	68,510	$2M	added×2.1	+0.01 pp	4 q
TXNTexas Instruments Incorporated	0.03%	31,750	$2M	added+63%	+0.01 pp	5 q
UALUnited Airlines Holdings, Inc.	0.03%	30,840	$2M	added+51%	+0.01 pp	5 q
ELVElevance Health, Inc.	0.02%	8,430	$1M	added+47%	+0.01 pp	3 q
unresolvedCigna Corporation	0.02%	7,700	$1M	added+39%	+0.01 pp	3 q
CDNSCadence Design Systems	0.02%	51,300	$1M	added+53%	+0.01 pp	3 q
CNCCentene Corporation	0.02%	22,931	$1M	new	+0.02 pp	new
CTXSCitrix Systems Inc	0.02%	15,650	$1M	added+60%	+0.01 pp	3 q
unresolvedExpress Inc	0.02%	64,010	$1M	added+43%	+0.01 pp	3 q
unresolvedGlaxosmithkline PLC	0.02%	28,520	$1M	new	+0.02 pp	new
HANHawaiian Holdings Inc	0.02%	25,630	$1M	added+24%	+0.01 pp	3 q
MANManpowerGroup	0.02%	14,240	$1M	added+73%	+0.01 pp	3 q
MPCMarathon Petroleum Corporation	0.02%	32,200	$1M	added×2.5	+0.01 pp	3 q
NTESNetEase, inc.	0.02%	8,190	$1M	new	+0.02 pp	new
unresolvedQihoo 360 Technology Co. ADR	0.02%	15,340	$1M	new	+0.02 pp	new
RYAAYRyanair Holdings plc	0.02%	13,250	$1M	new	+0.02 pp	new
AOSA.O. Smith Corporation	0.02%	15,570	$1M	added+66%	+0.01 pp	3 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.02%	46,820	$1M	new	+0.02 pp	new
YYJOYY Inc.	0.02%	21,190	$1M	new	+0.02 pp	new
CMBTCmb.tech NV	0.02%	107,480	$1M	new	+0.02 pp	new
JAZZJazz Pharmaceuticals, Inc.	0.02%	9,070	$1M	new	+0.02 pp	new
unresolvedMichael Kors Hldgs Ltd	0.02%	19,470	$1M	new	+0.02 pp	new
unresolvedAetna Inc New	0.01%	4,520	$508,000	added+79%	+0.01 pp	5 q
ALKAlaska Air Group, Inc.	0.01%	6,730	$552,000	added×2.0	+0.01 pp	5 q
ALLThe Allstate Corporation	0.01%	7,740	$521,000	added+83%	+0.01 pp	5 q
AALAmerican Airlines Group Inc.	0.01%	11,980	$491,000	added+93%	+0.01 pp	5 q
DCHDauch Corporation	0.01%	33,590	$517,000	added×2.9	+0.01 pp	4 q
AXPAmerican Express Company	0.01%	8,840	$543,000	added×2.4	+0.01 pp	5 q
AMPAmeriprise Financial, Inc.	0.01%	5,840	$549,000	added×2.5	+0.01 pp	5 q
AMGNAmgen Inc	0.01%	3,460	$519,000	added×2.1	+0.01 pp	5 q
unresolvedAmtrust Finl Svcs Inc	0.01%	20,090	$520,000	added×4.6	+0.01 pp	5 q
AAPLApple Inc.	0.01%	5,070	$553,000	added×2.3	+0.01 pp	5 q
CRICarter's Inc.	0.01%	4,830	$509,000	added+60%	+0.01 pp	4 q
CELGCelgene Corp	0.01%	4,900	$490,000	added×2.1	+0.01 pp	5 q
CSCOCisco Systems, Inc. (DE)	0.01%	18,750	$534,000	added+96%	+0.01 pp	5 q
DALDelta Air Lines, Inc.	0.01%	10,180	$496,000	added+73%	+0.01 pp	5 q
GDGeneral Dynamics Corporation	0.01%	3,670	$482,000	added×2.0	+0.01 pp	5 q
GILDGilead Sciences Inc	0.01%	5,630	$517,000	added×2.4	+0.01 pp	5 q
HDHome Depot, Inc.	0.01%	3,980	$531,000	added×2.1	+0.01 pp	5 q
ITWIllinois Tool Works Inc.	0.01%	5,200	$533,000	added+86%	+0.01 pp	5 q
JBLUJetBlue Airways Corp	0.01%	22,600	$477,000	added×2.0	+0.01 pp	5 q
LBBath & Body Works, Inc.	0.01%	5,720	$502,000	added×2.1	+0.01 pp	5 q
LOWLowe's Companies Inc.	0.01%	7,160	$542,000	added×2.1	+0.01 pp	5 q
MAMastercard Incorporated	0.01%	5,590	$528,000	added×2.1	+0.01 pp	5 q
MCOMoody's Corporation	0.01%	5,530	$534,000	added×2.3	+0.01 pp	5 q
LUVSouthwest Airlines Co.	0.01%	11,730	$526,000	added×2.1	+0.01 pp	5 q
ATHMAutohome Inc.	0.00%	10,350	$289,000	new	0.00 pp	new
BTBT Group plc (	0.00%	7,500	$241,000	new	0.00 pp	new
unresolvedShire PLC	0.00%	1,630	$280,000	new	0.00 pp	new
VIPSVipshop Holdings Limited	0.00%	22,840	$294,000	new	0.00 pp	new
ACNAccenture PLC	0.00%	2,530	$292,000	new	0.00 pp	new
HLFHerbalife Ltd.	0.00%	4,630	$285,000	new	0.00 pp	new
RIGTransocean LTD.	0.00%	29,330	$268,000	new	0.00 pp	new
ASPSAltisource Portfolio Solutions S.A.	0.00%	9,480	$229,000	new	0.00 pp	new
CHKPCheck Point Software Technologies Ltd	0.00%	3,050	$267,000	new	0.00 pp	new
MLNXMellanox Technologies Ltd	0.00%	4,990	$271,000	new	0.00 pp	new
unresolvedArris Group Inc New	—	−11,642,994	—	exited	−5.13 pp	—
SCSantander Consumer USA Holdings Inc	—	−14,116,046	—	exited	−3.22 pp	—
FLTCorpay, Inc.	—	−1,351,068	—	exited	−2.78 pp	—
unresolvedCharter Comm's Inc	—	−952,318	—	exited	−2.51 pp	—
ORIOld Republic International Corporation	—	−7,034,340	—	exited	−1.89 pp	—
JAHJarden Corporation	—	−1,773,514	—	exited	−1.46 pp	—
AWIArmstrong World Industries, Inc.	—	−1,864,907	—	exited	−1.23 pp	—
unresolvedNorthstar Rlty Fin Corp	—	−3,655,573	—	exited	−0.90 pp	—
unresolvedAvago Technologies Ltd	—	−208,780	—	exited	−0.44 pp	—
AERAercap Holdings N.V.	—	−680,830	—	exited	−0.42 pp	—
SNYSanofi	—	−91,300	—	exited	−0.06 pp	—
BAXBaxter International Inc.	—	−30,140	—	exited	−0.02 pp	—
NSPInsperity, Inc	—	−26,290	—	exited	−0.02 pp	—
MUMicron Technology, Inc.	—	−101,840	—	exited	−0.02 pp	—
NKENike, Inc.	—	−25,200	—	exited	−0.02 pp	—
PGRProgressive Corporation	—	−52,640	—	exited	−0.02 pp	—
unresolvedReynolds American	—	−24,090	—	exited	−0.02 pp	—
unresolvedTessera Technologies, Inc.	—	−50,940	—	exited	−0.02 pp	—
unresolvedVasco Data Sec Intl Inc	—	−85,000	—	exited	−0.02 pp	—
HRBH&R Block, Inc.	—	−30,930	—	exited	−0.01 pp	—
unresolvedChemtura Corp	—	−8,490	—	exited	0.00 pp	—
CMGChipotle Mexican Grill, Inc.	—	−390	—	exited	0.00 pp	—
CLGXCorelogic, Inc.	—	−6,750	—	exited	0.00 pp	—
COSTCostco Wholesale Corp	—	−1,610	—	exited	0.00 pp	—
EXPEExpedia Group, Inc.	—	−2,140	—	exited	0.00 pp	—
INTUIntuit Inc	—	−2,600	—	exited	0.00 pp	—
LOGMLogMein, Inc.	—	−3,650	—	exited	0.00 pp	—