Maverick Capital

Q2 2016 13F · by Lee Ainslie, founder

As of: Jun 30, 2016
Filed: Aug 15, 2016
US stock: $7.4B · prev $6.3B
Positions: 132 · prev 132
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%

Moves165 since the prior filing

+40.9 pp in · −40.9 pp out

New 33 +19.55 pp
Added 75 +21.36 pp
Trimmed 24 −30.98 pp
Exited 33 −9.91 pp

The book

Focused · behaves like 20 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

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

Low
Moderate
High

Top 5 positions37% of US stock

PFE Pfizer Inc. added+4.95 pp added+4.958.8%
PM Philip Morris International Inc. new+8.08 pp new+8.088.1%
SABR Sabre Corporation added+0.30 pp added+0.307.2%
VISN Vistance Networks, Inc. added+0.47 pp added+0.476.4%
unresolved Priceline Grp Inc added+1.02 pp added+1.026.4%

Positions132 in this filing · 33 exited


PFEPfizer Inc.	8.81%	18,426,824	$649M	added×2.2	+4.95 pp	4 q
PMPhilip Morris International Inc.	8.08%	5,851,537	$595M	new	+8.08 pp	new
SABRSabre Corporation	7.21%	19,820,738	$531M	added+31%	+0.30 pp	9 q
VISNVistance Networks, Inc.	6.42%	15,242,742	$473M	added+13%	+0.47 pp	7 q
unresolvedPriceline Grp Inc	6.38%	376,419	$470M	added+43%	+1.02 pp	7 q
LRCXLam Research Corp	6.24%	5,465,549	$459M	added+84%	+2.35 pp	2 q
WCNWaste Connections, Inc.	5.43%	5,551,069	$400M	new	+5.43 pp	new
UHSUniversal Health Services, Inc. Class B	5.04%	2,768,938	$371M	added×2.9	+3.13 pp	7 q
METAMeta Platforms, Inc. Class A	4.31%	2,780,705	$318M	added+74%	+1.43 pp	6 q
AXPAmerican Express Company	3.83%	4,646,790	$282M	added×525.7	+3.82 pp	6 q
NOCNorthrop Grumman Corp.	3.52%	1,166,696	$259M	added+77%	+1.46 pp	2 q
ADBEAdobe Inc.	3.34%	2,572,317	$246M	trimmed−42%	−3.21 pp	12 q
ARMKAramark	3.08%	6,782,175	$227M	trimmed−38%	−2.62 pp	6 q
CMCSAComcast Corp	2.97%	3,359,258	$219M	added+94%	+1.30 pp	2 q
TDGTransDigm Group Incorporated	2.86%	800,192	$211M	trimmed−19%	−0.60 pp	13 q
GOOGAlphabet Inc. Class C	2.76%	293,987	$203M	trimmed−8%	−1.02 pp	7 q
ACTAllergan PLC	2.75%	878,319	$203M	trimmed−38%	−3.23 pp	5 q
unresolvedComputer Sciences Corp	2.06%	3,060,018	$152M	new	+2.06 pp	new
USBU.S. Bancorp	1.98%	3,615,569	$146M	added×3.7	+1.34 pp	2 q
RDNRadian Group Inc.	1.97%	13,941,442	$145M	trimmed−16%	−1.30 pp	12 q
MYLMylan NV	1.35%	2,294,698	$99M	new	+1.35 pp	new
BUDAnheuser-Busch INBEV SA/NV	1.13%	630,713	$83M	trimmed−49%	−1.31 pp	13 q
NWLNewell Brands Inc.	0.95%	1,440,115	$70M	trimmed−73%	−2.83 pp	3 q
JACKJack in the Box Inc.	0.78%	666,861	$57M	new	+0.78 pp	new
PACBPacific Biosciences of California, Inc.	0.75%	7,820,808	$55M	added+3%	−0.27 pp	13 q
ERICEricsson	0.71%	6,795,608	$52M	trimmed−8%	−0.46 pp	3 q
unresolvedLevel 3 Communications Inc	0.65%	937,290	$48M	new	+0.65 pp	new
KSUKansas City Southern	0.64%	525,113	$47M	trimmed−77%	−2.47 pp	5 q
LBTYKLiberty Global Ltd. Class C	0.59%	1,518,458	$44M	trimmed−79%	−3.67 pp	10 q
VMCVulcan Materials Company(Holding Company)	0.32%	192,948	$23M	trimmed−84%	−1.73 pp	8 q
1LGEUSDLiberty Global PLC Lilac - C	0.30%	683,149	$22M	new	+0.30 pp	new
CSLTCastlight Health, Inc.	0.06%	1,188,074	$5M	added+4%	0.00 pp	10 q
YAlleghany Corporation	0.05%	6,070	$3M	added+22%	+0.01 pp	6 q
BAXBaxter International Inc.	0.05%	73,700	$3M	new	+0.05 pp	new
JNJJohnson & Johnson	0.05%	28,230	$3M	new	+0.05 pp	new
ROSTRoss Stores Inc	0.05%	60,440	$3M	added+45%	+0.01 pp	6 q
TSNTyson Foods, Inc.	0.05%	49,870	$3M	new	+0.05 pp	new
ULTAUlta Beauty, Inc.	0.05%	13,660	$3M	trimmed−2%	+0.01 pp	6 q
ABBVAbbvie Inc.	0.04%	50,540	$3M	added+17%	0.00 pp	2 q
ANFAbercrombie & Fitch Co.	0.04%	159,930	$3M	new	+0.04 pp	new
BIIBBiogen Inc.	0.04%	11,010	$3M	added+18%	0.00 pp	2 q
unresolvedCBS Corp	0.04%	57,620	$3M	new	+0.04 pp	new
CTSHCognizant Technology Solutions	0.04%	52,830	$3M	added+31%	0.00 pp	2 q
CLColgate-Palmolive Company	0.04%	45,170	$3M	new	+0.04 pp	new
CPSCooper-Standard Automotive Inc.	0.04%	36,829	$3M	new	+0.04 pp	new
EWEdwards Lifesciences Corp	0.04%	32,300	$3M	new	+0.04 pp	new
EXPDExpeditors International of Washington, Inc.	0.04%	53,630	$3M	added+45%	+0.01 pp	3 q
unresolvedFmc Technologies Inc	0.04%	116,820	$3M	new	+0.04 pp	new
INTCIntel Corp	0.04%	82,840	$3M	added+46%	+0.01 pp	3 q
IPGThe Interpublic Group of Companies, Inc.	0.04%	133,570	$3M	added+21%	0.00 pp	2 q
KLACKLA Corporation	0.04%	45,240	$3M	added+34%	0.00 pp	2 q
unresolvedKate Spade & Co	0.04%	145,530	$3M	new	+0.04 pp	new
LEALear Corporation	0.04%	27,600	$3M	added+22%	0.00 pp	3 q
LDOSLeidos Holdings, Inc.	0.04%	63,980	$3M	new	+0.04 pp	new
unresolvedLinear Technology Group	0.04%	67,220	$3M	new	+0.04 pp	new
MSMMSC Industrial Direct Co., Inc. Class A	0.04%	42,170	$3M	new	+0.04 pp	new
MCDMcDonald's Corporation	0.04%	26,330	$3M	added+34%	0.00 pp	2 q
unresolvedMedivation Inc	0.04%	52,620	$3M	new	+0.04 pp	new
MYGNMyriad Genetics Inc	0.04%	93,870	$3M	new	+0.04 pp	new
NAVINavient Corporation	0.04%	232,030	$3M	added+9%	0.00 pp	6 q
NXSTNexstar Media Group, Inc.	0.04%	59,770	$3M	added+10%	0.00 pp	6 q
NVDANvidia Corp	0.04%	69,420	$3M	trimmed−5%	0.00 pp	2 q
ORLYO'Reilly Automotive, Inc.	0.04%	12,180	$3M	added+38%	0.00 pp	6 q
PBFPbf Energy Inc.	0.04%	122,690	$3M	added+62%	0.00 pp	2 q
PPGPPG Industries, Inc.	0.04%	29,540	$3M	new	+0.04 pp	new
SEESealed Air Corp New	0.04%	69,910	$3M	added+38%	0.00 pp	4 q
SFMSprouts Farmers Market, Inc.	0.04%	126,660	$3M	new	+0.04 pp	new
SBUXStarbucks Corp	0.04%	47,320	$3M	added+55%	+0.01 pp	6 q
unresolvedStarz	0.04%	94,370	$3M	added+38%	+0.01 pp	5 q
unresolvedTesoro Corp	0.04%	41,800	$3M	added+47%	0.00 pp	6 q
TXNTexas Instruments Incorporated	0.04%	43,000	$3M	added+35%	+0.01 pp	6 q
UTHRUnited Therapeutics Corp	0.04%	26,710	$3M	added+28%	0.00 pp	6 q
VLOValero Energy Corporation	0.04%	59,730	$3M	added+56%	0.00 pp	6 q
unresolvedVirgin America Inc	0.04%	56,820	$3M	trimmed−23%	0.00 pp	3 q
unresolvedWebmd Health Corp	0.04%	48,370	$3M	added+18%	0.00 pp	4 q
WSMWilliams-Sonoma, Inc.	0.04%	59,770	$3M	added+36%	0.00 pp	6 q
XLNXXilinx Inc	0.04%	68,200	$3M	added+34%	0.00 pp	3 q
DFSDiscover Financial Services	0.03%	46,360	$2M	added+28%	0.00 pp	3 q
EBAYeBay Inc	0.03%	107,500	$3M	added+45%	0.00 pp	3 q
GTGoodyear Tire & Rubber	0.03%	91,100	$2M	added+63%	0.00 pp	3 q
KHCThe Kraft Heinz Company	0.03%	22,740	$2M	trimmed−99%	−2.02 pp	3 q
MSTRStrategy Inc Class A	0.03%	13,910	$2M	added+33%	0.00 pp	5 q
unresolvedSonic Corp	0.03%	87,810	$2M	added+53%	0.00 pp	5 q
S9QSpirit Aerosystems Hold-cl A	0.03%	55,370	$2M	added+45%	0.00 pp	5 q
UALUnited Airlines Holdings, Inc.	0.03%	58,500	$2M	added+90%	0.00 pp	6 q
YELPYelp Inc.	0.03%	66,760	$2M	trimmed−99%	−1.68 pp	4 q
99998USDLiberty Global PLC Lilac - A	0.03%	68,462	$2M	new	+0.03 pp	new
ELVElevance Health, Inc.	0.02%	9,300	$1M	added+10%	0.00 pp	4 q
BMABanco Macro S.A.	0.02%	18,560	$1M	new	+0.02 pp	new
unresolvedCigna Corporation	0.02%	9,710	$1M	added+26%	0.00 pp	4 q
CDNSCadence Design Systems	0.02%	50,350	$1M	trimmed−2%	0.00 pp	4 q
unresolvedChina Lodging Group Ltd	0.02%	36,480	$1M	new	+0.02 pp	new
CTXSCitrix Systems Inc	0.02%	14,660	$1M	trimmed−6%	0.00 pp	4 q
SBSCompanhia De Saneamento B Sico Do Estado De Sao Paulo-sabesp	0.02%	170,950	$2M	new	+0.02 pp	new
unresolvedExpress Inc	0.02%	85,600	$1M	added+34%	0.00 pp	4 q
GGALGrupo Financiero Galicia SA	0.02%	42,920	$1M	new	+0.02 pp	new
unresolvedIntercontinental Hotels Grou	0.02%	31,973	$1M	new	+0.02 pp	new
NTESNetEase, inc.	0.02%	6,990	$1M	trimmed−15%	0.00 pp	2 q
PKXPOSCO Holdings Inc.	0.02%	28,350	$1M	new	+0.02 pp	new
unresolvedQihoo 360 Technology Co. ADR	0.02%	16,620	$1M	added+8%	0.00 pp	2 q
SNYSanofi	0.02%	42,790	$2M	new	+0.02 pp	new
AOSA.O. Smith Corporation	0.02%	15,120	$1M	trimmed−3%	0.00 pp	4 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.02%	50,500	$1M	added+8%	0.00 pp	2 q
TALTAL Education Group	0.02%	23,290	$1M	new	+0.02 pp	new
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	0.02%	13,010	$2M	trimmed−99%	−2.25 pp	3 q
JAZZJazz Pharmaceuticals, Inc.	0.02%	8,210	$1M	trimmed−9%	0.00 pp	2 q
unresolvedMichael Kors Hldgs Ltd	0.02%	29,130	$1M	added+50%	0.00 pp	2 q
unresolvedAetna Inc New	0.01%	5,330	$651,000	added+18%	0.00 pp	6 q
ALKAlaska Air Group, Inc.	0.01%	9,200	$536,000	added+37%	0.00 pp	6 q
ALLThe Allstate Corporation	0.01%	9,030	$632,000	added+17%	0.00 pp	6 q
AALAmerican Airlines Group Inc.	0.01%	19,150	$542,000	added+60%	0.00 pp	6 q
AMPAmeriprise Financial, Inc.	0.01%	6,010	$540,000	added+3%	0.00 pp	6 q
AMGNAmgen Inc	0.01%	3,940	$599,000	added+14%	0.00 pp	6 q
AAPLApple Inc.	0.01%	6,030	$576,000	added+19%	0.00 pp	6 q
CRICarter's Inc.	0.01%	6,070	$646,000	added+26%	0.00 pp	5 q
CSCOCisco Systems, Inc. (DE)	0.01%	21,350	$613,000	added+14%	0.00 pp	6 q
DALDelta Air Lines, Inc.	0.01%	14,070	$513,000	added+38%	0.00 pp	6 q
GILDGilead Sciences Inc	0.01%	7,020	$586,000	added+25%	0.00 pp	6 q
HDHome Depot, Inc.	0.01%	4,640	$592,000	added+17%	0.00 pp	6 q
ITWIllinois Tool Works Inc.	0.01%	5,880	$612,000	added+13%	0.00 pp	6 q
LBBath & Body Works, Inc.	0.01%	8,910	$598,000	added+56%	0.00 pp	6 q
LOWLowe's Companies Inc.	0.01%	7,630	$604,000	added+7%	0.00 pp	6 q
MANManpowerGroup	0.01%	15,440	$993,000	added+8%	−0.01 pp	4 q
MAMastercard Incorporated	0.01%	6,390	$563,000	added+14%	0.00 pp	6 q
MCOMoody's Corporation	0.01%	6,290	$589,000	added+14%	0.00 pp	6 q
LUVSouthwest Airlines Co.	0.01%	14,390	$564,000	added+23%	0.00 pp	6 q
YYJOYY Inc.	0.01%	28,650	$970,000	added+35%	−0.01 pp	2 q
LBTYALiberty Global Ltd. Class A	0.01%	21,000	$610,000	trimmed−98%	−0.59 pp	3 q
RIGTransocean LTD.	0.01%	36,470	$434,000	added+24%	+0.01 pp	2 q
unresolvedShire PLC	0.00%	1,920	$353,000	added+18%	0.00 pp	2 q
HLFHerbalife Ltd.	0.00%	6,170	$361,000	added+33%	0.00 pp	2 q
CHKPCheck Point Software Technologies Ltd	0.00%	4,200	$335,000	added+38%	0.00 pp	2 q
unresolvedSensata Technologies Hldng NV	—	−3,520,651	—	exited	−2.16 pp	—
unresolvedBroadcom Ltd	—	−861,367	—	exited	−2.11 pp	—
HDSHD Supply Holdings, Inc.	—	−3,589,037	—	exited	−1.88 pp	—
PCRXPacira BioSciences, Inc.	—	−1,610,932	—	exited	−1.35 pp	—
unresolvedWaste Connections Inc	—	−855,796	—	exited	−0.87 pp	—
HCAHCA Healthcare, Inc.	—	−369,220	—	exited	−0.46 pp	—
CITCIT Group Inc.	—	−812,240	—	exited	−0.40 pp	—
unresolvedPinnacle Foods Inc DEL	—	−302,950	—	exited	−0.21 pp	—
JNPJuniper Networks Inc	—	−91,770	—	exited	−0.04 pp	—
MSFTMicrosoft Corp	—	−45,230	—	exited	−0.04 pp	—
NVRNVR, Inc.	—	−1,410	—	exited	−0.04 pp	—
unresolvedPolycom Inc	—	−220,410	—	exited	−0.04 pp	—
UBNTUbiquiti Inc.	—	−72,827	—	exited	−0.04 pp	—
VIABViacom Inc. Class B	—	−62,270	—	exited	−0.04 pp	—
unresolvedCameron International Corp	—	−26,900	—	exited	−0.03 pp	—
unresolvedFresh Mkt Inc	—	−72,950	—	exited	−0.03 pp	—
CNCCentene Corporation	—	−22,931	—	exited	−0.02 pp	—
unresolvedGlaxosmithkline PLC	—	−28,520	—	exited	−0.02 pp	—
HANHawaiian Holdings Inc	—	−25,630	—	exited	−0.02 pp	—
MPCMarathon Petroleum Corporation	—	−32,200	—	exited	−0.02 pp	—
RYAAYRyanair Holdings plc	—	−13,250	—	exited	−0.02 pp	—
CMBTCmb.tech NV	—	−107,480	—	exited	−0.02 pp	—
DCHDauch Corporation	—	−33,590	—	exited	−0.01 pp	—
unresolvedAmtrust Finl Svcs Inc	—	−20,090	—	exited	−0.01 pp	—
CELGCelgene Corp	—	−4,900	—	exited	−0.01 pp	—
GDGeneral Dynamics Corporation	—	−3,670	—	exited	−0.01 pp	—
JBLUJetBlue Airways Corp	—	−22,600	—	exited	−0.01 pp	—
ATHMAutohome Inc.	—	−10,350	—	exited	0.00 pp	—
BTBT Group plc (	—	−7,500	—	exited	0.00 pp	—
VIPSVipshop Holdings Limited	—	−22,840	—	exited	0.00 pp	—
ACNAccenture PLC	—	−2,530	—	exited	0.00 pp	—
ASPSAltisource Portfolio Solutions S.A.	—	−9,480	—	exited	0.00 pp	—
MLNXMellanox Technologies Ltd	—	−4,990	—	exited	0.00 pp	—