Maverick Capital

Q3 2016 13F · by Lee Ainslie, founder

As of: Sep 30, 2016
Filed: Nov 14, 2016
US stock: $8.4B · prev $7.4B
Positions: 128 · 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%

Moves154 since the prior filing

+18.2 pp in · −18.2 pp out

New 31 +4.34 pp
Added 37 +13.89 pp
Trimmed 51 −9.82 pp
Exited 35 −8.36 pp

The book

Focused · behaves like 21 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 61% a year, about 1.6 years per position

Low
Moderate
High

Top 5 positions38% of US stock

PFE Pfizer Inc. added−0.23 pp added−0.238.6%
PM Philip Morris International Inc. added+0.24 pp added+0.248.3%
unresolved Priceline Grp Inc added+0.75 pp added+0.757.1%
SABR Sabre Corporation added−0.08 pp added−0.087.1%
UHS Universal Health Services, Inc. Class B added+1.65 pp added+1.656.7%

Positions128 in this filing · 35 exited


PFEPfizer Inc.	8.58%	21,380,155	$724M	added+16%	−0.23 pp	5 q
PMPhilip Morris International Inc.	8.32%	7,226,591	$703M	added+24%	+0.24 pp	2 q
unresolvedPriceline Grp Inc	7.13%	408,702	$601M	added+9%	+0.75 pp	8 q
SABRSabre Corporation	7.13%	21,368,618	$602M	added+8%	−0.08 pp	10 q
UHSUniversal Health Services, Inc. Class B	6.69%	4,584,358	$565M	added+66%	+1.65 pp	8 q
VISNVistance Networks, Inc.	5.89%	16,500,011	$497M	added+8%	−0.53 pp	8 q
WCNWaste Connections, Inc.	5.21%	5,888,842	$440M	added+6%	−0.22 pp	2 q
LRCXLam Research Corp	5.10%	4,545,258	$430M	trimmed−17%	−1.14 pp	3 q
ORLYO'Reilly Automotive, Inc.	3.24%	977,219	$274M	added×80.2	+3.20 pp	7 q
unresolvedLevel 3 Communications Inc	3.07%	5,590,526	$259M	added×6.0	+2.42 pp	2 q
NOCNorthrop Grumman Corp.	2.80%	1,106,456	$237M	trimmed−5%	−0.72 pp	3 q
GOOGAlphabet Inc. Class C	2.76%	299,535	$233M	added+2%	0.00 pp	8 q
AXPAmerican Express Company	2.70%	3,558,379	$228M	trimmed−23%	−1.13 pp	7 q
AAPLApple Inc.	2.67%	1,990,867	$225M	added×330.2	+2.66 pp	7 q
METAMeta Platforms, Inc. Class A	2.61%	1,716,210	$220M	trimmed−38%	−1.70 pp	7 q
BUDAnheuser-Busch INBEV SA/NV	2.57%	1,652,876	$217M	added×2.6	+1.44 pp	14 q
TDGTransDigm Group Incorporated	2.47%	721,037	$208M	trimmed−10%	−0.39 pp	14 q
DGDollar General Corp.	2.21%	2,662,092	$186M	new	+2.21 pp	new
CMCSAComcast Corp	2.19%	2,786,567	$185M	trimmed−17%	−0.78 pp	3 q
unresolvedComputer Sciences Corp	2.15%	3,470,699	$181M	added+13%	+0.09 pp	2 q
RDNRadian Group Inc.	1.49%	9,298,595	$126M	trimmed−33%	−0.48 pp	13 q
ADBEAdobe Inc.	1.41%	1,095,491	$119M	trimmed−57%	−1.93 pp	13 q
USBU.S. Bancorp	1.38%	2,713,933	$116M	trimmed−25%	−0.60 pp	3 q
unresolvedShire PLC	1.31%	570,907	$111M	added×297.3	+1.31 pp	3 q
NWLNewell Brands Inc.	1.17%	1,873,805	$99M	added+30%	+0.22 pp	4 q
PACBPacific Biosciences of California, Inc.	0.97%	9,095,663	$81M	added+16%	+0.22 pp	14 q
unresolvedCigna Corporation	0.70%	456,283	$59M	added×47.0	+0.68 pp	5 q
ERICEricsson	0.69%	8,082,068	$58M	added+19%	−0.02 pp	4 q
SPYState Street SPDR S&P 500 ETF Trust	0.61%	236,600	$51M	new	+0.61 pp	new
MYLMylan NV	0.60%	1,336,436	$51M	trimmed−42%	−0.75 pp	2 q
KSUKansas City Southern	0.57%	519,573	$48M	trimmed−1%	−0.07 pp	6 q
TMUST-Mobile US, Inc.	0.53%	953,100	$45M	new	+0.53 pp	new
VMCVulcan Materials Company(Holding Company)	0.46%	338,844	$39M	added+76%	+0.14 pp	9 q
SUMSummit Materials, Inc. Class A	0.11%	488,123	$9M	new	+0.11 pp	new
CSLTCastlight Health, Inc.	0.06%	1,188,074	$5M	held	—	11 q
ABBVAbbvie Inc.	0.04%	49,600	$3M	trimmed−2%	0.00 pp	3 q
AKRXAkorn, Inc.	0.04%	116,040	$3M	new	+0.04 pp	new
YAlleghany Corporation	0.04%	6,070	$3M	held	—	7 q
ADIAnalog Devices, Inc.	0.04%	50,120	$3M	new	+0.04 pp	new
AMATApplied Materials Inc	0.04%	105,100	$3M	new	+0.04 pp	new
BAXBaxter International Inc.	0.04%	67,360	$3M	trimmed−9%	−0.01 pp	2 q
BBYBest Buy Company, Inc.	0.04%	81,490	$3M	new	+0.04 pp	new
BIIBBiogen Inc.	0.04%	10,380	$3M	trimmed−6%	0.00 pp	3 q
unresolvedCBS Corp	0.04%	61,480	$3M	added+7%	0.00 pp	2 q
PLCEChildren's Place, Inc.	0.04%	37,899	$3M	new	+0.04 pp	new
CRUSCirrus Logic Inc	0.04%	59,780	$3M	new	+0.04 pp	new
DLTRDollar Tree Inc.	0.04%	37,920	$3M	new	+0.04 pp	new
EWEdwards Lifesciences Corp	0.04%	26,900	$3M	trimmed−17%	0.00 pp	2 q
unresolvedFmc Technologies Inc	0.04%	114,290	$3M	trimmed−2%	0.00 pp	2 q
FICOFair Isaac Corporation	0.04%	24,280	$3M	new	+0.04 pp	new
JNJJohnson & Johnson	0.04%	26,320	$3M	trimmed−7%	−0.01 pp	2 q
KLACKLA Corporation	0.04%	44,950	$3M	trimmed−1%	0.00 pp	3 q
LEALear Corporation	0.04%	27,150	$3M	trimmed−2%	0.00 pp	4 q
LDOSLeidos Holdings, Inc.	0.04%	76,270	$3M	added+19%	0.00 pp	2 q
TREELendingTree, Inc.	0.04%	32,680	$3M	new	+0.04 pp	new
unresolvedLinear Technology Group	0.04%	53,850	$3M	trimmed−20%	0.00 pp	2 q
MCDMcDonald's Corporation	0.04%	26,270	$3M	trimmed−0%	0.00 pp	3 q
MYGNMyriad Genetics Inc	0.04%	152,050	$3M	added+62%	0.00 pp	2 q
NAVINavient Corporation	0.04%	218,290	$3M	trimmed−6%	0.00 pp	7 q
NXSTNexstar Media Group, Inc.	0.04%	58,960	$3M	trimmed−1%	0.00 pp	7 q
NVDANvidia Corp	0.04%	50,440	$3M	trimmed−27%	0.00 pp	3 q
PPGPPG Industries, Inc.	0.04%	29,310	$3M	trimmed−1%	0.00 pp	2 q
QCOMQualcomm Inc	0.04%	49,720	$3M	new	+0.04 pp	new
DGXQuest Diagnostics Inc.	0.04%	37,510	$3M	new	+0.04 pp	new
RTRXTravere Therapeutics, Inc.	0.04%	148,661	$3M	new	+0.04 pp	new
ROSTRoss Stores Inc	0.04%	50,380	$3M	trimmed−17%	−0.01 pp	7 q
SEESealed Air Corp New	0.04%	68,540	$3M	trimmed−2%	0.00 pp	5 q
unresolvedSpectrum Brands Hldgs Inc	0.04%	23,370	$3M	new	+0.04 pp	new
unresolvedSwift Transn Co	0.04%	162,590	$3M	new	+0.04 pp	new
TJXTJX Companies, Inc. (The)	0.04%	40,490	$3M	new	+0.04 pp	new
unresolvedTesoro Corp	0.04%	40,860	$3M	trimmed−2%	0.00 pp	7 q
ULTAUlta Beauty, Inc.	0.04%	12,700	$3M	trimmed−7%	−0.01 pp	7 q
UTHRUnited Therapeutics Corp	0.04%	25,910	$3M	trimmed−3%	0.00 pp	7 q
VLOValero Energy Corporation	0.04%	56,670	$3M	trimmed−5%	0.00 pp	7 q
unresolvedVirgin America Inc	0.04%	56,010	$3M	trimmed−1%	0.00 pp	4 q
VMWVMware, Inc	0.04%	42,760	$3M	new	+0.04 pp	new
unresolvedWebmd Health Corp	0.04%	60,810	$3M	added+26%	0.00 pp	5 q
WCGWellcare Health Plans, Inc.	0.04%	27,820	$3M	new	+0.04 pp	new
XLNXXilinx Inc	0.04%	57,840	$3M	trimmed−15%	0.00 pp	4 q
unresolvedBlue Buffalo Pet Prods Inc	0.03%	121,640	$3M	new	+0.03 pp	new
CTSHCognizant Technology Solutions	0.03%	53,060	$3M	added0%	−0.01 pp	3 q
EBAYeBay Inc	0.03%	79,340	$3M	trimmed−26%	0.00 pp	4 q
EXPDExpeditors International of Washington, Inc.	0.03%	50,540	$3M	trimmed−6%	−0.01 pp	4 q
INTCIntel Corp	0.03%	71,090	$3M	trimmed−14%	−0.01 pp	4 q
INSYInsys Therapeutics, Inc.	0.03%	203,860	$2M	new	+0.03 pp	new
unresolvedKate Spade & Co	0.03%	168,060	$3M	added+15%	−0.01 pp	2 q
LULUlululemon athletica inc.	0.03%	40,990	$3M	new	+0.03 pp	new
MSTRStrategy Inc Class A	0.03%	15,290	$3M	added+10%	0.00 pp	6 q
unresolvedSonic Corp	0.03%	88,470	$2M	added+1%	0.00 pp	6 q
SBUXStarbucks Corp	0.03%	45,530	$2M	trimmed−4%	−0.01 pp	7 q
unresolvedStarz	0.03%	81,810	$3M	trimmed−13%	−0.01 pp	6 q
UALUnited Airlines Holdings, Inc.	0.03%	50,610	$3M	trimmed−13%	0.00 pp	7 q
ISRGIntuitive Surgical Inc.	0.02%	1,750	$1M	new	+0.02 pp	new
TAPMolson Coors Beverage Company Class B	0.02%	17,830	$2M	new	+0.02 pp	new
TALTAL Education Group	0.02%	18,430	$1M	trimmed−21%	0.00 pp	2 q
WABWabtec Inc.	0.02%	21,460	$2M	new	+0.02 pp	new
NENoble Corporation plc	0.02%	208,750	$1M	new	+0.02 pp	new
unresolvedAetna Inc New	0.01%	5,330	$615,000	held	—	7 q
ALKAlaska Air Group, Inc.	0.01%	9,200	$606,000	held	—	7 q
ALLThe Allstate Corporation	0.01%	9,030	$625,000	held	—	7 q
AALAmerican Airlines Group Inc.	0.01%	17,010	$623,000	trimmed−11%	0.00 pp	7 q
AMPAmeriprise Financial, Inc.	0.01%	6,010	$600,000	held	—	7 q
AMGNAmgen Inc	0.01%	3,630	$606,000	trimmed−8%	0.00 pp	7 q
ELVElevance Health, Inc.	0.01%	9,480	$1M	added+2%	−0.01 pp	5 q
CDNSCadence Design Systems	0.01%	47,710	$1M	trimmed−5%	−0.01 pp	5 q
CRICarter's Inc.	0.01%	6,310	$547,000	added+4%	0.00 pp	6 q
CSCOCisco Systems, Inc. (DE)	0.01%	19,650	$623,000	trimmed−8%	0.00 pp	7 q
CTXSCitrix Systems Inc	0.01%	13,900	$1M	trimmed−5%	−0.01 pp	5 q
DALDelta Air Lines, Inc.	0.01%	16,810	$662,000	added+19%	0.00 pp	7 q
unresolvedExpress Inc	0.01%	101,640	$1M	added+19%	−0.01 pp	5 q
GILDGilead Sciences Inc	0.01%	7,880	$623,000	added+12%	0.00 pp	7 q
GGALGrupo Financiero Galicia SA	0.01%	40,706	$1M	trimmed−5%	−0.01 pp	2 q
HDHome Depot, Inc.	0.01%	4,640	$597,000	held	—	7 q
LBBath & Body Works, Inc.	0.01%	8,110	$574,000	trimmed−9%	0.00 pp	7 q
LOWLowe's Companies Inc.	0.01%	7,900	$570,000	added+4%	0.00 pp	7 q
MANManpowerGroup	0.01%	16,540	$1M	added+7%	0.00 pp	5 q
MAMastercard Incorporated	0.01%	6,390	$650,000	held	—	7 q
MCOMoody's Corporation	0.01%	5,680	$615,000	trimmed−10%	0.00 pp	7 q
NTESNetEase, inc.	0.01%	5,190	$1M	trimmed−26%	−0.01 pp	3 q
LUVSouthwest Airlines Co.	0.01%	16,750	$651,000	added+16%	0.00 pp	7 q
WBWeibo Corporation	0.01%	24,540	$1M	new	+0.01 pp	new
JAZZJazz Pharmaceuticals, Inc.	0.01%	9,710	$1M	added+18%	−0.01 pp	3 q
unresolvedMichael Kors Hldgs Ltd	0.01%	24,560	$1M	trimmed−16%	−0.01 pp	3 q
ASPSAltisource Portfolio Solutions S.A.	0.01%	35,340	$1M	new	+0.01 pp	new
NBISNebius Group N.V. Class A	0.01%	54,550	$1M	new	+0.01 pp	new
HLFHerbalife Ltd.	0.00%	5,830	$361,000	trimmed−6%	0.00 pp	3 q
RIGTransocean LTD.	0.00%	36,470	$389,000	held	—	3 q
CHKPCheck Point Software Technologies Ltd	0.00%	4,610	$358,000	added+10%	0.00 pp	3 q
ARMKAramark	—	−6,782,175	—	exited	−3.08 pp	—
ACTAllergan PLC	—	−878,319	—	exited	−2.75 pp	—
JACKJack in the Box Inc.	—	−666,861	—	exited	−0.78 pp	—
LBTYKLiberty Global Ltd. Class C	—	−1,518,458	—	exited	−0.59 pp	—
1LGEUSDLiberty Global PLC Lilac - C	—	−683,149	—	exited	−0.30 pp	—
TSNTyson Foods, Inc.	—	−49,870	—	exited	−0.05 pp	—
ANFAbercrombie & Fitch Co.	—	−159,930	—	exited	−0.04 pp	—
CLColgate-Palmolive Company	—	−45,170	—	exited	−0.04 pp	—
CPSCooper-Standard Automotive Inc.	—	−36,829	—	exited	−0.04 pp	—
IPGThe Interpublic Group of Companies, Inc.	—	−133,570	—	exited	−0.04 pp	—
MSMMSC Industrial Direct Co., Inc. Class A	—	−42,170	—	exited	−0.04 pp	—
unresolvedMedivation Inc	—	−52,620	—	exited	−0.04 pp	—
PBFPbf Energy Inc.	—	−122,690	—	exited	−0.04 pp	—
SFMSprouts Farmers Market, Inc.	—	−126,660	—	exited	−0.04 pp	—
TXNTexas Instruments Incorporated	—	−43,000	—	exited	−0.04 pp	—
WSMWilliams-Sonoma, Inc.	—	−59,770	—	exited	−0.04 pp	—
DFSDiscover Financial Services	—	−46,360	—	exited	−0.03 pp	—
GTGoodyear Tire & Rubber	—	−91,100	—	exited	−0.03 pp	—
KHCThe Kraft Heinz Company	—	−22,740	—	exited	−0.03 pp	—
S9QSpirit Aerosystems Hold-cl A	—	−55,370	—	exited	−0.03 pp	—
YELPYelp Inc.	—	−66,760	—	exited	−0.03 pp	—
99998USDLiberty Global PLC Lilac - A	—	−68,462	—	exited	−0.03 pp	—
BMABanco Macro S.A.	—	−18,560	—	exited	−0.02 pp	—
unresolvedChina Lodging Group Ltd	—	−36,480	—	exited	−0.02 pp	—
SBSCompanhia De Saneamento B Sico Do Estado De Sao Paulo-sabesp	—	−170,950	—	exited	−0.02 pp	—
unresolvedIntercontinental Hotels Grou	—	−31,973	—	exited	−0.02 pp	—
PKXPOSCO Holdings Inc.	—	−28,350	—	exited	−0.02 pp	—
unresolvedQihoo 360 Technology Co. ADR	—	−16,620	—	exited	−0.02 pp	—
SNYSanofi	—	−42,790	—	exited	−0.02 pp	—
AOSA.O. Smith Corporation	—	−15,120	—	exited	−0.02 pp	—
TSMTaiwan Semiconductor Manufacturing Company Ltd.	—	−50,500	—	exited	−0.02 pp	—
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	—	−13,010	—	exited	−0.02 pp	—
ITWIllinois Tool Works Inc.	—	−5,880	—	exited	−0.01 pp	—
YYJOYY Inc.	—	−28,650	—	exited	−0.01 pp	—
LBTYALiberty Global Ltd. Class A	—	−21,000	—	exited	−0.01 pp	—