Maverick Capital

Q4 2016 13F · by Lee Ainslie, founder

As of: Dec 31, 2016
Filed: Feb 14, 2017
US stock: $7.7B · prev $8.4B
Positions: 124 · prev 128
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%

Moves149 since the prior filing

+34.5 pp in · −34.6 pp out

New 28 +6.33 pp
Added 39 +28.14 pp
Trimmed 50 −25.15 pp
Exited 32 −9.46 pp

The book

Focused · behaves like 21 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 138% a year, about 0.7 years per position

Low
Moderate
High

Top 5 positions37% of US stock

PFE Pfizer Inc. added+1.08 pp added+1.089.7%
UHS Universal Health Services, Inc. Class B added+1.79 pp added+1.798.5%
SABR Sabre Corporation trimmed−0.39 pp trimmed−0.396.7%
unresolved Priceline Grp Inc trimmed−1.07 pp trimmed−1.076.1%
META Meta Platforms, Inc. Class A added+3.04 pp added+3.045.7%

Positions124 in this filing · 32 exited


PFEPfizer Inc.	9.66%	22,851,570	$742M	added+7%	+1.08 pp	6 q
UHSUniversal Health Services, Inc. Class B	8.48%	6,130,994	$652M	added+34%	+1.79 pp	9 q
SABRSabre Corporation	6.74%	20,751,854	$518M	trimmed−3%	−0.39 pp	11 q
unresolvedPriceline Grp Inc	6.06%	317,852	$466M	trimmed−22%	−1.07 pp	9 q
METAMeta Platforms, Inc. Class A	5.65%	3,778,048	$435M	added×2.2	+3.04 pp	8 q
ADBEAdobe Inc.	5.08%	3,790,095	$390M	added×3.5	+3.67 pp	14 q
VISNVistance Networks, Inc.	4.85%	10,031,988	$373M	trimmed−39%	−1.04 pp	9 q
WCNWaste Connections, Inc.	4.79%	4,685,396	$368M	trimmed−20%	−0.42 pp	3 q
NWLNewell Brands Inc.	3.71%	6,394,236	$286M	added×3.4	+2.54 pp	5 q
unresolvedAetna Inc New	3.60%	2,229,816	$277M	added×418.4	+3.59 pp	8 q
DLTRDollar Tree Inc.	3.51%	3,498,887	$270M	added×92.3	+3.47 pp	2 q
unresolvedCigna Corporation	3.49%	2,013,625	$269M	added×4.4	+2.79 pp	6 q
VMCVulcan Materials Company(Holding Company)	3.33%	2,046,710	$256M	added×6.0	+2.87 pp	10 q
FLTCorpay, Inc.	3.20%	1,739,049	$246M	new	+3.20 pp	new
unresolvedShire PLC	3.16%	1,425,420	$243M	added×2.5	+1.85 pp	4 q
GOOGAlphabet Inc. Class C	2.70%	269,121	$208M	trimmed−10%	−0.06 pp	9 q
TDGTransDigm Group Incorporated	2.52%	777,086	$193M	added+8%	+0.05 pp	15 q
LRCXLam Research Corp	2.48%	1,802,257	$191M	trimmed−60%	−2.62 pp	4 q
unresolvedComputer Sciences Corp	2.38%	3,078,365	$183M	trimmed−11%	+0.23 pp	3 q
AXPAmerican Express Company	2.26%	2,340,629	$173M	trimmed−34%	−0.44 pp	8 q
ORLYO'Reilly Automotive, Inc.	2.16%	595,156	$166M	trimmed−39%	−1.08 pp	8 q
MYLMylan NV	1.89%	3,799,281	$145M	added×2.8	+1.29 pp	3 q
MLMMartin Marietta Materials	1.30%	452,712	$100M	new	+1.30 pp	new
CMCSAComcast Corp	1.09%	1,215,967	$84M	trimmed−56%	−1.10 pp	4 q
CNCCentene Corporation	1.03%	1,399,062	$79M	new	+1.03 pp	new
TMUST-Mobile US, Inc.	0.60%	806,411	$46M	trimmed−15%	+0.07 pp	2 q
USBU.S. Bancorp	0.58%	865,533	$44M	trimmed−68%	−0.80 pp	4 q
PACBPacific Biosciences of California, Inc.	0.45%	9,073,874	$34M	trimmed−0%	−0.52 pp	15 q
BUDAnheuser-Busch INBEV SA/NV	0.28%	205,550	$22M	trimmed−88%	−2.29 pp	15 q
CSLTCastlight Health, Inc.	0.08%	1,188,074	$6M	held	—	12 q
YAlleghany Corporation	0.05%	5,810	$4M	trimmed−4%	+0.01 pp	8 q
EWEdwards Lifesciences Corp	0.05%	38,440	$4M	added+43%	+0.01 pp	3 q
LULUlululemon athletica inc.	0.05%	55,710	$4M	added+36%	+0.02 pp	2 q
NVDANvidia Corp	0.05%	35,470	$4M	trimmed−30%	+0.01 pp	4 q
unresolvedTesoro Corp	0.05%	39,650	$3M	trimmed−3%	+0.01 pp	8 q
UTHRUnited Therapeutics Corp	0.05%	26,210	$4M	added+1%	+0.01 pp	8 q
VLOValero Energy Corporation	0.05%	52,330	$4M	trimmed−8%	+0.01 pp	8 q
XLNXXilinx Inc	0.05%	57,840	$3M	held	—	5 q
ABBVAbbvie Inc.	0.04%	50,920	$3M	added+3%	0.00 pp	4 q
AKRXAkorn, Inc.	0.04%	151,370	$3M	added+30%	0.00 pp	2 q
AMATApplied Materials Inc	0.04%	101,310	$3M	trimmed−4%	0.00 pp	2 q
BAXBaxter International Inc.	0.04%	71,400	$3M	added+6%	0.00 pp	3 q
BBYBest Buy Company, Inc.	0.04%	69,940	$3M	trimmed−14%	0.00 pp	2 q
BIIBBiogen Inc.	0.04%	10,880	$3M	added+5%	0.00 pp	4 q
unresolvedBlue Buffalo Pet Prods Inc	0.04%	135,160	$3M	added+11%	+0.01 pp	2 q
unresolvedCBS Corp	0.04%	52,820	$3M	trimmed−14%	0.00 pp	3 q
CCThe Chemours Company	0.04%	133,410	$3M	new	+0.04 pp	new
CTSHCognizant Technology Solutions	0.04%	58,180	$3M	added+10%	+0.01 pp	4 q
CPRTCopart Inc	0.04%	58,570	$3M	new	+0.04 pp	new
DPZDomino's Pizza Inc.	0.04%	18,930	$3M	new	+0.04 pp	new
EBAYeBay Inc	0.04%	93,080	$3M	added+17%	+0.01 pp	5 q
EAElectronic Arts Inc	0.04%	40,320	$3M	new	+0.04 pp	new
unresolvedFmc Technologies Inc	0.04%	94,420	$3M	trimmed−17%	0.00 pp	3 q
FICOFair Isaac Corporation	0.04%	28,290	$3M	added+17%	0.00 pp	2 q
FFIVF5, Inc.	0.04%	22,670	$3M	new	+0.04 pp	new
WOOFoot Locker Inc	0.04%	44,390	$3M	new	+0.04 pp	new
HCAHCA Healthcare, Inc.	0.04%	44,730	$3M	new	+0.04 pp	new
unresolvedIsle of Capri Casinos Inc.	0.04%	129,550	$3M	new	+0.04 pp	new
JNJJohnson & Johnson	0.04%	28,530	$3M	added+8%	0.00 pp	3 q
KLACKLA Corporation	0.04%	40,180	$3M	trimmed−11%	0.00 pp	4 q
LEALear Corporation	0.04%	24,890	$3M	trimmed−8%	0.00 pp	5 q
unresolvedLinear Technology Group	0.04%	52,070	$3M	trimmed−3%	0.00 pp	3 q
MCDMcDonald's Corporation	0.04%	26,270	$3M	held	—	4 q
MELIMercado Libre, Inc	0.04%	20,470	$3M	new	+0.04 pp	new
MYGNMyriad Genetics Inc	0.04%	190,720	$3M	added+25%	0.00 pp	3 q
VYXNCR Voyix Corporation	0.04%	84,300	$3M	new	+0.04 pp	new
NAVINavient Corporation	0.04%	189,750	$3M	trimmed−13%	0.00 pp	8 q
NXSTNexstar Media Group, Inc.	0.04%	54,570	$3M	trimmed−7%	0.00 pp	8 q
NOCNorthrop Grumman Corp.	0.04%	12,800	$3M	trimmed−99%	−2.76 pp	4 q
PMPhilip Morris International Inc.	0.04%	35,850	$3M	trimmed−100%	−8.28 pp	3 q
QCOMQualcomm Inc	0.04%	47,900	$3M	trimmed−4%	0.00 pp	2 q
RFRegions Financial Corp.	0.04%	238,180	$3M	new	+0.04 pp	new
SPGIS&P Global Inc.	0.04%	27,000	$3M	new	+0.04 pp	new
SCSantander Consumer USA Holdings Inc	0.04%	237,340	$3M	new	+0.04 pp	new
SEESealed Air Corp New	0.04%	69,980	$3M	added+2%	0.00 pp	6 q
SWKSSkyworks Solutions Inc	0.04%	42,310	$3M	new	+0.04 pp	new
AOSA.O. Smith Corporation	0.04%	66,080	$3M	new	+0.04 pp	new
S9QSpirit Aerosystems Hold-cl A	0.04%	54,860	$3M	new	+0.04 pp	new
unresolvedSwift Transn Co	0.04%	129,730	$3M	trimmed−20%	0.00 pp	2 q
TJXTJX Companies, Inc. (The)	0.04%	40,490	$3M	held	—	2 q
TXNTexas Instruments Incorporated	0.04%	43,580	$3M	new	+0.04 pp	new
ULTAUlta Beauty, Inc.	0.04%	12,700	$3M	held	—	8 q
UALUnited Airlines Holdings, Inc.	0.04%	37,800	$3M	trimmed−25%	+0.01 pp	8 q
VMWVMware, Inc	0.04%	39,140	$3M	trimmed−8%	0.00 pp	2 q
unresolvedWebmd Health Corp	0.04%	55,742	$3M	trimmed−8%	0.00 pp	6 q
WCGWellcare Health Plans, Inc.	0.04%	23,320	$3M	trimmed−16%	0.00 pp	2 q
XNCRXencor, Inc.	0.04%	127,380	$3M	new	+0.04 pp	new
EXPDExpeditors International of Washington, Inc.	0.03%	49,890	$3M	trimmed−1%	0.00 pp	5 q
INSYInsys Therapeutics, Inc.	0.03%	274,211	$3M	added+35%	0.00 pp	2 q
MSTRStrategy Inc Class A	0.03%	13,520	$3M	trimmed−12%	0.00 pp	7 q
ELVElevance Health, Inc.	0.02%	8,530	$1M	trimmed−10%	+0.01 pp	6 q
CDNSCadence Design Systems	0.02%	46,530	$1M	trimmed−2%	+0.01 pp	6 q
CTXSCitrix Systems Inc	0.02%	14,080	$1M	added+1%	+0.01 pp	6 q
unresolvedExpress Inc	0.02%	114,100	$1M	added+12%	+0.01 pp	6 q
MANManpowerGroup	0.02%	14,700	$1M	trimmed−11%	+0.01 pp	6 q
NTESNetEase, inc.	0.02%	5,610	$1M	added+8%	+0.01 pp	4 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.02%	42,100	$1M	new	+0.02 pp	new
JAZZJazz Pharmaceuticals, Inc.	0.02%	12,240	$1M	added+26%	+0.01 pp	4 q
RACEFerrari N.V.	0.02%	22,650	$1M	new	+0.02 pp	new
ALKAlaska Air Group, Inc.	0.01%	7,740	$687,000	trimmed−16%	0.00 pp	8 q
ALLThe Allstate Corporation	0.01%	8,570	$635,000	trimmed−5%	0.00 pp	8 q
AALAmerican Airlines Group Inc.	0.01%	14,160	$661,000	trimmed−17%	0.00 pp	8 q
AMPAmeriprise Financial, Inc.	0.01%	6,010	$667,000	held	—	8 q
AMGNAmgen Inc	0.01%	4,570	$668,000	added+26%	0.00 pp	8 q
AAPLApple Inc.	0.01%	5,790	$671,000	trimmed−100%	−2.66 pp	8 q
CSCOCisco Systems, Inc. (DE)	0.01%	21,860	$661,000	added+11%	0.00 pp	8 q
DALDelta Air Lines, Inc.	0.01%	13,240	$651,000	trimmed−21%	0.00 pp	8 q
GILDGilead Sciences Inc	0.01%	8,520	$610,000	added+8%	0.00 pp	8 q
HDHome Depot, Inc.	0.01%	4,820	$646,000	added+4%	0.00 pp	8 q
ISRGIntuitive Surgical Inc.	0.01%	1,750	$1M	held	—	2 q
LGF.BLions Gate Entertainment Corp. Class B Non-Voting Shares	0.01%	45,106	$1M	new	+0.01 pp	new
MAMastercard Incorporated	0.01%	6,170	$637,000	trimmed−3%	0.00 pp	8 q
MOMOHello Group Inc.	0.01%	58,690	$1M	new	+0.01 pp	new
MCOMoody's Corporation	0.01%	6,540	$617,000	added+15%	0.00 pp	8 q
LUVSouthwest Airlines Co.	0.01%	13,570	$676,000	trimmed−19%	0.00 pp	8 q
TALTAL Education Group	0.01%	16,000	$1M	trimmed−13%	−0.01 pp	3 q
WBWeibo Corporation	0.01%	24,950	$1M	added+2%	0.00 pp	2 q
YYJOYY Inc.	0.01%	28,510	$1M	new	+0.01 pp	new
AMBAAmbarella, Inc.	0.01%	20,950	$1M	new	+0.01 pp	new
unresolvedMichael Kors Hldgs Ltd	0.01%	26,160	$1M	added+7%	0.00 pp	4 q
RIGTransocean LTD.	0.01%	33,230	$490,000	trimmed−9%	+0.01 pp	4 q
WTWWillis Towers Watson Public Limited Company	0.00%	2,186	$25,000	new	0.00 pp	new
HLFHerbalife Ltd.	0.00%	7,120	$343,000	added+22%	0.00 pp	4 q
CHKPCheck Point Software Technologies Ltd	0.00%	4,080	$345,000	trimmed−12%	0.00 pp	4 q
unresolvedLevel 3 Communications Inc	—	−5,590,526	—	exited	−3.07 pp	—
DGDollar General Corp.	—	−2,662,092	—	exited	−2.21 pp	—
RDNRadian Group Inc.	—	−9,298,595	—	exited	−1.49 pp	—
ERICEricsson	—	−8,082,068	—	exited	−0.69 pp	—
SPYState Street SPDR S&P 500 ETF Trust	—	−236,600	—	exited	−0.61 pp	—
KSUKansas City Southern	—	−519,573	—	exited	−0.57 pp	—
SUMSummit Materials, Inc. Class A	—	−493,980	—	exited	−0.11 pp	—
ADIAnalog Devices, Inc.	—	−50,120	—	exited	−0.04 pp	—
PLCEChildren's Place, Inc.	—	−37,899	—	exited	−0.04 pp	—
CRUSCirrus Logic Inc	—	−59,780	—	exited	−0.04 pp	—
LDOSLeidos Holdings, Inc.	—	−76,270	—	exited	−0.04 pp	—
TREELendingTree, Inc.	—	−32,680	—	exited	−0.04 pp	—
PPGPPG Industries, Inc.	—	−29,310	—	exited	−0.04 pp	—
DGXQuest Diagnostics Inc.	—	−37,510	—	exited	−0.04 pp	—
RTRXTravere Therapeutics, Inc.	—	−148,661	—	exited	−0.04 pp	—
ROSTRoss Stores Inc	—	−50,380	—	exited	−0.04 pp	—
unresolvedSpectrum Brands Hldgs Inc	—	−23,370	—	exited	−0.04 pp	—
unresolvedVirgin America Inc	—	−56,010	—	exited	−0.04 pp	—
INTCIntel Corp	—	−71,090	—	exited	−0.03 pp	—
unresolvedKate Spade & Co	—	−168,060	—	exited	−0.03 pp	—
unresolvedSonic Corp	—	−88,470	—	exited	−0.03 pp	—
SBUXStarbucks Corp	—	−45,530	—	exited	−0.03 pp	—
unresolvedStarz	—	−81,810	—	exited	−0.03 pp	—
TAPMolson Coors Beverage Company Class B	—	−17,830	—	exited	−0.02 pp	—
WABWabtec Inc.	—	−21,460	—	exited	−0.02 pp	—
NENoble Corporation plc	—	−208,750	—	exited	−0.02 pp	—
CRICarter's Inc.	—	−6,310	—	exited	−0.01 pp	—
GGALGrupo Financiero Galicia SA	—	−40,706	—	exited	−0.01 pp	—
LBBath & Body Works, Inc.	—	−8,110	—	exited	−0.01 pp	—
LOWLowe's Companies Inc.	—	−7,900	—	exited	−0.01 pp	—
ASPSAltisource Portfolio Solutions S.A.	—	−35,340	—	exited	−0.01 pp	—
NBISNebius Group N.V. Class A	—	−54,550	—	exited	−0.01 pp	—