Maverick Capital

Q1 2017 13F · by Lee Ainslie, founder

As of: Mar 31, 2017
Filed: May 15, 2017
US stock: $7.8B · prev $7.7B
Positions: 130 · prev 124
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%

Moves156 since the prior filing

+27.0 pp in · −27.0 pp out

New 36 +11.65 pp
Added 17 +15.38 pp
Trimmed 73 −22.03 pp
Exited 30 −4.96 pp

The book

Focused · behaves like 22 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 100% a year, about 1.0 years per position

Low
Moderate
High

Top 5 positions36% of US stock

PFE Pfizer Inc. trimmed−1.00 pp trimmed−1.008.7%
UHS Universal Health Services, Inc. Class B trimmed−0.62 pp trimmed−0.627.9%
ADBE Adobe Inc. added+2.00 pp added+2.007.1%
META Meta Platforms, Inc. Class A trimmed+0.64 pp trimmed+0.646.3%
WCN Waste Connections, Inc. added+0.96 pp added+0.965.8%

Positions130 in this filing · 30 exited


PFEPfizer Inc.	8.66%	19,833,477	$679M	trimmed−13%	−1.00 pp	7 q
UHSUniversal Health Services, Inc. Class B	7.86%	4,952,724	$616M	trimmed−19%	−0.62 pp	10 q
ADBEAdobe Inc.	7.08%	4,263,755	$555M	added+13%	+2.00 pp	15 q
METAMeta Platforms, Inc. Class A	6.29%	3,470,922	$493M	trimmed−8%	+0.64 pp	9 q
WCNWaste Connections, Inc.	5.75%	5,111,040	$451M	added+9%	+0.96 pp	4 q
SABRSabre Corporation	4.92%	18,205,930	$386M	trimmed−12%	−1.82 pp	12 q
VISNVistance Networks, Inc.	4.76%	8,942,555	$373M	trimmed−11%	−0.09 pp	10 q
unresolvedCigna Corporation	4.59%	2,456,819	$360M	added+22%	+1.10 pp	7 q
DLTRDollar Tree Inc.	4.36%	4,358,026	$342M	added+25%	+0.85 pp	3 q
VMCVulcan Materials Company(Holding Company)	4.03%	2,620,228	$316M	added+28%	+0.70 pp	11 q
GOOGAlphabet Inc. Class C	3.89%	367,842	$305M	added+37%	+1.19 pp	10 q
unresolvedShire PLC	3.60%	1,619,477	$282M	added+14%	+0.44 pp	5 q
unresolvedTesoro Corp	3.53%	3,411,198	$277M	added×86.0	+3.48 pp	9 q
unresolvedEnvision Healthcare Corp	2.40%	3,065,266	$188M	new	+2.40 pp	new
USBU.S. Bancorp	2.40%	3,645,149	$188M	added×4.2	+1.82 pp	5 q
unresolvedComputer Sciences Corp	2.31%	2,621,149	$181M	trimmed−15%	−0.07 pp	4 q
BUDAnheuser-Busch INBEV SA/NV	2.28%	1,627,302	$179M	added×7.9	+2.00 pp	16 q
MLMMartin Marietta Materials	2.15%	773,189	$169M	added+71%	+0.85 pp	2 q
NWLNewell Brands Inc.	1.96%	3,263,897	$154M	trimmed−49%	−1.75 pp	6 q
ORLYO'Reilly Automotive, Inc.	1.74%	505,138	$136M	trimmed−15%	−0.42 pp	9 q
USFDUS Foods Holding Corp.	1.70%	4,754,292	$133M	new	+1.70 pp	new
unresolvedAetna Inc New	1.61%	987,480	$126M	trimmed−56%	−1.99 pp	9 q
STZConstellation Brands, Inc.	1.59%	769,703	$125M	new	+1.59 pp	new
WYNNWynn Resorts Ltd	1.35%	920,698	$106M	new	+1.35 pp	new
KHCThe Kraft Heinz Company	1.34%	1,152,747	$105M	new	+1.34 pp	new
WBAWalgreens Boots Alliance, Inc	1.07%	1,013,553	$84M	new	+1.07 pp	new
SBACSBA Communications Corp	0.95%	615,339	$74M	new	+0.95 pp	new
FLTCorpay, Inc.	0.82%	425,320	$64M	trimmed−76%	−2.38 pp	2 q
MYLMylan NV	0.77%	1,545,448	$60M	trimmed−59%	−1.12 pp	4 q
PACBPacific Biosciences of California, Inc.	0.60%	9,073,874	$47M	held	—	16 q
CMCSAComcast Corp	0.55%	1,148,214	$43M	trimmed−53%	−0.54 pp	5 q
LVSLas Vegas Sands Corp.	0.37%	508,733	$29M	new	+0.37 pp	new
CSLTCastlight Health, Inc.	0.06%	1,188,074	$4M	held	—	13 q
ADIAnalog Devices, Inc.	0.05%	44,089	$4M	new	+0.05 pp	new
ABBVAbbvie Inc.	0.04%	44,400	$3M	trimmed−13%	0.00 pp	5 q
AKRXAkorn, Inc.	0.04%	131,770	$3M	trimmed−13%	0.00 pp	3 q
YAlleghany Corporation	0.04%	4,540	$3M	trimmed−22%	−0.01 pp	9 q
ALSNAllison Transmission Holdings, Inc.	0.04%	78,160	$3M	new	+0.04 pp	new
AMATApplied Materials Inc	0.04%	77,950	$3M	trimmed−23%	0.00 pp	3 q
BAXBaxter International Inc.	0.04%	55,790	$3M	trimmed−22%	0.00 pp	4 q
unresolvedCBS Corp	0.04%	41,710	$3M	trimmed−21%	0.00 pp	4 q
CSFLCenterState Bank Corporation	0.04%	111,250	$3M	new	+0.04 pp	new
CCThe Chemours Company	0.04%	83,910	$3M	trimmed−37%	0.00 pp	2 q
CGNXCognex Corp	0.04%	35,920	$3M	new	+0.04 pp	new
DPZDomino's Pizza Inc.	0.04%	15,040	$3M	trimmed−21%	0.00 pp	2 q
ETRAE*trade Financial Corp	0.04%	80,980	$3M	new	+0.04 pp	new
EWEdwards Lifesciences Corp	0.04%	30,890	$3M	trimmed−20%	−0.01 pp	4 q
EAElectronic Arts Inc	0.04%	32,420	$3M	trimmed−20%	0.00 pp	2 q
FFIVF5, Inc.	0.04%	19,850	$3M	trimmed−12%	0.00 pp	2 q
WOOFoot Locker Inc	0.04%	36,950	$3M	trimmed−17%	0.00 pp	2 q
HCAHCA Healthcare, Inc.	0.04%	32,270	$3M	trimmed−28%	0.00 pp	2 q
HSYThe Hershey Company	0.04%	26,030	$3M	new	+0.04 pp	new
unresolvedIsle of Capri Casinos Inc.	0.04%	112,990	$3M	trimmed−13%	0.00 pp	2 q
JNJJohnson & Johnson	0.04%	23,120	$3M	trimmed−19%	0.00 pp	4 q
LPLALPL Financial Holdings Inc.	0.04%	71,650	$3M	new	+0.04 pp	new
LRCXLam Research Corp	0.04%	23,830	$3M	trimmed−99%	−2.44 pp	5 q
LEALear Corporation	0.04%	19,820	$3M	trimmed−20%	0.00 pp	6 q
MCDMcDonald's Corporation	0.04%	22,050	$3M	trimmed−16%	0.00 pp	5 q
MELIMercado Libre, Inc	0.04%	13,400	$3M	trimmed−35%	0.00 pp	2 q
NXSTNexstar Media Group, Inc.	0.04%	39,960	$3M	trimmed−27%	0.00 pp	9 q
NVDANvidia Corp	0.04%	28,240	$3M	trimmed−20%	−0.01 pp	5 q
PHParker-Hannifin Corporation	0.04%	18,050	$3M	new	+0.04 pp	new
PMPhilip Morris International Inc.	0.04%	25,770	$3M	trimmed−28%	0.00 pp	4 q
unresolvedPriceline Grp Inc	0.04%	1,664	$3M	trimmed−99%	−6.02 pp	10 q
SPGIS&P Global Inc.	0.04%	21,880	$3M	trimmed−19%	0.00 pp	2 q
SLMSLM Corporation	0.04%	237,910	$3M	new	+0.04 pp	new
SWKSSkyworks Solutions Inc	0.04%	29,680	$3M	trimmed−30%	0.00 pp	2 q
AMTTd Ameritrade Holding Corp	0.04%	71,660	$3M	new	+0.04 pp	new
TJXTJX Companies, Inc. (The)	0.04%	35,870	$3M	trimmed−11%	0.00 pp	3 q
TTWOTake-Two Interactive Software Inc	0.04%	48,780	$3M	new	+0.04 pp	new
TERTeradyne, Inc.	0.04%	98,140	$3M	new	+0.04 pp	new
TXNTexas Instruments Incorporated	0.04%	36,160	$3M	trimmed−17%	0.00 pp	2 q
TTCToro Company (The)	0.04%	46,870	$3M	new	+0.04 pp	new
ULTAUlta Beauty, Inc.	0.04%	10,360	$3M	trimmed−18%	0.00 pp	9 q
VLOValero Energy Corporation	0.04%	42,030	$3M	trimmed−20%	−0.01 pp	9 q
VMWVMware, Inc	0.04%	31,490	$3M	trimmed−20%	0.00 pp	3 q
XLNXXilinx Inc	0.04%	48,070	$3M	trimmed−17%	−0.01 pp	6 q
DCHDauch Corporation	0.03%	142,550	$3M	new	+0.03 pp	new
unresolvedBank Of The Ozarks Inc	0.03%	51,280	$3M	new	+0.03 pp	new
BIIBBiogen Inc.	0.03%	9,610	$3M	trimmed−12%	−0.01 pp	5 q
unresolvedBlue Buffalo Pet Prods Inc	0.03%	114,700	$3M	trimmed−15%	−0.01 pp	3 q
EXPEagle Materials, Inc.	0.03%	27,160	$3M	new	+0.03 pp	new
EBAYeBay Inc	0.03%	63,440	$2M	trimmed−32%	−0.01 pp	6 q
GSGoldman Sachs Group Inc.	0.03%	11,290	$3M	new	+0.03 pp	new
LULUlululemon athletica inc.	0.03%	43,910	$2M	trimmed−21%	−0.02 pp	3 q
MSTRStrategy Inc Class A	0.03%	11,370	$2M	trimmed−16%	0.00 pp	8 q
VYXNCR Voyix Corporation	0.03%	58,250	$3M	trimmed−31%	−0.01 pp	2 q
RFRegions Financial Corp.	0.03%	185,710	$3M	trimmed−22%	−0.01 pp	2 q
SIVBQSvb Financial Group	0.03%	14,660	$3M	new	+0.03 pp	new
S9QSpirit Aerosystems Hold-cl A	0.03%	45,900	$3M	trimmed−16%	−0.01 pp	2 q
unresolvedSwift Transn Co	0.03%	129,940	$3M	added0%	−0.01 pp	3 q
UALUnited Airlines Holdings, Inc.	0.03%	29,060	$2M	trimmed−23%	−0.01 pp	9 q
URIUnited Rentals, Inc.	0.03%	21,900	$3M	new	+0.03 pp	new
UTHRUnited Therapeutics Corp	0.03%	19,440	$3M	trimmed−26%	−0.02 pp	9 q
XNCRXencor, Inc.	0.03%	113,335	$3M	trimmed−11%	−0.01 pp	2 q
ELVElevance Health, Inc.	0.02%	8,290	$1M	trimmed−3%	0.00 pp	7 q
BBLBHP Group Plc	0.02%	41,590	$1M	new	+0.02 pp	new
CDNSCadence Design Systems	0.02%	43,730	$1M	trimmed−6%	0.00 pp	7 q
CTXSCitrix Systems Inc	0.02%	17,110	$1M	added+22%	0.00 pp	7 q
DEODiageo plc	0.02%	11,820	$1M	new	+0.02 pp	new
IPXLImpax Laboratories, Inc.	0.02%	105,200	$1M	new	+0.02 pp	new
MOMOHello Group Inc.	0.02%	50,730	$2M	trimmed−14%	+0.01 pp	2 q
NTESNetEase, inc.	0.02%	4,420	$1M	trimmed−21%	0.00 pp	5 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	0.02%	42,660	$1M	added+1%	0.00 pp	2 q
TALTAL Education Group	0.02%	16,000	$2M	held	—	4 q
VALEVale S.a.	0.02%	130,570	$1M	new	+0.02 pp	new
AGOAssured Guaranty, LTD	0.02%	32,870	$1M	new	+0.02 pp	new
JAZZJazz Pharmaceuticals, Inc.	0.02%	10,180	$1M	trimmed−17%	0.00 pp	5 q
WIXWIX.com Ltd.	0.02%	21,600	$1M	new	+0.02 pp	new
RACEFerrari N.V.	0.02%	21,270	$2M	trimmed−6%	0.00 pp	2 q
unresolvedFiat Chrysler Automobiles NV s	0.02%	123,190	$1M	new	+0.02 pp	new
NBISNebius Group N.V. Class A	0.02%	60,060	$1M	new	+0.02 pp	new
ALKAlaska Air Group, Inc.	0.01%	6,820	$629,000	trimmed−12%	0.00 pp	9 q
ALLThe Allstate Corporation	0.01%	8,200	$668,000	trimmed−4%	0.00 pp	9 q
AALAmerican Airlines Group Inc.	0.01%	14,720	$623,000	added+4%	0.00 pp	9 q
AXPAmerican Express Company	0.01%	8,440	$668,000	trimmed−100%	−2.25 pp	9 q
AMPAmeriprise Financial, Inc.	0.01%	5,070	$657,000	trimmed−16%	0.00 pp	9 q
AMGNAmgen Inc	0.01%	3,780	$620,000	trimmed−17%	0.00 pp	9 q
AAPLApple Inc.	0.01%	4,870	$700,000	trimmed−16%	0.00 pp	9 q
CSCOCisco Systems, Inc. (DE)	0.01%	19,940	$674,000	trimmed−9%	0.00 pp	9 q
DALDelta Air Lines, Inc.	0.01%	13,550	$623,000	added+2%	0.00 pp	9 q
GILDGilead Sciences Inc	0.01%	9,460	$643,000	added+11%	0.00 pp	9 q
HDHome Depot, Inc.	0.01%	4,650	$683,000	trimmed−4%	0.00 pp	9 q
MAMastercard Incorporated	0.01%	5,990	$674,000	trimmed−3%	0.00 pp	9 q
MCOMoody's Corporation	0.01%	6,020	$674,000	trimmed−8%	0.00 pp	9 q
LUVSouthwest Airlines Co.	0.01%	11,530	$620,000	trimmed−15%	0.00 pp	9 q
unresolvedRowan Cos PLC	0.01%	74,570	$1M	new	+0.01 pp	new
WTWWillis Towers Watson Public Limited Company	0.00%	2,186	$34,000	held	—	2 q
HLFHerbalife Ltd.	0.00%	6,490	$377,000	trimmed−9%	0.00 pp	5 q
CHKPCheck Point Software Technologies Ltd	0.00%	3,710	$381,000	trimmed−9%	0.00 pp	5 q
TDGTransDigm Group Incorporated	—	−777,086	—	exited	−2.52 pp	—
CNCCentene Corporation	—	−1,399,062	—	exited	−1.03 pp	—
TMUST-Mobile US, Inc.	—	−806,411	—	exited	−0.60 pp	—
BBYBest Buy Company, Inc.	—	−69,940	—	exited	−0.04 pp	—
CTSHCognizant Technology Solutions	—	−58,180	—	exited	−0.04 pp	—
CPRTCopart Inc	—	−58,570	—	exited	−0.04 pp	—
unresolvedFmc Technologies Inc	—	−94,420	—	exited	−0.04 pp	—
FICOFair Isaac Corporation	—	−28,290	—	exited	−0.04 pp	—
KLACKLA Corporation	—	−40,180	—	exited	−0.04 pp	—
unresolvedLinear Technology Group	—	−52,070	—	exited	−0.04 pp	—
MYGNMyriad Genetics Inc	—	−190,720	—	exited	−0.04 pp	—
NAVINavient Corporation	—	−189,750	—	exited	−0.04 pp	—
NOCNorthrop Grumman Corp.	—	−12,800	—	exited	−0.04 pp	—
QCOMQualcomm Inc	—	−47,900	—	exited	−0.04 pp	—
SCSantander Consumer USA Holdings Inc	—	−237,340	—	exited	−0.04 pp	—
SEESealed Air Corp New	—	−69,980	—	exited	−0.04 pp	—
AOSA.O. Smith Corporation	—	−66,080	—	exited	−0.04 pp	—
unresolvedWebmd Health Corp	—	−55,742	—	exited	−0.04 pp	—
WCGWellcare Health Plans, Inc.	—	−23,320	—	exited	−0.04 pp	—
EXPDExpeditors International of Washington, Inc.	—	−49,890	—	exited	−0.03 pp	—
INSYInsys Therapeutics, Inc.	—	−274,211	—	exited	−0.03 pp	—
unresolvedExpress Inc	—	−114,100	—	exited	−0.02 pp	—
MANManpowerGroup	—	−14,700	—	exited	−0.02 pp	—
ISRGIntuitive Surgical Inc.	—	−1,750	—	exited	−0.01 pp	—
LGF.BLions Gate Entertainment Corp. Class B Non-Voting Shares	—	−45,106	—	exited	−0.01 pp	—
WBWeibo Corporation	—	−24,950	—	exited	−0.01 pp	—
YYJOYY Inc.	—	−28,510	—	exited	−0.01 pp	—
AMBAAmbarella, Inc.	—	−20,950	—	exited	−0.01 pp	—
unresolvedMichael Kors Hldgs Ltd	—	−26,160	—	exited	−0.01 pp	—
RIGTransocean LTD.	—	−33,230	—	exited	−0.01 pp	—