Whale Rock Capital

Q2 2014 13F · by Alex Sacerdote, founder

As of: Jun 30, 2014
Filed: Aug 14, 2014
US stock: $769M · prev $551M
Positions: 28 · prev 23
Options notional: $6M
Documents: 1· no amendments

Picture99.2% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 99.2%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.8%
Calls at notional value 0.0%

Moves37 since the prior filing

+41.1 pp in · −41.1 pp out

New 13 +38.94 pp
Added 8 +2.13 pp
Trimmed 7 −22.54 pp
Exited 8 −18.54 pp

Options: 1 move on a notional base, in the table below.

The book

Focused · behaves like 23 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 93% a year, about 1.1 years per position

Low
Moderate
High

Top 5 positions30% of US stock

unresolved Qihoo 360 Technology Co. ADR trimmed−4.95 pp trimmed−4.958.0%
unresolved Priceline Grp Inc added+2.55 pp added+2.555.8%
AAPL Apple Inc. added+2.90 pp added+2.905.5%
TRIP TripAdvisor, Inc. trimmed−0.88 pp trimmed−0.885.3%
MU Micron Technology, Inc. new+5.14 pp new+5.145.1%

Positions28 in this filing · 8 exited


unresolvedQihoo 360 Technology Co. ADR	7.97%	665,819	$61M	trimmed−7%	−4.95 pp	5 q
unresolvedPriceline Grp Inc	5.77%	36,841	$44M	added×2.5	+2.55 pp	5 q
AAPLApple Inc.	5.55%	459,102	$43M	added×2.4	+2.90 pp	2 q
TRIPTripAdvisor, Inc.	5.34%	377,628	$41M	trimmed−0%	−0.88 pp	5 q
MUMicron Technology, Inc.	5.14%	1,199,121	$40M	new	+5.14 pp	new
MSFTMicrosoft Corp	5.13%	945,287	$39M	added+13%	−1.11 pp	2 q
GOOGAlphabet Inc. Class C	4.97%	66,371	$38M	new	+4.97 pp	new
unresolvedYahoo Inc	4.64%	1,014,331	$36M	trimmed−33%	−5.15 pp	5 q
JMEINJumei International-adr	4.62%	1,306,825	$36M	new	+4.62 pp	new
LRCXLam Research Corp	4.48%	509,793	$34M	added×2.8	+2.63 pp	2 q
JDJD.com, Inc.	4.03%	1,086,840	$31M	new	+4.03 pp	new
WDAYWorkday, Inc. Class A	3.96%	339,096	$30M	added+9%	−1.19 pp	5 q
NFLXNetFlix Inc	3.68%	64,132	$28M	added+3%	−0.31 pp	5 q
WUBA58.COM Inc	3.60%	512,026	$28M	added+48%	+0.99 pp	2 q
VIPSVipshop Holdings Limited	3.50%	143,116	$27M	trimmed−37%	−2.65 pp	4 q
PANWPalo Alto Networks, Inc.	3.48%	318,596	$27M	new	+3.48 pp	new
DATATableau Software, Inc.	3.47%	374,143	$27M	new	+3.47 pp	new
unresolvedGoogle Inc.	3.33%	43,729	$26M	added+15%	−4.33 pp	5 q
ZENZendesk Inc	3.13%	1,385,112	$24M	new	+3.13 pp	new
unresolvedTextura Corp	2.74%	892,334	$21M	new	+2.74 pp	new
unresolvedImperva Inc	2.45%	718,490	$19M	new	+2.45 pp	new
YELPYelp Inc.	2.10%	211,022	$16M	trimmed−40%	−2.78 pp	4 q
CRTOCriteo S.A.	1.97%	448,887	$15M	new	+1.97 pp	new
NBISNebius Group N.V. Class A	1.10%	238,012	$8M	new	+1.10 pp	new
unresolvedIntegrated Device Technology	1.07%	530,000	$8M	new	+1.07 pp	new
AMZNAmazon.Com Inc	1.05%	24,768	$8M	trimmed−77%	−5.49 pp	4 q
unresolvedIcg Group Inc	0.97%	357,555	$7M	trimmed−18%	−0.64 pp	2 q
WIXWIX.com Ltd.	0.77%	299,249	$6M	new	+0.77 pp	new
unresolvedPandora Media Inc	—	−1,014,341	—	exited	−5.58 pp	—
unresolvedInvensense Inc	—	−684,176	—	exited	−2.94 pp	—
HIMXHimax Technologies, Inc.	—	−1,390,050	—	exited	−2.91 pp	—
EPAMEpam Systems, Inc.	—	−350,338	—	exited	−2.09 pp	—
ENVEnvestnet, Inc.	—	−266,672	—	exited	−1.94 pp	—
unresolvedTwenty First Centy Fox Inc	—	−298,644	—	exited	−1.69 pp	—
METAMeta Platforms, Inc. Class A	—	−94,979	—	exited	−1.04 pp	—
unresolvedTwenty First Centy Fox Inc	—	−60,514	—	exited	−0.35 pp	—