Whale Rock Capital

Q3 2016 13F · by Alex Sacerdote, founder

As of: Sep 30, 2016
Filed: Nov 14, 2016
US stock: $1.3B · prev $1.2B
Positions: 30 · prev 31
Options notional: $239M
Documents: 1· no amendments

Picture84.6% US stock

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

US stock listed on a US exchange 84.6%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 12.9%
Calls at notional value 2.6%

Moves41 since the prior filing

+25.7 pp in · −25.8 pp out

New 8 +13.01 pp
Added 10 +12.71 pp
Trimmed 12 −8.12 pp
Exited 9 −17.64 pp

Options: 2 moves on a notional base, in the table below.

The book

Concentrated · behaves like 19 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 113% a year, about 0.9 years per position

Low
Moderate
High

Top 5 positions38% of US stock

AMZN Amazon.Com Inc added+1.55 pp added+1.5512.0%
unresolved Ellie Mae trimmed−1.64 pp trimmed−1.646.9%
GOOGL Alphabet Inc. Class A added+1.22 pp added+1.226.5%
ZEN Zendesk Inc trimmed−1.58 pp trimmed−1.586.4%
META Meta Platforms, Inc. Class A added+0.18 pp added+0.185.8%

Positions30 in this filing · 9 exited


AMZNAmazon.Com Inc	12.02%	188,173	$158M	added+7%	+1.55 pp	7 q
unresolvedEllie Mae	6.90%	858,454	$90M	trimmed−23%	−1.64 pp	8 q
GOOGLAlphabet Inc. Class A	6.52%	106,361	$86M	added+17%	+1.22 pp	4 q
ZENZendesk Inc	6.39%	2,727,795	$84M	trimmed−25%	−1.58 pp	10 q
METAMeta Platforms, Inc. Class A	5.78%	590,559	$76M	added0%	+0.18 pp	7 q
SYMCGen Digital Inc.	5.14%	2,685,751	$67M	trimmed−28%	−1.25 pp	2 q
BABAAlibaba Group Holding Limited	4.89%	605,310	$64M	trimmed−5%	+0.70 pp	4 q
NTESNetEase, inc.	4.88%	265,891	$64M	added+43%	+1.89 pp	8 q
SHOPShopify Inc. Class A subordinate voting shares	4.59%	1,402,861	$60M	added+42%	+2.06 pp	4 q
OCLROclaro Inc	4.36%	6,685,632	$57M	added+15%	+2.01 pp	5 q
MSFTMicrosoft Corp	4.25%	968,185	$56M	added×2.6	+2.69 pp	3 q
FNFabrinet	4.08%	1,199,824	$54M	trimmed−13%	−0.16 pp	3 q
unresolvedArris Intl Inc	3.65%	1,690,942	$48M	new	+3.65 pp	new
unresolvedGigamon Inc	3.64%	871,516	$48M	new	+3.64 pp	new
AAPLApple Inc.	3.23%	374,451	$42M	new	+3.23 pp	new
MXLMaxLinear, Inc.	2.27%	1,465,682	$30M	trimmed−39%	−1.34 pp	6 q
CRUSCirrus Logic Inc	2.21%	545,999	$29M	added+13%	+0.65 pp	3 q
EPAMEpam Systems, Inc.	2.13%	403,261	$28M	trimmed−3%	−0.09 pp	6 q
NVDANvidia Corp	2.12%	405,026	$28M	trimmed−44%	−0.68 pp	5 q
GOOGAlphabet Inc. Class C	1.85%	31,164	$24M	trimmed−0%	+0.06 pp	10 q
CRMSalesforce, Inc.	1.77%	325,600	$23M	trimmed−49%	−2.48 pp	6 q
MPWRMonolithic Power Systems, Inc.	1.52%	247,995	$20M	trimmed−0%	+0.11 pp	5 q
WWayfair Inc.	1.28%	425,751	$17M	added+5%	−0.03 pp	5 q
VGVonage Holdings Corp	1.18%	2,338,943	$15M	new	+1.18 pp	new
IPHIInphi Corporation	1.14%	343,317	$15M	trimmed−0%	+0.23 pp	8 q
AAOIApplied Optoelectronics, Inc.	1.12%	659,431	$15M	new	+1.12 pp	new
YELPYelp Inc.	0.87%	272,960	$11M	added+82%	+0.49 pp	2 q
NTNXNutanix, Inc. Class A	0.14%	50,000	$2M	new	+0.14 pp	new
TTDThe Trade Desk, Inc.	0.03%	15,000	$438,000	new	+0.03 pp	new
GSUMGridsum Holding Inc.	0.02%	15,000	$253,000	new	+0.02 pp	new
unresolvedInteractive Intelligence Gro	—	−1,517,103	—	exited	−5.17 pp	—
MSTRStrategy Inc Class A	—	−189,930	—	exited	−2.76 pp	—
ACIAAcacia Communications, Inc.	—	−735,306	—	exited	−2.44 pp	—
HUBSHubspot, Inc.	—	−648,407	—	exited	−2.34 pp	—
NEWRNew Relic, Inc.	—	−695,758	—	exited	−1.70 pp	—
ADBEAdobe Inc.	—	−173,062	—	exited	−1.38 pp	—
PTCPtc, Inc	—	−299,470	—	exited	−0.94 pp	—
WUBA58.COM Inc	—	−159,834	—	exited	−0.61 pp	—
TWLOTwilio Inc.	—	−100,000	—	exited	−0.30 pp	—