Whale Rock Capital

Q4 2016 13F · by Alex Sacerdote, founder

As of: Dec 31, 2016
Filed: Feb 14, 2016
US stock: $1.2B · prev $1.3B
Positions: 29 · prev 30
Options notional: $38M
Documents: 1· no amendments

Picture97.0% US stock

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

US stock listed on a US exchange 97.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 3.0%
Calls at notional value 0.0%

Moves38 since the prior filing

+17.5 pp in · −17.4 pp out

New 5 +10.51 pp
Added 10 +6.97 pp
Trimmed 14 −12.48 pp
Exited 6 −4.95 pp

Options: 3 moves on a notional base, in the table below.

The book

Concentrated · behaves like 20 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 77% a year, about 1.3 years per position

Low
Moderate
High

Top 5 positions36% of US stock

AMZN Amazon.Com Inc trimmed−1.20 pp trimmed−1.2010.8%
unresolved Ellie Mae added+0.82 pp added+0.827.7%
GOOGL Alphabet Inc. Class A trimmed−0.14 pp trimmed−0.146.4%
META Meta Platforms, Inc. Class A added−0.09 pp added−0.095.7%
NTES NetEase, inc. added+0.73 pp added+0.735.6%

Positions29 in this filing · 6 exited


AMZNAmazon.Com Inc	10.82%	173,355	$130M	trimmed−8%	−1.20 pp	8 q
unresolvedEllie Mae	7.72%	1,107,323	$93M	added+29%	+0.82 pp	9 q
GOOGLAlphabet Inc. Class A	6.38%	96,656	$77M	trimmed−9%	−0.14 pp	5 q
METAMeta Platforms, Inc. Class A	5.69%	593,635	$68M	added+1%	−0.09 pp	8 q
NTESNetEase, inc.	5.61%	312,778	$67M	added+18%	+0.73 pp	9 q
MSFTMicrosoft Corp	5.45%	1,053,090	$65M	added+9%	+1.20 pp	4 q
unresolvedGigamon Inc	5.06%	1,334,312	$61M	added+53%	+1.42 pp	2 q
ZENZendesk Inc	4.60%	2,604,721	$55M	trimmed−5%	−1.79 pp	11 q
NVDANvidia Corp	4.36%	490,199	$52M	added+21%	+2.24 pp	6 q
SHOPShopify Inc. Class A subordinate voting shares	4.25%	1,190,320	$51M	trimmed−15%	−0.34 pp	5 q
OCLROclaro Inc	4.22%	5,656,871	$51M	trimmed−15%	−0.14 pp	6 q
unresolvedArris Intl Inc	4.09%	1,629,849	$49M	trimmed−4%	+0.44 pp	2 q
SYMCGen Digital Inc.	3.86%	1,938,790	$46M	trimmed−28%	−1.28 pp	3 q
BABAAlibaba Group Holding Limited	3.21%	439,583	$39M	trimmed−27%	−1.68 pp	5 q
PEGAPegasystems Inc	2.96%	988,989	$36M	new	+2.96 pp	new
NFLXNetFlix Inc	2.73%	265,061	$33M	new	+2.73 pp	new
BNFTBenefitfocus, Inc.	2.43%	983,140	$29M	new	+2.43 pp	new
AAPLApple Inc.	2.30%	238,073	$28M	trimmed−36%	−0.93 pp	2 q
FNFabrinet	2.07%	615,755	$25M	trimmed−49%	−2.01 pp	4 q
EPAMEpam Systems, Inc.	1.86%	347,272	$22M	trimmed−14%	−0.27 pp	7 q
MPWRMonolithic Power Systems, Inc.	1.69%	247,998	$20M	added0%	+0.17 pp	6 q
LOGMLogMein, Inc.	1.47%	182,311	$18M	new	+1.47 pp	new
MXLMaxLinear, Inc.	1.44%	792,310	$17M	trimmed−46%	−0.83 pp	7 q
VGVonage Holdings Corp	1.33%	2,338,977	$16M	added0%	+0.15 pp	2 q
AAOIApplied Optoelectronics, Inc.	1.29%	659,441	$15M	added0%	+0.17 pp	2 q
CRUSCirrus Logic Inc	1.08%	229,587	$13M	trimmed−58%	−1.13 pp	4 q
YELPYelp Inc.	1.03%	325,222	$12M	added+19%	+0.16 pp	3 q
unresolvedQuantenna Communications Inc	0.92%	608,975	$11M	new	+0.92 pp	new
WWayfair Inc.	0.10%	34,939	$1M	trimmed−92%	−1.18 pp	6 q
GOOGAlphabet Inc. Class C	—	−31,164	—	exited	−1.85 pp	—
CRMSalesforce, Inc.	—	−325,600	—	exited	−1.77 pp	—
IPHIInphi Corporation	—	−343,317	—	exited	−1.14 pp	—
NTNXNutanix, Inc. Class A	—	−50,000	—	exited	−0.14 pp	—
TTDThe Trade Desk, Inc.	—	−15,000	—	exited	−0.03 pp	—
GSUMGridsum Holding Inc.	—	−15,000	—	exited	−0.02 pp	—