Whale Rock Capital

Q4 2017 13F · by Alex Sacerdote, founder

As of: Dec 31, 2017
Filed: Feb 14, 2018
US stock: $2.1B · prev $1.9B
Positions: 28 · prev 32
Options notional: $26M
Documents: 1· no amendments

Picture98.8% US stock

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

US stock listed on a US exchange 98.8%
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 1.2%

Moves36 since the prior filing

+22.6 pp in · −22.6 pp out

New 4 +6.17 pp
Added 13 +16.39 pp
Trimmed 11 −8.59 pp
Exited 8 −13.97 pp

The book

Concentrated · behaves like 18 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 79% a year, about 1.3 years per position

Low
Moderate
High

Top 5 positions41% of US stock

Positions28 in this filing · 8 exited


AMZNAmazon.Com Inc	12.40%	226,104	$264M	added+27%	+3.40 pp	12 q
SHOPShopify Inc. Class A subordinate voting shares	7.75%	1,636,189	$165M	added+24%	−0.38 pp	9 q
BABAAlibaba Group Holding Limited	7.46%	922,429	$159M	added+16%	+0.23 pp	9 q
METAMeta Platforms, Inc. Class A	7.28%	879,392	$155M	added+17%	+0.52 pp	12 q
GOOGLAlphabet Inc. Class A	6.46%	130,840	$138M	added+46%	+1.86 pp	9 q
LNWOLight & Wonder Inc	5.03%	2,090,775	$107M	trimmed−0%	−0.03 pp	3 q
YYJOYY Inc.	4.96%	935,962	$106M	added×3.4	+3.70 pp	2 q
MELIMercado Libre, Inc	4.93%	333,839	$105M	added+80%	+2.39 pp	4 q
LITELumentum Holdings Inc.	3.96%	1,726,516	$84M	added+9%	−0.60 pp	4 q
KLICKulicke & Soffa Industries Inc	3.82%	3,345,875	$81M	added+17%	+0.57 pp	2 q
NFLXNetFlix Inc	3.69%	409,734	$79M	trimmed−0%	−0.23 pp	5 q
MSFTMicrosoft Corp	3.49%	869,972	$74M	new	+3.49 pp	new
unresolvedEllie Mae	3.31%	789,136	$71M	trimmed−12%	−0.58 pp	13 q
ZENZendesk Inc	2.87%	1,805,901	$61M	added+25%	+0.64 pp	15 q
LRCXLam Research Corp	2.86%	331,596	$61M	trimmed−31%	−1.83 pp	4 q
MULEMuleSoft, Inc.	2.77%	2,536,291	$59M	added×26.0	+2.67 pp	2 q
NTESNetEase, inc.	2.58%	159,456	$55M	trimmed−23%	−0.29 pp	13 q
NVDANvidia Corp	2.41%	266,117	$51M	trimmed−49%	−2.50 pp	2 q
MUMicron Technology, Inc.	2.19%	1,138,291	$47M	added+84%	+0.90 pp	2 q
ASMLASML Holding NV	1.99%	244,287	$42M	trimmed−38%	−1.54 pp	2 q
RNGRingcentral, Inc.	1.69%	743,568	$36M	trimmed−26%	−0.52 pp	3 q
HIMXHimax Technologies, Inc.	1.49%	3,043,026	$32M	added+76%	+0.49 pp	2 q
MPWRMonolithic Power Systems, Inc.	1.30%	247,392	$28M	trimmed−0%	−0.09 pp	10 q
AAPLApple Inc.	1.14%	143,840	$24M	new	+1.14 pp	new
BOXBox, Inc.	0.79%	798,418	$17M	new	+0.79 pp	new
PROPros Holdings, Inc.	0.75%	608,485	$16M	new	+0.75 pp	new
APPNAppian Corporation Class A	0.36%	244,143	$8M	trimmed−0%	−0.01 pp	3 q
BLBlackLine, Inc.	0.28%	185,152	$6M	trimmed−73%	−0.97 pp	2 q
PEGAPegasystems Inc	—	−1,029,502	—	exited	−3.13 pp	—
TSLATesla, Inc.	—	−156,672	—	exited	−2.82 pp	—
CGNXCognex Corp	—	−903,856	—	exited	−2.63 pp	—
XYZBlock, Inc.	—	−1,538,955	—	exited	−2.34 pp	—
STMPStamps.com, Inc.	—	−140,407	—	exited	−1.50 pp	—
INSTInstructure Inc	—	−766,423	—	exited	−1.34 pp	—
OKTAOkta, Inc. Class A	—	−94,745	—	exited	−0.14 pp	—
ROKURoku, Inc. Class A	—	−50,000	—	exited	−0.07 pp	—