Whale Rock Capital

Q4 2018 13F · by Alex Sacerdote, founder

As of: Dec 31, 2018
Filed: Feb 14, 2019
US stock: $3.1B · prev $4.5B
Positions: 28 · prev 35
Options notional: $50M
Documents: 1· no amendments

Picture98.4% US stock

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

US stock listed on a US exchange 98.4%
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 1.6%

Moves39 since the prior filing

+19.2 pp in · −19.2 pp out

New 3 +5.06 pp
Added 12 +14.16 pp
Trimmed 13 −4.43 pp
Exited 10 −14.79 pp

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

The book

Concentrated · behaves like 20 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 61% a year, about 1.6 years per position

Low
Moderate
High

Top 5 positions36% of US stock

AMZN Amazon.Com Inc added+2.64 pp added+2.6411.8%
TWLO Twilio Inc. added+3.04 pp added+3.047.1%
MDB MongoDB, Inc. Class A trimmed−0.48 pp trimmed−0.486.5%
NFLX NetFlix Inc trimmed−0.04 pp trimmed−0.045.6%
CRM Salesforce, Inc. added+1.75 pp added+1.755.0%

Positions28 in this filing · 10 exited


AMZNAmazon.Com Inc	11.79%	242,556	$364M	added+18%	+2.64 pp	16 q
TWLOTwilio Inc.	7.11%	2,461,782	$220M	added+16%	+3.04 pp	3 q
MDBMongoDB, Inc. Class A	6.48%	2,390,982	$200M	trimmed−38%	−0.48 pp	4 q
NFLXNetFlix Inc	5.62%	649,195	$174M	trimmed−4%	−0.04 pp	9 q
CRMSalesforce, Inc.	4.98%	1,124,227	$154M	added+23%	+1.75 pp	2 q
METAMeta Platforms, Inc. Class A	4.88%	1,150,981	$151M	added+10%	+1.05 pp	16 q
SHOPShopify Inc. Class A subordinate voting shares	4.80%	1,071,124	$148M	trimmed−19%	−0.02 pp	13 q
COUPCoupa Software Incorporated	4.50%	2,214,345	$139M	added+2%	+0.67 pp	4 q
DAYDayforce, Inc.	4.38%	3,927,540	$135M	added+15%	+1.18 pp	3 q
RNGRingcentral, Inc.	4.09%	1,532,364	$126M	added+7%	+1.13 pp	7 q
ZENZendesk Inc	4.03%	2,134,830	$125M	trimmed−0%	+0.65 pp	19 q
OKTAOkta, Inc. Class A	3.87%	1,872,924	$119M	trimmed−17%	+0.32 pp	2 q
MSFTMicrosoft Corp	3.70%	1,124,782	$114M	trimmed−0%	+0.83 pp	5 q
XYZBlock, Inc.	3.46%	1,905,092	$107M	trimmed−18%	−1.68 pp	4 q
GOOGLAlphabet Inc. Class A	3.35%	99,065	$104M	trimmed−0%	+0.68 pp	13 q
BABAAlibaba Group Holding Limited	3.34%	752,880	$103M	trimmed−0%	+0.57 pp	13 q
NVDANvidia Corp	3.04%	702,585	$94M	added+7%	−1.05 pp	6 q
SMARSmartsheet Inc.	2.16%	2,687,999	$67M	added×4.2	+1.71 pp	2 q
ADBEAdobe Inc.	2.04%	278,625	$63M	new	+2.04 pp	new
JDJD.com, Inc.	1.98%	2,924,233	$61M	new	+1.98 pp	new
LNWOLight & Wonder Inc	1.98%	3,415,894	$61M	added+31%	+0.50 pp	7 q
MIMEMimecast Ltd	1.77%	1,623,686	$55M	added+77%	+0.92 pp	4 q
unresolvedPluralsight	1.56%	2,042,005	$48M	trimmed−35%	−0.67 pp	2 q
MPWRMonolithic Power Systems, Inc.	1.51%	400,183	$47M	added+26%	+0.62 pp	14 q
CVNACarvana Co.	1.04%	981,418	$32M	trimmed−14%	−0.46 pp	3 q
WWayfair Inc.	1.04%	357,111	$32M	new	+1.04 pp	new
WDAYWorkday, Inc. Class A	0.97%	187,560	$30M	trimmed−84%	−2.77 pp	2 q
AYXAlteryx, Inc.	0.54%	281,516	$17M	trimmed−81%	−1.36 pp	2 q
MTCHMatch Group, Inc	—	−2,669,921	—	exited	−3.45 pp	—
NOWServicenow, Inc.	—	−618,733	—	exited	−2.70 pp	—
TLNDTalend S.A.	—	−1,526,080	—	exited	−2.37 pp	—
SAILSailPoint, Inc.	—	−3,043,039	—	exited	−2.31 pp	—
ROKURoku, Inc. Class A	—	−1,411,788	—	exited	−2.30 pp	—
PTCPtc, Inc	—	−357,638	—	exited	−0.85 pp	—
FTCHQFarfetch Limited A	—	−700,000	—	exited	−0.42 pp	—
KLICKulicke & Soffa Industries Inc	—	−530,907	—	exited	−0.28 pp	—
EBEventbrite, Inc. Class A	—	−80,000	—	exited	−0.07 pp	—
SVMKSVMK Inc.	—	−100,000	—	exited	−0.04 pp	—