"Tracking Philippe Laffont’s Coatue Management Portfolio – Q2 2021 Update"
"Philippe Laffont’s 13F portfolio value increased from $18.24B to $25.52B this quarter.Coatue Management increased Amazon.com, Moderna, Twilio, and Peloton Interactive while decreasing Xpeng and dropping Farfetch Limited.The largest three positions are DoorDash, Amazon.com, and Moderna and they add up to ~18% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Coatue Management’s 13F stock portfolio on a quarterly basis. It is based on Coatue’s regulatory  filed on 08/13/2021. The 13F portfolio value increased ~40% from $18.24B to $25.52B this quarter. Recent 13F reports have shown a total of around 70 individual stock positions in the portfolio. The largest five stakes are DoorDash, Amazon.com, Moderna, Tesla, and Square. They add up to ~27% of the entire portfolio. Please visit our  series to get an idea of their investment philosophy and for the fund’s moves during Q1 2021.Philippe Laffont was a telecom analyst at Tiger Management from 1996. He founded Coatue Management as a tech-focused long-short hedge fund in 1999 and is one of the most successful among the "tiger cubs". To know more about Julian Robertson and his legendary Tiger Management, check out .New Stakes:UiPath (PATH), Endeavor Group Holdings (EDR), Roblox Corp (RBLX), Lam Research (LRCX), and Nvidia Corp (NVDA): These are the new positions this quarter. UiPath had an IPO in April. Shares started trading at ~$69 and currently goes for $61.55. Coatue’s ~3% of the portfolio stake goes back to the Series D funding round in 2019 when the valuation reached ~$7B. The current valuation is ~$30B. Endeavor Group Holdings had an IPO in April. Shares started trading at ~$25 and currently goes for ~$27. Coatue’s 2.71% of the portfolio stake was through a private placement prior to the IPO. Roblox had an IPO in March. Shares started trading at ~$69.50 and currently goes for $84.60. The 2.28% stake was acquired at prices between ~$64 and ~$100. The 1.48% Lam Research position was purchased at prices between ~$558 and ~$668 and it is now at ~$602. NVDA is a very small 0.64% of the portfolio stake established at prices between ~$134 and ~$200 and it currently trades at ~$224.Note: Larm Research and Nvidia are back in the portfolio after a quarter’s gap.Stake Disposals:Farfetch Limited (FTCH): The small 0.81% FTCH position was established last quarter at prices between ~$48 and ~$73. The stake was disposed this quarter at prices between ~$37 and ~$54. The stock currently trades at ~$43.42.Stake Increases:DoorDash (DASH): DASH is the top position in the portfolio at 6.75%. They had an IPO last December. Shares started trading at ~$165 and currently goes for ~$192. Coatue’s stake goes back to funding rounds from August 2018 when the valuation was at $4B. This is compared to current market cap of ~$65B. There was a ~10% stake increase over the last two quarters.Amazon.com (AMZN): A large stake in AMZN was built in the 2009-2011 timeframe but was sold down next year. A similar stake build-up happened in H2 2013 at prices between ~$260 and ~$280. Next quarter saw a ~80% reduction at prices between ~$280 and ~$315. The stake has wavered. Recent activity follows. There was a ~20% selling in Q2 2020 at prices between ~$1920 and ~$2880 while the last two quarters saw a stake doubling at prices between ~$3094 and ~$3504. The stock is now at ~$3463 and it is now a large (top-three) stake at 5.86% of the portfolio.Moderna (MRNA): A small 0.90% MRNA stake was purchased last quarter at prices between ~$109 and ~$186. There was a ~400% stake increase to a large (top three) 5.65% portfolio stake this quarter at prices between ~$130 and ~$235. The stock currently trades at ~$398.Tesla Inc. (TSLA): TSLA is a large (top five) 4.57% of the portfolio position. It was purchased in Q1 2020 at prices between ~$85 and ~$180. Next quarter saw a ~40% selling at prices between ~$95 and ~$200. There was a stake doubling in Q3 2020 at prices between ~$242 and ~$443. Last two quarters had seen a ~50% selling at prices between ~$390 and ~$880. The stock currently trades at ~$732. There was a ~6% stake increase this quarter.Square Inc. (SQ): SQ is a 4.36% of the portfolio position built in Q2 & Q3 2019 at prices between ~$62 and ~$82. Next quarter saw a ~50% reduction at prices between ~$60 and ~$70. Last year saw consistent buying every quarter at prices between ~$40 and ~$240. There was a ~37% selling last quarter at prices between ~$202 and ~$277 while this quarter there was a ~18% stake increase at prices between ~$197 and ~$273. The stock currently trades at ~$266.PayPal Holdings (PYPL): The 4.26% PYPL stake was built in H1 2016 at prices between ~$31 and ~$37. The stock has wavered. Recent activity follows. H1 2020 saw a ~130% stake increase at prices between ~$90 and ~$175 while last quarter there was a ~60% selling at prices between ~$227 and ~$305. That was followed with a ~27% stake increase this quarter at prices between ~$240 and ~$294. The stock is now at ~$286.Facebook Inc. (FB): FB is a 3.90% of the portfolio position first purchased in Q3 2013 at prices between ~$24 and ~$51. The stake has wavered. Recent activity follows. H1 2020 saw a ~42% selling at prices between ~$150 and ~$240. Q3 2020 saw a ~15% stake increase while the next two quarters saw similar trimming. There was a one-third stake increase this quarter at prices between ~$295 and ~$356. The stock currently trades at ~$375.Sunrun Inc. (RUN): The 3.73% RUN stake was established in Q3 2020 at prices between ~$28 and ~$77. Next quarter saw a ~125% stake increase at prices between ~$52 and ~$80. The stock currently trades at $47.39. There was a ~9% trimming last quarter while this quarter saw a marginal increase.Note: Coatue has a ~8% ownership stake in Sunrun.Twilio Inc. (TWLO): TWLO is a 2.80 % of the portfolio stake purchased last quarter at prices between ~$315 and ~$444 and it is now at ~$359. There was a ~350% stake increase this quarter at prices between ~$281 and ~$401.Zoom Video (ZM): ZM is now a 2.17% of the portfolio position. A fairly large stake was built in H1 2020 at prices between ~$67 and ~$260. The stake was sold down by ~55% last quarter at prices between ~$311 and ~$445. This quarter saw a ~22% stake increase at prices between ~$289 and ~$395. The stock is now at ~$295.Guardant Health (GH): GH is a 1.30% of the portfolio position that saw a ~80% stake increase last quarter at prices between ~$127 and ~$179. The stake was first purchased in Q2 2019 at prices between ~$67 and ~$91. The position has wavered. Q4 2019 saw a ~150% stake increase at prices between ~$62 and ~$83 while Q2 & Q3 2020 saw a ~50% selling at prices between ~$60 and ~$112. Last two quarters have seen a ~140% stake increase at prices between ~$110 and ~$179. The stock currently trades at ~$131.BioNTech SE (BNTX): BNTX is a ~1% of the portfolio position primarily built this quarter at prices between ~$114 and ~$242. The stock currently trades at ~$329.Crowdstrike Holdings (CRWD), Peloton Interactive (PTON), and Shopify (SHOP): CRWD is a 1.82% of the portfolio stake built in H1 2020 at prices between ~$40 and ~$105. The stock currently trades at ~$273. There was a ~10% stake increase this quarter. The PTON stake saw a ~200% stake increase this quarter to a ~2.30% portfolio position at prices between ~$83 and ~$127. The stock is now at ~$101. The 2.37% SHOP position was built in Q2 & Q3 2020 at prices between ~$355 and ~$1055. Last two quarters had seen a ~40% reduction at prices between ~$871 and ~$1508. The position was rebuilt this quarter at prices between ~$1048 and ~$1508. The stock currently trades at ~$1543.Stake Decreases:Snowflake Inc. (SNOW): SNOW is a large 4.15% of the portfolio stake. They had an IPO last September. Shares started trading at $229 and currently goes for ~$307. Coatue’s original stake goes back to a third-party tender offer that closed in March 2020. The valuation per the Series G funding round around that time was ~$12.5B. This is compared to current market cap of ~$90B. There was a ~30% stake increase last quarter at prices between ~$209 and ~$314 while this quarter saw a ~17% selling at prices between ~$188 and ~$251.Walt Disney (DIS): DIS is a large ~4% of the portfolio stake. A huge position was built in Q2 2020 at prices between ~$94 and ~$125. The next two quarters also saw minor increases. Last quarter saw a ~45% selling at prices between ~$163 and ~$202. That was followed with a ~4% trimming this quarter. The stock currently trades at ~$182.Zillow Group (Z): The fairly large ~3% Zillow stake was built in H2 2020 at prices between ~$60 and ~$140. The stock is now at ~$99. There was a ~10% trimming over the last two quarters.Nuance Communications (NUAN): NUAN is a 2.87% of the portfolio position built in H2 2020 at prices between ~$25.50 and ~$44. There was a ~15% trimming last quarter at prices between ~$40 and ~$50. This quarter also saw a ~6% trimming. The stock currently trades at $55.18.Note: Microsoft (MSFT) is acquiring Nuance in a $56 all-cash deal announced in April. Coatue has a ~5% ownership stake in the business.Sea Limited (SE): SE is a 2.79% of the portfolio position built in H2 2019 at prices between ~$28 and ~$40. H1 2020 saw a ~45% selling at prices between ~$38 and ~$110. That was followed with another ~20% selling this quarter at prices between ~$202 and ~$289. The stock currently trades at ~$339.XPeng Inc. (XPEV): XPEV is a 1.81% of the portfolio position built over the last two quarters at prices between ~$18 and ~$72. There was a ~35% selling this quarter at prices between ~$23.50 and ~$45.25. The stock is now at $40.79.Oscar Health (OSCR): OSCR is a small 0.53% of the portfolio stake. They had an IPO this March. Shares started trading at ~$31 and currently goes for $18.27. Coatue’s stake goes back to funding rounds prior to the IPO in June & December of last year. There was a marginal trimming this quarter.Li Auto (LI): LI is now a minutely small 0.19% of the portfolio stake. The position is from last quarter at prices between ~$21 and ~$37. It was sold down by ~90% this quarter at prices between ~$17 and ~$35. The stock currently trades at $31.20.Anaplan Inc. (PLAN), Global Payments (GPN), Insulet Corp (PODD), L Brands (LB), and Nikola Corp (NKLA): These are very small (less than ~1% of the portfolio each) stakes that were reduced this quarter.Kept Steady:Uber Technologies (UBER): UBER had an IPO in Q2 2019. Shares started trading at ~$42 and currently goes for $41.40. Coatue’s stake goes back to a funding round in 2018 when the valuation was at ~$60B. This is compared to the current market cap of ~$78B. Q4 2019 & Q1 2020 saw the stake sold down by ~90% at prices between ~$21 and ~$41. The stake was rebuilt  in the Q2 to Q4 2020 period at prices between ~$23 and ~$55. Last quarter saw a roughly one-third selling at prices between ~$48 and ~$63. The stake is now at 2.62% of the portfolio.Netflix Inc. (NFLX): The 1.93% NFLX position is a very long term stake. It was established in 2012 at very low prices. The stake has wavered. Last major activity was in H1 2018 when there was a ~40% selling at prices between ~$210 and ~$410. The stock is now at ~$589.Agora Inc. (API): API is a 1.57% of the portfolio position built in Q4 2020 at prices between ~$35 and ~$48. There was a ~5% trimming last quarter. The stock currently trades at $32.68.Note: Coatue has a ~12% ownership stake in the business.Broadcom Ltd. (AVGO), Pinterest Inc. (PINS), and RLX Technology (RLX): These small (less than ~1.2% of the portfolio each) stakes were kept steady this quarter.The rest of the stakes in the portfolio are minutely small. They are 3D Systems (DDD), Bill.com Holdings (BILL), Boeing Company (BA), C3.ai (AI), Chargepoint Holdings (CHPT), Lucid Group (LCID), Coinbase Global (COIN), Confluent Inc. (CFLT), Curevac NV (CVAC), Datadog (DDOG), Dexcom Inc. (DXCM), Dingdong Cayman (DDL), Doximity (DOCS), GrafTech International (EAF), Intuit (INTU), JD.com (JD), Kanzhun Limited (BZ), LegalZoom (LZ), Lemonade Inc. (LMND), Lightspeed (LSPD), Luminar Technologies (LAZR), Macerich (MAC), Marqeta Inc. (MQ), MicroVision (MVIS), MSD Acquisition (MSDA), QuantumScape (QS), Ribbit LEAP (LEAP), Root Inc. (ROOT), Singular Genomics (OMIC), Skillz (SKLZ), Snap Inc. (SNAP), Sofi Technologies (SOFI), Stitch Fix Inc. (SFIX), Stratasys (SSYS), and ViacomCBS (VIAC).Note: Regulatory filings since the quarter ended show them owning 11.29M shares (5.41% of business) of Blend Labs (BLND).Below is a spreadsheet that shows the changes to Philippe Laffont's Coatue Management 13F long portfolio holdings as of Q2 2021:Source: John Vincent. Data constructed from Coatue Management’s 13F filings for Q1 2021 and Q2 2021.Regulatory filings thru 7/6/2021: 13G – 6/29 – Confluent – CFLT – 2.36M shares – 9.99% of business. 13G – 5/14 – LEAP – 2.75M shares – 6.7% of business. 13G – 5/11 – Endeavor Group – EDR - ~25M shares – 9.9% of business. 13G/As – 2/16: RUN – 18.69M shares – 9.5% of business. Agora – API – 40.28M shares (10.07M ADRs) – 12.2% of business. Anaplan – PLAN – 9.04M shares – 6.4% of business. Nuance – NUAN – 16.61M shares – 5.9% of business. Alteryx – AYX – 3.1M shares – 5.7% of business."