"Tracking Philippe Laffont’s Coatue Management Portfolio – Q1 2021 Update"
"Philippe Laffont’s 13F portfolio value decreased from $26.73B to $18.24B this quarter.Coatue Management increased Snowflake, Amazon.com, XPeng, and Li Auto while decreasing Walt Disney, Tesla, Square, and Peloton Interactive.The largest three positions are DoorDash, Snowflake, & Walt Disney and they add up to ~19% of the portfolio.This article is first in 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 05/14/2021. The 13F portfolio value decreased ~32% from $26.73B and $18.24B this quarter as they reduced or dropped a majority of the largest positions. Recent 13F reports have shown a total of around 60 individual stock positions in the portfolio. The largest five stakes are DoorDash, Snowflake, Walt Disney, Tesla, and Sunrun. They add up to ~31% of the entire portfolio.Philippe Laffont was a telecom analyst at Tiger Management from 1996. H founded Coatue Management as a tech-focused long-short hedge fund in 1999 and is one of the most successful among the "tiger cubs". Coatue’s overall plan is to go long technological disruptors while simultaneously being short businesses facing disruption. The first years since inception saw the Nasdaq drop 80% but they managed to hold on without style-drift: the unwavering focus on “tech platforms and moonshots” paid off in the last twelve years - AUM increased over 20x from ~$2.2B in 2009 to ~$48B as of Q1 2021. To know more about Julian Robertson and his legendary Tiger Management, check out .New Stakes:Oscar Health (OSCR), Moderna (MRNA), RLX Technology (RLX), Farfetch Limited (FTCH), and Twilio Inc. (TWLO): These are the new 13F stakes this quarter. OSCR is a small 0.93% of the portfolio stake. They had an IPO this March. Shares started trading at ~$31 and currently goes for $19.77. Coatue’s stake goes back to funding rounds prior to the IPO in June & December of last year. The small 0.90% MRNA stake was purchased at prices between ~$109 and ~$186 and the stock currently trades well above that range at ~$233. RLX had an IPO in January. Shares started trading at ~$29.50 and currently goes for $7.78. Coatue’s stake is at 0.85% of the portfolio. The small 0.81% FTCH position was established at prices between ~$48 and ~$73 and the stock currently trades at the low end of that range at ~$48. TWLO is a 0.76% of the portfolio stake purchased at prices between ~$315 and ~$444 and it is now at ~$385.Stake Disposals:Lam Research (LRCX) and JD.com (JD): These two medium-sized stakes established in Q1 2020 were disposed this quarter. The 1.68% LRCX stake was built in H1 2020 at prices between ~$188 and ~$339. The disposal this quarter was at prices between ~$478 and ~$600. The stock is now at $606. JD was a 1.50% of the portfolio position purchased in Q1 2020 at prices between ~$37.50 and ~$42. Next quarter saw a ~50% selling at prices between ~$40 and ~$60. The elimination this quarter was at prices between ~$79 and ~$107. The stock currently trades at $70.89.Alibaba Group Holdings (BABA), Alteryx Inc. (AYX), Dynatrace Inc. (DT), and Nvidia Corp (NVDA): BABA was a large ~7% portfolio stake built during the four quarters from Q3 2016 to Q2 2017 at prices between ~$80 and ~$180. H1 2020 saw a ~70% selling at prices between ~$181 and ~$227. The disposal this quarter was at prices between ~$223 and ~$271. The stock is now at ~$200. The 1.41% of the portfolio stake in AYX was purchased last quarter at prices between ~$110 and ~$152 but disposed this quarter at prices between ~$80 and ~$140. The stock currently trades at $82.84. DT was a ~1% of the portfolio stake primarily built in Q4 2019 at prices between ~$18 and ~$27. Q2 2020 saw a ~40% reduction at prices between ~$20.50 and ~$42. That was followed with the elimination this quarter at prices between ~$40 and ~$56. The stock currently trades at $60.54. NVDA was a fairly large 5.44% of the portfolio stake built in H2 2016 at prices between ~$50 and ~$70. H1 2018 saw a ~75% selling at prices between ~$210 and ~$265. The stake was rebuilt in Q4 2019 at prices between ~$180 and ~$240. Next two quarters saw a ~63% reduction in H1 2020 at prices between ~$205 and ~$380. The elimination this quarter was at prices between ~$464 and ~$613. The stock is now at ~$796.Cree Inc. (CREE), Expedia Group (EXPE), Gap Inc. (GPS), Micron Technology, and Microsoft Corp (MSFT): These very small (less than ~1% of the portfolio each) stakes were disposed during the quarter.Stake Increases:DoorDash (DASH): DASH is the top position in the portfolio at 6.66%. They had an IPO last December. Shares started trading at ~$165 and currently goes for ~$179. 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 ~$60B. There was a minor ~6% stake increase this quarter.Snowflake Inc. (SNOW): SNOW is a large (top three) stake at 6.59% of the portfolio. They had an IPO last September. Shares started trading at $229 and currently goes for ~$250. 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 ~$70B. There was a ~30% stake increase this quarter at prices between ~$209 and ~$314.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 this quarter there was a ~25% stake increase at prices between ~$2950 and ~$3380. The stock is now at ~$3731 and the stake is at 4.50% of the portfolio.Sea Limited (SE): SE is a ~4% 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. Since then the activity has been minor. The stock currently trades at ~$267.XPeng Inc. (XPEV): XPEV is a 3.27% of the portfolio position built over the last two quarters at prices between ~$18 and ~$72. The stock is now at ~$40.Li Auto (LI): The 1.75% of the portfolio LI stake was primarily built this quarter at prices between ~$21 and ~$37. The stock currently trades at $31.79.Guardant Health (GH): GH is a 1.69% of the portfolio position that saw a ~80% stake increase this 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. The stock currently trades at ~$121.Nikola Corp (NKLA): The small 0.74% NKLA stake was primarily built this quarter at prices between ~$14 and ~$29. The stock is now at $15.07.Stake Decreases:Walt Disney (DIS): DIS is a large (top three) 6.15% 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. This quarter saw a ~45% selling at prices between ~$163 and ~$202. The stock currently trades at ~$173.Tesla Inc. (TSLA): TSLA is a large (top five) ~6% 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 have seen a ~50% selling at prices between ~$390 and ~$880. The stock currently trades at ~$653.Sunrun Inc. (RUN): The large (top five) 5.64% RUN stake was established in Q3 2020 at prices between ~$28 and ~$77. Last quarter saw a ~125% stake increase at prices between ~$52 and ~$80. The stock currently trades at $52.70. There was a ~9% trimming this quarter.Note: Coatue has a ~8.2% ownership stake in Sunrun.Square Inc. (SQ): SQ is a 4.83% 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 this quarter at prices between ~$202 and ~$277. The stock currently trades at ~$236.Zillow Group (Z): The fairly large 4.70% Zillow stake was built over the last two quarters at prices between ~$60 and ~$140. The stock is now at ~$114. There was a ~8% trimming this quarter.Uber Technologies (UBER): UBER had an IPO in Q2 2019. Shares started trading at ~$42 and currently goes for $47.55. 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 ~$100B. Q4 2019 & Q1 2020 saw the stake sold down by ~90% at prices between ~$21 and ~$41. The stake was rebuilt over the last three quarters at prices between ~$23 and ~$55. This quarter saw a roughly one-third selling at prices between ~$48 and ~$63.PayPal Holdings (PYPL): The 3.91% 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 this quarter there was a ~60% selling at prices between ~$227 and ~$305. The stock is now at $295.Facebook Inc. (FB): FB is a 3.44% 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. Next quarter saw a ~15% stake increase while the last two quarters have seen similar trimming. The stock currently trades at ~$346.Nuance Communications (NUAN): NUAN is a 3.41% of the portfolio position built over the last two quarters at prices between ~$25.50 and ~$44. There was a ~15% trimming this quarter at prices between ~$40 and ~$50. The stock currently trades at $54.55.Note: Microsoft (MSFT) is acquiring Nuance in a $56 all-cash deal announced in April. Coatue has a ~5% ownership stake in the business.Netflix Inc. (NFLX): The 2.67% 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 ~$531.Agora Inc. (API): API is a 2.64% of the portfolio position built last quarter at prices between ~$35 and ~$48. There was a ~5% trimming this quarter. The stock currently trades near the low end of that rang eat $35.91.Note: Coatue has a ~12% ownership stake in the business.Zoom Video (ZM): ZM is now a ~2% 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% this quarter at prices between ~$311 and ~$445. The stock is now at ~$386.Anaplan Inc. (PLAN), Broadcom Ltd. (AVGO), Crowdstrike Holdings (CRWD), DocuSign Inc. (DOCU), Global Payments (GPN), Insulet Corp (PODD), L Brands (LB), Peloton Interactive (PTON), Pinterest Inc. (PINS), and Shopify (SHOP): These small (less than ~1.7% of the portfolio each) stakes were reduced this quarter.Note: Coatue has a ~4% ownership stake in Anaplan.Kept Steady:None.The rest of the stakes in the portfolio are minutely small. They are 3D Systems (DDD), Bill.com Holdings (BILL), BioNTech SE (BNTX), Boeing Company (BA), C3.ai (AI), Churchill Capital IV (CCIV), Coupa Software (COUP), Datadog (DDOG), Eastman Kodak (KODK), GrafTech International (EAF), Inovio Pharma (INO), Lemonade Inc. (LMND), Lightspeed (LSPD), Luminar Technologies (LAZR), Macerich (MAC), MSD Acquisition (MSDA) Units, Okta Inc. (OKTA), Opendoor Technologies (OPEN), QuantumScape (QS), Ribbit LEAP (LEAP), Root Inc. (ROOT), Snap Inc. (SNAP), Stitch Fix Inc. (SFIX), StoneCo (STNE), Stratasys (SSYS), TAL Education Group (TAL), Velodyne LIDAR (VLDR), ViacomCBS (VIAC), and Workhorse Group (WKHS).Below is a spreadsheet that shows the changes to Philippe Laffont's Coatue Management 13F long portfolio holdings as of Q1 2021:Source: John Vincent. Data constructed from Coatue Management’s 13F filings for Q4 2020 and Q1 2021."