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"Tracking Al Gore's Generation Investment Management Portfolio – Q2 2023 Update"

"….….….This article is part of a series that provides an ongoing analysis of the changes made to Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 8/11/2023. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q1 2023.This quarter, Al Gore’s 13F portfolio value increased ~10% from $18.78B to $20.65B. The number of positions increased from 41 to 44. The top five stakes are Microsoft, Amazon.com, Applied Materials, Analog Devices, and Henry Schein. They account for around ~32% of the total 13F portfolio value. Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:Waters Corp (WAT), Tigo Energy (TYGO), and Veeva Systems (VEEV): These are the new positions this quarter. WAT is a 1.88% of the portfolio position purchased this quarter at prices between ~$249 and ~$312 and the stock currently trades at ~$271. Tigo came to market in May through a De-SPAC transaction. Generation IM has a 13.8% ownership stake in Tigo Energy. The position goes back to a Series C funding round in 2011. The stock currently trades at $11.21. VEEV is a very small 0.48% stake established this quarter.Stake Increases:Amazon.com (AMZN): AMZN is currently the second largest position at 8.46% of the portfolio. It was purchased during H1 2021 at prices between ~$158 and ~$175. There was a ~40% stake increase during H1 2022 at prices between ~$104 and ~$170. The stock currently trades at ~$132. The last four quarters have seen minor increases.Applied Materials (AMAT): The ~6% AMAT stake was established in Q2 2019 at prices between ~$39 and ~$45. There was a ~45% increase during Q2 2022 at prices between ~$86 and ~$129. There was a ~38% further increase over the last four quarters. The stock currently trades at ~$143.Analog Devices (ADI): ADI position is now at 4.89% of the portfolio. It was established in Q2 2018 at prices between $87 and $102 and doubled in the next quarter at prices between $91 and $100. The stake has wavered. Recent activity follows. There was a ~80% stake increase in Q2 2022 at prices between ~$144 and ~$169. H2 2022 saw a ~15% further increase while last quarter saw a marginal reduction. The stock currently trades at ~$174. There was a minor ~2% increase this quarter.Thermo Fisher Scientific (TMO): TMO is a ~4% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. There was a one-third selling in 2019 at prices between $221 and $327. 2020 had seen another ~60% selling at prices between ~$255 and ~$528. The stake was rebuilt in Q2 2021 at prices between ~$441 and ~$509. There was a ~50% reduction over the two quarters through Q1 2022 at prices between ~$524 and ~$667. The last quarter saw a two-thirds increase at prices between ~$535 and ~$605. That was followed by a ~8% increase this quarter. The stock currently goes for ~$538.Gartner Inc. (IT): The 3.54% of the portfolio IT stake was built in 2020 at prices between ~$83 and ~$164. The five quarters through Q4 2021 had seen a ~60% selling at prices between ~$120 and ~$340. The stock is now at ~$339. The last several quarters saw minor trimming while this quarter there was a ~2% increase.CBRE Group (CBRE): CBRE is a ~3% of the portfolio position built during Q2 & Q3 2020 at prices between ~$35 and ~$56. There was a ~45% selling over the four quarters through Q1 2022 at prices between ~$80 and ~$109. This quarter saw a similar increase at prices between ~$70 and ~$81. The stock is now at $83.56.Danaher Corp (DHR): DHR is a 2.88% of the portfolio position established during the last two quarters at prices between ~$225 and ~$277 and the stock currently trades at ~$254.Twilio Inc. (TWLO): TWLO is a 2.68% of the portfolio position primarily built during Q2 2022 at prices between ~$79 and ~$175. There was a two-thirds stake increase during H2 2022 at prices between ~$43 and ~$98. The last two quarters also saw a ~19% further increase. The stock is now at ~$59.Cognizant Technology (CTSH), Coupang (CPNG), H World Group (HTHT), Carlisle Companies (CSL), Freshworks Inc. (FRSH), and Microchip Technology (MCHP): These very small (less than ~0.20% of the portfolio each) stakes were increased this quarter.Stake Decreases:Microsoft Corporation (MSFT): MSFT is currently the largest stake at 8.47% of the portfolio. It was primarily built during Q2 2022 at prices between ~$242 and ~$315. The last quarter saw a ~30% stake increase at prices between ~$222 and ~$288. The stock currently trades at ~$320. There was marginal trimming this quarter.Henry Schein (HSIC): HSIC became the largest position in Q4 2017 as it saw a ~550% stake increase at prices between $50.50 and $68.50. There was another ~22% increase next quarter at prices between $47 and $63.50. The five quarters through Q3 2019 saw a combined ~30% reduction at prices between $58 and $71 while in Q1 2020 there was a similar increase at prices between ~$43 and ~$74. Since then, there have only been minor adjustments. The stock is now at $76.20 and the stake at 4.82% of the portfolio.Note: The prices quoted above are adjusted for the spinoff of Covetrus Inc. last January. Also, HSIC split 2-for-1 in September 2017. Generation IM has a ~9% ownership stake in Henry Schein.Equifax Inc. (EFX): The 4.38% EFX stake was purchased in Q1 2019 at prices between $91 and $115. Q4 2020 saw a whopping ~175% stake increase at prices between ~$137 and ~$195. Q2 to Q4 2021 saw the position sold down by ~70% at prices between ~$181 and ~$297. The stake was doubled in the next quarter at prices between ~$208 and ~$286. The stock is now at ~$196. There was a ~20% trimming over the last two quarters.Trane Technologies plc (TT): TT is now at ~4% of the portfolio position. The stake saw a ~150% stake increase in Q1 2022 at prices between ~$143 and ~$195. That was followed with a ~40% increase next quarter at prices between ~$121 and ~$155. The stock currently trades at ~$199. There was a ~20% trimming in the last two quarters.Texas Instruments (TXN): The bulk of the 3.76% stake in TXN was established during the two quarters through Q1 2023 at prices between ~$148 and ~$185. The stock is now at ~$166. This quarter saw marginal trimming.Mercadolibre (MELI): The 3.33% of the portfolio stake in MELI was built during the five quarters through Q3 2022 at prices between ~$635 and ~$1950. The stock is now at ~$1215. There was a ~18% trimming in the last two quarters.Jones Lang LaSalle Inc. (JLL): JLL is a 3.26% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake through consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in 2016: ~500% increase at prices between $91 and $141. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. Since then, the activity has been minor. The stock currently trades at ~$167.Note: Generation IM has a ~9% ownership stake in Jones Lang LaSalle.Palo Alto Networks (PANW): The 3.17% PANW stake saw a ~20% increase last quarter at prices between ~$134 and ~$200. The stock currently trades at ~$227. There was marginal trimming this quarter.MasterCard Inc. (MA): MA is a 2.76% of the portfolio position purchased during Q2 2022 at prices between ~$309 and ~$379 and the stock currently trades at ~$398. There was a ~20% selling this quarter at prices between ~$360 and ~$394.Charles Schwab (SCHW): SCHW is currently at 2.55% of the portfolio. The stake was first purchased in Q4 2016 at prices between $31 and $40.50. Since then, the position was increased substantially at prices between ~$30 and ~$50. Q1 2021 saw a ~37% selling at prices between ~$51.50 and ~$68. That was followed with a ~20% reduction next quarter at prices between ~$63.50 and ~$76. The stock is now at $57.84. There was a ~15% stake increase during Q3 2022 while the last two quarters saw a ~35% reduction.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Becton Dickinson (BDX): The 2.43% BDX position was built in 2020 at prices between $201 and $284. There was a ~30% stake increase in Q4 2021 at prices between ~$236 and ~$257. Q2 2022 saw a similar reduction at prices between ~$235 and ~$275. That was followed with a ~40% further selling last quarter at prices between ~$218 and ~$257. The stock currently trades at ~$277. There was marginal trimming in the last two quarters.Nutanix (NTNX): The 2.26% NTNX stake was established in Q2 2019 at prices between ~$25 and ~$43. The stock currently trades at ~$30. The last two quarters saw a ~25% trimming.Note: they have a ~7.3% ownership stake in the business.Cooper Companies (COO): The bulk of the 2.12% position in COO was purchased in Q4 2016 at prices between $159 and $183. The original stake was doubled in Q1 2018 at prices between $218 and $251 and that was followed with a ~37% increase next quarter at prices between $218 and $237. There was a ~25% reduction in Q2 2021 at prices between ~$372 and ~$412. Q1 2022 also saw a ~15% selling at prices between ~$380 and ~$428. Q4 2022 saw a ~30% stake increase at prices between ~$249 and ~$334. There was a similar reduction this quarter at prices between ~$346 and ~$392. The stock currently trades at ~$370.Clarivate plc (CLVT): CLVT is a 2.02% of the portfolio stake purchased in Q3 2021 at prices between ~$21.50 and ~$27.15. There was a one-third stake increase next quarter at prices between ~$20.50 and ~$25.25. Q1 2022 also saw a similar increase at prices between ~$12.25 and ~$24.50. The stock currently trades at $7.10. The last three quarters have seen minor trimming.Note: Generation IM has a ~6.5% ownership stake in Clarivate plc.10x Genomics (TXG), Baxter International (BAX), Dentsply Sirona (XRAY), Ptc Inc. (PTC), Remitly Global (RELY), Salesforce.com (CRM), Steris plc (STE), and Toast Inc. (TOST): These small (less than ~2% of the portfolio each) stakes were reduced during the quarter.Kept Steady:Sophia Genetics (SOPH): Sophia Genetics had an IPO last July. Shares started trading at ~$16.75 and currently goes for $2.36. Generation IM’s 0.15% of the portfolio stake goes back to a funding round in 2019.Note: Generation IM has a ~10.5% ownership stake in the business.Asana Inc. (ASAN), Gogoro Inc. (GGR), Proterra Inc. (PTRAQ) , and SPDR S&P 500 ETF (SPY): These minutely small (less than ~0.20% of the portfolio each) stakes were kept steady this quarter.Note: Generation IM’s original investment in Proterra goes back to a funding round in 2017. Proterra filed for Chapter 11 bankruptcy protection earlier this month.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management 13F stock portfolio as of Q2 2023:Source: John Vincent. Data constructed from Generation IM’s 13F filings for Q1 2023 and Q2 2023.Regulatory filings from 3/21/2023 to 5/19/2023: None."

"Tracking Al Gore's Generation Investment Management Portfolio – Q1 2023 Update"

"Generation Investment Management’s 13F portfolio value increased from $17.32B to $18.78B this quarter.They increased Microsoft Corporation, Thermo Fisher Scientific, Texas Instruments, and Palo Alto Networks while decreasing Charles Schwab, Toast, Baxter International, and Ptc Inc. They also dropped Alibaba and Trimble.The top three positions are Microsoft, Amazon.com, and Henry Schein, and they add up to ~20% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 5/12/2023. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q4 2022.This quarter, Al Gore’s 13F portfolio value increased ~8% from $17.32B to $18.78B. The number of positions remained steady at 41. The top five stakes are Microsoft, Amazon.com, Henry Schein, Analog Devices, and Applied Materials. They account for around ~30% of the total 13F portfolio value. Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:Danaher Corp (DHR): DHR is a ~2% of the portfolio position established this quarter at prices between ~$240 and ~$277 and the stock currently trades below that range at ~$230.Stake Disposals:Alibaba Group Holdings (BABA) and Trimble Inc. (TRMB): These small (less than ~2% of the portfolio each) stakes were disposed this quarter.Stake Increases:Microsoft Corporation (MSFT): MSFT is currently the largest stake at ~8% of the portfolio. It was primarily built during Q2 2022 at prices between ~$242 and ~$315. This quarter saw a ~30% stake increase at prices between ~$222 and ~$288. The stock currently trades at ~$315.Amazon.com (AMZN): AMZN is currently the second largest position at ~7% of the portfolio. It was purchased during H1 2021 at prices between ~$158 and ~$175. There was a ~40% stake increase during H1 2022 at prices between ~$104 and ~$170. The stock currently trades at ~$115. The last three quarters have seen minor increases.Applied Materials (AMAT): The ~5% AMAT stake was established in Q2 2019 at prices between ~$39 and ~$45. There was a ~45% increase during Q2 2022 at prices between ~$86 and ~$129. There was a ~23% further increase over the last three quarters. The stock currently trades at ~$125.Thermo Fisher Scientific (TMO): TMO is a 4.55% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. There was a one-third selling in 2019 at prices between $221 and $327. 2020 had seen another ~60% selling at prices between ~$255 and ~$528. The stake was rebuilt in Q2 2021 at prices between ~$441 and ~$509. There was a ~50% reduction over the two quarters through Q1 2022 at prices between ~$524 and ~$667. This quarter saw a two-thirds increase at prices between ~$535 and ~$605. The stock currently goes for ~$525.Texas Instruments (TXN): The bulk of the 4.28% stake in TXN was established during the last two quarters at prices between ~$148 and ~$185. The stock is now at ~$170.Palo Alto Networks (PANW): The 2.76% PANW stake saw a ~20% increase this quarter at prices between ~$134 and ~$200. The stock currently trades at ~$190.Twilio Inc. (TWLO): TWLO is a 2.68% of the portfolio position primarily built during Q2 2022 at prices between ~$79 and ~$175. There was a two-thirds stake increase in the last two quarters at prices between ~$43 and ~$98. This quarter also saw a minor ~4% increase. The stock is now at ~$59.Gogoro Inc. (GGR) and SPDR S&P 500 ETF (SPY): These very small (less than ~0.20% of the portfolio each) stakes were increased this quarter.Stake Decreases:Henry Schein (HSIC): HSIC became the largest position in Q4 2017 as it saw a ~550% stake increase at prices between $50.50 and $68.50. There was another ~22% increase next quarter at prices between $47 and $63.50. The five quarters through Q3 2019 saw a combined ~30% reduction at prices between $58 and $71 while in Q1 2020 there was a similar increase at prices between ~$43 and ~$74. The stock is now at ~$77 and the stake at 5.38% of the portfolio. The last three years have seen only minor adjustments.Note: The prices quoted above are adjusted for the spinoff of Covetrus Inc. last January. Also, HSIC split 2-for-1 in September 2017. Generation IM has a ~9% ownership stake in Henry Schein.Analog Devices (ADI): ADI position is now at 5.33% of the portfolio. It was established in Q2 2018 at prices between $87 and $102 and doubled next quarter at prices between $91 and $100. The stake has wavered. Recent activity follows. There was a ~80% stake increase in Q2 2022 at prices between ~$144 and ~$169. The last two quarters saw a ~15% further increase while this quarter saw a marginal reduction. The stock currently trades at ~$188.Trane Technologies plc (TT): TT is now at 4.64% of the portfolio position. The stake saw a ~150% stake increase in Q1 2022 at prices between ~$143 and ~$195. That was followed with a ~40% increase next quarter at prices between ~$121 and ~$155. The stock currently trades at ~$168. There was a ~13% trimming this quarter.Equifax Inc. (EFX): The 4.51% EFX stake was purchased in Q1 2019 at prices between $91 and $115. Q4 2020 saw a whopping ~175% stake increase at prices between ~$137 and ~$195. Q2 to Q4 2021 saw the position sold down by ~70% at prices between ~$181 and ~$297. The stake was doubled next quarter at prices between ~$208 and ~$286. The stock is now at ~$210. There was a ~13% trimming this quarter.Mercadolibre (MELI): The 4.34% of the portfolio stake in MELI was built during the five quarters through Q3 2022 at prices between ~$635 and ~$1950. The stock is now at ~$1300. There was a ~13% trimming this quarter.Gartner Inc. (IT): The 3.53% of the portfolio IT stake was built in 2020 at prices between ~$83 and ~$164. The five quarters through Q4 2021 had seen a ~60% selling at prices between ~$120 and ~$340. The stock is now at ~$325. The last several quarters have seen minor trimming.MasterCard Inc. (MA): MA is a 3.47% of the portfolio position purchased during Q2 2022 at prices between ~$309 and ~$379 and the stock currently trades at ~$374. There was minor trimming in the last three quarters.Jones Lang LaSalle Inc. (JLL): JLL is a 3.40% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake through consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in 2016: ~500% increase at prices between $91 and $141. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. Since then, the activity has been minor. The stock currently trades at ~$141.Note: Generation IM has a ~9% ownership stake in Jones Lang LaSalle.Charles Schwab (SCHW): SCHW is currently at 3.25% of the portfolio. The stake was first purchased in Q4 2016 at prices between $31 and $40.50. Since then, the position was increased substantially at prices between ~$30 and ~$50. Q1 2021 saw a ~37% selling at prices between ~$51.50 and ~$68. That was followed with a ~20% reduction next quarter at prices between ~$63.50 and ~$76. The stock is now at $52.79. There was a ~15% stake increase during Q3 2022 while this quarter saw a similar reduction.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Cooper Companies (COO): The bulk of the 3.24% position in COO was purchased in Q4 2016 at prices between $159 and $183. The original stake was doubled in Q1 2018 at prices between $218 and $251 and that was followed with a ~37% increase next quarter at prices between $218 and $237. There was a ~25% reduction in Q2 2021 at prices between ~$372 and ~$412. Q1 2022 also saw a ~15% selling at prices between ~$380 and ~$428. Last quarter saw a ~30% stake increase at prices between ~$249 and ~$334. The stock currently trades at ~$380. There was marginal trimming this quarter.Nutanix (NTNX): The 2.80% NTNX stake was established in Q2 2019 at prices between ~$25 and ~$43. The stock currently trades near the bottom of that range at $25.55. There was a ~9% trimming this quarter.Note: they have a ~9% ownership stake in the business.Becton Dickinson (BDX): The 2.54% BDX position was built in 2020 at prices between $201 and $284. There was a ~30% stake increase in Q4 2021 at prices between ~$236 and ~$257. Q2 2022 saw a similar reduction at prices between ~$235 and ~$275. That was followed with a ~40% further selling last quarter at prices between ~$218 and ~$257. The stock currently trades at ~$247. There was marginal trimming this quarter.Clarivate plc (CLVT): CLVT is a 2.24% of the portfolio stake purchased in Q3 2021 at prices between ~$21.50 and ~$27.15. There was a one-third stake increase next quarter at prices between ~$20.50 and ~$25.25. Q1 2022 also saw a similar increase at prices between ~$12.25 and ~$24.50. The stock currently trades well below those ranges at $7.58. The last two quarters have seen minor trimming.Note: Generation IM has a ~6.6% ownership stake in Clarivate plc.CBRE Group (CBRE): CBRE is a 2.11% of the portfolio position built during Q2 & Q3 2020 at prices between ~$35 and ~$56. There was a ~45% selling over the four quarters through Q1 2022 at prices between ~$80 and ~$109. The stock is now at $76.13. The last two quarters saw marginal trimming.Toast Inc. (TOST): The 1.47% TOST stake saw a ~45% stake increase last quarter at prices between ~$17 and ~$22. There was a ~25% reduction this quarter at prices between ~$16 and ~$26. The stock currently trades at $20.52.Note: Generation IM’s original investment in Toast goes back to a funding round in 2017. They have a 4.7% ownership stake in the business.Baxter International (BAX): BAX is now at 1.44% of the portfolio. It was established in Q4 2019 at prices between $76.50 and $88.50 and increased by ~50% next quarter at prices between ~$72 and ~$93. Q1 2021 saw another ~20% stake increase at prices between ~$76 and ~$86. There was a ~50% selling over the last four quarters at prices between ~$50 and ~$87. That was followed with a ~40% reduction this quarter at prices between ~$37 and ~$53. The stock currently trades at $42.50.10x Genomics (TXG), Cognizant Technology (CTSH), Carlisle Companies (CSL), Dentsply Sirona (XRAY), H World Group (HTHT), Microchip Technology (MCHP), Ptc Inc. (PTC), Remitly Global (RELY), Salesforce.com (CRM), and Steris plc (STE): These small (less than ~2% of the portfolio each) stakes were reduced during the quarter.Kept Steady:Sophia Genetics (SOPH): Sophia Genetics had an IPO last July. Shares started trading at ~$16.75 and currently goes for $4.96. Generation IM’s 0.18% of the portfolio stake goes back to a funding round in 2019.Note: Generation IM has a ~10.5% ownership stake in the business.Asana Inc. (ASAN), Freshworks Inc. (FRSH), and Proterra Inc. (PTRA): These minutely small (less than ~0.20% of the portfolio each) stakes were kept steady this quarter.Note: Generation IM’s original investment in Proterra goes back to a funding round in 2017.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management 13F stock portfolio as of Q1 2023:Source: John Vincent. Data constructed from Generation IM’s 13F filings for Q4 2022 and Q1 2023.Regulatory filings from 12/4/2022 to 3/21/2023: 13G/As – 2/13 – TOST – 20.7M shares – 6.19% of business, SOPH – 6.79M shares – 10.57% of business, RELY – 11.08M shares – 6.49% of business, NTNX – 22.08M shares – 9.6% of business, JLL – 4.47M shares – 9.42% of business, HSIC – 12.61M shares – 9.3% of business, CLVT – 45.6M shares – 6.76% of business, XRAY – 4.75M shares – 2.21% of business, ST - zero."

"Tracking Al Gore's Generation Investment Management Portfolio – Q4 2022 Update"

"Generation Investment Management’s 13F portfolio value increased from $16.86B to $17.32B this quarter.They increased Cooper Companies, Texas Instruments, Toast, and Twilio while reducing Becton Dickinson, Salesforce.com, Alibaba Group Holdings, and H World Group. They also dropped Alphabet.The top three positions are Charles Schwab, Amazon.com, and Henry Schein, and they add up to ~19% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 2/13/2023. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q3 2022.This quarter, Al Gore’s 13F portfolio value increased ~3% from $16.86B to $17.32B. The number of positions decreased from 45 to 41. The top five stakes are Charles Schwab, Amazon.com, Henry Schein, Microsoft, and Equifax. They account for around ~29% of the total 13F portfolio value. Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:Dentsply Sirona (XRAY): XRAY is a 0.87% of the portfolio position purchased this quarter at prices between ~$27 and ~$34 and the stock currently trades above that range at $36.76.Note: XRAY is a frequently traded stock in Generation IM’s portfolio.Stake Disposals:Abiomed Inc. (ABMD): ABMD was a ~2% of the portfolio stake established during Q1 2022. Johnson & Johnson (JNJ) acquired ABMD in a $380 per share all-cash deal that closed in December.Alphabet Inc. (GOOG): The bulk of the 1.68% stake in GOOG was established in the three quarters through Q1 2019 at prices between ~$49 and ~$63. Q2 & Q3 2019 also saw a ~45% stake increase at prices between ~$56 and ~$63. The five quarters through Q4 2020 saw the stake reduced by ~60% at prices between ~$53 and ~$91. Q4 2021 saw another ~20% selling at prices between ~$133 and ~$151. That was followed with a ~50% reduction in Q2 2022 at prices between ~$106 and ~$145. Last quarter also saw a ~27% selling at prices between ~$96 and ~$123. The disposal this quarter was at prices between ~$83.50 and ~$105. The stock currently trades at ~$106. They harvested gains.Note: the prices quoted above are adjusted for the 20-for-1 stock split last July.Coupang (CPNG), Shopify (SHOP), and Taiwan Semi (TSM): These small (less than ~0.60% of the portfolio each) stakes were disposed during the quarter.Stake Increases:Charles Schwab (SCHW): SCHW is currently the largest position at ~7% of the portfolio. The stake was first purchased in Q4 2016 at prices between $31 and $40.50. Since then, the position was increased substantially at prices between ~$30 and ~$50. Q1 2021 saw a ~37% selling at prices between ~$51.50 and ~$68. That was followed with a ~20% reduction next quarter at prices between ~$63.50 and ~$76. The stock is now at $52.89. There was a ~15% stake increase last quarter and that was followed with a marginal further increase this quarter.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Amazon.com (AMZN): AMZN is currently the second largest position at ~6% of the portfolio. It was purchased during H1 2021 at prices between ~$158 and ~$175 and the stock currently trades well below that range at $98.71. There was a ~40% stake increase during H1 2022 at prices between ~$104 and ~$170. The last two quarters have also seen minor increases.Microsoft Corporation (MSFT): The large (top five) 5.59% MSFT stake was primarily built during Q2 2022 at prices between ~$242 and ~$315 and the stock currently trades at ~$278. There was a ~9% trimming last quarter while this quarter saw a ~5% increase.Analog Devices (ADI): ADI position is now at 4.84% of the portfolio. It was established in Q2 2018 at prices between $87 and $102 and doubled next quarter at prices between $91 and $100. The stake has wavered. Recent activity follows. Q3 2020 saw a stake doubling at prices between ~$112 and ~$125. Q2 to Q4 2021 had seen the position reduced by ~47% at prices between ~$146 and ~$189. There was a ~80% stake increase in Q2 2022 at prices between ~$144 and ~$169. The stock currently trades at ~$189. The last two quarters have also seen ~15% further increase.Applied Materials (AMAT): The 3.91% AMAT stake was established in Q2 2019 at prices between ~$39 and ~$45. There was a ~45% increase during Q2 2022 at prices between ~$86 and ~$129. The stock currently trades at ~$123. There was a ~15% further increase over the last two quarters.Mercadolibre (MELI): The 3.45% of the portfolio stake in MELI was built during the last five quarters at prices between ~$635 and ~$1950. The stock is now at ~$1192. This quarter also saw a minor ~3% further increase.Nutanix (NTNX): The 3.32% NTNX stake was established in Q2 2019 at prices between ~$25 and ~$43. The stock currently trades at $25.05. The last several quarters have seen only minor adjustments.Note: they have a ~9.6% ownership stake in the business.Cooper Companies (COO): The bulk of the ~3% position in COO was purchased in Q4 2016 at prices between $159 and $183. The original stake was doubled in Q1 2018 at prices between $218 and $251 and that was followed with a ~37% increase next quarter at prices between $218 and $237. There was a ~25% reduction in Q2 2021 at prices between ~$372 and ~$412. Q1 2022 also saw a ~15% selling at prices between ~$380 and ~$428. This quarter saw a ~30% stake increase at prices between ~$249 and ~$334. The stock currently trades at ~$345.Texas Instruments (TXN): The bulk of the 2.58% stake in TXN was established this quarter at prices between ~$148 and ~$180. The stock is now at the top end of that range at ~$180.Twilio Inc. (TWLO): TWLO is a ~2% of the portfolio position primarily built during Q2 2022 at prices between ~$79 and ~$175. The stock is now well below that range at $62.38. There was a two-thirds stake increase in the last two quarters at prices between ~$43 and ~$98.Toast Inc. (TOST): The ~2% TOST stake saw a ~45% stake increase this quarter at prices between ~$17 and ~$22. The stock currently trades below that range at $16.11.Note: Generation IM’s original investment in Toast goes back to a funding round in 2017. They have a 6.19% ownership stake in the business.Freshworks Inc. (FRSH), Gogoro Inc. (GGR) and Trimble Inc. (TRMB): These small (less than ~0.60% of the portfolio each) stakes were increased this quarter.Stake Decreases:Henry Schein (HSIC): HSIC became the largest position in Q4 2017 as it saw a ~550% stake increase at prices between $50.50 and $68.50. There was another ~22% increase next quarter at prices between $47 and $63.50. The five quarters through Q3 2019 saw a combined ~30% reduction at prices between $58 and $71 while Q1 2020 there was a similar increase at prices between ~$43 and ~$74. The stock is now at ~$78 and the stake at ~5% of the portfolio. The last eleven quarters have seen only minor adjustments.Note: The prices quoted above are adjusted for the spinoff of Covetrus Inc. last January. Also, HSIC split 2-for-1 in September 2017. Generation IM has a ~9% ownership stake in Henry Schein.Equifax Inc. (EFX): The 5.38% EFX stake was purchased in Q1 2019 at prices between $91 and $115. Q4 2020 saw a whopping ~175% stake increase at prices between ~$137 and ~$195. Q2 to Q4 2021 saw the position sold down by ~70% at prices between ~$181 and ~$297. The stake was doubled next quarter at prices between ~$208 and ~$286. The stock is now at ~$196. The last three quarters have seen only minor adjustments.Trane Technologies plc (TT): TT is now a large 5.30% of the portfolio position. The stake saw a ~150% stake increase in Q1 2022 at prices between ~$143 and ~$195. That was followed with a ~40% increase next quarter at prices between ~$121 and ~$155. The stock currently trades at ~$183. The last two quarters have seen only minor adjustments.Jones Lang LaSalle Inc. (JLL): JLL is a 4.11% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake through consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in 2016: ~500% increase at prices between $91 and $141. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. Since then, the activity has been minor. The stock currently trades at ~$137.Note: Generation IM has a ~9% ownership stake in Jones Lang LaSalle.Gartner Inc. (IT): The ~4% of the portfolio IT stake was built in 2020 at prices between ~$83 and ~$164. The five quarters through Q4 2021 had seen a ~60% selling at prices between ~$120 and ~$340. The stock is now at ~$309. The last few quarters have seen minor trimming.MasterCard Inc. (MA): MA is a 3.76% of the portfolio position purchased during Q2 2022 at prices between ~$309 and ~$379 and the stock currently trades at ~$354. There was minor trimming in the last two quarters.Baxter International (BAX): BAX is now at 3.20% of the portfolio. It was established in Q4 2019 at prices between $76.50 and $88.50 and increased by ~50% next quarter at prices between ~$72 and ~$93. Q1 2021 saw another ~20% stake increase at prices between ~$76 and ~$86. There was a ~50% selling over the last four quarters at prices between ~$50 and ~$87. The stock currently trades at $38.12.Becton Dickinson (BDX): The 2.84% BDX position was built in 2020 at prices between $201 and $284. There was a ~30% stake increase in Q4 2021 at prices between ~$236 and ~$257. Q2 2022 saw a similar reduction at prices between ~$235 and ~$275. That was followed with a ~40% further selling this quarter at prices between ~$218 and ~$257. The stock currently trades at ~$236.Thermo Fisher Scientific (TMO): TMO is a 2.82% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. There was a one-third selling in 2019 at prices between $221 and $327. 2020 had seen another ~60% selling at prices between ~$255 and ~$528. The stake was rebuilt in Q2 2021 at prices between ~$441 and ~$509. There was a ~50% reduction over the two quarters through Q1 2022 at prices between ~$524 and ~$667. The stock currently goes for ~$555. The last two quarters have seen minor trimming.CBRE Group (CBRE): CBRE is a 2.43% of the portfolio position built during Q2 & Q3 2020 at prices between ~$35 and ~$56. There was a ~45% selling over the four quarters through Q1 2022 at prices between ~$80 and ~$109. The stock is now at $68.91. The last three quarters have seen only minor adjustments.Clarivate plc (CLVT): CLVT is a 2.20% of the portfolio stake purchased in Q3 2021 at prices between ~$21.50 and ~$27.15. There was a one-third stake increase next quarter at prices between ~$20.50 and ~$25.25. Q1 2022 also saw a similar increase at prices between ~$12.25 and ~$24.50. The stock currently trades below the low end of those ranges at $9.43. The last three quarters have seen only minor adjustments.Note: Generation IM has a ~6.8% ownership stake in Clarivate plc.10x Genomics (TXG), Alibaba Group Holdings (BABA), Carlisle Companies (CSL), Cognizant Technology (CTSH), H World Group (HTHT), Microchip Technology (MCHP), and Palo Alto Networks (PANW), Ptc Inc. (PTC), Salesforce.com (CRM), and Steris plc (STE): These small (less than ~2% of the portfolio each) stakes were reduced during the quarter.Kept Steady:Remitly Global (RELY): RELY had an IPO in September 2021. Shares started trading at ~$38 and currently goes for $16.56. Generation IM’s stake is at 0.73% of the portfolio.Note: Generation IM has a ~6.5% ownership stake in the business.Sophia Genetics (SOPH): Sophia Genetics had an IPO last July. Shares started trading at ~$16.75 and currently goes for $4.42. Generation IM’s 0.08% of the portfolio stake goes back to a funding round in 2019.Note: Generation IM has a ~10.5% ownership stake in the business.Asana Inc. (ASAN), Proterra Inc. (PTRA), and SPDR S&P 500 ETF (SPY): These minutely small (less than ~0.20% of the portfolio each) stakes were kept steady this quarter.Note: Generation IM’s original investment in Proterra goes back to a funding round in 2017.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management 13F stock portfolio as of Q4 2022:Source: John Vincent. Data constructed from Generation IM’s 13F filings for Q3 2022 and Q4 2022.Regulatory filings from 9/1/2022 to 12/4/2022: None."

"Tracking Al Gore's Generation Investment Management Portfolio – Q3 2022 Update"

"Generation Investment Management’s 13F portfolio value decreased from $18.35B to $16.86B this quarter.They increased Mercadolibre and Toast while decreasing Alphabet and Shopify. They also dropped Intel.The top three positions are Amazon.com, Charles Schwab, and Microsoft, and they add up to ~19% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 11/10/2022. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q2 2022.This quarter, Al Gore’s 13F portfolio value decreased ~8% from $18.35B to $16.86B. The number of positions decreased from 46 to 45. The top five stakes are Amazon.com, Charles Schwab, Microsoft, Henry Schein, and Trane Technologies. They account for around ~29% of the total 13F portfolio value. Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:Freshworks Inc. (FRSH): FRSH had an IPO in September 2021. Shares started trading at ~$47 and currently goes for $15.19. Generation IM’s stake is a minutely small 0.05% of the portfolio position.Stake Disposals:Intel Corporation (INTC): INTC was a ~3% of the portfolio position purchased during Q2 and Q3 2021 at prices between ~$52 and ~$68. There was a ~14% stake increase last quarter. The disposal this quarter was at prices between ~$26 and ~$41. The stock currently trades at $29.41. They realized losses.Illumina Inc. (ILMN): The very small 0.65% stake in ILMN was sold during the quarter.Stake Increases:Amazon.com (AMZN): AMZN is currently the top position at ~8% of the portfolio. It was purchased during H1 2021 at prices between ~$158 and ~$175 and the stock currently trades well below that range at ~$94. There was a ~40% stake increase over the last two quarters at prices between ~$104 and ~$170. There was marginal increase this quarter.Charles Schwab (SCHW): SCHW is the second largest position at 6.19% of the portfolio. The stake was first purchased in Q4 2016 at prices between $31 and $40.50. Since then, the position was increased substantially at prices between ~$30 and ~$50. Q1 2021 saw a ~37% selling at prices between ~$51.50 and ~$68. That was followed with a ~20% reduction next quarter at prices between ~$63.50 and ~$76. The stock is now at $82.46. There was a ~15% stake increase this quarter.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Trane Technologies plc (TT): TT is now a large (top five) ~5% of the portfolio position. The stake saw a ~150% stake increase in Q1 2022 at prices between ~$143 and ~$195. That was followed with a ~40% increase last quarter at prices between ~$121 and ~$155. The stock currently trades at ~$179. This quarter saw a ~9% further increase.Equifax Inc. (EFX): The 4.90% EFX stake was purchased in Q1 2019 at prices between $91 and $115. Q4 2020 saw a whopping ~175% stake increase at prices between ~$137 and ~$195. Q2 to Q4 2021 saw the position sold down by ~70% at prices between ~$181 and ~$297. The stake was doubled next quarter at prices between ~$208 and ~$286. The stock is now at ~$201. Last two quarters have seen minor increases.Analog Devices (ADI): ADI position is now at 4.12% of the portfolio. It was established in Q2 2018 at prices between $87 and $102 and doubled next quarter at prices between $91 and $100. The stake has wavered. Recent activity follows. Q3 2020 saw a stake doubling at prices between ~$112 and ~$125. Q2 to Q4 2021 had seen the position reduced by ~47% at prices between ~$146 and ~$189. There was a ~80% stake increase last quarter at prices between ~$144 and ~$169. The stock currently trades at ~$169. There was a ~12% further increase this quarter.Mercadolibre (MELI): The 3.36% of the portfolio stake in MELI was built during the last five quarters at prices between ~$635 and ~$1950. The stock is now at ~$945.Applied Materials (AMAT): The ~3% AMAT stake was established in Q2 2019 at prices between ~$39 and ~$45. There was a ~45% increase last quarter at prices between ~$86 and ~$129. The stock currently trades at ~$107. There was a ~10% further increase this quarter.Twilio Inc. (TWLO): TWLO is a ~2% of the portfolio position primarily built last quarter at prices between ~$79 and ~$175. The stock is now at $48.64. There was a ~14% stake increase this quarter.Cognizant Technology (CTSH), and Toast Inc. (TOST): These small (less than ~1.5% of the portfolio each) stakes were increased this quarter.Note: Generation IM’s original investment in Toast goes back to a funding round in 2017.Stake Decreases:Microsoft Corporation (MSFT): The large (top three) 5.32% MSFT stake was primarily built last quarter at prices between ~$242 and ~$315 and the stock currently trades at ~$255. There was a ~9% trimming this quarter.Henry Schein (HSIC): HSIC became the largest position in Q4 2017 as it saw a ~550% stake increase at prices between $50.50 and $68.50. There was another ~22% increase next quarter at prices between $47 and $63.50. The five quarters thru Q3 2019 saw a combined ~30% reduction at prices between $58 and $71 while Q1 2020 there was a similar increase at prices between ~$43 and ~$74. The stock is now at ~$83 and the stake at ~5% of the portfolio. Last ten quarters have seen only minor adjustments.Note: The prices quoted above are adjusted for the spinoff of Covetrus Inc. last January. Also, HSIC split 2-for-1 in September 2017. Generation IM has a ~9.5% ownership stake in Henry Schein.Becton Dickinson (BDX): The 4.20% BDX position was built in 2020 at prices between $201 and $284. There was a ~30% stake increase in Q4 2021 at prices between ~$236 and ~$257. Last quarter saw a similar reduction at prices between ~$235 and ~$275. The stock currently trades at ~$252. There was marginal trimming this quarter.Jones Lang LaSalle Inc. (JLL): JLL is a 4.11% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake thru consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in 2016: ~500% increase at prices between $91 and $141. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. Since then, the activity has been minor. The stock currently trades at ~$167.Note: Generation IM has a ~9% ownership stake in Jones Lang LaSalle.Baxter International (BAX): BAX is now the 3.79% of the portfolio. It was established in Q4 2019 at prices between $76.50 and $88.50 and increased by ~50% next quarter at prices between ~$72 and ~$93. Q1 2021 saw another ~20% stake increase at prices between ~$76 and ~$86. There was a ~40% selling over the last two quarters at prices between ~$64 and ~$90. The stock currently trades at $53.22. There was another ~9% trimming this quarter.Gartner Inc. (IT): The 3.67% of the portfolio IT stake was built in 2020 at prices between ~$83 and ~$164. The five quarters through Q4 2021 had seen a ~60% selling at prices between ~$120 and ~$340. The stock is now at ~$352. Last three quarters have seen only minor adjustments.MasterCard Inc. (MA): MA is a 3.35% of the portfolio position purchased last quarter at prices between ~$309 and ~$379 and the stock currently trades at ~$360. There was marginal trimming this quarter.Salesforce.com (CRM): The 2.79% of the CRM position was first purchased in Q4 2016. The bulk of the current stake was built over the last two quarters at prices between ~$156 and ~$256. The stock currently trades at ~$145. There was marginal trimming this quarter.Thermo Fisher Scientific (TMO): TMO is a 2.68% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. There was a one-third selling in 2019 at prices between $221 and $327. 2020 had seen another ~60% selling at prices between ~$255 and ~$528. The stake was rebuilt in Q2 2021 at prices between ~$441 and ~$509. There was a ~50% reduction over the two quarters through Q1 2022 at prices between ~$524 and ~$667. The stock currently goes for ~$563. Last two quarters have seen only minor adjustments.Nutanix (NTNX): The 2.60% NTNX stake was established in Q2 2019 at prices between ~$25 and ~$43. The stock currently trades at $30.53. Last several quarters have seen only minor adjustments.Clarivate plc (CLVT): CLVT is a 2.57% of the portfolio stake purchased in Q3 2021 at prices between ~$21.50 and ~$27.15. There was a one-third stake increase next quarter at prices between ~$20.50 and ~$25.25. Q1 2022 also saw a similar increase at prices between ~$12.25 and ~$24.50. The stock currently trades below the low end of those ranges at $10.12. Last two quarters have seen only minor adjustments.Note: Generation IM has a ~6.5% ownership stake in Clarivate plc.CBRE Group (CBRE): CBRE is a 2.22% of the portfolio position built during Q2 & Q3 2020 at prices between ~$35 and ~$56. There was a ~45% selling over the four quarters through Q1 2022 at prices between ~$80 and ~$109. The stock is now at $79.25. Last two quarters have seen only minor adjustments.Alibaba Group Holdings (BABA): BABA is a 2.14% of the portfolio position purchased in Q4 2020 at prices between ~$222 and ~$317. The stake was increased by ~150% over H1 2021 at prices between ~$206 and ~$271. That was followed with a ~25% stake increase next quarter at prices between ~$140 and ~$222. Q4 2021 saw a ~20% reduction while next quarter there was a similar increase. The stock currently trades at ~$90. Last two quarters have seen only minor adjustments.Cooper Companies (COO): The bulk of the ~2% position in COO was purchased in Q4 2016 at prices between $159 and $183. The original stake was doubled in Q1 2018 at prices between $218 and $251 and that was followed with a ~37% increase next quarter at prices between $218 and $237. There was a ~25% reduction in Q2 2021 at prices between ~$372 and ~$412. Q1 2022 also saw a ~15% selling at prices between ~$380 and ~$428. The stock currently trades at ~$322. Last two quarters also saw minor trimming.Carlisle Companies (CSL) and Ptc Inc. (PTC): These two stakes were established in Q4 2021. CSL is a 1.90% of the portfolio position established at prices between ~$201 and ~$248 and it is now at ~$260. This quarter saw a one-third reduction at prices between ~$241 and ~$316. The 1.72% PTC position was purchased over the last three quarters at prices between ~$98 and ~$130 and it now goes for ~$127. There was marginal trimming this quarter.Alphabet Inc. (GOOG): GOOG stake is currently at 1.68% of the portfolio. The bulk of the stake was established in the three quarters thru Q1 2019 at prices between ~$49 and ~$63. Q2 & Q3 2019 had also seen a ~45% stake increase at prices between ~$56 and ~$63. The five quarters through Q4 2020 saw the stake reduced by ~60% at prices between ~$53 and ~$91. Q4 2021 saw another ~20% selling at prices between ~$133 and ~$151. That was followed with a ~50% reduction last quarter at prices between ~$106 and ~$145. This quarter also saw a ~27% selling at prices between ~$96 and ~$123. The stock currently trades at ~$101. They are harvesting gains.Note: the prices quoted above are adjusted for the 20-for-1 stock split in July.Steris plc (STE): STE is a 1.18% of the portfolio stake primarily built in Q1 2021 at prices between ~$171 and ~$203. There was a ~60% selling over the last three quarters at prices between ~$193 and ~$253. The stock currently trades at ~$192. This quarter saw marginal trimming.10x Genomics (TXG), Abiomed Inc. (ABMD), Coupang (CPNG), H World Group (HTHT), Microchip Technology (MCHP), Palo Alto Networks (PANW), Shopify (SHOP), Taiwan Semi (TSM), Texas Instruments (TXN), and Trimble Inc. (TRMB): These small (less than ~2% of the portfolio each) stakes were reduced during the quarter.Kept Steady:Remitly Global (RELY): RELY had an IPO last September. Shares started trading at ~$38 and currently goes for $10.49. Generation IM’s stake is at 0.73% of the portfolio.Note: Generation IM has a 6.75% ownership stake in the business.Sophia Genetics (SOPH): Sophia Genetics had an IPO last July. Shares started trading at ~$16.75 and currently goes for $2.29. Generation IM’s 0.11% of the portfolio stake goes back to a funding round in 2019.Note: Generation IM has a 10.6% ownership stake in the business.Asana Inc. (ASAN), Gogoro Inc. (GGR), Proterra Inc. (PTRA), and SPDR S&P 500 ETF (SPY): These minutely small (less than ~0.20% of the portfolio each) stakes were kept steady this quarter.Note: Generation IM’s original investment in Proterra goes back to a funding round in 2017.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management 13F stock portfolio as of Q3 2022:Source: John Vincent. Data constructed from Generation IM’s 13F filings for Q2 2022 and Q3 2022.Regulatory filings from 5/28/2022 to 9/1/2022: None."

"Tracking Al Gore's Generation Investment Management Portfolio – Q2 2022 Update"

"Generation Investment Management’s 13F portfolio value decreased from $21.84B to $18.35B this quarter.They added MasterCard and increased Amazon.com, Microsoft, Trane Technologies, and Analog Devices while reducing Baxter International, Becton Dickinson, and Alphabet. They also dropped Visa.The top three positions are Amazon.com, Microsoft, and Henry Schein, 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 Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 8/12/2022. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q1 2022.This quarter, Al Gore’s 13F portfolio value decreased ~16% from $21.84B to $18.35B. The number of positions remained steady at 46. The top five stakes are Amazon.com, Microsoft, Henry Schein, Equifax, and Baxter International. They account for around ~27% of the total 13F portfolio value. Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:MasterCard Inc. (MA): MA is a 3.44% of the portfolio position purchased this quarter at prices between ~$309 and ~$379 and the stock currently trades at ~$336.10x Genomics (TXG), Coupang (CPNG), and Gogoro Inc. (GGR): These are very small (less than ~0.65% of the portfolio each) stakes established during the quarter.Stake Disposals:Visa Inc. (V): The 2.86% V stake was purchased in Q4 2021 at prices between ~$190 and ~$234 and the stock currently trades at ~$205. The disposal this quarter was at prices between ~$189 and ~$228.Dentsply Sirona (XRAY): XRAY was a 1.41% portfolio stake built in 2014 at prices between $44 and $56. The position has wavered. Recent activity follows: Q2 2019 saw a ~20% selling at prices between $49 and $59 while Q1 2020 there was a ~15% stake increase at prices between ~$32 and $61. H1 2021 saw a ~63% reduction at prices between ~$52 and ~$69 while in Q4 2021 there was a similar increase at prices between ~$48 and ~$59. There was a ~45% selling last quarter at prices between ~$48 and ~$59. The elimination this quarter was at prices between ~$35 and ~$49. The stock is now at ~$34.Sensata Technologies (ST): The bulk of the 1.37% ST position was purchased in Q2 2016 at prices between $33.50 and $39 and doubled over the next two years at higher prices. Q4 2018 also saw a ~28% increase at prices between $41 and $49.50. The position was reduced by ~45% last quarter at prices between ~$50.50 and ~$65. The disposal this quarter was at prices between ~$41 and ~$51. The stock currently goes for ~$42.TE Connectivity (TEL): TEL was a 1.63% position purchased in Q4 2018 at prices between $71 and $87. Q4 2019 saw a ~18% stake increase at prices between $85.50 and $96 and that was followed with a ~40% increase next quarter at prices between $53 and $100. The three quarters through Q2 2021 saw a ~40% selling at prices between ~$96 and ~$139. Last five quarters saw the stake dropped at prices between ~$111 and ~$165. The stock currently trades at ~$129.Stake Increases:Amazon.com (AMZN): AMZN is currently the top position at 6.65% of the portfolio. It was purchased during H1 2021 at prices between ~$158 and ~$175 and the stock currently trades well below that range at ~$133. There was a ~40% stake increase over the last two quarters at prices between ~$104 and ~$170.Note: the prices quoted above are adjusted for the 20-for-1 stock split in June.Microsoft Corporation (MSFT): The large (top three) ~6% MSFT stake was primarily built this quarter at prices between ~$242 and ~$315 and the stock currently trades at ~$264.Equifax Inc. (EFX): The large (top five) 4.64% EFX stake was purchased in Q1 2019 at prices between $91 and $115. Q4 2020 saw a whopping ~175% stake increase at prices between ~$137 and ~$195. Q2 to Q4 2021 saw the position sold down by ~70% at prices between ~$181 and ~$297. The stake was doubled last quarter at prices between ~$208 and ~$286. The stock is now at ~$197. This quarter saw a minor ~5% increase.Jones Lang LaSalle Inc. (JLL): JLL is a 4.39% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake thru consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in 2016: ~500% increase at prices between $91 and $141. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. Since then, the activity has been minor. The stock currently trades at ~$176.Note: Generation IM has a ~9% ownership stake in Jones Lang LaSalle.Charles Schwab (SCHW): SCHW is a fairly large stake at 4.36% of the portfolio. The position was first purchased in Q4 2016 at prices between $31 and $40.50. Since then, the stake was increased substantially at prices between ~$30 and ~$50. Q1 2021 saw a ~37% selling at prices between ~$51.50 and ~$68. That was followed with a ~20% reduction next quarter at prices between ~$63.50 and ~$76. The stock is now at ~$74. Last four quarters have seen only minor adjustments.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Trane Technologies plc (TT): TT is now a 3.72% of the portfolio position. The stake saw a ~150% stake increase last quarter at prices between ~$143 and ~$195. That was followed with a ~40% increase this quarter at prices between ~$121 and ~$155. The stock currently trades at ~$164.Analog Devices (ADI): ADI position is now at 3.54% of the portfolio. It was established in Q2 2018 at prices between $87 and $102 and doubled next quarter at prices between $91 and $100. The stake has wavered. Recent activity follows. Q3 2020 saw a stake doubling at prices between ~$112 and ~$125. Q2 to Q4 2021 had seen the position reduced by ~47% at prices between ~$146 and ~$189. There was a ~80% stake increase this quarter at prices between ~$144 and ~$169. The stock currently trades at ~$154.Clarivate plc (CLVT): CLVT is a 3.50% of the portfolio stake purchased in Q3 2021 at prices between ~$21.50 and ~$27.15. There was a one-third stake increase next quarter at prices between ~$20.50 and ~$25.25. Last quarter also saw a similar increase at prices between ~$12.25 and ~$24.50. The stock currently trades near the low end of those ranges at $12.31. There was a minor ~2% increase this quarter.Note: Generation IM has a ~6.5% ownership stake in Clarivate plc.Applied Materials (AMAT): The ~3% AMAT stake was established in Q2 2019 at prices between ~$39 and ~$45. There was a ~45% increase this quarter at prices between ~$86 and ~$129. The stock currently trades at $96.51.Intel Corporation (INTC): INTC is a ~3% of the portfolio position purchased during Q2 and Q3 2021 at prices between ~$52 and ~$68 and the stock currently trades well below that range at $31.46. There was a ~14% stake increase this quarter.Gartner Inc. (IT): The ~3% of the portfolio IT stake was built in 2020 at prices between ~$83 and ~$164. The five quarters through Q4 2021 had seen a ~60% selling at prices between ~$120 and ~$340. The stock is now at ~$306. Last two quarters have seen only minor adjustments.Salesforce.com (CRM) and Twilio Inc. (TWLO): These two stakes were built over the last two quarters. The ~3% of the CRM stake was built at prices between ~$156 and ~$256. The stock currently trades near the low end of that range at ~$163. TWLO is a ~2% of the portfolio position primarily built this quarter at prices between ~$79 and ~$175. The stock is now below that range at ~$72.Alibaba Group Holdings (BABA): BABA is a 2.81% of the portfolio position purchased in Q4 2020 at prices between ~$222 and ~$317. The stake was increased by ~150% over H1 2021 at prices between ~$206 and ~$271. That was followed with a ~25% stake increase next quarter at prices between ~$140 and ~$222. Q4 2021 saw a ~20% reduction while last quarter there was a similar increase. The stock currently trades at ~$92. There was a minor ~2% increase this quarter.Thermo Fisher Scientific (TMO): TMO is a 2.65% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. There was a one-third selling in 2019 at prices between $221 and $327. 2020 had seen another ~60% selling at prices between ~$255 and ~$528. The stake was rebuilt in Q2 2021 at prices between ~$441 and ~$509. There was a ~50% reduction over the last two quarters at prices between ~$524 and ~$667. The stock currently goes for ~$569. This quarter saw a minor ~2% stake increase.Carlisle Companies (CSL) and Ptc Inc. (PTC): These two stakes were established in Q4 2021. CSL is a 2.22% of the portfolio position established at prices between ~$201 and ~$248 and it is now at ~$309. There were minor increases in the last two quarters. The 1.62% PTC position was purchased over the last three quarters at prices between ~$98 and ~$130 and it now goes for ~$120.CBRE Group (CBRE): CBRE is a 2.22% of the portfolio position built during Q2 & Q3 2020 at prices between ~$35 and ~$56. The stock is now at ~$81. There was a ~45% selling over the last four quarters at prices between ~$80 and ~$109. This quarter saw a minor ~2% stake increase.Abiomed Inc. (ABMD), Cognizant Technology (CTSH), Mercadolibre (MELI), Microchip Technology (MCHP), Nutanix (NTNX), Palo Alto Networks (PANW), Shopify (SHOP), SPDR S&P 500 ETF (SPY), Texas Instruments (TXN), Trimble Inc. (TRMB), and Toast Inc. (TOST): These small (less than ~2% of the portfolio each) stakes were increased this quarter.Note: Generation IM’s original investment in Toast goes back to a funding round in 2017.Stake Decreases:Henry Schein (HSIC): HSIC became the largest position in Q4 2017 as it saw a ~550% stake increase at prices between $50.50 and $68.50. There was another ~22% increase next quarter at prices between $47 and $63.50. The five quarters thru Q3 2019 saw a combined ~30% reduction at prices between $58 and $71 while Q1 2020 there was a similar increase at prices between ~$43 and ~$74. The stock is now at $74.30 and the stake at 5.42% of the portfolio. Last nine quarters have seen only minor adjustments.Note: The prices quoted above are adjusted for the spinoff of Covetrus Inc. last January. Also, HSIC split 2-for-1 in September 2017. Generation IM has a ~9.5% ownership stake in Henry Schein.Baxter International (BAX): BAX is now the second largest 13F position at 4.56% of the portfolio. It was established in Q4 2019 at prices between $76.50 and $88.50 and increased by ~50% next quarter at prices between ~$72 and ~$93. Q1 2021 saw another ~20% stake increase at prices between ~$76 and ~$86. There was a ~40% selling over the last two quarters at prices between ~$64 and ~$90. The stock currently trades at $59.53.Becton Dickinson (BDX): The 4.30% BDX position was built in 2020 at prices between $201 and $284. There was a ~30% stake increase in Q4 2021 at prices between ~$236 and ~$257. This quarter saw a similar reduction at prices between ~$235 and ~$275. The stock currently trades at ~$263.Alphabet Inc. (GOOG): GOOG stake is currently at 2.42% of the portfolio. The bulk of the stake was established in the three quarters thru Q1 2019 at prices between ~$49 and ~$63. Q2 & Q3 2019 had also seen a ~45% stake increase at prices between ~$56 and ~$63. The five quarters through Q4 2020 saw the stake reduced by ~60% at prices between ~$53 and ~$91. Q4 2021 saw another ~20% selling at prices between ~$133 and ~$151. That was followed with a ~50% reduction this quarter at prices between ~$106 and ~$145. The stock currently trades at ~$112.Note: the prices quoted above are adjusted for the 20-for-1 stock split in July.Cooper Companies (COO): The bulk of the 2.15% position in COO was purchased in Q4 2016 at prices between $159 and $183. The original stake was doubled in Q1 2018 at prices between $218 and $251 and that was followed with a ~37% increase next quarter at prices between $218 and $237. There was a ~25% reduction in Q2 2021 at prices between ~$372 and ~$412. Last quarter also saw a ~15% selling at prices between ~$380 and ~$428. The stock currently trades at ~$315. This quarter saw a ~8% trimming.Steris plc (STE): STE is a 1.35% of the portfolio stake primarily built in Q1 2021 at prices between ~$171 and ~$203. There was a ~60% selling over the last three quarters at prices between ~$193 and ~$253. The stock currently trades at ~$210.Huazhu Group (HTHT), Illumina Inc. (ILMN), and Taiwan Semi (TSM): These very small (less than ~1% of the portfolio each) stakes were reduced during the quarter.Kept Steady:Remitly Global (RELY): RELY had an IPO last September. Shares started trading at ~$38 and currently goes for ~$11.75. Generation IM’s stake is at 0.46% of the portfolio.Note: Generation IM has a 6.75% ownership stake in the business.Sophia Genetics (SOPH): Sophia Genetics had an IPO last July. Shares started trading at ~$16.75 and currently goes for ~$3. Generation IM’s 0.13% of the portfolio stake goes back to a funding round in 2019.Note: Generation IM has a 10.6% ownership stake in the business.Asana Inc. (ASAN) and Proterra Inc. (PTRA): These minutely small (less than ~0.20% of the portfolio each) stakes were kept steady this quarter.Note: Generation IM’s original investment in Proterra goes back to a funding round in 2017.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management 13F stock portfolio as of Q2 2022:Source: John Vincent. Data constructed from Generation IM’s 13F filings for Q1 2022 and Q2 2022.Regulatory filings from 2/17/2022 to 5/28/2022: None."

"Tracking Al Gore's Generation Investment Management Portfolio – Q1 2022 Update"

"Generation Investment Management’s 13F portfolio value decreased from $24.33B to $21.84B this quarter.They increased Equifax, Clarivate plc, Trane Technologies, Twilio, and Salesforce.com while reducing Dentsply Sirona & Sensata Technologies.The top three positions are Amazon.com, Baxter International, and Becton Dickinson, 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 Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 5/13/2022. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q4 2021.This quarter, Al Gore’s 13F portfolio value decreased from $24.33B to $21.84B. The number of positions decreased from 47 to 46. The top five stakes are Amazon.com, Baxter International, Becton Dickinson, Henry Schein, and Jones Lang LaSalle. They account for around ~28% of the total 13F portfolio value. Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:Abiomed Inc. (ABMD) and Shopify (SHOP): ABMD is a ~2% of the portfolio position purchased this quarter at prices between ~$277 and ~$366 and the stock currently trades just below that range at ~$270. SHOP is a minutely small 0.26% of the portfolio stake established during the quarter.Stake Disposals:Cisco Systems (CSCO): CSCO was a 2.29% of the portfolio position built in H2 2020 at prices between ~$35.50 and ~$48. There was a ~35% selling in Q3 2021 at prices between ~$53 and ~$60. That was followed with a ~42% selling last quarter at prices between ~$53 and ~$64. The disposal this quarter was at around the same price range. The stock currently trades at $45.79.Guidewire Software (GWRE): The ~1% GWRE stake was established in H1 2021 at prices between ~$95 and ~$131. The stake was eliminated this quarter at prices between ~$84 and ~$113. It is now at $82.28.Stone Co (STNE): STNE was a 0.34% stake established last quarter at prices between ~$15 and ~$39.50. It was sold this quarter at prices between $8.25 and $19.32. It currently trades at ~$12.50.Stake Increases:Amazon.com (AMZN): AMZN is currently the top position at 6.52% of the portfolio. It was purchased during H1 2021 at prices between ~$3152 and ~$3505 and the stock currently trades at ~$2525. Last two quarters had seen minor trimming while this quarter there was a ~6% increase.Equifax Inc. (EFX): The 4.79% EFX stake was purchased in Q1 2019 at prices between $91 and $115. Q4 2020 saw a whopping ~175% stake increase at prices between ~$137 and ~$195. Last three quarters saw the position sold down by ~70% at prices between ~$181 and ~$297. The stake was doubled this quarter at prices between ~$208 and ~$286. The stock is now at ~$204.Clarivate plc (CLVT): CLVT is a 3.48% of the portfolio stake purchased in Q3 2021 at prices between ~$21.50 and ~$27.15. There was a one-third stake increase last quarter at prices between ~$20.50 and ~$25.25. This quarter also saw a similar increase at prices between ~$12.25 and ~$24.50. The stock currently trades at $14.93.Note: Generation IM has a ~6.5% ownership stake in Clarivate plc.Trane Technologies plc (TT): TT is now a 2.60% of the portfolio position. The stake saw a ~150% stake increase this quarter at prices between ~$143 and ~$195. The stock currently trades just below that range at ~$139.Nutanix (NTNX): NTNX is a 2.54% position established in Q2 2019 at prices between $24.50 and $43.50 and it is now well below that range at $16.61. Generation IM has a ~10% ownership stake in Nutanix. Last few quarters have seen only minor adjustments.Note: Generation IM has a ~9% ownership stake in Nutanix.Mercadolibre (MELI): The 2.40% MELI stake saw a ~170% stake increase over the last two quarters at prices between ~$1297 and ~$1954. There was a stake doubling this quarter at prices between ~$882 and ~$1333. The stock currently trades well below those ranges at ~$837.Alibaba Group Holdings (BABA): BABA is a 2.21% of the portfolio position purchased in Q4 2020 at prices between ~$222 and ~$317. The stake was increased by ~150% over H1 2021 at prices between ~$206 and ~$271. That was followed with a ~25% stake increase next quarter at prices between ~$140 and ~$222. Last quarter saw a ~20% reduction while this quarter there was a similar increase. The stock currently trades at ~$97.50.Carlisle Companies (CSL) and Ptc Inc. (PTC): These two stakes were established last quarter. CSL is a 1.88% of the portfolio position established last quarter at prices between ~$201 and ~$248 and it is now at ~$262. There was a marginal increase this quarter. The ~1% PTC position was purchased over the last two quarters at prices between ~$102 and ~$130 and it now goes for ~$120.Salesforce.com (CRM) and Twilio Inc. (TWLO): These two stakes were built this quarter. The 1.75% of the CRM stake saw a ~175% increase during the quarter at prices between ~$191 and ~$256. The stock currently trades at ~$188. TWLO is a 1.88% of the portfolio position primarily built this quarter at prices between ~$125 and ~$262. The stock is now at ~$109.Cognizant Technology (CTSH), Microchip Technology (MCHP), Taiwan Semi (TSM), Texas Instruments (TXN), and Toast Inc. (TOST): These very small (less than ~0.75% of the portfolio each) positions were increased this quarter.Note: Generation IM’s original investment in Toast goes back to a funding round in 2017.Stake Decreases:Baxter International (BAX): BAX is now the second-largest 13F position at 5.82% of the portfolio. It was established in Q4 2019 at prices between $76.50 and $88.50 and increased by ~50% next quarter at prices between ~$72 and ~$93. Q1 2021 saw another ~20% stake increase at prices between ~$76 and ~$86. There was a similar reduction this quarter at prices between ~$77 and ~$90. The stock currently trades at $74.26.Becton Dickinson (BDX): The 5.48% BDX position was built in 2020 at prices between $201 and $284. There was a ~30% stake increase last quarter at prices between ~$236 and ~$257. The stock currently trades at ~$254. This quarter saw minor trimming.Henry Schein (HSIC): HSIC became the largest position in Q4 2017 as it saw a ~550% stake increase at prices between $50.50 and $68.50. There was another ~22% increase next quarter at prices between $47 and $63.50. The five quarters thru Q3 2019 saw a combined ~30% reduction at prices between $58 and $71 while Q1 2020 there was a similar increase at prices between ~$43 and ~$74. The stock is now at ~$85 and the stake at ~5% of the portfolio. Last two years have seen only minor adjustments.Note: The prices quoted above are adjusted for the spinoff of Covetrus Inc. last January. Also, HSIC split 2-for-1 in September 2017. Generation IM has a ~9.5% ownership stake in Henry Schein.Jones Lang LaSalle Inc. (JLL): JLL is a ~5% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake thru consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in 2016: ~500% increase at prices between $91 and $141. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. Since then, the activity has been minor. The stock currently trades at ~$195.Note: Generation IM has a ~9% ownership stake in Jones Lang LaSalle.Alphabet Inc. (GOOG): GOOG stake is currently at ~5% of the portfolio. The bulk of the stake was established in the three quarters thru Q1 2019 at prices between $975 and $1268. Q2 & Q3 2019 had also seen a ~45% stake increase at prices between $1110 and $1250. The five quarters through Q4 2020 saw the stake reduced by ~60% at prices between ~$1055 and ~$1825. Last quarter saw another ~20% selling at prices between ~$2665 and ~$3014. The stock currently trades at ~$2355. There was a minor ~7% trimming this quarter.Charles Schwab (SCHW): SCHW is a fairly large stake at 4.45% of the portfolio. The position was first purchased in Q4 2016 at prices between $31 and $40.50. Since then, the stake was increased substantially at prices between ~$30 and ~$50. Q1 2021 saw a ~37% selling at prices between ~$51.50 and ~$68. That was followed with a ~20% reduction next quarter at prices between ~$63.50 and ~$76. The stock is now at $71.67. There was minor trimming in the last three quarters.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Visa Inc. (V): The 2.86% V stake was purchased last quarter at prices between ~$190 and ~$234 and the stock currently trades at ~$215. There was marginal trimming this quarter.Gartner Inc. (IT): The ~3% of the portfolio IT stake was built in 2020 at prices between ~$83 and ~$164. Last five quarters had seen a ~60% selling at prices between ~$120 and ~$340. The stock is now at ~$269. There was marginal trimming this quarter.Intel Corporation (INTC): INTC is a ~3% of the portfolio position purchased during the last two quarters at prices between ~$52 and ~$68 and the stock currently trades below that range at $44.84. Last two quarters have seen only minor adjustments.Cooper Companies (COO): The bulk of the 2.63% position in COO was purchased in Q4 2016 at prices between $159 and $183. The original stake was doubled in Q1 2018 at prices between $218 and $251 and that was followed with a ~37% increase next quarter at prices between $218 and $237. There was a ~25% reduction in Q2 2021 at prices between ~$372 and ~$412. This quarter also saw a ~15% selling at prices between ~$380 and ~$428. The stock currently trades at ~$353.Applied Materials (AMAT): The 2.57% AMAT stake was established in Q2 2019 at prices between ~$39 and ~$45. The stock currently trades at ~$117. Last several quarters have seen only minor adjustments.Steris plc (STE): STE is a 2.41% of the portfolio stake primarily built in Q1 2021 at prices between ~$171 and ~$203. There was a ~20% selling last quarter at prices between ~$204 and ~$245. The stock currently trades at ~$227. This quarter also saw a ~12% trimming.Thermo Fisher Scientific (TMO): TMO is a 2.38% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. There was a one-third selling in 2019 at prices between $221 and $327. 2020 had seen another ~60% selling at prices between ~$255 and ~$528. The stake was rebuilt in Q2 2021 at prices between ~$441 and ~$509. There was a ~50% reduction over the last two quarters at prices between ~$524 and ~$667. The stock currently goes for ~$570.CBRE Group (CBRE): CBRE is a 2.27% of the portfolio position built during Q2 & Q3 2020 at prices between ~$35 and ~$56. The stock is now at $82.49. There was a ~45% selling over the last four quarters at prices between ~$80 and ~$109.Analog Devices (ADI): ADI position is now at 1.86% of the portfolio. It was established in Q2 2018 at prices between $87 and $102 and doubled next quarter at prices between $91 and $100. The stake has wavered. Recent activity follows. Q3 2020 saw a stake doubling at prices between ~$112 and ~$125. Last three quarters had seen the position reduced by ~47% at prices between ~$146 and ~$189. The stock currently trades at ~$169. This quarter saw marginal trimming.TE Connectivity (TEL): TEL is a 1.63% position purchased in Q4 2018 at prices between $71 and $87. Q4 2019 saw a ~18% stake increase at prices between $85.50 and $96 and that was followed with a ~40% increase next quarter at prices between $53 and $100. The three quarters through Q2 2021 saw a ~40% selling at prices between ~$96 and ~$139. Last four quarters have seen a ~55% reduction at prices between ~$120 and ~$165. The stock currently trades at ~$132.Illumina Inc. (ILMN): ILMN is a 1.52% of the portfolio position purchased in Q4 2019 at prices between $288 and $336 and increased by ~185% next quarter at prices between $209 and $336. There was a ~30% selling in Q2 2020 at prices between $257 and $373. Q4 2020 saw a two-thirds increase at prices between ~$293 and ~$371 while in the next three quarters there was a ~52% reduction at prices between ~$361 and ~$525. The stock is now at ~$249. Last two quarters have seen only minor adjustments.Dentsply Sirona (XRAY): XRAY is a 1.41% portfolio stake built in 2014 at prices between $44 and $56. The position has wavered. Recent activity follows: Q2 2019 saw a ~20% selling at prices between $49 and $59 while Q1 2020 there was a ~15% stake increase at prices between ~$32 and $61. H1 2021 saw a ~63% reduction at prices between ~$52 and ~$69 while last quarter there was a similar increase at prices between ~$48 and ~$59. There was a ~45% selling this quarter at prices between ~$48 and ~$59. The stock is now at $41.80.Sensata Technologies (ST): The bulk of the 1.37% ST position was purchased in Q2 2016 at prices between $33.50 and $39 and doubled over the next two years at higher prices. Q4 2018 also saw a ~28% increase at prices between $41 and $49.50. The position was reduced by ~45% this quarter at prices between ~$50.50 and ~$65. The stock currently goes for $49.34.Huazhu Group (HTHT), Microsoft Corporation (MSFT), Palo Alto Networks (PANW), SPDR S&P 500 ETF (SPY), and Trimble Inc. (TRMB): These small (less than ~1.20% of the portfolio each) stakes were reduced during the quarter.Kept Steady:Remitly Global (RELY): RELY had an IPO last September. Shares started trading at ~$38 and currently goes for ~$11.75. Generation IM’s stake is at 0.50% of the portfolio.Note: Generation IM has a 6.75% ownership stake in the business.Sophia Genetics (SOPH): Sophia Genetics had an IPO in July. Shares started trading at ~$16.75 and currently goes for $3.80. Generation IM’s 0.24% of the portfolio stake goes back to a funding round in 2019.Note: Generation IM has a 10.6% ownership stake in the business.Asana Inc. (ASAN) and Proterra Inc. (PTRA): These minutely small (less than ~0.20% of the portfolio each) stakes were kept steady this quarter.Note: Generation IM’s original investment in Proterra goes back to a funding round in 2017.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management 13F stock portfolio as of Q1 2022:Source: John Vincent. Data constructed from Generation IM’s 13F filings for Q4 2021 and Q1 2022.6/15/2021: Proterra investment made in 2017 ~$55M raised. Details: . - Generation IM led the small $55M round but valuation was not disclosed.Regulatory filings from 11/22/2021 to 2/17/2022: 13G/A – 2/14 – SOPH – 6.79M shares – 10.6% of business – 13G – 1/6 - same, RELI – Remitly Global – 11.08M shares – 6.75% of business, IT – 2.21M shares – 2.68% of business, EFX – 2.2M sharew – 1.8% of business, AYI – 0, ASAN – 1M shares – 1% of business, XRAY – 11.5M shares – 5.26% of business – 13G – 12/30 - same, ST – 11.06M shares – 6.98% of business, NTNX – 19.81M sharres – 9.23% of business, JLL – 4.75M shares – 9.41% of business, HSIC – 13.48M shares – 9.72% of business, TOST – 7.35M shares – 9.45% of business - This amount includes the 4,082,612 shares of Class A Common Stock that the Reporting Person currently has the right to acquire upon conversion of Class B Common Stock, 13G & 13G/A – 1/24 – CLVT – 36.8M shares – 5.4% of business, 33.07M shares – 4.8% of business – 13G – 12/7 – 32.41M shares – 5.1% of business."

"Tracking Al Gore's Generation Investment Management Portfolio – Q4 2021 Update"

"Generation Investment Management’s 13F portfolio value increased from $24.05B to $24.33B this quarter.They increased Becton Dickinson, Clarivate, and Dentsply Sirona while reducing Alphabet, Thermo Fisher Scientific, Gartner, and Equifax.The top three positions are Baxter International, Amazon.com, and Jones Lang LaSalle, 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 Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 2/11/2022. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q3 2021.This quarter, Al Gore’s 13F portfolio value increased marginally from $24.05B to $24.33B. The number of positions increased from 45 to 47. The top five stakes are Baxter International, Amazon.com, Jones Lang LaSalle, Becton Dickinson, and Alphabet. They account for around ~29% of the total 13F portfolio value. Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:Visa Inc. (V), Carlisle Companies (CSL), Ptc Inc. (PTC), and Stone Co (STNE): These are the new positions this quarter. The 2.86% V stake was purchased at prices between ~$190 and ~$234 and the stock currently trades at $223. CSL is a 1.66% of the portfolio position established at prices between ~$201 and ~$248 and it is now at ~$234. The 0.42% PTC position was purchased at prices between ~$106 and ~$130 and it now goes for ~$109. STNE is a 0.34% stake established at prices between ~$15 and ~$39.50 and it currently trades well below that range at $10.71.Stake Disposals:Synopsis Inc. (SNPS): The 1.21% SNPS stake was established in Q2 2021 at prices between ~$229 and ~$277. There was a ~22% selling last quarter at prices between ~$275 and ~$338. The disposal this quarter was at prices between ~$289 and ~$376. The stock currently trades at ~$288.Acuity Brands (AYI): The small 0.75% stake in AYI was disposed during the quarter.Stake Increases:Baxter International (BAX): BAX is now the largest 13F position at 7.47% of the portfolio. It was established in Q4 2019 at prices between $76.50 and $88.50 and increased by ~50% next quarter at prices between ~$72 and ~$93. Q1 2021 saw another ~20% stake increase at prices between ~$76 and ~$86. The stock currently trades at $82.35. Last three quarters have seen only minor adjustments.Jones Lang LaSalle Inc. (JLL): JLL is a 5.26% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake thru consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in 2016: ~500% increase at prices between $91 and $141. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. Since then, the activity has been minor. The stock currently trades at ~$243.Note: Generation IM has a ~9% ownership stake in Jones Lang LaSalle.Becton Dickinson (BDX): The 3.88% BDX position was built in 2020 at prices between $201 and $284. There was a ~30% stake increase this quarter at prices between ~$236 and ~$257. The stock currently trades at ~$264.Henry Schein (HSIC): HSIC became the largest position in Q4 2017 as it saw a ~550% stake increase at prices between $50.50 and $68.50. There was another ~22% increase next quarter at prices between $47 and $63.50. The five quarters thru Q3 2019 saw a combined ~30% reduction at prices between $58 and $71 while Q1 2020 there was a similar increase at prices between ~$43 and ~$74. The stock is now at $83.47 and the stake at 4.29% of the portfolio. Last seven quarters have seen only minor adjustments.Note: The prices quoted above are adjusted for the spinoff of Covetrus Inc. last January. Also, HSIC split 2-for-1 in September 2017. Generation IM has a ~9.7% ownership stake in Henry Schein.Clarivate plc (CLVT): CLVT is a 3.20% of the portfolio stake purchased last quarter at prices between ~$21.50 and ~$27.15. There was a one-third stake increase this quarter at prices between ~$20.50 and ~$25.25. The stock currently trades well below those ranges at ~$16.Note: Generation IM has a ~5% ownership stake in Clarivate plc.Cooper Companies (COO): The bulk of the 2.81% position in COO was purchased in Q4 2016 at prices between $159 and $183. The original stake was doubled in Q1 2018 at prices between $218 and $251 and that was followed with a ~37% increase next quarter at prices between $218 and $237. There was a ~25% reduction in Q2 2021 at prices between ~$372 and ~$412. The stock currently trades at ~$389. This quarter saw a minor ~2% increase.Sensata Technologies (ST): The bulk of the 2.81% ST position was purchased in Q2 2016 at prices between $33.50 and $39 and doubled over the next two years at higher prices. Q4 2018 also saw a ~28% increase at prices between $41 and $49.50. Last few years have seen only minor adjustments. The stock currently goes for $57.15.Note: Generation IM has a ~7% ownership stake in Sensata Technologies NV.Intel Corporation (INTC): INTC is a 2.76% of the portfolio position purchased during the last two quarters at prices between ~$52 and ~$68 and the stock currently trades below that range at ~$45. There was a minor ~5% stake increase this quarter.Dentsply Sirona (XRAY): XRAY is a 2.64% portfolio stake built in 2014 at prices between $44 and $56. The position has wavered. Recent activity follows: Q2 2019 saw a ~20% selling at prices between $49 and $59 while Q1 2020 there was a ~15% stake increase at prices between ~$32 and $61. H1 2021 saw a ~63% reduction at prices between ~$52 and ~$69 while this quarter there was a similar increase at prices between ~$48 and ~$59. The stock is now at ~$55.Note: Generation IM has a ~5.3% ownership stake in Dentsply Sirona.Nutanix (NTNX): NTNX is a 2.59% position established in Q2 2019 at prices between $24.50 and $43.50 and it is now at $25.10. Generation IM has a ~10% ownership stake in Nutanix. Last few quarters have seen only minor adjustments.Note: Generation IM has a ~9% ownership stake in Nutanix.Illumina Inc. (ILMN): ILMN is a 1.49% of the portfolio position purchased in Q4 2019 at prices between $288 and $336 and increased by ~185% next quarter at prices between $209 and $336. There was a ~30% selling in Q2 2020 at prices between $257 and $373. Q4 2020 saw a two-thirds increase at prices between ~$293 and ~$371 while in the last three quarters there was a ~52% reduction at prices between ~$361 and ~$525. The stock is now at ~$312. There was a minor ~2% increase this quarter.Huazhu Group (HTHT) and Mercadolibre (MELI): These two positions saw large increases last quarter. The ~1% HTHT stake was primarily built last quarter at prices between ~$41 and ~$54. The stock currently trades at $43.76. The 1.17% MELI stake saw a ~170% stake increase over the last two quarters at prices between ~$1297 and ~$1954. The stock currently trades below that range at ~$937. Both stakes saw marginal increases this quarter.Cognizant Technology (CTSH), Guidewire Software (GWRE), Microchip Technology (MCHP), Microsoft Corporation (MSFT), Proterra Inc. (PTRA), Salesforce.com (CRM), SPDR S&P 500 ETF (SPY), Taiwan Semi (TSM), Toast Inc. (TOST), Trane Technologies plc (TT), Trimble Inc. (TRMB), and Twilio Inc. (TWLO): These small (less than ~1% of the portfolio each) stakes were increased this quarter.Note: Generation IM’s original investments in Proterra & Toast go back to funding rounds in 2017. They have a 9.45% ownership (7.35M shares) stake in Toast Inc. Around 4M shares are not in the 13F as they are Class B shares with conversion rights.Stake Decreases:Amazon.com (AMZN): AMZN is a large (top three) 5.65% of the portfolio position purchased during H1 2021 at prices between ~$3152 and ~$3505 and the stock currently trades at ~$3052. Last two quarters have seen minor trimming.Alphabet Inc. (GOOG): GOOG stake is currently at ~5% of the portfolio. The bulk of the stake was established in the three quarters thru Q1 2019 at prices between $975 and $1268. Q2 & Q3 2019 had also seen a ~45% stake increase at prices between $1110 and $1250. The five quarters through Q4 2020 saw the stake reduced by ~60% at prices between ~$1055 and ~$1825. This quarter saw another ~20% selling at prices between ~$2665 and ~$3014. The stock currently trades at ~$2609.Charles Schwab (SCHW): SCHW is a fairly large stake at 4.12% of the portfolio. The position was first purchased in Q4 2016 at prices between $31 and $40.50. Since then, the stake was increased substantially at prices between ~$30 and ~$50. Q1 2021 saw a ~37% selling at prices between ~$51.50 and ~$68. That was followed with a ~20% reduction next quarter at prices between ~$63.50 and ~$76. The stock is now at $85.61. There was minor trimming in the last two quarters.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Thermo Fisher Scientific (TMO): TMO is a 3.30% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. There was a one-third selling in 2019 at prices between $221 and $327. 2020 had seen another ~60% selling at prices between ~$255 and ~$528. The stake was rebuilt in Q2 2021 at prices between ~$441 and ~$509. There was a ~30% reduction this quarter at prices between ~$569 and ~$667. The stock currently goes for ~$537.Gartner Inc. (IT): The ~3% of the portfolio IT stake was built in 2020 at prices between ~$83 and ~$164. Last five quarters have seen a ~60% selling at prices between ~$120 and ~$340. The stock is now at ~$288.Applied Materials (AMAT): The 2.76% AMAT stake was established in Q2 2019 at prices between ~$39 and ~$45. The stock currently trades at ~$133. Last several quarters have seen only minor adjustments.CBRE Group (CBRE): CBRE is a 2.76% of the portfolio position built during Q2 & Q3 2020 at prices between ~$35 and ~$56. The stock is now at ~$100. There was a ~30% selling in Q2 2021 at prices between ~$78 and ~$90. Last two quarters have seen minor trimming.Equifax Inc. (EFX): The 2.65% EFX stake was purchased in Q1 2019 at prices between $91 and $115. The stock has doubled and currently trades at ~$213. Q2 2019 saw a ~27% stake increase at prices between $116 and $136 while next quarter there was similar selling at prices between $135 and $147. Q4 2020 saw a whopping ~175% stake increase at prices between ~$137 and ~$195. That was followed with another ~20% stake increase next quarter at prices between ~$162 and ~$193. Last three quarters saw the position sold down by ~70% at prices between ~$181 and ~$297.Steris plc (STE): STE is a 2.48% of the portfolio stake primarily built in Q1 2021 at prices between ~$171 and ~$203. There was a ~20% selling this quarter at prices between ~$204 and ~$245. The stock currently trades at ~$226.TE Connectivity (TEL): TEL is a 2.40% position purchased in Q4 2018 at prices between $71 and $87. Q4 2019 saw a ~18% stake increase at prices between $85.50 and $96 and that was followed with a ~40% increase next quarter at prices between $53 and $100. The three quarters through Q2 2021 saw a ~40% selling at prices between ~$96 and ~$139. That was followed with a ~20% reduction this quarter at prices between ~$137 and ~$166. The stock currently trades at ~$144.Cisco Systems (CSCO): CSCO is a 2.29% of the portfolio position built in H2 2020 at prices between ~$35.50 and ~$48. There was a ~35% selling last quarter at prices between ~$53 and ~$60. That was followed with a ~42% selling this quarter at prices between ~$53 and ~$64. The stock currently trades at $57.21.Palo Alto Networks (PANW): PANW is a 2.24% of the portfolio stake purchased in Q1 2020 at prices between ~$133 and ~$250 and increased by one-third next quarter at prices between ~$163 and ~$240. The stock currently trades at ~$482. Last six quarters have seen a ~70% selling at prices between ~$221 and ~$562.Analog Devices (ADI): ADI position is now at 2.24% of the portfolio. It was established in Q2 2018 at prices between $87 and $102 and doubled next quarter at prices between $91 and $100. The stake has wavered. Recent activity follows. Q3 2020 saw a stake doubling at prices between ~$112 and ~$125. Last three quarters have seen the position reduced by ~47% at prices between ~$146 and ~$189. The stock currently trades at ~$160.Alibaba Group Holdings (BABA): BABA is a 1.86% of the portfolio position purchased in Q4 2020 at prices between ~$222 and ~$317. The stake was increased by ~150% over H1 2021 at prices between ~$206 and ~$271. That was followed with a ~25% stake increase last quarter at prices between ~$140 and ~$222. This quarter saw the pattern reverse - ~20% reduction at prices between ~$112 and ~$178. The stock currently trades at ~$119.Asana Inc. (ASAN) and Texas Instruments (TXN): These very small (less than ~0.5% of the portfolio each) stakes were reduced this quarter.Kept Steady:Remitly Global (RELY): RELY had an IPO last September. Shares started trading at ~$38 and currently goes for ~$10.45. Generation IM’s stake is at 0.94% of the portfolio.Note: Generation IM has a 6.75% ownership stake in the business.Sophia Genetics (SOPH): Sophia Genetics had an IPO in July. Shares started trading at ~$16.75 and currently goes for $11.65. Generation IM’s 0.39% of the portfolio stake goes back to a funding round in 2019.Note: Generation IM has a 10.6% ownership stake in the business.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management 13F stock portfolio as of Q4 2021:Source: John Vincent. Data constructed from Generation IM’s 13F filings for Q3 2021 and Q4 2021.Regulatory filings from 9/23/2021 to 11/22/2021: 13G – 10/4 – TOST – 2.52M shares – 9.45% of business."

"Tracking Al Gore's Generation Investment Management Portfolio – Q3 2021 Update"

"Generation Investment Management’s 13F portfolio value decreased from $24.11B to $24.05B this quarter.They increased Alibaba Group Holdings, Intel, Mercadolibre, and Huazhu Group while reducing Cisco Systems, Equifax, Texas Instruments and Cognizant.The top three positions are Baxter International, Alphabet, and Amazon.com, 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 Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 11/12/2021. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q2 2021.This quarter, Al Gore’s 13F portfolio value decreased marginally from $24.11B to $24.05B. The number of positions increased from 40 to 45. The top five stakes are Baxter International, Amazon.com, Alphabet, Cisco Systems, and Equifax. They account for around ~28% of the total 13F portfolio value. Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:Clarivate plc (CLVT) and Remitly Global (RELY): CLVT is a 2.27% of the portfolio stake purchased this quarter at prices between ~$21.50 and ~$27.15 and the stock currently trades at $23.29. RELY had an IPO in September. Shares started trading at ~$38 and currently goes for ~$24.60. Generation IM’s stake is at 1.69% of the portfolio.Sophia Genetics (SOPH), Toast Inc. (TOST), SPDR S&P 500 ETF (SPY), and Proterra Inc. (PTRA): These are very small (less than ~0.5% of the portfolio each) stakes established this quarter. Sophia Genetics had an IPO in July. Shares started trading at ~$16.75 and currently goes for $14.33. Generation IM’s stake goes back to a funding round in 2019. Toast had an IPO in September. Shares started trading at ~$56 and is currently at ~$41.50. Generation IM’s stake goes back to a funding round in 2017. They control ~9.5% of the business.Note: Generation IM’s investment in Proterra goes back to a funding round in 2017.Stake Disposals:Penumbra Inc. (PEN): The very small 0.52% stake in Penumbra was disposed during the quarter.Stake Increases:Nutanix (NTNX): NTNX is a ~3% position established in Q2 2019 at prices between $24.50 and $43.50 and it is now at $32.58. Generation IM has a ~10% ownership stake in Nutanix. Last few quarters have seen only minor adjustments.Alibaba Group Holdings (BABA): BABA is a ~3% of the portfolio position purchased in Q4 2020 at prices between ~$222 and ~$317. The stake was increased by ~150% over the last two quarters at prices between ~$206 and ~$271. That was followed with a ~25% stake increase this quarter at prices between ~$140 and ~$222. The stock currently trades below those ranges at ~$134.Intel Corporation (INTC): INTC is a 2.74% of the portfolio position purchased during the last two quarters at prices between ~$52 and ~$68 and the stock currently trades below that range at $49.10.Huazhu Group (HTHT) and Mercadolibre (MELI): These two positions saw large increases this quarter. The 1.30% HTHT stake was primarily built this quarter at prices between ~$41 and ~$54. The stock currently trades at ~$47. The 1.44% MELI stake saw a ~170% stake increase over the last two quarters at prices between ~$1297 and ~$1954. The stock currently trades below that range at ~$1285.Microchip Technology (MCHP): The minutely small 0.26% MCHP stake saw a minor increase this quarter.Stake Decreases:Baxter International (BAX): BAX is now the largest 13F position at ~7% of the portfolio. It was established in Q4 2019 at prices between $76.50 and $88.50 and increased by ~50% next quarter at prices between ~$72 and ~$93. Q1 2021 saw another ~20% stake increase at prices between ~$76 and ~$86. The stock currently trades at $78.41. Last two quarters have seen only minor adjustments.Alphabet Inc. (GOOG): GOOG stake is currently at 5.85% of the portfolio. The bulk of the stake was established in the three quarters thru Q1 2019 at prices between $975 and $1268. Q2 & Q3 2019 had also seen a ~45% stake increase at prices between $1110 and $1250. The five quarters through Q4 2020 saw the stake reduced by ~60% at prices between ~$1055 and ~$1825. The stock currently trades at ~$2935. Last three quarters have seen only minor adjustments.Amazon.com (AMZN): AMZN is a large (top three) 5.64% of the portfolio position purchased over the last two quarters at prices between ~$3152 and ~$3505 and the stock currently trades at ~$3580. There was minor trimming this quarter.Jones Lang LaSalle Inc. (JLL): JLL is a 4.79% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake thru consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in 2016: ~500% increase at prices between $91 and $141. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. Since then, the activity has been minor. The stock currently trades at ~$261.Note: Generation IM has a ~9% ownership stake in Jones Lang LaSalle.Cisco Systems (CSCO): CSCO is a large (top five) 4.33% of the portfolio position built in H2 2020 at prices between ~$35.50 and ~$48. There was a ~35% selling this quarter at prices between ~$53 and ~$60. The stock currently trades at $55.30.Henry Schein (HSIC): HSIC became the largest position in Q4 2017 as it saw a ~550% stake increase at prices between $50.50 and $68.50. There was another ~22% increase next quarter at prices between $47 and $63.50. The five quarters thru Q3 2019 saw a combined ~30% reduction at prices between $58 and $71 while Q1 2020 there was a similar increase at prices between ~$43 and ~$74. The stock is now at $76.90 and the stake at 4.18% of the portfolio. Generation IM has a ~9.5% ownership stake in Henry Schein. Last six quarters have seen only minor adjustments.Note: The prices quoted above are adjusted for the spinoff of Covetrus Inc. last January. Also, HSIC split 2-for-1 in September 2017.Thermo Fisher Scientific (TMO): TMO is a ~4% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. There was a one-third selling in 2019 at prices between $221 and $327. Last year had seen another ~60% selling at prices between ~$255 and ~$528. The stake was rebuilt last quarter at prices between ~$441 and ~$509. The stock currently goes for ~$633. There was minor trimming this quarter.Charles Schwab (SCHW): SCHW is a fairly large stake at 3.91% of the portfolio. The position was first purchased in Q4 2016 at prices between $31 and $40.50. Since then, the stake was increased substantially at prices between ~$30 and ~$50. Q1 2021 saw a ~37% selling at prices between ~$51.50 and ~$68. That was followed with a ~20% reduction last quarter at prices between ~$63.50 and ~$76. The stock is now at $82.94. There was minor trimming this quarter.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Becton Dickinson (BDX): The 3.88% BDX position was built last year at prices between $201 and $284. The stock currently trades at ~$247. Last three quarters have seen only minor adjustments.Gartner Inc. (IT): The 3.56% of the portfolio IT stake was built last year at prices between ~$83 and ~$164. Last four quarters have seen a ~50% selling at prices between ~$120 and ~$323. The stock is now at ~$324.Palo Alto Networks (PANW) and Trimble Inc. (TRMB): These two positions established in Q1 2020 were reduced over the last five quarters. PANW is a 3.22% of the portfolio stake purchased at prices between ~$133 and ~$250 and increased by one-third next quarter at prices between ~$163 and ~$240. The stock currently trades at ~$533. Last five quarters have seen a ~50% selling at prices between ~$221 and ~$491. TRMB is a 1.13% of the portfolio position purchased at prices between ~$21 and ~$46. Last five quarters have seen a ~70% selling at prices between ~$42.50 and ~$96. TRMB currently goes for $85.83.Equifax Inc. (EFX): The ~3% EFX stake was purchased in Q1 2019 at prices between $91 and $115. The stock has doubled and currently trades at ~$283. Q2 2019 saw a ~27% stake increase at prices between $116 and $136 while next quarter there was similar selling at prices between $135 and $147. Q4 2020 saw a whopping ~175% stake increase at prices between ~$137 and ~$195. That was followed with another ~20% stake increase next quarter at prices between ~$162 and ~$193. Last two quarters saw the position sold down by ~60% at prices between ~$181 and ~$278.CBRE Group (CBRE): CBRE is a 2.76% of the portfolio position built during Q2 & Q3 2020 at prices between ~$35 and ~$56. The stock is now at ~$104. There was a ~30% selling last quarter at prices between ~$78 and ~$90. This quarter also saw minor trimming.Cooper Companies (COO): The bulk of the 2.75% position in COO was purchased in Q4 2016 at prices between $159 and $183. The original stake was doubled in Q1 2018 at prices between $218 and $251 and that was followed with a ~37% increase next quarter at prices between $218 and $237. There was a ~25% reduction last quarter at prices between ~$372 and ~$412. The stock currently trades at ~$398. This quarter saw minor trimming.Analog Devices (ADI): ADI position is now at 2.67% of the portfolio. It was established in Q2 2018 at prices between $87 and $102 and doubled next quarter at prices between $91 and $100. The stake has wavered. Recent activity follows. Q3 2020 saw a stake doubling at prices between ~$112 and ~$125. Last two quarters have seen the position reduced by ~30% at prices between ~$146 and ~$179. The stock currently trades at ~$183.Steris plc (STE): STE is 2.65% of the portfolio stake primarily built in Q1 2021 at prices between ~$171 and ~$203. The stock currently trades at ~$229. Last two quarters have seen only minor adjustments.TE Connectivity (TEL): TEL is a 2.61% position purchased in Q4 2018 at prices between $71 and $87. Q4 2019 saw a ~18% stake increase at prices between $85.50 and $96 and that was followed with a ~40% increase next quarter at prices between $53 and $100. Last three quarters saw a ~40% selling at prices between ~$96 and ~$139. The stock currently trades at ~$161. This quarter saw minor trimming.Sensata Technologies (ST): The bulk of the 2.47% ST position was purchased in Q2 2016 at prices between $33.50 and $39 and doubled over the next two years at higher prices. Q4 2018 also saw a ~28% increase at prices between $41 and $49.50. Last few years have seen only minor adjustments. The stock currently goes for ~$61.Note: Generation IM has a 7.5% ownership stake in Sensata Technologies NV.Applied Materials (AMAT): The 2.34% AMAT stake was established in Q2 2019 at prices between ~$39 and ~$45. The stock currently trades at ~$149. Last several quarters have seen only minor adjustments.Dentsply Sirona (XRAY): XRAY is a 1.65% portfolio stake built in 2014 at prices between $44 and $56. The position has wavered. Recent activity follows: Q2 2019 saw a ~20% selling at prices between $49 and $59 while Q1 2020 there was a ~15% stake increase at prices between ~$32 and $61. Last two quarters saw a ~63% reduction at prices between ~$52 and ~$69. The stock is now at ~$52. This quarter also saw minor trimming.Illumina Inc. (ILMN): ILMN is a 1.57% of the portfolio position purchased in Q4 2019 at prices between $288 and $336 and increased by ~185% next quarter at prices between $209 and $336. There was a ~30% selling in Q2 2020 at prices between $257 and $373. Q4 2020 saw a two-thirds increase at prices between ~$293 and ~$371 while in the last three quarters there was a ~52% reduction at prices between ~$361 and ~$525. The stock is now at ~$366.Synopsis Inc. (SNPS): The 1.21% SNPS stake was established last quarter at prices between ~$229 and ~$277. There was a ~22% selling this quarter at prices between ~$275 and ~$338. The stock currently trades at ~$345.Acuity Brands (AYI), Asana Inc. (ASAN), Cognizant Technology (CTSH), Guidewire Software (GWRE), Microsoft Corporation (MSFT), Salesforce.com (CRM), Texas Instruments (TXN), Trane Technologies plc (TT), and Twilio Inc. (TWLO): These small (less than ~1.25% of the portfolio each) stakes were reduced this quarter.Kept Steady:Taiwan Semi (TSM): The minutely small 0.05% of the portfolio stake in TSM was kept steady this quarter.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management 13F stock portfolio as of Q3 2021:Source: John Vincent. Data constructed from Generation IM’s 13F filings for Q2 2021 and Q3 2021.6/15/2021: Proterra investment made in 2017 ~$55M raided. Details:Regulatory filings from 6/15/2021 thru 9/23/2021: None."

"Tracking Al Gore's Generation Investment Management Portfolio – Q2 2021 Update"

"Generation Investment Management’s 13F portfolio value increased from $23.86B to $24.11B this quarter.They increased Amazon.com, Alibaba Group Holdings, and Thermo Fisher Scientific while reducing Equifax, Gartner, and Dentsply Sirona.The top three positions are Baxter International, Amazon.com, and Alphabet, and they add up to ~19% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 8/16/2021. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q1 2021.This quarter, Al Gore’s 13F portfolio value increased from $23.86B to $24.11B. The number of positions remained steady at 40. The top five stakes are Baxter International, Amazon.com, Alphabet, Cisco Systems, and Equifax. They account for around ~29% of the total 13F portfolio value. Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:Intel Corporation (INTC) and Synopsis Inc. (SNPS): These are the new positions this quarter. INTC is a 1.65% of the portfolio position purchased at prices between ~$53.50 and ~$68 and the stock currently trades near the bottom of that range at $54.03. The 1.43% SNPS stake was established at prices between ~$229 and ~$277 and it is now well above that range at ~$323.Stake Disposals:Aon plc (AON) and Waters Corp. (WAT): These are very small (less than ~0.55% of the portfolio each) stakes disposed this quarter.Stake Increases:Baxter International (BAX): BAX is now the largest 13F position at ~7% of the portfolio. It was established in Q4 2019 at prices between $76.50 and $88.50 and increased by ~50% next quarter at prices between ~$72 and ~$93. Last quarter saw another ~20% stake increase at prices between ~$76 and ~$86. The stock currently trades at $80.79. There was a marginal increase this quarter.Amazon.com (AMZN): AMZN is a large (top three) 6.31% of the portfolio position purchased over the last two quarters at prices between ~$3152 and ~$3505 and the stock currently trades at ~$3416.Alphabet Inc. (GOOG): GOOG stake is currently at 5.56% of the portfolio. The bulk of the stake was established in the three quarters thru Q1 2019 at prices between $975 and $1268. Q2 & Q3 2019 had also seen a ~45% stake increase at prices between $1110 and $1250. The five quarters through Q4 2020 saw the stake reduced by ~60% at prices between ~$1055 and ~$1825. The stock currently trades at ~$2837. Last two quarters have seen only minor adjustments.Cisco Systems (CSCO): CSCO is a large (top five) 5.42% of the portfolio position built in H2 2020 at prices between ~$35.50 and ~$48. The stock currently trades at $56.69. Last two quarters have seen only minor adjustments.Henry Schein (HSIC): HSIC became the largest position in Q4 2017 as it saw a ~550% stake increase at prices between $50.50 and $68.50. There was another ~22% increase next quarter at prices between $47 and $63.50. The five quarters thru Q3 2019 saw a combined ~30% reduction at prices between $58 and $71 while Q1 2020 there was a similar increase at prices between ~$43 and ~$74. The stock is now at $77.60 and the stake at 4.12% of the portfolio. Generation IM has a ~9.5% ownership stake in Henry Schein. Last five quarters have seen only minor adjustments.Note: The prices quoted above are adjusted for the spinoff of Covetrus Inc. last January. Also, HSIC split 2-for-1 in September 2017.Becton Dickinson (BDX): The 3.88% BDX position was built last year at prices between $201 and $284. The stock currently trades at ~$254. Last two quarters have seen only minor adjustments.Jones Lang LaSalle Inc. (JLL): JLL is a 3.82% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake thru consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in 2016: ~500% increase at prices between $91 and $141. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. Since then, the activity has been minor. The stock currently trades at ~$247.Note: Generation IM has a ~9% ownership stake in Jones Lang LaSalle.Alibaba Group Holdings (BABA): BABA is a 3.69% of the portfolio position purchased in Q4 2020 at prices between ~$222 and ~$317. The stake was increased by ~150% over the last two quarters at prices between ~$206 and ~$271. The stock currently trades at ~$151.Thermo Fisher Scientific (TMO): TMO is a 3.57% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. There was a one-third selling in 2019 at prices between $221 and $327. Last year had seen another ~60% selling at prices between ~$255 and ~$528. This quarter saw a similar increase at prices between ~$441 and ~$509. The stock currently goes for ~$608.Nutanix (NTNX): NTNX is a ~3% position established in Q2 2019 at prices between $24.50 and $43.50 and it is now at $42.50. Generation IM has a ~10% ownership stake in Nutanix. Last few quarters have seen only minor adjustments.Steris plc (STE): STE is 2.70% of the portfolio stake primarily built last quarter at prices between ~$171 and ~$203. The stock currently trades at ~$220. There was a marginal increase this quarter.Applied Materials (AMAT): The 2.62% AMAT stake saw a marginal increase this quarter. The position was established in Q2 2019 at prices between ~$39 and ~$45. The stock currently trades at ~$141.Guidewire Software (GWRE), Huazhu Group (HTHT), Microsoft Corporation (MSFT), Mercadolibre (MELI), Microchip Technology (MCHP), and Salesforce.com (CRM): These small (less than ~1.2% of the portfolio each) stakes were increased this quarter.Stake Decreases:Equifax Inc. (EFX): The large 4.66% EFX stake was purchased in Q1 2019 at prices between $91 and $115. The stock has doubled and currently trades at ~$265. Q2 2019 saw a ~27% stake increase at prices between $116 and $136 while next quarter there was similar selling at prices between $135 and $147. Q4 2020 saw a whopping ~175% stake increase at prices between ~$137 and ~$195. That was followed with another ~20% stake increase last quarter at prices between ~$162 and ~$193. This quarter saw the position sold down by around one-third at prices between ~$181 and ~$241.Charles Schwab (SCHW): SCHW is a fairly large stake at 4.30% of the portfolio. The position was first purchased in Q4 2016 at prices between $31 and $40.50. Since then, the stake was increased substantially at prices between ~$30 and ~$50. Last quarter saw a ~37% selling at prices between ~$51.50 and ~$68. That was followed with a ~20% reduction this quarter at prices between ~$63.50 and ~$76. The stock is now at $74.30.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Analog Devices (ADI): ADI position is now at 3.47% of the portfolio. It was established in Q2 2018 at prices between $87 and $102 and doubled next quarter at prices between $91 and $100. The stake has wavered. Recent activity follows. Q3 2020 saw a stake doubling at prices between ~$112 and ~$125. The stock currently trades at ~$177. There was a ~12% trimming this quarter.Gartner Inc. (IT): The 3.39% of the portfolio IT stake was built last year at prices between ~$83 and ~$164. Last three quarters have seen a ~40% selling at prices between ~$117 and ~$248. The stock is now at ~$324.Palo Alto Networks (PANW) and Trimble Inc. (TRMB): These two positions established in Q1 2020 were reduced over the last four quarters. PANW is a ~3% of the portfolio stake purchased at prices between ~$133 and ~$250 and increased by one-third next quarter at prices between ~$163 and ~$240. The stock currently trades at ~$483. Last four quarters have seen a ~45% selling at prices between ~$220 and ~$397. TRMB is a 1.38% of the portfolio position purchased at prices between ~$21 and ~$46. Last four quarters have seen a two-thirds selling at prices between ~$42.50 and ~$83. TRMB currently goes for $89.59.TE Connectivity (TEL): TEL is a 2.73% position purchased in Q4 2018 at prices between $71 and $87. Q4 2019 saw a ~18% stake increase at prices between $85.50 and $96 and that was followed with a ~40% increase next quarter at prices between $53 and $100. Last three quarters saw a ~40% selling at prices between ~$96 and ~$139. The stock currently trades at ~$144.Cooper Companies (COO): The bulk of the 2.66% position in COO was purchased in Q4 2016 at prices between $159 and $183. The original stake was doubled in Q1 2018 at prices between $218 and $251 and that was followed with a ~37% increase next quarter at prices between $218 and $237. There was a ~25% reduction this quarter at prices between ~$372 and ~$412. The stock currently trades at ~$439.Sensata Technologies (ST): The bulk of the 2.64% ST position was purchased in Q2 2016 at prices between $33.50 and $39 and doubled over the next two years at higher prices. Q4 2018 also saw a ~28% increase at prices between $41 and $49.50. Last two years have seen only minor adjustments. The stock currently goes for $56.46.Note: Generation IM has a 7.5% ownership stake in Sensata Technologies NV.CBRE Group (CBRE): CBRE is a 2.46% of the portfolio position built during Q2 & Q3 2020 at prices between ~$35 and ~$56. The stock is now at $96.05. There was a ~30% selling this quarter at prices between ~$78 and ~$90.Illumina Inc. (ILMN): ILMN is a 2.15% of the portfolio position purchased in Q4 2019 at prices between $288 and $336 and increased by ~185% next quarter at prices between $209 and $336. There was a ~30% selling in Q2 2020 at prices between $257 and $373. Q4 2020 saw a two-thirds increase at prices between ~$293 and ~$371 while in the last two quarters there was a ~50% reduction at prices between ~$362 and ~$505. The stock is now at ~$433.Dentsply Sirona (XRAY): XRAY is a 1.84% portfolio stake built in 2014 at prices between $44 and $56. The position has wavered. Recent activity follows: Q2 2019 saw a ~20% selling at prices between $49 and $59 while Q1 2020 there was a ~15% stake increase at prices between ~$32 and $61. Last two quarters saw a ~63% reduction at prices between ~$52 and ~$69. The stock is now at $59.60.Acuity Brands (AYI), Asana Inc. (ASAN), Cognizant Technology (CTSH), Penumbra Inc. (PEN), Taiwan Semi (TSM), Trane Technologies plc (TT), Twilio Inc. (TWLO), and Texas Instruments (TXN): These small positions (less than ~1.5% of the portfolio each) were reduced this quarter.Note: Generation IM controls ~4.5% of Acuity Brands.Kept Steady:None.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management 13F stock portfolio as of Q2 2021:Source: John Vincent. Data constructed from Generation IM’s 13F filings for Q1 2021 and Q2 2021.6/15/2021: Proterra investment made in 2017 ~$55M raided. Details:Regulatory filings from 3/8/2021 thru 6/15/2021: None."

"Tracking Al Gore's Generation Investment Management Portfolio – Q1 2021 Update"

"Generation Investment Management’s 13F portfolio value increased from $22.41B to $23.86B this quarter.They added Amazon.com and increased Alibaba Group Holdings & Steris plc while reducing Dentsply Sirona & Illumina.The top three positions are Baxter International, Equifax, and Cisco Systems, 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 Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 5/17/2021. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q4 2020.This quarter, Al Gore’s 13F portfolio value increased ~6% from $22.41B to $23.86B. The number of positions decreased from 41 to 40. The top five stakes are Baxter International, Equifax, Cisco Systems, Charles Schwab, and Alphabet. They account for around ~27% of the total 13F portfolio value. Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:Amazon.com (AMZN): AMZN is a fairly large 3.92% of the portfolio position purchased this quarter at prices between ~$2952 and ~$3380 and the stock currently trades just above that range at ~$3383.Guidewire Software (GWRE) and Aon plc (AON): These are very small (less than ~0.65% of the portfolio each) new stakes established during the quarter.Stake Disposals:Airbnb (ABNB), Aptiv plc (APTV), Cerner Corporation (CERN), and Workday Inc. (WDAY): These small (less than ~1.10% of the portfolio each) stakes were disposed this quarter.Stake Increases:Baxter International (BAX): BAX is now the largest 13F position at 7.42% of the portfolio. It was established in Q4 2019 at prices between $76.50 and $88.50 and increased by ~50% next quarter at prices between ~$72 and ~$93. This quarter saw another ~20% stake increase at prices between ~$76 and ~$86. The stock currently trades at ~$82.Equifax Inc. (EFX): The large (top three) 5.22% EFX stake was purchased in Q1 2019 at prices between $91 and $115. The stock has doubled and currently trades at ~$231. Q2 2019 saw a ~27% stake increase at prices between $116 and $136 while next quarter there was similar selling at prices between $135 and $147. Q4 2020 saw a whopping ~175% stake increase at prices between ~$137 and ~$195. That was followed with another ~20% stake increase this quarter at prices between ~$162 and ~$193.Alibaba Group Holdings (BABA): BABA is a 2.85% of the portfolio position purchased last quarter at prices between ~$222 and ~$317. The stake was almost doubled this quarter at prices between ~$223 and ~$271. The stock currently trades at ~$210Steris plc (STE): STE is 2.52% of the portfolio stake primarily built this quarter at prices between ~$171 and ~$203. The stock currently trades at ~$198.Nutanix (NTNX): NTNX is a ~2% position established in Q2 2019 at prices between $24.50 and $43.50 and it is now at $37.60. Generation IM has a ~10% ownership stake in Nutanix. Last few quarters have seen only minor adjustments.Huazhu Group (HTHT) and Microchip Technology (MCHP): These two minutely small (less than ~0.25% of the portfolio each) stakes saw marginal increases during the quarter.Stake Decreases:Cisco Systems (CSCO): CSCO is a large (top three) ~5% of the portfolio position built over the last two quarters at prices between ~$35.50 and ~$48. The stock currently trades at $53.79. This quarter saw marginal trimming.Charles Schwab (SCHW): SCHW is a large top-five stake at 6.62% of the portfolio. The position was first purchased in Q4 2016 at prices between $31 and $40.50. Since then, the stake was increased substantially at prices between ~$30 and ~$50. This quarter saw a ~37% selling at prices between ~$51.50 and ~$68. The stock is now at $72.54.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Alphabet Inc. (GOOG): GOOG stake is currently at 4.34% of the portfolio. The bulk of the stake was established in the three quarters thru Q1 2019 at prices between $975 and $1268. Q2 & Q3 2019 had also seen a ~45% stake increase at prices between $1110 and $1250. Last five quarters saw the stake reduced by ~60% at prices between ~$1055 and ~$1825. The stock currently trades at ~$2521. There was marginal trimming this quarter.Cognizant Technology (CTSH): The ~4% of the portfolio CTSH stake was purchased in Q2 2019 at prices between $57 and $75. There was a ~42% stake increase over the next two quarters at prices between $58.75 and $66.50. Last two quarters saw a ~20% selling at prices between ~$69 and ~$82. The stock currently trades at $70.35.Becton Dickinson (BDX): The 3.91% BDX position was built last year at prices between $201 and $284. The stock currently trades near the middle of that range at ~$241. This quarter saw marginal trimming.Henry Schein (HSIC): HSIC became the largest position in Q4 2017 as it saw a ~550% stake increase at prices between $50.50 and $68.50. There was another ~22% increase next quarter at prices between $47 and $63.50. The five quarters thru Q3 2019 saw a combined ~30% reduction at prices between $58 and $71 while Q1 2020 there was a similar increase at prices between ~$43 and ~$74. The stock is now at $78.40 and the stake at 3.87% of the portfolio. Generation IM has a 9.4% ownership stake in Henry Schein. Last four quarters have seen only minor adjustments.Note: The prices quoted above are adjusted for the spinoff of Covetrus Inc. last January. Also, HSIC split 2-for-1 in September 2017.Dentsply Sirona (XRAY): XRAY is a 3.81% portfolio stake built in 2014 at prices between $44 and $56. The position has wavered. Recent activity follows: Q2 2019 saw a ~20% selling at prices between $49 and $59 while Q1 2020 there was a ~15% stake increase at prices between ~$32 and $61. This quarter saw a ~25% reduction at prices between ~$52 and ~$64. The stock is now at $65.89.Note: Generation IM has a ~5% ownership stake in Dentsply Sirona.Gartner Inc. (IT): The 3.76% of the portfolio IT stake was built last year at prices between ~$83 and ~$164. It is now at ~$235. Last two quarters have seen a ~15% trimming.Note: Generation IM owns ~5% of the business.Analog Devices (ADI): ADI position is now at 3.57% of the portfolio. It was established in Q2 2018 at prices between $87 and $102 and doubled next quarter at prices between $91 and $100. The stake has wavered. Recent activity follows. Q3 2020 saw a stake doubling at prices between ~$112 and ~$125. Last two quarters have seen only minor adjustments. The stock currently trades at ~$168.Jones Lang LaSalle Inc. (JLL): JLL is a 3.53% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake thru consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in 2016: ~500% increase at prices between $91 and $141. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. Since then, the activity has been minor. The stock currently trades at ~$206.Note: Generation IM has a ~9% ownership stake in Jones Lang LaSalle.Cooper Companies (COO): The bulk of the 3.48% position in COO was purchased in Q4 2016 at prices between $159 and $183. The original stake was doubled in Q1 2018 at prices between $218 and $251 and that was followed with a ~37% increase next quarter at prices between $218 and $237. The stock currently trades well above those ranges at ~$377. Last few quarters have seen only minor adjustments.TE Connectivity (TEL): TEL is a 3.32% position purchased in Q4 2018 at prices between $71 and $87. Q4 2019 saw a ~18% stake increase at prices between $85.50 and $96 and that was followed with a ~40% increase next quarter at prices between $53 and $100. Last two quarters saw a ~30% selling at prices between ~$96 and ~$135. The stock currently trades at ~$137.CBRE Group (CBRE): CBRE is a 3.27% of the portfolio position built during Q2 & Q3 2020 at prices between ~$35 and ~$56. The stock is now at ~$89. Last two quarters have seen only minor adjustments.Palo Alto Networks (PANW) and Trimble Inc. (TRMB): These two positions established in Q1 2020 were reduced over the last three quarters. PANW is a ~3% of the portfolio stake purchased at prices between ~$133 and ~$250 and increased by one-third next quarter at prices between ~$163 and ~$240. The stock currently trades at ~$361. Last three quarters have seen a ~40% selling at prices between ~$221 and ~$397. TRMB is a 1.81% of the portfolio position purchased at prices between ~$21 and ~$46 and it currently goes for ~$78. Last three quarters have seen a two-thirds selling at prices between ~$41.50 and ~$84.Sensata Technologies (ST): The bulk of the 2.81% ST position was purchased in Q2 2016 at prices between $33.50 and $39 and doubled over the next two years at higher prices. Q4 2018 also saw a ~28% increase at prices between $41 and $49.50. Last two years have seen only minor adjustments. The stock currently goes for $59.43.Note: Generation IM has a 7.5% ownership stake in Sensata Technologies NV.Illumina Inc. (ILMN): ILMN is a 2.17% of the portfolio position purchased in Q4 2019 at prices between $288 and $336 and increased by ~185% next quarter at prices between $209 and $336. There was a ~30% selling in Q2 2020 at prices between $257 and $373. Last quarter saw a two-thirds increase at prices between ~$293 and ~$371 while this quarter there was a ~30% reduction at prices between ~$361 and ~$505. The stock is now at ~$452.Thermo Fisher Scientific (TMO): TMO is a ~2% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. There was a one-third selling in 2019 at prices between $221 and $327. Last four quarters had seen another ~60% selling at prices between ~$255 and ~$528. The stock currently goes for ~$470. There was marginal trimming this quarter.Texas Instruments (TXN): The vast majority of the 1.79% TXN stake was purchased in Q4 2018 at prices between $88 and $109. The stock currently trades at ~$189. Last two years have seen a ~60% selling at prices between ~$98 and ~$192.Acuity Brands (AYI), Applied Materials (AMAT), Asana Inc. (ASAN), Mercadolibre (MELI), Microsoft Corporation (MSFT), Penumbra Inc. (PEN), Salesforce.com (CRM), Taiwan Semi (TSM), Trane Technologies plc (TT), Twilio Inc. (TWLO), and Waters Corp. (WAT): These small positions (less than ~2% of the portfolio each) were reduced this quarter.Note 1: Generation IM controls ~8% of Acuity Brands.Note 2: Penumbra stock dropped in February following fraud by Quintessential Capital Management.Kept Steady:None.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management 13F stock portfolio as of Q1 2021:Source: John Vincent. Data constructed from Generation IM’s 13F filings for Q4 2020 and Q1 2021.Regulatory filings thru 3/7/2021: 13G – 2/26 – EFX – 6.2M shares – 5.1% of business. 13G/As – 2/16 – XRAY – 18.77M shares – 7.3% of business, ST – 11.71M shares – 7.5% of business, JLL – 4.88M shares – 9.5% of business, HSIC – 13.38M shares – 9.4% of business, Acuity Brands – ACY – 3.34M shares – 9.1% of business, ASAN – 6.25M shares – 7.8% of business, NTNX – 17.23M shares – 9.1% of business, IT – 5.42M shares – 6.1% of business, COO – 1.53M shares – 3.1% of business."

"Tracking Al Gore's Generation Investment Management Portfolio – Q4 2020 Update"

"Generation Investment Management’s 13F portfolio value increased from $18.84B to $22.41B this quarter.They increased Baxter International and Equifax while reducing Aptiv plc.The top three positions are Charles Schwab, Baxter International, and Cognizant Technology, 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 Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 2/16/2021. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q3 2020.This quarter, Al Gore’s 13F portfolio value increased ~19% from $18.84B to $22.41B. The number of positions decreased from 42 to 41. The top five stakes are Charles Schwab, Baxter International, Cognizant Technology, Equifax, and Cisco Systems. They account for around ~28% of the total 13F portfolio value. Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:Alibaba Group Holdings (BABA) and Airbnb (ABNB): These are the two new stakes this quarter. BABA is a 1.60% of the portfolio position purchased this quarter at prices between ~$222 and ~$317 and the stock currently trades at ~$236. ABNB had an IPO in December. Shares started trading at ~$157 and currently goes for ~$192. Generation IM’s position is minutely small at 0.11% of the portfolio.Stake Disposals:A O Smith (AOS), Stericycle Inc. (SRCL), and Varian Medical Systems (VAR): These very small (less than ~1.2% of the portfolio each) stakes were disposed this quarter.Stake Increases:Baxter International (BAX): BAX is a large (top three) 6.24% of the portfolio stake established in Q4 2019 at prices between $76.50 and $88.50 and increased by ~50% next quarter at prices between ~$72 and ~$93. The stock currently trades at ~$80. Last three quarters have seen only minor adjustments.Equifax Inc. (EFX): The large (top five) 4.87% EFX stake was purchased in Q1 2019 at prices between $91 and $115 and the stock currently trades well above that range at ~$173. Q2 2019 saw a ~27% stake increase at prices between $116 and $136 while next quarter there was similar selling at prices between $135 and $147. H1 2020 had seen another ~20% reduction while last quarter there was a ~8% stake increase. This quarter saw a whopping ~175% stake increase at prices between ~$137 and ~$195.Note: Regulatory filings since the quarter ended show them owning 6.2M shares (5.1% of the business) of Equifax. This is compared to 5.66M shares in the 13F report.Cisco Systems (CSCO): CSCO is a large (top five) 4.66% of the portfolio position built over the last two quarters at prices between ~$35.50 and ~$48. The stock currently trades at $48.80.Becton Dickinson (BDX): The 4.29% BDX position was built last year at prices between $201 and $284. The stock currently trades near the middle of that range at ~$239.Analog Devices (ADI): ADI position is now at 3.86% of the portfolio. It was established in Q2 2018 at prices between $87 and $102 and doubled next quarter at prices between $91 and $100. Q4 2018 saw another ~25% stake increase at prices between $78 and $94. There was a ~50% selling in Q2 2019 at prices between $96 and $117 and that was followed with a similar reduction over the next two quarters at prices between $104 and $125. Last quarter saw a stake doubling at prices between ~$112 and ~$125. The stock currently trades at ~$150. This quarter saw minor trimming.Illumina Inc. (ILMN): ILMN is a 3.24% of the portfolio position purchased in Q4 2019 at prices between $288 and $336 and increased by ~185% next quarter at prices between $209 and $336. There was a ~30% selling in Q2 2020 at prices between $257 and $373. This quarter saw a two-thirds increase at prices between ~$293 and ~$371. The stock is now at ~$409.CBRE Group (CBRE): CBRE is a 2.76% of the portfolio position built during Q2 & Q3 2020 at prices between ~$35 and ~$56. The stock is now at $78.35. There was a marginal increase this quarter.Microchip Technology (MCHP) and Taiwan Semi (TSM): These minutely small (less than ~0.25% of the portfolio each) stakes were increased this quarter.Stake Decreases:Charles Schwab (SCHW): SCHW is currently the largest position at 6.62% of the portfolio. The stake is from Q4 2016 at prices between $31 and $40.50. Q2 2017 saw a two-thirds increase at prices between $37.50 and $43 and that was followed with a ~40% increase in the following quarter at around the same price range. The six quarters through Q1 2020 had also seen a ~180% stake increase at prices between ~$30 and ~$50. There was a ~18% reduction in Q2 2020 at prices between ~$32 and ~$43 while last quarter there was a ~12% stake increase. The stock is now at $66.07. This quarter saw a ~6% trimming.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Cognizant Technology (CTSH): The ~5% of the portfolio CTSH stake is now the largest 13F position. It was purchased in Q2 2019 at prices between $57 and $75. There was a ~42% stake increase over the next two quarters at prices between $58.75 and $66.50. The stock currently trades at $76.40. There was a ~14% trimming this quarter.Dentsply Sirona (XRAY): XRAY is a large 4.39% portfolio stake built in 2014 at prices between $44 and $56. The position has wavered. Recent activity follows: Q2 2019 saw a ~20% selling at prices between $49 and $59 while Q1 2020 there was a ~15% stake increase at prices between ~$32 and $61. Last two quarters had also seen minor increases. The stock is now at $63.05. There was a ~3% trimming this quarter.Note: Generation IM has a 7.3% ownership stake in Dentsply Sirona.Palo Alto Networks (PANW) and Trimble Inc. (TRMB): These two positions established in Q1 2020 were reduced over the last two quarters. PANW is a 4.30% of the portfolio stake purchased at prices between ~$133 and ~$250 and increased by one-third next quarter at prices between ~$163 and ~$240. The stock currently trades at ~$318. Last two quarters have seen a ~20% trimming. TRMB is a 2.21% of the portfolio position purchased at prices between ~$21 and ~$46 and it currently goes for $74.62. Last two quarters have seen a ~40% selling at prices between ~$41.50 and ~$67.Henry Schein (HSIC): HSIC became the largest position in Q4 2017 as it saw a ~550% stake increase at prices between $50.50 and $68.50. There was another ~22% increase next quarter at prices between $47 and $63.50. The five quarters thru Q3 2019 saw a combined ~30% reduction at prices between $58 and $71 while Q1 2020 there was a similar increase at prices between ~$43 and ~$74. The stock is now at $67.69 and the stake at ~4% of the portfolio. Generation IM has a 9.4% ownership stake in Henry Schein. Last three quarters have seen only minor adjustments.Note: The prices quoted above are adjusted for the spinoff of Covetrus Inc. last January. Also, HSIC split 2-for-1 in September 2017.Alphabet Inc. (GOOG): GOOG stake is currently at 3.92% of the portfolio. The bulk of the stake was established in the three quarters thru Q1 2019 at prices between $975 and $1268. Q2 & Q3 2019 had also seen a ~45% stake increase at prices between $1110 and $1250. Last five quarters saw the stake reduced by ~60% at prices between ~$1055 and ~$1825. The stock currently trades at ~$2036.Gartner Inc. (IT): The 3.87% of the portfolio IT stake was built last year at prices between ~$83 and ~$164. It is now at ~$183. This quarter saw a ~4% trimming.Note: Generation IM owns ~6% of the business.Cooper Companies (COO): The bulk of the 3.64% position in COO was purchased in Q4 2016 at prices between $159 and $183. The original stake was doubled in Q1 2018 at prices between $218 and $251 and that was followed with a ~37% increase next quarter at prices between $218 and $237. The stock currently trades well above those ranges at ~$379. The first three quarters of 2019 had seen a ~53% selling at prices between $246 and $342 while the last three quarters saw a similar increase at prices between ~$243 and ~$360. This quarter saw marginal trimming.Note: regulatory filings since the quarter ended show them owning 1.53M shares (3.1% of the business) of Cooper Companies. This is compared to 2.24M shares in the 13F report.TE Connectivity (TEL): TEL is a 3.58% position purchased in Q4 2018 at prices between $71 and $87. Q4 2019 saw a ~18% stake increase at prices between $85.50 and $96 and that was followed with a ~40% increase next quarter at prices between $53 and $100. Q2 2020 saw a ~11% increase and that was followed with a marginal further increase last quarter. This quarter saw a ~20% selling at prices between ~$96 and ~$121. The stock currently trades at ~$132.Jones Lang LaSalle Inc. (JLL): JLL is a 3.23% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake thru consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in 2016: ~500% increase at prices between $91 and $141. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. Since then, the activity has been minor. The stock currently trades at ~$178.Note: Generation IM has a 9.5% ownership stake in Jones Lang LaSalle.Sensata Technologies (ST): The bulk of the 2.78% ST position was purchased in Q2 2016 at prices between $33.50 and $39 and doubled over the next two years at higher prices. Q4 2018 also saw a ~28% increase at prices between $41 and $49.50. Last two years have seen only minor adjustments. The stock currently goes for $63.36.Note: Generation IM has a 7.5% ownership stake in Sensata Technologies NV.Nutanix (NTNX): NTNX is a 2.45% position established in Q2 2019 at prices between $24.50 and $43.50 and it is now near the low end of that range at $25.65. There was a ~12% stake increase last quarter at prices between ~$20 and ~$29. Generation IM has a ~9% ownership stake in Nutanix. This quarter saw minor trimming.Texas Instruments (TXN): The vast majority of the 2.30% TXN stake was purchased in Q4 2018 at prices between $88 and $109. The stock currently trades at ~$174. The four quarters thru Q2 2020 had seen a combined ~20% selling and that was followed with a similar reduction last quarter at prices between ~$125 and ~$148. This quarter also saw a ~15% trimming.Thermo Fisher Scientific (TMO): TMO is a 2.12% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. There was a one-third selling in 2019 at prices between $221 and $327. Last four quarters have seen another ~60% selling at prices between ~$255 and ~$528. The stock currently goes for ~$446.Acuity Brands (AYI), Applied Materials (AMAT), Aptiv plc (APTV), Asana Inc. (ASAN), Cerner Corporation (CERN), Huazhu Group (HTHT), Mercadolibre (MELI), Microsoft Corporation (MSFT), Penumbra Inc. (PEN), Salesforce.com (CRM), Steris plc (STE), Trane Technologies plc (TT), Twilio Inc. (TWLO), Waters Corp. (WAT), and Workday Inc. (WDAY): These small positions (less than ~1.5% of the portfolio each) were reduced this quarter.Note 1: Generation IM controls ~9% of Acuity Brands.Note 2: Penumbra stock dropped last month following fraud by Quintessential Capital Management.Kept Steady:None.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management 13F stock portfolio as of Q4 2020:Regulatory filings thru 8/28/2020: Form 4 – 9/30 – ASAN – 3M shares disposed at ~27.5, 9/23 – 9.75M shares Class B to E preferred stock converted, 9/21 – 9.75M in convertible preferred stock.."

"Tracking Al Gore's Generation Investment Management Portfolio – Q3 2020 Update"

"Generation Investment Management’s 13F portfolio value increased from $17.34B to $18.84B this quarter.They increased Becton Dickinson and Analog Devices while decreasing Alphabet, Varian Medical Systems, and Workday during the quarter. They also added Cisco Systems.The top three positions are Cognizant Technology, Charles Schwab, and Baxter International and they add up to ~17% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 11/16/2020. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q2 2020.This quarter, Al Gore’s 13F portfolio value increased ~9% from $17.34B to $18.84B. The number of positions increased from 39 to 42. The top five stakes are Cognizant Technology, Charles Schwab, Baxter International, Dentsply Sirona, and Becton Dickinson. They account for around ~26% of the total 13F portfolio value. Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:Cisco Systems (CSCO), Asana Inc. (ASAN), and Steris plc (STE): These are the new positions this quarter. CSCO is a large 3.85% of the portfolio position purchased at prices between ~$38 and ~$48 and the stock currently trades at $44.69. Asana had a direct listing on September 30th. Generation IM’s stake goes back to 2018 when they started leading Asana’s funding rounds. The STE stake is a minutely small 0.42% of the portfolio position.Note: Regulatory filings since the quarter ended show them owning 6.75M shares of Asana. This is compared to ~9.75M shares in the 13F report. Around 3M shares were sold at an average price of ~$27.50. The stock is now at ~$32.Stake Disposals:None.Stake Increases:Cognizant Technology (CTSH): The ~6% of the portfolio CTSH stake is now the largest 13F position. It was purchased in Q2 2019 at prices between $57 and $75. There was a ~42% stake increase over the next two quarters at prices between $58.75 and $66.50. The stock currently trades at $79.01. Last three quarters have seen a minor increase.Charles Schwab (SCHW): SCHW is a large (top three) 5.73% portfolio position. The stake is from Q4 2016 at prices between $31 and $40.50. Q2 2017 saw a two-thirds increase at prices between $37.50 and $43 and that was followed with a ~40% increase in the following quarter at around the same price range. The six quarters through Q1 2020 had also seen a ~180% stake increase at prices between ~$30 and ~$50. The stock is now at $50.55. There was a ~18% reduction last quarter at prices between ~$32 and ~$43 while this quarter there was a ~12% stake increase.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Baxter International (BAX): BAX is a large (top three) ~5% of the portfolio stake established in Q4 2019 at prices between $76.50 and $88.50 and increased by ~50% next quarter at prices between ~$72 and ~$93. The stock currently trades at $79.30. Last quarter saw a ~4% stake increase and that was followed with a ~12% increase this quarter.Dentsply Sirona (XRAY): XRAY is a large (top five) 4.49% portfolio stake built in 2014 at prices between $44 and $56. The position has wavered. Recent activity follows: Q2 2019 saw a ~20% selling at prices between $49 and $59 while Q1 2020 there was a ~15% stake increase at prices between ~$32 and $61. Last two quarters have also seen minor increases. The stock is now at $54.50.Note: Generation IM has a ~8% ownership stake in Dentsply Sirona.Becton Dickinson (BDX): The top five 4.41% BDX position was built this year at prices between $201 and $286. The stock currently trades at ~$240.TE Connectivity (TEL): TEL is a 4.35% position purchased in Q4 2018 at prices between $71 and $87. Q4 2019 saw a ~18% stake increase at prices between $85.50 and $96 and that was followed with a ~40% increase next quarter at prices between $53 and $100. The stock currently trades at ~$119. Last quarter saw a ~11% increase and that was followed with a marginal further increase this quarter.Henry Schein (HSIC): HSIC became the largest position in Q4 2017 as it saw a ~550% increase at prices between $50.50 and $68.50. There was another ~22% increase next quarter at prices between $47 and $63.50. The five quarters thru Q3 2019 saw a combined ~30% reduction at prices between $58 and $71 while Q1 2020 there was a similar increase at prices between ~$43 and ~$74. The stock is now at $71.15 and the stake at 4.19% of the portfolio. Generation IM has a ~9% ownership stake in Henry Schein. Last two quarters have seen marginal increases.Note: The prices quoted above are adjusted for the spinoff of Covetrus Inc. last January. Also, HSIC split 2-for-1 in September 2017.Cooper Companies (COO): The bulk of the ~4% position in COO was purchased in Q4 2016 at prices between $159 and $183. The original stake was doubled in Q1 2018 at prices between $218 and $251 and that was followed with a ~37% increase next quarter at prices between $218 and $237. The stock currently trades well above those ranges at ~$343. The first three quarters of last year had seen a ~53% selling at prices between $246 and $342 while the last three quarters saw a similar increase at prices between ~$243 and ~$360.Gartner Inc. (IT): The 3.73% of the portfolio IT stake was built this year at prices between ~$83 and ~$164. It is now at ~$155.Analog Devices (ADI): ADI position is now at 3.62% of the portfolio. It was established in Q2 2018 at prices between $87 and $102 and doubled next quarter at prices between $91 and $100. Q4 2018 saw another ~25% stake increase at prices between $78 and $94. There was a ~50% selling in Q2 2019 at prices between $96 and $117 and that was followed with a similar reduction over the next two quarters at prices between $104 and $125. There was a stake doubling this quarter at prices between ~$112 and ~$125. The stock currently trades at ~$142.Sensata Technologies (ST): The bulk of the 2.84% ST position was purchased in Q2 2016 at prices between $33.50 and $39 and doubled over the next two years at higher prices. Q4 2018 also saw a ~28% increase at prices between $41 and $49.50. Last seven quarters have seen only minor adjustments. The stock currently goes for $49.61.Note: Generation IM has a ~7% ownership stake in Sensata Technologies NV.Jones Lang LaSalle Inc. (JLL): JLL is a 2.49% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake thru consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in 2016: ~500% increase at prices between $91 and $141. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. Since then, the activity has been minor. The stock currently trades at ~$150.Note: Generation IM has a ~9% ownership stake in Jones Lang LaSalle.Nutanix (NTNX): NTNX is a ~2% position established in Q2 2019 at prices between $24.50 and $43.50 and it is now at $29.73. There was a ~12% stake increase this quarter at prices between ~$20 and ~$29. Generation IM has a ~9% ownership stake in Nutanix.Trane Technologies plc (TT) previously Ingersoll-Rand plc: TT was a 2.16% portfolio position first purchased in 2015 at prices between $51 and $71. The position had wavered. Recent activity follows: 2019 saw a ~27% selling at prices between $93 and $135. Q1 2020 saw another ~18% reduction at prices between ~$71 and ~$147. The stock is now at $141. There was a ~63% stake increase last quarter at prices between $77 and $102. This quarter also saw a marginal increase.Equifax Inc. (EFX): The 1.71% EFX stake was purchased in Q1 2019 at prices between $91 and $115 and the stock currently trades well above that range at ~$180. Q2 2019 saw a ~27% stake increase at prices between $116 and $136 while next quarter there was similar selling at prices between $135 and $147. Last two quarters had seen another ~20% reduction while this quarter there was a ~8% stake increase.Acuity Brands (AYI), Applied Materials (AMAT), CBRE Group (CBRE), Microsoft Corporation (MSFT), Penumbra Inc. (PEN), Stericycle Inc. (SRCL), Waters Corp. (WAT), and Taiwan Semi (TSM): These small (less than ~2.5% of the portfolio each) positions were increased this quarter.Note 1: Generation IM controls ~8% of AYI.Note 2: Penumbra stock lost ~23% over the last month following fraud by Quintessential Capital Management.Stake Decreases:Alphabet Inc. (GOOG): GOOG stake is currently at 4.25% of the portfolio. The bulk of the stake was established in the three quarters thru Q1 2019 at prices between $975 and $1268. Q2 & Q3 2019 had also seen a ~45% stake increase at prices between $1110 and $1250. The stock currently trades at ~$1784. Last four quarters saw the stake reduced by ~50% at prices between $1055 and $1728.Palo Alto Networks (PANW) and Trimble Inc. (TRMB): These medium-sized positions established in Q1 2020 were reduced this quarter. PANW is a ~4% of the portfolio stake purchased at prices between ~$133 and ~$250 and increased by one-third last quarter at prices between ~$163 and ~$240. The stock currently trades at ~$302. This quarter saw a ~6% trimming. TRMB is a 2.38% of the portfolio position purchased at prices between ~$21 and ~$46 and it currently goes for $63.24. This quarter saw a ~20% reduction at prices between $41.50 and $54.30.Aptiv plc (APTV) previously Delphi Automotive: APTV is a 3.25% position. It was first purchased in Q4 2016 at prices between $46 and $55. The stake has wavered. Recent activity follows: Q1 2019 saw a ~40% stake increase at prices between $60.50 and $82.50 and that was followed with another one-third increase next quarter at prices between $64 and $91. There was a ~15% stake increase in Q1 2020 at prices between $33.50 and $96. The stock currently trades at ~$124. Last quarter saw a ~7% further increase while this quarter saw similar trimming.Note: The prices quoted above are adjusted for the Delphi Technologies spinoff in November 2017.Texas Instruments (TXN): The vast majority of the 2.80% TXN stake was purchased in Q4 2018 at prices between $88 and $109. The stock currently trades at ~$163. Last four quarters had seen a combined ~20% selling and that was followed with a similar reduction this quarter at prices between ~$125 and ~$148.Thermo Fisher Scientific (TMO): TMO is a 2.77% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. There was a one-third selling last year at prices between $221 and $327. Last three quarters have seen another ~42% selling at prices between ~$255 and ~$441. The stock currently goes for ~$461.Illumina Inc. (ILMN): ILMN is a 1.93% of the portfolio position purchased in Q4 2019 at prices between $288 and $336 and increased by ~185% next quarter at prices between $209 and $336. The stock is now at ~$338. There was a ~30% selling last quarter at prices between $257 and $373. This quarter saw marginal trimming.Mercadolibre (MELI): The 1.19% MELI stake was established in Q2 2018 at prices between $285 and $356 and it now goes for ~$1537. The four quarters thru Q3 2019 had seen a ~42% selling at prices between $285 and $690. Last two quarters saw another ~70% reduction at prices between ~$447 and ~$1225. Generation IM is harvesting gains.Note: MELI had a previous round-trip: it was a very small 0.51% stake established in Q4 2017 at prices between $222 and $329 and disposed next quarter at prices between $315 and $414.Cerner Corporation (CERN): CERN is a 1.17% of the portfolio position. The stake was established in 2015 and doubled in Q1 2016 at prices between $52 and $60. The position has wavered. Recent activity follows: There was a ~50% stake increase in Q4 2019 at prices between $65 and $73.50 and that was followed with a ~15% stake increase next quarter. The stock currently trades at $74.41. Last two quarters saw a ~40% selling at prices between ~$61 and ~$75.Salesforce.com (CRM): The original CRM stake was established in 2016 at prices between $60 and $84. Q3 2019 saw a stake doubling at prices between $140 and $160. The stock currently trades at ~$221 and the stake is at ~1% of the portfolio. Last three quarters saw a two-thirds selling at prices between $124 and $281.Twilio Inc. (TWLO): TWLO is a 0.74% of the portfolio stake established in Q3 2019 at prices between $107 and $150 and increased by ~260% next quarter at prices between $91 and $117. The stock currently trades at ~$313. Last three quarters saw a ~85% reduction at prices between ~$72 and ~$284.A O Smith (AOS), Varian Medical Systems (VAR), and Workday Inc. (WDAY): These three small (less than ~1% of the portfolio each) stakes were reduced this quarter.Kept Steady:Huazhu Group (HTHT) and Microchip Technology (MCHP): These minutely small (less than ~0.25% of the portfolio each) stakes were kept steady during the quarter.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management 13F stock portfolio as of Q3 2020:Regulatory filings thru 8/28/2020: 13G – 6/12 – AYI – 2.47M shares – 6.2% of business."

"Tracking Al Gore's Generation Investment Management Portfolio – Q2 2020 Update"

"Generation Investment Management’s 13F portfolio value increased from $14.09B to $17.34B this quarter.They increased Palo Alto Networks and Gartner while decreasing Mercadolibre and Twilio.The top three positions are Alphabet, Cognizant Technology, and Baxter International 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 Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 08/14/2020. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q1 2020.This quarter, Al Gore’s 13F portfolio value increased ~23% from $14.09B to $17.34B. The number of positions decreased from 41 to 39. The top five stakes are Alphabet, Cognizant Technology, Baxter International, Charles Schwab, and Dentsply Sirona. They account for around ~28% of the total 13F portfolio value. Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:None.Stake Disposals:NVidia Corp (NVDA) and SPDR Trust (SPY): These minutely small (less than ~0.1% of the portfolio each) positions were disposed this quarter.Stake Increases:Cognizant Technology (CTSH): The large (top three) 5.27% of the portfolio CTSH stake was purchased in Q2 2019 at prices between $57 and $75. There was a ~42% stake increase over the next two quarters at prices between $58.75 and $66.50. The stock currently trades at $65.59. Last two quarters have seen a minor increase.Baxter International (BAX): BAX is a large (top three) 5.27% of the portfolio stake established in Q4 2019 at prices between $76.50 and $88.50 and increased by ~50% last quarter at prices between ~$72 and ~$93. The stock currently trades at $81.29. This quarter saw a ~4% stake increase.Dentsply Sirona (XRAY): XRAY is a large (top five) ~5% portfolio stake built in 2014 at prices between $44 and $56. The position has wavered. Recent activity follows: Q1 2018 saw a ~18% stake increase and that was followed with a ~65% increase next quarter at prices between $42 and $51. Q3 2018 saw another ~25% increase at prices between $37.50 and $48.50. The stock currently trades at ~$43.67. Q2 2019 saw a ~20% selling at prices between $49 and $59 while last quarter there was a ~15% stake increase at prices between ~$32 and $61. This quarter saw a ~4% stake increase.Note: Generation IM has a ~8% ownership stake in Dentsply Sirona.Henry Schein (HSIC): HSIC became the largest position in Q4 2017 as it saw a ~550% increase at prices between $50.50 and $68.50. There was another ~22% increase next quarter at prices between $47 and $63.50. The five quarters thru Q3 2019 saw a combined ~30% reduction at prices between $58 and $71 while last quarter there was a similar increase at prices between ~$43 and ~$74. The stock is now at $63.74 and the stake at ~4.51% of the portfolio. Generation IM has a ~9% ownership stake in Henry Schein. There was a marginal increase this quarter.Note: The prices quoted above are adjusted for the spinoff of Covetrus Inc. last January. Also, HSIC split 2-for-1 in September 2017.Palo Alto Networks (PANW), Gartner Inc. (IT), and Trimble Inc. (TRMB): These medium-sized positions established last quarter saw increases this quarter. PANW is a 4.42% of the portfolio stake purchased at prices between ~$133 and ~$250 and increased by one-third this quarter at prices between ~$163 and ~$240. The stock currently trades at ~$234. The 3.53% of the portfolio IT stake was established at prices between ~$83 and ~$164. This quarter saw a ~27% stake increase at prices between ~$92 and ~$138. It is now at ~$129. TRMB is a 2.86 % of the portfolio position purchased at prices between ~$21 and ~$46 and it currently goes for $49.14. There was a marginal increase this quarter.TE Connectivity (TEL): TEL is a medium-sized 3.93% position purchased in Q4 2018 at prices between $71 and $87. Q4 2019 saw a ~18% stake increase at prices between $85.50 and $96 and that was followed with a ~40% increase last quarter at prices between $53 and $100. The stock currently trades at $95.40. This quarter also saw a ~11% increase.Becton Dickinson (BDX): The 3.56% BDX position was built last quarter at prices between $201 and $286. This quarter saw a ~50% stake increase at prices between $225 and $270. The stock currently trades at ~$234.Aptiv plc (APTV) previously Delphi Automotive: APTV is a 3.28% position. It was first purchased in Q4 2016 at prices between $46 and $55. The stake has wavered. Recent activity follows: Q1 2019 saw a ~40% stake increase at prices between $60.50 and $82.50 and that was followed with another one-third increase next quarter at prices between $64 and $91. There was a ~15% stake increase last quarter at prices between $33.50 and $96. The stock currently trades at $84.66. This quarter saw a ~7% further increase.Note: The prices quoted above are adjusted for the Delphi Technologies spinoff in November 2017.Cooper Companies (COO): The bulk of the 3.27% position in COO was purchased in Q4 2016 at prices between $159 and $183. The original stake was doubled in Q1 2018 at prices between $218 and $251 and that was followed with a ~37% increase next quarter at prices between $218 and $237. The stock currently trades well above those ranges at ~$318. The first three quarters of last year had seen a ~53% selling at prices between $246 and $342. Last two quarters have seen a one-third stake increase at prices between $243 and $360.Jones Lang LaSalle Inc. (JLL): JLL is a 2.91% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake thru consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in 2016: ~500% increase at prices between $91 and $141. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. Since then, the activity has been minor. The stock currently trades at ~$101.Note: Generation IM has a ~9% ownership stake in Jones Lang LaSalle.Sensata Technologies (ST): The bulk of the 2.65% ST position was purchased in Q2 2016 at prices between $33.50 and $39 and doubled over the next two years at higher prices. Q4 2018 also saw a ~28% increase at prices between $41 and $49.50. Last six quarters have seen only minor adjustments. The stock currently goes for ~$41.Note: Generation IM has a ~7% ownership stake in Sensata Technologies NV.Nutanix (NTNX): NTNX is a 2.11% position established in Q2 2019 at prices between $24.50 and $43.50 and it is now near the low end of that range at ~$25. Last few quarters have seen only minor adjustments. Generation IM has a ~8% ownership stake in Nutanix.Analog Devices (ADI): ADI position is now at ~2% of the portfolio. It was established in Q2 2018 at prices between $87 and $102 and doubled next quarter at prices between $91 and $100. Q4 2018 saw another ~25% stake increase at prices between $78 and $94. There was a ~50% selling in Q2 2019 at prices between $96 and $117 and that was followed with a similar reduction over the next two quarters at prices between $104 and $125. The stock currently trades at ~$113. Last two quarters have seen only minor adjustments.Trane Technologies plc (TT) previously Ingersoll-Rand plc: TT was a 1.71% portfolio position first purchased in 2015 at prices between $51 and $71. The position had wavered. Recent activity follows: 2019 saw a ~27% selling at prices between $93 and $135. Last quarter saw another ~18% reduction at prices between ~$71 and ~$147. The stock is now at $116. There was a ~63% stake increase this quarter at prices between $77 and $102.A O Smith (AOS), Acuity Brands (AYI), Applied Materials (AMAT), CBRE Group (CBRE), Microsoft Corporation (MSFT), Penumbra Inc. (PEN), Stericycle Inc. (SRCL), Varian Medical Systems (VAR), Waters Corp. (WAT), and Workday Inc. (WDAY): These small (less than ~2.5% of the portfolio each) positions were increased this quarter.Note: Generation IM controls ~6% of AYI.Stake Decreases:Alphabet Inc. (GOOG): GOOG is currently the largest position at 7.34% of the portfolio. The bulk of the stake was established in the three quarters thru Q1 2019 at prices between $975 and $1268. Q2 & Q3 2019 had also seen a ~45% stake increase at prices between $1110 and $1250. The stock currently trades at ~$1524. Last three quarters have seen a combined ~23% reduction.Charles Schwab (SCHW): SCHW is a large (top five) ~5% portfolio position. The stake is from Q4 2016 at prices between $31 and $40.50. Q2 2017 saw a two-thirds increase at prices between $37.50 and $43 and that was followed with a ~40% increase in the following quarter at around the same price range. Last six quarters had also seen a ~180% stake increase at prices between ~$30 and ~$50. The stock is now at $34.65. There was a ~18% reduction this quarter at prices between ~$32 and ~$43.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Thermo Fisher Scientific (TMO): TMO is a 3.44% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. There was a one-third selling last year at prices between $221 and $327. The stock currently goes for ~$112. Last two quarters have seen another ~20% selling at prices between $82 and $110.Texas Instruments (TXN): The vast majority of the 3.41% TXN stake was purchased in Q4 2018 at prices between $88 and $109. The stock currently trades at ~$136. Last four quarters have seen a combined ~19% selling.Illumina Inc. (ILMN): ILMN is a 2.53% of the portfolio position purchased in Q4 2019 at prices between $288 and $336 and increased by ~185% last quarter at prices between $209 and $336. The stock is now at ~$341. There was a ~30% selling this quarter at prices between $257 and $373.Mercadolibre (MELI): The ~2% MELI stake was established in Q2 2018 at prices between $285 and $356 and it now goes for ~$1023. The four quarters thru Q3 2019 had seen a ~42% selling at prices between $285 and $690. There was another similar reduction this quarter at prices between $447 and $986. Generation IM is harvesting gains.Note: MELI had a previous round-trip: it was a very small 0.51% stake established in Q4 2017 at prices between $222 and $329 and disposed next quarter at prices between $315 and $414.Equifax Inc. (EFX): The 1.88% EFX stake was purchased in Q1 2019 at prices between $91 and $115 and the stock currently trades well above that range at ~$164. Q2 2019 saw a ~27% stake increase at prices between $116 and $136 while next quarter there was similar selling at prices between $135 and $147. Last two quarters saw another ~20% reduction.Cerner Corporation (CERN): CERN is a 1.82% of the portfolio position. The stake was established in 2015 and doubled in Q1 2016 at prices between $52 and $60. Q4 2016 also saw another ~50% stake increase at prices between $47 and $62. There was a ~37% selling in Q4 2017 at prices between $64.50 and $73.50 and that was followed with a one-third reduction next quarter at prices between $56.50 and $73. The four quarters thru Q3 2019 had also seen a ~60% selling at prices between $49 and $76. Q4 2019 saw an about turn: ~50% stake increase at prices between $65 and $73.50 and that was followed with a ~15% stake increase last quarter. The stock currently trades at ~$70. This quarter saw a ~12% trimming.Salesforce.com (CRM): The original CRM stake was established in 2016 at prices between $60 and $84. Q3 2019 saw a stake doubling at prices between $140 and $160. The stock currently trades at ~$241 and the stake is at 1.37% of the portfolio. Last two quarters saw a ~50% selling at prices between $124 and $193.Twilio Inc. (TWLO): TWLO is a 1.20% of the portfolio stake established in Q3 2019 at prices between $107 and $150 and increased by ~260% next quarter at prices between $91 and $117. The stock currently trades at ~$226. Last two quarters saw a ~72% reduction at prices between ~$72 and $228.Huazhu Group (HTHT) and Microchip Technology (MCHP): These minutely small (less than ~0.25% of the portfolio each) stakes were decreased during the quarter.Kept Steady:Taiwan Semi (TSM): The minutely small 0.02% stake in TSM was kept steady this quarter.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management 13F stock portfolio as of Q2 2020:Regulatory filings thru 5/28/2020: 13G – 4/28 – IT – 4.63M shares – 5.2% of business."

"Tracking Al Gore's Generation Investment Management Portfolio – Q1 2020 Update"

"Generation Investment Management’s 13F portfolio value decreased from $15.64B to $14.09B this quarter.They added Palo Alto Networks, Gartner, & Trimble while dropping Credicorp, Automatic Data Processing, & Trane Technologies.The top three positions are Alphabet, Charles Schwab, and Baxter International and they add up to ~22% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 05/15/2020. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q4 2019.This quarter, Al Gore’s 13F portfolio value decreased ~10% from $15.64B to $14.09B. The number of positions increased from 39 to 41. The top five stakes are Alphabet, Charles Schwab, Baxter International, Cognizant Technology, and Dentsply Sirona. They account for around one-third of the total 13F portfolio value. Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:Palo Alto Networks (PANW), Gartner Inc. (IT), and Trimble Inc. (TRMB): These are medium-sized new positions established during the quarter. PANW is a ~3% of the portfolio stake purchased at prices between ~$133 and ~$250 and the stock currently trades at ~$227. The 2.81% of the portfolio IT stake was established at prices between ~$83 and ~$164 and it is now at ~$131. TRMB is a 2.56% of the portfolio position purchased at prices between ~$21 and ~$46 and it currently goes for ~$43.Note: Regulatory filings since the quarter ended show them owning 4.63M sharers (5.2% of the business) of Gartner Inc. This is compared to 3.98M shares in the 13F report. Generation IM is continuing to build the position.Varian Medical Systems (VAR), A O Smith (AOS), and Workday Inc. (WDAY): These are small (less than ~1.3% of the portfolio each) new positions established this quarter.Stake Disposals:Credicorp Ltd. (BAP): BAP was a ~2% of the portfolio position established in Q2 2017 at prices between $152 and $183 and increased by ~22% in the following quarter at prices between $179 and $213. The four quarters thru Q3 2018 had seen a combined ~44% increase at prices between $192 and $236. Q1 2019 saw a ~18% selling at prices between $222 and $251. The elimination this quarter was at prices between ~$124 and ~$220. The stock is now at ~$155.Automatic Data Processing (ADP): ADP was a 1.55% portfolio stake purchased in Q4 2017 at prices between $109 and $119 and increased by ~160% next quarter at prices between $108 and $124. The four quarters thru Q3 2019 had seen a ~50% selling at prices between $122 and $173. That was followed with another one-third selling last quarter at prices between $156 and $172. The disposal this quarter was at prices between ~$109 and ~$181. The stock is now at ~$150.Deere & Co. (DE): DE was a large top five 5% portfolio stake as of Q3 2019. The position was from 2015 at prices between $75 and $97. There was a two-thirds reduction over the first three quarters of 2017 at prices between $103 and $132. Q1 2018 saw another ~41% selling at prices between $148 and $172. The position was rebuilt over the next three quarters at prices between $131 and $162. Q3 2019 saw a ~11% trimming and that was followed with a ~85% reduction last quarter at prices between $163 and $180. The small remainder stake was disposed this quarter. The stock is now at ~$161.Amazon.com (AMZN): The very small 0.52% of the portfolio position in AMZN was sold during the quarter.Stake Increases:Charles Schwab (SCHW): SCHW is a large (top three) ~9% portfolio position. The stake is from Q4 2016 at prices between $31 and $40.50. Q2 2017 saw a two-thirds increase at prices between $37.50 and $43 and that was followed with a ~40% increase in the following quarter at around the same price range. Last six quarters have also seen a ~180% stake increase at prices between ~$30 and ~$50. The stock is now at $41.68.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Baxter International (BAX): BAX is a large (top three) 5.86% of the portfolio stake established last quarter at prices between $76.50 and $88.50 and increased by ~50% this quarter at prices between ~$72 and ~$93. The stock currently trades at $88.63.Cognizant Technology (CTSH): The large (top five) 5.28% of the portfolio CTSH stake was purchased in Q2 2019 at prices between $57 and $75. There was a ~42% stake increase over the last two quarters at prices between $58.75 and $66.50. The stock currently trades near the low end of those ranges at $55.60. This quarter also saw a ~7% further increase.Dentsply Sirona (XRAY): XRAY is a large (top five) ~5% portfolio stake built in 2014 at prices between $44 and $56. The position has wavered. Recent activity follows: Q1 2018 saw a ~18% stake increase and that was followed with a ~65% increase next quarter at prices between $42 and $51. Q3 2018 saw another ~25% increase at prices between $37.50 and $48.50. The stock currently trades at ~$48. Q2 2019 saw a ~20% selling at prices between $49 and $59 while this quarter there was a ~15% stake increase at prices between ~$32 and $61.Note: Generation IM has a ~8% ownership stake in Dentsply Sirona.Henry Schein (HSIC): HSIC became the largest position in Q4 2017 as it saw a ~550% increase at prices between $50.50 and $68.50. There was another ~22% increase next quarter at prices between $47 and $63.50. The five quarters thru Q3 2019 saw a combined ~30% reduction at prices between $58 and $71 while this quarter there was a similar increase at prices between ~$43 and ~$74. The stock is now at $63.28 and the stake at ~5.75% of the portfolio. Generation IM has a ~9% ownership stake in Henry Schein.Note: The prices quoted above are adjusted for the spinoff of Covetrus Inc. last January. Also, HSIC split 2-for-1 in September 2017.Cooper Companies (COO): The bulk of the 3.54% position in COO was purchased in Q4 2016 at prices between $159 and $183. The original stake was doubled in Q1 2018 at prices between $218 and $251 and that was followed with a ~37% increase next quarter at prices between $218 and $237. The stock currently trades well above those ranges at ~$314. The first three quarters of last year had seen a ~53% selling at prices between $246 and $342. This quarter saw a ~18% stake increase at prices between $243 and $360.Jones Lang LaSalle Inc. (JLL): JLL is a 3.44% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake thru consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in 2016: ~500% increase at prices between $91 and $141. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. Since then, the activity has been minor. The stock currently trades at ~$117.Note: Generation IM has a ~9% ownership stake in Jones Lang LaSalle.TE Connectivity (TEL): TEL is a medium-sized 3.37% position purchased in Q4 2018 at prices between $71 and $87. Last quarter saw a ~18% stake increase at prices between $85.50 and $96 and that was followed with a ~40% increase this quarter at prices between $53 and $100. The stock currently trades at $88.82Illumina Inc. (ILMN): ILMN is a 3.25% of the portfolio position purchased last quarter at prices between $288 and $336 and increased by ~185% this quarter at prices between $209 and $336. The stock is now at ~$358.Becton Dickinson (BDX): The 2.80% BDX position was built this quarter at prices between $201 and $286. The stock currently trades at ~$244.Sensata Technologies (ST): The bulk of the 2.51% ST position was purchased in Q2 2016 at prices between $33.50 and $39 and doubled over the next two years at higher prices. Q4 2018 also saw a ~28% increase at prices between $41 and $49.50. Last five quarters have seen only minor adjustments. The stock currently goes for $39.29.Note: Generation IM has a ~7% ownership stake in Sensata Technologies NV.Aptiv plc (APTV) previously Delphi Automotive: APTV is a 2.38% position. It was first purchased in Q4 2016 at prices between $46 and $55. The stake has wavered. Recent activity follows: Q1 2019 saw a ~40% stake increase at prices between $60.50 and $82.50 and that was followed with another one-third increase next quarter at prices between $64 and $91. There was a ~15% stake increase this quarter at prices between $33.50 and $96. The stock currently trades at $83.69.Note: The prices quoted above are adjusted for the Delphi Technologies spinoff in November 2017.Cerner Corporation (CERN): CERN is a 2.33% of the portfolio position. The stake was established in 2015 and doubled in Q1 2016 at prices between $52 and $60. Q4 2016 also saw another ~50% stake increase at prices between $47 and $62. There was a ~37% selling in Q4 2017 at prices between $64.50 and $73.50 and that was followed with a one-third reduction next quarter at prices between $56.50 and $73. The four quarters thru Q3 2019 had also seen a ~60% selling at prices between $49 and $76. Last quarter saw an about turn: ~50% stake increase at prices between $65 and $73.50 and that was followed with a ~15% stake increase this quarter. The stock currently trades at $71.37.Huazhu Group (HTHT), CBRE Group (CBRE), Microchip Technology (MCHP), Penumbra Inc. (PEN), and Waters Corp. (WAT): These small (less than ~1.5% of the portfolio each) stakes were increased during the quarter.Stake Decreases:Alphabet Inc. (GOOG): GOOG is currently the largest position at ~8.25% of the portfolio. The bulk of the stake was established in the three quarters thru Q1 2019 at prices between $975 and $1268. Q2 & Q3 2019 had also seen a ~45% stake increase at prices between $1110 and $1250. The stock currently trades at ~$1412. Last two quarters have seen a combined ~12% trimming.Thermo Fisher Scientific (TMO): TMO is a 3.85% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. There was a one-third selling last year at prices between $221 and $327. The stock currently goes for ~$348. This quarter also saw a ~7% trimming.Texas Instruments (TXN): The vast majority of the 3.38% TXN stake was purchased in Q4 2018 at prices between $88 and $109. The stock currently trades at ~$129. Last three quarters have seen a combined ~17% trimming.Mercadolibre (MELI): The 2.30% MELI stake was established in Q2 2018 at prices between $285 and $356 and it now goes for ~$840. The four quarters thru Q3 2019 had seen a ~42% selling at prices between $285 and $690. Generation IM is harvesting gains. There was a ~5% trimming this quarter.Note: MELI had a previous round-trip: it was a very small 0.51% stake established in Q4 2017 at prices between $222 and $329 and disposed next quarter at prices between $315 and $414.Salesforce.com (CRM): The original CRM stake was established in 2016 at prices between $60 and $84. Q3 2019 saw a stake doubling at prices between $140 and $160. The stock currently trades at ~$171 and the stake is at 1.94% of the portfolio. This quarter saw a ~15% trimming.Equifax Inc. (EFX): The 1.88% EFX stake was purchased in Q1 2019 at prices between $91 and $115 and the stock currently trades well above that range at ~$177. Q2 2019 saw a ~27% stake increase at prices between $116 and $136 while next quarter there was similar selling at prices between $135 and $147. Last quarter saw a ~7% stake increase while this quarter there was a similar reduction.Analog Devices (ADI): ADI position is now at 1.76% of the portfolio. It was established in Q2 2018 at prices between $87 and $102 and doubled next quarter at prices between $91 and $100. Q4 2018 saw another ~25% stake increase at prices between $78 and $94. There was a ~50% selling in Q2 2019 at prices between $96 and $117 and that was followed with a similar reduction over the next two quarters at prices between $104 and $125. The stock currently trades at ~$122. There was a marginal reduction this quarter.Nutanix (NTNX): NTNX is a 1.57% position established in Q2 2019 at prices between $24.50 and $43.50 and it is now below that range at $24.28. This quarter saw a ~4% trimming. Generation IM has a ~8% ownership stake in Nutanix.Twilio Inc. (TWLO): TWLO is a 1.45% of the portfolio stake established in Q3 2019 at prices between $107 and $150 and increased by ~260% last quarter at prices between $91 and $117. The stock currently trades at ~$193. This quarter saw a one-third selling at prices between ~$71 and ~$132.Trane Technologies plc (TT) previously Ingersoll-Rand plc: TT was a ~2% portfolio position first purchased in 2015 at prices between $51 and $71. The position had wavered. Recent activity follows: Last year saw a ~27% selling at prices between $93 and $135. This quarter saw another ~18% reduction at prices between ~$71 and ~$147. The stock is now at $95.54.Acuity Brands (AYI), Applied Materials (AMAT), Microsoft Corporation (MSFT), NVidia Corp (NVDA), SPDR Trust (SPY), Stericycle Inc. (SRCL), and Taiwan Semi (TSM): These small (less than ~1% of the portfolio each) positions were reduced this quarter.Note: Generation IM controls ~5% of AYI.Kept Steady:None.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management 13F stock portfolio as of Q1 2020:Regulatory filings thru 02/25/2020: 13G/As – 2/14 – XRAY – 16.22M shares – 7.3% of business, ST – 11.7M shares – 7.4% of business, NTNX – 14.53M shares – 8.3% of business, JLL – 4.78M shares – 9.3% of business, HSIC – 10.3M shares – 7% of business, COO – 1.53M shares – 3.1% of business, AY – 1.94M shares – 4.9% of business."

"Tracking Al Gore's Generation Investment Management Portfolio – Q4 2019 Update"

"Generation Investment Management’s 13F portfolio value increased 7.5% from $14.54B to $15.64B this quarter.They added Baxter International and increased Twilio while decreasing Analog Devices and Deere.The top three positions are Alphabet, Charles Schwab, and Cognizant Technology and they add up to ~24% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 02/14/2020. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q3 2019.This quarter, Al Gore’s 13F portfolio value increased 7.5% from $14.54B to $15.64B. The number of positions increased from 36 to 39. The top five stakes are Alphabet, Charles Schwab, Cognizant Technology, Dentsply Sirona, and Jones Lang LaSalle. They account for ~35% of the total 13F portfolio value. Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:Baxter International (BAX): BAX is a medium-sized 3.65% of the portfolio stake established this quarter at prices between $76.50 and $88.50 and the stock currently trades at $87.65.Illumina Inc. (ILMN): ILMN is a small 1.24% of the portfolio position purchased this quarter at prices between $288 and $336 and the stock is now below that range at $276.Penumbra Inc. (PEN) and CBRE Group (CBRE): These are minutely small (less than 0.5% of the portfolio each) stakes established this quarter.Stake Disposals:Allegion Pub (ALLE): The ALLE stake saw a ~350% increase in Q2 2018 at prices between $75 and $87 and that was followed with a ~20% increase next quarter at prices between $77 and $91. Q1 2019 saw an about turn: ~22% selling at prices between $81 and $94. That was followed with a ~60% selling over the last two quarters at prices between $92 and $112. The disposal this quarter was at prices between $100 and $126. The stock is currently at $123.Stake Increases:Charles Schwab (SCHW): SCHW is a large (top three) ~9% portfolio position. The stake is from Q4 2016 at prices between $31 and $40.50. Q2 2017 saw a two-thirds increase at prices between $37.50 and $43 and that was followed with a ~40% increase in the following quarter at around the same price range. Last five quarters have also seen a ~160% stake increase at prices between $35.50 and $51.50. The stock is now near the low end of those ranges at $34.80. For investors attempting to follow, SCHW is a good option to consider for further research.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Cognizant Technology (CTSH) and Nutanix (NTNX): These two positions established in Q2 2019 were increased over the last two quarters. The large (top three) 5.93% of the portfolio CTSH stake was purchased at prices between $57 and $75. There was a ~42% stake increase over the last two quarters at prices between $58.75 and $66.50. The stock currently trades near the low end of those ranges at $59.93. For investors attempting to follow, CTSH is a good option to consider for further research. NTNX is a medium-sized 2.90% position established at prices between $24.50 and $43.50 and it is now below that range at $21.64. Last two quarters saw marginal increases. Generation IM has a ~8.3% ownership stake in Nutanix.Jones Lang LaSalle Inc. (JLL): JLL is a 5.32% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake thru consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in 2016: ~500% increase at prices between $91 and $141. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. Since then, the activity has been minor. The stock currently trades at ~$149.Note: Generation IM has a 9.3% ownership stake in Jones Lang LaSalle.Henry Schein (HSIC): HSIC became the largest position in Q4 2017 as it saw a ~550% increase at prices between $50.50 and $68.50. There was another ~22% increase next quarter at prices between $47 and $63.50. The five quarters thru Q3 2019 saw selling: a combined ~30% reduction at prices between $58 and $71. The stock is now at $59.25 and the stake at 4.40% of the portfolio. Generation IM has a ~7% ownership stake in Henry Schein. This quarter saw a ~3% stake increase.Note: The prices quoted above are adjusted for the spinoff of Covetrus Inc. last January. Also, HSIC split 2-for-1 in September 2017.Sensata Technologies (ST): The bulk of the ~4% ST position was purchased in Q2 2016 at prices between $33.50 and $39 and doubled over the next two years at higher prices. The stock currently goes for $38.37. Q4 2018 saw a ~28% increase at prices between $41 and $49.50. Last four quarters have seen only minor adjustments.Note: Generation IM has a ~7.4% ownership stake in Sensata Technologies NV.Aptiv plc (APTV) previously Delphi Automotive: APTV is a 3.59% position. It was first purchased in Q4 2016 at prices between $46 and $55. The stake has wavered. Recent activity follows: Q1 2019 saw a ~40% stake increase at prices between $60.50 and $82.50 and that was followed with another one-third increase next quarter at prices between $64 and $91. The stock currently trades at ~$78.50. Last two quarters have seen minor increases.Note: The prices quoted above are adjusted for the Delphi Technologies spinoff in November 2017.Cooper Companies (COO): The bulk of the ~3% position in COO was purchased in Q4 2016 at prices between $159 and $183. The original stake was doubled in Q1 2018 at prices between $218 and $251 and that was followed with a ~37% increase next quarter at prices between $218 and $237. The stock currently trades well above those ranges at ~$325. Last three quarters had seen a ~53% selling at prices between $246 and $342. Generation IM is harvesting gains. There was a marginal increase this quarter.Note: Generation IM has a 3.1% ownership stake in Cooper Companies.TE Connectivity (TEL): TEL is a medium-sized 3.30% position purchased in Q4 2018 at prices between $71 and $87 and the stock currently trades at $81.37. Last three quarters had seen only minor adjustments. This quarter saw a ~18% stake increase at prices between $85.50 and $96.Mercadolibre (MELI): The 2.55% MELI stake was established in Q2 2018 at prices between $285 and $356 and it now goes for ~$628. Last four quarters had seen a ~42% selling at prices between $285 and $690. Generation IM is harvesting gains. This quarter saw a marginal increase.Note: MELI had a previous round-trip: it was a very small 0.51% stake established in Q4 2017 at prices between $222 and $329 and disposed next quarter at prices between $315 and $414.Salesforce.com (CRM): The original CRM stake was established in 2016 at prices between $60 and $84. Last quarter saw a stake doubling at prices between $140 and $160. The stock currently trades at ~$170 and the stake is at 2.29% of the portfolio. There was a marginal increase this quarter.Equifax Inc. (EFX): The ~2% EFX stake was purchased in Q1 2019 at prices between $91 and $115 and the stock currently trades well above that range at $158. Q2 2019 saw a ~27% stake increase at prices between $116 and $136 while last quarter there was similar selling at prices between $135 and $147. This quarter saw a ~7% stake increase.Twilio Inc. (TWLO) and Huazhu Group (HTHT): These two positions established last quarter saw increases this quarter. TWLO is a 2.11% of the portfolio stake established at prices between $107 and $150 and increased by ~260% this quarter at prices between $91 and $117. The stock currently trades at ~$106. For investors attempting to follow, TWLO is a good option to consider for further research. The minutely small 0.32% HTHT position was purchased at prices between $30 and $38.50 and increased by ~50% this quarter at prices between $32 and $38.50. It is now at ~$34.90.Cerner Corporation (CERN): CERN is a 2.11% of the portfolio position. The stake was established in 2015 and doubled in Q1 2016 at prices between $52 and $60. Q4 2016 also saw another ~50% stake increase at prices between $47 and $62. There was a ~37% selling in Q4 2017 at prices between $64.50 and $73.50 and that was followed with a one-third reduction next quarter at prices between $56.50 and $73. Last four quarters had also seen a ~60% selling at prices between $49 and $76. This quarter saw an about turn: ~50% stake increase at prices between $65 and $73.50. The stock currently trades at ~$72.50.Credicorp Ltd. (BAP): BAP is a ~2% of the portfolio position established in Q2 2017 at prices between $152 and $183 and increased by ~22% in the following quarter at prices between $179 and $213. The four quarters thru Q3 2018 had seen a combined ~44% increase at prices between $192 and $236. The stock is now at ~$192. Q1 2019 saw a ~18% selling at prices between $222 and $251. Last three quarters have seen only minor adjustments.Becton Dickinson (BDX), Microchip Technology (MCHP), SPDR Trust (SPY), Stericycle Inc. (SRCL), and Waters Corp. (WAT): These very small (less than ~1.5% of the portfolio each) stakes were increased during the quarter.Stake Decreases:Alphabet Inc. (GOOG): GOOG is currently the largest position at ~9% of the portfolio. The bulk of the stake was established in the three quarters thru Q1 2019 at prices between $975 and $1268. Last two quarters had also seen a ~45% stake increase at prices between $1110 and $1250. The stock currently trades at $1319. This quarter saw a ~7% trimming.Dentsply Sirona (XRAY): XRAY is a large (top three) ~6% portfolio stake built in 2014 at prices between $44 and $56. The position has wavered. Recent activity follows: Q1 2018 saw a ~18% stake increase and that was followed with a ~65% increase next quarter at prices between $42 and $51. Q3 2018 saw another ~25% increase at prices between $37.50 and $48.50. The stock currently trades at $45.32. Q2 2019 saw a ~20% selling at prices between $49 and $59 and that was followed with minor trimming over the last two quarters.Note: Generation IM has a ~7.3% ownership stake in Dentsply Sirona.Thermo Fisher Scientific (TMO): TMO is a fairly large 4.30% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. There was a one-third selling over the last four quarters at prices between $221 and $327. The stock currently goes for ~$313.Texas Instruments (TXN): The vast majority of the ~4% TXN stake was purchased in Q4 2018 at prices between $88 and $109. The stock currently trades at $115. Last two quarters have seen a combined ~15% trimming.Microsoft Corporation (MSFT): MSFT is a 2.76% portfolio position. The stake was first purchased in 2014 and more than doubled the following year at prices between $36 and $56. The position saw a ~50% selling in Q2 2017 at prices between $65 and $72.50 and that was followed with a ~25% reduction in Q4 2017 at prices between $74 and $87. The stock is now at ~$166. Q4 2018 saw a one-third reduction at prices between $94 and $116. This quarter saw another ~25% selling at prices between $135 and $159. Generation IM is harvesting gains.Trane Technologies plc (TT) previously Ingersoll-Rand plc (IR): TT is a ~2% portfolio position first purchased in 2015 at prices between $51 and $71. The position has wavered. Recent activity follows: there was a ~17% increase in Q2 2018 at prices between $80 and $93 while Q4 2018 saw similar selling at prices between $86 and $106. The stock is now at ~$112. Last year saw a ~27% selling at prices between $93 and $135.Note: Trane Technologies shareholders received approximately 0.88861 shares of the new Ingersoll-Rand (IR) for each share held in a transaction with Gardner Denver that closed earlier this month.Analog Devices (ADI): ADI position is now at 2.10% of the portfolio. It was established in Q2 2018 at prices between $87 and $102 and doubled next quarter at prices between $91 and $100. Q4 2018 saw another ~25% stake increase at prices between $78 and $94. The stock currently trades at ~$109. There was a ~50% selling in Q2 2019 at prices between $96 and $117 and that was followed with a similar reduction over the last two quarters at prices between $104 and $125.Acuity Brands (AYI): AYI is a 1.71% of the portfolio stake purchased in Q1 2017 at prices between $199 and $240 and increased by ~85% the following quarter at prices between $163 and $204. The stock is currently well below those ranges at ~$101. There was a ~22% selling last quarter at prices between $120 and $140 and that was followed with a ~25% selling this quarter at prices between $115 and $138.Note: Generation IM controls ~5% of AYI.Applied Materials (AMAT): The small 1.65% AMAT stake was purchased in Q2 2019 at prices between $38.50 and $45.50 and it currently goes for ~$59. Last quarter saw a marginal increase while this quarter there was a ~8% trimming.Automatic Data Processing (ADP): ADP is a 1.55% portfolio stake purchased in Q4 2017 at prices between $109 and $119 and increased by ~160% next quarter at prices between $108 and $124. The next two quarters had also seen a ~16% increase at prices between $114 and $151. Last four quarters saw a ~50% selling at prices between $122 and $173. That was followed with another one-third selling this quarter at prices between $156 and $172. The stock is now at $161.Deere & Co. (DE): DE was a large top five 5% portfolio stake as of last quarter. The position was from 2015 at prices between $75 and $97. There was a two-thirds reduction over the first three quarters of 2017 at prices between $103 and $132. Q1 2018 saw another ~41% selling at prices between $148 and $172. The position was rebuilt over the next three quarters at prices between $131 and $162. Last quarter saw a ~11% trimming and that was followed with a ~85% reduction this quarter at prices between $163 and $180. The stock is now at ~$159.NVidia Corp (NVDA): A 1.40% NVDA stake was established in Q4 2018 at prices between $127 and $289. Last quarter saw the position reduced by ~90% to a minutely small stake at prices between $149 and $185. The stock currently trades at $273. This quarter saw the position almost sold out at prices between $173 and $239.Amazon.com (AMZN) and Taiwan Semi (TSM): These two very small (less than ~0.5% of the portfolio each) positions were reduced this quarter.Kept Steady:None.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management 13F stock portfolio as of Q4 2019:"

"Tracking Al Gore's Generation Investment Management Portfolio – Q3 2019 Update"

"Generation Investment Management’s 13F portfolio value increased marginally from $14.51B to $14.54B this quarter.They increased Alphabet, Charles Schwab, Cognizant, and Salesforce.com while decreasing Nvidia.The top three positions are Alphabet, Charles Schwab, and Dentsply Sirona and they add up to ~24% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 11/18/2019. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q2 2019.This quarter, Al Gore’s 13F portfolio value increased marginally from $14.51B to $14.54B. The number of positions increased from 34 to 36. The top five stakes are Alphabet, Charles Schwab, Dentsply Sirona, Cognizant Technology, and Deere & Co. They account for ~34% of the total 13F portfolio value. Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:Twilio Inc. (TWLO) and Huazhu Group (HTHT): These are the two new positions this quarter. TWLO is a small 0.70% of the portfolio stake established at prices between $107 and $150 and the stock currently trades below that range at $96.23. For investors attempting to follow, TWLO is a good option to consider for further research. The minutely small 0.19% HTHT position was purchased at prices between $30 and $38.50 and it is now at ~$34.Stake Disposals:None.Stake Increases:Alphabet Inc. (GOOG): The bulk of the 9.58% GOOG position was established in the three quarters thru Q1 2019 at prices between $975 and $1268. Last two quarters have also seen a ~45% stake increase at prices between $1110 and $1250. The stock currently trades at $1345.Charles Schwab (SCHW): SCHW is a large (top three) 7.79% portfolio position. The stake is from Q4 2016 at prices between $31 and $40.50. Q2 2017 saw a two-thirds increase at prices between $37.50 and $43 and that was followed with a ~40% increase in the following quarter at around the same price range. Last four quarters have also seen a ~130% stake increase at prices between $36 and $59.50. The stock is now at $49.60. For investors attempting to follow, SCHW is a good option to consider for further research.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Cognizant Technology (CTSH), Nutanix (NTNX), and Applied Materials (AMAT): These three positions established last quarter saw increases this quarter. The large (top five) 5.41% of the portfolio CTSH stake was purchased at prices between $57 and $75. There was a ~25% stake increase this quarter at prices between $58.75 and $66.50. The stock currently trades at $60.68. For investors attempting to follow, CTSH is a good option to consider for further research. NTNX is a medium-sized 2.61% position established at prices between $24.50 and $43.50 and it is now at $31.91. This quarter saw a marginal increase. The small 1.58% AMAT stake was purchased at prices between $38.50 and $45.50 and it currently goes for $59.04. This quarter saw a marginal increase.Jones Lang LaSalle Inc. (JLL): JLL is a 4.57% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake thru consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in 2016: ~500% increase at prices between $91 and $141. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. The stock currently trades at ~$169. Last two years have seen only minor adjustments. This quarter saw a ~12% stake increase.Note: Generation IM has a ~10% ownership stake in Jones Lang LaSalle.Sensata Technologies (ST): The bulk of the ~4% ST position was purchased in Q2 2016 at prices between $33.50 and $39 and doubled over the next two years at higher prices. The stock currently goes for $52.05. Q4 2018 saw a ~28% increase at prices between $41 and $49.50. Last three quarters have seen only minor adjustments.Note: Generation IM has a ~8% ownership stake in Sensata Technologies NV.Microsoft Corporation (MSFT): MSFT is a 3.49% portfolio position. The stake was first purchased in 2014 and more than doubled the following year at prices between $36 and $56. The position saw a ~50% selling in Q2 2017 at prices between $65 and $72.50 and that was followed with a ~25% reduction in Q4 2017 at prices between $74 and $87. The stock is now at ~$152. Q4 2018 saw a one-third reduction at prices between $94 and $116 and that was followed with a ~8% trimming next quarter. Last two quarters have seen only minor adjustments.Aptiv plc (APTV) previously Delphi Automotive: APTV is a 3.41% position. It was first purchased in Q4 2016 at prices between $46 and $55. The position has wavered. Recent activity follow: Q1 2019 saw a ~40% stake increase at prices between $60.50 and $82.50 and that was followed with another one-third increase last quarter at prices between $64 and $91. The stock currently trades at ~$93. There was a marginal increase this quarter.Note: The prices quoted above are adjusted for the Delphi Technologies spinoff in November 2017.TE Connectivity (TEL): TEL is a medium-sized ~3% position purchased in Q4 2018 at prices between $71 and $87 and the stock currently trades at ~$93. Last three quarters have seen only minor adjustments.Ingersoll-Rand plc (IR): IR is a 2.41% portfolio position first purchased in 2015 at prices between $51 and $71. The position has wavered. Recent activity follow: there was a ~17% increase in Q2 2018 at prices between $80 and $93 while Q4 2018 saw similar selling at prices between $86 and $106. The stock is now at ~$133. Last two quarters had seen a combined ~17% selling at prices between $90 and $128. This quarter saw minor trimming.Credicorp Ltd. (BAP): BAP is a ~2% of the portfolio position established in Q2 2017 at prices between $152 and $183 and increased by ~22% in the following quarter at prices between $179 and $213. The four quarters thru Q3 2018 had seen a combined ~44% increase at prices between $192 and $236. The stock is now at ~$205. Q1 2019 saw a ~18% selling at prices between $222 and $251. Last two quarters have seen only minor adjustments.Salesforce.com (CRM): The original CRM stake was established in 2016 at prices between $60 and $84. This quarter saw a stake doubling to a 2.25% of the portfolio stake at prices between $140 and $160. The stock currently trades at $156.Becton Dickinson (BDX), Microchip Technology (MCHP), SPDR Trust (SPY), and Stericycle Inc. (SRCL): These very small (less than ~1% of the portfolio each) stakes were increased during the quarter.Stake Decreases:Dentsply Sirona (XRAY): XRAY is a large (top three) ~6% portfolio stake built in 2014 at prices between $44 and $56. The position has wavered. Recent activity follow: Q1 2018 saw a ~18% stake increase and that was followed with a ~65% increase next quarter at prices between $42 and $51. Q3 2018 saw another ~25% increase at prices between $37.50 and $48.50. The stock currently trades at $56.78. Last quarter saw a ~20% selling at prices between $49 and $59 and that was followed with a ~2% trimming this quarter.Note: Generation IM has a ~8% ownership stake in Dentsply Sirona.Deere & Co. (DE): DE is a large (top five) ~5% portfolio stake. The position is from 2015 at prices between $75 and $97. There was a two-thirds reduction over the first three quarters of 2017 at prices between $103 and $132. Q1 2018 saw another ~41% selling at prices between $148 and $172. The position was rebuilt over the next three quarters at prices between $131 and $162. The stock is now at ~$170. This quarter saw a ~11% trimming.Texas Instruments (TXN): The vast majority of the 4.87% TXN stake was purchased in Q4 2018 at prices between $88 and $109. The stock currently trades well above that range at $124. Last three quarters have seen only minor adjustments.Henry Schein (HSIC): HSIC became the largest position in Q4 2017 as it saw a ~550% increase at prices between $50.50 and $68.50. There was another ~22% increase next quarter at prices between $47 and $63.50. Last five quarters have seen selling: a combined ~30% reduction at prices between $58 and $71. The stock is now at $69.10 and the stake at 4.36% of the portfolio. Generation IM has a ~7% ownership stake in Henry Schein.Note: The prices quoted above are adjusted for the spinoff of Covetrus Inc. in January. Also, HSIC split 2-for-1 last September.Thermo Fisher Scientific (TMO): TMO is a fairly large 4.29% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. There was a combined ~30% selling over the last three quarters at prices between $212 and $305. The stock currently goes for ~$318.Analog Devices (ADI): ADI position is now at 3.59% of the portfolio. It was established in Q2 2018 at prices between $87 and $102 and doubled next quarter at prices between $91 and $100. Q4 2018 saw another ~25% stake increase at prices between $78 and $94. The stock currently trades above those ranges at ~$116. There was a ~50% selling last quarter at prices between $96 and $117. This quarter also saw a ~7% trimming.Cooper Companies (COO): The bulk of the ~3% position in COO was purchased in Q4 2016 at prices between $159 and $183. The original stake was doubled in Q1 2018 at prices between $218 and $251 and that was followed with a ~37% increase next quarter at prices between $218 and $237. The stock currently trades well above those ranges at ~$307. Last three quarters have seen a ~53% selling at prices between $246 and $342. Generation IM is harvesting gains.Mercadolibre (MELI): The 2.64% MELI stake was established in Q2 2018 at prices between $285 and $356 and it now goes for ~$580. Last four quarters have seen a ~42% selling at prices between $285 and $690. Generation IM is harvesting gains.Note: MELI had a previous round-trip: it was a very small 0.51% stake established in Q4 2017 at prices between $222 and $329 and disposed next quarter at prices between $315 and $414.Acuity Brands (AYI): AYI is a 2.43% of the portfolio stake purchased in Q1 2017 at prices between $199 and $240 and increased by ~85% the following quarter at prices between $163 and $204. The stock is currently well below those ranges at ~$132. There was a ~22% selling this quarter at prices between $120 and $140.Note: Generation IM controls ~6% of AYI.Automatic Data Processing (ADP): ADP is a 2.42% portfolio stake purchased in Q4 2017 at prices between $109 and $119 and increased by ~160% next quarter at prices between $108 and $124. The next two quarters had also seen a ~16% increase at prices between $114 and $151. Last four quarters saw a ~50% selling at prices between $122 and $173. The stock is now at $167.Equifax Inc. (EFX): The ~2% EFX stake was purchased in Q1 2019 at prices between $91 and $115 and the stock currently trades well above that range at $136. Last quarter saw a ~27% stake increase at prices between $116 and $136.Cerner Corporation (CERN): CERN is a 1.42% of the portfolio position. The stake was established in 2015 and doubled in Q1 2016 at prices between $52 and $60. Q4 2016 also saw another ~50% stake increase at prices between $47 and $62. There was a ~37% selling in Q4 2017 at prices between $64.50 and $73.50 and that was followed with a one-third reduction next quarter at prices between $56.50 and $73. Last four quarters have also seen a ~60% selling at prices between $49 and $76. The stock currently trades at $71.50.Allegion Pub (ALLE): The ALLE stake saw a ~350% increase in Q2 2018 at prices between $75 and $87 and that was followed with a ~20% increase next quarter at prices between $77 and $91. Q1 2019 saw an about turn: ~22% selling at prices between $81 and $94. That was followed with a ~60% selling over the last two quarters at prices between $92 and $112. The stock is currently at $126 and the stake is now small at ~1%.NVidia Corp (NVDA): A 1.40% NVDA stake was established in Q4 2018 at prices between $127 and $289. This quarter saw the position reduced by ~90% to a minutely small 0.16% stake at prices between $149 and $185. The stock currently trades at $217.Amazon.com (AMZN), Taiwan Semi (TSM), and Waters Corp. (WAT): These small (less than ~1.5% of the portfolio each) positions were reduced this quarter.Kept Steady:None.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management 13F stock portfolio as of Q3 2019:"

"Tracking Al Gore's Generation Investment Management Portfolio – Q2 2019 Update"

"Generation Investment Management’s 13F portfolio value increased ~6% from $13.68B to $14.51B this quarter.They added Cognizant and increased Alphabet while reducing Analog Devices.The top three positions are Alphabet, Dentsply Sirona, and Charles Schwab, and they add up to ~19% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 08/14/2019. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q1 2019.This quarter, Al Gore’s 13F portfolio value increased ~6% from $13.68B to $14.51B. The number of positions increased from 33 to 34. The top five stakes are Alphabet, Dentsply Sirona, Charles Schwab, Deere & Co., and Henry Schein. They account for ~30% of the total 13F portfolio value. Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:Cognizant Technology (CTSH), Nutanix (NTNX), and Applied Materials (AMAT): These are the new positions this quarter. The fairly large 4.57% of the portfolio CTSH stake was purchased at prices between $57 and $75 and the stock currently trades near the low end of that range at $61.48. NTNX is a medium-sized 2.58% position established at prices between $24.50 and $43.50 and it is now below that at $22.88. The small 1.41% AMAT stake was purchased at prices between $38.50 and $45.50 and it currently goes for $47.61.Stake Disposals:Covetrus Inc. (CVET): The 0.89% CVET stake came about as a result of its spinoff from Henry Schein in January. Terms called for Henry Schein shareholders to receive CVET shares in the ratio 1:0.4. Generation IM had a ~11M share position in Henry Schein for which they received ~4.4M shares. They sold ~15% of the position last quarter at prices between $31.50 and $46. The remaining stake was disposed this quarter at prices between $23 and $33. The stock is now at $13.46.Colgate-Palmolive (CL): The very small 0.67% CL position was disposed during the quarter.Stake Increases:Alphabet Inc. (GOOG): The 6.84% GOOG position saw a stake doubling in Q4 2018 at prices between $975 and $1203 and that was followed with a ~75% increase last quarter at prices between $1016 and $1232. Q3 2018 had also seen a two-thirds increase at prices between $1102 and $1268. The stock currently trades at $1168. For investors attempting to follow, GOOG is a good option to consider for further research. This quarter also saw a ~15% stake increase.Texas Instruments (TXN): The vast majority of the 4.58% TXN stake was purchased in Q4 2018 at prices between $88 and $109. The stock currently trades well above that range at $122. Last two quarters saw marginal increases.Aptiv plc (APTV) previously Delphi Automotive: APTV is a 3.15% position. It was first purchased in Q4 2016 at prices between $46 and $55. The position has wavered. Recent activity follow: last quarter saw a ~40% stake increase at prices between $60.50 and $82.50 and that was followed with another one-third increase this quarter at prices between $64 and $91. The stock currently trades at $81.56.Note: The prices quoted above are adjusted for the Delphi Technologies spinoff in November 2017.Equifax Inc. (EFX): The ~3% EFX stake was purchased last quarter at prices between $91 and $115 and the stock currently trades well above that range at $146. This quarter saw a ~27% stake increase at prices between $116 and $136.Microchip Technology (MCHP): The minutely small 0.25% of the portfolio stake in MCHP saw a ~9% stake increase this quarter.Stake Decreases:Dentsply Sirona (XRAY): XRAY is a large (top three) 6.79% portfolio stake built in 2014 at prices between $44 and $56. The position has wavered. Recent activity follow: Q1 2018 saw a ~18% stake increase and that was followed with a ~65% increase next quarter at prices between $42 and $51. Q3 2018 saw another ~25% increase at prices between $37.50 and $48.50. The stock currently trades at $51.73. This quarter saw a ~20% selling at prices between $49 and $59.Note: Generation IM has a ~8% ownership stake in Dentsply Sirona.Charles Schwab (SCHW): SCHW is a large (top three) 5.79% portfolio position. The stake is from Q4 2016 at prices between $31 and $40.50. Q2 2017 saw a two-thirds increase at prices between $37.50 and $43 and that was followed with a ~40% increase in the following quarter at around the same price range. Q4 2018 saw a ~22% stake increase at prices between $38 and $52 and that was followed with a ~50% stake increase last quarter at prices between $40.50 and $48. The stock is now at $37.96. For investors attempting to follow, SCHW is a good option to consider for further research. There was marginal trimming this quarter.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Deere & Co. (DE): DE is a large (top five) 5.44% portfolio stake. The position is from 2015 at prices between $75 and $97. There was a two-thirds reduction over the first three quarters of 2017 at prices between $103 and $132. Q1 2018 saw another ~41% selling at prices between $148 and $172. The position was rebuilt over the next three quarters at prices between $131 and $162. The stock is now at ~$151. Last two quarters have seen only minor adjustments.Henry Schein (HSIC): HSIC became the largest position in Q4 2017 as it saw a ~550% increase at prices between $50.50 and $68.50. There was another ~22% increase next quarter at prices between $47 and $63.50. Last four quarters have seen selling: a combined ~25% reduction at prices between $57 and $71. The stock is now at $61.56 and the stake at ~5% of the portfolio. Generation IM has a ~7.5% ownership stake in Henry Schein.Note: The prices quoted above are adjusted for the spinoff of Covetrus Inc. in January. Also, HSIC split 2-for-1 last September.Thermo Fisher Scientific (TMO): TMO is a fairly large 4.59% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. The next six quarters saw only minor activity. Last quarter saw a ~16% selling at prices between $212 and $276 and that was followed with a ~11% trimming this quarter. The stock currently goes for ~$284.Cooper Companies (COO): The bulk of the fairly large 4.37% position in COO was purchased in Q4 2016 at prices between $159 and $183. The original stake was doubled in Q1 2018 at prices between $218 and $251 and that was followed with a ~37% increase next quarter at prices between $218 and $237. The stock currently trades well above those ranges at ~$300. Last two quarters have seen a ~43% selling at prices between $246 and $340. Generation IM is harvesting gains.Note: Generation IM has a ~3.5% ownership stake in Cooper Companies.Jones Lang LaSalle Inc. (JLL): JLL is a ~4% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake thru consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in 2016: ~500% increase at prices between $91 and $141. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. The stock currently trades at ~$132. Last seven quarters have seen only minor adjustments.Note: Generation IM has a ~9% ownership stake in Jones Lang LaSalle.Sensata Technologies (ST): The bulk of the ~4% ST position was purchased in Q2 2016 at prices between $33.50 and $39 and doubled over the next two years at higher prices. The stock currently goes for $45.41. Q4 2018 saw a ~28% increase at prices between $41 and $49.50. Last two quarters have seen only minor adjustments.Note: Generation IM has a ~8% ownership stake in Sensata Technologies NV.Analog Devices (ADI): ADI position is now at 3.89% of the portfolio. It was established in Q2 2018 at prices between $87 and $102 and doubled next quarter at prices between $91 and $100. Q4 2018 saw another ~25% stake increase at prices between $78 and $94. The stock currently trades above those ranges at ~$106. There was a ~50% selling this quarter at prices between $96 and $117.Mercadolibre (MELI): The 3.40% MELI stake was established in Q2 2018 at prices between $285 and $356 and it now goes for ~$581. Last three quarters have seen a one-third selling at prices between $258 and $641. Generation IM is harvesting gains.Note: MELI had a previous round-trip: it was a very small 0.51% stake established in Q4 2017 at prices between $222 and $329 and disposed next quarter at prices between $315 and $414.Microsoft Corporation (MSFT): MSFT is a 3.37% portfolio position. The stake was first purchased in 2014 and more than doubled the following year at prices between $36 and $56. The position saw a ~50% selling in Q2 2017 at prices between $65 and $72.50 and that was followed with a ~25% reduction in Q4 2017 at prices between $74 and $87. The stock is now at ~$136. Q4 2018 saw a one-third reduction at prices between $94 and $116 and that was followed with a ~8% trimming last quarter. There was marginal trimming this quarter.Acuity Brands (AYI): AYI is a 3.21% of the portfolio stake purchased in Q1 2017 at prices between $199 and $240 and increased by ~85% the following quarter at prices between $163 and $204. The stock is currently well below those ranges at ~$121. There was a ~12% increase in Q4 2017 at prices between $156 and $178. For investors attempting to follow Generation IM, AYI is a good option to consider for further research. Last three quarters have seen only minor changes.Note: Generation IM controls ~8% of AYI.NVidia Corp (NVDA) and TE Connectivity (TEL): These two new stakes were established in Q4 2018. TEL is a medium-sized ~3% position purchased at prices between $71 and $87 and the stock currently trades at $89.05. The 1.40% NVDA stake was established at prices between $127 and $289 and it is now at ~$164. Last two quarters saw only minor changes to these two positions.Automatic Data Processing (ADP): ADP is a ~3% portfolio stake purchased in Q4 2017 at prices between $109 and $119 and increased by ~160% next quarter at prices between $108 and $124. The next two quarters had also seen a ~16% increase at prices between $114 and $151. Last three quarters saw a ~40% selling at prices between $122 and $170. The stock is now at $167.Ingersoll-Rand plc (IR): IR is a 2.49% portfolio position first purchased in 2015 at prices between $51 and $71. The position has wavered. Recent activity follow: there was a ~17% increase in Q2 2018 at prices between $80 and $93 while Q4 2018 saw similar selling at prices between $86 and $106. The stock is now at ~$119. Last two quarters have seen a combined ~17% selling at prices between $90 and $128.Credicorp Ltd. (BAP): BAP is a ~2% of the portfolio position established in Q2 2017 at prices between $152 and $183 and increased by ~22% in the following quarter at prices between $179 and $213. The four quarters thru Q3 2018 had seen a combined ~44% increase at prices between $192 and $236. The stock is now at ~$205. Last quarter saw a ~18% selling at prices between $222 and $251. There was marginal trimming this quarter.Cerner Corporation (CERN): CERN is a 1.67% of the portfolio position. The stake was established in 2015 and doubled in Q1 2016 at prices between $52 and $60. Q4 2016 also saw another ~50% stake increase at prices between $47 and $62. There was a ~37% selling in Q4 2017 at prices between $64.50 and $73.50 and that was followed with a one-third reduction next quarter at prices between $56.50 and $73. The stock currently trades at $67.39. Last two quarters had also seen a ~60% selling at prices between $49 and $65. There was marginal trimming this quarter.Allegion Pub (ALLE): The ALLE stake saw a ~350% increase in Q2 2018 at prices between $75 and $87 and that was followed with a ~20% increase next quarter at prices between $77 and $91. Last quarter saw an about turn: ~22% selling at prices between $81 and $94. That was followed with a ~45% selling this quarter at prices between $92 and $112. The stock is currently at $95.33 and the stake is now small at ~1.5%.Stericycle Inc. (SRCL): SRCL is a very small 0.84% of the portfolio position established last quarter at prices between $37 and $52 and it now goes for $44.51. This quarter saw marginal trimming.Amazon.com (AMZN), Becton Dickinson (BDX), SPDR Trust (SPY), Salesforce.com (CRM), Taiwan Semi (TSM), and Waters Corp. (WAT): These small (less than ~1.5% of the portfolio each) positions were reduced this quarter.Kept Steady:None.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management 13F stock portfolio as of Q2 2019:Regulatory Filings thru 6/8/2019: 13G – 5/13 – NTNX – 8.6M shares – 5.8% of business."

"Tracking Al Gore's Generation Investment Management Portfolio – Q1 2019 Update"

"Generation Investment Management’s 13F portfolio value increased ~15% from $11.92B to $13.68B this quarter.They increased Alphabet and Charles Schwab while decreasing Cooper Companies and Cerner Corporation during the quarter.The top three positions are Analog Devices, Dentsply Sirona, and Alphabet Inc., and they add up to ~22% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 05/15/2019. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q4 2018.This quarter, Al Gore’s 13F portfolio value increased ~15% from $11.92B to $13.68B. The number of positions increased from 32 to 33. The top five stakes are Analog Devices, Dentsply Sirona, Alphabet, Charles Schwab, and Deere & Co. They account for ~34% of the total 13F portfolio value. Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:Equifax Inc. (EFX), Stericycle Inc. (SRCL), and Covetrus Inc. (CVET): These three are the new positions this quarter. The 2.22% EFX stake was purchased at prices between $91 and $115 and the stock currently trades well above that range at $130. SRCL is a ~1% of the portfolio position established at prices between $37 and $52 and it now goes for $45.37. The 0.89% CVET stake came about as a result of its spinoff from Henry Schein in January. Terms called for Henry Schein shareholders to receive CVET shares in the ratio 1:0.4. Generation IM had a ~11M share position in Henry Schein for which they received ~4.4M shares. They sold ~15% of the position since the spinoff at prices between $31.50 and $46. The stock is now at $25.80.Stake Disposals:Chipotle Mexican Grill (CMG) and DocuSign Inc. (DOCU): These two very small (less than ~0.70% of the portfolio each) stakes were disposed this quarter.Stake Increases:Alphabet Inc. (GOOG): The 6.78% GOOG position saw a stake doubling last quarter at prices between $975 and $1203 and that was followed with a ~75% increase this quarter at prices between $1016 and $1232. Q3 2018 had also seen a two-thirds increase at prices between $1102 and $1268. The stock currently trades at $1066. For investors attempting to follow, GOOG is a good option to consider for further research.Charles Schwab (SCHW): SCHW is a large (top five) 6.54% portfolio position. The stake is from Q4 2016 at prices between $31 and $40.50. Q2 2017 saw a two-thirds increase at prices between $37.50 and $43 and that was followed with a ~40% increase in the following quarter at around the same price range. The stock is now at $43. Last quarter saw a ~22% stake increase at prices between $38 and $52 and that was followed with a ~50% stake increase this quarter at prices between $40.50 and $48. For investors attempting to follow, SCHW is a good option to consider for further research.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Deere & Co. (DE): DE is a large (top five) 5.59% portfolio stake. The position is from 2015 at prices between $75 and $97. There was a two-thirds reduction over the first three quarters of 2017 at prices between $103 and $132. Q1 2018 saw another ~41% selling at prices between $148 and $172. The position was rebuilt over the last three quarters at prices between $131 and $162. The stock is now at ~$149. This quarter saw a marginal increase.Jones Lang LaSalle Inc. (JLL): JLL is a 4.82% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake thru consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in 2016: ~500% increase at prices between $91 and $141. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. The stock currently trades at ~$132. Last six quarters have seen only minor adjustments.Note: Generation IM has a ~9% ownership stake in Jones Lang LaSalle.Texas Instruments (TXN): The vast majority of the 4.48% TXN stake was purchased last quarter at prices between $88 and $109. The stock currently trades at $111. This quarter saw a marginal increase.Sensata Technologies (ST): The bulk of the 3.86% ST position was purchased in Q2 2016 at prices between $33.50 and $39 and doubled over the next two years at higher prices. The stock currently goes for $45.79. Last quarter saw a ~28% further increase at prices between $41 and $49.50 and that was followed with a marginal increase this quarter.Note: Generation IM has a ~8% ownership stake in Sensata Technologies NV.Acuity Brands (AYI): AYI is a ~3% of the portfolio stake purchased in Q1 2017 at prices between $199 and $240 and increased by ~85% the following quarter at prices between $163 and $204. The stock is currently well below those ranges at ~$131. There was a ~12% increase in Q4 2017 at prices between $156 and $178. For investors attempting to follow Generation IM, AYI is a good option to consider for further research. There was a ~9% trimming last quarter and that was followed with a marginal increase this quarter.Note: Generation IM controls ~8% of AYI.NVidia Corp (NVDA) and TE Connectivity (TEL): These two new stakes established last quarter were increased this quarter. TEL is a medium-sized 2.71% position established at prices between $71 and $87 and the stock currently trades at $90.91. This quarter saw a marginal increase. The 1.76% NVDA stake was purchased at prices between $127 and $289 and it is now at ~$146. There was a minor ~3% increase this quarter.Aptiv plc (APTV) previously Delphi Automotive: APTV is a 2.45% position. It was first purchased in Q4 2016 at prices between $46 and $55. The following quarter saw a ~28% selling at prices between $50 and $65 while Q2 2017 saw a ~60% increase at prices between $57 and $72. The stock currently trades at $73.40. Q1 2018 saw a ~12% stake increase while in Q3 2018 there was a ~25% selling at prices between $84 and $99. This quarter saw a ~40% stake increase at prices between $60.50 and $82.50.Note: The prices quoted above are adjusted for the Delphi Technologies spinoff in November 2017.Amazon.com (AMZN), Becton Dickinson (BDX), Microchip Technology (MCHP), and SPDR Trust (SPY): These small (less than ~1.5% of the portfolio each) positions were increased this quarter.Stake Decreases:Analog Devices (ADI): ADI is now the largest position at 7.78% of the portfolio. It was established in Q2 2018 at prices between $87 and $102 and doubled next quarter at prices between $91 and $100. Last quarter saw another ~25% stake increase at prices between $78 and $94. The stock currently trades above those ranges at ~$101. This quarter saw a ~5% trimming.Dentsply Sirona (XRAY): XRAY is a large (top three) 7.58% portfolio stake built in 2014 at prices between $44 and $56. The position has wavered. Recent activity follow: Q1 2018 saw a ~18% stake increase and that was followed with a ~65% increase next quarter at prices between $42 and $51. Q3 2018 saw another ~25% increase at prices between $37.50 and $48.50. The stock currently trades at $55.94. Last two quarters have seen only minor adjustments.Note: Generation IM has a ~10% ownership stake in Dentsply Sirona.Thermo Fisher Scientific (TMO): TMO is a large ~5% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. The stock currently goes for ~$282. Last six quarters had seen only minor activity. This quarter saw a ~16% selling at prices between $212 and $276.Cooper Companies (COO): The bulk of the fairly large ~5% position in COO was purchased in Q4 2016 at prices between $159 and $183. The original stake was doubled in Q1 2018 at prices between $218 and $251 and that was followed with a ~37% increase next quarter at prices between $218 and $237. The stock currently trades well above those ranges at $322. The stake was reduced by ~30% this quarter at prices between $246 and $297.Note: Generation IM has a ~4.5% ownership stake in Cooper Companies.Henry Schein (HSIC): HSIC became the largest position in Q4 2017 as it saw a ~550% increase at prices between $50.50 and $68.50. There was another ~22% increase next quarter at prices between $47 and $63.50. The stock is now at $69.76 and the stake is at 4.84% of the portfolio. Last three quarters have seen a combined ~22% reduction at prices between $58 and $71. Generation IM has a ~8% ownership stake in Henry Schein.Note: The prices quoted above are adjusted for the spinoff of Covetrus Inc. in January. Also, HSIC split 2-for-1 last September.Automatic Data Processing (ADP): ADP is a 3.53% portfolio stake purchased in Q4 2017 at prices between $109 and $119 and increased by ~160% next quarter at prices between $108 and $124. The stock currently trades well above those ranges at ~$167. The next two quarters had also seen a ~16% increase at prices between $114 and $151 while last quarter saw similar selling at prices between $122 and $152. There was another ~15% selling this quarter at prices between $126 and $160.Microsoft Corporation (MSFT): MSFT is a 3.31% portfolio position. The stake was first purchased in 2014 and more than doubled the following year at prices between $36 and $56. The position saw a ~50% selling in Q2 2017 at prices between $65 and $72.50 and that was followed with a ~25% reduction in Q4 2017 at prices between $74 and $87. The stock is now at $131. Last quarter saw a one-third reduction at prices between $94 and $116 and that was followed with a ~8% trimming this quarter.Mercadolibre (MELI): The 3.18% MELI stake was established in Q2 2018 at prices between $285 and $356 and it now goes for ~$605. Last two quarters have seen a ~27% selling at prices between $258 and $508.Note: MELI had a previous round-trip: it was a very small 0.51% stake established in Q4 2017 at prices between $222 and $329 and disposed next quarter at prices between $315 and $414.Ingersoll-Rand plc (IR): IR is a 2.60% portfolio position first purchased in 2015 at prices between $51 and $71. The stake saw a ~30% reduction in 2016 at prices between $50.50 and $78.50 and that was followed with another ~50% selling during Q1 to Q3 2017 at prices between $75 and $93. The stock is now at ~$125. There was a ~17% increase in Q2 2018 at prices between $80 and $93 while last quarter saw similar selling at prices between $86 and $106. There was a minor ~4% trimming this quarter.Allegion Pub (ALLE): The ALLE stake saw a ~350% increase in Q2 2018 at prices between $75 and $87 and that was followed with a ~20% increase last quarter at prices between $77 and $91. This quarter saw an about turn: ~22% selling at prices between $81 and $94. The stock is currently at ~$104 and the stake is at 2.36%.Credicorp Ltd. (BAP): BAP is a 2.24% of the portfolio position established in Q2 2017 at prices between $152 and $183 and increased by ~22% in the following quarter at prices between $179 and $213. The four quarters thru Q3 2018 had seen a combined ~44% increase at prices between $192 and $236. The stock is now at ~$229. This quarter saw a ~18% selling at prices between $222 and $251.Cerner Corporation (CERN): CERN is a 1.38% of the portfolio position. The stake was established in 2015 and doubled in Q1 2016 at prices between $52 and $60. Q4 2016 also saw another ~50% stake increase at prices between $47 and $62. There was a ~37% selling in Q4 2017 at prices between $64.50 and $73.50 and that was followed with a one-third reduction next quarter at prices between $56.50 and $73. The stock currently trades at $72.74. Last two quarters have also seen a ~60% selling at prices between $49 and $65.Colgate-Palmolive (CL), Salesforce.com (CRM), Taiwan Semi (TSM), and Waters Corp. (WAT): These small (less than ~1.5% of the portfolio each) positions were reduced this quarter.Kept Steady:None.Note: Regulatory filings since the quarter ended show them owning 8.6M shares (5.8% of business) of Nutanix Corporation (NTNX).Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management 13F stock portfolio as of Q1 2019:Regulatory Filings thru 3/7/2019: 13G/A – 2/14 – COO – 3.28M shares – 6.66%, ST – 11.6M shares – 7.08%, JLL – 4.25M shares – 9.32%, HSIC – 12.5M shares – 8.2%, AYI – 3.35M shares – 8.34%, XRAY – 21.7M shares -9.75%."

"Tracking Al Gore's Generation Investment Management Portfolio – Q4 2018 Update"

"Generation Investment Management’s 13F portfolio value decreased ~5% from $12.53B to $11.92B this quarter.They increased Texas Instruments, Alphabet, and Salesforce.com while dropping MasterCard and Nike during the quarter.The top three positions are Henry Schein, Analog Devices, and Cooper Companies, and they add up to ~23% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 02/14/2019. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q3 2018.This quarter, Al Gore’s 13F portfolio value decreased ~5% from $12.53B to $11.92B. The number of positions increased from 31 to 32. The top five stakes are Henry Schein, Analog Devices, Cooper Companies, Dentsply Sirona, and Deere & Co. They account for ~36% of the total 13F portfolio value. Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:TE Connectivity (TEL), NVidia Corp (NVDA), and DocuSign Inc. (DOCU): These are the new stakes this quarter. TEL is a medium-sized 2.88% position established at prices between $71 and $87 and the stock currently trades at $81.12. The 1.44% NVDA stake was purchased at prices between $127 and $289 and it is now at $149. DOCU is a minutely small 0.01% position.Stake Disposals:MasterCard Inc. (MA) and Nike Inc. (NKE): These small (less than ~1.5% of the portfolio each) positions were reduced last quarter and disposed this quarter.Stake Increases:Analog Devices (ADI): ADI is now a large (top three) 7.69% position. It was established in Q2 2018 at prices between $87 and $102 and doubled last quarter at prices between $91 and $100. This quarter saw another ~25% stake increase at prices between $78 and $94. The stock currently trades above those ranges at $106.Dentsply Sirona (XRAY): XRAY is a large (top five) ~7% portfolio stake built in 2014 at prices between $44 and $56. The position has wavered. Recent activity follow: Q1 2018 saw a ~18% stake increase and that was followed with a ~65% increase next quarter at prices between $42 and $51. Last quarter saw another ~25% increase at prices between $37.50 and $48.50. The stock currently trades at $48.22. For investors attempting to follow Generation IM, XRAY is a good option to consider for further research. There was a marginal increase this quarter.Note: Generation IM has a 9.75% ownership stake in Dentsply Sirona.Deere & Co. (DE): DE is a large (top five) ~6% portfolio stake. The position is from 2015 at prices between $75 and $97. There was a two-thirds reduction over the first three quarters of 2017 at prices between $103 and $132. Q1 2018 saw another ~41% selling at prices between $148 and $172. The position was rebuilt over the last three quarters at prices between $131 and $162. The stock is now at ~$158.Charles Schwab (SCHW): SCHW is a fairly large ~5% portfolio position. The stake is from Q4 2016 at prices between $31 and $40.50. Q2 2017 saw a two-thirds increase at prices between $37.50 and $43 and that was followed with a ~40% increase in the following quarter at around the same price range. The stock is now at $44.02. This quarter saw a ~22% stake increase at prices between $38 and $52.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Texas Instruments (TXN): The vast majority of the 4.51% TXN stake was purchased this quarter at prices between $88 and $109. The stock currently trades at $105.Sensata Technologies (ST): The bulk of the 4.37% ST position was purchased in Q2 2016 at prices between $33.50 and $39 and doubled over the next two years at higher prices. The stock currently goes for $48.91. This quarter saw a ~28% further increase at prices between $41 and $49.50.Note: Generation IM has a 7.8% ownership stake in Sensata Technologies NV.Alphabet Inc. (GOOG): The ~4% GOOG stake saw a stake doubling this quarter at prices between $975 and $1203. Last quarter had also seen a two-thirds increase at prices between $1102 and $1268. The stock currently trades at $1143.Allegion Pub (ALLE): The ALLE stake saw a ~350% increase in Q2 2018 at prices between $75 and $87 and that was followed with a ~20% increase this quarter at prices between $77 and $91. The stock is currently at ~$88 and the stake is at 3.05%.Credicorp Ltd. (BAP): BAP is a 2.88% of the portfolio position established in Q2 2017 at prices between $152 and $183 and increased by ~22% in the following quarter at prices between $179 and $213. Last four quarters had seen a combined ~44% increase at prices between $192 and $236. There was a marginal further increase this quarter. The stock is now at ~$236.Amazon.com (AMZN) and Salesforce.com (CRM): These small (less than ~1.5% of the portfolio each) positions were increased this quarter.Stake Decreases:Henry Schein (HSIC): HSIC became the largest position in Q4 2017 as it saw a ~550% increase at prices between $66.50 and $84.50. There was another ~22% increase next quarter at prices between $63 and $79.50. The stock is now well below those ranges at $57.40 and the stake is at 8.24% of the portfolio. For investors attempting to follow Generation IM, HSIC is a good option to consider for further research. Last two quarters saw minor trimming.Note: HSIC stock split 2-for-1 last September. Generation IM has a ~8.2% ownership stake in Henry Schein.Cooper Companies (COO): The bulk of the large (top three) ~7% position in COO was purchased in Q4 2016 at prices between $159 and $183. The original stake was doubled in Q1 2018 at prices between $218 and $251 and that was followed with a ~37% increase next quarter at prices between $218 and $237. The stock currently trades well above those ranges at $288. This quarter saw a marginal increase.Note: Generation IM has a 6.66% ownership stake in Cooper Companies.Thermo Fisher Scientific (TMO): TMO is a large 5.67% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. The stock currently goes for ~$251. Last six quarters have seen only minor activity.Jones Lang LaSalle Inc. (JLL): JLL is a 4.51% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake thru consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in 2016: ~500% increase at prices between $91 and $141. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. The stock currently trades at ~$159. Last five quarters have seen only minor adjustments.Note: Generation IM has a 9.32% ownership stake in Jones Lang LaSalle.Automatic Data Processing (ADP): ADP is a 3.92% portfolio stake purchased in Q4 2017 at prices between $109 and $119 and increased by ~160% next quarter at prices between $108 and $124. The stock currently trades well above those ranges at ~$150. Last two quarters had seen another ~16% increase at prices between $114 and $151 while this quarter saw similar selling at prices between $122 and $152.Microsoft Corporation (MSFT): MSFT is a 3.53% portfolio position. The stake was first purchased in 2014 and more than doubled the following year at prices between $36 and $56. The position saw a ~50% selling in Q2 2017 at prices between $65 and $72.50 and that was followed with a ~25% reduction in Q4 2017 at prices between $74 and $87. The stock is now at $110. Last three quarters had seen minor increases while this quarter saw a one-third reduction at prices between $94 and $116.Acuity Brands (AYI): AYI is a 3.23% of the portfolio stake purchased in Q1 2017 at prices between $199 and $240 and increased by ~85% the following quarter at prices between $163 and $204. The stock is currently well below those ranges at ~$132. There was a ~12% increase in Q4 2017 at prices between $156 and $178. For investors attempting to follow Generation IM, AYI is a good option to consider for further research. There was a ~9% trimming this quarter.Note: Generation IM controls 8.34% of AYI.Cerner Corporation (CERN): CERN is a 2.77% of the portfolio position. The stake was established in 2015 and doubled in Q1 2016 at prices between $52 and $60. Q4 2016 also saw another ~50% stake increase at prices between $47 and $62. There was a ~37% selling in Q4 2017 at prices between $64.50 and $73.50 and that was followed with a one-third reduction next quarter at prices between $56.50 and $73. The stock currently trades at $55.40. This quarter also saw a ~20% selling at prices between $49 and $65.Mercadolibre (MELI): The 2.69% MELI stake was established in Q2 2018 at prices between $285 and $356 and it now goes for ~$451. There was a ~10% selling this quarter.Note: MELI had a previous round-trip: it was a very small 0.51% stake established in Q4 2017 at prices between $222 and $329 and disposed next quarter at prices between $315 and $414.Ingersoll-Rand plc (IR): IR is a 2.63% portfolio position first purchased in 2015 at prices between $51 and $71. The stake saw a ~30% reduction in 2016 at prices between $50.50 and $78.50 and that was followed with another ~50% selling during Q1 to Q3 2017 at prices between $75 and $93. The stock is now at ~$104. There was a ~17% increase in Q2 2018 at prices between $80 and $93 while this quarter saw similar selling at prices between $86 and $106.Aptiv plc (APTV) previously Delphi Automotive: APTV is a small 1.55% position. It was first purchased in Q4 2016 at prices between $46 and $55. The following quarter saw a ~28% selling at prices between $50 and $65 while Q2 2017 saw a ~60% increase at prices between $57 and $72. The stock currently trades well above those ranges at ~$82. Q1 2018 saw a ~12% stake increase while last quarter there was a ~25% selling at prices between $84 and $99. There was marginal trimming this quarter.Note: The prices quoted above are adjusted for the Delphi Technologies spinoff in November 2017.Becton Dickinson (BDX), Chipotle Mexican Grill (CMG), Colgate-Palmolive (CL), Microchip Technology (MCHP), SPDR Trust (SPY), Taiwan Semi (TSM), and Waters Corp. (WAT): These small (less than ~1.5% of the portfolio each) positions were reduced this quarter.Kept Steady:None.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management 13F stock portfolio as of Q4 2018:"

"Tracking Al Gore's Generation Investment Management Portfolio – Q3 2018 Update"

"Generation Investment Management’s 13F portfolio value increased ~11% from $11.33B to $12.53B this quarter.They increased Analog Devices, Deere, and Dentsply Sirona during the quarter.The top three positions are Henry Schein, Cooper Companies, and Dentsply Sirona and they add up to ~23% of the entire portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 11/14/2018. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q2 2018.This quarter, Al Gore’s 13F portfolio value increased ~11% from $11.33B to $12.53B. The number of positions decreased from 33 to 31. The largest five stakes are Henry Schein, Cooper Companies, Dentsply Sirona, Analog Devices, and Thermo Fisher Scientific and they together account for just over one-third of the total portfolio value. Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:None.Stake Disposals:JD.com (JD): The original JD purchase in 2014 was in the low-20s. H1 2017 had seen a ~40% selling at prices between $25.50 and $43. There was an about turn in Q3 2017: ~73% increase at prices between $38 and $48 and that was followed with a ~52% increase next quarter at prices between $36.50 and $43. The pattern reversed last quarter: ~55% reduction at prices between $35 and $44 and the disposal this quarter was at prices between $24.50 and $39.50. The stock is currently at $19.27.Visa Inc. (V): Visa was a small 1.64% portfolio stake disposed this quarter. The position was established in Q3 2017 at prices between $94 and $106 and the elimination was at prices between $131 and $151. The stock is now at $133.Stake Increases:Cooper Companies (COO): The bulk of the large (top three) 7.28% position in COO was purchased in Q4 2016 at prices between $159 and $183. The original stake was doubled in Q1 2018 at prices between $218 and $251 and that was followed with a ~37% increase last quarter at prices between $218 and $237. The stock is now at $270. This quarter saw a marginal increase.Dentsply Sirona (XRAY): XRAY is a large (top three) 6.50% portfolio stake built in 2014 at prices between $44 and $56. The position has wavered. Recent activity follow: Q1 2018 saw a ~18% stake increase and that was followed with a ~65% increase last quarter at prices between $42 and $51. This quarter saw another ~25% increase at prices between $37.50 and $48.50. The stock currently trades just below the low end of those ranges at $36.51. For investors attempting to follow Generation IM, XRAY is a good option to consider for further research.Analog Devices (ADI) and Mercadolibre (MELI): These new positions established last quarter were increased this quarter. ADI is now a large (top five) 6.38% position. It was purchased at prices between $87 and $102 and doubled this quarter at prices between $91 and $100. The stock currently trades at $88.64. The 3.29% MELI stake was established at prices between $285 and $356 and it now goes for ~$310. There was a minor ~3% increase this quarter.Note: MELI had a previous round-trip: it was a very small 0.51% stake established in Q4 2017 at prices between $222 and $329 and disposed next quarter at prices between $315 and $414.Thermo Fisher Scientific (TMO): TMO is a large (top five) 5.88% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. The stock currently goes for ~$235. Last five quarters have seen only minor activity.Microsoft Corporation (MSFT): MSFT is a large 5.58% portfolio position. The stake was first purchased in 2014 and more than doubled the following year at prices between $36 and $56. The position saw a ~50% selling in Q2 2017 at prices between $65 and $72.50 and that was followed with a ~25% reduction in Q4 2017 at prices between $74 and $87. The stock is now at $103. Last three quarters have seen minor increases.Automatic Data Processing (ADP): ADP is a large 5.17% portfolio stake purchased in Q4 2017 at prices between $109 and $119 and increased by ~160% next quarter at prices between $108 and $124. The stock currently trades well above those ranges at ~$141. Last two quarters have seen another ~16% increase at prices between $114 and $151.Deere & Co. (DE): DE is a 5.07% portfolio stake. The position is from 2015 at prices between $75 and $97. There was a two-thirds reduction over the first three quarters of 2017 at prices between $103 and $132. Q1 2018 saw another ~41% selling at prices between $148 and $172. The position was rebuilt over the last two quarters at prices between $135 and $159. The stock is now at ~$143.Jones Lang LaSalle Inc. (JLL): JLL is a 4.90% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake thru consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in 2016: ~500% increase at prices between $91 and $141. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. The stock currently trades at ~$140. Last four quarters have seen only minor adjustments.Note: Generation IM has a ~9% ownership stake in Jones Lang LaSalle.Charles Schwab (SCHW): SCHW is a 4.54% portfolio position. The stake is from Q4 2016 at prices between $31 and $40.50. Q2 2017 saw a two-thirds increase at prices between $37.50 and $43 and that was followed with a ~40% increase in the following quarter at around the same price range. The stock is now at $44.08. Last three quarters have seen a combined ~16% increase.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Cerner Corporation (CERN): CERN is a ~4% of the portfolio position. The stake was established in 2015 and doubled in Q1 2016 at prices between $52 and $60. Q4 2016 also saw another ~50% stake increase at prices between $47 and $62. There was a ~37% selling in Q4 2017 at prices between $64.50 and $73.50 and that was followed with a one-third reduction next quarter at prices between $56.50 and $73. The stock currently trades at $56.91. Last two quarters have seen marginal buying.Sensata Technologies (ST): The bulk of the 3.59% ST position was purchased in Q2 2016 at prices between $33.50 and $39. Q2 2017 saw a two-thirds increase at prices between $39 and $43.50 and that was followed with ~12% increases each in the next two quarters. The stock currently goes for $46.43. Last three quarters have also seen minor increases.Note: Generation IM has a ~5% ownership stake in Sensata Technologies NV.Ingersoll-Rand plc (IR): IR is a 3.49% portfolio position first purchased in 2015 at prices between $51 and $71. The stake saw a ~30% reduction in 2016 at prices between $50.50 and $78.50 and that was followed with another ~50% selling during Q1 to Q3 2017 at prices between $75 and $93. The stock is now at ~$102. There was a ~17% increase last quarter at prices between $80 and $93. This quarter saw marginal buying.Allegion Pub (ALLE): The ALLE stake saw a ~350% increase last quarter at prices between $75 and $87 and that was followed with a ~20% increase this quarter at prices between $77 and $91. The stock is currently at $89.11 and the stake is at 3.29%.Credicorp Ltd. (BAP): BAP is a 2.76% of the portfolio position established in Q2 2017 at prices between $152 and $183 and increased by ~22% in the following quarter at prices between $179 and $213. It is now at ~$218. Last four quarters have seen a combined ~44% increase at prices between $192 and $236.Alphabet Inc. (GOOG): The ~2% GOOG stake saw a two-thirds increase this quarter at prices between $1102 and $1268. The stock currently trades at $1024.Colgate-Palmolive (CL), Microchip Technology (MCHP), Texas Instruments (TXN), and Waters Corp. (WAT): These are very small (less than ~1% of the portfolio each) positions increased this quarter.Stake Decreases:Henry Schein (HSIC): HSIC became the largest position in Q4 2017 as it saw a ~550% increase at prices between $66.50 and $84.50. There was another ~22% increase next quarter at prices between $63 and $79.50. The stock is now at $83.94 and the stake is at 9.20% of the portfolio. For investors attempting to follow Generation IM, HSIC is a good option to consider for further research. There was a ~5% increase last quarter while this quarter saw a ~4% trimming.Note: HSIC stock split 2-for-1 last September. Generation IM has a ~9% ownership stake in Henry Schein.Acuity Brands (AYI): AYI is a 4.63% of the portfolio stake purchased in Q1 2017 at prices between $199 and $240 and increased by ~85% the following quarter at prices between $163 and $204. The stock is currently below those ranges at ~$123. There was a ~12% increase in Q4 2017 at prices between $156 and $178. Last three quarters have seen only minor adjustments. For investors attempting to follow Generation IM, AYI is a good option to consider for further research.Note: Generation IM controls ~9% of AYI.Aptiv plc (APTV) previously Delphi Automotive: APTV is a ~2% position. It was first purchased in Q4 2016 at prices between $46 and $55. The following quarter saw a ~28% selling at prices between $50 and $65 while Q2 2017 saw a ~60% increase at prices between $57 and $72. The stock currently trades at ~$73. Q1 2018 saw a ~12% stake increase while this quarter saw a ~25% selling at prices between $84 and $99.Note: The prices quoted above are adjusted for the Delphi Technologies spinoff last November.Amazon.com (AMZN), Becton Dickinson (BDX), Chipotle Mexican Grill (CMG), MasterCard Inc. (MA), Nike Inc. (NKE), Salesforce.com (CRM), SPDR Trust (SPY), and Taiwan Semi (TSM): These small (less than ~1.5% of the portfolio each) positions saw reductions this quarter.Kept Steady:None.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management 13F stock portfolio as of Q3 2018:"

"Tracking Al Gore's Generation Investment Management Portfolio – Q2 2018 Update"

"Generation Investment Management’s 13F portfolio value increased ~11% from $10.26B to $11.33B this quarter.They increased Dentsply Sirona & Cooper Companies while reducing JD.com and dropping Infosys.The top three positions are Henry Schein, Dentsply Sirona, and Cooper Companies and they add up to ~23% of the entire portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 08/14/2018. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q1 2018.This quarter, Al Gore’s 13F portfolio value increased ~11% from $10.26B to $11.33B. The number of positions increased from 31 to 33. The largest five stakes are Henry Schein, Dentsply Sirona, Cooper Companies, Jones Lang LaSalle, and Thermo Fisher Scientific and they together account for about one-third of the total portfolio value.Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:Analog Devices (ADI) and Mercadolibre (MELI): These are medium-sized new positions established this quarter. ADI is a 3.52% position purchased at prices between $87 and $102 and the stock currently trades at $98.85. The 3.10% MELI stake was established at prices between $285 and $356 and it now goes for $342.Note: MELI had a previous round-trip: it was a very small 0.51% stake established in Q4 2017 at prices between $222 and $329 and disposed last quarter at prices between $315 and $414.Colgate-Palmolive (CL) and Microchip Technology (MCHP): These are very small (less than ~1% of the portfolio each) positions established this quarter.Stake Disposals:MuleSoft (MULE): MULE was a very small 1.55% of the portfolio established last quarter. In March, Salesforce.com agreed to buy MuleSoft in a cash-and-stock deal ($36 per share cash and 0.0711 shares of Salesforce.com for each share held) and that transaction closed in May.Infosys Ltd. (INFY): The 3.34% INFY position saw a ~145% increase in Q4 2017 at prices between $14.50 and $16.25. The disposal this quarter was at prices between $16.50 and $20. The stock is now at $20.77.Stake Increases:Henry Schein (HSIC): HSIC became the largest position in Q4 2017 as it saw a ~550% increase at prices between $66.50 and $84.50. There was another ~22% increase last quarter at prices between $63 and $79.50. The stock is now at $77.68 and the stake is at ~9% of the portfolio. For investors attempting to follow Generation IM, HSIC is a good option to consider for further research. There was a ~5% increase this quarter.Note: HSIC stock split 2-for-1 last September. Generation IM has a ~9% ownership stake in Henry Schein.Dentsply Sirona (XRAY): XRAY is a large (top three) 6.74% portfolio stake built in 2014 at prices between $44 and $56. The position has wavered. Recent activity follow: Last quarter saw a ~18% stake increase and that was followed with a ~65% increase this quarter at prices between $42 and $51. The stock currently trades below those ranges at $39.92. For investors attempting to follow Generation IM, XRAY is a good option to consider for further research.Cooper Companies (COO): The bulk of the large (top five) 6.71% position in COO was purchased in Q4 2016 at prices between $159 and $183. The original stake was doubled last quarter at prices between $218 and $251 and that was followed with a ~37% increase this quarter at prices between $218 and $237. The stock is now at $256.Thermo Fisher Scientific (TMO): TMO is a large (top five) 5.44% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. The stock currently goes for ~$239. Last four quarters have seen only minor activity.Microsoft Corporation (MSFT): MSFT is a large 5.32% portfolio position. The stake was first purchased in 2014 and more than doubled the following year at prices between $36 and $56. The position saw a ~50% selling in Q2 2017 at prices between $65 and $72.50 and that was followed with a ~25% reduction in Q4 2017 at prices between $74 and $87. The stock is now at $112. Last two quarters have seen minor increases.Automatic Data Processing (ADP): ADP is a ~5% portfolio stake purchased in Q4 2017 at prices between $109 and $119 and increased by ~160% last quarter at prices between $108 and $124. The stock currently trades well above those ranges at ~$147. This quarter also saw a ~15% increase.Charles Schwab (SCHW): SCHW is a 4.71% portfolio position. The stake is from Q4 2016 at prices between $31 and $40.50. Q2 2017 saw a two-thirds increase at prices between $37.50 and $43 and that was followed with a ~40% increase in the following quarter at around the same price range. The stock is now at $50.79. Last two quarters have seen minor increases.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Cerner Corporation (CERN): CERN is a ~4% of the portfolio position. The stake was established in 2015 and doubled in Q1 2016 at prices between $52 and $60. Q4 2016 also saw another ~50% stake increase at prices between $47 and $62. There was a ~37% selling in Q4 2017 at prices between $64.50 and $73.50 and that was followed with a one-third reduction last quarter at prices between $56.50 and $73. The stock currently trades at $65.11. This quarter saw a ~2% increase.Acuity Brands (AYI): AYI is a ~4% of the portfolio stake purchased in Q1 2017 at prices between $199 and $240 and increased by ~85% the following quarter at prices between $163 and $204. The stock is now well below those ranges at ~$153. There was a ~12% increase in Q4 2017 at prices between $156 and $178. Last two quarters have also seen minor increases. For investors attempting to follow Generation IM, AYI is a good option to consider for further research.Note: Generation IM controls ~9% of AYI.Sensata Technologies (ST): The bulk of the 3.72% ST position was purchased in Q2 2016 at prices between $33.50 and $39. Q2 2017 saw a two-thirds increase at prices between $39 and $43.50 and that was followed with ~12% increases each in the next two quarters. The stock currently goes for $52.95. Last two quarters have also seen marginal increases.Note: Generation IM has a ~5% ownership stake in Sensata Technologies NV.Ingersoll-Rand plc (IR): IR is a 3.33% portfolio position first purchased in 2015 at prices between $51 and $71. The stake saw a ~30% reduction in 2016 at prices between $50.50 and $78.50 and that was followed with another ~50% selling during Q1 to Q3 2017 at prices between $75 and $93. The stock is now at $101. There was a ~17% increase this quarter at prices between $80 and $93.Aptiv plc (APTV) previously Delphi Automotive: APTV is a 3.31% position. It was first purchased in Q4 2016 at prices between $46 and $55. The following quarter saw a ~28% selling at prices between $50 and $65 while Q2 2017 saw a ~60% increase at prices between $57 and $72. The stock currently trades at ~$88. Last quarter saw a ~12% stake increase and this quarter a marginal further increase.Note: The prices quoted above are adjusted for the Delphi Technologies spinoff last November.Credicorp Ltd. (BAP): BAP is a ~3% of the portfolio position established in Q2 2017 at prices between $152 and $183 and increased by ~22% in the following quarter at prices between $179 and $213. It is now at ~$218. Last three quarters have seen a combined ~32% increase at prices between $192 and $237.Deere & Co. (DE): DE is a 2.70% portfolio stake. The position is from 2015 at prices between $75 and $97. There was a two-thirds reduction over the first three quarters of 2017 at prices between $103 and $132. Last quarter saw another ~41% selling at prices between $148 and $172 while this quarter there was a ~20% increase at prices between $135 and $159. The stock is now at $144.Allegion Pub (ALLE): The ALLE stake saw a ~350% increase this quarter to a 2.62% portfolio stake at prices between $75 and $87. The stock is currently at $87.22.Alphabet Inc. (GOOG), Amazon.com (AMZN), MasterCard Inc. (MA), SPDR Trust (SPY), Taiwan Semi (TSM), Texas Instruments (TXN), and Waters Corp. (WAT): These small (less than ~1.5% of the portfolio each) positions saw increases this quarter.Stake Decreases:Jones Lang LaSalle Inc. (JLL): JLL is a top-five 6.12% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake thru consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in H1 2016: ~200% increase at prices between $96 and $141. H2 2016 also saw a ~50% stake increase at prices between $91 and $120. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. The stock currently trades at ~$153. Last three quarters have seen only minor adjustments.Note: Generation IM has a ~9% ownership stake in Jones Lang LaSalle.JD.com (JD): The original JD purchase in 2014 was in the low-20s. H1 2017 had seen a ~40% selling at prices between $25.50 and $43. There was an about turn in Q3 2017: ~73% increase at prices between $38 and $48 and that was followed with a ~52% increase next quarter at prices between $36.50 and $43. The pattern reversed this quarter: ~55% reduction at prices between $35 and $44. The stock is currently at $31.30.Becton Dickinson (BDX), Chipotle Mexican Grill (CMG), Nike Inc. (NKE), Salesforce.com (CRM), and Visa Inc. (V): These small (less than ~2% of the portfolio each) positions saw reductions this quarter.Kept Steady:None.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management 13F stock portfolio as of Q2 2018:Regulatory Filings thru 5/26/2018: 13G – 4/26 – XRAY – 11.8M shares – 5.2% of business, 13G – 4/26 – COO – 2.5M shares – 5.2% of business."

"Tracking Al Gore's Generation Investment Management Portfolio – Q1 2018 Update"

"Generation Investment Management’s 13F portfolio value decreased marginally from $10.32B to $10.26B this quarter.They increased Cooper Companies & Automatic Data Processing while reducing Cerner & Deere.The top three positions are Henry Schein, Jones Lang LaSalle, and Thermo Fisher Scientific and they add up to ~22% of the entire portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 05/15/2018. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q4 2017.This quarter, Al Gore’s 13F portfolio value decreased marginally from $10.32B to $10.26B. The number of positions decreased from 34 to 31. The largest five stakes are Henry Schein, Jones Lang LaSalle, Thermo Fisher Scientific, JD.com, and Cooper Comapnies and they together account for about one-third of the total portfolio value.Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:MuleSoft (MULE): MULE is a very small 1.55% of the portfolio established this quarter. In March, Salesforce.com agreed to buy MuleSoft in a cash-and-stock deal ($36 per share cash and 0.0711 shares of Salesforce.com for each share held). The transaction closed earlier this month.Stake Disposals:Delphi Technologies (DLPH) and Mercadolibre Inc. (MELI): These two positions established last quarter were disposed this quarter. The very small 0.61% DLPH position came about as a result of the spinoff from Delphi Automotive (now Aptiva plc) last November. Terms called for shareholders to receive one share of Delphi Technologies for every three shares of Delphi Automotive held. Generation IM held ~3.6M shares of Delphi Automotive for which they received ~1.2M shares of Delphi Technologies. The position was eliminated this quarter at prices between $46.50 and $59.50 and the stock is now at $51.18. MELI was a very small 0.51% stake established at prices between $222 and $329 and disposed at prices between $315 and $414. The stock is now at ~$315.Ansys Inc. (ANSS) and Facebook Inc. (FB): These two very small (less than ~1.5% of the portfolio each) positions were reduced last quarter and eliminated this quarter.Stake Increases:Henry Schein (HSIC): HSIC became the largest position last quarter as it saw a ~550% increase at prices between $66.50 and $84.50. There was another ~22% increase this quarter at prices between $63 and $79.50. Q3 2017 had also seen a ~30% increase at prices between $79 and $93. The stock is now at $70.43 and the stake is at ~9% of the portfolio. For investors attempting to follow Generation IM, HSIC is a good option to consider for further research.Note: HSIC stock split 2-for-1 last September. Generation IM has a ~8.5% ownership stake in Henry Schein.Jones Lang LaSalle Inc. (JLL): JLL is a top-three 7.35% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake thru consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in H1 2016: ~200% increase at prices between $96 and $141. H2 2016 also saw a ~50% stake increase at prices between $91 and $120. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. The stock currently trades at $170. Last two quarters have seen only minor adjustments.Note: Generation IM has a 9.4% ownership stake in Jones Lang LaSalle.Thermo Fisher Scientific (TMO): TMO is a large (top three) 5.83% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. The stock currently goes for ~$214. Last three quarters have seen only minor activity.JD.com (JD): The original JD purchase in 2014 was in the low-20s. H1 2017 had seen a ~40% selling at prices between $25.50 and $43. There was an about turn in Q3 2017: ~73% increase at prices between $38 and $48 and that was followed with a ~52% increase last quarter at prices between $36.50 and $43. The stock is at $36.87 and it is now a top-five stake at 5.28% of the portfolio. There was a marginal increase this quarter. For investors attempting to follow Generation IM, JD is a good option to consider for further research.Cooper Companies (COO): The bulk of the large (top five) 5.25% position in COO was purchased in Q4 2016 at prices between $159 and $183. The original stake was doubled this quarter at prices between $218 and $251. The stock is now at ~$228.Note: Regulatory Filings since the quarter ended show them owning ~2.5M shares (5.2% of the business) of Cooper Companies. This is compared to ~2.4M shares in the 13F Report.Dentsply Sirona (XRAY): XRAY is a large 5.22% portfolio stake built in 2014 at prices between $44 and $56. 2015 saw a ~10% stake increase while last year saw a similar reduction. There was a ~20% selling in Q1 2017 at prices between $55.50 and $64.50. Q3 2017 saw an about turn: ~43% increase at prices between $52.50 and $65 and that was followed with a ~115% increase last quarter at prices between $55.50 and $68.50. The stock is now near the low end of their purchase price ranges at $46.57. This quarter also saw a ~18% stake increase. For investors attempting to follow Generation IM, XRAY is a good option to consider for further research.Note: Regulatory Filings since the quarter ended show them owning 11.8M shares (5.2% of the business) of Dentsply Sirona. This is compared to 10.6M shares in the 13F report.Microsoft Corporation (MSFT): MSFT is a fairly large 5.20% portfolio position. The stake was first purchased in 2014 and more than doubled the following year at prices between $36 and $56. The position saw a ~50% selling in Q2 2017 at prices between $65 and $72.50 and that was followed with a ~25% reduction last quarter at prices between $74 and $87. The stock is now at $98.36. There was a marginal increase this quarter.Acuity Brands (AYI): AYI is a fairly large 5.18% of the portfolio stake purchased in Q1 2017 at prices between $199 and $240 and increased by ~85% the following quarter at prices between $163 and $204. The stock is now well below those ranges at ~$120. There was a ~12% increase last quarter at prices between $156 and $178. This quarter also saw a marginal increase. For investors attempting to follow Generation IM, AYI is a good option to consider for further research.Note: Generation IM controls ~9% of AYI.Charles Schwab (SCHW): SCHW is a 5.18% portfolio position. Q2 2017 saw a two-thirds increase at prices between $37.50 and $43 and that was followed with a ~40% increase in the following quarter at around the same price range. The stake is from Q4 2016 at prices between $31 and $40.50. The stock is now at $57.30. There was a very minor stake increase this quarter.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Sensata Technologies (ST): The bulk of the 4.35% ST position was purchased in Q2 2016 at prices between $33.50 and $39. Q2 2017 saw a two-thirds increase at prices between $39 and $43.50 and that was followed with ~12% increases each in the next two quarters. The stock currently goes for $52.08. This quarter saw a marginal increase.Note: Generation IM has a ~5% ownership stake in Sensata Technologies NV.Automatic Data Processing (ADP): ADP is a ~4% portfolio stake purchased last quarter at prices between $109 and $119 and increased by ~160% this quarter at prices between $108 and $124. The stock currently trades above those ranges at ~$131.Infosys Ltd. (INFY): The 3.34% INFY position saw a ~145% increase last quarter at prices between $14.50 and $16.25. The stock is now at $18.32. This quarter saw a ~7% stake increase.Aptiv plc (APTV) previously Delphi Automotive: APTV is a 3.31% DPH position. It was first purchased in Q4 2016 at prices between $46 and $55. The following quarter saw a ~28% selling at prices between $50 and $65 while Q2 2017 saw a ~60% increase at prices between $57 and $72. The stock currently trades at $97.65. Last two quarters had seen marginal trimming while this quarter saw a ~12% stake increase.Note: The prices quoted above are adjusted for the Delphi Technologies spinoff last November.Credicorp Ltd. (BAP): BAP is a ~3% of the portfolio position established in Q2 2017 at prices between $152 and $183 and increased by ~22% in the following quarter at prices between $179 and $213. It is now at ~$224. There was a ~10% increase last quarter and that was followed with a ~16% increase this quarter.Ingersoll-Rand plc (IR): IR is a ~3% portfolio position first purchased in 2015 at prices between $51 and $71. The stake saw a ~30% reduction in 2016 at prices between $50.50 and $78.50 and that was followed with another ~50% selling during Q1 to Q3 2017 at prices between $75 and $93. The stock is now at $89.81. Last quarter saw a marginal reduction while there was a similar increase this quarter.Chipotle Mexican Grill (CMG): CMG is a 2.47% stake established in Q4 2016 at prices between $360 and $438 and increased by ~53% in Q3 2017 at prices between $297 and $417. The stock currently trades at ~$429. There was a ~17% reduction last quarter at prices between $269 and $329. This quarter saw a marginal increase.Allegion Pub (ALLE), Salesforce.com (CRM), SPDR Trust (SPY) and Texas Instruments (TXN): These small (less than ~2% of the portfolio each) positions saw increases this quarter.Stake Decreases:Cerner Corporation (CERN): CERN is a 4.24% of the portfolio position. The stake was established in 2015 and doubled in Q1 2016 at prices between $52 and $60. Q4 2016 also saw another ~50% stake increase at prices between $47 and $62. There was a ~37% selling last quarter at prices between $64.50 and $73.50 and that was followed with a one-third reduction this quarter at prices between $56.50 and $73. The stock currently trades at $59.94.Becton Dickinson (BDX): BDX is a ~3% long-term position that has been in the portfolio since their first 13F filing in 2006. The position saw a two-thirds increase in Q2 2017 at prices between $177 and $195. Last quarter saw a reversal: ~28% selling at prices between $194 and $228. The stock is now at ~$224. There was a ~4% trimming this quarter.Deere & Co. (DE): DE is a 2.75% portfolio stake. The position is from 2015 at prices between $75 and $97. There was a ~40% reduction in Q1 2017 at prices between $103 and $111 and that was followed with a ~20% selling over the next two quarters at prices between $107 and $132. The stock is now at $159. This quarter saw a ~41% selling at prices between $148 and $172.Visa Inc. (V): Visa is a ~2% portfolio stake purchased in Q3 2017 at prices between $93 and $106 and the stock currently trades at ~$131. There was a ~17% selling last quarter at prices between $105 and $114 and that was followed with a similar reduction this quarter at prices between $114 and $126.MasterCard Inc. (MA): MA is a 1.42% stake built in H1 2016 in the low-90s price-range. Q4 2016 also saw a one-third increase at prices between $100 and $107. The stock is now well above those ranges at $191. There was a ~50% selling last quarter at prices between $143 and $154 and that was followed with another ~55% reduction this quarter at prices between $152 and $183. Generation IM is realizing huge gains.Alphabet Inc. (GOOG), Amazon.com (AMZN), Nike Inc. (NKE), Taiwan Semi (TSM), and Waters Corp. (WAT): These are very small (less than ~1.5% of the portfolio each) positions that saw reductions this quarter.Kept Steady:None.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management US long stock portfolio as of Q1 2018:Regulatory Filings thru 2/26/2018: 13G/As – 2/14 – JLL – 4.26M shares – 9.4% of business, HSIC – 11.03M shares – 7% of business, CERN – 10.9M shares – 3.3% of business, AYI – 3.77M shares – 8.9% of business, 13G – 1/12 – ST – 8.61M shares – 5% of business."

"Tracking Al Gore's Generation Investment Management Portfolio – Q4 2017 Update"

"Generation Investment Management’s 13F portfolio value decreased from $10.41B to $10.32B this quarter.They increased Henry Schein & Dentsply Sirona while reducing Facebook & Alphabet.The top three positions are Henry Schein, Cerner, and Acuity Brands and they add up to ~21% of the entire portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Generation Investment Management’s 13F portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 02/14/2018. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q3 2017.This quarter, Al Gore’s 13F portfolio value decreased marginally from $10.41B to $10.32B. The number of positions remained steady at 34. The largest five stakes are Henry Schein, Cerner Corporation, Acuity Brands, Jones Lang LaSalle, and Dentsply Sirona and they together account for about one-third of the total portfolio value.Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:Automatic Data Processing (ADP), Delphi Technologies (DLPH), and Mercadolibre Inc. (MELI): These are the new positions this quarter. ADP is a small 1.61% portfolio stake purchased this quarter at prices between $109 and $119 and the stock currently trades at $118. The very small 0.61% DLPH position came about as a result of the spinoff from Delphi Automotive (now Aptiva plc) in November. Terms called for shareholders to receive one share of Delphi Technologies for every three shares of Delphi Automotive held. Generation IM held ~3.6M shares of Delphi Automotive for which they received ~1.2M shares of Delphi Technologies. MELI is a very small 0.51% stake established this quarter at prices between $222 and $329 and it is now well above that range at $387.Stake Disposals:VWR Corp. (VWR): The 2.55% VWR position was first purchased in Q4 2016 at prices between $24.50 and $28.50. There was a ~17% increase in the following quarter at prices between $24.50 and $28.50. In May 2017, Avantor agreed to buy VWR for $33.25 cash and the transaction closed in November. Generation IM had controlled 6.1% of the business.PayPal Holdings (PYPL): The ~2% PYPL stake was purchased in Q2 2017 at prices between $42.50 and $54.50 and reduced by ~27% last quarter at prices between $53 and $65. The disposal this quarter was at prices between $64 and $79. The stock currently trades at $79.69.National Instruments Corp. (NATI): The very small 1.23% NATI position was eliminated this quarter.Stake Increases:Henry Schein (HSIC): The small HSIC stake saw a ~550% increase to a ~7.5% portfolio (largest 13F position) stake this quarter at prices between $66.50 and $84.50. Last quarter had also seen a ~30% increase at prices between $79 and $93. The stock is now at $68.05. For investors attempting to follow Generation IM, HSIC is a good option to consider for further research.Note: HSIC stock split 2-for-1 last September. Generation IM has a 7% ownership stake in Henry Schein.Acuity Brands (AYI): AYI is a top three 6.42% of the portfolio stake purchased in Q1 2017 at prices between $199 and $240 and increased by ~85% the following quarter at prices between $163 and $204. The stock is now at $147. There was a ~12% increase this quarter at prices between $156 and $178.Note: Generation IM controls 8.9% of AYI.Dentsply Sirona (XRAY): XRAY is a large (top five) 5.75% portfolio stake built in 2014 at prices between $44 and $56. 2015 saw a ~10% stake increase while last year saw a similar reduction. There was a ~20% selling in Q1 2017 at prices between $55.50 and $64.50. Last quarter saw an about turn: ~43% increase at prices between $52.50 and $65 and that was followed with a ~115% increase this quarter at prices between $55.50 and $68.50. The stock is now at $57.67.Note: Generation IM has a ~3.9% ownership stake in Dentsply Sirona.JD.com (JD): The original JD purchase in 2014 was in the low-20s. H1 2017 had seen a ~40% selling at prices between $25.50 and $43. There was an about turn last quarter: ~73% increase at prices between $38 and $48 and that was followed with a ~52% increase this quarter at prices between $36.50 and $43. The stock is now at $48.35.Sensata Technologies (ST): The bulk of the 4.21% ST position was purchased in Q2 2016 at prices between $33.50 and $39. Q2 2017 saw a two-thirds increase at prices between $39 and $43.50 and that was followed ~12% increases each in the last two quarters. The stock currently goes for $54.05.Note: Generation IM has a ~5% ownership stake in Sensata Technologies NV.Infosys Ltd. (INFY): The 2.83% INFY position saw a ~145% increase this quarter at prices between $14.50 and $16.25. The stock is now at $17.96.Credicorp Ltd. (BAP): BAP is a 2.39% of the portfolio position established in Q2 2017 at prices between $152 and $183 and increased by ~22% last quarter at prices between $179 and $213. It is now at $218. There was a ~10% increase this quarter.SPDR Trust (SPY) and Texas Instruments (TXN): These are minutely (less than ~0.5% of the portfolio each) positions that saw increases this quarter.Stake Decreases:Cerner Corporation (CERN): CERN is currently the second-largest position at 7.12% of the portfolio. The stake was established in 2015 and doubled in Q1 2016 at prices between $52 and $60. Q4 2016 also saw another ~50% stake increase at prices between $47 and $62. There was a ~37% selling this quarter at prices between $64.50 and $73.50. The stock currently trades at $64.53.Note: Generation IM has a 3.3% ownership stake in Cerner Corporation.Jones Lang LaSalle Inc. (JLL): JLL is a top-five 6.15% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake thru consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in H1 2016: ~200% increase at prices between $96 and $141. H2 2016 also saw a ~50% stake increase at prices between $91 and $120. That was followed with a ~30% increase in Q2 2017 at prices between $103 and $125. The stock currently trades at $160. There was a marginal trimming this quarter.Note: Generation IM has a 9.4% ownership stake in Jones Lang LaSalle.Thermo Fisher Scientific (TMO): TMO is a large 5.26% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Q2 2017 saw another ~20% increase at prices between $152 and $176. The stock currently goes for $212. Last two quarters have seen marginal trimming.Charles Schwab (SCHW): SCHW is a ~5% portfolio position. Q2 2017 saw a two-thirds increase at prices between $37.50 and $43 and that was followed with a ~40% increase last quarter at around the same price range. The stake is from Q4 2016 at prices between $31 and $40.50. The stock is now at $52.74.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Microsoft Corporation (MSFT): MSFT is a fairly large 4.78% portfolio position. The position was first purchased in 2014 and more than doubled the following year at prices between $36 and $56. The stake saw a ~50% selling in Q2 2017 at prices between $65 and $72.50 and that was followed with a ~25% reduction this quarter at prices between $74 and $87. The stock is now at $94.06. Generation IM is harvesting long-term gains.Deere & Co. (DE): DE is a fairly large 4.65% stake. The position is from 2015 at prices between $75 and $97. There was a ~40% reduction in Q1 2017 at prices between $103 and $111 and that was followed with a ~20% selling over the next two quarters at prices between $107 and $132. The stock is now at $166. This quarter saw marginal trimming.Ingersoll-Rand plc (IR): IR is a ~3% portfolio position first purchased in 2015 at prices between $51 and $71. The stake saw a ~30% reduction in 2016 at prices between $50.50 and $78.50 and that was followed with another ~50% selling during Q1 to Q3 2017 at prices between $75 and $93. The stock is now at $90.15. There was a marginal reduction this quarter.Becton Dickinson (BDX): BDX is a ~3% long-term position that has been in the portfolio since their first 13F filing in 2006. The position saw a two-thirds increase in Q2 2017 at prices between $177 and $195. This quarter saw a reversal: ~28% selling at prices between $194 and $228. The stock is now at ~$220.Aptiv plc (APTV) previously Delphi Automotive: DLPH is a 2.94% DLPH position. It was first purchased in Q4 2016 at prices between $46 and $55. The following quarter saw a ~28% selling at prices between $50 and $65 while Q2 2017 saw a ~60% increase at prices between $57 and $72. The stock currently trades at $93.06. Last two quarters saw marginal trimming.Note: The prices quoted above are adjusted for the Delphi Technologies spinoff last November.MasterCard Inc. (MA): MA is a 2.66% stake built in H1 2016 in the low-90s price-range. Q4 2016 also saw a one-third increase at prices between $100 and $107. The stock is now well above those ranges at $176. There was a ~50% selling this quarter at prices between $143 and $154.Cooper Companies (COO): The bulk of the 2.59% position in COO was purchased in Q4 2016 at prices between $159 and $183 and the stock currently trades well above that range at $231. There was a marginal reduction in the last two quarters.Visa Inc. (V): Visa is a 2.19% portfolio stake purchased last quarter at prices between $93 and $106 and the stock currently trades at $123. There was a ~17% selling this quarter at prices between $105 and $114.Chipotle Mexican Grill (CMG): CMG is a 2.16% stake established in Q4 2016 at prices between $360 and $438 and increased by ~53% last quarter at prices between $297 and $417. The stock currently trades at $316. There was a ~17% reduction this quarter at prices between $269 and $329.Allegion Pub (ALLE), Alphabet Inc. (GOOG), Amazon.com (AMZN), Ansys Inc. (ANSS), Facebook Inc. (FB), Nike Inc. (NKE), Salesforce.com (CRM), Taiwan Semi (TSM), and Waters Corp. (WAT): These are very small (less than ~1.5% of the portfolio each) positions that saw reductions this quarter.Kept Steady:None.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management US long stock portfolio as of Q4 2017:Regulatory Filings thru 8/24/2017: 13G – 11/24 – HSIC – Henry Schein – 8M Shares – 5.1% of business."

"Tracking Al Gore's Generation Investment Management Portfolio – Q3 2017 Update"

"Generation Investment Management portfolio value increased from $9.8B to $10.41B this quarter.They added Visa and substantially increased Charles Schwab, JD.com, & Chipotle.The top three positions are Cerner, Acuity Brands, and Microsoft and they add up to ~23% of the entire portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Generation Investment Management’s US stock portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 11/14/2017. Please visit our Portfolio series to get an idea of their investment philosophy and the fund’s moves in Q2 2017.This quarter, Al Gore’s 13F portfolio value increased ~6% from $9.82B to $10.41B this quarter. The number of positions increased from 33 to 34. The largest five stakes are Cerner Corporation, Acuity Brands, Microsoft Corporation, Thermo Fisher Scientific, and Jones Lang LaSalle and they together account for about one-third of the total portfolio value.Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in investing based on sustainability analysis.New Stakes:Visa Inc. (V) and Texas Instruments (TXN): These are the two new positions this quarter. Visa is a 2.42% portfolio stake purchased at prices between $93 and $106 and the stock currently trades at $112. TXN is a minutely small 0.23% position purchased this quarter.Stake Disposals:Banco Santander Chile (BSAC): The very small ~1% portfolio position in BSAC was disposed this quarter.Stake Increases:Jones Lang LaSalle Inc. (JLL): JLL is a top-five 5.15% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake thru consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in H1 2016: ~200% increase at prices between $96 and $141. H2 2016 also saw a ~50% stake increase at prices between $91 and $120. That was followed with a ~30% increase last quarter at prices between $103 and $125. The stock currently trades at $150. There was a marginal increase this quarter.Note: Generation IM controls 9.6% of the business.Charles Schwab (SCHW): SCHW is a 4.30% portfolio position. Last quarter saw a two-thirds increase at prices between $37.50 and $43 and that was followed with a ~40% increase this quarter at around the same price range. The stake is from Q4 2016 at prices between $31 and $40.50. The stock is now at $45.78.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Sensata Technologies (ST): The bulk of the 3.52% ST position was purchased in Q2 2016 at prices between $33.50 and $39. Last quarter saw a two-thirds increase at prices between $39 and $43.50 and that was followed with a ~12% increase this quarter. The stock currently goes for $48.84.JD.com (JD): The JD purchase in 2014 was in the low-20s. Last two quarters had seen a combined ~40% selling at prices between $25.50 and $43. There was an about turn this quarter: ~73% increase at prices between $38 and $48. The stock is now at $39.21.Chipotle Mexican Grill (CMG): CMG is a 2.75% stake established in Q4 2016 at prices between $360 and $438 and increased by ~53% this quarter at prices between $297 and $417. The stock currently trades below those ranges at $279.Dentsply Sirono (XRAY): XRAY is a 2.40% portfolio stake built in 2014 at prices between $44 and $56. 2015 saw a ~10% stake increase while last year saw a similar reduction. There was a ~20% selling in Q1 2017 at prices between $55.50 and $64.50 and the stock is now at $67.51. This quarter saw a ~43% increase at prices between $52.50 and $65.Credicorp Ltd. (BAP): BAP is a 2.14% of the portfolio position established last quarter at prices between $152 and $183 and increased by ~22% this quarter at prices between $179 and $213. It is now at $214.Henry Schein (HSIC): The small 1.31% HSIC stake saw a ~28% increase this quarter at prices between $79 and $93. The stock is now below that range at $69.97.Note 1: Regulatory Filings since the quarter ended show them owning 8M shares of HSIC (5.1% of the business). This is compared to 1.67M shares in the 13F. For investors attempting to follow Generation IM, HSIC is a good option to consider for further research.Note 2: HSIC stock split 2-for-1 in September.Stake Decreases:Cerner Corporation (CERN): CERN is currently the largest position at 11.80% of the portfolio. The stake was established in 2015 and doubled in Q1 2016 at prices between $52 and $60. Q4 2016 also saw another ~50% stake increase at prices between $47 and $62. The stock currently trades above those ranges at $70.57. There was a marginal reduction this quarter.Note: Generation IM controls 5.2% of CERN.Acuity Brands (AYI): AYI is a top three 5.51% of the portfolio stake purchased in Q1 2017 at prices between $199 and $240 and increased by ~85% last quarter at prices between $163 and $204. The stock is now below those ranges at $158. This quarter saw marginal selling.Note: Generation IM controls 8% of AYI.Microsoft Corporation (MSFT): MSFT is a top three 5.48% portfolio position. The stake saw a ~50% selling last quarter at prices between $65 and $72.50. The position was first purchased in 2014 and more than doubled the following year at prices between $36 and $56. The stock is now at $83.26. Generation IM is harvesting long-term gains. There was a very minor reduction this quarter.Thermo Fisher Scientific (TMO): TMO is a top five 5.29% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. Last quarter saw another ~20% increase at prices between $152 and $176. The stock currently goes for $194. This quarter saw very minor trimming.MasterCard Inc. (MA): MA is large ~5% stake built in H1 2016 in the low-90s price-range. Q4 2016 also saw a one-third increase at prices between $100 and $107. The stock is now well above that range at $153. This quarter saw a ~7% trimming.Facebook Inc. (FB): FB is a ~4% portfolio stake purchased in Q4 2016 at prices between $115 and $133. The following quarter saw a ~23% increase at prices between $115 and $143. The stock is now well above those ranges at $183. This quarter saw marginal trimming.Deere & Co. (DE): DE is a fairly large 3.78% stake. The position is from 2015 at prices between $75 and $97. There was a ~40% reduction in Q1 2017 at prices between $103 and $111 and that was followed with a ~20% selling over the last two quarters at prices between $107 and $132. The stock is now at $146.Becton Dickinson (BDX): BDX is a 3.73% long-term position that has been in the portfolio since their first 13F filing in 2006. The position saw a two-thirds increase last quarter at prices between $177 and $195 and the stock is now at $226. There was a marginal trimming this quarter.Delphi Automotive (DLPH): The 3.45% DLPH position saw a ~60% increase last quarter at prices between $74 and $89. The original position is from Q4 2016 at prices between $63 and $72. Q1 2017 had seen a ~28% selling at prices between $67 and $82. The stock currently trades at $101. This quarter saw a marginal reduction.Ingersoll-Rand plc (IR): IR is a 3.11% portfolio position first purchased in 2015 at prices between $51 and $71. The stake saw a ~30% reduction last year at prices between $50.50 and $78.50 and that was followed with another ~50% selling this year at prices between $75 and $93. The stock is now at $84.23.Cooper Companies (COO): The bulk of the 2.85% position in COO was purchased in Q4 2016 at prices between $159 and $183 and the stock currently trades well above that range at $242. There was a marginal reduction this quarter.VWR Corp. (VWR): The 2.55% VWR position was first purchased in Q4 2016 at prices between $24.50 and $28.50. There was a ~17% increase in Q1 2017 at prices between $24.50 and $28.50. In May, Avantor agreed to buy VWR for $33.25 cash and the transaction closed this week. Generation IM controlled 6.1% of the business.Nike Inc. (NKE): NKE is a 2.47% of the portfolio stake built up over the last three years at prices between $38 and $67. There was a ~18% increase last quarter as well at prices between $51 and $59. The stock is now at $59.32. This quarter saw marginal selling.Alphabet Inc. (GOOG): The original position in GOOG was purchased in 2014 at prices between $510 and $610. The following year saw a large reduction but the position was built back up in H1 2016 at prices between $675 and $760. There was a ~55% selling last quarter at prices between $823 and $984. The stock is currently at $1041. There was marginal trimming this quarter.PayPal Holdings (PYPL): The ~2% PYPL stake was purchased last quarter at prices between $42.50 and $54.50 and reduced by ~27% this quarter at prices between $53 and $65. The stock currently trades at $78.57.Allegion Pub (ALLE), Amazon.com (AMZN), Ansys Inc. (ANSS), Infosys Ltd. (INFY), National Instruments Corp. (NATI), Salesforce.com (CRM), SPDR Trust (SPY), Taiwan Semi (TSM), and Waters Corp. (WAT): These are very small (less than ~1.5% of the portfolio each) positions that saw reductions this quarter.Kept Steady:None.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management US long stock portfolio as of Q3 2017:Regulatory Filings thru 8/24/2017: 13G – 6/9/2017 – JLL - 3.5M shares – 7.74% of business. 13G – 5/22/2017 – AYI – 2.6M shares – 5.92% of business. 13G/A – 2/14/2017 – VWR – 6.8M shares – 5.2% of business. 13G/A – 2/14/2017 – XRAY – 3.46M shares – 1.5% of business. 13G – 1/23/2017 – CERN – 17.2M shares – 5.1% of business. 13G – 2/17/2015 – WAT – 3.7M shares – 4.5% of business."

"Tracking Al Gore's Generation Investment Management Portfolio – Q2 2017 Update"

"Generation Investment Management portfolio value increased from $9.1B to $9.8B this quarter.They substantially increased Acuity Brands & Jones Lang LaSalle while decreasing Microsoft and dropping Varian Medical Systems.The top three positions are Cerner, Acuity Brands, and Jones Lang LaSalle and they add up to ~24% of the entire portfolio.This article is first in a series that provides an ongoing analysis of the changes made to Generation Investment Management’s US stock portfolio on a quarterly basis. It is based on Al Gore’s regulatory filed on 08/14/2017.Al Gore and David Blood founded Generation IM in 2004 with the first outside money accepted the following year. Assets Under Management are at ~$17B and spread-out among four areas: Global Equity, Asia Equity, Growth Equity, and Global Credit. The performance of the flagship long-only global equity strategy stunned the hedge fund world when it was reported at the 10th year anniversary in 2015 that their alpha against the MSCI World Index was 5.59% (12.14% annualized return compared to 6.55% for MSCI World Index) – an outsider had come in and beaten most of the hedge funds over a ten year period – Al Gore was introduced to money-management when he joined Metropolitan West Asset Management in Los Angeles after the 2000 presidential run. Generation IM’s value investing philosophy is based around bottom-up stock picking with one important restriction: they maintain a focus-list of 100-or-so businesses from which they invest and to get into that list the businesses have to pass their sustainability analysis. The performance so far must have intimidated many veterans as even the legendary Charlie Munger the following recently, which is close to being a put-down: “…he's not very smart…his partner is a good value investor…no CO2 and so the value investor picked the best service companies…all of a sudden he made 100s of millions…but he is an idiot…”This quarter, Al Gore’s 13F portfolio value increased 7.52% from $9.1B to $9.8B this quarter. The number of positions decreased from 34 to 33. The largest five stakes are Cerner Corporation, Acuity Brands, Jones Lang LaSalle, Microsoft Corporation, and Thermo Fisher Scientific and they together account for ~35% of the total portfolio value.Generation Investment Management’s and Al Gore’s are good precursors for anyone interested in getting started on investing after filtering ideas through a sustainability analysis.New Stakes:PayPal Holdings (PYPL) and Credicorp Ltd. (BAP): These are the two new positions this quarter. The 2.54% PYPL stake was purchased at prices between $42.50 and $54.50 and the stock currently trades well above that range at $59.97. BAP is a 1.62% of the portfolio position established at prices between $152 and $183 and it is now above that at $206.Stake Disposals:Varian Medical (VAR): A small position in VAR was first purchased in 2007 and disposed the following year. A much larger 3.3M share stake was built in 2009 in the high-30s. The position had wavered since with the sizing peaking at ~4.5M shares in 2014. The stake was sold down by two-thirds over the next two years at prices between $75 and $100. Last quarter saw an about turn: ~75% increase at prices between $77.50 and $92.50. The ~2.5% portfolio stake as of last quarter was disposed of this quarter at prices between $88 and $105. The stock is now at $102.Mercadolibre Inc. (MELI) and Qualcomm Inc. (QCOM): These are very small (less than ~1% of the portfolio each) stakes disposed of this quarter. The QCOM stake was first purchased in 2010 while the MELI position was from 2012.Stake Increases:Cerner Corporation (CERN): CERN is currently the largest position at 11.73% of the portfolio. The stake was established in 2015 and doubled in Q1 2016 at prices between $52 and $60. Q4 2016 also saw another ~50% stake increase at prices between $47 and $62. Last two quarters have also seen marginal increases. The stock currently trades above those ranges at $65.25.Note: Generation IM controls 5.2% of CERN.Acuity Brands (AYI): AYI is a top three ~7% of the portfolio stake purchased last quarter at prices between $199 and $240 and increased by ~85% this quarter at prices between $163 and $204. The stock is now at $177.Note: Generation IM controls 8% of AYI.Jones Lang LaSalle Inc. (JLL): JLL is a top-three 5.5% long-term position first purchased in 2008. By 2013, that original position was doubled to a fairly large ~5% stake thru consistent buying every year. The next two years saw selling: ~75% overall reduction at prices between $103 and $178. The pattern reversed in H1 2016: ~200% increase at prices between $96 and $141. H2 2016 also saw a ~50% stake increase at prices between $91 and $120. That was followed with a ~30% increase this quarter at prices between $103 and $125. The stock currently trades at $119.Note: Generation IM controls 9.6% of the business.Thermo Fisher Scientific (TMO): TMO is a top five 5.2% portfolio position first purchased in Q3 2016 and more than doubled the following quarter at prices between $141 and $159. This quarter saw another ~20% increase at prices between $152 and $176. The stock currently goes for $177.MasterCard Inc. (MA): MA is large ~5% stake built in H1 2016 in the low-90s price-range. Q4 2016 also saw a one-third increase at prices between $100 and $107. The stock is now well above that range at $133. This quarter saw a marginal increase.Becton Dickinson (BDX): BDX is a fairly large ~4% long-term position that has been in the portfolio since their first 13F filing in 2006. The position saw a two-thirds increase this quarter at prices between $177 and $195 and the stock is now at $199. The large increase in a long-term stake indicates a clear bullish bias.Facebook Inc. (FB): FB is a 3.84% portfolio stake purchased in Q4 2016 at prices between $115 and $133. Last quarter saw a ~23% increase at prices between $115 and $143 and that was followed with a marginal increase this quarter. The stock is now at $166.Delphi Automotive (DLPH): The 3.28% DLPH position saw a ~60% increase this quarter at prices between $74 and $89. The original position is from Q4 2016 at prices between $63 and $72. Last quarter had seen a ~28% selling at prices between $67 and $82. The stock currently trades at $94.26.Charles Schwab (SCHW): SCHW is a ~3.2% portfolio position. This quarter saw a two-thirds increase at prices between $37.50 and $43. The stake is from Q4 2016 at prices between $31 and $40.50. The stock is now at $39.76.Note: SCHW has seen a previous round-trip. A large ~7.2M share stake purchased in 2013 in the high-teens price-range was disposed the following year at much higher prices.Cooper Companies (COO): The bulk of the ~3% position in COO was purchased in Q4 2016 at prices between $159 and $183 and the stock currently trades well above that range at $246. There was a marginal increase this quarter.Nike Inc. (NKE): NKE is a ~3% of the portfolio stake built up over the last three years at prices between $38 and $67. There was a ~18% increase this quarter as well at prices between $51 and $59. The stock is now at $53.90.Sensata Technologies (ST): The bulk of the ~3% ST position was purchased in Q2 2016 at prices between $33.50 and $39. This quarter saw a two-thirds increase at prices between $39 and $43.50. The stock currently goes for $44.28.VWR Corp. (VWR): The 2.71% VWR position was first purchased in Q4 2016 at prices between $24.50 and $28.50. There was a ~17% increase last quarter at prices between $24.50 and $28.50 and that was followed with a marginal increase this quarter. The stock is now at $33.08.Note: In May, Avantor agreed to buy VWR for $33.25 cash. Generation IM controls 6.1% of the business.Chipotle Mexican Grill (CMG): CMG is a 2.57% stake established in Q4 2016 at prices between $360 and $438 and the stock currently trades well below that range at $309. This quarter saw a ~7% increase.Infosys Ltd. (INFY): The 2.23% INFY position was purchased last quarter at prices between $13.50 and $16 and increased by ~280% this quarter at around the same price range. The stock is now at $15.15.Dentsply Sirono (XRAY): XRAY is a ~2% portfolio stake built in 2014 at prices between $44 and $56. 2015 saw a ~10% stake increase while last year saw a similar reduction. There was a ~20% selling last quarter at prices between $55.50 and $64.50 and the stock is now at $54.80. There was a marginal increase this quarter.Amazon.com (AMZN), Salesforce.com (CRM), Schein Henry (HSIC), SPDR Trust (SPY), and Taiwan Semi (TSM): These are very small (less than ~1.5% of the portfolio each) positions that saw increases this quarter.Stake Decreases:Microsoft Corporation (MSFT): MSFT is a top five 5.41% portfolio position. The stake saw a ~50% selling this quarter at prices between $65 and $72.50. The position was first purchased in 2014 and more than doubled the following year at prices between $36 and $56. The stock is now at $72.82. Generation IM is harvesting long-term gains.Deere & Co. (DE): DE is a fairly large 4.35% stake. The position is from 2015 at prices between $75 and $97. There was a ~40% reduction last quarter at prices between $103 and $111 and that was followed with a ~7% trimming this quarter. The stock is now at $116.Ingersoll-Rand plc (IR): IR is a 3.40% portfolio position first purchased in 2015 at prices between $51 and $71. The stake saw a ~30% reduction last year at prices between $50.50 and $78.50 and that was followed with another ~50% selling this year at prices between $75 and $93. The stock is now at $84.63.Alphabet Inc. (GOOG) and JD.com (JD): These two ~2% stakes established in 2014 saw large reductions this quarter. The original position in GOOG was purchased at prices between $510 and $610. The following year saw a large reduction but the position was built back up in H1 2016 at prices between $675 and $760. There was a ~55% selling this quarter at prices between $823 and $984. The stock is currently at $916. The JD purchase was in the low-20s. Last quarter saw a ~30% selling at prices between $25.50 and $32 and that was followed with a ~45% reduction this quarter at prices between $31 and $43. The stock is now at $40.87. Generation IM harvested gains.Waters Corp. (WAT), Ansys Inc. (ANSS), National Instruments Corp. (NATI), Banco Santander Chile (BSAC), and Allegion Pub (ALLE): These very small (less than ~1.5% of the portfolio each) positions saw reductions this quarter.Kept Steady:None.Below is a spreadsheet that highlights the changes to Al Gore's Generation Investment Management US long stock portfolio as of Q2 2017:"

"Tracking Baillie Gifford’s 13F Portfolio – Q2 2023 Update"

"Baillie Gifford’s 13F portfolio value increased from ~$111B to ~$118B this quarter.They increased PDD Holdings, Cloudflare, Meta Platforms, and Datadog while reducing Tesla Motors and Netflix.The top three positions are MercadoLibre, NVIDIA, and Tesla Motors, and they add up to ~17% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Baillie Gifford’s 13F portfolio on a quarterly basis. It is based on their regulatory filed on 7/28/2023. Please visit our to get an idea of their investment philosophy and our for the fund’s moves during Q1 2023. The 13F securities represent roughly 40% of their overall Assets Under Management. The portfolio is diversified with around 300 13F securities. 53 of those positions are significantly large (more than ~0.5% of the portfolio) and they are the focus of this article.This quarter, Baillie Gifford’s 13F portfolio value increased from ~$111B to ~$118B. The top three holdings are at ~17% while the top five holdings are close to ~26% of the 13F assets: MercadoLibre, NVIDIA, Tesla Motors, Moderna, and Amazon.com.Note: Although the following positions are really small compared to the overall size of the portfolio, it is significant that they have sizable ownership stakes: 10x Genomics (TXG), AbCellera Biologics (ABCL), Abcam plc (ABCM), Adaptimmune Therapeutics (ADAP), Affirm Holdings (AFRM), Akili Inc. (AKLI), American Superconductor (AMSC), Appian Corporation (APPN), Axon Enterprise (AXON), Broadridge Financial (BR), Certara (CERT), Chegg (CHGG), Cellectis (CLLS), Copa Holdings (COPA), Coursera (COUR), Datadog Inc. (DDOG), Denali Therapeutics (DNLA), Digimarc (DMRC), EverQuote (EVER), Elastic NV (ESTC), Farfetch Ltd. (FTCH), Gingko Bioworks (DNA), HashiCorp (HCP), Howard Hughes Corp (HHC), Joby Aviation (JOBY), Jumia Technologies (JMIA), Lemonade (LMND), Mobileye (MBLY), NuCana Inc. (NCNA), Nanobiotix (NBTX), Oscar Health (OSCR), Oatly (OTLY), Pacira Biosciences (PCRX), Recursion Pharma (RXRX), Redfin Inc. (RDFN), Samsara Inc. (IOT), Sana Biotech (SANA), SiteOne (SITE), Staar Surgical (STAA), Sweetgreen (SG), Teladoc (TDOC), Tencent Music Entertainment (TME), Upwork (UPWK), Warby Parker (WRBY), Wayfair Inc. (W), and Zillow Group (Z).Stake Increases:MercadoLibre Inc. (MELI): MELI position goes back to 2010 when a 2.25M share stake was built at prices between ~$35 and ~$73. The position size peaked at 6.56M shares in 2014. The stake increase happened at prices between ~$60 and ~$140. Since then, the position saw trimming in most years. The last two years saw a ~39% increase at prices between ~$635 and ~$1946. The stock currently trades at ~$1225. It is now the largest 13F position at 6.43% of the portfolio.Note: they have a ~13% ownership stake in the business.Amazon.com Inc. (AMZN): AMZN stake was a very small position purchased in 2004. The period through 2009 saw a large position built at very low prices. Since 2014, the position has seen selling. Recent activity follows. 2020 saw a one-third reduction at prices between ~$89 and ~$170. The six quarters through Q2 2022 had seen another ~40% selling at prices between ~$102 and ~$187. The stock is now at ~$132. It is still a top-five stake at 4.53% of the portfolio. The last three quarters have seen minor increases.PDD Holdings Inc. (PDD): PDD is a 1.83% of the portfolio stake built over the three years through 2021 at prices between ~$19 and ~$197. The stock currently trades at $89.35. There was a ~11% stake increase this quarter.Cloudflare Inc. (NET): The 1.75% NET stake was purchased during Q2 and Q3 2020 at prices between ~$21 and ~$42. The three quarters through Q2 2022 saw a ~19% selling while the next two quarters saw a ~10% increase. The stock currently trades at $66.93. There was a ~23% stake increase this quarter at prices between ~$41 and ~$71.Note: they have a ~11% ownership stake in the business.Advanced Micro Devices (AMD), Meta Platforms (META), DataDog (DDOG), Doordash (DASH), : The 0.77% of the portfolio stake in AMD was primarily built last quarter at prices between ~$62 and ~$100 and the stock currently trades at ~$113. There was a ~18% stake increase this quarter at prices between ~$82 and ~$129. The 0.93% stake in META saw a ~30% increase this quarter at prices between ~$208 and ~$289 and the stock is now at ~$326. DDOG is a 0.87% of the portfolio position that saw a ~70% stake increase this quarter at prices between ~$63 and ~$102. The stock currently trades above that range at ~$112. The 0.80% DASH stake was built during the last two quarters at prices between ~$47 and ~$77 and it is now well above that range at $89.65.Ryanair ADR (RYAAY): The small 0.78% stake in RYAAY saw a minor ~3% increase this quarter.Stake Decreases:NVIDIA Inc. (NVDA): A large stake in NVDA was first purchased in 2016 at prices up to ~$28. The position has seen periodic selling since. Recent activity follows. The six quarters through Q2 2022 saw a ~20% reduction at prices between ~$125 and ~$330. The stock currently trades at ~$468 and the stake is now the second largest at ~5.60% of the portfolio. There was a ~3% trimming this quarter.Tesla Motors (TSLA): The TSLA stake was first purchased in 2013 at very low prices. The period through 2019 saw the original position almost triple at prices up to ~$28. There was minor trimming in the next two quarters and that was followed with a ~55% selling in H2 2020 at prices between ~$81 and ~$235. The last ten quarters have seen another ~80% reduction at prices between ~$109 and ~$407. The stock currently trades at ~$266 and it is still a top three stake is at 5.16% of the portfolio. They are harvesting gains.Moderna Inc. (MRNA): A small position in MRNA was established in Q1 2020. H2 2020 saw the position built to over 24M shares at prices between ~$58 and ~$157. Next quarter saw another ~85% stake increase at prices between ~$105 and ~$184. Since then, the activity has been minor. The stock currently trades at ~$119 and the top five stake is at 4.72% of the portfolio.Shopify Inc. (SHOP): The 3.59% of the portfolio SHOP stake was built in the 2017-2019 timeframe at very low prices. Since then, the position had seen minor trimming. The last three quarters of 2022 saw a one-third stake increase at prices between ~$26 and ~$73. The stock currently trades at ~$66. The last two quarters saw minor trimming.Spotify Inc. (SPOT): The original SPOT position goes back to a Series G funding round in 2015 when the company was valued at ~$8B. They had an IPO in 2018. Shares started trading at ~$150 and currently go for ~$149. The valuation is now at ~$27B. H2 2019 saw a ~25% stake increase at prices between ~$112 and ~$157. That was followed with a ~27% increase over the three quarters through Q3 2022 at prices between ~$86 and ~$244. The last three quarters saw minor trimming.Note: they have a ~13% ownership stake in the business.The Trade Desk (TTD): The ~3% TTD position was first purchased in the 2018-2019 timeframe at prices up to ~$28. H1 2021 saw a ~80% stake increase at prices between ~$52 and ~$90. The three quarters through Q3 2022 had seen a ~16% trimming. The stock currently trades at $90.45. The last three quarters have seen only minor adjustments.Illumina Inc. (ILMN): The ILMN stake goes back over a decade to 2011 when a large 13.5M shares stake was built at prices between ~$25 and ~$75 per share. The period through 2020 saw a ~50% stake increase through incremental buying at higher prices. The stock currently trades at ~$192. There was a ~30% selling in the last three quarters at prices between ~$189 and ~$243.Note: they have a ~9% ownership stake in the business.Netflix Inc. (NFLX): NFLX is a ~2% of the portfolio stake established in the 2015-2016 timeframe at prices up to ~$130. There was a ~20% trimming over the last two years. That was followed with a ~15% reduction this quarter at prices between ~$318 and ~$445. The stock currently trades at ~$426.Ferrari NV (RACE): RACE was a ~18M shares stake that was established in 2016 at prices between $34 and $58. The period through 2020 saw the stake reduced to ~13.5M shares at higher prices. There was a ~15% selling in Q2 2021 at prices between ~$199 and ~$217. The last three quarters saw another ~30% reduction at prices between ~$180 and ~$270. The stock currently trades at ~$322. There was a minor ~2% trimming this quarter.DexCom Inc. (DXCM): A small stake in DXCM was first purchased in 2012. The stake remained small till 2016 when a substantial ~6.1M share position was built in the low-20s price range. The period through 2019 saw the stake reduced to ~4.8M shares through periodic selling. Recent activity follows. There was a ~30% stake increase in Q4 2020 at prices between ~$79 and ~$103. Q4 2021 saw a ~16% reduction at prices between ~$130 and ~$163. The stock currently trades at ~$132. The last several quarters have seen minor trimming.Coupang Inc. (CPNG): CPNG had an IPO in Q1 2021. Shares started trading at ~$48 and currently go for ~$18. The 1.64% of the portfolio stake was built over the five quarters through Q1 2022 at prices between ~$17.50 and ~$48.50. The last few quarters have seen only minor adjustments.Alnylam Pharma (ALNY): The bulk of the 1.35% of the portfolio stake in ALNY was built in 2019 at prices between ~$69 and ~$124. The stock currently trades at ~$199. The last six quarters have seen minor trimming.AJ Gallagher & Co (AJG), Albemarle Corporation (ALB), Alphabet Inc. (GOOG), Analog Devices (ADI), Atlassian Corp (TEAM), BeiGene Ltd. (BGNE), BioNTech (BNTX), Chewy Inc. (CHWY), CoStar Group (CSGP), Duolingo (DUOL), Elevance Health (ELV) previously Anthem, Estee Lauder (EL), Intuitive Surgical (ISRG), Mastercard Inc. (MA), Microsoft Corp (MSFT), Martin Marietta Materials (MLM), Moody’s Corp (MCO), NIO Inc. (NIO), NU Holdings (NU), Petrobras Brasileiro (PBR), Roblox Inc. (RBLX), Royalty Pharma (RPRX), S&P Global (SPGI), SEA Ltd. (SE), Service Corp International (SCI), Snowflake (SNOW), TSMC ADR (TSM), Thermo Fisher Scientific (TMO), Watsco Inc. (WSO), Workday Inc. (WDAY), Wix.com (WIX), and Zoom Video (ZM): These small (less than ~1.6% of the portfolio each) stakes were reduced during the quarter.The spreadsheet below highlights changes to Baillie Gifford’ 13F holdings in Q2 2023:Source: John Vincent. Data constructed from Baillie Gifford’ 13F filings for Q1 2023 and Q2 2023.Regulatory filings from 1/27/2023 to 5/3/2023: 13G/A – 5/3 – EverQuote – 1.36M shares – 4.96% of business. 13G/A – 4/6 – TEAM – 7.48M shares – 4.98% of business. 13G – 4/6 – Samsara – 18.9M shares – 13.82% of business. 13G/As – 3/3 – MLM – 3M shares – 4.85% of business, Rubius Therapeutics – zero, LILM – 17.43M shares – 4.67% of business, Cemex – 753M shares – 4.97% of business – 13G – 1/30 – 805M shares – 5.32% of business. 13G/A – 2/2 – Nanobiotix – 1.51M shars – 4.34% of business. 13G/A – 1/30 – DUOL – 3.25M shares – 10.4% of business."

"Tracking Baillie Gifford’s 13F Portfolio – Q1 2023 Update"

"Baillie Gifford’s 13F portfolio value increased from ~$96B to ~$111B this quarter.They increased Advanced Micro Devices, Duolingo, and Meta Platforms while reducing Elevance Health, Alphabet, AJ Gallagher & Co, and Booking Holdings.The top three positions are MercadoLibre, Moderna, and Tesla Motors, and they add up to ~19% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Baillie Gifford’s 13F portfolio on a quarterly basis. It is based on their regulatory filed on 5/3/2023. Please visit our to get an idea of their investment philosophy and our for the fund’s moves during Q4 2022. The 13F securities represent roughly 40% of their overall Assets Under Management. The portfolio is diversified with over 1000 13F securities. 55 of those positions are significantly large (more than ~0.5% of the portfolio) and they are the focus of this article.This quarter, Baillie Gifford’s 13F portfolio value increased from ~$97B to ~$111B. The number of holdings decreased from 1163 to 1111. The top three holdings are at ~19% while the top five holdings are close to ~27% of the 13F assets: MercadoLibre, Moderna, Tesla Motors, NVIDIA, and Amazon.com.Note: Although the following positions are really small compared to the overall size of the portfolio, it is significant that they have sizable ownership stakes: 10x Genomics (TXG), AbCellera Biologics (ABCL), Abcam plc (ABCM), Adaptimmune Therapeutics (ADAP), Affirm Holdings (AFRM), Akili Inc. (AKLI), American Superconductor (AMSC), Appian Corporation (APPN), Axon Enterprise (AXON), Broadridge Financial (BR), Carvana (CVNA), Certara (CERT), Chegg (CHGG), Cellectis (CLLS), Copa Holdings (COPA), Coursera (COUR), Datadog Inc. (DDOG), Denali Therapeutics (DNLA), Digimarc (DMRC), EverQuote (EVER), Elastic NV (ESTC), Farfetch Ltd. (FTCH), Gingko Bioworks (DNA), HashiCorp (HCP), Howard Hughes Corp (HHC), Joby Aviation (JOBY), Jumia Technologies (JMIA), Lilium (LILM), Lemonade (LMND), LendingTree (TREE), Mobileye (MBLY), NuCana Inc. (NCNA), Nanobiotix (NBTX), Oscar Health (OSCR), Oatly (OTLY), Pacira Biosciences (PCRX), Peloton Interactive (PTON), Recursion Pharma (RXRX), Redfin Inc. (RDFN), Samsara Inc. (IOT), Sana Biotech (SANA), SiteOne (SITE), Staar Surgical (STAA), Sweetgreen (SG), The Teladoc (TDOC), Tencent Music Entertainment (TME), Upwork (UPWK), Warby Parker (WRBY), Wayfair Inc. (W), and Zillow Group (Z).Stake Increases:MercadoLibre Inc. (MELI): MELI position goes back to 2010 when a 2.25M share stake was built at prices between ~$35 and ~$73. The position size peaked at 6.56M shares in 2014. The stake increase happened at prices between ~$60 and ~$140. Since then, the position saw trimming in most years. The last six quarters saw a one-third increase at prices between ~$635 and ~$1946. The stock currently trades at ~$1213. It is now the largest 13F position at 7.29% of the portfolio. There was a marginal further increase this quarter.Note: they have a ~12% ownership stake in the business.Moderna Inc. (MRNA): A small position in MRNA was established in Q1 2020. H2 2020 saw the position built to over 24M shares at prices between ~$58 and ~$157. Next quarter saw another ~85% stake increase at prices between ~$105 and ~$184. Since then, the activity has been minor. The stock currently trades at ~$134 and the top three stake is at 6.44% of the portfolio.Amazon.com Inc. (AMZN): AMZN stake was a very small position purchased in 2004. The period through 2009 saw a large position built at very low prices. Since 2014, the position has seen selling. Recent activity follows. 2020 saw a one-third reduction at prices between ~$89 and ~$170. The six quarters through Q2 2022 had seen another ~40% selling at prices between ~$102 and ~$187. The stock is now at ~$104. It is still a top-three stake at 3.60% of the portfolio. The last two quarters have seen minor increases.SEA Ltd. (SE): SE became a substantial stake in the portfolio in Q1 2020 when around 6M shares were purchased at prices between ~$38 and ~$52. The quarters since saw only minor activity. Q1 2022 saw a ~75% stake increase at prices between ~$88 and ~$223. The last quarter saw another ~20% stake increase at prices between ~$41 and ~$65. That was followed with a ~9% stake increase this quarter. The stock currently trades at ~$76.Advanced Micro Devices (AMD): The 0.77% of the portfolio stake in AMD was primarily built this quarter at prices between ~$62 and ~$100 and the stock currently trades at $86.61.Analog Devices (ADI), Doordash (DASH), Duolingo (DUOL), Meta Platforms (META), NU Holdings (NU), and Royalty Pharma (RPRX): These small (less than ~1% of the portfolio each) stakes were increased during the quarter.Stake Decreases:Tesla Motors (TSLA): The TSLA stake was first purchased in 2013 at very low prices. The period through 2019 saw the original position almost triple at prices up to ~$28. There was minor trimming in the next two quarters and that was followed with a ~55% selling in H2 2020 at prices between ~$81 and ~$235. The last nine quarters have seen another ~72% reduction at prices between ~$109 and ~$407. The stock currently trades at ~$161 and the stake is at 4.88%. They are harvesting gains.NVIDIA Inc. (NVDA): A large stake in NVDA was first purchased in 2016 at prices up to ~$28. The position has seen periodic selling since. Recent activity follows. The six quarters through Q2 2022 saw a ~20% reduction at prices between ~$125 and ~$330. The stock currently trades at ~$276 and the stake is at ~4% of the portfolio. Last quarter saw a ~14% stake increase while this quarter there was a ~8% trimming.Spotify Inc. (SPOT): The original SPOT position goes back to a Series G funding round in 2015 when the company was valued at ~$8B. They had an IPO in 2018. Shares started trading at ~$150 and currently goes for ~$140. The valuation is now at ~$25B. H2 2019 saw a ~25% stake increase at prices between ~$112 and ~$157. That was followed with a ~27% increase over the three quarters through Q3 2022 at prices between ~$86 and ~$244. The last two quarters saw minor trimming.Note: they have a ~14% ownership stake in the business.Illumina Inc. (ILMN): The ILMN stake goes back over a decade to 2011 when a large 13.5M shares stake was built at prices between ~$25 and ~$75 per share. The period through 2020 saw a ~50% stake increase through incremental buying at higher prices. The stock currently trades at ~$196. There was a ~21% selling in the last two quarters at prices between ~$189 and ~$243.Note: they have a ~10% ownership stake in the business.Shopify Inc. (SHOP): The ~3% of the portfolio SHOP stake was built in the 2017-2019 timeframe at very low prices. Since then, the position had seen minor trimming. The last three quarters saw a one-third stake increase at prices between ~$26 and ~$73. The stock currently trades at $57.30. There was a minor ~2% trimming this quarter.The Trade Desk (TTD): The 2.52% TTD position was first purchased in the 2018-2019 timeframe at prices up to ~$28. H1 2021 saw a ~80% stake increase at prices between ~$52 and ~$90. The three quarters through Q3 2022 had seen a ~16% trimming. The stock currently trades at $61.44. The last two quarters have seen only minor adjustments.Netflix Inc. (NFLX): NFLX is a ~2% of the portfolio stake established in the 2015-2016 timeframe at prices up to ~$130. There was a ~20% trimming over the last two years. The stock currently trades at ~$321.PDD Holdings Inc. (PDD): PDD is a ~2% of the portfolio stake built over the three years through 2021 at prices between ~$19 and ~$197. The stock currently trades at $64.14. The last five quarters have seen only minor adjustments.Dexcom Inc. (DXCM): A small stake in DXCM was first purchased in 2012. The stake remained small till 2016 when a substantial ~6.1M share position was built in the low-20s price range. The period through 2019 saw the stake reduced to ~4.8M shares through periodic selling. Recent activity follows. There was a ~30% stake increase in Q4 2020 at prices between ~$79 and ~$103. Q4 2021 saw a ~16% reduction at prices between ~$130 and ~$163. The stock currently trades at ~$117. The last several quarters have seen minor trimming.Note: they have a ~4% ownership stake in the business.Ferrari NV (RACE): RACE was a ~18M shares stake that was established in 2016 at prices between $34 and $58. The period through 2020 saw the stake reduced to ~13.5M shares at higher prices. There was a ~15% selling in Q2 2021 at prices between ~$199 and ~$217. The last three quarters have seen another ~30% reduction at prices between ~$180 and ~$270. The stock currently trades at ~$292.Coupang Inc. (CPNG): CPNG had an IPO in Q1 2021. Shares started trading at ~$48 and currently goes for $17.21. The 1.62% of the portfolio stake was built over the five quarters through Q1 2022 at prices between ~$17.50 and ~$48.50. The last few quarters have seen only minor adjustments.Alnylam Pharma (ALNY): The bulk of the 1.56% of the portfolio stake in ALNY was built in 2019 at prices between ~$69 and ~$124. The stock currently trades at ~$205. The last five quarters have seen minor trimming.Cloudflare Inc. (NET): The 1.43% NET stake was purchased during Q2 and Q3 2020 at prices between ~$21 and ~$42. The three quarters through Q2 2022 saw a ~19% selling while the next two quarters saw a ~10% increase. The stock currently trades at $40.48. There was a minor ~2% trimming this quarter.Note: they have a ~10% ownership stake in the business.Elevance Health (ELV) previously Anthem: ELV is a 1.33% of the portfolio long-term stake. The position has wavered. Recent activity follows. Q4 2021 saw a ~15% stake increase at prices between ~$370 and ~$468 while in the next two quarters there was a similar reduction at prices between ~$428 and ~$530. The stock currently trades at ~$457. There was a ~25% reduction in the last three quarters.Atlassian Corp (TEAM): A large ~10.2M share stake in TEAM was built in 2016 at prices between ~$20 and ~$32. The period through 2020 saw a roughly one-third reduction through periodic selling at higher prices. 2021 had also seen a ~14% trimming at prices between ~$213 and ~$458. The stock is now at ~$150 and the stake is at 1.15% of the portfolio. There was a ~40% stake increase last quarter at prices between ~$116 and ~$243. This quarter saw a minor ~2% trimming.Note: They have a ~5% ownership stake in the business.NIO Inc. (NIO): NIO had an IPO in September 2018. Shares started trading at ~$8.50. The original position was acquired immediately after the IPO. The stock currently goes for $8.06. The stake is at 1.14% of the portfolio. The last quarter saw a ~25% stake increase at prices between ~$9.25 and ~$16.75. There was marginal trimming this quarter.Albemarle Corporation (ALB), AJ Gallagher & Co (AJG), Alphabet Inc. (GOOG), BioNTech (BNTX), BeiGene Ltd. (BGNE), Booking Holdings (BKNG), Charles Schwab (SCHW), Chewy Inc. (CHWY), CoStar Group (CSGP), Estee Lauder (EL), Intuitive Surgical (ISRG), Martin Marietta Materials (MLM), Mastercard Inc. (MA), Microsoft Corp (MSFT), Moody’s Corp (MCO), Novocure Ltd. (NVCR), Petrobras Brasileiro (PBR), Roblox Inc. (RBLX), Ryanair ADR (RYAAY), Service Corp International (SCI), Snowflake (SNOW), S&P Global (SPGI), Thermo Fisher Scientific (TMO), TSMC ADR (TSM), Workday Inc. (WDAY), Wix.com (WIX), Watsco Inc. (WSO), and Zoom Video (ZM): These small (less than ~1.5% of the portfolio each) stakes were reduced during the quarter.The spreadsheet below highlights changes to Baillie Gifford’ 13F holdings in Q1 2023:Source: John Vincent. Data constructed from Baillie Gifford’ 13F filings for Q4 2022 and Q1 2023.Regulatory filings from 10/30/2022 to 1/27/2023: 13G/As – 1/25 – WIX – 8.05M shares – 13.69% of business, JMIA – 18.75M shares – 9.39% of business, MBLY – Mobileye – 6.18M shares – 11.91% of business – 11/7/022 – similar lower share count, MEKA – MELI Kaszek – 2M shares – 6.73% of business. 13G/As – 1/24 – LILM – 18.83M shares – 5.11% of business, RXRX – Recursion Pharma – 24.82M shares – 13.66% of business. 13G/As – 1/23 – DNA – 244.2M shares – 18.03% of business, WRBY – 6.28M shares – 6.55% of business, UPWK – 6.81M shares – 5.18% of business, TTD – 47.18M shares – 10.59% of business, HHC – 2.85M shares – 5.70% of business, OTLY – 36.85M shares – 6.23% of business, NVCR – NovoCure – 8.86M shares – 8.45% of business, NCNA – NuCana – 3.66M shares - ~7% of business, NIO – 121.35M shares – 7.97% of business, HCP – HashiCorp – 7.17M shares – 8.75% of business, FTCH – 46.96M shares – 13.87% of business, EVER – EverQuote – 1.36M shares – 5.24% of business, ESTC – 5.91M shares – 6.18% of business. 13G/As – 1/20 – DNLI – Denali Therapeutics – 15.12M shares – 11.13% of business, COUR – Coursera – 18.11M shares – 12.35% of business, CPNG – 115.18M shares – 7.22% of business, AFRM – 22.7M shares – 9.87% of business, W – 8.57M shares – 10.53% of business, WSO – Watsco – 2.18M shares – 6.56% of business, SCI – Service Corp Intl. – 16.35M shares – 10.63% of business, SANA – Sana Biotech – 10.76M shares – 5.64% of business, RYAAY – 72.65M shares – 6.38% of business, RUBY – Rubius Therapeutics – 4.87M shares – 5.39% of business, RBLX – 29.44M shares – 5.36% of business, RDFN – 9.76M shares – 8.97% of business, MLM – Martin Marietta Materials – 3.15M shares – 5.07% of business, LMND – 4.89M shares – 7.075 of business, ILMN – 16.74M shares – 10.64% of business, AKLI – 4.67M shares – 5.99% of business, SITE – SiteOne – 2.47M shares – 5.47% of business, SPOT – 27.94M shares – 14.47% of business, NBTX – Nanobiotix – 1.74M shares – 5% of business, MELI – 6.13M shares – 12.18% of business. 13G/As – 1/19 – ALNY – Alnylam Pharma – 9.41M shares – 7.65% of business, AMSC – American Superconductor – 1.49M shares – 5.10% of business, SHOP – 72.45M shares – 7.24% of business, STAA – Staar Surgical – 5.24M shares – 10.87% of business, SG – Sweetgreen – 5.29M shares – 5.44% of business, MRNA – 44,79M shares – 11.66% of business. 13G/As – 1/18 – CERT – Certara – 10.22M shares – 6.40% of business, CLLS – Cellectis – 3.15M shares – 6.91% of business, CVNA – 14.17M shares – 13.37% of business, TEAM – 7.64M shares – 5.15% of business, ABCM – Abcam plc – 12.16M shares – 5.31% of business, COPA – 4.62M shares – 14.92% of business, CDXS – Codexis – 6.21M shares – 9.46% of business, NET – Cloudflare – 26.34M shares – 9.25% of business, CHWY – 17.08M shares – 15.23% of business, CHGG – 17.93M shares – 14.29% of business, ADAP – Adaptimmune – 103M shares – 10.48% of business – 12/2 - similar, ABCL – 19.7M shares – 6.88% of business, TXG – 10x Genomics – 8.6M shares – 9% of business, 13G/As – 1/6 – APPN – Appian Corp – 1.57M shares – 3.82% of business – 12/1 - similar, ABMD – 2991 shares – 0.01% of business. 13G/A – 12/1 – OSCR – 5.43M shares – 3% of business – 11/7/2022 – 12.46M shares – 7% of business. 13G/As – 11/7 – PTON – 2.05M shares – 0.66% of business,"

"Tracking Baillie Gifford’s 13F Portfolio – Q4 2022 Update"

"Baillie Gifford’s 13F portfolio value decreased from ~$96.99B to ~$95.96B this quarter.They increased NVIDIA, Shopify, NIO Inc., SEA Ltd., Roblox, Doordash, and Ginkgo Bioworks while reducing Illumina, Ferrari NV, AJ Gallagher & Co, Albemarle, Meta Platforms, and Abiomed.The top three positions are Moderna, MercadoLibre, and Illumina, 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 Baillie Gifford’s 13F portfolio on a quarterly basis. It is based on their regulatory filed on 1/24/2023. Please visit our to get an idea of their investment philosophy and our for the fund’s moves during Q3 2022. The 13F securities represent roughly 40% of their overall Assets Under Management. The portfolio is diversified with over 1000 13F securities. 58 of those positions are significantly large (more than ~0.5% of the portfolio) and they are the focus of this article.This quarter, Baillie Gifford’s 13F portfolio value decreased from ~$96.99B to ~$95.96B. The number of holdings increased from 1135 to 1163. The top three holdings are at ~18% while the top five holdings are close to ~25% of the 13F assets: Moderna, MercadoLibre, Illumina, Tesla Motors, and Amazon.com.Note: Although the following positions are really small compared to the overall size of the portfolio, it is significant that they have sizable ownership stakes: 10x Genomics (TXG), AbCellera Biologics (ABCL), Abcam plc (ABCM), Adaptimmune Therapeutics (ADAP), Affirm Holdings (AFRM), Akili Inc. (AKLI), Allbirds (BIRD), American Superconductor (AMSC), Appian Corporation (APPN), Axon Enterprise (AXON), Carvana (CVNA), Certara (CERT), Chegg (CHGG), Cellectis (CLLS), Codexis (CDXS), Copa Holdings (COPA), Coursera (COUR), Denali Therapeutics (DNLA), Digimarc (DMRC), Duolingo (DUOL), EverQuote (EVER), Elastic NV (ESTC), Farfetch Ltd. (FTCH), HashiCorp (HCP), Howard Hughes Corp (HHC), Jumia Technologies (JMIA), Lilium (LILM), Lemonade (LMND), LendingTree (TREE), Mobileye (MBLY), MELI Kaszek (MEKA), NuCana Inc. (NCNA), Nanobiotix (NBTX), Oscar Health (OSCR), Oatly (OTLY), Pacira Biosciences (PCRX), Peloton Interactive (PTON), Recursion Pharma (RXRX), Redfin Inc. (RDFN), Rubius Therapeutics (RUBY), Sana Biotech (SANA), SiteOne (SITE), Staar Surgical (STAA), Sweetgreen (SG), The Teladoc (TDOC), Tencent Music Entertainment (TME), Upwork (UPWK), Warby Parker (WRBY), Wayfair Inc. (W), and Zillow Group (Z).Stake Increases:MercadoLibre Inc. (MELI): MELI position goes back to 2010 when a 2.25M share stake was built at prices between ~$35 and ~$73. The position size peaked at 6.56M shares in 2014. The stake increase happened at prices between ~$60 and ~$140. Since then, the position had seen trimming in most years. Last six quarters saw a one-third increase at prices between ~$635 and ~$1946. The stock currently trades at ~$1221 and the top-three stake is at 5.40% of the portfolio.Note: they have a ~12% ownership stake in the business.Amazon.com Inc. (AMZN): AMZN stake was a very small position purchased in 2004. The period through 2009 saw a large position built at very low prices. Since 2014, the position has seen selling. Recent activity follows. 2020 saw a one-third reduction at prices between ~$89 and ~$170. The six quarters through Q2 2022 had seen another ~40% selling at prices between ~$102 and ~$187. The stock is now at ~$102. It is still a top-five stake at 3.31% of the portfolio. Last two quarters have seen only minor adjustments.NVIDIA Inc. (NVDA): A large stake in NVDA was first purchased in 2016 at prices up to ~$28. The position has seen periodic selling since. Recent activity follows. The six quarters through Q2 2022 saw a ~20% reduction at prices between ~$125 and ~$330. The stock currently trades at ~$204 and the stake is at 2.65% of the portfolio. This quarter saw a ~14% stake increase.Shopify Inc. (SHOP): The 2.62% of the portfolio SHOP stake was built in the 2017-2019 timeframe at very low prices. Since then, the position had seen minor trimming. Last three quarters have seen a one-third stake increase at prices between ~$26 and ~$73. The stock currently trades at ~$50.Pinduoduo Inc. (PDD): PDD is a 2.43% of the portfolio stake built over the three years through 2021 at prices between ~$19 and ~$197. The stock currently trades at ~$105. Last four quarters have seen only minor adjustments.The Trade Desk (TTD): The 2.20% TTD position was first purchased in the 2018-2019 timeframe at prices up to ~$28. H1 2021 saw a ~80% stake increase at prices between ~$52 and ~$90. Last three quarters had seen a ~16% trimming. The stock currently trades at $51.95. There was a ~6% stake increase this quarter.Coupang Inc. (CPNG): CPNG had an IPO in Q1 2021. Shares started trading at ~$48 and currently goes for $16.71. The 1.77% of the portfolio stake was built over the five quarters through Q1 2022 at prices between ~$17.50 and ~$48.50. There was a ~6% stake increase this quarter.Cloudflare Inc. (NET): The 1.24% NET stake was purchased during Q2 and Q3 2020 at prices between ~$21 and ~$42. The three quarters through Q2 2022 had seen a ~19% selling at prices between ~$40 and ~$217. The stock currently trades at $53.11. There was a ~10% stake increase over the last two quarters.Note: they have a ~10% ownership stake in the business.NIO Inc. (NIO): NIO had an IPO in September 2018. Shares started trading at ~$8.50. The original position was acquired immediately after the IPO. The stock currently goes for $12.71. The stake is a 1.23% of the portfolio. This quarter saw a ~25% stake increase at prices between ~$9.25 and ~$16.75.SEA Ltd. (SE): SE became a substantial stake in the portfolio in Q1 2020 when around 6M shares were purchased at prices between ~$38 and ~$52. The quarters since had seen only minor activity. Q1 2022 saw a ~75% stake increase at prices between ~$88 and ~$223. This quarter saw another ~20% stake increase at prices between ~$41 and ~$65. The stock currently trades at $68.55.Atlassian Corp (TEAM): A large ~10.2M share stake in TEAM was built in 2016 at prices between ~$20 and ~$32. The period through 2020 saw a roughly one-third reduction through periodic selling at higher prices. 2021 had also seen a ~14% trimming at prices between ~$213 and ~$458. The stock is now at ~$164 and the stake is at ~1% of the portfolio. There was a ~40% stake increase this quarter at prices between ~$116 and ~$243.BeiGene Ltd. (BGNE), BioNTech (BNTX), Chewy Inc. (CHWY), Gingko Bioworks (DNA), Intuitive Surgical (ISRG), Roblox Inc. (RBLX), Watsco Inc. (WSO), Workday Inc. (WDAY): These small (less than ~1.5% of the portfolio each) stakes were increased during the quarter.Stake Decreases:Moderna Inc. (MRNA): A small position in MRNA was established in Q1 2020. H2 2020 saw the position built to over 24M shares at prices between ~$58 and ~$157. Next quarter saw another ~85% stake increase at prices between ~$105 and ~$184. Since then, the activity has been minor. The stock currently trades at ~$189 and it is now the largest position at 8.38% of the portfolio.Illumina Inc. (ILMN): The ILMN stake goes back over a decade to 2011 when a large 13.5M shares stake was built at prices between ~$25 and ~$75 per share. The period through 2020 saw a ~50% stake increase through incremental buying at higher prices. The stock currently trades at ~$214. There was a ~12% trimming this quarter.Note: they have a ~10.5% ownership stake in the business.Tesla Motors (TSLA): The TSLA stake was first purchased in 2013 at very low prices. The period through 2019 saw the original position almost tripled at prices up to ~$28. There was minor trimming in the next two quarters and that was followed with a ~55% selling in H2 2020 at prices between ~$81 and ~$235. Last two years have seen another ~70% reduction at prices between ~$109 and ~$407. The stock currently trades at ~$178 and the stake is at 7.62%. They are harvesting gains.Alnylam Pharma (ALNY): The bulk of the 2.33% of the portfolio stake in ALNY was built in 2019 at prices between ~$69 and ~$124. The stock currently trades at ~$231. Last four quarters have seen minor trimming.Spotify Inc. (SPOT): The original SPOT position goes back to a Series G funding round in 2015 when the company was valued at ~$8B. They had an IPO in 2018. Shares started trading at ~$150 and currently goes for ~$102. The valuation is now at ~$18B. H2 2019 saw a ~25% stake increase at prices between ~$112 and ~$157. That was followed with a ~27% increase over the last three quarters at prices between ~$86 and ~$244. There was marginal trimming this quarter.Note: they have a ~14% ownership stake in the business.Netflix Inc. (NFLX): NFLX is a 2.14% of the portfolio stake established in the 2015-2016 timeframe at prices up to ~$130. There was a ~15% trimming over the last seven quarters. The stock currently trades at ~$361.Dexcom Inc. (DXCM): A minutely small stake in DXCM was first purchased in 2012. The stake remained small till 2016 when a substantial ~6.1M share position was built in the low-20s price range. The period through 2019 saw the stake reduced to ~4.8M shares through periodic selling. Recent activity follows. There was a ~30% stake increase in Q4 2020 at prices between ~$79 and ~$103. Q4 2021 saw a ~16% reduction at prices between ~$130 and ~$163. The stock currently trades at ~$107. There was a ~4% trimming this quarter.Note: they have a ~4.2% ownership stake in the business.Elevance Health (ELV) previously Anthem: ELV is a ~2% of the portfolio long-term stake. The position has wavered. Recent activity follows. Q4 2021 saw a ~15% stake increase at prices between ~$370 and ~$468 while in the next two quarters there was a similar reduction at prices between ~$428 and ~$530. The stock currently trades at ~$493. There was a ~8% trimming in the last two quarters.Ferrari NV (RACE): RACE was a ~18M shares stake that was established in 2016 at prices between $34 and $58. The period through 2020 saw the stake reduced to ~13.5M shares at higher prices. There was a ~15% selling in Q2 2021 at prices between ~$199 and ~$217. Last two quarters have seen another ~25% reduction at prices between ~$181 and ~$228. The stock currently trades at ~$254.Abiomed Inc. (ABMD), Albemarle Corporation (ALB), Alphabet Inc. (GOOG), AJ Gallagher & Co (AJG), Booking Holdings (BKNG), Broadridge Financial (BR), CoStar Group (CSGP), Charles Schwab (SCHW), Datadog Inc. (DDOG), Estee Lauder (EL), Mastercard Inc. (MA), Martin Marietta Materials (MLM), Meta Platforms (META), Microsoft Corp (MSFT), Moody’s Corp (MCO), Novocure Ltd. (NVCR), Petrobras Brasileiro (PBR), Ryanair ADR (RYAAY), Royalty Pharma (RPRX), Service Corp International (SCI), Snowflake (SNOW), S&P Global (SPGI), Thermo Fisher Scientific (TMO), TSMC ADR (TSM), Wix.com (WIX), and Zoom Video (ZM): These small (less than ~1.5% of the portfolio each) stakes were reduced during the quarter.The spreadsheet below highlights changes to Baillie Gifford’ 13F holdings in Q4 2022:Source: John Vincent. Data constructed from Baillie Gifford’ 13F filings for Q3 2022 and Q4 2022.Regulatory filings from 8/8/2022 to 10/30/2022: 13G/A – 10/6 – DUOL – 3.07M shares – 10.03% of business, BYND – 4388 – 0.01% of business – 13G/A – 9/2 – 4.21M shares – 6.61% of business. 13G/A – 10/5 – LendingTree – TREE – 626K shares – 4.90% of business."

"Tracking Baillie Gifford’s 13F Portfolio – Q3 2022 Update"

"Baillie Gifford’s 13F portfolio value decreased from ~$97.51B to ~$96.99B this quarter.They increased Shopify, Roblox, Zoom Video, and Twilio while reducing Albemarle Corporation and Li Auto ADR.The top three positions are Tesla Motors, Moderna, and MercadoLibre, 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 Baillie Gifford’s 13F portfolio on a quarterly basis. It is based on their regulatory filed on 10/27/2022. Please visit our to get an idea of their investment philosophy and our for the fund’s moves during Q2 2022. The 13F securities represent roughly 40% of their overall Assets Under Management. The portfolio is diversified with over 1000 13F securities. 59 of those positions are significantly large (more than ~0.5% of the portfolio) and they are the focus of this article.This quarter, Baillie Gifford’s 13F portfolio value decreased marginally from ~$97.51B to ~$96.99B. The number of holdings decreased from 1147 to 1135. The top three holdings are at ~18% while the top five holdings are close to ~26% of the 13F assets: Tesla Motors, Moderna, MercadoLibre, Amazon.com, and Illumina.Note: Although the following positions are really small compared to the overall size of the portfolio, it is significant that they have sizable ownership stakes: 10x Genomics (TXG), Abiomed (ABMD), Adaptimmune Therapeutics (ADAP), Affirm Holdings (AFRM), Allbirds (BIRD), Appian Corporation (APPN), Axon Enterprise (AXON), Carvana (CVNA), Certara (CERT), Chegg (CHGG), Codexis (CDXS), Copa Holdings (COPA), Coursera (COUR), Denali Therapeutics (DNLA), Digimarc (DMRC), Duolingo (DUOL), EverQuote (EVER), Farfetch Ltd. (FTCH), HashiCorp (HCP), Jumia Technologies (JMIA), Lemonade (LMND), LendingTree (TREE), Lilium (LILM), NuCana Inc. (NCNA), Oscar Health (OSCR), Pacira Biosciences (PCRX), Peloton Interactive (PTON), Recursion Pharma (RXRX), Redfin Inc. (RDFN), Staar Surgical (STAA), The Howard Hughes Corporation (HHC), Teladoc (TDOC), Tencent Music Entertainment (TME), Warby Parker (WRBY), Wayfair Inc. (W), and Zillow Group (Z).Stake Increases:MercadoLibre Inc. (MELI): MELI position goes back to 2010 when a 2.25M share stake was built at prices between ~$35 and ~$73. The position size peaked at 6.56M shares in 2014. The stake increase happened at prices between ~$60 and ~$140. Since then, the position had seen trimming in most years. Last five quarters had seen a ~25% increase at prices between ~$635 and ~$1946. The stock currently trades at ~$882 and the top-three stake is at 4.94% of the portfolio.Note: they have a ~11.5% ownership stake in the business.Spotify Inc. (SPOT): The original SPOT position goes back to a Series G funding round in 2015 when the company was valued at ~$8B. They had an IPO in 2018. Shares started trading at ~$150 and currently goes for ~$83. The valuation is now at ~$14B. H2 2019 saw a ~25% stake increase at prices between ~$112 and ~$157. That was followed with a ~27% increase over the last three quarters at prices between ~$86 and ~$244.Note: they have a ~14% ownership stake in the business.Coupang Inc. (CPNG): CPNG had an IPO in Q1 2021. Shares started trading at ~$48 and currently goes for ~$17. The 1.86% of the portfolio stake was built over the five quarters through Q1 2022 at prices between ~$17.50 and ~$48.50. Last two quarters have seen only minor adjustments.Pinduoduo Inc. (PDD): PDD is a 1.82% of the portfolio stake built over the three years through 2021 at prices between ~$19 and ~$197. The stock currently trades at ~$53. Last three quarters have seen only minor adjustments.Shopify Inc. (SHOP): The 1.79% of the portfolio SHOP stake was built in the 2017-2019 timeframe in the low-single-digits price range. Since then, the position had seen minor trimming. Last two quarters have seen a ~20% stake increase at prices between ~$27 and ~$73. The stock currently trades at ~$34.NIO Inc. (NIO): NIO had an IPO in September 2018. Shares started trading at ~$8.50. The original position was acquired immediately after the IPO. Q1 2021 saw a ~15% selling at prices between ~$36 and ~$62 while last quarter there was a ~9% increase at prices between ~$12.70 and ~$24. The stock currently goes for $9.69. The stake is a 1.57% of the portfolio. There was a marginal increase this quarter.Dexcom Inc. (DXCM): A minutely small stake in DXCM was first purchased in 2012. The stake remained small till 2016 when a substantial ~6.1M share position was built in the low-20s price range. The period through 2019 saw the stake reduced to ~4.8M shares through periodic selling. Recent activity follows. There was a ~30% stake increase in Q4 2020 at prices between ~$79 and ~$103. Q4 2021 saw a ~16% reduction at prices between ~$130 and ~$163. The stock currently trades at ~$121. Last three quarters have seen only minor adjustments.Note: they have a ~4.5% ownership stake in the business.Cloudflare Inc. (NET): The 1.41% NET stake was purchased during Q2 and Q3 2020 at prices between ~$21 and ~$42. Last three quarters had seen a ~19% selling at prices between ~$40 and ~$217. The stock currently trades at $55.35. There was a ~3% stake increase this quarter.Note: they have a ~9.3% ownership stake in the business.Atlassian Corp (TEAM): A large ~10.2M share stake in TEAM was built in 2016 at prices between ~$20 and ~$32. The period through 2020 saw a roughly one-third reduction through periodic selling at higher prices. Last year had also seen a ~14% trimming at prices between ~$213 and ~$458. The stock is now at ~$201 and the stake is at ~1% of the portfolio. Last three quarters have seen only minor adjustments.Chewy Inc. (CHWY), Doordash Inc. (DASH), Intuitive Surgical (ISRG), Roblox Inc. (RBLX), Snowflake (SNOW), Twilio Inc. (TWLO), Wix.com (WIX), and Zoom Video (ZM): These small (less than ~1.5% of the portfolio each) stakes were increased during the quarter.Stake Decreases:Tesla Motors (TSLA): The TSLA stake was first purchased in 2013 at very low prices. The period through 2019 saw the original position almost tripled at prices up to ~$28. There was minor trimming in the next two quarters and that was followed with a ~55% selling in H2 2020 at prices between ~$81 and ~$235. Last seven quarters have seen another two-thirds reduction at prices between ~$193 and ~$407. The stock currently trades at ~$229 and the stake is still the largest position in the portfolio at 7.62%. They are harvesting gains.Moderna Inc. (MRNA): A small position in MRNA was established in Q1 2020. H2 2020 saw the position built to over 24M shares at prices between ~$58 and ~$157. Next quarter saw another ~85% stake increase at prices between ~$105 and ~$184. Since then, the activity has been minor. The stock currently trades at ~$151 and it is now the second-largest position at 5.52% of the portfolio.Amazon.com Inc. (AMZN): AMZN stake was a very small position purchased in 2004. The period through 2009 saw a large position built at very low prices. Since 2014, the position has seen selling. Recent activity follows. 2020 saw a one-third reduction at prices between ~$89 and ~$170. Last six quarters had seen another ~40% selling at prices between ~$102 and ~$187. The stock is now at ~$103. It is still a top-five stake at 4.38% of the portfolio. There was marginal reduction this quarter.Illumina Inc. (ILMN): The ILMN stake goes back over a decade to 2011 when a large 13.5M shares stake was built at prices between ~$25 and ~$75 per share. The period through 2020 saw a ~50% stake increase through incremental buying at higher prices. The stock currently trades at ~$233. Last six quarters had seen only minor adjustments. There was a ~5% trimming this quarter.Note: they have a ~12% ownership stake in the business.The Trade Desk (TTD): The 2.75% TTD position was first purchased in the 2018-2019 timeframe at prices up to ~$28. H1 2021 saw a ~80% stake increase at prices between ~$52 and ~$90. Last three quarters have seen a ~16% trimming. The stock currently trades at $53.71.Alnylam Pharma (ALNY): The bulk of the ~2% of the portfolio stake in ALNY was built in 2019 at prices between ~$69 and ~$124. The stock currently trades at ~$205. Last three quarters have seen minor trimming.NVIDIA Inc. (NVDA): A large stake in NVDA was first purchased in 2016 at prices up to ~$28. The position has seen periodic selling since. Recent activity follows. Last six quarters saw a ~20% reduction at prices between ~$125 and ~$330. The stock currently trades at ~$138. The stake is at 1.91% of the portfolio. There was marginal reduction this quarter.Elevance Health (ELV) previously Anthem: ELV is a 1.86% of the portfolio long-term stake. The position has wavered. Recent activity follows. Q4 2021 saw a ~15% stake increase at prices between ~$370 and ~$468 while in the next two quarters there was a similar reduction at prices between ~$428 and ~$530. The stock currently trades at ~$544. There was a ~2% trimming this quarter.Ferrari NV (RACE): RACE was a ~18M shares stake that was established in 2016 at prices between $34 and $58. The period through 2020 saw the stake reduced to ~13.5M shares at higher prices. There was a ~15% selling in Q2 2021 at prices between ~$199 and ~$217. The stock currently trades at ~$199. There was a ~7% trimming this quarter.Netflix Inc. (NFLX): NFLX is a 1.69% of the portfolio stake established in the 2015-2016 timeframe at prices up to ~$130. There was a ~15% trimming over the last six quarters. The stock currently trades at ~$296.SEA Ltd. (SE): SE became a substantial stake in the portfolio in Q1 2020 when around 6M shares were purchased at prices between ~$38 and ~$52. The quarters since had seen only minor activity. Q1 2022 saw a ~75% stake increase at prices between ~$88 and ~$223. The stock currently trades at $49.54. Last two quarters have seen minor trimming.Abiomed Inc. (ABMD), AJ Gallagher & Co (AJG), Albemarle Corporation (ALB), Alphabet Inc. (GOOG), BeiGene Ltd. (BGNE), BioNTech (BNTX), Booking Holdings (BKNG), Broadridge Financial (BR), CoStar Group (CSGP), Charles Schwab (SCHW), Datadog Inc. (DDOG), Estee Lauder (EL), Gingko Bioworks (DNA), Li Auto (LI), Martin Marietta Materials (MLM), Meta Platforms (META), Microsoft Corp (MSFT), Moody’s Corp (MCO), Mastercard Inc. (MA), Novocure Ltd. (NVCR), Petrobras Brasileiro (PBR), Royalty Pharma (RPRX), Ryanair ADR (RYAAY), S&P Global (SPGI), Salesforce.com (CRM), Service Corp International (SCI), Teradyne Inc. (TER), Thermo Fisher Scientific (TMO), TSMC ADR (TSM), Watsco Inc. (WSO), and Workday Inc. (WDAY): These small (less than ~1.5% of the portfolio each) stakes were reduced during the quarter.The spreadsheet below highlights changes to Baillie Gifford’ 13F holdings in Q3 2022:Source: John Vincent. Data constructed from Baillie Gifford’ 13F filings for Q2 2022 and Q3 2022.Regulatory filings from 6/22/2022 to 8/8/2022: 13G/A – 8/4 – AFRM – 23.15M shares – 10.23% of business, . 13G/A – 7/5 – Burning Rock Biotech – BNR – 338K shares – 0.38% of business. 13G/A – 7/5 – ZLAB – 46.94M shares – 4.79% of business. 13G/A – 7/5 – TDOC – 7.74M shares – 4.80% of business. 13G/A – 7/5 – FTCH – 34.83M shares – 10.29% of business."

"Tracking Baillie Gifford’s 13F Portfolio – Q2 2022 Update"

"Baillie Gifford’s 13F portfolio value decreased from ~$143B to ~$97.51B this quarter.They increased Spotify and Royalty Pharma while decreasing Cloudflare, Petrobras, BeiGene, CBRE Group, Teladoc, and Peloton Interactive.The top three positions are Moderna, Tesla Motors, and Amazon.com, and they add up to ~17% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Baillie Gifford’s 13F portfolio on a quarterly basis. It is based on their regulatory filed on 8/8/2022. Please visit our to get an idea of their investment philosophy and for the fund’s moves during Q1 2022. The 13F securities represent roughly 40% of their overall Assets Under Management. The portfolio is diversified with over 1000 13F securities. 64 of those positions are significantly large (more than ~0.5% of the portfolio) and they are the focus of this article.This quarter, Baillie Gifford’s 13F portfolio decreased ~32% from ~$143B to ~$97.51B. The number of holdings decreased from 1168 to 1147. The top three holdings are at ~17% while the top five holdings are close to ~25% of the 13F assets: Moderna, Tesla Motors, Amazon.com, Illumina, and MercadoLibre.Note: Although the following positions are really small compared to the overall size of the portfolio, it is significant that they have sizable ownership stakes: 10x Genomics (TXG), Abiomed (ABMD), Adaptimmune Therapeutics (ADAP), Allbirds (BIRD), Appian Corporation (APPN), Axon Enterprise (AXON), Beyond Meat (BYND), Certara (CERT), Chegg (CHGG), Codexis (CDXS), Copa Holdings (COPA), Coursera (COUR), Denali Therapeutics (DNLA), Digimarc (DMRC), Duolingo (DUOL), EverQuote (EVER), Farfetch Ltd. (FTCH), HashiCorp (HCP), Jumia Technologies (JMIA), Lemonade (LMND), LendingTree (TREE), Lilium (LILM), NuCana Inc. (NCNA), Oscar Health (OSCR), Pacira Biosciences (PCRX), Recursion Pharma (RXRX), Redfin Inc. (RDFN), Staar Surgical (STAA), The Howard Hughes Corporation (HHC), Tencent Music Entertainment (TME), Vimeo (VMEO), Warby Parker (WRBY), Zai Lab Limited (ZLAB), and Zillow Group (Z).Stake Increases:MercadoLibre Inc. (MELI): MELI position goes back to 2010 when a 2.25M share stake was built at prices between ~$35 and ~$73. The position size peaked at 6.56M shares in 2014. The stake increase happened at prices between ~$60 and ~$140. Since then, the position had seen trimming in most years. Last four quarters have seen a ~17% increase at prices between ~$616 and ~$1954. The stock currently trades at ~$996 and the top-five stake is at 3.54% of the portfolio.Note: they have a ~11% ownership stake in the business.Spotify Inc. (SPOT): The original SPOT position goes back to a Series G funding round in 2015 when the company was valued at ~$8B. They had an IPO in 2018. Shares started trading at ~$150 and currently goes for ~$116. The valuation is now at ~$21B. H2 2019 saw a ~25% stake increase at prices between ~$112 and ~$157. That was followed with a ~19% increase over the last two quarters at prices between ~$92 and ~$244.Note: they have a ~13% ownership stake in the business.NIO Inc. (NIO): NIO had an IPO in September 2018. Shares started trading at ~$8.50. The original position was acquired immediately after the IPO. Q1 2021 saw a ~15% selling at prices between ~$36 and ~$62 while this quarter there was a ~9% increase at prices between ~$12.70 and ~$24. The stock currently goes for $19.17. The stake is a 2.15% of the portfolio.Shopify Inc. (SHOP): The 1.83% of the portfolio SHOP stake was built in the 2017-2019 timeframe at prices between ~$4.50 and ~$40. Since then, the position had seen minor trimming. The stock currently trades at ~$36.75. There was a ~6% increase this quarter.Abiomed Inc. (ABMD), BioNTech (BNTX), Carvana Inc. (CVNA), Charles Schwab (SCHW), Chewy Inc. (CHWY), Gingko Bioworks (DNA), Royalty Pharma (RPRX), Ryanair ADR (RYAAY), Service Corp International (SCI), TSMC ADR (TSM), Watsco Inc. (WSO), and Wix.com (WIX): These small (less than ~1.30% of the portfolio each) stakes were increased this quarter.Stake Decreases:Moderna Inc. (MRNA): A small position in MRNA was established in Q1 2020. H2 2020 saw the position built to over 24M shares at prices between ~$58 and ~$157. Next quarter saw another ~85% stake increase at prices between ~$105 and ~$184. Since then, the activity has been minor. The stock currently trades at ~$171 and it is now the largest position at 6.67% of the portfolio.Tesla Motors (TSLA): The TSLA stake was first purchased in 2013 at very low prices. The period through 2019 saw the original position almost tripled at prices up to ~$85. There was minor trimming in the next two quarters and that was followed with a ~55% selling in H2 2020 at prices between ~$242 and ~$706. Last six quarters have seen another two-thirds reduction at prices between ~$580 and ~$1222. The stock currently trades at ~$850 and the stake is still the second-largest position in the portfolio at 6.49%. They are harvesting gains.Amazon.com Inc. (AMZN): AMZN stake was a very small position purchased in 2004. The period through 2009 saw a large position built at very low prices. Since 2014, the position has seen selling. Recent activity follows. 2020 saw a one-third reduction at prices between ~$89 and ~$170. Last six quarters have seen another ~40% selling at prices between ~$102 and ~$187. The stock is now at ~$138. It is still a top-three stake at 4.12% of the portfolio.Illumina Inc. (ILMN): The ILMN stake goes back over a decade to 2011 when a large 13.5M shares stake was built at prices between ~$25 and ~$75 per share. The period through 2020 saw a ~50% stake increase through incremental buying at higher prices. The stock currently trades at ~$215. Last six quarters have seen only minor adjustments.Note: they have a ~12.5% ownership stake in the business.NVIDIA Inc. (NVDA): A large stake in NVDA was first purchased in 2016 at prices up to ~$28. The position has seen periodic selling since. Recent activity follows. Last six quarters saw a ~20% reduction at prices between ~$125 and ~$330. The stock currently trades at ~$171. The stake is at 2.38% of the portfolio.The Trade Desk (TTD): The ~2% TTD position was first purchased in the 2018-2019 timeframe at prices up to ~$28. H1 2021 saw a ~80% stake increase at prices between ~$52 and ~$90. Last two quarters have seen a ~12% trimming. The stock currently trades at $54.50.Elevance Health (ELV) previously Anthem: ELV is a ~2% of the portfolio long-term stake. The position has wavered. Recent activity follows. Q4 2021 saw a ~15% stake increase at prices between ~$370 and ~$468 while in the last two quarters there was a similar reduction at prices between ~$428 and ~$530. The stock currently trades at ~$484.Ferrari NV (RACE): RACE was a ~18M shares stake that was established in 2016 at prices between $34 and $58. The period through 2020 saw the stake reduced to ~13.5M shares at higher prices. There was a ~15% selling in Q2 2021 at prices between ~$199 and ~$217. The stock currently trades at ~$211. There was marginal trimming this quarter.Coupang Inc. (CPNG): CPNG had an IPO in Q1 2021. Shares started trading at ~$48 and currently goes for ~$19. The 1.42% of the portfolio stake was built over the last five quarters through consistent buying at prices between ~$17.50 and ~$48.50. This quarter saw a ~2% trimming.Dexcom Inc. (DXCM): A minutely small stake in DXCM was first purchased in 2012. The stake remained small till 2016 when a substantial ~6.1M share position was built in the low-20s price range. The period through 2019 saw the stake reduced to ~4.8M shares through periodic selling. Recent activity follows. There was a ~30% stake increase in Q4 2020 at prices between ~$79 and ~$103. Q4 2021 saw a ~16% reduction at prices between ~$130 and ~$163. The stock currently trades at $85.12. Last two quarters have seen only minor adjustments.Note: they have a ~4.5% ownership stake in the business.Netflix Inc. (NFLX): NFLX is a 1.34% of the portfolio stake established in the 2015-2016 timeframe at prices up to ~$130. There was a ~8% trimming over the last five quarters. The stock currently trades at ~$230.SEA Ltd. (SE): SE became a substantial stake in the portfolio in Q1 2020 when around 6M shares were purchased at prices between ~$38 and ~$52. The quarters since had seen only minor activity. Last quarter saw a ~75% stake increase at prices between ~$88 and ~$223. The stock currently trades at $83.53. There was a minor ~2% trimming this quarter.Cloudflare Inc. (NET): The 2.28% NET stake was purchased during Q2 and Q3 2020 at prices between ~$21 and ~$42. Last three quarters have seen a ~19% selling at prices between ~$40 and ~$217. The stock currently trades at $71.63.Note: they have a ~9% ownership stake in the business.Atlassian Corp (TEAM): A large ~10.2M share stake in TEAM was built in 2016 at prices between ~$20 and ~$32. The period through 2020 saw a roughly one-third reduction through periodic selling at higher prices. Last year had also seen a ~14% trimming at prices between ~$213 and ~$458. The stock is now at ~$279 and the stake is at ~1% of the portfolio. Last two quarters have seen only minor adjustments.Albemarle Corporation (ALB), Affirm Holdings (AFRM), AJ Gallagher & Co (AJG), Alnylam Pharma (ALNY), Alphabet Inc. (GOOG), BeiGene Ltd. (BGNE), Booking Holdings (BKNG), Broadridge Financial (BR), CBRE Group (CBRE), CoStar Group (CSGP), Datadog Inc. (DDOG), Doordash Inc. (DASH), Estee Lauder (EL), Intuitive Surgical (ISRG), Li Auto (LI), Martin Marietta Materials (MLM), Mastercard Inc. (MA), Meta Platforms (META), Microsoft Corp (MSFT), Moody’s Corp (MCO), Novocure Ltd. (NVCR), Peloton Interactive (PTON), Petrobras Brasileiro (PBR), Pinduoduo Inc. (PDD),S&P Global (SPGI), Salesforce.com (CRM), Snowflake (SNOW), Teladoc Inc. (TDOC), Teradyne Inc. (TER), Thermo Fisher Scientific (TMO), Twilio Inc. (TWLO), Wayfair Inc. (W), Workday Inc. (WDAY), and Zoom Video (ZM): These small (less than ~1.5% of the portfolio each) stakes were reduced this quarter.The spreadsheet below highlights changes to Baillie Gifford’ 13F holdings in Q2 2022:Source: John Vincent. Data constructed from Baillie Gifford’ 13F filings for Q1 2022 and Q2 2022.Regulatory filings from 11/15/2021 to 6/22/2022: 13G/A – 6/7 – WIX – 7.25M shares – 12.61% of business, 13G/A – 1/27 – 3.26M shares – 5.73% of business. 13G/A – 6/7 – TME – 73.31M shares – 4.38% of business, 13G/A – 1/27 – 103M shares – 6.17% of business. 13G/A – 5/4 – MELI – 5.05M shares – 10.03% of business. 13G/A – 5/4 – DUOL – Duolingo – 2.06M shares – 7.48% of business, 13G/A – 1/18 – 2.07M shares – 13.08% of business, 13G – 12/6 – same, . 13G/A – 5/4 – AXON – 2.79M shares – 3.94% of business, 13G/A – 1/12 – 4.60M shares – 6.72% of business, . 13G/A – 5/3 – HUYA – 2.13M shares – 2.48% of business, 13G/A – 1/20 – 7.65M shares – 8.88% of business. 13G/A – 4/6 – DNA – 167.8M shares – 15.53% of business, 13G/A – 2/3 – 118.9M shares – 10% of business, 13G – 1/20 – 109.45M shares – 9.21% of business. 13G/A – 4/6 – iClick Interactive – zero. 13G/A – 4/6 – BIRD – Allbirds – 3.07M shares – 3.81% of business, 13G/A – 3/2 – 3.07M shares – 6.26% of business, 13G/A – 1/18 – same, 13G – 12/8 – 3.07M shares – 13.21% of business, . 13G/A – 3/2 – PCRX – Pacira Biosciences – 2.17M shares – 4.84% of business, 13G – 1/27 – 2.36M shares – 5.29% of business. 13G/A – 2/3 – Z – 6.42M shares – 3.43% of business, 13G/A – 1/27 – 10.30M shares – 5.5% of business, 13G/A – 12/6 – 363K shares – 0.59% of business, . 13G/A – 2/3 – SRCL – 4.34M shares – 4.72% of business, 13G/A – 1/26 – 4.74M shares – 5.16% of business. 13G/A – 2/3 – VMEO – 7.37M shares – 4.73% of business. 13G/A – 2/3 – DMRC – Digimarc – 858K shares – 4.84% of business, 13G/A – 1/18 – 860K shares – 5.08% of business, . 13D – 1/27 – ZLAB – 5.14M shares – 5.87% of business. 13G/A – 1/27 – RDFN – 10.42M shares – 9.88% of business. 13G/A – 1/27 – RXRX – Recursion Pharma – 22.12M shares – 13.87% of business. 13G/A – 1/27 – PTON – 31.82M shares – 10.67% of business. 13G/A – 1/27 – NCNA – NuCana – 3.66M shares – ~7% of business. 13G – 1/27 – WRBY – 5.64M shares – 5.99% of business. 13G/A – 1/27 – VRM – Vroom – 11.86M shares – 8.67% of business. 13G/A – 1/27 – HHC – 3.47M shares – 6.30% of business. 13G/A – 1/27 – TTD – 53.35M shares – 12.23% of business. 13G/A – 1/27 – NIO – 88.86M shares – 6.28% of business. 13G/A – 1/26 – OSCR – Oscar Health – 23.32M shares – 13.37% of business, 13G/A – 1/26 – same, 13G/A – 11/5 – 18.90M shares – 10.95% of business. 13G/A – 1/26 – TDOC – 10.88M shares – 6.79% of business. 13G/A – 1/26 – STAA – Staar Surgical – 5.53M shares – 11.62% of business. 13G/A – 1/26 – SPOT – 22.14M shares – 11.60% of business. 13G/A – 1/26 – W – 10.25M shares – 13.14% of business. 13G/A – 1/26 – WSO – Watsco – 2.09M shares – 6.32% of business. 13G/A – 1/20 – MLM – 4.34M shares – 6.96% of business. 13G – 1/20 – LILM – 18.07M shares – 6.96% of business. 13G/A – 1/20 - TREE – LendingTree – 680K shares – 5.10% of business, 13G/A – 11/5 – 676K shares – 5.07% of business . 13G/A – 1/20 – LMND – 4.996M shares – 8.11% of business. 13G/A – 1/20 – JMIA – 19.85M shares – 10.06% of business. 13G/A – 1/20 – ILMN – 20.48M shares – 13.10% of business. 13G – 1/20 – EVER – EverQuote – 1.399M shares – 6.04% of business. 13G/A – 1/19 – APPN – 6.17M shares – 15.55% of business. 13G – 1/19 – FTCH – 30.4M shares – 9.26% of business. 13G/A – 1/18 – DNLA – Denali Therapeutics – 15.06M shares – 12.33% of business. 13G/A – 1/18 – COUR – Coursera – 17.26M shares – 12.28% of business. 13G – 1/18 – AFRM – 16.31M shares – 7.84% of business. 13G/A – 1/18 – ABMD – 3.84M shares – 8.44% of business. 13G/A – 1/18 – COPA – Copa Holdings – 4.74M shares – 15.02% of business. 13G – 1/18 – American Semiconductor – 1.49M shares – 5.25% of business. 13G/A – 1/18 – ALNY – Alnylam Pharma – 10.62M shares – 8.88% of business. 13G/A – 1/18 – ADAP – Adaptimmune therapeutics – 82.54M shares – 8.81% of business. 13G – 1/18 – TXG – 10x Genomics – 6.88M shares – 7.51% of business. 13G/A – 1/12 – CVNA – 9.66M shares – 11.28% of business, 13G/A – 12/6 – 9.04M shares – 10.56% of business, . 13G/A – 1/12 – BNR – Burning Rock Biotech – 8.9M shares – 10.20% of business. 13G/A – 1/12 – BYND – Beyond Meat – 8.47M shares – 13.38% of business.13G/A – 1/12 – CDXS – Codexis - 7.18M shares – 11.07% of business. 13G/A – 1/12 – NET – Cloudflare – 28.37M shares – 10.36% of business. 13G/A – 1/12 – CHGG – Chegg – 19M shares – 13.11% of business. 13G – 1/12 – CERT – Certara – 12.55M shares – 7.97% of business. 13G – 1/12 – Cellectis SA – 4.34M shares – 9.53% of business. 13G/A – ¼ - HCP – HashiCorp – 1.74M shares – 11.34% of business. 13G/A – ¼ - CHWY – 13.3M shares – 12.46% of business. 13G/A – 12/6 – DXCM – 4.7M shares – 4.85% of business."

"Tracking Baillie Gifford’s 13F Portfolio – Q1 2022 Update"

"Baillie Gifford’s 13F portfolio value decreased from ~$182B to ~$143B this quarter.They increased Affirm Holdings, Coupang, and Ginkgo Bioworks while reducing Petrobras Brasileiro and First Republic Bank.The top three positions are Tesla Motors, Moderna, and Illumina, and they add up to ~18% of the portfolio.This article is first in a series that provides an ongoing analysis of the changes made to Baillie Gifford’s 13F portfolio on a quarterly basis. It is based on their regulatory filed on 5/5/2022.Baillie Gifford was founded more than a century ago in 1907. It is one of the oldest investment firms and is wholly owned by 51 individual partners. The lack of external shareholders is a competitive advantage as they can stick to their long-term focus without pressure from shareholders. Their long-term bottom-up investment approach is based on the philosophy that sustained growth in company profits leads to higher share prices over time.Assets Under Management (AUM) is at around $365B. Around 40% of it is invested in US listed 13F securities with the rest invested globally in equities and debt. The overall portfolio is diversified with over 1000 13F securities. 59 of those positions are significantly large (more than ~0.5% of the portfolio) and they are the focus of this article.This quarter, Baillie Gifford’s 13F portfolio decreased ~22% from $182B to $143B. The number of holdings decreased from 1177 to 1168. The top three holdings are at ~18% while the top five holdings are close to ~27% of the 13F assets: Tesla Motors, Moderna, Illumina, Amazon.com, and Mercadolibre.Note: Although the following positions are really small compared to the overall size of the portfolio, it is significant that they have sizable ownership stakes: 10x Genomics (TXG), Allbirds (BIRD), Appian Corporation (APPN), Axon Enterprise (AXON), Affirm Holdings (AFRM), Abiomed (ABMD), Alnylam Pharma (ALNY), Adaptimmune Therapeutics (ADAP), Burning Rock Biotech (BNR), Beyond Meat (BYND), Carvana (CVNA), Copa Holdings (COPA), Coursera (COUR), Chewy (CHWY), Codexis (CDXS), Cloudflare (NET), Chegg (CHGG), Certara (CERT), Denali Therapeutics (DNLA), DexCom (DXCM), Digimarc (DMRC), Duolingo (DUOL), EverQuote (EVER), Farfetch Ltd. (FTCH), Ginkgo Bioworks (DNA), HashiCorp (HCP), HUYA Inc. (HUYA), Jumia Technologies (JMIA), Lilium (LILM), LendingTree (TREE), Lemonade (LMND), Martin Marietta Materials (MLM), NIO Inc. (NIO), NuCana Inc. (NCNA), Oscar Health (OSCR), Pacira Biosciences (PCRX), Peloton Interactive (PTON), Recursion Pharma (RXRX), Redfin Inc. (RDFN), Staar Surgical (STAA), Spotify Inc. (SPOT), Stericycle (SRCL), The Howard Hughes Corporation (HHC), The Trade Desk (TTD), Teladoc (TDOC), Tencent Music Entertainment (TME), Vroom Inc. (VRM), Vimeo (VMEO), Wayfair (W), Watsco (WSO), Warby Parker (WRBY), WIX.com Ltd. (WIX), Zai Lab Limited (ZLAB), and Zillow Group (Z).Stake Increases:Illumina Inc. (ILMN): The ILMN stake goes back over a decade to 2011 when a large 13.5M shares stake was built at prices between ~$25 and ~$75 per share. The period through 2020 saw a ~50% stake increase through incremental buying at higher prices. The stock currently trades at ~$193. Last five quarters have seen only minor adjustments.Note: they have a ~13% ownership stake in the business.MercadoLibre Inc. (MELI): MELI position goes back to 2010 when a 2.25M share stake was built at prices between ~$35 and ~$73. The position size peaked at 6.56M shares in 2014. The stake increase happened at prices between ~$60 and ~$140. Since then, the position had seen trimming in most years. Last three quarters have seen a ~10% increase at prices between ~$882 and ~$1954. The stock currently trades at ~$714.Note: they have a ~10% ownership stake in the business.Spotify Inc. (SPOT): The original SPOT position goes back to a Series G funding round in 2015 when the company was valued at ~$8B. They had an IPO in 2018. Shares started trading at ~$150 and currently goes for ~$105. The valuation is now at ~$17B. H2 2019 saw a ~25% stake increase at prices between ~$112 and ~$157. Since then, the activity has been minor. There was a ~5% increase this quarter.Note: they have a ~11.5% ownership stake in the business.Dexcom Inc. (DXCM): A minutely small stake in DXCM was first purchased in 2012. The stake remained small till 2016 when a substantial ~6.1M share position was built in the low-20s price range. The period through 2019 saw the stake reduced to ~4.8M shares through periodic selling. Recent activity follows. There was a ~30% stake increase in Q4 2020 at prices between ~$79 and ~$103. Q4 2021 saw a ~16% reduction at prices between ~$130 and ~$163. The stock currently trades at $78.46. There was a marginal increase this quarter.Note: they have a ~4.5% ownership stake in the business.Ferrari NV (RACE): RACE was a ~18M shares stake that was established in 2016 at prices between $34 and $58. The period through 2020 saw the stake reduced to ~13.5M shares at higher prices. Recent activity follows. There was a ~15% selling in Q2 2021 at prices between ~$199 and ~$217. The stock currently trades at ~$190.SEA Ltd. (SE): SE became a substantial stake in the portfolio in Q1 2020 when around 6M shares were purchased at prices between ~$38 and ~$52. The quarters since had seen only minor activity. This quarter saw a ~75% stake increase at prices between ~$88 and ~$223. The stock currently trades at $75.34.Coupang Inc. (CPNG): CPNG had an IPO in Q1 2021. Shares started trading at ~$48 and currently goes for ~$16. The 1.37% of the portfolio stake was built over the last five quarters through consistent buying at prices between ~$17.50 and ~$48.50.Atlassian Corp (TEAM): A large ~10.2M share stake in TEAM was built in 2016 at prices between ~$20 and ~$32. The period through 2020 saw a roughly one-third reduction through periodic selling at higher prices. Last four quarters had also seen a ~14% trimming at prices between ~$213 and ~$458. The stock is now at ~$208 and the stake is at 1.17% of the portfolio. There was a marginal increase this quarter.10X Genomics (TXG), Affirm Holdings (AFRM), BioNTech (BNTX), Doordash Inc. (DASH), Farfetch Inc. (FTCH), Ginkgo Bioworks (DNA), Peloton Interactive (PTON), TSMC ADR (TSM), and Twilio Inc. (TWLO): These small (less than ~1% of the portfolio each) stakes were increased this quarter.Stake Decreases:Tesla Motors (TSLA): The TSLA stake was first purchased in 2013 at very low prices. The period through 2019 saw the original position almost tripled at prices up to ~$85. There was minor trimming in the next two quarters and that was followed with a ~55% selling in H2 2020 at prices between ~$242 and ~$706. Last five quarters have seen another ~65% reduction at prices between ~$580 and ~$1222. The stock currently trades at ~$699 and the stake is still the largest position in the portfolio at 7.41%. They are harvesting gains.Moderna Inc. (MRNA): A small position in MRNA was established in Q1 2020. H2 2020 saw the position built to over 24M shares at prices between ~$58 and ~$157. Next quarter saw another ~85% stake increase at prices between ~$105 and ~$184. Since then, the activity has been minor. The stock currently trades at ~$156 and it is now the second largest position at 5.51% of the portfolio.Amazon.com Inc. (AMZN): AMZN stake was a very small position purchased in 2004. The period through 2009 saw a large ~10M share position built at very low prices. The sizing peaked at ~11M shares in 2014. Since then, the position has seen selling. Recent activity follows. 2020 saw a one-third reduction at prices between ~$89 and ~$170. Last five quarters have seen another ~37% selling at prices between ~$136 and ~$187. The stock is now at ~$114. It is still a top-five stake at 4.60% of the portfolio.NVIDIA Inc. (NVDA): A large ~14M shares stake in NVDA was first purchased in 2016 at prices up to ~$28. The position has seen periodic selling since. Recent activity follows. Last five quarters saw a ~22% reduction at prices between ~$125 and ~$330. The stock currently trades at ~$150. The stake is still fairly large at 3.23% of the portfolio.Shopify Inc. (SHOP): The 2.55% of the portfolio SHOP stake was built in the 2017-2019 timeframe at prices between ~$4.50 and ~$40. Since then, the position has seen periodic trimming. Overall, the stake was reduced by ~10% at prices between ~$35 and ~$169. The stock currently trades at ~$34.The Trade Desk (TTD): The 2.51% TTD position was first purchased in the 2018-2019 timeframe at prices up to ~$28. H1 2021 saw a ~80% stake increase at prices between ~$52 and ~$90. Since then, the activity has been minor. The stock currently trades at $44.29.Cloudflare Inc. (NET): The 2.28% NET stake was purchased during Q2 and Q3 2020 at prices between ~$21 and ~$42. Last two quarters have seen a ~10% selling at prices between ~$80 and ~$217. The stock currently trades at $50.50.Note: they have a ~10% ownership stake in the business.Netflix Inc. (NFLX): NFLX is a ~2% of the portfolio stake established in the 2015-2016 timeframe at prices up to ~$130. There was a ~4% trimming over the last four quarters. The stock currently trades at ~$186.Alnylam Pharma (ALNY), Alphabet Inc. (GOOG), Anthem Inc. (ANTM), Martin Marietta Materials (MLM), Meta Platforms (META), Microsoft Corp (MSFT), Moody’s Corp (MCO), NIO Inc. (NIO), and Workday Inc. (WDAY): These small (less than ~1.5% of the portfolio each) stakes were reduced this quarter.Abiomed Inc. (ABMD), AJ Gallagher & Co (AJG), Albemarle Corporation (ALB), Carvana Inc. (CVNA), CBRE Group (CBRE), CoStar Group (CSGP), Datadog Inc. (DDOG), Intuitive Surgical (ISRG), Mastercard Inc. (MA), Petrobras Brasileiro (PBR), Pinduoduo Inc. (PDD), Service Corp International (SCI), Twilio Inc. (TWLO), Wayfair Inc. (W), and Zoom Video (ZM): These very small (less than ~1% of the portfolio each) positions were reduced during the quarter.BeiGene Ltd. (BGNE), Estee Lauder (EL), First Republic Bank (FRBK), Mettler-Toledo (MTD), Novocure Ltd. (NVCR), Ryanair ADR (RYAAY), Salesforce.com (CRM), Teladoc Inc. (TDOC), Teradyne Inc. (TER), and Thermo Fisher Scientific (TMO): These minutely small (less than ~0.50% of the portfolio each) stakes were reduced this quarter.The spreadsheet below highlights changes to Baillie Gifford’ 13F holdings in Q1 2022:Source: John Vincent. Data constructed from Baillie Gifford’ 13F filings for Q4 2021 and Q1 2022."

"Tracking Cathie Wood’s ARK Invest 13F Portfolio – Q2 2023 Update"

"....….….This article is part of a series that provides an ongoing analysis of the changes made to ARK Invest’ 13F portfolio on a quarterly basis. It is based on their regulatory filed on 7/10/2023.ARK Invest was founded by Cathie Wood in 2014. They manage several actively managed ETFs, index ETFs, and certain other international products. Assets Under Management (AUM) has come down from over $50B at the peak to ~$15B now. They invest in what they term “disruptive innovation”. The actively managed ETFs are ARK Innovation ETF (ARKK), ARK Autonomous Tech & Robotics ETF (ARKQ), ARK Next Generation Internet ETF (ARKW), ARK Genomic Revolution ETF (ARKG), ARK Fintech Innovation ETF (ARKF), and ARK Space Exploration & Innovation ETF (ARKX).This quarter, ARK Invest’ 13F portfolio value increased ~4% from ~$14.55B to ~$15.10B. The number of holdings increased from 221 to 222. There are 36 securities that are significantly large, and they are the focus of this article. The top three holdings are at ~19% while the top five are at ~29% of the 13F assets: Tesla, Coinbase Global, UiPath, Roku, and Block Inc. Please visit our for the fund’s moves during Q1 2023.Note 1: Unlike other investment management businesses, ARK is pioneering an open source model of investment research through a couple of initiatives: a) Valuation models on businesses are being made available to the public through , and b) daily trades are available to anyone who for it. The open source model along with the forecasts has attracted criticism as well: last April, RIA lawyers SEC enforcement action.Note 2: The 13F data on which this article is based is as of 6/30/2023. Updated daily holdings data for each of their ETFs are publicly .Note 3: Although as a percentage of the overall portfolio the positions are very small, it is significant that they have sizable ownership stakes in the following businesses: 908 Devices (MASS), Archer Aviation (ACHR), Arcturus Therapeutics (ARCT), Blade Air Mobility (BLDE), Butterfly Network (BFLY), Codexis (CDXS), Cerus Corp. (CERS), Invitae (NVTA), Markforged (MKFG), Materialise NV (MTLS), Personalis (PSNL), Quantum-Si (QSI), Repare Therapeutics (RPTX), Surface Oncology (SURF), Velo3D (VLD), and Vuzix Corp (VUZI).New Stakes:Palantir Technologies (PLTR): The small 0.69% stake in PLTR was established this quarter at prices between ~$7.40 and ~$16.60 and the stock currently trades above that range at $18.08.Stake Increases:Coinbase Global (COIN): COIN had an IPO in April 2021. Shares started trading at ~$290 and currently go for ~$105. The large (top three) 5.74% position was built during Q2 & Q3 2021 at prices between ~$225 and ~$342. Q4 2021 saw a ~22% trimming at prices between ~$231 and ~$343 while the next two quarters saw a two-thirds stake increase at prices between ~$49 and ~$252. The last two quarters saw another ~55% stake increase at prices between ~$32 and ~$82. There was a minor ~3% further increase this quarter.Note: they have a ~5.5% ownership stake in the business.UiPath Inc. (PATH): PATH had an IPO in April 2021. Shares started trading at ~$72 and currently go for $18.24. The large (top three) 5.30% of the portfolio position was built in the Q2 to Q3 2021 period at prices between ~$52 and ~$80. The four quarters through Q3 2022 saw the position almost double at prices between ~$12.50 and ~$56. The last two quarters saw a ~10% further increase.Note: they have a ~10.3% ownership stake in UiPath.Block Inc. (SQ): SQ was a small stake in the portfolio in their first 13F filing in 2016. The position was built during the 2018-20 period at prices between ~$40 and ~$99. H1 2022 saw a ~45% stake increase at prices between ~$58 and ~$164. The stock currently trades at ~$79, and the stake is now at 4.73% of the portfolio. There was a ~16% stake increase last quarter and that was followed with a minor ~2% further increase this quarter.Twilio Inc. (TWLO): The ~3% of the portfolio TWLO stake was built during the four quarters through Q2 2021 at prices between ~$224 and ~$435. Q3 2021 saw a ~13% trimming while the next five quarters have seen a ~130% stake increase at prices between ~$43 and ~$369. The stock currently trades at $65.53. There was a ~16% reduction last quarter at prices between ~$50 and ~$75 while this quarter saw a ~13% increase at prices between ~$46 and ~$70.Roblox Corp (RBLX): The 2.49% RBLX position was built during the four quarters through Q3 2022 at prices between ~$23 and ~$135. The stock currently trades at $45.54. There was a ~10% stake increase in the last two quarters.Robinhood Markets (HOOD): HOOD had an IPO in August 2021. Shares started trading at ~$55 and currently go for $12.59. The ~2% of the portfolio position was built through consistent buying over the four quarters through Q2 2022 at prices between ~$7 and ~$55. The last few quarters have seen only minor adjustments.Ginkgo Bioworks Holdings (DNA): The ~2% DNA stake was built over the last six quarters at prices between ~$1.50 and ~$14. The stock is now at $2.35.Note: they have a ~11% ownership stake in Ginkgo Bioworks Holdings.Adaptive Biotechnologies (ADPT), Iridium Communications (IRDM), Kratos Defense & Security (KTOS), PagerDuty (PD), Teradyne Inc. (TER), Trimble Inc. (TRMB), and Verve Therapeutics (VERV): These small (less than ~1.5% of the portfolio each) stakes were increased during the quarter.Note: they have significant ownership stakes in the following businesses: Adaptive Biotechnologies, Kratos Defense & Security, PagerDuty, Trimble, and Verve Therapeutics.Stake Decreases:Tesla Inc. (TSLA): TSLA is the top position at 8.39% of the portfolio. It was already a small position in their first 13F filing in 2016. Recent activity follows. Q1 2021 saw a ~40% stake increase at prices between ~$199 and ~$293. The six quarters through Q3 2022 had seen the position reduced by ~80% at prices between ~$217 and ~$407. The stock currently trades at ~$293. Q4 2022 saw a ~13% stake increase and that was followed by a ~18% increase last quarter. This quarter saw a ~11% trimming.Roku Inc. (ROKU): ROKU is a large (top five) ~5% of the portfolio position built in the 2019-20 period at prices between ~$33 and ~$357. The four quarters through Q3 2022 saw another ~150% stake increase at prices between ~$56 and ~$345. The stock is now at $75.65. The last three quarters have seen only minor adjustments.Note: they have a ~10% ownership stake in Roku.Zoom Video (ZM): The large 4.70% of the portfolio ZM stake was built during the two years through Q3 2022 at prices between ~$74 and ~$559. The stock currently trades below the low end of that range at $72.28. The last three quarters have seen only minor adjustments.Exact Sciences (EXAS): The EXAS stake is currently at 4.45% of the portfolio. It was built over the nine quarters through Q4 2022 at prices between ~$32 and ~$155. The stock currently trades at ~$98. There was a ~30% reduction last quarter at prices between ~$47 and ~$71. That was followed with a ~37% selling this quarter at prices between ~$63 and ~$95.Note: they have a ~5.6% ownership stake in Exact Sciences.Shopify Inc. (SHOP): The bulk of the current 3.80% position in SHOP was built during the three quarters through Q2 2021 at prices between ~$92 and ~$147. The stake has since wavered. H2 2021 saw a ~40% reduction at prices between ~$135 and ~$169 while the next three quarters saw a stake doubling at prices between ~$27 and ~$136. There was a ~37% reduction this quarter at prices between ~$45 and ~$66. The stock is now at $67.26.Unity Software (U): The 3.43% Unity stake was built during the four quarters through Q2 2021 at prices between ~$68 and ~$165. Q4 2021 saw a one-third reduction at prices between ~$126 and ~$197 while in the next three quarters there was a ~45% stake increase at prices between ~$32 and ~$139. The stock is now at ~$47. There was a minor ~3% trimming this quarter.Teladoc Health (TDOC): TDOC was a small stake until H2 2020 when a ~7.8M share position was purchased at prices between ~$183 and ~$238. Next quarter saw another ~85% stake increase at prices between ~$177 and ~$294. The quarters since also saw minor buying. The stock currently trades well below their purchase price ranges at $25.35. The stake is at 3.41% of the portfolio. There was marginal trimming this quarter.Note: they have a ~11.6% ownership stake in Teladoc Health.DraftKings (DKNG): DKNG came to market through a De-SPAC transaction in Q1 2021. The 3.18% of the portfolio stake was built through consistent buying every quarter at prices up to ~$70. The stock is now at $31.29. The last three quarters saw only minor adjustments while this quarter saw a ~25% selling at prices between ~$18 and ~$27.Note: they have a ~4.5% ownership stake in DraftKings.CRISPR Therapeutics (CRSP): The bulk of the current 2.73% of the portfolio position in CRSP was built in 2020 at prices between ~$38 and ~$169. The stake has wavered. Q1 2021 saw a ~20% selling while in Q4 2021 there was a similar increase. The stock is now at $57.75. The last few quarters have seen only minor adjustments.Note: they have a ~9.5% ownership stake in CRISPR Therapeutics.Intellia Therapeutics (NTLA): NTLA was a minutely small position in ARK’s first 13F filing in 2016. The 2017-2020 time period saw the position built to a ~11.2M share position at prices between ~$12.50 and ~$62. Since then, the stake has wavered. The first three quarters of 2021 saw a ~40% selling at prices between ~$52 and ~$177 while the next four quarters saw a similar increase at prices between ~$38 and ~$138. The stock currently trades at $44.18, and the stake is at 2.57% of the portfolio. The last three quarters have seen only minor adjustments.Note: they have a ~10.8% ownership stake in Intellia Therapeutics.Beam Therapeutics (BEAM): BEAM is a 1.77% of the portfolio position built over the seven quarters through Q2 2022 at prices between ~$22 and ~$130. The stock is now at $30.32. The last four quarters have seen only minor adjustments.Note: they have a ~11.4% ownership stake in Beam Therapeutics.10X Genomics (TXG), Accolade Inc. (ACCD), Grayscale Bitcoin Trust (GBTC), Ionis Pharma (IONS), Mercadolibre (MELI), NVIDIA Corp (NVDA), Pacific Biosciences (PACB), Schrodinger Inc. (SDGR), Twist Biosciences (TWST), and Veracyte Inc. (VCYT): These small (less than ~2.5% of the portfolio each) stakes were decreased during the quarter.Note: they have significant ownership stakes in the following businesses: 10X Genomics, Accolade, Pacific Biosciences, Schrodinger, Twist Biosciences, and Veracyte.The spreadsheet below highlights changes to ARK Invest’ 13F holdings in Q2 2023:Source: John Vincent. Data constructed from ARK Invest’ 13F filings for Q1 2023 and Q2 2023.Regulatory filings from 1/26/2023 to 4/17/2023: 13G/A – ROKU - 4/11 – 12.48M shares – 10.18% of business – 2/10 – 12.33M shares, CRSP – 7.99M shares – 10.16% of business – 2/10 – 7.82M shares, . 13G, Form 4 – 3/22 – Ark Venture Fund related. 13G/As – 2/10 – Cerus Corp – 17.94M shares – 10.11% of business – 15.86M shares EOY, Vuzix – 6.47M shares – 10.15% of business, Verve Therapeutics – 4.37M shares – 7.09% of business, Veracyte – 8.3M shares – 11.57% of business, PATH – 44.05M shares – 9.37% of business, TWST – 6.7M shares – 11.85% of business, TDOC – 18.93M shares – 11.69% of business, Surface Oncology – 5.57M shares – 9.2% of business, Repare Therapeutics – 2.43M shares – 5.79% of business, QSI – 11.86M shares – 9.89% of business, Personalis – 5.5M shares – 11.96% of business, PagerDuty – 10.1M shares – 11.22% of business, PACB – 25.69M shares – 11.36% of business, Materialise NV – 3.59M shares – 6.63% of business, Markforged – 16.01M shares – 8.25% of business, Kratos – 7.75M shares – 6.15% of business, Invitae – 27.07M shares – 11.15% of business, Intellia Therapeutics – 9.42M shares – 11.2% of business, DNA – 144.38M shares – 10.66% of business, EXAS – 16.04M shares – 9.03% of business, DKNG – 25.03M shares – 5.58% of business, Codexis – 3.94M shares – 6% of business, CareDx – 6.19M shares – 11.56% of business, BLDE – 7.02M shares – 9.80% of business, BEAM – 8.21M shares – 11.65% of business, Arcturus Therapeutics – 2.01M shares – 7.58% of business, ACCD – 5.46M shares – 7.59% of business, 908 Devices – 3.69M shares – 11.63% of business, 2U – 9.17M shares – 11.72% of business, VLD – 10.09M shares – 5.41% of business, Schrodinger – 3.85M shares – 6.21% of business, COIN – 9.19M shares – 5.14% of business, BFLY – 10M shares – 5.74% of business, Archer Aviation – 8.92M shares – 5.02% of business, Adaptive Biotech – 9.2M shares – 6.43% of business."

"Tracking Cathie Wood’s ARK Invest 13F Portfolio – Q1 2023 Update"

"ARK Invest’ 13F portfolio value increased from $11.54B to $14.55B this quarter.They increased Tesla, Coinbase Global, Block, Unity Software, and Ginkgo Bioworks while decreasing Exact Sciences, Twilio, and NVIDIA during the quarter.The top three positions are Tesla, Roku, and Zoom Video, and they add up to ~19% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to ARK Invest’ 13F portfolio on a quarterly basis. It is based on their regulatory filed on 4/17/2023.ARK Invest was founded by Cathie Wood in 2014. They manage several actively managed ETFs, index ETFs, and certain other international products. Assets Under Management (AUM) has come down from over $50B at the peak to ~$15B now. They invest in what they term “disruptive innovation”. The actively managed ETFs are ARK Innovation ETF (ARKK), ARK Autonomous Tech & Robotics ETF (ARKQ), ARK Next Generation Internet ETF (ARKW), ARK Genomic Revolution ETF (ARKG), ARK Fintech Innovation ETF (ARKF), and ARK Space Exploration & Innovation ETF (ARKX).This quarter, ARK Invest’ 13F portfolio value increased ~26% from ~$11.54B to ~$14.55B. The number of holdings decreased from 232 to 221. There are 38 securities that are significantly large, and they are the focus of this article. The top three holdings are at ~19% while the top five are at ~30% of the 13F assets: Tesla Inc., Roku, Zoom Video, Coinbase Global, and UiPath. Please visit our for the fund’s moves during Q4 2022.Note 1: Unlike other investment management businesses, ARK is pioneering an open source model of investment research through a couple of initiatives: a) Valuation models on businesses are being made available to the public through , and b) daily trades are available to anyone who for it. The open source model along with the forecasts has attracted criticism as well: last April, RIA lawyers SEC enforcement action.Note 2: The 13F data on which this article is based is as of 3/31/2023. Updated daily holdings data for each of their ETFs are publicly .Note 3: Although as a percentage of the overall portfolio the positions are very small, it is significant that they have sizable ownership stakes in the following businesses: 908 Devices (MASS), Archer Aviation (ACHR), Arcturus Therapeutics (ARCT), Blade Air Mobility (BLDE), Butterfly Network (BFLY), Codexis (CDXS), Cerus Corp. (CERS), Invitae (NVTA), Markforged (MKFG), Materialise NV (MTLS), Personalis (PSNL), Quantum-Si (QSI), Repare Therapeutics (RPTX), Surface Oncology (SURF), Velo3D (VLD), and Vuzix Corp (VUZI).Stake Increases:Tesla Inc. (TSLA): TSLA is the top position at 7.76% of the portfolio. It was already a small position in their first 13F filing in 2016. Recent activity follows. Q1 2021 saw a ~40% stake increase at prices between ~$199 and ~$293. The six quarters through Q3 2022 had seen the position reduced by ~80% at prices between ~$217 and ~$407. The stock currently trades at ~$184. The last quarter saw a ~13% stake increase and that was followed with a ~18% increase this quarter.Roku Inc. (ROKU): ROKU is a large (top three) 5.65% of the portfolio position built in the 2019-20 timeframe at prices between ~$33 and ~$357. The four quarters through Q3 2022 saw another ~150% stake increase at prices between ~$56 and ~$345. The stock is now at $64.84. The last two quarters have also seen minor increases.Note: they have a ~10% ownership stake in Roku.Zoom Video (ZM): The large (top three) 5.51% of the portfolio ZM stake was built during the two years through Q3 2022 at prices between ~$74 and ~$559. The stock currently trades below the low end of that range at $67.27. The last two quarters have seen only minor adjustments.Coinbase Global (COIN): COIN had an IPO in April 2021. Shares started trading at ~$290 and currently go for ~$67. The large (top five) 5.47% position was built during Q2 & Q3 2021 at prices between ~$225 and ~$342. Q4 2021 saw a ~22% trimming at prices between ~$231 and ~$343 while the next two quarters saw a roughly two-thirds stake increase at prices between ~$49 and ~$252. The last two quarters saw another ~55% stake increase at prices between ~$32 and ~$82.Note: they have a ~5.4% ownership stake in the business.UiPath Inc. (PATH): PATH had an IPO in April 2021. Shares started trading at ~$72 and currently go for $15.95. The large (top five) 5.42% of the portfolio position was built in the Q2 to Q3 2021 timeframe at prices between ~$52 and ~$80. The four quarters through Q3 2022 saw the position almost doubled at prices between ~$12.50 and ~$56. The last two quarters have seen only minor adjustments.Note: they have a ~9.4% ownership stake in UiPath.Block Inc. (SQ): SQ was a small stake in the portfolio in their first 13F filing in 2016. The position was built during the 2018-20 timeframe at prices between ~$40 and ~$99. H1 2022 saw a ~45% stake increase at prices between ~$58 and ~$164. The stock currently trades at ~$64, and the stake is now at 4.94% of the portfolio. There was a ~16% stake increase this quarter.Shopify Inc. (SHOP): The bulk of the current 4.61% position in SHOP was built during the three quarters through Q2 2021 at prices between ~$92 and ~$147. The stake has since wavered. H2 2021 saw a ~40% reduction at prices between ~$135 and ~$169 while the next three quarters saw a stake doubling at prices between ~$27 and ~$136. The stock is now at $49.20. There was a ~9% trimming last quarter while this quarter saw a ~5% increase.Teladoc Health (TDOC): TDOC was a small stake until H2 2020 when a ~7.8M share position was purchased at prices between ~$183 and ~$238. Next quarter saw another ~85% stake increase at prices between ~$177 and ~$294. The quarters since also saw minor buying. The stock currently trades well below their purchase price ranges at $27.34. The stake is at 3.66% of the portfolio. The last quarter saw a ~9% trimming while this quarter there was a similar increase.Note: they have a ~11.7% ownership stake in Teladoc Health.Roblox Corp (RBLX): The 2.79% RBLX position was built during the four quarters through Q3 2022 at prices between ~$23 and ~$135. The stock currently trades at ~$41. There was a ~7% stake increase this quarter.Unity Software (U): The 2.74% Unity stake was built during the four quarters through Q2 2021 at prices between ~$68 and ~$165. Q4 2021 saw a one-third reduction at prices between ~$126 and ~$197 while in the next three quarters there was a ~45% stake increase at prices between ~$32 and ~$139. The stock is now just below their purchase price ranges at $29.41. This quarter saw a ~12% stake increase.Intellia Therapeutics (NTLA): NTLA was a minutely small position in ARK’s first 13F filing in 2016. The 2017-2020 time period saw the position built to a ~11.2M share position at prices between ~$12.50 and ~$62. Since then, the stake has wavered. The first three quarters of 2021 saw a ~40% selling at prices between ~$52 and ~$177 while the next four quarters saw a similar increase at prices between ~$38 and ~$138. The stock currently trades at $37.79, and the stake is at 2.52% of the portfolio. The last two quarters have seen only minor adjustments.Note: they have a ~11.2% ownership stake in Intellia Therapeutics.CRISPR Therapeutics (CRSP): The bulk of the current 2.48% of the portfolio position in CRSP was built in 2020 at prices between ~$38 and ~$169. The stake has wavered. Q1 2021 saw a ~20% selling while in Q4 2021 there was a similar increase. The stock is now at $51.92. The last few quarters have seen only minor adjustments.Note: they have a ~10.2% ownership stake in CRISPR Therapeutics.Robinhood Markets (HOOD): HOOD had an IPO in August 2021. Shares started trading at ~$55 and currently go for $9.84. The ~2% of the portfolio position was built through consistent buying over the four quarters through Q2 2022 at prices between ~$7 and ~$55. The last few quarters have seen only minor adjustments.Beam Therapeutics (BEAM): BEAM is a 1.80% of the portfolio position built over the seven quarters through Q2 2022 at prices between ~$22 and ~$130. The stock is now at $31.10. The last three quarters have seen only minor adjustments.Note: they have a ~11.7% ownership stake in Beam Therapeutics.Ginkgo Bioworks Holdings (DNA): The 1.51% DNA stake was built over the last six quarters at prices between ~$1.50 and ~$14. The stock is now below that range at $1.25.Note: they have a ~10.7% ownership stake in Ginkgo Bioworks Holdings.2U Inc. (TWOU), Adaptive Biotechnologies (ADPT), Accolade Inc. (ACCD), CareDx Inc. (CDNA), Pacific Biosciences (PACB), Schrodinger Inc. (SDGR), Twist Biosciences (TWST), Verve Therapeutics (VERV), and Veracyte Inc. (VCYT): These small (less than ~2.5% of the portfolio each) stakes were increased during the quarter.Note: they have significant ownership stakes in the following businesses: 2U Inc., Adaptive Biotechnologies, Accolade, CareDx, Pacific Biosciences, Schrodinger, Twist Biosciences, Verve Therapeutics, and Veracyte.Stake Decreases:Exact Sciences (EXAS): The 5.30% EXAS stake is currently the largest position in the portfolio. It was built over the last nine quarters through consistent buying every quarter at prices between ~$32 and ~$155. The stock currently trades at ~$65.40. There was a ~30% reduction this quarter at prices between ~$47 and ~$71.Note: they have a ~9% ownership stake in Exact Sciences.DraftKings (DKNG): DKNG came to market through a De-SPAC transaction in Q1 2021. The 3.18% of the portfolio stake was built through consistent buying every quarter since at prices up to ~$70. The stock is now at $20.92. The last three quarters have seen only minor adjustments.Note: they have a ~6% ownership stake in DraftKings.Twilio Inc. (TWLO): The 2.86% of the portfolio TWLO stake was built during the four quarters through Q2 2021 at prices between ~$224 and ~$435. Q3 2021 saw a ~13% trimming while the next five quarters have seen a ~130% stake increase at prices between ~$43 and ~$369. The stock currently trades at $60.13. There was a ~16% reduction this quarter at prices between ~$50 and ~$75.10X Genomics (TXG), Deere & Company (DE), Grayscale Bitcoin Trust (GBTC), Ionis Pharma (IONS), Iridium Communications (IRDM), Incyte Corp (INCY), Kratos Defense & Security (KTOS), Mercadolibre (MELI), NVIDIA Corp (NVDA), PagerDuty (PD), and Trimble Inc. (TRMB): These small (less than ~2.5% of the portfolio each) stakes were decreased during the quarter.Note: they have significant ownership stakes in the following businesses: 10X Genomics, Kratos Defense & Security, PagerDuty, and Trimble.The spreadsheet below highlights changes to ARK Invest’ 13F holdings in Q1 2023:Source: John Vincent. Data constructed from ARK Invest’ 13F filings for Q4 2022 and Q1 2023.Regulatory filings from 10/18/2022 to 1/26/2023: 13G/A – 12/12 – ROKU – 12.42M shares – 10.2% of business."

"Tracking Cathie Wood’s ARK Invest 13F Portfolio – Q4 2022 Update"

"ARK Invest’ 13F portfolio value decreased from $14.35B to $11.54B this quarter.They increased Tesla, Ginkgo Bioworks, and Coinbase Global stakes while decreasing NVIDIA, Fate Therapeutics, and TuSimple Holdings during the quarter.The top three positions are Exact Sciences, Zoom Video, and Tesla, 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 ARK Invest’ 13F portfolio on a quarterly basis. It is based on their regulatory filed on 1/24/2023.ARK Invest was founded by Cathie Wood in 2014. They manage several actively managed ETFs, index ETFs, and certain other international products. Assets Under Management (AUM) has come down from over $50B at the peak to ~$12B now. They invest in what they term “disruptive innovation”. The actively managed ETFs are ARK Innovation ETF (ARKK), ARK Autonomous Tech & Robotics ETF (ARKQ), ARK Next Generation Internet ETF (ARKW), ARK Genomic Revolution ETF (ARKG), ARK Fintech Innovation ETF (ARKF), and ARK Space Exploration & Innovation ETF (ARKX).This quarter, ARK Invest’ 13F portfolio value decreased ~20% from ~$14.35B to ~$11.54B. The number of holdings decreased from 250 to 232. There are 40 securities that are significantly large, and they are the focus of this article. The top three holdings are at ~18% while the top five are at ~26% of the 13F assets: Exact Sciences, Zoom Video, Tesla Inc., Block Inc., and UiPath. Please visit our for the fund’s moves during Q3 2022.Note 1: Unlike other investment management businesses, ARK is pioneering an open source model of investment research through a couple of initiatives: a) Valuation models on businesses are being made available to the public through , and b) daily trades are available to anyone who for it. The open source model along with the forecasts has attracted criticism as well: last April, RIA lawyers SEC enforcement action.Note 2: The 13F data on which this article is based is as of 12/31/2022. Updated daily holdings data for each of their ETFs are publicly . The stakes in Tesla, Coinbase Global, and Twist Bioscience were substantially increased since the quarter ended.Note 3: Although as a percentage of the overall portfolio the positions are very small, it is significant that they have sizable ownership stakes in the following businesses: 908 Devices (MASS), Archer Aviation (ACHR), Accolade (ACCD), Arcturus Therapeutics (ARCT), Blade Air Mobility (BLDE), Berkeley Lights (BLI), Compugen (CGEN), Codexis (CDXS), Cerus Corp. (CERS), Markforged (MKFG), Nextdoor (KIND), Nano Dimension (NNDM), Personalis (PSNL), Quantum-Si (QSI), Repare Therapeutics (RPTX), Surface Oncology (SURF), and Vuzix Corp (VUZI).Stake Increases:Tesla Inc. (TSLA): TSLA is a top-three position in the portfolio at 4.94%. It was already a small position in their first 13F filing in 2016. Recent activity follows. Q1 2021 saw a ~40% stake increase at prices between ~$199 and ~$293. The last six quarters had seen the position reduced by ~80% at prices between ~$217 and ~$407. The stock currently trades at ~$160. This quarter saw a ~13% stake increase.Roku Inc. (ROKU): ROKU is a large 4.27% of the portfolio position built in the 2019-20 timeframe at prices between ~$33 and ~$357. The last four quarters saw another ~150% stake increase at prices between ~$56 and ~$345. The stock is now at $52.58. There was a marginal increase this quarter.Note: they have a ~10% ownership stake in Roku.Twilio Inc. (TWLO): The 3.14% of the portfolio TWLO stake was built during the four quarters through Q2 2021 at prices between ~$224 and ~$435. Next quarter saw a ~13% trimming while the last five quarters have seen a ~130% stake increase at prices between ~$43 and ~$369. The stock currently trades at $59.42.Coinbase Global (COIN): COIN had an IPO in April 2021. Shares started trading at ~$290 and currently go for ~$53. The 2.82% position was built during Q2 & Q3 2021 at prices between ~$225 and ~$342. Q4 2021 saw a ~22% trimming at prices between ~$231 and ~$343 while the next two quarters saw a roughly two-thirds stake increase at prices between ~$49 and ~$252. There was a ~14% trimming last quarter while this quarter saw a ~19% stake increase.DraftKings (DKNG): DKNG came to market through a De-SPAC transaction in Q1 2021. The 2.47% of the portfolio stake was built through consistent buying every quarter since at prices up to ~$70. The stock is now at $14.30. The last two quarters have seen only minor adjustments.Note: they have a ~6% ownership stake in DraftKings.Ginkgo Bioworks Holdings (DNA): The 2.11% DNA stake was built over the last five quarters at prices between ~$1.50 and ~$14. The stock is now near the low end of that range at $1.75.Note: they have a ~12.5% ownership stake in Ginkgo Bioworks Holdings.CareDx Inc. (CDNA), Grayscale Bitcoin Trust (GBTC), Schrodinger Inc. (SDGR), Twist Biosciences (TWST), and Verve Therapeutics (VERV): These small (less than ~2% of the portfolio each) stakes were increased during the quarter.Note: they have significant ownership stakes in the following businesses: CareDx and Twist Biosciences.Stake Decreases:Exact Sciences (EXAS): The ~7% EXAS stake is currently the largest position in the portfolio. It was built over the last nine quarters through consistent buying every quarter at prices between ~$32 and ~$155. The stock currently trades at ~$65. There was a ~9% trimming this quarter.Note: they have a ~9% ownership stake in Exact Sciences.Zoom Video (ZM): The large (top three) 6.23% of the portfolio ZM stake was built over the last two years through consistent buying every quarter at prices between ~$74 and ~$559. The stock currently trades below the low end of that range at $71.58. This quarter saw a minor ~3% trimming.Block Inc. (SQ): SQ was a small stake in the portfolio in their first 13F filing in 2016. The position was built during the 2018-20 timeframe at prices between ~$40 and ~$99. H1 2022 saw a ~45% stake increase at prices between ~$58 and ~$164. The stock currently trades at ~$81, and the stake is now at 4.90% of the portfolio. The last two quarters have seen only minor adjustments.UiPath Inc. (PATH): PATH had an IPO in April 2021. Shares started trading at ~$72 and currently go for $14.56. The large (top five) 4.85% of the portfolio position was built in the Q2 to Q3 2021 timeframe at prices between ~$52 and ~$80. The last four quarters had seen the position almost doubled at prices between ~$12.50 and ~$56. There was a minor ~4% trimming this quarter.Note: they have a ~10% ownership stake in UiPath.Shopify Inc. (SHOP): The bulk of the current ~4% position in SHOP was built during the three quarters through Q2 2021 at prices between ~$92 and ~$147. The stake has since wavered. H2 2021 saw a ~40% reduction at prices between ~$135 and ~$169 while the next three quarters saw a stake doubling at prices between ~$27 and ~$136. The stock is now at $48.33. There was a ~9% trimming this quarter.Teladoc Health (TDOC): TDOC was a small stake until H2 2020 when a ~7.8M share position was purchased at prices between ~$183 and ~$238. Next quarter saw another ~85% stake increase at prices between ~$177 and ~$294. The quarters since also saw minor buying. The stock currently trades well below their purchase price ranges at $27.68. The stake is fairly large at 3.88% of the portfolio. This quarter saw a ~9% trimming.Note: they have a ~12% ownership stake in Teladoc Health.Intellia Therapeutics (NTLA): NTLA was a minutely small position in ARK’s first 13F filing in 2016. The 2017-2020 time period saw the position built to a ~11.2M share position at prices between ~$12.50 and ~$62. Since then, the stake has wavered. The first three quarters of 2021 saw a ~40% selling at prices between ~$52 and ~$177 while the next four quarters saw a similar increase at prices between ~$38 and ~$138. The stock currently trades at $38.63, and the stake is at 2.85% of the portfolio. There was a minor ~3% trimming this quarter.Note: they have a ~13% ownership stake in Intellia Therapeutics.Beam Therapeutics (BEAM): BEAM is a 2.78% of the portfolio position built over the seven quarters through Q2 2022 at prices between ~$22 and ~$130. The stock is now at $43.85. The last two quarters have seen minor trimming.Note: they have a ~12.5% ownership stake in Beam Therapeutics.CRISPR Therapeutics (CRSP): The bulk of the current 2.76% of the portfolio position in CRSP was built in 2020 at prices between ~$38 and ~$169. The stake has wavered. Q1 2021 saw a ~20% selling while in Q4 2021 there was a similar increase. The stock is now at $50.47. There was a ~15% selling last quarter and that was followed by a ~5% trimming this quarter.Note: they have a ~10.5% ownership stake in CRISPR Therapeutics.Unity Software (U): The 2.72% Unity stake was built during the four quarters through Q2 2021 at prices between ~$68 and ~$165. Q4 2021 saw a one-third reduction at prices between ~$126 and ~$197 while in the next three quarters there was a ~45% stake increase at prices between ~$32 and ~$139. The stock is now just below their purchase price ranges at $34.17. There was a minor ~3% trimming this quarter.Roblox Corp (RBLX): The ~2% RBLX position was built during the last four quarters at prices between ~$23 and ~$135. The stock currently trades at ~$36. There was marginal trimming this quarter.Robinhood Markets (HOOD): HOOD had an IPO in August 2021. Shares started trading at ~$55 and currently go for $9.64. The ~2% of the portfolio position was built through consistent buying over the four quarters through Q2 2022 at prices between ~$7 and ~$55. There was a ~11% trimming this quarter.Fate Therapeutics (FATE): FATE stake was built during the seven quarters through Q3 2021 at prices between ~$19 and ~$116. Last four quarters saw only minor adjustments. This quarter saw the position sold down by roughly two-thirds at prices between ~$10 and ~$24. The stock is now at $5.30.10X Genomics (TXG), 2U Inc. (TWOU), Adaptive Technologies (ADPT), Deere & Company (DE), Incyte Corp (INCY), Invitae (NVTA), Ionis Pharma (IONS), Iridium Communications (IRDM), Kratos Defense & Security (KTOS), Mercadolibre (MELI), NVIDIA Corp (NVDA), PagerDuty (PD), Pacific Biosciences (PACB), Trimble Inc. (TRMB), TuSimple Holdings (TSP), and Veracyte Inc. (VCYT): These small (less than ~2.5% of the portfolio each) stakes were decreased during the quarter.Note: they have significant ownership stakes in the following businesses: 2U Inc., Invitae, Kratos Defense & Security, PagerDuty, Pacific Biosciences, TuSimple, and Veracyte.The spreadsheet below highlights changes to ARK Invest’ 13F holdings in Q4 2022:Source: John Vincent. Data constructed from ARK Invest’ 13F filings for Q3 2022 and Q4 2022.7/19/2022 – ARK Transparency ETF CRTU.Regulatory filings from 7/12/2022 to 10/18/2022: 13G/A – 10/11 – CareDX – CDNA – 5.79M shares – 10.83% of business. 13G – 10/11 – DNA – 126.82M shares – 10.64% of business. Form 3 – 8/15 – ARK Venture Fund – 5000 shares direct ownership related filing. 13G/A – 8/9 – Surface Oncology – SURF – 6.32M shares – 11.58% of business."

"Tracking Cathie Wood’s ARK Invest 13F Portfolio – Q3 2022 Update"

"ARK Invest’ 13F portfolio value decreased from $16.91B to $14.35B this quarter.UiPath, Ginkgo Bioworks, and NVIDIA were increased while decreasing Spotify, Ionis Pharma, CRISPR Therapeutics, and Coinbase Global.The top three positions are Tesla Inc., Zoom Video, and Roku, 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 ARK Invest’ 13F portfolio on a quarterly basis. It is based on their regulatory filed on 10/17/2022.ARK Invest was founded by Cathie Wood in 2014. They manage several actively managed ETFs, index ETFs, and certain other international products. Assets Under Management (AUM) has come down from over $50B at the peak to ~$15B now. They invest in what they term “disruptive innovation” and the actively managed ETFs are ARK Innovation ETF (ARKK), ARK Autonomous Tech & Robotics ETF (ARKQ), ARK Next Generation Internet ETF (ARKW), ARK Genomic Revolution ETF (ARKG), ARK Fintech Innovation ETF (ARKF), and ARK Space Exploration & Innovation ETF (ARKX).This quarter, ARK Invest’ 13F portfolio value decreased ~15% from ~$16.91B to ~$14.35B. The number of holdings decreased from 354 to 250. There are 44 securities that are significantly large, and they are the focus of this article. The top three holdings are at ~18% while the top five are at ~26% of the 13F assets: Tesla Inc., Zoom Video, Roku, UiPath, and Exact Sciences. Please visit our for the fund’s moves during Q2 2022.Note 1: Unlike other investment management businesses, ARK is pioneering an open source model of investment research through a couple of initiatives: a) Valuation models on businesses are being made available to the public through , and b) daily trades are available to anyone who for it. The open source model along with the forecasts has attracted criticism as well: in April, RIA lawyers SEC enforcement action.Note 2: The 13F data on which this article is based is as of 9/30/2022. Updated daily holdings data for each of their ETFs are publicly .Note 3: Although as a percentage of the overall portfolio the positions are very small, it is significant that they have sizable ownership stakes in the following businesses: 908 Devices (MASS), Archer Aviation (ACHR), Accolade (ACCD), Arcturus Therapeutics (ARCT), Blade Air Mobility (BLDE), Berkeley Lights (BLI), Compugen (CGEN), Codexis (CDXS), Cerus Corp. (CERS), Editas Medicine (EDIT), Markforged (MKFG), Nextdoor (KIND), Nano Dimension (NNDM), Personalis (PSNL), Quantum-Si (QSI), Repare Therapeutics (RPTX), Surface Oncology (SURF), and Vuzix Corp (VUZI).Stake Increases:Zoom Video (ZM): The large (top three) 5.59% of the portfolio ZM stake was built over the last two years through consistent buying every quarter at prices between ~$74 and ~$559. The stock currently trades near the low end of that range at $78.23.Roku Inc. (ROKU): ROKU is a top-three 4.69% of the portfolio position built in the 2019-20 timeframe at prices between ~$33 and ~$357. Last four quarters have seen another ~150% stake increase at prices between ~$56 and ~$345. The stock is now at $53.23.Note: they have a ~9.5% ownership stake in Roku.UiPath Inc. (PATH): PATH had an IPO in April 2021. Shares started trading at ~$72 and currently goes for $12.26. The large (top five) ~4% of the portfolio position was built in the Q2 to Q3 2021 timeframe at prices between ~$52 and ~$80. Last four quarters have seen the position almost doubled at prices between ~$12.50 and ~$56.Note: they have a ~10.5% ownership stake in UiPath.Exact Sciences (EXAS): The large (top five) ~4% EXAS stake was built over the last nine quarters through consistent buying every quarter at prices between ~$32 and ~$155. The stock currently trades near the low end of that range at $35.29.Note: they have a ~10% ownership stake in Exact Sciences.Intellia Therapeutics (NTLA): NTLA was a minutely small position in ARK’s first 13F filing in 2016. The 2017-2020 time period saw the position built to a ~11.2M share position at prices between ~$12.50 and ~$62. Since then, the stake has wavered. The first three quarters of 2021 saw a ~40% selling at prices between ~$52 and ~$177 while the last four quarters have seen a similar increase at prices between ~$38 and ~$138. The stock currently trades at $55.11, and the stake is at 3.77% of the portfolio.Note: they have a ~13% ownership stake in Intellia Therapeutics.Teladoc Health (TDOC): TDOC was a small stake until H2 2020 when a ~7.8M share position was purchased at prices between ~$183 and ~$238. Next quarter saw another ~85% stake increase at prices between ~$177 and ~$294. The quarters since have also seen minor buying. The stock currently trades well below their purchase price ranges at $25.45. The stake is fairly large at 3.69% of the portfolio.Note: they have a ~13% ownership stake in Teladoc Health.Block Inc. (SQ): SQ was a small stake in the portfolio in their first 13F filing in 2016. The position was built during the 2018-20 timeframe at prices between ~$40 and ~$99. Last two quarters saw a ~45% stake increase at prices between ~$58 and ~$164. The stock currently trades at $57.27, and the stake is now at 3.52% of the portfolio. There was a marginal increase this quarter.Twilio Inc. (TWLO): The 3.29% of the portfolio TWLO stake was built during the four quarters through Q2 2021 at prices between ~$224 and ~$435. Next quarter saw a ~13% trimming while the last four quarters have seen a ~110% stake increase at prices between ~$66 and ~$369. The stock currently trades near the low end of their purchase price ranges at $71.21.Ginkgo Bioworks Holdings (DNA): The 2.76% DNA stake was built over the last four quarters at prices between ~$2.40 and ~$14. The stock is now near the low end of that range at $2.66.Note: they have a ~11% ownership stake in Ginkgo Bioworks Holdings.Shopify Inc. (SHOP): The bulk of the current 2.73% position in SHOP was built during the three quarters through Q2 2021 at prices between ~$92 and ~$147. The stake has since wavered. H2 2021 saw a ~40% selling at prices between ~$135 and ~$169 while the last three quarters saw a stake doubling at prices between ~$27 and ~$136. The stock is now at $28.73.Unity Software (U): The 2.50% Unity stake was built during the four quarters through Q2 2021 at prices between ~$68 and ~$165. Q4 2021 saw a one-third reduction at prices between ~$126 and ~$197 while in the last three quarters there was a ~45% stake increase at prices between ~$32 and ~$139. The stock is now just below their purchase price ranges at $31.37.Roblox Corp (RBLX): The 2.12% RBLX position was built during the last four quarters at prices between ~$23 and ~$135. The stock currently trades at $43.38.Fate Therapeutics (FATE): FATE is a 1.82% of the portfolio stake built during the seven quarters through Q3 2021 at prices between ~$19 and ~$116. Last four quarters have seen only minor adjustments. The stock is now at $21.64.Note: they have a ~12% ownership stake in Fate Therapeutics.10X Genomics (TXG), CareDx Inc. (CDNA), Invitae (NVTA), NVIDIA Corp (NVDA), Pacific Biosciences (PACB), Schrodinger Inc. (SDGR), TuSimple Holdings (TSP), Twist Biosciences (TWST), Verve Therapeutics (VERV), and Veracyte Inc. (VCYT): These small (less than ~2% of the portfolio each) stakes were increased during the quarter.Note: they have significant ownership stakes in the following businesses: CareDx, Invitae, Pacific Biosciences, TuSimple, Twist Biosciences, and Veracyte.Stake Decreases:Tesla Inc. (TSLA): TSLA is the top position in the portfolio at 7.54%. It was already a small position in their first 13F filing in 2016. Recent activity follows. Q1 2021 saw a ~40% stake increase at prices between ~$199 and ~$293. Last six quarters have seen the position reduced by ~80% at prices between ~$217 and ~$407. The stock currently trades at ~$220. They are harvesting gains.CRISPR Therapeutics (CRSP): The bulk of the current 3.75% of the portfolio position in CRSP was built in 2020 at prices between ~$38 and ~$169. The stake has wavered. Q1 2021 saw a ~20% selling while in Q4 2021 there was a similar increase. The stock is now at $56.90. There was a ~15% trimming this quarter.Note: they have a ~11% ownership stake in CRISPR Therapeutics.Coinbase Global (COIN): COIN had an IPO in April 2021. Shares started trading at ~$290 and currently goes for $66.21. The 3.47% position was built during Q2 & Q3 2021 at prices between ~$225 and ~$342. Next quarter saw a ~22% trimming at prices between ~$231 and ~$343 while the last two quarters saw a roughly two-thirds stake increase at prices between ~$49 and ~$252. There was a ~14% trimming this quarter.Beam Therapeutics (BEAM): BEAM is a 2.82% of the portfolio position built over the last seven quarters at prices between ~$22 and ~$130. The stock is now at ~$48. There was a minor ~3% trimming this quarter.Note: they have a ~13% ownership stake in Beam Therapeutics.DraftKings (DKNG): DKNG came to market through a De-SPAC transaction in Q1 2021. The 2.61% of the portfolio stake was built through consistent buying every quarter since at prices up to ~$70. The stock is now at $13.55. There was a minor ~2% trimming this quarter.Note: they have a ~6% ownership stake in DraftKings.Robinhood Markets (HOOD): HOOD had an IPO in August 2021. Shares started trading at ~$55 and currently goes for $10.44. The 2.32% of the portfolio position was built through consistent buying over the last four quarters at prices between ~$7 and ~$55. This quarter saw minor trimming.Spotify Technology (SPOT): SPOT had an IPO in April 2018. Shares started trading at ~$150 and currently goes for ~$88. The bulk of the original position was built during the four quarters through Q2 2021 at prices between ~$224 and ~$365. Next two quarters saw a ~17% selling at prices between ~$210 and ~$290. That was followed with a ~82% reduction in the last two quarters at prices between ~$88 and ~$159. ARK’s stake is now very small at 0.48% of the portfolio.Signify Health Inc. (SGFY): SGFY had an IPO in February 2021. Shares started trading at ~$39. The bulk of ARK’s stake was built in H2 2021 at prices between ~$14 and ~$30. The position was sold down this quarter and the stake is now very small at 0.48% of the portfolio.Note: In September, CVS Health (CVS) agreed to buy Signify Health in a $30.50 per share all-cash deal. ARK had a ~13% ownership stake in Signify Health as of Q2 2022.2U Inc. (TWOU), AeroVironment (AVAV), Grayscale Bitcoin Trust (GBTC), Incyte Corp (INCY), Ionis Pharma (IONS), Iridium Communications (IRDM), Kratos Defense & Security (KTOS), Materialise NV (MTLS), Mercadolibre (MELI), PagerDuty (PD), Stratasys Ltd. (SSYS), Trimble Inc. (TRMB), and Vertex Pharma (VRTX): These very small (less than ~2% of the portfolio each) positions were reduced during the quarter.Note: they have significant ownership stakes in the following businesses: 2U Inc., Kratos Defense & Security, Materialise NV, PagerDuty, and Stratasys.The spreadsheet below highlights changes to ARK Invest’ 13F holdings in Q3 2022:Source: John Vincent. Data constructed from ARK Invest’ 13F filings for Q2 2022 and Q3 2022.7/19/2022 – ARK Transparency ETF CRTU.Regulatory filings from 11/15/2021 to 7/12/2022: 13G/A – 6/9 – TWST – Twist Bioscience – 6.27M shares – 11.14% of business, 13G/A – 2/9 – 3.77M shares – 7.59% of business. 13G/A – 2/10 – Dynamics Special Purpose – 2.37M shares – 10% of business, 13G/A – 2/9 – 2.36M shares – 9.96% of business. 13G/A – 2/10 – MASS - 908 Devices – 3.13M shares – 10.10% of business, 13G/A – 2/9 - ~3M shares – 9.66% of business. 13G/A – 2/9 – CLLS - Cellectis SA – 2.94M shares – 6.47% of business. 13G/A – 2/9 – AQB - AquaBounty Tech. – 5.33M shares – 7.5% of business. 13G/A – 2/9 – VUZI - Vuzix Corp – 7.24M shares – 11.38% of business. 13G/A – 2/9 – VCYT – Veracyte – 8.22M shares – 11.57% of business, 13G/A – 12/10 – 7.89M shares – 11.10% of business, . 13G/A – 2/9 – TDOC – 18.92M shares – 11.82% of business. 13G/A – 2/9 – SURF - Surface Oncology – 5.33M shares – 11.54% of business. 13G/A – 2/9 – SSYS – Stratasys – 7.65M shares – 11.69% of business, 13G/A – 11/26 – 7.37M shares – 11.26% of business. 13G/A – 2/9 – SGFY - Signify Health – 20M shares – 11.74% of business. 13G/A – 2/9 – QSI – 13.07M shares – 11.12% of business. 13G/A – 2/9 – Personalis – PSNL – 4.89M shares – 10.91% of business. 13G/A – 2/9 – PD - PagerDuty – 10.02M shares – 11.65% of business. 13G/A – 2/9 – PACB – 26.38M shares – 11.96% of business. 13G/A – 2/9 – MTLS - Materialize NV – 6.13M shares – 11.31% of business, 13G/A – 11/26 – 5.61M shares – 10.36% of business. 13G/A – 2/9 – IRDM - Iridium – 10.14M shares – 7.67% of business. 13G/A – 2/9 – NVTA – 26.7M shares – 11.8% of business. 13G/A – 2/9 – NTLA - Intellia Therapeutics – 7.92M shares – 10.64% of business, 13G/A – 11/29 – 7.64M shares – 10.4% of business. 13G/A – 2/9 – FATE - Fate Therapeutics – 10.31M shares – 10.80% of business. 13G/A – 2/9 – EVGN - Evogene Ltd. – 2.52M shares – 6.01% of business. 13G/A – 2/9 – EDIT - Editas Medicine – 4.22M shares – 6.17% of business. 13G/A – 2/9 – CRSP - CRISPR Therapeutics – 9.09M shares – 11.88% of business. 13G/A – 2/9 – CND – 3.17M shares – 11.19% of business, 13G – 12/10 – 3.31M shares – 11.68% of business, . 13G/A – 2/9 – CGEN – Compugen – 9.22M shares – 10.99% of business. 13G/A – 2/9 – CDXS - Codexis – 3.24M shares – 5% of business, 13G/A – 1/10 - same. 13G/A – 2/9 – CERS - Cerus Corp. – 15.76M shares – 9.15% of business. 13G/A – 2/9 – CDNA - CareDx – 3.64M shares – 6.89% of business. 13G/A – 2/9 – BLDE - Blade Air Mobility – 7.94M shares – 11.26% of business. 13G/A – 2/9 – BLI - Berkeley Lights – 8M shares – 11.87% of business. 13G/A – 2/9 – BEAM - Beam Therapeutics – 7.98M shares – 11.72% of business. 13G/A – 2/9 – ARCT - Arcturus Therapeutics – 2.47M shares – 9.38% of business. 13G/A – 2/9 – TWOU - 2U Inc. – 8.95M shares – 11.87% of business. 13Gs – 2/9 – PATH - UiPath -26.9M shares – 6.08% of business, TSP - TuSimple Holdings – 9.87M shares – 5.22% of business, SKLZ - Skillz – 24.09M shares – 7.10% of business, ROKU – 6.03M shares – 5.13% of business, RPTX - Repare Therapeutics – 2.98M shares – 7.14% of business, Nextdoor – DOOR – 5.62M shares – 7.12% of business, NNDM - Nano Dimension – 19.88M shares – 7.99% of business, MKFG - Markforged – 11.18M shares – 6.02% of business, KTOS - Kratos Defense & Security – 9.09M shares – 7.33% of business, IONS - Ionis Pharma – 7.08M shares – 5.02% of business, EXAS - Exact Sciences – 13.5M shares – 7.83% of business, DKNG - ~21M shares – 5.17% of business, CFMS - ConforMIS – 12.68M shares – 6.81% of business, ACHR - Archer Aviation – 11.31M shares – 7.19% of business, ACCD - Accolade – 5.03M shares – 7.54% of business, .RIA Lawyers criticism (urges SEC enforcement action) of Cathie Wood’s outlandish Performance predictions – 4/2022 -Cathie Wood’s Performance Predictions – 4/2022 -"

"Tracking Cathie Wood’s ARK Invest 13F Portfolio – Q2 2022 Update"

"ARK Invest’ 13F portfolio value decreased from $23.96B to $16.91B this quarter.Coinbase Global, Roku, Shopify, and Gingko Bioworks were increased while decreasing Spotify, Ionis Pharma, Vertex Pharma, and Sea Limited.The top three positions are Tesla Inc., Zoom Video, and Roku, and they add up to ~18% of the portfolio.This article is first in a series that provides an ongoing analysis of the changes made to ARK Invest’ 13F portfolio on a quarterly basis. It is based on their regulatory filed on 7/11/2022.ARK Invest was founded by Cathie Wood in 2014. They manage several actively managed ETFs, index ETFs, and certain other international products. Assets Under Management (AUM) has come down from over $50B at the peak to ~$20B now. They invest in what they term “disruptive innovation” and the actively managed ETFs are ARK Innovation ETF (ARKK), ARK Autonomous Tech & Robotics ETF (ARKQ), ARK Next Generation Internet ETF (ARKW), ARK Genomic Revolution ETF (ARKG), ARK Fintech Innovation ETF (ARKF), and ARK Space Exploration & Innovation ETF (ARKX).This quarter, ARK Invest’ 13F portfolio value decreased ~30% from ~$23.96B to ~$16.91B. The number of holdings increased from 353 to 354. There are 41 securities that are significantly large and they are the focus of this article. The top three holdings are at ~18% while the top five are at ~27% of the 13F assets: Tesla Inc., Zoom Video, Roku, Block Inc., and Exact Sciences.Note 1: Unlike other investment management businesses, ARK is pioneering an open source model of investment research through a couple of initiatives: a) Valuations models on businesses are being made available to the public through , and b) daily trades are available to anyone who for it. The open source model along with the forecasts has attracted criticism as well: in April, RIA lawyers SEC enforcement action.Note 2: The 13F data on which this article is based is as of 6/30/2022. Updated daily holdings data for each of their ETFs are publicly .Note 3: Although as a percentage of the overall portfolio the positions are very small, it is significant that they have sizable ownership stakes in the following businesses: 908 Devices (MASS), Archer Aviation (ACHR), Accolade (ACCD), AquaBounty Tech. (AQB), Arcturus Therapeutics (ARCT), Blade Mobility (BLDE), Berkeley Lights (BLI), Cellectis SA (CLLS), ConforMIS (CFMS), Concord Acquisition (CND), Compugen (CGEN), Codexis (CDXS), Cerus Corp. (CERS), Evogene Limited (EVGN), Editas Medicine (EDIT), Markforged (MKFG), Nextdoor (KIND), Nano Dimension (NNDM), Personalis (PSNL), Quantum-Si (QSI), Repare Therapeutics (RPTX), Surface Oncology (SURF), and Vuzix Corp (VUZI).Stake Disposals:DocuSign Inc. (DOCU), Iridium Communications (IRDM), Palantir Technologies (PLTR), and Twitter Inc. (TWTR): These stakes were sold down last quarter and disposed this quarter. The DOCU stake was built during the three quarters through Q1 2021 at prices between ~$190 and ~$265. The next two quarters saw a ~45% selling at prices between ~$187 and ~$310. There was a ~40% stake increase in Q4 2021 at prices between ~$135 and ~$284 while in Q1 2022 the stake was almost eliminated at prices between ~$73 and ~$161. The stock is now at $60.23. The IRDM position was built during the six quarters through Q2 2021 at prices between ~$19.50 and ~$54. The next three quarters saw the position almost sold out at prices between ~$32 and $47. The stock currently trades at $38.65. The PLTR stake was built during the first three quarters of last year at prices between ~$20 and ~$35. The position was almost eliminated last quarter at prices between ~$10 and ~$19. PLTR currently trades at $8.90. TWTR was a small stake in their first 13F filing in 2016. 2017-18 timeframe saw the position built at prices between ~$14 and ~$47. H1 2020 saw the stake sold down at prices between ~$23 and ~$38 and the remainder were sold in Q4 2020. Next two quarters saw the stake rebuilt at prices between ~$45 and ~$77. Q1 2022 saw the stake sold down again at prices between ~$33 and ~$43 and the remainder stake were sold this quarter. The stock is now at $36.29.Stake Increases:Zoom Video (ZM): The large (top three) ~6% of the portfolio ZM stake was built over the last seven quarters through consistent buying every quarter at prices between ~$98 and ~$559. The stock currently trades near the low end of that range at $97.35.Roku Inc. (ROKU): ROKU is a top-three 5.69% of the portfolio position built in the 2019-20 timeframe at prices between ~$33 and ~$357. Last three quarters have seen another ~115% increase at prices between ~$73 and ~$345. The stock is now at $82.34.Note: they have a ~8% ownership stake in Roku.Block Inc. (SQ): SQ was a small stake in the portfolio in their first 13F filing in 2016. The position was built during the 2018-20 timeframe at prices between ~$40 and ~$99. Last two quarters saw a ~45% stake increase at prices between ~$58 and ~$164. The stock currently trades at $62.42, and the stake is now a top-five position at 4.73% of the portfolio.Exact Sciences (EXAS): The large (top five) 4.41% EXAS stake was built over the last two years through consistent buying every quarter at prices between ~$37 and ~$155. The stock currently trades near the low end of that range at $46.02.Note: they have a ~8.5% ownership stake in Exact Sciences.Coinbase Global (COIN): COIN had an IPO in April 2021. Shares started trading at ~$290 and currently goes for $53.42. The ~4% position was built during Q2 & Q3 2021 at prices between ~$225 and ~$342. Next quarter saw a ~22% trimming at prices between ~$231 and ~$343 while the last two quarters saw a roughly two-thirds stake increase at prices between ~$49 and ~$252.Teladoc Health (TDOC): TDOC was a small stake until H2 2020 when a ~7.8M share position was purchased at prices between ~$183 and ~$238. Next quarter saw another ~85% stake increase at prices between ~$177 and ~$294. The quarters since have also seen minor buying. The stock currently trades well below their purchase price ranges at $39.18. The stake is fairly large at ~4% of the portfolio.Note: they have a ~12.5% ownership stake in Teladoc Health.UiPath Inc. (PATH): PATH had an IPO in April 2021. Shares started trading at ~$72 and currently goes for $18.30. The 3.80% of the portfolio position was built in the Q2 to Q3 2021 timeframe at prices between ~$52 and ~$80. Last three quarters have seen a ~55% stake increase at prices between ~$17 and ~$56.Note: they have a ~8.5% ownership stake in UiPath.Twilio Inc. (TWLO): The 3.47% of the portfolio TWLO stake was built during the four quarters through Q2 2021 at prices between ~$224 and ~$435. Next quarter saw a ~13% trimming while the last three quarters have seen a ~70% stake increase at prices between ~$79 and ~$369. The stock currently trades near the low end of their purchase price ranges at $81.18.CRISPR Therapeutics (CRSP): The bulk of the current 3.34% of the portfolio position in CRSP was built in 2020 at prices between ~$38 and ~$169. The stake has wavered. Q1 2021 saw a ~20% selling while in Q4 2021 there was a similar increase. The stock is now at $81.91.Note: they have a ~12.5% ownership stake in CRISPR Therapeutics.Shopify Inc. (SHOP): The bulk of the current 2.69% position in SHOP was built during the three quarters through Q2 2021 at prices between ~$92 and ~$147. The stake has since wavered. H2 2021 saw a ~40% selling at prices between ~$135 and ~$169 while the last two quarters saw a ~70% increase at prices between ~$30 and ~$136. The stock is now at $30.67.Intellia Therapeutics (NTLA): NTLA was a minutely small position in ARK’s first 13F filing in 2016. The 2017-2020 time period saw the position built to a ~11.2M share position at prices between ~$12.50 and ~$62. Since then, the stake has wavered. The first three quarters of 2021 saw a ~40% selling at prices between ~$52 and ~$177 while the last three quarters have seen a similar increase at prices between ~$39 and ~$138. The stock currently trades at $63.77, and the stake is at 2.60% of the portfolio.Note: they have a ~13% ownership stake in Intellia Therapeutics.Unity Software (U): The 2.17% Unity stake was built during the four quarters through Q2 2021 at prices between ~$68 and ~$165. Q4 2021 saw a one-third reduction at prices between ~$126 and ~$197 while in the last two quarters there was a ~18% increase at prices between ~$30 and ~$139. The stock is now at $32.51.DraftKings (DKNG): DKNG came to market through a De-SPAC transaction in Q1 2021. The ~2% of the portfolio stake was built through consistent buying every quarter since at prices up to ~$70. The stock is now at $11.22.Note: they have a ~6% ownership stake in DraftKings.Robinhood Markets (HOOD): HOOD had an IPO in August 2021. Shares started trading at ~$55 and currently goes for $8.24. The ~2% of the portfolio position was built through consistent buying over the last four quarters at prices between ~$7 and ~$55.Beam Therapeutics (BEAM): BEAM is a 1.83% of the portfolio position built over the last seven quarters at prices between ~$22 and ~$130. The stock is now at $56.12.Note: they have a ~13% ownership stake in Beam Therapeutics.Signify Health Inc. (SGFY): SGFY had an IPO in February 2021. Shares started trading at ~$39 and currently goes for $15.83. The bulk of ARK’s stake was built in H2 2021 at prices between ~$14 and ~$30. Last two quarters have seen a minor increase. The position is at 1.76% of the portfolio.Note: they have a ~13% ownership stake in Signify Health.Fate Therapeutics (FATE): FATE is a 1.57% of the portfolio stake built during the seven quarters through Q3 2021 at prices between ~$19 and ~$116. Last three quarters have seen only minor adjustments. The stock is now at $31.51.Note: they have a ~12% ownership stake in Fate Therapeutics.10X Genomics (TXG), 2U Inc. (TWOU), CareDx Inc. (CDNA), Ginkgo Bioworks Holdings (DNA), Invitae (NVTA), Materialise NV (MTLS), NVIDIA Corp (NVDA), Pacific Biosciences (PACB), PagerDuty (PD), Roblox Corp (RBLX), Stratasys Ltd. (SSYS), TuSimple Holdings (TSP), Twist Biosciences (TWST), and Veracyte Inc. (VCYT): These small (less than ~1.60% of the portfolio each) stakes were increased during the quarter.Note: they have significant ownership stakes in the following businesses: 2U Inc., CareDx, Ginkgo Bioworks, Invitae, Materialise NV, Pacific Biosciences, PagerDuty, Stratasys, TuSimple, Twist Biosciences, and Veracyte.Stake Decreases:Tesla Inc. (TSLA): TSLA is the top position in the portfolio at 6.47%. It was already a small position in their first 13F filing in 2016. Recent activity follows. Q1 2021 saw a ~40% stake increase at prices between ~$598 and ~$880. Last five quarters have seen the position reduced by ~75% at prices between ~$580 and ~$1220. The stock currently trades at ~$715. They are harvesting gains.Spotify Technology (SPOT): SPOT had an IPO in April 2018. Shares started trading at ~$150 and currently goes for $96.32. ARK’s stake is now a small 1.36% of the portfolio position. The bulk of the original position was built during the four quarters through Q2 2021 at prices between ~$224 and ~$365. Next two quarters saw a ~17% selling at prices between ~$210 and ~$290. That was followed with a ~50% reduction this quarter at prices between ~$92 and ~$159. The stake is now fairly small at 1.36% of the portfolio.Sea Ltd. (SE): The original position was built during the three quarters through Q1 2021 at prices between ~$200 and ~$280. The position has wavered. Q2-Q4 2021 saw the stake sold down by ~80% at prices between ~$215 and ~$360 while in Q1 2022 there was a ~200% stake increase at prices between ~$88 and ~$223. This quarter saw a two-thirds reduction to a very small 0.42% of the portfolio stake at prices between ~$57 and ~$133. The stock currently trades at $67.78.AeroVironment (AVAV), Grayscale Bitcoin Trust (GBTC), Incyte Corp (INCY), Ionis Pharma (IONS), Kratos Defense & Security (KTOS), Trimble Inc. (TRMB), and Vertex Pharma (VRTX): These very small (less than ~1% of the portfolio each) positions were reduced during the quarter.Note: they have a ~6.5% ownership stake in KTOS.The spreadsheet below highlights changes to ARK Invest’ 13F holdings in Q2 2022:Source: John Vincent. Data constructed from ARK Invest’ 13F filings for Q1 2022 and Q2 2022."

"Tracking Chase Coleman’s Tiger Global Portfolio – Q2 2023 Update"

"… .….….This article is part of a series that provides an ongoing analysis of the changes made to Chase Coleman’s Tiger Global Management 13F stock portfolio on a quarterly basis. It is based on Tiger Global’s regulatory filed on 8/14/2023. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q1 2023.Chase Coleman’s 13F portfolio value increased from $10.99B to $11.97B this quarter. Recent 13F reports have shown 100+ positions. There are 30 stakes that are significantly large (more than 0.5% of the portfolio each) and they are the focus of this article. The largest five positions are Meta Platforms, Microsoft, Apollo Global, JD.com, and Take-Two Interactive. Together, they add up to ~57% of the entire 13F portfolio.Prior to founding Tiger Global Management in 2001, Chase Coleman was the technology analyst at Tiger Management from 1997 to 2000, making him a bona fide “tiger cub”. To know more about Julian Robertson and his legendary Tiger Management, check out .Note: Tiger Global gained 15.5% through May 2023. They lost ~56% last year.New Stakes:Eli Lilly & Company (LLY): LLY is a 2.84% of the portfolio position purchased this quarter at prices between ~$343 and ~$469 and the stock currently trades well above that range at ~$592.Novo-Nordisk (NVO): NVO is a very small 0.86% of the portfolio stake established during the quarter.Stake Disposals:Apple Inc. (AAPL), Block Inc. (SQ), MasterCard (MA), and XP Inc. (XP): These small (less than ~2.5% of the portfolio each) stakes were disposed during the quarter.Stake Increases:Meta Platforms (META) previously Facebook: META is currently the largest 13F position at ~21% of the portfolio. The stake was established in Q4 2016 at prices between $115 and $132. The buying continued through Q2 2019 at prices up to ~$200. Q4 2019 saw a ~25% selling at prices between $175 and $208. The three quarters through Q2 2021 had seen another ~42% selling at prices between ~$246 and ~$356. That was followed with a ~23% reduction in Q1 2022 at prices between ~$187 and ~$339. H2 2022 saw a stake doubling at prices between ~$89 and ~$183. That was followed by a ~15% stake increase this quarter. The stock currently trades at ~$312.Note: Meta has seen a previous roundtrip in the portfolio. A pre-IPO investment of ~54M shares was sold out by Q4 2012. The trade generated over $1B in profits.Apollo Global (APO), Intuit (INTU) and Take-Two Interactive (TTWO): These three stakes saw large increases in the last two quarters. The large (top three) ~8% APO stake was built at prices between ~$57 and ~$77. The stock currently trades well above that range at ~$91. The ~4% INTU position was built at prices between ~$376 and ~$460 and it is now at ~$548. TTWO is a ~6% position built during the last three quarters at prices between ~$94 and ~$148 and it now goes for ~$144.Taiwan Semi (TSM), : TSM is a 1.58% of the portfolio position established last quarter at prices between ~$74 and ~$98 and the stock currently trades at $91.47. There was a ~18% stake increase this quarter.Nvidia (NVDA), Lam Research (LRCX), Fleetcor Tech. (FLT), Uber Technologies (UBER), and Grab Holdings (GRAB): These four positions were built this quarter. The 2.22% NVDA stake was purchased at prices between ~$262 and ~$438 and the stock currently trades at ~$456. LRCX is a 1.83% of the portfolio position established at prices between ~$491 and ~$651 and it now goes for ~$656. The 1.65% FLT stake was purchased at prices between ~$207 and ~$254 and it currently trades at ~$274. UBER is a small 1.28% of the portfolio position established at prices between ~$30 and ~$44 and it now goes for $48.32. The very small 0.67% stake in GRAB saw a 27% stake increase this quarter.Stake Decreases:Microsoft Corporation (MSFT): MSFT is currently the second largest position at 16.13% of the portfolio. It was established in Q4 2016 at prices between $57 and $63 and increased by ~400% in Q2 2017 at prices between $65 and $72. Q1 2018 also saw a ~38% stake increase at prices between $85 and $97. Q4 2019 saw a ~30% selling at prices between $135 and $159 while in Q1 2021 there was a ~15% stake increase at prices between ~$212 and ~$240. The three quarters through Q2 2022 saw a ~60% selling at prices between ~$242 and ~$343. The stock is now at ~$339. There was a ~13% increase last quarter while this quarter saw a ~4% trimming.JD.com (JD) & Calls: JD was a ~5M share position first purchased in Q4 2014 at prices between $23.50 and $27. The next two quarters saw the position built up to a huge ~70M share position (~25% of the 13F portfolio at the time) at prices between $24 and $38. H2 2018 also saw a ~42% increase at prices between $19.25 and $39.50. Q2 2022 saw a ~37% selling at prices between $48.70 and $66.50. That was followed with a ~27% reduction during Q4 2022 at prices between ~$37 and ~$60. It is their fourth largest 13F position at ~6% of the portfolio (21.07M shares). The stock is now at $31.72. The last quarter saw a ~10% increase while this quarter saw similar trimming.Amazon.com Inc. (AMZN): AMZN is now a ~4% of the portfolio stake. The position was established in Q2 & Q3 2015 at prices between ~$19 and ~$27. Q1 2016 had seen a two-thirds reduction at prices between ~$24 and $34. The following quarter saw a ~40% increase at prices between ~$29 and ~$37. There was a ~38% selling in Q4 2018 at prices between ~$67 and $101. Q4 2019 and Q1 2020 saw another ~22% reduction at prices between ~$85 and ~$109. The three quarters through Q2 2022 had seen the stake sold down by ~75% at prices between ~$102 and ~$185. Q4 2022 saw the position rebuilt at prices between ~$82 and ~$121. This quarter saw a ~62% reduction at prices between ~$98 and ~$130. The stock is now at ~$145.Alphabet Inc. (GOOG): GOOG is a 3.81% of the portfolio position purchased during Q2 2022 at prices between ~$106 and ~$144 and the stock currently trades at ~$139. The last quarter saw a ~125% stake increase at prices between ~$87 and ~$109 while this quarter saw a ~55% selling at prices between ~$104 and ~$128.Workday Inc. (WDAY): WDAY is a 3.77% of the portfolio stake built in 2020 at prices between ~$114 and ~$258 and the stock currently trades at ~$245. H1 2022 saw a ~68% selling at prices between ~$137 and ~$264. There was a ~135% stake increase in the next quarter at prices between ~$138 and ~$180. The last three quarters saw a ~37% selling at prices between ~$133 and ~$227.ServiceNow Inc. (NOW): NOW is a 3.42% of the portfolio position that saw a stake doubling in Q3 2020 at prices between ~$402 and ~$500. The two quarters through Q1 2021 had seen another ~45% stake increase at prices between ~$475 and ~$595. Q2 2022 saw a ~55% reduction at prices between ~$412 and ~$575. There was a similar increase during Q3 2022 at prices between ~$370 and ~$516. Q4 2022 saw a ~50% reduction at prices between ~$342 and ~$426. That was followed by a ~25% selling this quarter at prices between ~$431 and ~$574. The stock currently trades at ~$590.Zoominfo Technologies (ZI): ZI is a 1.43% of the portfolio position established during Q4 2022 at prices between ~$26 and ~$49 and the stock currently trades at $17.25. There was a ~20% increase last quarter while this quarter there was a ~10% trimming.NU Holdings (NU): NU had an IPO in December 2021. Shares started trading at ~$12 and currently go for $7.53. There was a ~90% reduction in the three quarters through Q4 2022 at prices between ~$3.25 and ~$8. This quarter also saw further selling. The position is now very small at 1.34% of the portfolio.Snowflake Inc. (SNOW): The 1.17% SNOW stake was built over the six quarters through Q1 2022 at prices between ~$180 and ~$392. There was a ~70% reduction in the next quarter at prices between ~$113 and ~$241. Q3 2022 saw a ~22% stake increase while last quarter saw a similar reduction. There was another ~60% selling this quarter at prices between ~$135 and ~$191. The stock currently goes for ~$163.Confluent Inc. (CFLT), Datadog Inc. (DDOG), DLocal Limited (DLO), Freshworks (FRSH), HubSpot Inc. (HUBS), and Kanzhun Ltd. (BZ): These small (less than ~1% of the portfolio each) stakes were reduced this quarter.Kept Steady:Sea Limited (SE): The 1.64% position in SE was first purchased in Q2 2018 at prices between $10.25 and $16.50. The next few quarters also saw further buying. Q4 2019 saw a ~40% selling at prices between $26.70 and $40.25 while in the next six quarters there was a ~60% stake increase at prices between ~$91 and ~$358. There was a ~40% selling in Q2 2022 at prices between ~$57 and ~$133. That was followed with a ~63% reduction during Q4 2022 at prices between ~$41 and ~$65. The stock is now at $39.89.CrowdStrike Holdings (CRWD): CRWD is now a 1.10% of the portfolio stake. A large stake was established in Q2 2020 at prices between ~$55 and ~$105. Q3 2020 saw a ~50% stake increase at prices between ~$97 and ~$144. There was another ~17% stake increase in Q1 2022 at prices between ~$157 and ~$227. The two quarters through Q3 2022 saw a ~90% reduction at prices between ~$137 and ~$240. The stock currently trades at ~$171.Atlassian Corp plc (TEAM): The very small 0.56% TEAM stake was kept steady this quarter.Note: In July 2018, it was reported that Tiger Global has taken a ~$1B stake in Softbank (SFTBY). The stock was at ~$20 (split-adjusted) at the time and currently trades at $22.85.Below is a spreadsheet that shows the changes to Chase Coleman's Tiger Global Holdings 13F portfolio holdings as of Q2 2023:Source: John Vincent. Data constructed from Tiger Global's 13F filings for Q1 2023 and Q2 2023.4/7/2023 - Tiger gained 7.3% in Q1 2023 -Regulatory filings from 3/21/2023 to 6/14/2023: 13G – 6/12 – WEAV – 580K shares – 0.9% of business."

"Tracking Chase Coleman’s Tiger Global Portfolio – Q1 2023 Update"

"Chase Coleman’s 13F portfolio value increased from $8.16B to $10.99B this quarter.Tiger Global increased Alphabet, Take-Two Interactive, Intuit, and Datadog while reducing Snowflake, Kanzhun, and Hubspot.The largest three positions are Microsoft, Meta Platforms, and JD.com, and they add up to ~40% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Chase Coleman’s Tiger Global Management 13F stock portfolio on a quarterly basis. It is based on Tiger Global’s regulatory filed on 5/15/2023. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q4 2022.Chase Coleman’s 13F portfolio value increased from $8.16B to $10.99B this quarter. Recent 13F reports have shown 100+ positions. There are 33 stakes that are significantly large (more than 0.5% of the portfolio each) and they are the focus of this article. The largest five positions are Microsoft, Meta Platforms, JD.com, Amazon.com, and Alphabet. Together, they add up to ~57% of the entire 13F portfolio.Prior to founding Tiger Global Management in 2001, Chase Coleman was the technology analyst at Tiger Management from 1997 to 2000, making him a bona fide “tiger cub”. To know more about Julian Robertson and his legendary Tiger Management, check out .Note: Tiger Global gained 7.3% during Q1 2023. They lost ~56% last year.New Stakes:Taiwan Semi (TSM), Apple Inc. (AAPL), and XP Inc. (XP): TSM is a 1.34% of the portfolio position established this quarter at prices between ~$74 and ~$98 and the stock currently trades well above that range at ~$107. The 1.28% AAPL stake was purchased at prices between ~$125 and ~$165 and it now goes for ~$184. XP is a small 0.79% position established at prices between $10.65 and $18.11 and it is now at $21.14.Stake Disposals:AppLovin Corp (APP), Match Group (MTCH), and Qualtrics International (XM): These very small (less than ~0.75% of the portfolio each) stakes were disposed during the quarter.Stake Increases:Microsoft Corporation (MSFT): MSFT is currently the largest position at 15.55% of the portfolio. It was established in Q4 2016 at prices between $57 and $63 and increased by ~400% in Q2 2017 at prices between $65 and $72. Q1 2018 also saw a ~38% stake increase at prices between $85 and $97. Q4 2019 saw a ~30% selling at prices between $135 and $159 while in Q1 2021 there was a ~15% stake increase at prices between ~$212 and ~$240. The three quarters through Q2 2022 saw a ~60% selling at prices between ~$242 and ~$343. The stock is now at ~$337. There was a ~13% increase this quarter.JD.com (JD) & Calls: JD was a ~5M share position first purchased in Q4 2014 at prices between $23.50 and $27. The next two quarters saw the position built up to a huge ~70M share position (~25% of the 13F portfolio at the time) at prices between $24 and $38. H2 2018 also saw a ~42% increase at prices between $19.25 and $39.50. Q2 2022 saw a ~37% selling at prices between $48.70 and $66.50. That was followed with a ~27% reduction last quarter at prices between ~$37 and ~$60. It is their third largest 13F position at 9.61% of the portfolio (24.08M shares). The stock is now at $38.64. This quarter saw a ~10% increase.Amazon.com Inc. (AMZN): AMZN is now a large (top five) 9.10% of the portfolio stake. The position was established in Q2 & Q3 2015 at prices between ~$19 and ~$27. Q1 2016 had seen a two-thirds reduction at prices between ~$24 and $34. The following quarter saw a ~40% increase at prices between ~$29 and ~$37. There was a ~38% selling in Q4 2018 at prices between ~$67 and $101. Q4 2019 and Q1 2020 saw another ~22% reduction at prices between ~$85 and ~$109. The three quarters through Q2 2022 had seen the stake sold down by ~75% at prices between ~$102 and ~$185. Last quarter saw the position rebuilt at prices between ~$82 and ~$121. The stock is now at ~$126. There was a ~13% increase this quarter.Alphabet Inc. (GOOG): GOOG is a ~8% of the portfolio position purchased during Q2 2022 at prices between ~$106 and ~$144 and the stock currently trades at ~$124. This quarter saw a ~125% stake increase at prices between ~$87 and ~$109.Apollo Global (APO), Intuit (INTU) and Take-Two Interactive (TTWO): These three stakes saw large increases this quarter. The 1.50% APO stake saw a ~315% increase this quarter at prices between ~$56.50 and ~$74. The stock currently trades at $76.15. The 1.82% INTU position was primarily built this quarter at prices between ~$376 and ~$452 and it is now at ~$446. TTWO is a 2.60% position built during the last two quarters at prices between ~$94 and ~$126 and it now goes for ~$137.Datadog Inc. (DDOG): DDOG is now at 1.75% of the portfolio. A large stake was built in H1 2020 at prices between ~$29 and ~$90. H1 2022 saw a roughly two-thirds reduction at prices between ~$82 and ~$175. Q3 2022 saw a ~200% stake increase at prices between ~$86 and ~$118 while the last quarter saw the position reduced by ~85% at prices between ~$67 and ~$95. There was a ~175% stake increase this quarter at prices between ~$63.50 and ~$89. The stock is now at ~$96.Zoominfo Technologies (ZI): ZI is a 1.68% of the portfolio position established last quarter at prices between ~$26 and ~$49 and the stock currently trades at $27.65. There was a ~20% increase this quarter.Confluent Inc. (CFLT): The 1.26% CFLT stake was built during the last two quarters at prices between ~$18 and ~$29 and the stock currently trades at $34.57.NU Holdings (NU): NU had an IPO in December 2021. Shares started trading at ~$12 and currently go for $7.35. There was a ~90% reduction in the last three quarters at prices between ~$3.25 and ~$8. The position is now very small at 1.10% of the portfolio. There was a marginal increase this quarter.Stake Decreases:Meta Platforms (META) previously Facebook: The large (top three) 14.37% META stake was established in Q4 2016 at prices between $115 and $132. The buying continued through Q2 2019 at prices up to ~$200. Q4 2019 saw a ~25% selling at prices between $175 and $208. The three quarters through Q2 2021 had seen another ~42% selling at prices between ~$246 and ~$356. That was followed with a ~23% reduction in Q1 2022 at prices between ~$187 and ~$339. The last two quarters saw a stake doubling at prices between ~$89 and ~$183. The stock currently trades at ~$273. This quarter saw a minor ~6% trimming.Note: Meta has seen a previous roundtrip in the portfolio. A pre-IPO investment of ~54M shares was sold out by Q4 2012. The trade generated over $1B in profits.Workday Inc. (WDAY): WDAY is a 4.73% of the portfolio stake built in 2020 at prices between ~$114 and ~$258 and the stock currently trades at ~$217. H1 2022 saw a ~68% selling at prices between ~$137 and ~$264. There was a ~135% stake increase in the next quarter at prices between ~$138 and ~$180. The last two quarters saw a ~20% trimming.Sea Limited (SE): The 2.65% position in SE was first purchased in Q2 2018 at prices between $10.25 and $16.50. The next few quarters also saw further buying. Q4 2019 saw a ~40% selling at prices between $26.70 and $40.25 while in the next six quarters there was a ~60% stake increase at prices between ~$91 and ~$358. There was a ~40% selling in Q2 2022 at prices between ~$57 and ~$133. That was followed with a ~63% reduction last quarter at prices between ~$41 and ~$65. The stock is now at $63.64. There was a minor ~5% trimming this quarter.Snowflake Inc. (SNOW): The 2.60% SNOW stake was built over the six quarters through Q1 2022 at prices between ~$180 and ~$392. There was a ~70% reduction in the next quarter at prices between ~$113 and ~$241. Q3 2022 saw a ~22% stake increase while this quarter saw a similar reduction. The stock currently goes for ~$181.Kanzhun Ltd. (BZ): The 1.48% BZ stake was built over the three quarters through Q3 2022 at prices between ~$15.50 and ~$37. There was a ~52% reduction in the last two quarters at prices between ~$10.75 and ~$26. The stock currently trades at $16.82.HubSpot Inc. (HUBS): HUBS is a 1.19% of the portfolio position purchased during Q3 2022 at prices between ~$264 and ~$407 and the stock currently trades at ~$504. There was a ~62% selling in the last two quarters at prices between ~$256 and ~$429.Pagaya Tech. (PGY): PGY came to market through a SPAC transaction with EJF Acquisition. Tiger Global invested through the PIPE at $10 per share. The stock is now at $1.20. The last two quarters saw a ~40% reduction.Block Inc. (SQ), DLocal Limited (DLO), Freshworks (FRSH), MongoDB (MDB), Ozon Holdings plc (OZON), SentinelOne (S) and Toast (TOST): These small (less than ~1.5% of the portfolio each) stakes were reduced during the quarter.Kept Steady:ServiceNow Inc. (NOW): NOW is a 3.42% of the portfolio position that saw a stake doubling in Q3 2020 at prices between ~$402 and ~$500. The two quarters through Q1 2021 had seen another ~45% stake increase at prices between ~$475 and ~$595. Q2 2022 saw a ~55% reduction at prices between ~$412 and ~$575. There was a similar increase during Q3 2022 at prices between ~$370 and ~$516. The last quarter saw a ~50% reduction at prices between ~$342 and ~$426. The stock currently trades at ~$567.MasterCard (MA): The 2.39% MA stake was kept steady this quarter.CrowdStrike Holdings (CRWD): CRWD is now a 1.12% of the portfolio stake. A large stake was established in Q2 2020 at prices between ~$55 and ~$105. Q3 2020 saw a ~50% stake increase at prices between ~$97 and ~$144. There was another ~17% stake increase in Q1 2022 at prices between ~$157 and ~$227. The two quarters through Q3 2022 saw a ~90% reduction at prices between ~$137 and ~$240. The stock currently trades at ~$154.Atlassian Corp plc (TEAM) and Grab Holdings (GRAB): These two very small (less than ~0.65% of the portfolio each) stakes were kept steady this quarter.Note: In July 2018, it was reported that Tiger Global has taken a ~$1B stake in Softbank (SFTBY). The stock was at ~$20 (split-adjusted) at the time and currently trades at $23.61.Below is a spreadsheet that shows the changes to Chase Coleman's Tiger Global Holdings 13F portfolio holdings as of Q1 2023:Source: John Vincent. Data constructed from Tiger Global's 13F filings for Q4 2022 and Q1 2023.Tiger lost 56% in 2022 -Regulatory filings from 11/25/2022 to 3/21/2023: 13G/As – 2/14 – PRM – Perimeter Solutions – zero, XM – Qualtrics – 1.49M shares – 0.9% of business, TASK – TaskUs – zero, RNG – RingCentral – zero, ProCore Tech – zero, Just Eat Takeaway – zero, DV – DoubleVerify – zero, CVNA – zero, Logistics Innovation Tech. – zero, Blend Labs – zero, 1Life Healthcare – zero, Katapault – KPLT – 2.5M shares – 2.5% of business, EMBK – Embark Tech. – zero, DingDong Cayman – zero, NU – zero, WEAV – Weave Communications – 4.36M shares – 6.7% of business, Missfresh – zero, EGHT – 8x8 – zero, TCV Acq. – zero, Pagaya – PGY – 66.16M shares – 13% of business. 12/23 – 13G/A - VTEX – zero, . 12/8 – 13G/A – STRY – zero, Form 4 – 12/6 – disposals at 16 to 18c, Form 4 – 12/1 – disposals at 19c, Form 4 – 11/28 – disposals at 20c, . 13G/A – 12/2 – ATRenew – 7.65M shares – 8.3% of business."

"Tracking Chase Coleman’s Tiger Global Portfolio – Q4 2022 Update"

"Chase Coleman’s 13F portfolio value decreased from $10.90B to $8.16B this quarter.Tiger Global increased Meta Platforms and Amazon while reducing Sea Limited, Block Inc., Datadog, and Atlassian. They also dropped Li Auto and Doordash.The largest three positions are Microsoft, JD.com, and Meta Platforms, and they add up to ~42% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Chase Coleman’s Tiger Global Management 13F stock portfolio on a quarterly basis. It is based on Tiger Global’s regulatory filed on 2/14/2023. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q3 2022.Chase Coleman’s 13F portfolio value decreased ~25% from $10.90B to $8.16B. Recent 13F reports have shown 100+ positions. There are 32 stakes that are significantly large (more than 0.5% of the portfolio each) and they are the focus of this article. The largest five positions are Microsoft, JD.com, Meta Platforms, Amazon.com, and Workday. Together, they add up to ~56% of the entire 13F portfolio.Prior to founding Tiger Global Management in 2001, Chase Coleman was the technology analyst at Tiger Management from 1997 to 2000, making him a bona fide “tiger cub”. To know more about Julian Robertson and his legendary Tiger Management, check out .Note: it was reported in January that they lost ~56% last year.New Stakes:Zoominfo Technologies (ZI): ZI is a 2.30% of the portfolio position established this quarter at prices between ~$26 and ~$49 and the stock currently trades below that range at $23.18.Take-Two Interactive (TTWO), Confluent Inc. (CFLT), Match Group (MTCH), Grab Holdings (GRAB), and MongoDB (MDB): These are small (less than ~1% of the portfolio each) stakes established this quarter.Stake Disposals:Li Auto (LI): The bulk of the 3.64% of the portfolio LI stake was built in Q1 2022 at prices between $17.60 and $32.35. The next quarter saw a ~35% selling at prices between ~$18.90 and ~$40.80. Last quarter saw a similar increase at prices between ~$23 and ~$40. The disposal this quarter was at prices between ~$13.50 and ~$24.50. The stock currently trades at $23.38.DoorDash (DASH): DASH was a 1.66% of the portfolio stake. They had an IPO in December 2020. Shares started trading at ~$190 and currently goes for $60.67. The stake was built in H1 2021 at prices between ~$125 and ~$206. H1 2022 saw a ~75% selling at prices between ~$60 and ~$145 while in the last quarter there was a ~20% stake increase. The elimination this quarter was at prices between ~$43 and ~$63.Taiwan Semi (TSM): The small 0.83% TSM stake was established last quarter at prices between ~$69 and ~$92. The stake was sold this quarter at prices between ~$60 and ~$83. The stock is now at $92.79.DoubleVerify Holdings (DV), Futu Holdings (FUTU), RingCentral Inc. (RNG), and Starry Group (STRY): These very small (less than ~1% of the portfolio each) stakes were dropped during the quarter.Note: Double Verify and Starry Group stakes were from funding rounds in 2018 and 2016 respectively.Stake Increases:Meta Platforms (META) previously Facebook: The large (top three) ~12% META stake was established in Q4 2016 at prices between $115 and $132. The buying continued through Q2 2019 at prices up to ~$200. Q4 2019 saw a ~25% selling at prices between $175 and $208. The three quarters through Q2 2021 had seen another ~42% selling at prices between ~$246 and ~$356. That was followed with a ~23% reduction in Q1 2022 at prices between ~$187 and ~$339. The last two quarters saw a stake doubling at prices between ~$89 and ~$183. The stock currently trades at ~$206.Note: Meta has seen a previous roundtrip in the portfolio. A pre-IPO investment of ~54M shares was sold out by Q4 2012. The trade generated over $1B in profits.Amazon.com Inc. (AMZN): AMZN is now a large (top five) 8.85% of the portfolio stake. The position was established in Q2 & Q3 2015 at prices between ~$19 and ~$27. Q1 2016 had seen a two-thirds reduction at prices between ~$24 and $34. The following quarter saw a ~40% increase at prices between ~$29 and ~$37. There was a ~38% selling in Q4 2018 at prices between ~$67 and $101. Q4 2019 and Q1 2020 had seen another ~22% reduction at prices between ~$85 and ~$109. The three quarters through Q2 2022 had seen the stake sold down by ~75% at prices between ~$102 and ~$185. This quarter saw the position rebuilt at prices between ~$82 and ~$121. The stock is now at ~$98.DLocal Limited (DLO): The small 1.36% stake DLO saw a two-thirds increase this quarter at prices between ~$10.50 and ~$24. The stock is now at $15.37.Stake Decreases:Microsoft Corporation (MSFT): MSFT is currently the largest position at 15.45% of the portfolio. It was established in Q4 2016 at prices between $57 and $63 and increased by ~400% in Q2 2017 at prices between $65 and $72. Q1 2018 also saw a ~38% stake increase at prices between $85 and $97. Q4 2019 saw a ~30% selling at prices between $135 and $159 while in Q1 2021 there was a ~15% stake increase at prices between ~$212 and ~$240. The three quarters through Q2 2022 saw a ~60% selling at prices between ~$242 and ~$343. The stock is now at ~$281. There was a ~16% increase last quarter while this quarter saw a ~12% trimming.JD.com (JD) & Calls: JD was a ~5M share position first purchased in Q4 2014 at prices between $23.50 and $27. The next two quarters saw the position built up to a huge ~70M share position (~25% of the 13F portfolio at the time) at prices between $24 and $38. H2 2018 had also seen a ~42% increase at prices between $19.25 and $39.50. Q2 2022 saw a ~37% selling at prices between $48.70 and $66.50. That was followed with a ~27% reduction this quarter at prices between ~$37 and ~$60. It is their second largest 13F position at ~15% of the portfolio (21.82M shares). The stock is now at $40.29.Workday Inc. (WDAY): WDAY is a 5.67% of the portfolio stake built in 2020 at prices between ~$114 and ~$258 and the stock currently trades at ~$190. The last two quarters saw a ~68% selling at prices between ~$137 and ~$264. There was a ~135% stake increase last quarter at prices between ~$138 and ~$180. This quarter saw a ~13% trimming.Snowflake Inc. (SNOW): The 4.49% SNOW stake was built over the six quarters through Q1 2022 at prices between ~$180 and ~$392. There was a ~70% reduction next quarter at prices between ~$113 and ~$241. The last quarter saw a ~22% stake increase. The stock currently goes for ~$137. There was marginal trimming this quarter.Alphabet Inc. (GOOG): GOOG is a ~4% of the portfolio position purchased during Q2 2022 at prices between ~$106 and ~$144 and the stock currently trades at ~$106. There was a ~15% stake increase last quarter at prices between ~$96 and ~$123. This quarter saw a one-third selling at prices between ~$83.50 and ~$105.ServiceNow Inc. (NOW): NOW is a 3.85% of the portfolio position that saw a stake doubling in Q3 2020 at prices between ~$402 and ~$500. The two quarters through Q1 2021 had seen another ~45% stake increase at prices between ~$475 and ~$595. Q2 2022 saw a ~55% reduction at prices between ~$412 and ~$575. There was a similar increase last quarter at prices between ~$370 and ~$516. This quarter saw a ~50% reduction at prices between ~$342 and ~$426. The stock currently trades at ~$433.Kanzhun Ltd. (BZ): The 3.46% BZ stake was built over the last three quarters at prices between ~$15.50 and ~$37. The stock currently trades at $19.59. There was a ~22% reduction this quarter at prices between ~$11 and ~$21.Sea Limited (SE): The 2.27% position in SE was first purchased in Q2 2018 at prices between $10.25 and $16.50. The next few quarters also saw further buying. Q4 2019 saw a ~40% selling at prices between $26.70 and $40.25 while in the next six quarters there was a ~60% stake increase at prices between ~$91 and ~$358. There was a ~40% selling in Q2 2022 at prices between ~$57 and ~$133. That was followed with a ~63% reduction this quarter at prices between ~$41 and ~$65. The stock is now at $83.38.NU Holdings (NU): NU had an IPO in December 2021. Shares started trading at ~$12 and currently goes for $4.17. There was a ~90% reduction in the last three quarters at prices between ~$3.25 and ~$8. The position is now very small at 1.26% of the portfolio.HubSpot Inc. (HUBS), Pagaya Tech. (PGY), and AppLovin Corp (APP): HUBS is a 1.19% of the portfolio position purchased last quarter at prices between ~$264 and ~$407 and the stock currently trades at ~$396. There was a ~45% selling this quarter at prices between ~$256 and ~$314. PGY came to market through a SPAC transaction with EJF Acquisition. Tiger Global invested through the PIPE at $10 per share. The stock is now at $1.03. This quarter saw a ~15% trimming. APP is a small 0.55% of the portfolio position purchased last quarter at prices between ~$19.50 and ~$40.50 and it now goes for $14.17. There was a ~14% trimming this quarter.Note: Their ownership stake in Pagaya is ~13%.Datadog Inc. (DDOG): DDOG is now a small 0.87% position. A large stake was built in H1 2020 at prices between ~$29 and ~$90. H1 2022 saw a roughly two-thirds reduction at prices between ~$82 and ~$175. The stock is now at ~$65.24. Last quarter saw a ~200% stake increase at prices between ~$86 and ~$118 while this quarter saw the position reduced by ~85% at prices between ~$67 and ~$95.SentinelOne (S) and Toast (TOST): SentinelOne is a 0.71% of the portfolio position that saw a roughly two-thirds stake increase in Q2 2022 at prices between ~$19.60 and ~$41.50. The stock is now at $14.64. Last quarter saw a ~60% selling at prices between ~$22.50 and ~$29.50. This quarter also saw a minor ~4% trimming. TOST is a 0.53% of the portfolio position built in Q1 2022 at prices between ~$16 and ~$33. Next quarter saw a ~15% stake increase at prices between ~$12.70 and ~$24.05. Last quarter saw a one-third reduction at prices between ~$13.70 and ~$22.30. That was followed with another ~75% selling this quarter at prices between ~$16.50 and ~$22. The stock currently trades at $16.23.Atlassian Corp plc (TEAM): TEAM is now a small 0.63% portfolio stake. The original stake saw a ~150% stake increase in Q4 2019 at prices between $108 and $133. There was a ~85% stake increase in Q3 2020 at prices between ~$161 and ~$197. H1 2022 saw a ~40% reduction at prices between ~$162 and ~$350. That was followed with another ~77% selling this quarter at prices between ~$116 and ~$243. The stock currently trades at ~$153.Block Inc. (SQ), Freshworks (FRSH), Ozon Holdings plc (OZON), Qualtrics International (XM), and Uber Technologies (UBER): These small (less than ~1.5% of the portfolio each) stakes were reduced during the quarter.Kept Steady:MasterCard (MA): The ~3% MA stake was kept steady this quarter.CrowdStrike Holdings (CRWD): CRWD is now a 1.16% of the portfolio stake. A large stake was established in Q2 2020 at prices between ~$55 and ~$105. Q3 2020 saw a ~50% stake increase at prices between ~$97 and ~$144. There was another ~17% stake increase in Q1 2022 at prices between ~$157 and ~$227. The last two quarters saw a ~90% reduction at prices between ~$137 and ~$240. The stock currently trades at ~$132.Note: In July 2018, it was reported that Tiger Global has taken a ~$1B stake in Softbank (SFTBY). The stock was at ~$20 (split-adjusted) at the time and currently trades at $18.93.Below is a spreadsheet that shows the changes to Chase Coleman's Tiger Global Holdings 13F portfolio holdings as of Q4 2022:Source: John Vincent. Data constructed from Tiger Global's 13F filings for Q3 2022 and Q4 2022.Performance: Through Q3 2022, down 52% per Bloomberg - .Regulatory filings from 9/1/2022 to 11/25/2022: 12G/A – 12/2 – ATRenew – RERE – 7.65M shares – 8.3% of business. 13G/A – 12/8 - STRY – zero, 12/6 - Form 4 – disposals at prices as low as 16c from 12/2 to 12/5, 12/1 – Form 4 – reduction at 19c - ~16M shares, Form 4 – 11/28 – reduction at ~20c – 16.3M shares total, Form 4 – 11/22 – ~1M shares sold at ~$0.22 – 17.15M shares total, Form 4 – 11/17 – ~500K shares sold at ~0.26 – 18.13M shares total, Form 4 – 10/11 - ~250K shares sold at ~$1.10 – 18.6M shares total, Form 4 – 10/5 - ~400K shares sold at $1.31 – 18.85M shares total, Form 4 – 9/28 - ~85K shares sold at ~$1.7 – 19.3M shares total. Form 4 – 10/22 – WEAV - ~250K shares sold at ~$5.7 – 6.37M shares total, Form 4 – 10/25 – 320K shares sold at ~$5.80 – 6.6M shares total, Form 4 – 10/20 – 100K shares sold at ~$6.3 – 6.9M shares total, ."

"Tracking Chase Coleman’s Tiger Global Portfolio – Q3 2022 Update"

"Chase Coleman’s 13F portfolio value decreased from $11.93B to $10.90B this quarter.Tiger Global added HubSpot and increased ServiceNow, Alphabet, and Uber Technologies while reducing NU Holdings, CrowdStrike, and SentinelOne.The largest three positions are JD.com, Microsoft, and ServiceNow, and they add up to ~33% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Chase Coleman’s Tiger Global Management 13F stock portfolio on a quarterly basis. It is based on Tiger Global’s regulatory filed on 11/14/2022. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q2 2022.Chase Coleman’s 13F portfolio value decreased ~9% from $11.93B to $10.90B. Recent 13F reports have shown 100+ positions. There are 33 stakes that are significantly large (more than 0.5% of the portfolio each) and they are the focus of this article. The largest five positions are JD.com, Microsoft, ServiceNow, Meta Platforms, and Sea Limited. Together, they add up to ~43% of the entire 13F portfolio.Prior to founding Tiger Global Management in 2001, Chase Coleman was the technology analyst at Tiger Management from 1997 to 2000, making him a bona fide “tiger cub”. To know more about Julian Robertson and his legendary Tiger Management, check out .Note: it was reported last month that their losses for the year through September was ~52%. Also, they are allowing investors to withdraw 33% of their existing balances. This is compared to a 25% limit previously.New Stakes:HubSpot Inc. (HUBS), Pagaya Tech. (PGY), AppLovin Corp (APP), and Taiwan Semi (TSM): HUBS is a ~1.5% of the portfolio position purchased this quarter at prices between ~$264 and ~$407 and the stock currently trades at ~$291. PGY came to market through a SPAC transaction with EJF Acquisition. Tiger Global invested through the PIPE at $10 per share. The stock is now at $0.73. APP is a small 0.89% of the portfolio position purchased this quarter at prices between ~$19.50 and ~$40.50 and it now goes for $10.36. The small 0.83% TSM stake was established at prices between ~$69 and ~$92 and the stock is now at ~$81.Note: Their ownership stake in Pagaya is ~15%.Stake Disposals:Procore Technologies (PCOR): Procore had an IPO in Q3 2021. Procore started trading at ~$88 and currently goes for $50.11. Tiger Global’s position was from a funding round in 2018. The stake saw a two-thirds selling over the last three quarters at prices between ~$41 and ~$105. The disposal this quarter was at prices between ~$44 and ~$65.1Life Healthcare (ONEM), Monday.com (MNDY), and Xpeng Inc. (XPEV): These small (less than ~1.2% of the portfolio each) stakes were disposed during the quarter.Stake Increases:Microsoft Corporation (MSFT): MSFT is currently the second largest position at ~13% of the portfolio. It was established in Q4 2016 at prices between $57 and $63 and increased by ~400% in Q2 2017 at prices between $65 and $72. Q1 2018 also saw a ~38% stake increase at prices between $85 and $97. Q4 2019 saw a ~30% selling at prices between $135 and $159 while in Q1 2021 there was a ~15% stake increase at prices between ~$212 and ~$240. Last three quarters saw a ~60% selling at prices between ~$242 and ~$343. The stock is now at ~$245. There was a ~16% increase this quarter.ServiceNow Inc. (NOW): NOW is a 5.87% of the portfolio position that saw a stake doubling in Q3 2020 at prices between ~$402 and ~$500. The two quarters through Q1 2021 had seen another ~45% stake increase at prices between ~$475 and ~$595. Last quarter saw a ~55% reduction at prices between ~$412 and ~$575. There was a similar increase this quarter at prices between ~$370 and ~$516. The stock currently trades at ~$394.Meta Platforms (META) previously Facebook: The large (top five) 5.59% META stake was established in Q4 2016 at prices between $115 and $132. The buying continued through Q2 2019 at prices up to ~$200. Q4 2019 saw a ~25% selling at prices between $175 and $208. The three quarters through Q2 2021 had seen another ~42% selling at prices between ~$246 and ~$356. That was followed with a ~23% reduction in Q1 2022 at prices between ~$187 and ~$339. The stock currently trades at ~$116. This quarter saw a ~15% stake increase.Note: Meta has seen a previous roundtrip in the portfolio. A pre-IPO investment of ~54M shares was sold out by Q4 2012. The trade generated over $1B in profits.Sea Limited (SE): The 4.92% position in SE was first purchased in Q2 2018 at prices between $10.25 and $16.50. The next few quarters also saw further buying. Q4 2019 saw a ~40% selling at prices between $26.70 and $40.25 while in the next six quarters there was a ~60% stake increase at prices between ~$91 and ~$358. There was a ~40% selling last quarter at prices between ~$57 and ~$133. The stock is now at $60.65. This quarter saw a ~17% stake increase.Note: Tiger Global’s ownership stake in Sea Limited is ~5% of the business.Alphabet Inc. (GOOG): GOOG is a 4.81% of the portfolio position purchased last quarter at prices between ~$106 and ~$144 and the stock currently trades at ~$93. There was a ~15% stake increase this quarter at prices between ~$96 and ~$123.Datadog Inc. (DDOG): DDOG is a 4.71% position built in H1 2020 at prices between ~$29 and ~$90. Last two quarters saw a roughly two-thirds reduction at prices between ~$82 and ~$175. The stock is now at ~$75. This quarter saw a ~200% stake increase at prices between ~$86 and ~$118.Workday Inc. (WDAY): WDAY is a 4.43% of the portfolio stake built in 2020 at prices between ~$114 and ~$258 and the stock currently trades at ~$170. Last two quarters saw a ~68% selling at prices between ~$137 and ~$264. There was a ~135% stake increase this quarter at prices between ~$138 and ~$180.Snowflake Inc. (SNOW): The ~4% SNOW stake was built over the six quarters through Q1 2022 at prices between ~$180 and ~$392. There was a ~70% reduction last quarter at prices between ~$113 and ~$241. The stock currently goes for ~$145. This quarter saw a ~22% stake increase.Li Auto (LI): The bulk of the 3.64% of the portfolio LI stake was built in Q1 2022 at prices between $17.60 and $32.35. Last quarter saw a ~35% selling at prices between ~$18.90 and ~$40.80. This quarter saw a similar increase at prices between ~$23 and ~$40. The stock currently trades at ~$21.Atlassian Corp plc (TEAM): TEAM is a 3.33% portfolio stake that saw a ~150% stake increase in Q4 2019 at prices between $108 and $133. There was a ~85% stake increase in Q3 2020 at prices between ~$161 and ~$197. Last two quarters saw a ~40% reduction at prices between ~$162 and ~$350. The stock currently trades at ~$137. There was a ~13% stake increase this quarter.Amazon.com Inc. (AMZN): AMZN is now a 2.78% of the portfolio stake. The position was established in Q2 & Q3 2015 at prices between ~$19 and ~$27. Q1 2016 had seen a two-thirds reduction at prices between ~$24 and $34. The following quarter saw a ~40% increase at prices between ~$29 and ~$37. There was a ~38% selling in Q4 2018 at prices between ~$67 and $101. Q4 2019 and Q1 2020 had seen another ~22% reduction at prices between ~$85 and ~$109. Last three quarters had seen the stake sold down by ~75% at prices between ~$102 and ~$185. The stock is now at ~$89. There was a minor ~2% increase this quarter.Note: AMZN has seen a previous round-trip in the portfolio. A large stake purchased in 2010 was disposed in Q1 2014. The selling was at prices above 3x their cost-basis, thereby realizing huge gains.Kanzhun Ltd. (BZ), : The 2.76% BZ stake was built over the last three quarters at prices between ~$15.50 and ~$37. The stock currently trades at ~$20.Uber Technologies (UBER): The 2.41% UBER stake was built this quarter at prices between ~$20.50 and ~$33. The stock currently trades at $26.55.DoorDash (DASH): DASH is a 1.66% of the portfolio stake. They had an IPO in December 2020. Shares started trading at ~$190 and currently goes for ~$55. The stake was built in H1 2021 at prices between ~$125 and ~$206. The last two quarters saw a ~75% selling at prices between ~$60 and ~$145 while in this quarter there was a ~20% stake increase.Block Inc. (SQ), DLocal Limited (DLO), and Freshworks (FRSH): These small (less than ~2% of the portfolio each) stakes were increased during the quarter.Stake Decreases:JD.com (JD) & Calls: JD was a ~5M share position first purchased in Q4 2014 at prices between $23.50 and $27. The next two quarters saw the position built up to a huge ~70M share position (~25% of the 13F portfolio at the time) at prices between $24 and $38. H2 2018 had also seen a ~42% increase at prices between $19.25 and $39.50. Last quarter saw a ~37% selling at prices between $48.70 and $66.50. It is their largest 13F position at 13.79% of the portfolio (29.86M shares). The stock is now at $58.32. There was a minor ~2% trimming this quarter.NU Holdings (NU): NU had an IPO last December. Shares started trading at ~$12 and currently goes for $3.93. There was a ~80% reduction in the last two quarters at prices between ~$3.30 and ~$8.10. The position is now very small at 1.87% of the portfolio.SentinelOne (S) and Toast (TOST): SentinelOne is a ~1% of the portfolio position that saw a roughly two-thirds stake increase last quarter at prices between ~$19.60 and ~$41.50. The stock is now at $15.37. This quarter saw a ~60% selling at prices between ~$22.50 and ~$29.50. TOST is a 1.52% of the portfolio position built in Q1 2022 at prices between ~$16 and ~$33. Last quarter saw a ~15% stake increase at prices between ~$12.70 and ~$24.05. This quarter saw a one-third reduction at prices between ~$13.70 and ~$22.30. The stock currently trades at ~$19.30.CrowdStrike Holdings (CRWD): CRWD is now a 1.36% of the portfolio stake. A large stake was established in Q2 2020 at prices between ~$55 and ~$105. Q3 2020 saw a ~50% stake increase at prices between ~$97 and ~$144. There was another ~17% stake increase in Q1 2022 at prices between ~$157 and ~$227. Last two quarters saw a ~90% reduction at prices between ~$137 and ~$240. The stock currently trades at ~$115.DoubleVerify Holdings (DV), Futu Holdings (FUTU), RingCentral Inc. (RNG), and Starry Group (STRY): These very small (less than ~1.25% of the portfolio each) stakes were reduced during the quarter.Note: Double Verify and Starry Group stakes are from funding rounds in 2018 and 2016 respectively. Regulatory filings since the quarter ended show them no longer holding any shares of Starry Group.Kept Steady:MasterCard (MA), Qualtrics International (XM) and Ozon Holdings plc (OZON): These small (less than ~2% of the portfolio each) stakes were kept steady this quarter.Note 1: Although the relative sizes as a percentage of the portfolio are very small, it is significant that they own substantial ownership stakes in the following businesses: 8x8 Inc. (EGHT), AltC Acquisition (ALCC), ATRenew (RERE), Blend Labs (BLND), Katapult Holdings (KPLT), VTEX (VTEX), and Weave Communications (WEAV).Note 2: In July 2018, it was reported that Tiger Global has taken a ~$1B stake in Softbank (SFTBY). The stock was at ~$20 (split-adjusted) at the time and currently trades at $22.38.Below is a spreadsheet that shows the changes to Chase Coleman's Tiger Global Holdings 13F portfolio holdings as of Q3 2022:Source: John Vincent. Data constructed from Tiger Global's 13F filings for Q2 2022 and Q3 2022.8/4/2022: Losses through July at ~50% per Bloomberg -8/4/2022: Reuters - The fund is allowing investors to withdraw up to 33% of their existing balances in 2022, compared with a normal 25% limit, but uptake has been limited and greatly exceeded by year-to-date inflows, it added: .Regulatory filings from 6/4/2022 to 9/1/2022: 13G – 7/5 – PGY – Pagaya – 69.8M shares – 14.9% of business. Form 4 – 6/24 – STRY – - 900K shares disposed - 19.34M shares, Form 4 – 6/21 - ~430K shares sold between 4 and 6 – 19.34M shares."

"Tracking Chase Coleman’s Tiger Global Portfolio – Q2 2022 Update"

"Chase Coleman’s 13F portfolio value decreased from $26.64B to $11.93B this quarter.Tiger Global added Alphabet and increased Kanzhun, SentinelOne, & Toast while decreasing JD.com, Microsoft, CrowdStrike, and NU Holdings. They also dropped DocuSign.The largest three positions are JD.com, CrowdStrike, and NU Holdings and they add up to ~37% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Chase Coleman’s Tiger Global Management 13F stock portfolio on a quarterly basis. It is based on Tiger Global’s regulatory filed on 8/15/2022. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q1 2022.Chase Coleman’s 13F portfolio value decreased ~55% from $26.64B to $11.93B. Recent 13F reports have shown 100+ positions. There are 35 stakes that are significantly large (more than 0.5% of the portfolio each) and they are the focus of this article. The largest five positions are JD.com, Microsoft, Crowd Strike, NU Holdings, and Meta Platforms. Together, they add up to ~49% of the entire 13F portfolio.Prior to founding Tiger Global Management in 2001, Chase Coleman was the technology analyst at Tiger Management from 1997 to 2000, making him a bona fide “tiger cub”. To know more about Julian Robertson and his legendary Tiger Management, check out .Note 1: it was earlier this month that their losses for the year through July was ~50%. Also, they are allowing investors to withdraw 33% of their existing balances. This is compared to a 25% limit previously.Note 2: Regulatory filings since the quarter ended show them owning 69.8M shares (~15% of the business) of Pagaya (PGY).New Stakes:Alphabet Inc. (GOOG): GOOG is a ~2% of the portfolio position purchased this quarter at prices between ~$106 and ~$144 and the stock currently trades at ~$112.Stake Disposals:DocuSign (DOCU): The 1.36% DOCU stake was built over the three quarters through Q2 2021 at prices between ~$180 and ~$310. Last quarter saw a ~50% selling at prices between ~$73 and ~$157. The elimination this quarter was at prices between ~$57 and ~$112. The stock currently trades at ~$64. They realized losses.Alibaba Group Holdings (BABA), Elastic NV (ESTC), Robinhood Markets (HOOD), and Zoom Video (ZM): These very small (less than ~1% of the portfolio each) stakes were dropped during the quarter.Stake Increases:Kanzhun Ltd. (BZ), SentinelOne (S), and Toast (TOST): The 2.57% BZ stake was built over the last two quarters at prices between ~$15.50 and ~$37. The stock currently trades at $22.76. SentinelOne is a ~2% of the portfolio position that saw a roughly two-thirds stake increase this quarter at prices between ~$19.60 and ~$41.50. The stock is now at $28.05. TOST is a 1.59% of the portfolio position built last quarter at prices between ~$16 and ~$33. This quarter saw a ~15% stake increase at prices between ~$12.70 and ~$24.05. The stock currently trades at $21.44.Stake Decreases:JD.com (JD) & Calls: JD was a ~5M share position first purchased in Q4 2014 at prices between $23.50 and $27. The next two quarters saw the position built up to a huge ~70M share position (~25% of the 13F portfolio at the time) at prices between $24 and $38. H2 2018 had also seen a ~42% increase at prices between $19.25 and $39.50. This quarter saw a ~37% selling at prices between $48.70 and $66.50. It is their largest 13F position at 16.44% of the portfolio (30.53M shares). The stock is now at $60.41. Last few quarters have seen only minor adjustments.Microsoft Corporation (MSFT): MSFT is currently the second largest position at 11.11% of the portfolio. It was established in Q4 2016 at prices between $57 and $63 and increased by ~400% in Q2 2017 at prices between $65 and $72. Q1 2018 also saw a ~38% stake increase at prices between $85 and $97. Q4 2019 saw a ~30% selling at prices between $135 and $159 while in Q1 2021 there was a ~15% stake increase at prices between ~$212 and ~$240. Last three quarters saw a ~60% selling at prices between ~$242 and ~$343. The stock is now at ~$264.CrowdStrike Holdings (CRWD): CRWD is a 9.26% of the portfolio stake established in Q2 2020 at prices between ~$55 and ~$105. Q3 2020 saw a ~50% stake increase at prices between ~$97 and ~$144. There was another ~17% stake increase last quarter at prices between ~$157 and ~$227. This quarter saw a ~25% selling at prices between ~$137 and ~$240. The stock currently trades at ~$191.NU Holdings (NU): NU had an IPO in December. Shares started trading at ~$12 and currently goes for $5.39. Tiger Global’s position is a large (top five) 6.37% portfolio stake. There was a ~20% reduction this quarter at prices between ~$3.30 and ~$8.Note: Tiger Global has a ~6% ownership stake in NU Holdings.Sea Limited (SE): The 4.60% position in SE was first purchased in Q2 2018 at prices between $10.25 and $16.50. The next few quarters also saw further buying. Q4 2019 saw a ~40% selling at prices between $26.70 and $40.25 while in the last six quarters there was a ~60% stake increase at prices between ~$91 and ~$358. There was a ~40% selling this quarter at prices between ~$57 and ~$133. The stock is now at $63.47.Note: Tiger Global’s ownership stake in Sea Limited is ~4.2% of the business.ServiceNow Inc. (NOW): NOW is a 4.45% of the portfolio position that saw a stake doubling in Q3 2020 at prices between ~$402 and ~$500. The two quarters through Q1 2021 had seen another ~45% stake increase at prices between ~$475 and ~$595. This quarter saw a ~55% reduction at prices between ~$412 and ~$575. The stock currently trades at ~$470.Li Auto (LI): The bulk of the ~4% of the portfolio LI stake was built last quarter at prices between $17.60 and $32.35. This quarter saw a ~35% selling at prices between ~$18.90 and ~$40.80. The stock currently trades at $26.33.Snowflake Inc. (SNOW): The 2.48% SNOW stake was built over the last six quarters at prices between ~$180 and ~$392. There was a ~70% reduction this quarter at prices between ~$113 and ~$241. The stock currently goes for ~$188.Atlassian Corp plc (TEAM): TEAM is a 2.39% portfolio stake that saw a ~150% stake increase in Q4 2019 at prices between $108 and $133. There was a ~85% stake increase in Q3 2020 at prices between ~$161 and ~$197. Last two quarters saw a ~40% reduction at prices between ~$162 and ~$350. The stock currently trades at ~$259.Amazon.com Inc. (AMZN): AMZN is now a 2.33% of the portfolio stake. The position was established in Q2 & Q3 2015 at prices between ~$19 and ~$27. Q1 2016 had seen a two-thirds reduction at prices between ~$24 and $34. The following quarter saw a ~40% increase at prices between ~$29 and ~$37. There was a ~38% selling in Q4 2018 at prices between ~$67 and $101. Q4 2019 and Q1 2020 had seen another ~22% reduction at prices between ~$85 and ~$109. Last three quarters have seen the stake sold down by ~75% at prices between ~$102 and ~$185. The stock is now at ~$133.Note 1: The prices quoted above are adjusted for the 20-for-1 stock split in June.Note 2: AMZN has seen a previous round-trip in the portfolio. A large stake purchased in 2010 was disposed in Q1 2014. The selling was at prices above 3x their cost-basis, thereby realizing huge gains.DoorDash (DASH): DASH is a 1.65% of the portfolio stake. They had an IPO in December 2020. Shares started trading at ~$190 and currently goes for $64.31. The stake was built in H1 2021 at prices between ~$125 and ~$206. Next two quarters had seen minor increases while the last two quarters saw a ~75% selling at prices between ~$60 and ~$145.Workday Inc. (WDAY): WDAY is a 1.58% of the portfolio stake built in 2020 at prices between ~$114 and ~$258 and the stock currently trades at ~$170. Last two quarters saw a ~68% selling at prices between ~$137 and ~$264.Datadog Inc. (DDOG): DDOG is a 1.45% position built in H1 2020 at prices between ~$29 and ~$90. Last two quarters saw a roughly two-thirds reduction at prices between ~$82 and ~$175. The stock is now at ~$101.RingCentral Inc. (RNG): RNG is a 1.40% of the portfolio position purchased in Q1 2019 at prices between $78.50 and $112 and increased by ~120% next quarter at prices between $103 and $125. That was followed with a ~18% further increase in Q3 2021. There was also a ~25% stake increase next quarter at prices between ~$178 and ~$282. This quarter saw a ~35% reduction at prices between ~$49 and ~$125. The stock currently trades at $45.62.Note: Tiger Global has a ~4% ownership stake in the business.Procore Technologies (PCOR) and DoubleVerify Holdings (DV): Procore and DoubleVerify had IPOs in Q3 2021. Procore started trading at ~$88 and currently goes for $57.47. Tiger Global’s position goes back to a funding round in 2018 when it was valued at ~$3B. The stake saw a two-thirds selling over the last three quarters at prices between ~$41 and ~$105. DoubleVerify started trading at ~$36 and currently trades at $29.26. Tiger Global’s investment goes back to a funding round in 2020. There was a ~80% selling over the last three quarters at prices between ~$18 and ~$39.50.Starry Group (STRY): STRY came to market through a De-SPAC transaction that closed in March. Tiger Global’s stake goes back to funding rounds that started with a Series B investment in 2016. The stock currently trades at $2.20. There was a ~12% trimming this quarter.Note: Tiger Global has a ~12% ownership stake in the business.Carvana Inc. (CVNA): CVNA is now a minutely small stake. A large position was purchased in Q1 2019 at prices between $30 and $60 and increased by ~38% next quarter at prices between $58 and $75. Q3 2019 saw another ~75% stake increase at prices between $58 and $85. Last two quarters also saw a ~40% stake increase at prices between ~$105 and ~$303. This quarter saw the stake almost sold out at prices between ~$21 and ~$133. The stock is now at $36.62.Pinduoduo Inc. (PDD): PDD stake saw a ~175% stake increase in Q4 2019 at prices between $31.25 and $43.50. Q3 2020 saw another ~135% stake increase at prices between ~$74 and ~$97. The stock is now at $69.76. Last two quarters saw the stake almost sold out at prices between ~$25.50 and ~$66.1Life Healthcare (ONEM), Block Inc. (SQ), Coinbase Global (COIN), Futu Holdings (FUTU), Monday.com (MNDY), Qualtrics International (XM), Roblox Corp (RBLX), Shopify (SHOP), and Xpeng Inc. (XPEV): These very small (less than ~1.25% of the portfolio each) stakes were reduced during the quarter.Kept Steady:Meta Platforms (META) previously Facebook: The large (top five) ~6% META stake was established in Q4 2016 at prices between $115 and $132. The buying continued through Q2 2019 at prices up to ~$200. Q4 2019 saw a ~25% selling at prices between $175 and $208. The three quarters through Q2 2021 had seen another ~42% selling at prices between ~$246 and ~$356. That was followed with a ~23% reduction last quarter at prices between ~$187 and ~$339. The stock currently trades at ~$169.Note: Meta has seen a previous roundtrip in the portfolio. A pre-IPO investment of ~54M shares was sold out by Q4 2012. The trade generated over $1B in profits.MasterCard Inc. (MA) and Ozon Holdings plc (OZON): These small (less than ~2% of the portfolio each) stakes were kept steady this quarter.Note 1: Although the relative sizes as a percentage of the portfolio are very small, it is significant that they own substantial ownership stakes in the following businesses: 8x8 Inc. (EGHT), AltC Acquisition (ALCC), Blend Labs (BLND), Katapult Holdings (KPLT), TCV Acquisition (TCVA), VTEX (VTEX), and Weave Communications (WEAV).Note 2: In July 2018, it was reported that Tiger Global has taken a ~$1B stake in Softbank (SFTBY). The stock was at ~$20 (split-adjusted) at the time and currently trades just below that at $19.43.Below is a spreadsheet that shows the changes to Chase Coleman's Tiger Global Holdings 13F portfolio holdings as of Q2 2022:Source: John Vincent. Data constructed from Tiger Global's 13F filings for Q1 2022 and Q2 2022.6/2/2022: Losses through May at ~52% per Bloomberg -Regulatory filings from 2/28/2022 to 6/4/2022: Form 4 – 5/17 – WEAV – minor – 7.03M shares, Form 4 – 5/11 – Disposals at prices between $4.4 & $4.95 – 7.06M shares, . Form 4 – 4/25 – STRY - ~250K shares disposed at ~6.97 – 19.34M shares, Form 4 – 4/20 - ~100K disposed at ~6.6 – 19.6M shares, Form 4 – 4/14 - ~200K shares disposed at 7.25 – 19.7M shares, Form 4 – 4/11 – 220K shares disposed at 7.6 – 19.87M shares, Form 4 – 4/6 - ~570K shares diposed at 8.5 – 20.1M shares, 13G and Form 3 – 4/6 – 20.7M shares + 1.34M indirect – 21.44M shares (13.6% of business). 13G/A – 3/30 – VTEX – 6.72M shares – 8.9% of business."

"Tracking Chase Coleman’s Tiger Global Portfolio – Q1 2022 Update"

"Chase Coleman’s 13F portfolio value decreased from $45.94B to $26.64B this quarter.Tiger Global increased Li Auto, Xpeng, Block, Monday.com, and Toast while decreasing Amazon.com, DocuSign, Datadog, Zoom Video and Uber.The largest three positions are JD.com, Microsoft, and Crowd Strike and they add up to ~27% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Chase Coleman’s Tiger Global Management 13F stock portfolio on a quarterly basis. It is based on Tiger Global’s regulatory filed on 5/16/2022. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q4 2021.Chase Coleman’s 13F portfolio value decreased ~42% from $45.94B to $26.64B. Recent 13F reports have shown 100+ positions. There are 43 stakes that are significantly large (more than 0.5% of the portfolio each) and they are the focus of this article. The largest five positions are JD.com, Microsoft, Crowd Strike, NU Holdings, and Sea Limited. Together, they add up to ~40% of the entire 13F portfolio.Prior to founding Tiger Global Management in 2001, Chase Coleman was the technology analyst at Tiger Management from 1997 to 2000, making him a bona fide “tiger cub”. To know more about Julian Robertson and his legendary Tiger Management, check out .Note: it was earlier this month that their losses for the year through May was ~52%.New Stakes:Starry Group (STRY): STRY came to market through a De-SPAC transaction that closed in March. Tiger Global’s stake goes back to funding rounds that started with a Series B investment in 2016. The stock currently trades at $5.94.Note: Regulatory filings since the quarter ended show them owning 19.34M shares (~12% of the business) of Starry Group. This is compared to ~22M shares in the 13F report.Stake Disposals:Netflix Inc. (NFLX): The 1.42% of the portfolio position in NFLX was purchased in Q3 2017 at prices between $146 and $189. Q4 2019 saw a ~30% selling at prices between $267 and $337. Q4 2020 saw another one-third selling at prices between ~$471 and ~$554. The disposal this quarter was at prices between ~$331 and ~$597. The stock currently trades at ~$193.Note: NFLX is a frequently traded stock in Tiger Global’s portfolio. It has seen several roundtrips since 2011.Adobe Inc. (ADBE), Coupa Software (COUP), and Sunrun Inc. (RUN): These very small (less than ~1% of the portfolio each) stakes were dropped this quarter.Stake Increases:CrowdStrike Holdings (CRWD): CRWD is a 7.51% of the portfolio stake established in Q2 2020 at prices between ~$55 and ~$105. Q3 2020 saw a ~50% stake increase at prices between ~$97 and ~$144. There was another ~17% stake increase this quarter at prices between ~$157 and ~$227. The stock currently trades at ~$174.Sea Limited (SE): The ~6% position in SE was first purchased in Q2 2018 at prices between $10.25 and $16.50. The next few quarters also saw further buying. Q4 2019 saw a ~40% selling at prices between $26.70 and $40.25 while in the last six quarters there was a ~60% stake increase at prices between ~$91 and ~$358. The stock is now at ~$82.Note: Tiger Global’s ownership stake in Sea Limited is ~7% of the business.Snowflake Inc. (SNOW): The 5.88% SNOW stake was built over the last six quarters at prices between ~$180 and ~$392 and it currently goes for ~$133.ServiceNow Inc. (NOW): NOW is a 5.11% of the portfolio position that saw a stake doubling in Q3 2020 at prices between ~$402 and ~$500. The two quarters through Q1 2021 had seen another ~45% stake increase at prices between ~$475 and ~$595. The stock currently trades at ~$492. There was a ~11% stake increase this quarter.Carvana Inc. (CVNA): CVNA is a 3.82% portfolio position purchased in Q1 2019 at prices between $30 and $60 and increased by ~38% next quarter at prices between $58 and $75. Q3 2019 saw another ~75% stake increase at prices between $58 and $85. Last two quarters also saw a ~40% stake increase at prices between ~$105 and ~$303. The stock is now at $23.13.Note: Tiger Global has a ~10% ownership stake in Carvana.Shopify (SHOP): The 2.32% SHOP position was built in H1 2021 at prices between ~$885 and ~$1643 and it is now well below that range at ~$371. There was a ~14% stake increase this quarter.1Life Healthcare (ONEM), Block Inc. (SQ), Kanzhun Ltd. (BZ), Li Auto (LI), Monday.com (MNDY), Toast (TOST), and Xpeng Inc. (XPEV): These small (less than ~2% of the portfolio each) stakes were increased this quarter.Stake Decreases:JD.com (JD) & Calls: JD was a ~5M share position first purchased in Q4 2014 at prices between $23.50 and $27. The next two quarters saw the position built up to a huge ~70M share position (~25% of the 13F portfolio at the time) at prices between $24 and $38. H2 2018 had also seen a ~42% increase at prices between $19.25 and $39.50. It is their largest 13F position at 10.59% of the portfolio (48.77M shares). The stock is now at $61.40. Last few quarters have seen only minor adjustments.Microsoft Corporation (MSFT): MSFT is currently the second largest position at 8.46% of the portfolio. It was established in Q4 2016 at prices between $57 and $63 and increased by ~400% in Q2 2017 at prices between $65 and $72. Q1 2018 also saw a ~38% stake increase at prices between $85 and $97. Q4 2019 saw a ~30% selling at prices between $135 and $159 while in Q1 2021 there was a ~15% stake increase at prices between ~$212 and ~$240. Last two quarters saw a ~45% selling at prices between ~$276 and ~$343. The stock is now at ~$265.NU Holdings (NU): NU had an IPO in December. Shares started trading at ~$12 and currently goes for $3.86. Tiger Global’s position is a large (top five) 7.38% portfolio stake. This quarter saw a ~4% trimming.Note: Tiger Global has a ~7.5% ownership stake in NU Holdings.DoorDash (DASH): DASH is a 3.61% of the portfolio stake. They had an IPO in December 2020. Shares started trading at ~$190 and currently goes for $68.65. The stake was built in H1 2021 at prices between ~$125 and ~$206. Last two quarters had seen minor increases while this quarter there was a ~30% selling at prices between ~$76 and ~$145.Meta Platforms (META) previously Facebook: The 3.26% META stake was established in Q4 2016 at prices between $115 and $132. The buying continued through Q2 2019 at prices up to ~$200. Q4 2019 saw a ~25% selling at prices between $175 and $208. The three quarters through Q2 2021 had seen another ~42% selling at prices between ~$246 and ~$356. That was followed with a ~23% reduction this quarter at prices between ~$187 and ~$339. The stock currently trades at ~$184.Note: Facebook has seen a previous roundtrip in the portfolio. A pre-IPO investment of ~54M shares was sold out by Q4 2012. The trade generated over $1B in profits.Workday Inc. (WDAY): WDAY is a 2.68% of the portfolio stake built in 2020 at prices between ~$114 and ~$258 and the stock currently trades at ~$154. This quarter saw a ~30% selling at prices between ~$213 and ~$264.Atlassian Corp plc (TEAM): TEAM is a ~2% portfolio stake that saw a ~150% stake increase in Q4 2019 at prices between $108 and $133. There was a ~85% stake increase in Q3 2020 at prices between ~$161 and ~$197. This quarter saw a ~30% reduction at prices between ~$239 and ~$350. The stock currently trades at ~$196.Amazon.com Inc. (AMZN): AMZN is now a 1.81% of the portfolio stake. The position was established in Q2 & Q3 2015 at prices between ~$19 and ~$27. Q1 2016 had seen a two-thirds reduction at prices between ~$24 and $34. The following quarter saw a ~40% increase at prices between ~$29 and ~$37. There was a ~38% selling in Q4 2018 at prices between ~$67 and $101. Q4 2019 and Q1 2020 had seen another ~22% reduction at prices between ~$85 and ~$109. Last two quarters have seen the stake sold down by ~75% at prices between ~$136 and ~$185. The stock is now at ~$116.Note 1: The prices quoted above are adjusted for the 20-for-1 stock split earlier this week.Note 2: AMZN has seen a previous round-trip in the portfolio. A 1M share stake purchased in 2010 in the low-100s price range was disposed in Q1 2014 in the high-300s realizing huge gains.DocuSign (DOCU): The 1.36% DOCU stake was built over the three quarters through Q2 2021 at prices between ~$180 and ~$310 and the stock currently trades well below that range at ~$87. This quarter saw a ~50% selling at prices between ~$73 and ~$157.Datadog Inc. (DDOG): DDOG is a 1.27% position built in H1 2020 at prices between ~$29 and ~$90 and it is now at ~$104. This quarter saw a ~60% selling at prices between ~$119 and ~$175.Procore Technologies (PCOR) and DoubleVerify Holdings (DV): Procore and DoubleVerify had IPOs in Q3 2021. Procore started trading at ~$88 and currently goes for $47.27. Tiger Global’s position goes back to a funding round in 2018 when it was valued at ~$3B. The stake saw a ~50% selling over the last two quarters at prices between ~$50 and ~$105. DoubleVerify started trading at ~$36 and currently trades at $22.75. Tiger Global’s investment goes back to a funding round in 2020. There was a ~55% selling over the last two quarters at prices between ~$21 and ~$40.Pinduoduo Inc. (PDD): PDD is a 0.87% position that saw a ~175% stake increase in Q4 2019 at prices between $31.25 and $43.50. Q3 2020 saw another ~135% stake increase at prices between ~$74 and ~$97. The stock is now at $58.70. This quarter saw a roughly two-thirds reduction at prices between ~$25.50 and ~$66.Coinbase Global (COIN): Coinbase had an IPO in April 2021. Coinbase started trading at ~$328 and currently goes for ~$64. Tiger Global’s 0.60% position goes back to a funding round in 2018 when the valuation was ~$8B. This is compared to current valuation of ~$13.25B. There was a ~70% selling this quarter at prices between ~$153 and ~$251.Alibaba Group Holdings (BABA), Apollo Global Management (APO), Confluent Inc. (CFLT), Elastic NV (ESTC), Futu Holdings (FUTU), Peloton Interactive (PTON), Qualtrics International (XM), Robinhood Markets (HOOD), Roblox Corp (RBLX), Spotify Technology (SPOT), Uber Technologies (UBER), UiPath (PATH), Warby Parker (WRBY), and Zoom Video (ZM): These small (less than ~1% of the portfolio each) stakes were decreased this quarter.Kept Steady:RingCentral Inc. (RNG): RNG is a 2.18% of the portfolio position purchased in Q1 2019 at prices between $78.50 and $112 and increased by ~120% next quarter at prices between $103 and $125. That was followed with a ~18% further increase in Q3 2021. There was also a ~25% stake increase last quarter at prices between ~$178 and ~$282. The stock currently trades at ~$58.03.Note: Tiger Global has a ~6% ownership stake in the business.MasterCard Inc. (MA): The small ~1% stake in MA was kept steady during the quarter.Note 1: Although the relative sizes as a percentage of the portfolio are very small, it is significant that they own substantial ownership stakes in the following businesses: 8x8 Inc. (EGHT), AltC Acquisition (ALCC), Blend Labs (BLND), Dingdong (DDL), Katapult Holdings (KPLT), Logistics Innovation (LITT), Sumo Logic (SUMO), TCV Acquisition (TCVA), VTEX (VTEX), and Weave Communications (WEAV).Note 2: In July 2018, it was reported that Tiger Global has taken a ~$1B stake in Softbank (SFTBY). The stock was at ~$20 (split-adjusted) at the time and currently trades at $20.69.Below is a spreadsheet that shows the changes to Chase Coleman's Tiger Global Holdings 13F portfolio holdings as of Q1 2022:Source: John Vincent. Data constructed from Tiger Global's 13F filings for Q4 2021 and Q1 2022.Regulatory filings from 12/9/2021 to 2/28/2022: 13G’s – 2/14 – MF – Missfresh – 78.38M shares – 12.64% of business, ONEM – 1Life – 13.79M shares – 7.23% of business, APO – 6.37M shares – 2.58% of business, PCOR – 7.89M shares – 5.98% of business, DV – DoubleVerify – 8.59M shares – 5.42% of business, DESP – 1.2M shares – 1.71% of business, NU – 266M shares – 7.63% of business, SUMO – 2.13M shares – 1.9% of business, TKAYF – Just Eat Takeaway – 13.39M shares – 6.3% of business, CVNA – 7.26M shares – 8.49% of business, TASK – TaskUs – 1.78M shares – 6.5% of business, RNG – RingCentral – 4.95M shares – 6% of business, YSG – Yatsen Holding – 5.71M shares – 1.28% of business, BLND – Blend Labs – 19.9M shares – 9.2% of business, ."

"Tracking Chase Coleman’s Tiger Global Portfolio – Q4 2021 Update"

"Chase Coleman’s 13F portfolio value decreased from $52.06B to $45.94B this quarter.Tiger Global increased Snowflake, Carvana, and Zoom Video while decreasing Microsoft and Amazon.com during the quarter. They also dropped TransDigm Group.The largest three positions are Microsoft, JD.com, and Sea Limited and they add up to ~20% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Chase Coleman’s Tiger Global Management 13F stock portfolio on a quarterly basis. It is based on Tiger Global’s regulatory filed on 2/14/2022. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q3 2021.Chase Coleman’s 13F portfolio value decreased ~12% from $52.06B to $45.94B. Recent 13F reports have shown 100+ positions. 43 of those are significantly large (more than 0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are JD.com, Microsoft Corporation, Sea Limited, NU Holdings, and Snowflake. Together, they add up to ~30% of the entire 13F portfolio.Prior to founding Tiger Global Management in 2001, Chase Coleman was the technology analyst at Tiger Management from 1997 to 2000, making him a bona fide “tiger cub”. To know more about Julian Robertson and his legendary Tiger Management, check out .New Stakes:NU Holdings (NU): NU had an IPO in December. Shares started trading at ~$12 and currently goes for $6.54. Tiger Global’s position is a large (top five) 5.43% portfolio stake.Note: Tiger Global has a 7.63% ownership stake in NU Holdings.Stake Disposals:TransDigm Group (TDG): TDG was a 2.11% of the portfolio position. It was first purchased in Q4 2016 at prices between $245 and $289. H1 2017 saw the position built up to a large ~9% portfolio stake (4M shares) at prices between $210 and $272. The two quarters thru Q3 2018 had seen a ~35% selling at prices between $301 and $373 while next quarter saw a ~12% stake increase. There was a ~15% trimming in Q1 2020. The disposal this quarter was at prices between ~$553 and ~$685. The stock is now at ~$624.Note: TDG has seen a previous round-trip in the portfolio.Stake Increases:JD.com (JD) & Calls: JD was a ~5M share position first purchased in Q4 2014 at prices between $23.50 and $27. The next two quarters saw the position built up to a huge ~70M share position (~25% of the 13F portfolio at the time) at prices between $24 and $38. H2 2018 had also seen a ~42% increase at prices between $19.25 and $39.50. It is their largest 13F position at 8.20% of the portfolio (53.73M shares). The stock is now at ~$48. There was a minor ~5% increase This quarter.Sea Limited (SE): The 5.55% position in SE had seen consistent buying since Q2 2018 when around 6M shares were purchased at prices between $10.25 and $16.50. Q4 2019 saw a ~40% selling at prices between $26.70 and $40.25. Last five quarters have seen a ~35% stake increase at prices between ~$155 and ~$358. The stock is now at ~$91.Note: Tiger Global’s ownership stake in Sea Limited is ~6% of business.Snowflake Inc. (SNOW): The 4.44% SNOW stake was built over the last five quarters at prices between ~$206 and ~$392 and it currently goes for ~$180.DoorDash (DASH): DASH is a 3.77% of the portfolio stake. They had an IPO in December. Shares started trading at ~$190 and currently goes for ~$87. The stake was built in H1 2021 at prices between ~$125 and ~$206. Last two quarters have seen minor increases.Carvana Inc. (CVNA): CVNA is a 3.66% portfolio position purchased in Q1 2019 at prices between $30 and $60 and increased by ~38% next quarter at prices between $58 and $75. Q3 2019 saw another ~75% stake increase at prices between $58 and $85. Q1 2020 also saw a ~22% stake increase. This quarter saw another ~18% stake increase at prices between ~$204 and ~$303. The stock is now at ~$114.Note: Tiger Global has a 8.5% ownership stake in Carvana.Zoom Video (ZM): The 2.45% ZM stake had seen a ~50% stake increase over Q2 & Q3 2020 at prices between ~$114 and ~$501. Next quarter saw a ~20% selling at prices between ~$337 and ~$568 while the last four quarters saw a huge build-up (~425% stake increase) at prices between ~$184 and ~$559. The stock is now well below that range at ~$98.Datadog Inc. (DDOG): DDOG is a ~2% position built in H1 2020 at prices between ~$29 and ~$90 and it is now at ~$127 Last three quarters have seen a ~12% stake increase.RingCentral Inc. (RNG): RNG is a ~2% of the portfolio position purchased in Q1 2019 at prices between $78.50 and $112 and increased by ~120% next quarter at prices between $103 and $125. That was followed with a ~18% further increase last quarter. The stock currently trades at ~$103. There was a ~25% stake increase this quarter at prices between ~$178 and ~$282.Note: Tiger Global has a ~6% ownership stake in the business.Pinduoduo Inc. (PDD): PDD is a ~2% position that saw a ~175% stake increase in Q4 2019 at prices between $31.25 and $43.50. Q3 2020 saw another ~135% stake increase at prices between ~$74 and ~$97. The stock is now at $32.13. This quarter saw a ~12% stake increase.Coinbase Global (COIN): Coinbase had an IPO in April 2021. Coinbase started trading at ~$328 and currently goes for ~$160. Tiger Global’s 1.58% position goes back to a funding round in 2018 when the valuation was ~$8B. This is compared to current valuation of ~$35B. Last two quarters have seen minor increases.Alibaba Group Holdings (BABA): BABA is a ~1% portfolio stake established in Q3 2016 at prices between $78.50 and $109. The position had since wavered. Q3 2019 saw a ~80% stake increase at prices between $154 and $183 while next quarter there was a ~55% selling at prices between $162 and $216. Q1 2020 saw a ~28% stake increase at prices between ~$175 and ~$230. The stock currently trades at ~$87. There was a marginal increase this quarter.Peloton Interactive (PTON): PTON is a 0.80% of the portfolio position purchased in Q1 2020 at prices between $19.50 and $33.50. Next quarter saw a ~28% stake increase at prices between $26.75 and $58.50. There was another ~45% stake increase in Q3 2020 at prices between ~$59 and ~$101. There was a ~12% further increase in Q2 2021 while last quarter saw a ~18% trimming. It currently trades at ~$21. This quarter also saw a minor ~4% increase.Block Inc. (SQ), Coupa Software (COUP), Confluent Inc. (CFLT), Qualtrics International (XM), and Xpeng Inc. (XPEV): These very small (less than ~1% of the portfolio each) stakes were increased this quarter.Stake Decreases:Microsoft Corporation (MSFT): MSFT is currently the largest position at 6.21% of the portfolio. It was established in Q4 2016 at prices between $57 and $63 and increased by ~400% in Q2 2017 at prices between $65 and $72. Q1 2018 also saw a ~38% stake increase at prices between $85 and $97. Q4 2019 saw a ~30% selling at prices between $135 and $159 while in Q1 2021 there was a ~15% stake increase at prices between ~$212 and ~$240. This quarter saw a ~35% selling at prices between ~$282 and ~$343. The stock is now at ~$280.Amazon.com Inc. (AMZN): AMZN is a fairly large 2.56% of the portfolio stake. The position was established in Q2 & Q3 2015 at prices between $370 and $540. Q1 2016 had seen a two-thirds reduction at prices between $482 and $676. The following quarter saw a ~40% increase at prices between $586 and $728. There was a ~38% selling in Q4 2018 at prices between $1344 and $2013. Q4 2019 and Q1 2020 had seen another ~22% reduction at prices between ~$1700 and ~$2170. There was a ~38% selling this quarter at prices between ~$3190 and ~$3696. The stock is now at ~$2911.Note: AMZN has seen a previous round-trip in the portfolio. A 1M share stake purchased in 2010 in the low-100s price range was disposed in Q1 2014 in the high-300s realizing huge gains.DocuSign (DOCU) and Shopify (SHOP): The 2.30% DOCU stake was built over the three quarters through Q2 2021 at prices between ~$180 and ~$310 and the stock currently trades well below that range at ~$75. The 2.42% SHOP position was built at prices between ~$885 and ~$1643 and it is now at ~$544. Last two quarters have seen only minor adjustments in both these stakes.Uber Technologies (UBER): The 1.65% of the portfolio UBER stake goes back to funding rounds in 2015. UBER started trading at $41.50 and is currently at $30.76. Q4 2019 saw a ~225% stake increase at prices between $26 and $33.75. There was a ~55% selling next quarter at prices between ~$15 and ~$41 while Q3 2020 saw a similar increase at prices between $29.50 and $38. There was a ~80% further increase next quarter at prices between ~$33.50 and ~$55 while in Q1 2021 there was a ~25% reduction at prices between ~$48 and ~$63. This quarter also saw a ~13% trimming.Procore Technologies (PCOR) and DoubleVerify Holdings (DV): Procore and DoubleVerify had IPOs last quarter. Procore started trading at ~$88 and currently goes for $52.25. Tiger Global’s position goes back to a funding round in 2018 when it was valued at ~$3B. The stake saw a ~17% trimming this quarter. DoubleVerify started trading at ~$36 and currently trades at $21.83. Tiger Global’s investment goes back to a funding round last year. There was a ~38% selling this quarter at prices between ~$30 and ~$40.Note: They own ~6% of Procore Technologies (PCOR) and 5.42% of DoubleVerify Holdings (DV).Spotify Technology (SPOT): Spotify is a venture capital investment that became part of their 13F portfolio following its IPO in Q2 2018. SPOT started trading at ~$150 and it is currently well below that price at ~$124. Q1 2019 saw a ~36% selling at prices between $109 and $151 and that was followed with another ~50% selling next quarter at prices between $122 and $150. The three quarters through Q1 2020 had seen another one-third reduction at prices between ~$110 and ~$160. Q2 2020 saw a ~16% stake increase at prices between ~$122 and ~$268. Last quarter saw a similar reduction at prices between ~$205 and ~$276. The stake is now at 1.31% of the portfolio. This quarter saw a minor ~3% trimming.Roblox Corp (RBLX): RBLX had an IPO in March. Shares started trading at ~$70 and currently goes for $39.24. Tiger Global’s position goes back to a Series F funding round in 2018 when the valuation was ~$2.5B. This is compared to current valuation of around 10-times that. The position was reduced by ~90% over the last three quarters to a ~1% portfolio stake at prices between ~$64 and ~$135.Apollo Global Management (APO): APO is a ~1% portfolio position first purchased in Q1 2017 at prices between $19.50 and $24.50 and increased by ~40% the following quarter at prices between $24 and $28.50. The stock is now at ~$63. Last three quarters have seen a ~80% selling at prices between ~$47 and ~$80.UiPath (PATH): UiPath had an IPO in April 2021. UiPath shares started trading at ~$69 and currently goes for $26.21. Tiger Global’s stake goes back to a funding round in 2020. The valuation at the time was ~$10B and the current valuation is ~$14B. This quarter saw a ~22% selling at prices between ~$40 and ~$58.Warby Parker (WRBY): WRBY had a Direct Public Offering last September. Shares started trading at ~$54 and currently goes for $24.37. Tiger Global had participated in all their funding rounds after leading the Series A in 2011. This quarter saw the stake reduced by ~80% to a very small 0.28% of the portfolio position at prices between ~$43 and ~$59.Asana Inc. (ASAN): The minutely small 0.32% of the portfolio stake in ASAN was reduced substantially this quarter.Kept Steady:Meta Platforms (FB) previously Facebook: The 3.70% FB stake was established in Q4 2016 at prices between $115 and $132. The buying continued through Q2 2019 at prices up to ~$200. Q4 2019 saw a ~25% selling at prices between $175 and $208. The three quarters through Q2 2021 had seen another ~42% selling at prices between ~$246 and ~$356. The stock currently trades at ~$188.Note: Facebook has seen a previous roundtrip in the portfolio. A pre-IPO investment of ~54M shares was sold out by Q4 2012. The trade generated over $1B in profits.CrowdStrike Holdings (CRWD): CRWD is a 3.36% of the portfolio stake established in Q2 2020 at prices between ~$55 and ~$105. Q3 2020 saw a ~50% stake increase at prices between ~$97 and ~$144. The stock currently trades at ~$191.ServiceNow Inc. (NOW): NOW is a 3.12% of the portfolio position that saw a stake doubling in Q3 2020 at prices between ~$402 and ~$500. The two quarters through Q1 2021 had seen another ~45% stake increase at prices between ~$475 and ~$595. The stock currently trades at ~$512.Workday Inc. (WDAY): WDAY is a 2.51% of the portfolio stake built in 2020 at prices between ~$114 and ~$258 and the stock currently trades at ~$225. There was a minor ~2% stake increase last quarter.Atlassian Corp plc (TEAM): TEAM is a ~2% portfolio stake that saw a ~150% stake increase in Q4 2019 at prices between $108 and $133. There was a ~85% stake increase in Q3 2020 at prices between ~$161 and ~$197. The stock currently trades at ~$246.Netflix Inc. (NFLX): NFLX is a frequently traded stock in Tiger Global’s portfolio. It has seen multiple roundtrips since 2011. The bulk of the current 1.42% of the portfolio position was purchased in Q3 2017 at prices between $146 and $189. The stake has wavered. Q4 2019 saw a ~30% selling at prices between $267 and $337. Q4 2020 saw another one-third selling at prices between ~$471 and ~$554. The stock currently trades at ~$340.Elastic NV (ESTC): The 1.08% ESTC stake was primarily purchased in Q4 2019 at prices between $61 and $87 and the stock is currently at ~$72.Robinhood Markets (HOOD): HOOD had an IPO last July. Shares started trading at ~$35 and currently goes for ~$11. Tiger Global participated in funding rounds last year and their stake is at 0.53% of the portfolio.Futu Holdings (FUTU): FUTU is a small 0.39% of the portfolio stake purchased in Q1 2021 at prices between ~$49 and ~$191 and the stock currently trades below that range at $25.74. There was a ~20% stake increase last quarter at prices between ~$86 and ~$162.Adobe Inc. (ADBE), MasterCard Inc. (MA), and Sunrun Inc. (RUN): These very small (less than ~1% of the portfolio each) stakes were kept steady this quarter.Note 1: Although the relative sizes as a percentage of the portfolio are very small, it is significant that they own substantial ownership stakes in the following businesses: 1Life Healthcare (ONEM), 8x8 Inc. (EGHT), AltC Acquisition (ALCC), Blend Labs (BLND), Dingdong (DDL), Just Eat Takeaway.com (GRUB), Katapult Holdings (KPLT), Logistics Innovation (LITT), Missfresh (MF), Sumo Logic (SUMO), TaskUs (TASK), TCV Acquisition (TCVA), VTEX (VTEX), and Yatsen Holding (YSG).Note 2: In July 2018, it was reported that Tiger Global has taken a ~$1B stake in Softbank (SFTBY). The stock was at ~$20 (split-adjusted) at the time and currently trades at $18.63.Below is a spreadsheet that shows the changes to Chase Coleman's Tiger Global Holdings 13F portfolio holdings as of Q4 2021:Source: John Vincent. Data constructed from Tiger Global's 13F filings for Q3 2021 and Q4 2021.Regulatory filings from 9/26/2021 to 12/9/2021: 13G – 11/22 – Embark Technology – NGAC/EMBK – 23.3M shares – 6.4% of business. 13G – 11/19 – Perimeter Solutions – PRM – 10M shares – 6.4% of business. 13G & Form 4 – 11/17 & Form 3 – 11/10 – Weave Communications – WEAV – 7.4M shares – 11.8% of business. 13G – 12/9 – Qualtrics International – XM - 13G – 8.18M shares – 6.8% of business. 11/15 – 6.34M shares – 5.3% of business. 13G – 11/1 – TaskUs – TASK – 2.55M shares – 9.4% of business. Form 4 – 10/29 – WRBY – 6.49M shares disposed, 8.65M shares remain, Form 4 – 10.1 – 500K shares disposed at 54.05, 15.13M shares remain. 13G – 10/14 – RingCentral – RNG – 4.89M shares – 6% of business."

"Tracking Chase Coleman’s Tiger Global Portfolio – Q3 2021 Update"

"Chase Coleman’s 13F portfolio value decreased from $53.76B to $52.06B this quarter.Tiger Global increased Snowflake while decreasing Roblox and Apollo Global Management during the quarter.The largest three positions are Microsoft, JD.com, and Sea Limited and they add up to ~21% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Chase Coleman’s Tiger Global Management 13F stock portfolio on a quarterly basis. It is based on Tiger Global’s regulatory filed on 11/15/2021. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q2 2021.Chase Coleman’s 13F portfolio value decreased ~3% from $53.76B to $52.06B. Recent 13F reports have shown 100+ positions. 40 of those are significantly large (more than 0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Microsoft Corporation, JD.com, Sea Limited, Doordash, and DocuSign. Together, they add up to ~29% of the entire 13F portfolio.Prior to founding Tiger Global Management in 2001, Chase Coleman was the technology analyst at Tiger Management from 1997 to 2000, making him a bona fide “tiger cub”. To know more about Julian Robertson and his legendary Tiger Management, check out .Note 2: Regulatory filings since the quarter ended show them owning significant stakes in the following businesses: 6.4% of Embark Technology (EMBK), 6.4% of Perimeter Solutions (PRM), 11.8% of Weave Communications (WEAV), 6.8% of Qualtrics International (XM), and 9.4% of TaskUs (TASK).New Stakes:Warby Parker (WRBY) and Robinhood Markets (HOOD): WRBY had a Direct Public Offering on September 29th. Shares started trading at ~$54 and currently goes for $46.60. Tiger Global had participated in all their funding rounds after leading the Series A in 2011. HOOD had an IPO in July. Shares started trading at ~$35 and currently goes for $20.13. Tiger Global participated in funding rounds earlier this year and their stake is at 1.10% of the portfolio.Note: Regulatory filings since the quarter ended show them owning 8.65M shares of Warby Parker. This is compared to 15.13M shares in the 13F report.Stake Disposals:None.Stake Increases:Sea Limited (SE): The 6.38% position in SE had seen consistent buying since Q2 2018 when around 6M shares were purchased at prices between $10.25 and $16.50. Q4 2019 saw a ~40% selling at prices between $26.70 and $40.25. Last four quarters have seen a ~24% stake increase at prices between ~$158 and ~$367. The stock is now at ~$238.Note: Tiger Global’s ownership stake in Sea Limited is ~5.5% of business.DoorDash (DASH): DASH is a 4.37% of the portfolio stake. They had an IPO in December. Shares started trading at ~$190 and currently goes for ~$158. The stake was built over the last two quarters at prices between ~$125 and ~$206. There was a marginal increase this quarter.DocuSign (DOCU), Snowflake Inc. (SNOW), and Shopify (SHOP): These three positions were substantially increased in the last three quarters. The 3.61% DOCU stake was built at prices between ~$180 and ~$310 and the stock currently trades well below that range at ~$144. The ~3% SNOW stake saw a ~300% increase over the last four quarters at prices between ~$206 and ~$388 and it currently goes for ~$371. The 2.30% SHOP position was built in the last three quarters at prices between ~$885 and ~$1643 and it is now at ~$1462. There was a marginal increase this quarter.Zoom Video (ZM): The 2.39% ZM stake had seen a ~50% stake increase over Q2 & Q3 2020 at prices between ~$114 and ~$501. Next quarter saw a ~20% selling at prices between ~$337 and ~$568 while the last three quarters have seen a ~230% stake increase at prices between ~$257 and ~$445. It is now at ~$185.Workday Inc. (WDAY): WDAY is a ~2% of the portfolio stake built last year at prices between ~$114 and ~$258 and the stock currently trades at ~$280. There was a minor ~2% stake increase this quarter.RingCentral Inc. (RNG): RNG is a 1.65% of the portfolio position purchased in Q1 2019 at prices between $78.50 and $112 and increased by ~120% next quarter at prices between $103 and $125. That was followed with a ~18% further increase last quarter. The stock currently trades well above those ranges at ~$185. This quarter also saw a minor ~2% stake increase.Datadog Inc. (DDOG): DDOG is a 1.42% position built in H1 2020 at prices between ~$29 and ~$90 and it is now at ~$175 Last two quarters have seen a ~10% stake increase.UiPath (PATH) and Coinbase Global (COIN): UiPath and Coinbase had IPOs last quarter. UiPath shares started trading at ~$69 and currently goes for ~$44. Tiger Global’s stake goes back to a funding round last year. The valuation at the time was ~$10B and the current valuation is ~$23B. Coinbase started trading at ~$328 and currently goes for ~$256. Tiger Global’s position goes back to a funding round in 2018 when the valuation was ~$8B. This is compared to current valuation of ~$55B. Both positions saw minor increases this quarter.Futu Holdings (FUTU): FUTU is a small 0.73% of the portfolio stake purchased in Q1 2021 at prices between ~$49 and ~$191 and the stock currently trades below that range at $43.95. There was a ~20% stake increase this quarter at prices between ~$86 and ~$162.Stake Decreases:JD.com (JD) & Calls: JD was a ~5M share position first purchased in Q4 2014 at prices between $23.50 and $27. The next two quarters saw the position built up to a huge ~70M share position (~25% of the 13F portfolio at the time) at prices between $24 and $38. H2 2018 had also seen a ~42% increase at prices between $19.25 and $39.50. It is their second-largest 13F position at 7.10% of the portfolio (51.14M shares). The stock is now at $79.71. There was minor trimming in the last two quarters.Carvana Inc. (CVNA): CVNA is a 3.56% portfolio position purchased in Q1 2019 at prices between $30 and $60 and increased by ~38% next quarter at prices between $58 and $75. Q3 2019 saw another ~75% stake increase at prices between $58 and $85. Q1 2020 also saw a ~22% stake increase. The stock is now at ~$271. Last few quarters have seen only minor adjustments.Note: Tiger Global has a ~9.5% ownership stake in Carvana.Apollo Global Management (APO): APO is a 2.65% portfolio position first purchased in Q1 2017 at prices between $19.50 and $24.50 and increased by ~40% the following quarter at prices between $24 and $28.50. The stock is now at $69.65. Last two quarters have seen a ~40% selling at prices between ~$47 and ~$64.Note: They have a ~10% ownership stake in the business.Roblox Corp (RBLX): RBLX had an IPO in March. Shares started trading at ~$70 and currently goes for ~$116. Tiger Global’s 2.53% of the portfolio position goes back to a Series F funding round in 2018 when the valuation was ~$2.5B. This is compared to current valuation of over 25x that. The position was reduced by ~57% over the last two quarters at prices between ~$64 and ~$100.Uber Technologies (UBER): The 1.79% of the portfolio UBER stake goes back to funding rounds in 2015. UBER started trading at $41.50 and is currently at $36.67. Q4 2019 saw a ~225% stake increase at prices between $26 and $33.75. There was a ~55% selling next quarter at prices between ~$15 and ~$41 while Q3 2020 saw a similar increase at prices between $29.50 and $38. There was a ~80% further increase next quarter at prices between ~$33.50 and ~$55 while in Q1 2021 there was a ~25% reduction at prices between ~$48 and ~$63. Last two quarters have seen minor trimming.Peloton Interactive (PTON): PTON is a 1.20% of the portfolio position purchased in Q1 2020 at prices between $19.50 and $33.50. Next quarter saw a ~28% stake increase at prices between $26.75 and $58.50. There was another ~45% stake increase in Q3 2020 at prices between ~$59 and ~$101. It currently trades at $38.51. There was a ~12% further increase last quarter while this quarter saw a ~18% trimming.Spotify Technology (SPOT): Spotify is a venture capital investment that became part of their 13F portfolio following its IPO in Q2 2018. SPOT started trading at ~$150 and currently goes for ~$233. Q1 2019 saw a ~36% selling at prices between $109 and $151 and that was followed with another ~50% selling next quarter at prices between $122 and $150. The three quarters through Q1 2020 had seen another one-third reduction at prices between ~$110 and ~$160. Q2 2020 saw a ~16% stake increase at prices between ~$122 and ~$268. This quarter saw a similar reduction at prices between ~$205 and ~$276. The stake is now at 1.15% of the portfolio.Kept Steady:Microsoft Corporation (MSFT): MSFT is currently the largest position at 7.11% of the portfolio. It was established in Q4 2016 at prices between $57 and $63 and increased by ~400% in Q2 2017 at prices between $65 and $72. Q1 2018 also saw a ~38% stake increase at prices between $85 and $97. Q4 2019 saw a ~30% selling at prices between $135 and $159 while in Q1 2021 there was a ~15% stake increase at prices between ~$212 and ~$240. The stock is now at ~$343. There was a ~4% trimming last quarter.Amazon.com Inc. (AMZN): AMZN is a fairly large 3.58% of the portfolio stake. The position was established in Q2 & Q3 2015 at prices between $370 and $540. Q1 2016 had seen a two-thirds reduction at prices between $482 and $676. The following quarter saw a ~40% increase at prices between $586 and $728. There was a ~38% selling in Q4 2018 at prices between $1344 and $2013. Q4 2019 and Q1 2020 had seen another ~22% reduction at prices between ~$1700 and ~$2170. The stock is now at ~$3444. There was a ~7% trimming last quarter.Note: AMZN has seen a previous round-trip in the portfolio. A 1M share stake purchased in 2010 in the low-100s price range was disposed in Q1 2014 in the high-300s realizing huge gains.CrowdStrike Holdings (CRWD): CRWD is a 3.56% of the portfolio stake established in Q2 2020 at prices between ~$55 and ~$105. Q3 2020 saw a ~50% stake increase at prices between ~$97 and ~$144. The stock currently trades at ~$199.Meta Platforms (FB) previously Facebook: The 3.29% FB stake was established in Q4 2016 at prices between $115 and $132. The buying continued through Q2 2019 at prices up to ~$200. Q4 2019 saw a ~25% selling at prices between $175 and $208. Last three quarters had seen another ~42% selling at prices between ~$246 and ~$356. The stock currently trades at ~$330.Note: Facebook has seen a previous roundtrip in the portfolio. A pre-IPO investment of ~54M shares was sold out by Q4 2012. The trade generated over $1B in profits.ServiceNow Inc. (NOW): NOW is a 2.64% of the portfolio position that saw a stake doubling in Q3 2020 at prices between ~$402 and ~$500. The two quarters through Q1 2021 had seen another ~45% stake increase at prices between ~$475 and ~$595. The stock currently trades at ~$647.Pinduoduo Inc. (PDD): PDD is a 2.45% position that saw a ~175% stake increase in Q4 2019 at prices between $31.25 and $43.50. Q3 2020 saw another ~135% stake increase at prices between ~$74 and ~$97. The stock is now at $63.62.TransDigm Group (TDG): TDG is a 2.11% of the portfolio position. It was first purchased in Q4 2016 at prices between $245 and $289. H1 2017 saw the position built up to a large ~9% portfolio stake (4M shares) at prices between $210 and $272. The position has wavered. Recent activity follows: The two quarters thru Q3 2018 had seen a ~35% selling at prices between $301 and $373 while next quarter saw a ~12% stake increase. There was a ~15% trimming in Q1 2020. The stock is now at ~$605.Note: TDG has seen a previous round-trip in the portfolio.Atlassian Corp plc (TEAM): TEAM is a 1.85% portfolio stake that saw a ~150% stake increase in Q4 2019 at prices between $108 and $133. There was a ~85% stake increase in Q3 2020 at prices between ~$161 and ~$197. The stock currently trades at ~$373.Procore Technologies (PCOR) and DoubleVerify Holdings (DV): Procore and DoubleVerify had IPOs last quarter. Procore started trading at ~$88 and currently goes for $82.58. Tiger Global’s position goes back to a funding round in 2018 when it was valued at ~$3B. DoubleVerify started trading at ~$36 and currently trades at $31.39. Tiger Global’s investment goes back to a funding round last year.Note: They own ~7% of Procore Technologies (PCOR) and ~9% of DoubleVerify Holdings (DV).Netflix Inc. (NFLX): NFLX is a frequently traded stock in Tiger Global’s portfolio. It has seen multiple roundtrips since 2011. The bulk of the current 1.27% of the portfolio position was purchased in Q3 2017 at prices between $146 and $189. The stake has wavered. Q4 2019 saw a ~30% selling at prices between $267 and $337. Q4 2020 saw another one-third selling at prices between ~$471 and ~$554. The stock currently trades at ~$612. Last quarter saw a ~3% increase.Alibaba Group Holdings (BABA): BABA is a 1.20% portfolio stake established in Q3 2016 at prices between $78.50 and $109. The position had since wavered. Q3 2019 saw a ~80% stake increase at prices between $154 and $183 while next quarter there was a ~55% selling at prices between $162 and $216. Q1 2020 saw a ~28% stake increase at prices between ~$175 and ~$230. The stock currently trades at ~$125. There was a ~6% trimming last quarter.Elastic NV (ESTC): The 1.15% ESTC stake was primarily purchased in Q4 2019 at prices between $61 and $87 and the stock is currently at ~$117.Adobe Inc. (ADBE), Asana Inc. (ASAN), Coupa Software (COUP), MasterCard Inc. (MA), PayPal Holdings (PYPL), and Sunrun Inc. (RUN): These very small (less than ~1% of the portfolio each) stakes were kept steady this quarter.Note 1: Although the relative sizes as a percentage of the portfolio are very small, it is significant that they own substantial ownership stakes in the following businesses: 1Life Healthcare (ONEM), 8x8 Inc. (EGHT), AiHuiShou International (RERE), AltC Acquisition (ALCC), Blend Labs (BLND), Dingdong (DDL), Just Eat Takeaway.com (GRUB), Katapult Holdings (KPLT), Logistics Innovation (LITT), Sumo Logic (SUMO), TCV Acquisition (TCVA), VTEX (VTEX), and Yatsen Holding (YSG).Note 2: In July 2018, it was reported that Tiger Global has taken a ~$1B stake in Softbank (SFTBY). The stock was at ~$20 (split-adjusted) at the time and currently trades at $24.34.Below is a spreadsheet that shows the changes to Chase Coleman's Tiger Global Holdings 13F portfolio holdings as of Q3 2021:Source: John Vincent. Data constructed from Tiger Global's 13F filings for Q2 2021 and Q3 2021.Regulatory filings from 6/16/2021 thru 9/26/2021: Form 3 – 9/21 – Warby Parker Inc. – WRBY – 15.63M shares. 8/2 – VTEX – 11.3M shares – 15.2% of business. 13G – 7/30 – Blend Labs – BLND – 16.88M shares – 8.1% of business. 13G – 7/22 – AltC Acquisition – ALCC – 4M shares – 8% of business. 9/9 – 13G – APO – 23.6M shares – 9.6% of business, , Form 4 – 7/14 – 7.44M shares disposed – 23.62M shares remain. Form 4 – 7/2 – 3.86M shares disposed, 31.05M shares remain. 13G – 7/12 – Dingdong – DDL – 21.32M shares – 7.1% of business. 13G – 6/28 – AiHuiShou International – RERE – 11.73M shares – 13.3% of business. 13G – 6/25 – Just Eat Takeaway.com – GRUB – 12.56M shares – 5.9% of business. 13G – 6/21 – KPLT – 5M shares – 5.6% of business. 13G – 6/21 – Logistics Innovation Tech. – LITT - 2.8M shares – 8.2% of business."

"Tracking Chase Coleman’s Tiger Global Portfolio – Q2 2021 Update"

"Chase Coleman’s 13F portfolio value increased from $43.47B to $53.76B this quarter.Tiger Global increased DocuSign, DoorDash, Shopify, and Zoom Video while decreasing Roblox, Salesforce.com, and Apollo Global Management during the quarter.The largest three positions are JD.com, Microsoft, and Sea Limited and they add up to ~20% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Chase Coleman’s Tiger Global Management 13F stock portfolio on a quarterly basis. It is based on Tiger Global’s regulatory filed on 8/16/2021. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q1 2021.Chase Coleman’s 13F portfolio value increased ~24% this quarter from $43.47B to $53.76B. Recent 13F reports have shown 100+ positions. 43 of those are significantly large (more than 0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are JD.com, Microsoft Corporation, Sea Limited, Roblox, and DocuSign. Together, they add up to ~28% of the entire 13F portfolio.Prior to founding Tiger Global Management in 2001, Chase Coleman was the technology analyst at Tiger Management from 1997 to 2000, making him a bona fide “tiger cub”. To know more about Julian Robertson and his legendary Tiger Management, check out .Note 1: Regulatory filings from last week show them owning 15.63M shares of Warby Parker (WRBY). Tiger Global has participated in funding rounds since leading the Series A in 2011. The direct-to-consumer NYC-based eyewear business is set to go public through a directing listing on September 29th.Note 2: Regulatory filings since the quarter ended show them owning significant stakes in the following businesses: 15.2% of VTEX (VTEX), 8.1% of Blend Labs (BLND), and 8% of AltC Acquisition (ALCC).New Stakes:Procore Technologies (PCOR), UiPath (PATH), Coinbase Global (COIN), and DoubleVerify Holdings (DV): These are the new stakes this quarter. All four had IPOs during the quarter. Procore started trading at ~$88 and currently goes for $95.22. Tiger Global’s position goes back to a funding round in 2018 when it was valued at ~$3B. UiPath shares started trading at ~$69 and currently goes for $52.70. Tiger Global’s stake goes back to a funding round last year when the valuation was ~$10B. Coinbase started trading at ~$328 and currently goes for ~$232. Tiger Global’s position goes back to a funding round in 2018 when the valuation was ~$8B. DoubleVerify started trading at ~$36 and currently trades at $35.63. Tiger Global’s investment goes back to a funding round last year.Note: They own ~7% of Procore Technologies (PCOR) and ~9% of DoubleVerify Holdings (DV).Stake Disposals:None.Stake Increases:Sea Limited (SE): The 5.18% position in SE had seen consistent buying since Q2 2018 when around 6M shares were purchased at prices between $10.25 and $16.50. Q4 2019 saw a ~40% selling at prices between $26.70 and $40.25. Last three quarters have seen a ~20% stake increase at prices between ~$155 and ~$289. The stock is now at ~$340.Note: Tiger Global’s ownership stake in Sea Limited is ~5.3% of business.DocuSign (DOCU), Snowflake Inc. (SNOW), and Shopify (SHOP): These three positions were substantially increased in the last three quarters. The 3.79% DOCU stake was built at prices between ~$180 and ~$285 and the stock currently trades at ~$272. The 1.88% SNOW stake saw a ~235% increase over the last three quarters at prices between ~$188 and ~$390 and it currently goes for ~$317. The 2.37% SHOP position was built in the last three quarters at prices between ~$885 and ~$1474 and it is now at ~$1444.DoorDash (DASH) and Coupa Software (COUP): DASH is a 3.62% of the portfolio stake. They had an IPO in December. Shares started trading at ~$190 and currently goes for ~$221. The stake was built over the last two quarters at prices between ~$125 and ~$206. The 0.73% of the portfolio COUP position was purchased over the last two quarters at prices between ~$239 and ~$370 and it is now near the low end of that range at ~$248. There was a ~5% stake increase this quarter.Carvana Inc. (CVNA): CVNA is a 3.57% portfolio position purchased in Q1 2019 at prices between $30 and $60 and increased by ~38% next quarter at prices between $58 and $75. Q3 2019 saw another ~75% stake increase at prices between $58 and $85. Q1 2020 also saw a ~22% stake increase. The stock is now at ~$322. There was a ~6% stake increase this quarter.Note: Tiger Global has a ~9.5% ownership stake in Carvana.Zoom Video (ZM): The ~3% ZM stake had seen a ~50% stake increase over Q2 & Q3 2020 at prices between ~$114 and ~$501. Next quarter saw a ~20% selling at prices between ~$337 and ~$568 while the last two quarters have seen a ~200% stake increase at prices between ~$289 and ~$445. It is now at ~$272.ServiceNow Inc. (NOW): NOW is a 2.26% of the portfolio position that saw a stake doubling in Q3 2020 at prices between ~$402 and ~$500. Last two quarters had seen another ~45% stake increase at prices between ~$475 and ~$595. The stock currently trades at ~$666. There was a minor ~2% stake increase this quarter.RingCentral Inc. (RNG): RNG is a 2.13% of the portfolio position purchased in Q1 2019 at prices between $78.50 and $112 and increased by ~120% next quarter at prices between $103 and $125. That was followed with a ~18% further increase this quarter. The stock currently trades well above those ranges at ~$222.Peloton Interactive (PTON): PTON is a ~2% of the portfolio position purchased in Q1 2020 at prices between $19.50 and $33.50. Next quarter saw a ~28% stake increase at prices between $26.75 and $58.50. There was another ~45% stake increase in Q3 2020 at prices between ~$59 and ~$101. It currently trades at $92.64. There was a ~12% further increase this quarter.Futu Holdings (FUTU): FUTU is a small 1.16% of the portfolio stake purchased last quarter at prices between ~$49 and ~$191 and the stock currently trades at $93.22. There was a ~4% stake increase this quarter.Netflix Inc. (NFLX): NFLX is a frequently traded stock in Tiger Global’s portfolio. It has seen multiple roundtrips since 2011. The bulk of the current ~1% position was purchased in Q3 2017 at prices between $146 and $189. The stake has wavered. Q4 2019 saw a ~30% selling at prices between $267 and $337. Q4 2020 saw another one-third selling at prices between ~$471 and ~$554. The stock currently trades at ~$592. This quarter saw a ~3% increase.Datadog Inc. (DDOG): DDOG is a 0.91% position built in H1 2020 at prices between ~$29 and ~$90 and it is now at ~$147. There was a ~5% stake increase this quarter.Stake Decreases:JD.com (JD) & Calls: JD was a ~5M share position first purchased in Q4 2014 at prices between $23.50 and $27. The next two quarters saw the position built up to a huge ~70M share position (~25% of the 13F portfolio at the time) at prices between $24 and $38. H2 2018 had also seen a ~42% increase at prices between $19.25 and $39.50. It is their largest 13F position at 7.66% of the portfolio (~51.6M shares). The stock is now at ~$74. There was marginal trimming this quarter.Microsoft Corporation (MSFT): MSFT is a top three position at 6.62% of the portfolio. It was established in Q4 2016 at prices between $57 and $63 and increased by ~400% in Q2 2017 at prices between $65 and $72. Q1 2018 also saw a ~38% stake increase at prices between $85 and $97. Q4 2019 saw a ~30% selling at prices between $135 and $159 while last quarter there was a ~15% stake increase at prices between ~$212 and ~$240. The stock is now at ~$299. There was a ~4% trimming this quarter.Roblox Corp (RBLX): RBLX had an IPO in March. Shares started trading at ~$70 and currently goes for $83.22. Tiger Global’s large (top three) ~6% of the portfolio position goes back to a Series F funding round in 2018 when the valuation was ~$2.5B. This is compared to the value at Direct Listing of over 10x that. The position was reduced by one-third this quarter at prices between ~$64 and ~$100.Amazon.com Inc. (AMZN): AMZN is a fairly large 4.36% of the portfolio stake. The position was established in Q2 & Q3 2015 at prices between $370 and $540. Q1 2016 had seen a two-thirds reduction at prices between $482 and $676. The following quarter saw a ~40% increase at prices between $586 and $728. There was a ~38% selling in Q4 2018 at prices between $1344 and $2013. Q4 2019 and Q1 2020 had seen another ~22% reduction at prices between ~$1700 and ~$2170. The stock is now at ~$3426. There was a ~7% trimming this quarter.Note: AMZN has seen a previous round-trip in the portfolio. A 1M share stake purchased in 2010 in the low-100s price range was disposed in Q1 2014 in the high-300s realizing huge gains.Apollo Global Management (APO): APO is a 3.59% portfolio position first purchased in Q1 2017 at prices between $19.50 and $24.50 and increased by ~40% the following quarter at prices between $24 and $28.50. The stock is now at $62.41. There was a ~11% trimming this quarter.Note: Regulatory filings since the quarter ended show them owning 23.62M shares of Apollo Global Management. This is compared to 31.05M shares in the 13F report. Around 7.5M shares were sold at ~$60 per share. They still own ~10% of the business.Facebook Inc. (FB): The 3.27% FB stake was established in Q4 2016 at prices between $115 and $132. The buying continued through Q2 2019 at prices up to ~$200. Q4 2019 saw a ~25% selling at prices between $175 and $208. Las three quarters have seen another ~42% selling at prices between ~$246 and ~$356. The stock currently trades at ~$353.Note: Facebook has seen a previous roundtrip in the portfolio. A pre-IPO investment of ~54M shares was sold out by Q4 2012. The trade generated over $1B in profits.Uber Technologies (UBER): The 1.93% of the portfolio UBER stake goes back to funding rounds in 2015. UBER started trading at $41.50 and is currently at $46.63. Q4 2019 saw a ~225% stake increase at prices between $26 and $33.75. There was a ~55% selling next quarter at prices between ~$15 and ~$41 while Q3 2020 saw a similar increase at prices between $29.50 and $38. There was a ~80% further increase next quarter at prices between ~$33.50 and ~$55 while last quarter there was a ~25% reduction at prices between ~$48 and ~$63. This quarter saw marginal trimming.Alibaba Group Holdings (BABA): BABA is a 1.78% portfolio stake established in Q3 2016 at prices between $78.50 and $109. The position had since wavered. Q3 2019 saw a ~80% stake increase at prices between $154 and $183 while next quarter there was a ~55% selling at prices between $162 and $216. Q1 2020 saw a ~28% stake increase at prices between ~$175 and ~$230. The stock currently trades at ~$145. There was a ~6% trimming this quarter.Spotify Technology (SPOT): Spotify is a venture capital investment that became part of their 13F portfolio following its IPO in Q2 2018. SPOT started trading at ~$150 and currently goes for ~$230. Q1 2019 saw a ~36% selling at prices between $109 and $151 and that was followed with another ~50% selling next quarter at prices between $122 and $150. The three quarters through Q1 2020 had seen another one-third reduction at prices between ~$110 and ~$160. Q2 2020 saw a ~16% stake increase at prices between ~$122 and ~$268. The stake is now at 1.62% of the portfolio. Last three quarters saw marginal trimming.GDS Holdings (GDS): The 0.38% GDS position was established in Q2 2019 at prices between $31.25 and $41. Q4 2020 saw a ~25% reduction at prices between ~$81 and ~$99. That was followed with a ~40% selling over the last two quarters at prices between ~$69 and ~$116. The stock is now at $57.12.Salesforce.com (CRM): CRM is now a minutely small 0.18% position. It was purchased in Q4 2017 at prices between $93 and $109 and increased by just over 200% next quarter at prices between $104 and $128. Q4 2019 saw the stake reduced by ~70% at prices between $142 and $165 while next quarter there was a ~50% stake increase at prices between ~$124 and ~$193. That was followed with a stake doubling in Q2 2020 at prices between ~$134 and ~$192. The position was sold down by ~80% this quarter at prices between ~$211 and ~$246. It now goes for ~$286.New Oriental Education (EDU): EDU is now a minutely small 0.14% portfolio position. It was purchased in Q4 2016 at prices between ~$4.20 and ~$5.20 and increased by ~55% the following quarter at prices between ~$4.20 and ~$6. There was a ~40% reduction in Q4 2019 at prices between ~$10.80 and ~$12.80 while the following quarter saw a similar increase at prices between ~$10.40 and ~$14.20. The position was sold down by ~50% this quarter at prices between ~$7.60 and ~$16.50. The stock is now at ~$1.87.Note: the prices quoted above are adjusted for the 10-for-1 stock-split in March.TAL Education (TAL): The TAL stake was purchased in Q4 2016 at prices between $11.25 and $13.75 and increased by ~40% the following quarter at prices between $11.50 and $18. Recent activity follows. Q4 2019 saw a ~40% reduction at prices between $33.70 and $48.50. This quarter saw the stake almost sold out at prices between ~$20.50 and ~$63. The stock is now at $4.52.Note: TAL Education has seen a previous roundtrip in the portfolio. Tiger Global had a majority ownership stake in TAL Education prior to its IPO. The position was disposed by Q1 2014.Kept Steady:CrowdStrike Holdings (CRWD): CRWD is a 3.52% of the portfolio stake established in Q2 2020 at prices between ~$55 and ~$105. The stock has more than doubled and currently trades at ~$262. Q3 2020 saw a ~50% stake increase at prices between ~$97 and ~$144.Pinduoduo Inc. (PDD): PDD is a 3.32% position that saw a ~175% stake increase in Q4 2019 at prices between $31.25 and $43.50. Q3 2020 saw another ~135% stake increase at prices between ~$74 and ~$97. The stock is now at $94.55.TransDigm Group (TDG): TDG is a 2.12% of the portfolio position. It was first purchased in Q4 2016 at prices between $245 and $289. H1 2017 saw the position built up to a large ~9% portfolio stake (4M shares) at prices between $210 and $272. The position has wavered. Recent activity follows: The two quarters thru Q3 2018 had seen a ~35% selling at prices between $301 and $373 while next quarter saw a ~12% stake increase. There was a ~15% trimming in Q1 2020. The stock is now at ~$644.Note: TDG has seen a previous round-trip in the portfolio.Workday Inc. (WDAY): WDAY is a 1.83% of the portfolio stake built last year at prices between ~$114 and ~$258 and the stock currently trades at ~$268.Atlassian Corp plc (TEAM): TEAM is a 1.18% portfolio stake that saw a ~150% stake increase in Q4 2019 at prices between $108 and $133. There was a ~85% stake increase in Q3 2020 at prices between ~$161 and ~$197. The stock currently trades at ~$414.Elastic NV (ESTC): The ~1% ESTC stake was primarily purchased in Q4 2019 at prices between $61 and $87 and the stock is currently at ~$166.Sunrun Inc. (RUN): The 0.73% of the portfolio RUN stake had seen consistent buying since Q2 2018 when around 8M shares were purchased at prices between $8.50 and $14. Q2 2019 saw a ~18% stake increase at prices between $14 and $20. That was followed with a roughly one-third increase next quarter at around ~$17 per share average cost. The position was reduced by ~70% in Q4 2020 in the high-70s price range. The stock is currently at ~$43. Last quarter also saw a ~12% trimming.1Life Healthcare (ONEM), 8x8 Inc. (EGHT), Adobe Inc. (ADBE), MasterCard Inc. (MA), and PayPal Holdings (PYPL): These small (less than ~1% of the portfolio each) stakes were kept steady this quarter.Note: Tiger Global has a ~10% ownership stake in 1Life Healthcare and a ~8.5% ownership stake in 8x8 Inc.Note 1: Although the relative sizes as a percentage of the portfolio are very small, it is significant that they own substantial ownership stakes in the following businesses: AiHuiShou International (RERE), Dingdong (DDL), Just Eat Takeaway.com (GRUB), Katapult Holdings (KPLT), Logistics Innovation (LITT), Sumo Logic (SUMO), TCV Acquisition (TCVA), and Yatsen Holding (YSG).Note 2: In July 2018, it was reported that Tiger Global has taken a ~$1B stake in Softbank (SFTBY). The stock was at ~$20 (split-adjusted) at the time and currently trades at $29.66.Below is a spreadsheet that shows the changes to Chase Coleman's Tiger Global Holdings 13F portfolio holdings as of Q2 2021:Source: John Vincent. Data constructed from Tiger Global's 13F filings for Q1 2021 and Q2 2021.Regulatory filings from 3/13/2021 thru 6/16/2021: 13G – 6/3 – PCOR – Procore - 9.53M shares – 7.4% of business. 13G – 4/30 – DV – DoubleVerify Holdings – 13.84M shares – 8.8% of business. 13G – 4/23 – TCVA - TCV Acquisition – 2.5M shares – 6.3% of business."

"Tracking Chase Coleman’s Tiger Global Portfolio – Q1 2021 Update"

"Chase Coleman’s 13F portfolio value increased from $39B to $43.47B this quarter.Tiger Global increased DocuSign, DoorDash, Shopify, and Zoom Video while decreasing Uber Technologies and Facebook during the quarter.The largest three positions are JD.com, Microsoft, and Roblox and they add up to ~24% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Chase Coleman’s Tiger Global Management 13F stock portfolio on a quarterly basis. It is based on Tiger Global’s regulatory filed on 5/17/2021. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q4 2020.Chase Coleman’s 13F portfolio value increased ~11% this quarter from $39.03B to $43.47B. Recent 13F reports have shown around 75 positions. 40 of those are significantly large (more than 0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are JD.com, Microsoft Corporation, Roblox, Sea Limited, and Amazon.com. Together, they add up to ~33% of the entire 13F portfolio.Prior to founding Tiger Global Management in 2001, Chase Coleman was the technology analyst at Tiger Management from 1997 to 2000, making him a bona fide “tiger cub”. To know more about Julian Robertson and his legendary Tiger Management, check out .New Stakes:Roblox Corp (RBLX) and Futu Holdings (FUTU): RBLX had an IPO in March. Shares started trading at ~$70 and currently goes for $82.59. Tiger Global’s large (top three) ~6% of the portfolio position goes back to a Series F funding round in 2018 when the valuation was ~$2.5B. This is compared to the value at Direct Listing of over 10x that. FUTU is a small 1.22% of the portfolio stake purchased this quarter at prices between ~$49 and ~$191 and the stock currently trades at ~$146.Stake Disposals:None.Stake Increases:Microsoft Corporation (MSFT): MSFT is a top three position at 7.44% of the portfolio. It was established in Q4 2016 at prices between $57 and $63 and increased by ~400% in Q2 2017 at prices between $65 and $72. Q1 2018 also saw a ~38% stake increase at prices between $85 and $97. Q4 2019 saw a ~30% selling at prices between $135 and $159 while this quarter there was a ~15% stake increase at prices between ~$212 and ~$240. The stock is now at ~$257.Sea Limited (SE): The 4.88% position in SEA had seen consistent buying since Q2 2018 when around 6M shares were purchased at prices between $10.25 and $16.50. Q4 2019 saw a ~40% selling at prices between $26.70 and $40.25. Last two quarters have seen a ~15% stake increase. The stock is now at ~$275.Note: Tiger Global’s ownership stake in Sea Limited is ~5% of business.Apollo Global Management (APO): APO is a large 3.78% portfolio position first purchased in Q1 2017 at prices between $19.50 and $24.50 and increased by ~40% the following quarter at prices between $24 and $28.50. The stock is now at $58.57. There was a minor ~3% increase this quarter.Note: Tiger Global’s ownership stake is at ~15%.ServiceNow Inc. (NOW): NOW is a 2.48% of the portfolio position that saw a stake doubling in Q3 2020 at prices between ~$402 and ~$500. Last two quarters have seen another ~45% stake increase at prices between ~$475 and ~$595. The stock currently trades at ~$510.DocuSign (DOCU), Snowflake Inc. (SNOW), and Shopify (SHOP): These three positions were substantially increased in the last two quarters. The 2.40% DOCU stake was built at prices between ~$193 and ~$265 and the stock currently trades at ~$253. The 1.18% SNOW stake saw a ~80% increase over the last two quarters at prices between ~$209 and ~$390 and it currently goes for ~$239. The 1.32% SHOP position was built in the last two quarters at prices between ~$886 and ~$1474 and it is now at ~$1366.Zoom Video (ZM): The 1.81% ZM stake had seen a ~50% stake increase over Q2 & Q3 2020 at prices between ~$114 and ~$501. Last quarter saw a ~20% selling at prices between ~$337 and ~$568 while this quarter there was a ~70% stake increase at prices between ~$308 and ~$445. It is now at ~$362.DoorDash (DASH) and Coupa Software (COUP): DASH is a 1.75% of the portfolio stake. They had an IPO in December. Shares started trading at ~$190 and currently goes for ~$162. The stake was built this quarter at prices between ~$125 and ~$215. The 0.84% of the portfolio COUP position was purchased over the last two quarters at prices between ~$239 and ~$370 and it is now below the low end of that range at ~$232.1Life Healthcare (ONEM) and Adobe Inc. (ADBE): These two small (less than ~1% of the portfolio each) stakes were increased during the quarter.Note: Tiger Global has a ~10% ownership stake in 1Life Healthcare (ONEM),Stake Decreases:Facebook Inc. (FB): The large 3.77% FB stake was established in Q4 2016 at prices between $115 and $132. The buying continued through Q2 2019 at prices up to ~$200. Q4 2019 saw a ~25% selling at prices between $175 and $208. Last quarter saw another similar selling at prices between ~$261 and ~$295. The stock currently trades at ~$331. This quarter also saw a ~12% trimming.Note: Facebook has seen a previous roundtrip in the portfolio. A pre-IPO investment of ~54M shares was sold out by Q4 2012. The trade generated over $1B in profits.Uber Technologies (UBER): The 2.61% of the portfolio UBER stake goes back to funding rounds in 2015. UBER started trading at $41.50 and is currently at ~$49. Q4 2019 saw a ~225% stake increase at prices between $26 and $33.75. There was a ~55% selling next quarter at prices between ~$15 and ~$41 while Q3 2020 saw a similar increase at prices between $29.50 and $38. There was a ~80% further increase last quarter at prices between ~$33.50 and ~$55 while this quarter there was a ~25% reduction at prices between ~$48 and ~$63.Spotify Technology (SPOT): Spotify is a venture capital investment that became part of their 13F portfolio following its IPO in Q2 2018. SPOT started trading at ~$150 and currently goes for ~$243. Q1 2019 saw a ~36% selling at prices between $109 and $151 and that was followed with another ~50% selling next quarter at prices between $122 and $150. The three quarters through Q1 2020 had seen another one-third reduction at prices between ~$110 and ~$160. Q2 2020 saw a ~16% stake increase at prices between ~$122 and ~$268. The stake is now at ~2% of the portfolio. Last two quarters saw marginal trimming.Sunrun Inc. (RUN): The ~1% of the portfolio RUN stake had seen consistent buying since Q2 2018 when around 8M shares were purchased at prices between $8.50 and $14. Q2 2019 saw a ~18% stake increase at prices between $14 and $20. That was followed with a roughly one-third increase next quarter at around ~$17 per share average cost. The position was reduced by ~70% last quarter in the high-70s price range. The stock is currently at $47.73. This quarter also saw a ~12% trimming.GDS Holdings (GDS): The small 0.69% GDS position was established in Q2 2019 at prices between $31.25 and $41. Last quarter saw a ~25% reduction at prices between ~$81 and ~$99. That was followed with a ~15% trimming this quarter. The stock is now at $74.57.Kept Steady:JD.com (JD) & Calls: JD was a ~5M share position first purchased in Q4 2014 at prices between $23.50 and $27. The next two quarters saw the position built up to a huge ~70M share position (~25% of the 13F portfolio at the time) at prices between $24 and $38. H2 2018 had also seen a ~42% increase at prices between $19.25 and $39.50. It is their largest 13F position at ~10% of the portfolio (~52M shares). The stock is now at $71.49.Amazon.com Inc. (AMZN): AMZN is currently a large (top five) 13F stake at 4.36% of the portfolio. The position was established in Q2 & Q3 2015 at prices between $370 and $540. Q1 2016 had seen a two-thirds reduction at prices between $482 and $676. The following quarter saw a ~40% increase at prices between $586 and $728. There was a ~38% selling in Q4 2018 at prices between $1344 and $2013. Q4 2019 and Q1 2020 had seen another ~22% reduction at prices between ~$1700 and ~$2170. The stock is now at ~$3415.Note: AMZN has seen a previous round-trip in the portfolio. A 1M share stake purchased in 2010 in the low-100s price range was disposed in Q1 2014 in the high-300s realizing huge gains.Pinduoduo Inc. (PDD): PDD is a 4.33% position that saw a ~175% stake increase in Q4 2019 at prices between $31.25 and $43.50. Q3 2020 saw another ~135% stake increase at prices between ~$74 and ~$97. The stock is now at ~$123.Carvana Inc. (CVNA): CVNA is a 3.63% portfolio position purchased in Q1 2019 at prices between $30 and $60 and increased by ~38% next quarter at prices between $58 and $75. Q3 2019 saw another ~75% stake increase at prices between $58 and $85. Q1 2020 also saw a ~22% stake increase. The stock is now at ~$280.Note: Tiger Global has a ~9% ownership stake in Carvana.CrowdStrike Holdings (CRWD): CRWD is a ~3% of the portfolio stake established in Q2 2020 at prices between ~$55 and ~$105 and the stock currently trades well above that range at ~$234. Q3 2020 saw a ~50% stake increase at prices between ~$97 and ~$144.TransDigm Group (TDG): TDG is a 2.38% of the portfolio position. It was first purchased in Q4 2016 at prices between $245 and $289. H1 2017 saw the position built up to a large ~9% portfolio stake (4M shares) at prices between $210 and $272. The position has wavered. Recent activity follows: The two quarters thru Q3 2018 had seen a ~35% selling at prices between $301 and $373 while next quarter saw a ~12% stake increase. There was a ~15% trimming in Q1 2020. The stock is now at ~$665.Note: TDG has seen a previous round-trip in the portfolio.Workday Inc. (WDAY): WDAY is a 2.36% of the portfolio stake built last year at prices between ~$114 and ~$258 and the stock currently trades at ~$230.Alibaba Group Holdings (BABA): BABA is a 2.34% portfolio stake established in Q3 2016 at prices between $78.50 and $109. The position had since wavered. Q3 2019 saw a ~80% stake increase at prices between $154 and $183 while next quarter there was a ~55% selling at prices between $162 and $216. Q1 2020 saw a ~28% stake increase at prices between ~$175 and ~$230. The stock currently trades at ~$209.RingCentral Inc. (RNG): RNG is a 2.28% of the portfolio position purchased in Q1 2019 at prices between $78.50 and $112 and increased by ~120% next quarter at prices between $103 and $125. The stock currently trades well above those ranges at ~$269.Peloton Interactive (PTON): PTON is a ~2% of the portfolio position purchased in Q1 2020 at prices between $19.50 and $33.50. Next quarter saw a ~28% stake increase at prices between $26.75 and $58.50. There was another ~45% stake increase in Q3 2020 at prices between ~$59 and ~$101. It currently trades at ~$105.Netflix Inc. (NFLX): NFLX is a frequently traded stock in Tiger Global’s portfolio. It has seen multiple roundtrips since 2011. The bulk of the current 1.27% position was purchased in Q3 2017 at prices between $146 and $189. The stake has wavered. Q4 2019 saw a ~30% selling at prices between $267 and $337. Last quarter saw another one-third selling at prices between ~$471 and ~$554. The stock currently trades at ~$492.Atlassian Corp plc (TEAM): TEAM is a 1.20% portfolio stake that saw a ~150% stake increase in Q4 2019 at prices between $108 and $133. There was a ~85% stake increase in Q3 2020 at prices between ~$161 and ~$197. The stock currently trades at ~$248.Salesforce.com (CRM): CRM is a 1.12% position. It was purchased in Q4 2017 at prices between $93 and $109 and increased by just over 200% next quarter at prices between $104 and $128. Q4 2019 saw the stake reduced by ~70% at prices between $142 and $165 while next quarter there was a ~50% stake increase this quarter at prices between ~$124 and ~$193. That was followed with a stake doubling in Q2 2020 at prices between ~$134 and ~$192. It now goes for ~$242.Elastic NV (ESTC): The ~1% ESTC stake was primarily purchased in Q4 2019 at prices between $61 and $87 and the stock is currently at ~$138.Datadog Inc. (DDOG): DDOG is a 0.91% position built in H1 2020 at prices between ~$29 and ~$90 and it is now at ~$98.TAL Education (TAL): The 0.71% TAL stake was purchased in Q4 2016 at prices between $11.25 and $13.75 and increased by ~40% the following quarter at prices between $11.50 and $18. Recent activity follows. Q4 2019 saw a ~40% reduction at prices between $33.70 and $48.50. The stock is now at ~$24.Note: TAL Education has seen a previous roundtrip in the portfolio. Tiger Global had a majority ownership stake in TAL Education prior to its IPO. The position was disposed by Q1 2014.8x8 Inc. (EGHT): EGHT is a small 0.67% of the portfolio position that saw a ~80% stake increase last quarter at prices between ~$15.50 and ~$35. The stock is now at $25.64.Note: They have a ~8.5% ownership stake in 8x8 Inc.New Oriental Education (EDU): EDU is a small 0.59% portfolio position purchased in Q4 2016 at prices between ~$4.20 and ~$5.20 and increased by ~55% the following quarter at prices between ~$4.20 and ~$6. There was a ~40% reduction in Q4 2019 at prices between ~$10.80 and ~$12.80 while the following quarter saw a similar increase at prices between ~$10.40 and ~$14.20. The stock is now at $8.37.Note: the prices quoted above are adjusted for the 10-for-1 stock-split earlier this month.PayPal Holdings (PYPL): The 0.50% of the portfolio PYPL stake was purchased in Q4 2019 at prices between $96 and $110 and the stock currently trades well above that range at ~$269. There was a ~60% selling last quarter at prices between ~$180 and ~$244.MasterCard Inc. (MA): The very small 0.59% of the portfolio MasterCard stake was kept steady this quarter.The 13F portfolio also include the following minutely small (less than 0.5% of the portfolio each) positions: 17 Education & Technology Group (YQ), Academy Sports and Outdoors (ASO), Affirm Holdings (AFRM), Agora Inc. (API), Airbnb (ABNB), Ajax 1 (AJAX) Units, Altimeter Growth (AGC), Altimeter Growth 2 (AGCB), American Well Corp (AMWL), Anaplan (PLAN), Asana Inc. (ASAN), Avalara (AVLR), Bigcommerce Holdings (BIGC), Bumble Inc. (BMBL), C3 AI (AI), Chindata Group (CD), Cloudflare Inc. (NET), Coupang Inc. (CPNG), Dada Nexus (DADA), Datto Holding (MSP), Despegar Corp (DESP), DigitalOcean Holdings (DOCN), DouYu Intl. (DOYU), Dropbox (DBX), Duck Creek Technologies (DCT), Dynatrace Inc. (DT), Farmland Partners (FPI), FLEETCOR (FLT), Goodrx Holdings (GDRX), Health Catalyst (HCAT), HUYA Inc. (HUYA), Intuit (INTU), Jamf Holding (JAMF), JFrog Ltd. (FROG), KE Holdings (BEKE), Kingsoft Cloud Holdings (KC), LDH Growth (LDHA) units, Lead Edge Growth (LEGA) units, Li Auto (LI), Liberty Media Acquisition (LMACA) units, Linx SA (LINX), Medallia Inc. (MDLA), MongoDB (MDB), Ncino Inc. (NCNO), Oak Street Health (OSH), Olo Inc. (OLO), ON24 Inc. (ONTF), OneSmart Intl. (ONE), Oscar Health (OSCR), Outset Medical (OM), Ozon Holdings (OZON), PagerDuty Inc. (PD), Phoenix Tree Holdings (DNK), Playtika Holdings (PLTK), Provident Acquisition (PAQC) units, Qualtrics Intl. (XM), Redfin Corp (RDFN), Reinvent Technology Partners (RTP) units, Revolution Healthcare (REVH) units, Root Inc. (ROOT), SEMrush Holdings (SEMR), Smartsheet Inc. (SMAR), Soaring Eagle Acquisition (SRNG) units, SolarWinds Corp (SWI), Square Inc. (SQ), StoneCo Ltd. (STNE), Sumo Logic (SUMO), SVF Investment Corp I, II, III (SVFA) (SVFB) (SVFC) units, SVMK Inc. (SVMK), Thoma Bravo Advantage (TBA), Tuya Inc. (TUYA), Twilio Inc. (TWLO), Vertex Inc. (VERX), Visa Inc. (V), XP Inc. (XP), Xpeng Inc. (XPEV), Yatsen Holding (YSG), Zendesk Inc. (ZEN), and ZoomInfo Technologies (ZI).Note 1: Although the relative sizes as a percentage of the portfolio are very small, it is significant that they own substantial ownership stakes in the following businesses: Phoenix Tree Holdings (DNK), Sumo Logic (SUMO), and Yatsen Holding (YSG).Note 2: Regulatory filings since the quarter ended show them owning 7.4% of Procore Technologies (PCOR), 8.8% of DoubleVerify Holdings (DV), and 6.3% of TCV Acquisition (TCVA).Note 3: In July 2018, it was reported that Tiger Global has taken a ~$1B stake in Softbank (SFTBY). The stock was at ~$20 (split-adjusted) at the time and currently trades at ~$36.Below is a spreadsheet that shows the changes to Chase Coleman's Tiger Global Holdings 13F portfolio holdings as of Q1 2021:Source: John Vincent. Data constructed from Tiger Global's 13F filings for Q4 2020 and Q1 2021.Regulatory filings thru 3/12/2021: Form 4 – 3/11 – APO - ~1M shares purchased @ ~47.50 average, 34.91M shares total, 13G/A – 2/16 - 33.9M shares – 14.8% of business. 13G – 2/19 – 1Life Health – ONEM – 7.62M shares – 5.7% of business. 13G – 2/16 – Phoenix Tree – DNK - ~36.4M shares – 23% of business. 13G/As – 2/16 – CVNA – 6M shares – 8.5% of business, SUMO - ~5.4M shares – 5.3% of business, RUN – 8.1M shares – 4.1% of business, 12/21 – 11.9M shares – 6% of business, 13G – 12/21 – EGHT – 9M shares – 8.5% of business, 13G – 11/30 – Yatsen Holding – YSG – 112.85M shares – 6.6% of business."

"Tracking Chase Coleman’s Tiger Global Portfolio – Q4 2020 Update"

"Chase Coleman’s 13F portfolio value increased from $35.5B to $39B this quarter.Tiger Global increased Uber Technologies, Snowflake, and DocuSign while decreasing Sunrun, Anaplan, MongoDB, and Twilio during the quarter.The largest three positions are JD.com, Microsoft, and Pinduoduo and they add up to ~25% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Chase Coleman’s Tiger Global Management 13F stock portfolio on a quarterly basis. It is based on Tiger Global’s regulatory filed on 2/16/2021. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q3 2020.Chase Coleman’s 13F portfolio value increased ~10% this quarter from $35.53B to $39.03B. Recent 13F reports have shown around 75 positions. 41 of those are significantly large (more than 0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are JD.com, Microsoft Corporation, Pinduoduo, Amazon.com, and Sea Ltd. Together, they add up to ~35% of the entire 13F portfolio.Prior to founding Tiger Global Management in 2001, Chase Coleman was the technology analyst at Tiger Management from 1997 to 2000, making him a bona fide “tiger cub”. To know more about Julian Robertson and his legendary Tiger Management, check out .New Stakes:Doordash (DASH) and Coupa Software (COUP): DASH is a very small 0.58% of the portfolio stake. They had an IPO in December. Shares started trading at ~$190 and currently goes for ~$135. The 0.58% of the portfolio COUP position was purchased at prices between ~$247 and ~$367 and it is now near the low end of that range at ~$249.Stake Disposals:None.Stake Increases:Microsoft Corporation (MSFT): MSFT is a top three position at 6.78% of the portfolio. It was established in Q4 2016 at prices between $57 and $63 and increased by ~400% in Q2 2017 at prices between $65 and $72. Q1 2018 also saw a ~38% stake increase at prices between $85 and $97. There was a ~15% further increase in Q2 2019. Q4 2019 saw a ~30% selling at prices between $135 and $159. The stock is now at ~$230. Last two quarters have seen minor increases.Amazon.com Inc. (AMZN): AMZN is currently a large (top five) 13F stake at 5.12% of the portfolio. The position was established in Q2 & Q3 2015 at prices between $370 and $540. Q1 2016 had seen a two-thirds reduction at prices between $482 and $676. The following quarter saw a ~40% increase at prices between $586 and $728. There was a ~38% selling in Q4 2018 at prices between $1344 and $2013. Q4 2019 and Q1 2020 had seen another ~22% reduction at prices between ~$1700 and ~$2170. The stock is now at ~$3075. Last three quarters have seen minor increases.Note: AMZN has seen a previous round-trip in the portfolio. A 1M share stake purchased in 2010 in the low-100s price range was disposed in Q1 2014 in the high-300s realizing huge gains.Sea Limited (SE): The 4.71% position in SEA had seen consistent buying since Q2 2018 when around 6M shares were purchased at prices between $10.25 and $16.50. Q4 2019 saw a ~40% selling at prices between $26.70 and $40.25. There was a ~10% increase this quarter. The stock is now at ~$215.Note: Tiger Global’s ownership stake in Sea Limited is ~5% of business.Uber Technologies (UBER): The 3.62% of the portfolio UBER stake goes back to funding rounds in 2015. UBER started trading at $41.50 and is currently at ~$57. Q4 2019 saw a ~225% stake increase at prices between $26 and $33.75. There was a ~55% selling next quarter at prices between ~$15 and ~$41 while last quarter saw a similar increase at prices between $29.50 and $38. There was a ~80% further increase this quarter at prices between ~$33.50 and ~$55.Peloton Interactive (PTON): PTON is a ~3% of the portfolio position purchased in Q1 2020 at prices between $19.50 and $33.50. Q2 2020 saw a ~28% stake increase at prices between $26.75 and $58.50. There was another ~45% stake increase last quarter at prices between ~$59 and ~$101. That was followed with a marginal increase this quarter. It currently trades at ~$108.Workday Inc. (WDAY): WDAY is a 2.53% of the portfolio stake built last year at prices between ~$114 and ~$258 and the stock currently trades at ~$251.ServiceNow Inc. (NOW): NOW is a 2.32% of the portfolio position that saw a stake doubling last quarter at prices between ~$402 and ~$500. The stock currently trades at ~$471. There was a ~10% increase this quarter.DocuSign (DOCU), 8x8 Inc. (EGHT), Snowflake Inc. (SNOW), and Shopify (SHOP): These four positions were substantially increased this quarter. The ~1% DOCU stake was built this quarter at prices between ~$200 and ~$252 and the stock currently trades near the low end of that range at ~$206. EGHT is a ~0.8% of the portfolio position that saw a ~80% stake increase this quarter at prices between ~$15.50 and ~$35. The stock is now at $33.28. The 1.26% SNOW stake saw a ~40% increase this quarter at prices between ~$227 and ~$390 and it currently goes for ~$221. The 0.56% SHOP position saw a ~125% stake increase this quarter at prices between ~$886 and ~$1277 and it is now at ~$1121.Note: They have a ~8.5% ownership stake in 8x8 Inc.Stake Decreases:Pinduoduo Inc. (PDD): PDD is a 6.40% position that saw a ~175% stake increase in Q4 2019 at prices between $31.25 and $43.50. Last quarter saw another ~135% stake increase at prices between ~$74 and ~$97. The stock is now at ~$142. There was minor trimming this quarter.Facebook Inc. (FB): The large 4.43% FB stake was established in Q4 2016 at prices between $115 and $132. The buying continued thru Q2 2019 at prices up to ~$200. Q4 2019 saw a ~25% selling at prices between $175 and $208. This quarter saw another similar selling at prices between ~$261 and ~$295. The stock currently trades at ~$290.Note: Facebook has seen a previous roundtrip in the portfolio. A pre-IPO investment of ~54M shares was sold out by Q4 2012. The trade generated over $1B in profits.Spotify Technology (SPOT): Spotify is a venture capital investment that became part of their 13F portfolio following its IPO in Q2 2018. SPOT started trading at ~$150 and currently goes for ~$272. Q1 2019 saw a ~36% selling at prices between $109 and $151 and that was followed with another ~50% selling next quarter at prices between $122 and $150. The three quarters through Q1 2020 had seen another one-third reduction at prices between ~$110 and ~$160. Q2 2020 saw a ~16% stake increase at prices between ~$122 and ~$268. The stake is now at 2.57% of the portfolio. This quarter saw marginal trimming.Atlassian Corp plc (TEAM): TEAM is a 1.48% portfolio stake that saw a ~150% stake increase in Q4 2019 at prices between $108 and $133. There was a ~85% stake increase last quarter at prices between ~$161 and ~$197. The stock currently trades at ~$219. This quarter saw a ~10% trimming.Netflix Inc. (NFLX): NFLX is a frequently traded stock in Tiger Global’s portfolio. It has seen multiple roundtrips since 2011. The bulk of the current 1.46% position was purchased in Q3 2017 at prices between $146 and $189. The stake has wavered. Q4 2019 saw a ~30% selling at prices between $267 and $337. This quarter saw another one-third selling at prices between ~$471 and ~$554. The stock currently trades at ~$512.Sunrun Inc. (RUN): The 1.44% of the portfolio RUN stake had seen consistent buying since Q2 2018 when around 8M shares were purchased at prices between $8.50 and $14. Q2 2019 saw a ~18% stake increase at prices between $14 and $20. That was followed with a roughly one-third increase next quarter at around ~$17 per share average cost. The position was reduced by ~70% this quarter in the high-70s price range. The stock is currently at $55.58.Note: They still have a ~4% ownership stake in Sunrun Inc.Zoom Video (ZM): The 1.25% ZM stake had seen a ~50% stake increase over the last two quarters at prices between ~$114 and ~$501. This quarter saw a ~20% selling at prices between ~$337 and ~$568. It is now at ~$326.GDS Holdings (GDS): The ~1% GDS position was established in Q2 2019 at prices between $31.25 and $41. The stock has doubled and is now at $85.36. This quarter saw a ~25% reduction at prices between ~$81 and ~$99.New Oriental Education (EDU): EDU is a small 0.88% portfolio position purchased in Q4 2016 at prices between ~$4.20 and ~$5.20 and increased by ~55% the following quarter at prices between ~$4.20 and ~$6. There was a ~40% reduction in Q4 2019 at prices between ~$10.80 and ~$12.80 while the following quarter saw a similar increase at prices between ~$10.40 and ~$14.20. The stock is now at $16.47. This quarter saw a ~14% trimming.Note: the prices quoted above are adjusted for the 10-for-1 stock-split earlier this month.PayPal Holdings (PYPL): The 0.54% of the portfolio PYPL stake was purchased in Q4 2019 at prices between $96 and $110 and the stock currently trades well above that range at ~$241. There was a ~60% selling this quarter at prices between ~$180 and ~$244.FLEETCOR Technologies (FLT): FLT is a small 0.54% of the portfolio stake first purchased in Q4 2012 at prices between $45 and $53. The position has wavered. Recent activity follows: There was a ~25% selling in Q2 2020 at prices between ~$171 and ~$329. That was followed with a ~50% reduction this quarter at prices between ~$219 and ~$282. The stock is now at ~$281.Anaplan (PLAN): The PLAN stake was reduced by ~80% to a minutely small 0.24% stake this quarter at prices between $54.50 and $73.75. The stock is now at $53.22.MongoDB (MDB): A 1.25% portfolio stake in MDB was established in 2019 at prices between $115 and $150. This quarter saw the stake reduced to a minutely small 0.08% stake at prices between ~$224 and ~$396. The stock currently trades at ~$303.Twilio Inc. (TWLO): A 1.32% TWLO stake was established in 2019 at prices between $81 and $136. This quarter saw the position reduced to a minutely small 0.06% stake at prices between ~$247 and ~$371. It is now at ~$356.Smartsheet Inc. (SMAR): The small SMAR stake was almost eliminated this quarter.Kept Steady:JD.com (JD) & Calls: JD was a ~5M share position first purchased in Q4 2014 at prices between $23.50 and $27. The next two quarters saw the position built up to a huge ~70M share position (~25% of the 13F portfolio at the time) at prices between $24 and $38. H2 2018 had also seen a ~42% increase at prices between $19.25 and $39.50. It is their largest 13F position at ~12% of the portfolio (~52M shares). The stock is now at ~$85.Apollo Global Management (APO): APO is a large 4.26% portfolio position first purchased in Q1 2017 at prices between $19.50 and $24.50 and increased by ~40% the following quarter at prices between $24 and $28.50. Q4 2018 also saw a ~9% stake increase. The stock is now at $47.29. Q1 2020 saw a ~10% reduction at ~$49.Note: Tiger Global’s ownership stake is at ~15%.CrowdStrike Holdings (CRWD): CRWD is a ~4% of the portfolio stake established in Q2 2020 at prices between ~$55 and ~$105 and the stock currently trades well above that range at ~$195. Last quarter saw a ~50% stake increase at prices between ~$97 and ~$144.Carvana Inc. (CVNA): CVNA is a 3.69% portfolio position purchased in Q1 2019 at prices between $30 and $60 and increased by ~38% next quarter at prices between $58 and $75. Q3 2019 saw another ~75% stake increase at prices between $58 and $85. Q1 2020 also saw a ~22% stake increase. The stock is now at ~$269.Note: Tiger Global has a ~9% ownership stake in Carvana.RingCentral Inc. (RNG): RNG is a 3.23% of the portfolio position purchased in Q1 2019 at prices between $78.50 and $112 and increased by ~120% next quarter at prices between $103 and $125. The stock currently trades well above those ranges at ~$317.TransDigm Group (TDG): TDG is a 2.79% of the portfolio position. It was first purchased in Q4 2016 at prices between $245 and $289. H1 2017 saw the position built up to a large ~9% portfolio stake (4M shares) at prices between $210 and $272. The position has wavered. Recent activity follows: The two quarters thru Q3 2018 had seen a ~35% selling at prices between $301 and $373 while next quarter saw a ~12% stake increase. There was a ~15% trimming in Q1 2020. The stock is now at ~$602.Note: TDG has seen a previous round-trip in the portfolio.Alibaba Group Holdings (BABA): BABA is a 2.67% portfolio stake established in Q3 2016 at prices between $78.50 and $109. The position had since wavered. Q3 2019 saw a ~80% stake increase at prices between $154 and $183 while next quarter there was a ~55% selling at prices between $162 and $216. There was a ~28% stake increase in Q1 2020 at prices between ~$175 and ~$230. The stock currently trades at ~$240. Last quarter saw marginal trimming.Elastic NV (ESTC): The 1.51% ESTC stake was primarily purchased in Q4 2019 at prices between $61 and $87 and the stock is currently at ~$112.Salesforce.com (CRM): CRM is a 1.30% position. It was purchased in Q4 2017 at prices between $93 and $109 and increased by just over 200% next quarter at prices between $104 and $128. Q4 2019 saw the stake reduced by ~70% at prices between $142 and $165 while next quarter there was a ~50% stake increase this quarter at prices between ~$124 and ~$193. That was followed with a stake doubling in Q2 2020 at prices between ~$134 and ~$192. It now goes for ~$212. Last quarter saw a minor ~2% trimming.Datadog Inc. (DDOG): DDOG is a 1.20% position built in H1 2020 at prices between ~$29 and ~$90 and it is now at ~$84.TAL Education (TAL): The ~1% TAL stake was purchased in Q4 2016 at prices between $11.25 and $13.75 and increased by ~40% the following quarter at prices between $11.50 and $18. Recent activity follows. Q4 2019 saw a ~40% reduction at prices between $33.70 and $48.50. The stock is now at $65.75.Note: TAL Education has seen a previous roundtrip in the portfolio. Tiger Global had a majority ownership stake in TAL Education prior to its IPO. The position was disposed by Q1 2014.MasterCard Inc. (MA) and GSX Techedu Inc. (GSX): These two small stakes (less than ~0.75% of the portfolio each) were kept steady this quarter.The 13F portfolio also include the following minutely small (less than 0.5% of the portfolio each) positions: 17 Education & Technology Group (YQ), 1Life Healthcare (ONEM), Academy Sports and Outdoors (ASO), Adobe Inc. (ADBE), Agora Inc. (API), Airbnb (ABNB), Ajax 1 (AJAX) Units, Altimeter Growth (AGC), American Well Corp (AMWL), Asana Inc. (ASAN), Avalara (AVLR), Bigcommerce Holdings (BIGC), C3 AI (AI), Chindata Group (CD), Cloudflare Inc. (NET), Dada Nexus (DADA), Datto Holding (MSP), Despegar Corp (DESP), DouYu Intl. (DOYU), Dropbox (DBX), Duck Creek Technologies (DCT), Dynatrace Inc. (DT), Farmland Partners (FPI), Goodrx Holdings (GDRX), Health Catalyst (HCAT), HUYA Inc. (HUYA), Intuit (INTU), Jamf Holding (JAMF), JFrog Ltd. (FROG), KE Holdings (BEKE), Kingsoft Cloud Holdings (KC), Li Auto (LI), Linx SA (LINX), Medallia Inc. (MDLA), Ncino Inc. (NCNO), Oak Street Health (OSH), OneSmart Intl. (ONE), Outset Medical (OM), Ozon Holdings (OZON), PagerDuty Inc. (PD), Phoenix Tree Holdings (DNK), Redfin Corp (RDFN), Reinvent Technology Partners (RTP), SolarWinds Corp (SWI), Square Inc. (SQ), StoneCo Ltd. (STNE), Sumo Logic (SUMO), SVMK Inc. (SVMK), Twilio Inc. (TWLO), Vertex Inc. (VERX), Visa Inc. (V), XP Inc. (XP), Xpeng Inc. (XPEV), Yalla Group (YALA), Yatsen Holding (YSG), Zendesk Inc. (ZEN), and ZoomInfo Technologies (ZI).Note 1: Although the relative size of the stakes are very small, it is significant that they own substantial ownership stakes in the following businesses: 5.7% of 1Life Healthcare (ONEM), 23% of Phoenix Tree Holdings (DNK), 5.3% of Sumo Logic (SUMO), and 6.6% of Yatsen Holding (YSG).Note 2: In July 2018, it was reported that Tiger Global has taken a ~$1B stake in Softbank (SFTBY). The stock was at ~$20 (split-adjusted) at the time and currently trades at $45.20.Below is a spreadsheet that shows the changes to Chase Coleman's Tiger Global Holdings 13F portfolio holdings as of Q4 2020:Source: John Vincent. Data constructed from Tiger Global's 13F filings for Q3 and Q4 2020.Regulatory filings thru 12/10/2020: 13G – 11/30 – Yatsen Holding – YSG – 112.85M shares – 6.6% of business. 13G/A – 10/19 – RUN – 19.5M shares – 9.9% of business, Form 4 – 10/16 - ~2.3M shares sold in the mid-60s, 10/14 - ~1.3M shares sold around 70, 13G – 10/9 – 23.5M shares – 12% of business. Form 4 – 10/8 - ~1.2M shares sold in the high 70s. Form 4 – 10/5 - ~4.5M shares sold in the high 70s. 13D/A – 10/5 – 24.75M shares – 19.5% of business. 13G – 9/28 – SUMO – 5.2M shares – 5.3% of business."

"Tracking Chase Coleman’s Tiger Global Portfolio – Q3 2020 Update"

"Chase Coleman’s 13F portfolio value increased from $25.79B to $35.53B this quarter.Tiger Global increased Pinduoduo and CrowdStrike Holdings during the quarter.The largest three positions are JD.com, Microsoft, and Sunrun and they add up to ~25% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Chase Coleman’s Tiger Global Management 13F stock portfolio on a quarterly basis. It is based on Tiger Global’s regulatory filed on 11/16/2020. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q2 2020.Chase Coleman’s 13F portfolio value increased ~38% this quarter from $25.79B to $35.53B. Recent 13F reports have shown around 75 positions. 36 of those are significantly large (more than 0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are JD.com, Microsoft Corporation, Sunrun, Facebook, and Amazon.com. Together, they add up to ~36% of the entire 13F portfolio.Prior to founding Tiger Global Management in 2001, Chase Coleman was the technology analyst at Tiger Management from 1997 to 2000, making him a bona fide “tiger cub”. To know more about Julian Robertson and his legendary Tiger Management, check out .New Stakes:Snowflake Inc. (SNOW) and GSX Techedu Inc. (GSX): These are small new stakes established this quarter. Snowflake had an IPO in September. Shares started trading at ~$240 and currently goes for ~$373.Stake Disposals:None.Stake Increases:JD.com (JD) & Calls: JD was a ~5M share position first purchased in Q4 2014 at prices between $23.50 and $27. The next two quarters saw the position built up to a huge ~70M share position (~25% of the 13F portfolio at the time) at prices between $24 and $38. H2 2018 had also seen a ~42% increase at prices between $19.25 and $39.50. It is their largest 13F position at ~11% of the portfolio (~52M shares). The stock is now at $81.71. This quarter saw a ~2% stake increase.Microsoft Corporation (MSFT): MSFT is a top three position at 6.76% of the portfolio. It was established in Q4 2016 at prices between $57 and $63 and increased by ~400% in Q2 2017 at prices between $65 and $72. Q1 2018 also saw a ~38% stake increase at prices between $85 and $97. There was a ~15% further increase in Q2 2019. Q4 2019 saw a ~30% selling at prices between $135 and $159. The stock is now at ~$211. Last two quarters have seen minor increases.Amazon.com Inc. (AMZN): AMZN is currently a large (top five) 13F stake at 5.36% of the portfolio. The position was established in Q2 & Q3 2015 at prices between $370 and $540. Q1 2016 had seen a two-thirds reduction at prices between $482 and $676. The following quarter saw a ~40% increase at prices between $586 and $728. There was a ~38% selling in Q4 2018 at prices between $1344 and $2013. Q4 2019 and Q1 2020 had seen another ~22% reduction at prices between ~$1700 and ~$2170. The stock is now at ~$3101. Last two quarters have seen minor increases.Note: AMZN has seen a previous round-trip in the portfolio. A 1M share stake purchased in 2010 in the low-100s price range was disposed in Q1 2014 in the high-300s realizing huge gains.Pinduoduo Inc. (PDD): PDD is a ~3% position that saw a ~175% stake increase in Q4 2019 at prices between $31.25 and $43.50. This quarter saw a ~135% stake increase at prices between ~$74 and ~$97. The stock is now at ~$154.CrowdStrike Holdings (CRWD): CRWD is a ~3% of the portfolio stake established last quarter at prices between ~$55 and ~$105 and the stock currently trades well above that range at ~$180. This quarter saw a ~50% stake increase at prices between ~$97 and ~$144.Peloton Interactive (PTON): PTON is a 2.17% of the portfolio position purchased in Q1 2020 at prices between $19.50 and $33.50. Last quarter saw a ~28% stake increase at prices between $26.75 and $58.50. There was another ~45% stake increase this quarter at prices between ~$59 and ~$101. It currently trades well above those ranges at ~$118.ServiceNow Inc. (NOW) and Zoom Video (ZM): These two positions were increased substantially this quarter. NOW is a ~2% of the portfolio position that saw a stake doubling this quarter at prices between ~$402 and ~$500. The stock currently trades at ~$538. The 2.41% ZM stake saw a ~50% stake increase over the last two quarters at prices between ~$114 and ~$501. It is now at ~$398.Workday Inc. (WDAY): WDAY is a 2.24% of the portfolio stake built this year at prices between ~$114 and ~$244 and the stock currently trades at ~$218.Uber Technologies (UBER): The 1.60% of the portfolio UBER stake goes back to funding rounds in 2015. UBER started trading at $41.50 and is currently at $54.35. Q4 2019 saw a ~225% stake increase at prices between $26 and $33.75. There was a ~55% selling next quarter at prices between ~$15 and ~$41 while this quarter saw a similar increase at prices between $29.50 and $38.Atlassian Corp plc (TEAM): TEAM is a 1.41% portfolio stake that saw a ~150% stake increase in Q4 2019 at prices between $108 and $133. There was a ~85% stake increase this quarter at prices between ~$161 and ~$197. The stock currently trades at ~$227.MasterCard Inc. (MA): The very small 0.69% MA stake saw a ~15% stake increase this quarter.Stake Decreases:Alibaba Group Holdings (BABA): BABA is a 3.70% portfolio stake established in Q3 2016 at prices between $78.50 and $109. The position had since wavered. Q3 2019 saw a ~80% stake increase at prices between $154 and $183 while next quarter there was a ~55% selling at prices between $162 and $216. There was a ~28% stake increase in Q1 2020 at prices between ~$175 and ~$230. The stock currently trades at ~$265. This quarter saw marginal trimming.Salesforce.com (CRM): CRM is a 1.62% position. It was purchased in Q4 2017 at prices between $93 and $109 and increased by just over 200% next quarter at prices between $104 and $128. Q4 2019 saw the stake reduced by ~70% at prices between $142 and $165 while next quarter there was a ~50% stake increase this quarter at prices between ~$124 and ~$193. That was followed with a stake doubling last quarter at prices between ~$134 and ~$192. It now goes for ~$223. This quarter saw a minor ~2% trimming.Twilio Inc. (TWLO): The 1.32% TWLO stake was established in Q1 2019 at prices between $81 and $136. Q4 2019 saw a ~75% stake increase at prices between $91 and $117. It is now at ~$335. This quarter saw marginal trimming.PayPal Holdings (PYPL): The 1.19% of the portfolio PYPL stake was purchased in Q4 2019 at prices between $96 and $110 and the stock currently trades well above that range at ~$215. Last three quarters have seen minor trimming.Kept Steady:Sunrun Inc. (RUN): The top three 6.46% of the portfolio RUN stake had seen consistent buying since Q2 2018 when around 8M shares were purchased at prices between $8.50 and $14. Q2 2019 saw a ~18% stake increase at prices between $14 and $20. That was followed with a roughly one-third increase next quarter at around ~$17 per share average cost. The stock is currently at $57.58.Note: Regulatory filings since the quarter ended show them owning 19.5M shares (9.9% of the business). This is compared to 29.8M shares in the 13F report. The selling happened in the high-70s price range.Facebook Inc. (FB): The large (top five) 6.45% FB stake was established in Q4 2016 at prices between $115 and $132. The buying continued thru Q2 2019 at prices up to ~$200. Q4 2019 saw a ~25% selling at prices between $175 and $208. The stock currently trades at ~$277.Note: Facebook has seen a previous roundtrip in the portfolio. A pre-IPO investment of ~54M shares was sold out by Q4 2012. The trade generated over $1B in profits.Apollo Global Management (APO): APO is a large 4.27% portfolio position first purchased in Q1 2017 at prices between $19.50 and $24.50 and increased by ~40% the following quarter at prices between $24 and $28.50. Q4 2018 also saw a ~9% stake increase. The stock is now at $47.53. Q1 2020 saw a ~10% reduction at ~$49.Note: Tiger Global’s ownership stake is at ~15%.Carvana Inc. (CVNA): CVNA is a 3.77% portfolio position purchased in Q1 2019 at prices between $30 and $60 and increased by ~38% next quarter at prices between $58 and $75. Q3 2019 saw another ~75% stake increase at prices between $58 and $85. Q1 2020 also saw a ~22% stake increase. The stock is now at ~$260.Note: Tiger Global has a ~12% ownership stake in Carvana.Sea Limited (SE): The 3.62% position in SEA had seen consistent buying since Q2 2018 when around 6M shares were purchased at prices between $10.25 and $16.50. The stock is now at ~$199. Q4 2019 saw a ~40% selling at prices between $26.70 and $40.25.Note: Tiger Global’s ownership stake in Sea Limited is ~5% of business.RingCentral Inc. (RNG): RNG is a 2.57% of the portfolio position purchased in Q1 2019 at prices between $78.50 and $112 and increased by ~120% next quarter at prices between $103 and $125. The stock currently trades well above those ranges at ~$346.TransDigm Group (TDG): TDG is a 2.35% of the portfolio position. It was first purchased in Q4 2016 at prices between $245 and $289. H1 2017 saw the position built up to a large ~9% portfolio stake (4M shares) at prices between $210 and $272. The position has wavered. Recent activity follows: The two quarters thru Q3 2018 had seen a ~35% selling at prices between $301 and $373 while next quarter saw a ~12% stake increase. There was a ~15% trimming in Q1 2020. The stock is now at ~$601.Note: TDG has seen a previous round-trip in the portfolio.Netflix Inc. (NFLX): NFLX is a frequently traded stock in Tiger Global’s portfolio. It has seen multiple roundtrips since 2011. The bulk of the current 2.18% position was purchased in Q3 2017 at prices between $146 and $189. The stake has wavered. Q4 2019 saw a ~30% selling at prices between $267 and $337. The stock currently trades at ~$501.Spotify Technology (SPOT): Spotify is a venture capital investment that became part of their 13F portfolio following its IPO in Q2 2018. SPOT started trading at ~$150 and currently goes for ~$343. Q1 2019 saw a ~36% selling at prices between $109 and $151 and that was followed with another ~50% selling next quarter at prices between $122 and $150. The three quarters through Q1 2020 had seen another one-third reduction at prices between ~$110 and ~$160. Last quarter saw a ~16% stake increase at prices between ~$122 and ~$268. The stake is now at 2.17% of the portfolio.Datadog Inc. (DDOG): DDOG is a 1.37% position built in H1 2020 at prices between ~$29 and ~$90 and it is now at ~$102.GDS Holdings (GDS): The 1.32% GDS position was established in Q2 2019 at prices between $31.25 and $41. The stock has doubled and is now at $90.96.MongoDB (MDB): The 1.25% portfolio stake in MDB was established last year at prices between $115 and $150. The stock has doubled and currently trades at ~$319.TAL Education (TAL): The 1.23% TAL stake was purchased in Q4 2016 at prices between $11.25 and $13.75 and increased by ~40% the following quarter at prices between $11.50 and $18. Recent activity follows. Q4 2019 saw a ~40% reduction at prices between $33.70 and $48.50. The stock is now at $68.52.Note: TAL Education has seen a previous roundtrip in the portfolio. Tiger Global had a majority ownership stake in TAL Education prior to its IPO. The position was disposed by Q1 2014.Elastic NV (ESTC): The 1.22% ESTC stake was primarily purchased in Q4 2019 at prices between $61 and $87 and the stock is currently at ~$142.Anaplan (PLAN): The 1.20% PLAN stake was kept steady this quarter.FLEETCOR Technologies (FLT): FLT is a small 0.87% of the portfolio stake first purchased in Q4 2012 at prices between $45 and $53. The position has wavered. Recent activity follows: There was a ~25% selling last quarter at prices between ~$171 and ~$329. The stock is now at ~$273.New Oriental Education (EDU): EDU is a small 0.90% portfolio position purchased in Q4 2016 at prices between $42 and $52 and increased by ~55% the following quarter at prices between $42 and $60. There was a ~40% reduction in Q4 2019 at prices between $108 and $128. That was followed with a ~50% stake increase next quarter at prices between ~$104 and ~$142. The stock is now at ~$162.Smartsheet Inc. (SMAR): The small 0.58% portfolio stake in SMAR was mostly bought in Q2 & Q3 2019 at prices between $36 and $55 and the stock currently trades at $69.07. Q4 2019 saw a ~7% stake increase while next quarter there was a ~12% trimming.The 13F portfolio also include the following minutely small (less than 0.5% of the portfolio each) positions: 8x8 Inc. (EGHT), Adobe Inc. (ADBE), Agora Inc. (API), Alphabet Inc. (GOOGL), American Well Corp (AMWL), Asana Inc. (ASAN), Avalara (AVLR), Bilibili Inc. (BILI), Cardlytics (CDLX), Ceridian HCM (CDAY), Chindata Group (CD), Cloudflare Inc. (NET), Dada Nexus (DADA), Despegar Corp (DESP), DocuSign Inc. (DOCU), DouYu Intl. (DOYU), Dropbox (DBX), Duck Creek Technologies (DCT), Dynatrace Inc. (DT), Farfetch Ltd. (FTCH), Farmland Partners (FPI), Goodrx Holdings (GDRX), Health Catalyst (HCAT), HUYA Inc. (HUYA), Jamf Holding (JAMF), JFrog Ltd. (FROG), KE Holdings (BEKE), Kingsoft Cloud Holdings (KC), Li Auto (LI), Linx SA (LINX), Medallia Inc. (MDLA), Ncino Inc. (NCNO), Oak Street Health (OSH), OneSmart Intl. (ONE), Outset Medical (OM), PagerDuty Inc. (PD), Phoenix Tree Holdings (DNK), Redfin Corp (RDFN), Reinvent Technology Partners (RTP), Shopify Inc. (SHOP), SolarWinds Corp (SWI), StoneCo Ltd. (STNE), Sumo Logic (SUMO), SVMK Inc. (SVMK), Tenable Holdings (TENB), Tencent Music (TME), Vertex Inc. (VERX), Visa Inc. (V), XP Inc. (XP), Xpeng Inc. (XPEV), Yalla Group (YALA), Zendesk Inc. (ZEN), and ZoomInfo Technologies (ZI).Note 1: Regulatory filings since the quarter ended show them owning 6.6% of Yatsen Holding (YSG). Yatsen had a US IPO in November.Note 2: In July 2018, it was reported that Tiger Global has taken a ~$1B stake in Softbank (SFTBY). The stock was at ~$20 (split-adjusted) at the time and currently trades at $39.39.Below is a spreadsheet that shows the changes to Chase Coleman's Tiger Global Holdings 13F portfolio holdings as of Q3 2020:Regulatory filings thru 8/30/2020: 13D/A – 7/8 – RUN – 29.8M shares – 24.7% of business."

"Tracking Chase Coleman’s Tiger Global Portfolio – Q2 2020 Update"

"Chase Coleman’s 13F portfolio value increased from $16.61B to $25.79B this quarter.Tiger Global added CrowdStrike Holdings and increased Salesforce.com during the quarter.The largest three positions are JD.com, Microsoft, and Facebook and they add up to ~29% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Chase Coleman’s Tiger Global Management 13F stock portfolio on a quarterly basis. It is based on Tiger Global’s regulatory filed on 08/14/2020. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q1 2020.Chase Coleman’s 13F portfolio value increased ~55% this quarter from $16.61B to $25.79B. Recent 13F reports have shown around 50 positions. 36 of those are significantly large (more than 0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are JD.com, Microsoft Corporation, Facebook, Apollo Global, and Amazon.com. Together, they add up to ~41% of the entire 13F portfolio.Prior to founding Tiger Global Management in 2001, Chase Coleman was the technology analyst at Tiger Management from 1997 to 2000, making him a bona fide “tiger cub”. To know more about Julian Robertson and his legendary Tiger Management, check out .New Stakes:CrowdStrike Holdings (CRWD): CRWD is a ~2% of the portfolio stake established this quarter at prices between ~$55 and ~$105 and the stock currently trades well above that range at $128.Stake Disposals:None.Stake Increases:Microsoft Corporation (MSFT): MSFT is a top three position at 8.69% of the portfolio. It was established in Q4 2016 at prices between $57 and $63 and increased by ~400% in Q2 2017 at prices between $65 and $72. Q1 2018 also saw a ~38% stake increase at prices between $85 and $97. There was a ~15% further increase in Q2 2019. Q4 2019 saw a ~30% selling at prices between $135 and $159. The stock is now at ~$211. There was a marginal increase this quarter.Amazon.com Inc. (AMZN): AMZN is currently a large (top five) 13F stake at 6.34% of the portfolio. The position was established in Q2 & Q3 2015 at prices between $370 and $540. Q1 2016 had seen a two-thirds reduction at prices between $482 and $676. The following quarter saw a ~40% increase at prices between $586 and $728. There was a ~38% selling in Q4 2018 at prices between $1344 and $2013. Last two quarters had seen another ~22% reduction at prices between ~$1700 and ~$2170. The stock is now at ~$3270. This quarter saw a ~7% stake increase.Note: AMZN has seen a previous round-trip in the portfolio. A 1M share stake purchased in 2010 in the low-100s price range was disposed in Q1 2014 in the high-300s realizing huge gains.Spotify Technology (SPOT): Spotify is a venture capital investment that became part of their 13F portfolio following its IPO in Q2 2018. SPOT started trading at ~$150 and currently goes for ~$245. Q1 2019 saw a ~36% selling at prices between $109 and $151 and that was followed with another ~50% selling next quarter at prices between $122 and $150. Last three quarters had seen another ~34% reduction at prices between ~$110 and ~$160. This quarter saw a ~16% stake increase at prices between ~$122 and ~$268. The stake is now at 3.19% of the portfolio.Workday Inc. (WDAY) and Datadog Inc. (DDOG): These two positions were primarily built this year. WDAY is a ~2% of the portfolio stake built at prices between ~$114 and ~$199 and the stock currently trades at ~$211. DDOG is a 1.60% position built at prices between ~$29 and ~$90 and it is now at ~$82.Pinduoduo Inc. (PDD): PDD is a ~2% position that saw a ~175% stake increase in Q4 2019 at prices between $31.25 and $43.50. It is now at $84.65. There was a minor increase this quarter.Salesforce.com (CRM): CRM is a small 1.69% position. It was purchased in Q4 2017 at prices between $93 and $109 and increased by just over 200% next quarter at prices between $104 and $128. Q4 2019 saw the stake reduced by ~70% at prices between $142 and $165 while last quarter there was a ~50% stake increase this quarter at prices between ~$124 and ~$193. That was followed with a stake doubling this quarter at prices between ~$134 and ~$192. It now goes for ~$250.Peloton Interactive (PTON): PTON is a 1.19% of the portfolio position purchased last quarter at prices between $19.50 and $33.50. This quarter saw a ~28% stake increase at prices between $26.75 and $58.50. It currently trades well above those ranges at $91.17.ServiceNow Inc. (NOW) and Zoom Video (ZM): These small (less than ~1.75% of the portfolio each) positions were increased this quarter.Stake Decreases:PayPal Holdings (PYPL): The 1.49% of the portfolio PYPL stake was purchased in Q4 2019 at prices between $96 and $110 and the stock currently trades well above that range at ~$195. Last two quarters have seen minor trimming.Athene Holding (ATH) and MasterCard Inc. (MA): These two very small (less than ~1% of the portfolio each) stakes were reduced during the quarter.Kept Steady:JD.com (JD) & Calls: JD was a ~5M share position first purchased in Q4 2014 at prices between $23.50 and $27. The next two quarters saw the position built up to a huge ~70M share position (~25% of the 13F portfolio at the time) at prices between $24 and $38. H2 2018 had also seen a ~42% increase at prices between $19.25 and $39.50. It is their largest 13F position at ~12% of the portfolio (~51M shares). The stock is now at $77.19. Last quarter saw a ~4% trimming.Facebook Inc. (FB): The large (top three) 7.70% FB stake was established in Q4 2016 at prices between $115 and $132. The buying continued thru Q2 2019 at prices up to ~$200. Q4 2019 saw a ~25% selling at prices between $175 and $208. The stock currently trades at ~$274. There was a ~5% stake increase last quarter.Note: Facebook has seen a previous roundtrip in the portfolio. A pre-IPO investment of ~54M shares was sold out by Q4 2012. The trade generated over $1B in profits.Apollo Global Management (APO): APO is a large (top five) 6.56% portfolio position first purchased in Q1 2017 at prices between $19.50 and $24.50 and increased by ~40% the following quarter at prices between $24 and $28.50. Q4 2018 also saw a ~9% stake increase. The stock is now at $45.33. Last quarter saw a ~10% reduction at ~$49.Note: Tiger Global’s ownership stake is at ~15%.Alibaba Group Holdings (BABA): BABA is a 3.76% portfolio stake established in Q3 2016 at prices between $78.50 and $109. The position had since wavered. Q3 2019 saw a ~80% stake increase at prices between $154 and $183 while next quarter there was a ~55% selling at prices between $162 and $216. There was a ~28% stake increase last quarter at prices between ~$175 and ~$230. The stock currently trades at ~$273.RingCentral Inc. (RNG): RNG is a 3.68% of the portfolio position purchased in Q1 2019 at prices between $78.50 and $112 and increased by ~120% next quarter at prices between $103 and $125. The stock currently trades well above those ranges at ~$259.Sea Limited (SE): The 3.48% position in SEA had seen consistent buying since Q2 2018 when around 6M shares were purchased at prices between $10.25 and $16.50. The stock is now at ~$142. Q4 2019 saw a ~40% selling at prices between $26.70 and $40.25.Note: Tiger Global’s ownership stake in Sea Limited is ~5% of business.TransDigm Group (TDG): TDG is a ~3% of the portfolio position. It was first purchased in Q4 2016 at prices between $245 and $289. H1 2017 saw the position built up to a large ~9% portfolio stake (4M shares) at prices between $210 and $272. The position has wavered. Recent activity follows: The two quarters thru Q3 2018 had seen a ~35% selling at prices between $301 and $373 while next quarter saw a ~12% stake increase. There was a ~15% trimming last quarter. The stock is now at ~$501.Note: TDG has seen a previous round-trip in the portfolio.Carvana Inc. (CVNA): CVNA is a 2.80% portfolio position purchased in Q1 2019 at prices between $30 and $60 and increased by ~38% next quarter at prices between $58 and $75. Q3 2019 saw another ~75% stake increase at prices between $58 and $85. Last quarter also saw a ~22% stake increase. The stock is now at ~$180.Note: Tiger Global has a ~12% ownership stake in Carvana.Netflix Inc. (NFLX): NFLX is a frequently traded stock in Tiger Global’s portfolio. It has seen multiple roundtrips since 2011. The bulk of the current 2.74% position was purchased in Q3 2017 at prices between $146 and $189. The stake has wavered. Q4 2019 saw a ~30% selling at prices between $267 and $337. The stock currently trades at ~$500.Sunrun Inc. (RUN): The 2.28% of the portfolio RUN stake has seen consistent buying since Q2 2018 when around 8M shares were purchased at prices between $8.50 and $14. Q2 2019 saw a ~18% stake increase at prices between $14 and $20. That was followed with a roughly one-third increase next quarter at around ~$17 per share average cost. The stock is currently at $55.24. Q4 2019 saw a ~4% further increase.Note: Tiger Global has a 24.7% ownership stake in the business.GDS Holdings (GDS): The 1.77% GDS position was established in Q2 2019 at prices between $31.25 and $41 and it is now at $75.26.MongoDB (MDB): The 1.68% portfolio stake in MDB was established last year at prices between $115 and $150 and it is now at ~$216.Twilio Inc. (TWLO): The 1.62% TWLO stake was established in Q1 2019 at prices between $81 and $136. Q4 2019 saw a ~75% stake increase at prices between $91 and $117. It is now at ~$233.TAL Education (TAL): The 1.53% TAL stake was purchased in Q4 2016 at prices between $11.25 and $13.75 and increased by ~40% the following quarter at prices between $11.50 and $18. Recent activity follows. Q4 2019 saw a ~40% reduction at prices between $33.70 and $48.50. The stock is now at $74.28.Note: TAL Education has seen a previous roundtrip in the portfolio. Tiger Global had a majority ownership stake in TAL Education prior to its IPO. The position was disposed by Q1 2014.Atlassian Corp plc (TEAM) and Elastic NV (ESTC): These two positions saw large stake increases in Q4 2019. TEAM is a ~1% portfolio stake that saw a ~150% stake increase at prices between $108 and $133. The stock currently trades at ~$171. The 1.44% ESTC stake was primarily purchased in Q4 2019 at prices between $61 and $87 and the stock is currently at ~$102.FLEETCOR Technologies (FLT): FLT is a 1.26% of the portfolio stake first purchased in Q4 2012 at prices between $45 and $53. The position has wavered. Recent activity follows: Q1 2018 saw a ~60% increase at prices between $176 and $227. There was a ~25% selling last quarter at prices between ~$171 and ~$329. The stock is now at ~$235.Uber Technologies (UBER): The 1.20% of the portfolio UBER stake goes back to funding rounds in 2015. UBER started trading at $41.50 and is currently at ~$35. Q4 2019 saw a ~225% stake increase at prices between $26 and $33.75. There was a ~55% selling last quarter at prices between ~$15 and ~$41.New Oriental Education (EDU): EDU is a 1.08% portfolio position purchased in Q4 2016 at prices between $42 and $52 and increased by ~55% the following quarter at prices between $42 and $60. Q4 2017 also saw a ~28% increase at prices between $81.50 and $94. There was a ~23% selling in Q4 2018 at prices between $51 and $71. That was followed with a ~40% reduction in Q4 2019 at prices between $108 and $128. There was a ~50% stake increase last quarter at prices between ~$104 and ~$142. The stock is now at ~$149.Smartsheet Inc. (SMAR): The small 0.82% portfolio stake in SMAR was mostly bought in Q2 & Q3 2019 at prices between $36 and $55 and the stock currently trades at $48.15. Q4 2019 saw a ~7% stake increase while last quarter there was a ~12% trimming.Anaplan (PLAN) and Zendesk Inc. (ZEN): These very small (less than ~1.25% of the portfolio each) positions were kept steady this quarter.The 13F portfolio also include the following minutely small (less than 0.5% of the portfolio each) positions: 8x8 Inc. (EGHT), Adobe Inc. (ADBE), Agora Inc. (API), Alphabet Inc. (GOOGL), Avalara (AVLR), Bilibili Inc. (BILI), Cardlytics (CDLX), Ceridian HCM (CDAY), Chewy Inc. (CHWY), Cloudflare Inc. (NET), Dada Nexus (DADA), DocuSign Inc. (DOCU), DouYu Intl. (DOYU), Dropbox (DBX), Dynatrace Inc. (DT), Farfetch Ltd. (FTCH), Farmland Partners (FPI), Health Catalyst (HCAT), HUYA Inc. (HUYA), Kingsoft Cloud Holdings (KC), Linx SA (LINX), Medallia Inc. (MDLA), OneSmart Intl. (ONE), PagerDuty Inc. (PD), Phoenix Tree Holdings (DNK), Redfin Corp (RDFN), Shopify Inc. (SHOP), SolarWinds Corp (SWI), StoneCo Ltd. (STNE), SVMK Inc. (SVMK), Tenable Holdings (TENB), Tencent Music (TME), Visa Inc. (V), XP Inc. (XP), and ZoomInfo Technologies (ZI).Note: In July 2018, it was reported that Tiger Global has taken a ~$1B stake in Softbank (SFTBY). The stock was at ~$20 (split-adjusted) at the time and currently trades at ~$27.Below is a spreadsheet that shows the changes to Chase Coleman's Tiger Global Holdings 13F portfolio holdings as of Q2 2020:Regulatory filings thru 5/29/2020: None."

"Tracking Chase Coleman’s Tiger Global Portfolio – Q1 2020 Update"

"Chase Coleman’s 13F portfolio value decreased from $18.12B to $16.61B this quarter.Tiger Global increased Alibaba Group Holdings and added Workday while reducing Uber & Alphabet during the quarter.The largest three positions are JD.com, Microsoft, and Facebook and they add up to ~31% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Chase Coleman’s Tiger Global Management 13F stock portfolio on a quarterly basis. It is based on Tiger Global’s regulatory filed on 05/15/2020. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q4 2019.Chase Coleman’s 13F portfolio value decreased ~8% this quarter from $18.12B to $16.61B. Recent 13F reports have shown around 50 positions. 40 of those are significantly large (more than 0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are JD.com, Microsoft Corporation, Facebook, Apollo Global, and Amazon.com. Together, they add up to ~45% of the entire 13F portfolio.Prior to founding Tiger Global Management in 2001, Chase Coleman was the technology analyst at Tiger Management from 1997 to 2000, making him a bona fide “tiger cub”. To know more about Julian Robertson and his legendary Tiger Management, check out .New Stakes:Athene Holding (ATH) and Peloton Interactive (PTON): These two small positions were established during the quarter. The 1.12% ATH stake was established at prices between $16 and $50 and it is now at $35.57. PTON is a 0.66% of the portfolio position purchased at prices between $19.50 and $33.50 and it is currently well above that range at $45.90.Stake Disposals:None.Stake Increases:Facebook Inc. (FB): The large (top three) 8.79% FB stake was established in Q4 2016 at prices between $115 and $132. The buying continued thru Q2 2019 at prices up to ~$200. Last quarter saw a ~25% selling at prices between $175 and $208. The stock currently trades at $231. There was a ~5% stake increase this quarter.Note: Facebook has seen a previous roundtrip in the portfolio. A pre-IPO investment of ~54M shares was sold out by Q4 2012. The trade generated over $1B in profits.Alibaba Group Holdings (BABA): BABA is a large 5.26% portfolio stake established in Q3 2016 at prices between $78.50 and $109. The position had since wavered. Q3 2019 saw a ~80% stake increase at prices between $154 and $183 while last quarter there was a ~55% selling at prices between $162 and $216. There was a ~28% stake increase this quarter at prices between ~$175 and ~$230. The stock currently trades at ~$220.RingCentral Inc. (RNG): RNG is a 4.24% of the portfolio position purchased in Q1 2019 at prices between $78.50 and $112 and increased by ~120% next quarter at prices between $103 and $125. The stock currently trades well above those ranges at ~$253. Last three quarters have seen a minor increase.Carvana Inc. (CVNA): CVNA is a ~2% portfolio position purchased in Q1 2019 at prices between $30 and $60 and increased by ~38% next quarter at prices between $58 and $75. Q3 2019 saw another ~75% stake increase at prices between $58 and $85. This quarter also saw a ~22% stake increase. The stock is now at ~$116.Note: Tiger Global has a ~12% ownership stake in Carvana.New Oriental Education (EDU): EDU is a 1.40% portfolio position purchased in Q4 2016 at prices between $42 and $52 and increased by ~55% the following quarter at prices between $42 and $60. Q4 2017 also saw a ~28% increase at prices between $81.50 and $94. There was a ~23% selling in Q4 2018 at prices between $51 and $71. That was followed with a ~40% reduction last quarter at prices between $108 and $128. There was a ~50% stake increase this quarter at prices between ~$104 and ~$142. The stock is now at ~$131.Workday Inc. (WDAY) and DataDog Inc. (DDOG): These two positions were primarily built this quarter. WDAY is a 1.82% of the portfolio stake built at prices between ~$114 and ~$199 and the stock currently trades at ~$179. DDOG is a 0.80% position built at prices between ~$29 and ~$50 and it is now well above that range at ~$71.Salesforce.com (CRM): CRM is now a small ~1% position. It was purchased in Q4 2017 at prices between $93 and $109 and increased by just over 200% next quarter at prices between $104 and $128. Last quarter saw the stake reduced by ~70% at prices between $142 and $165 while this quarter there was a ~50% stake increase this quarter at prices between ~$124 and ~$193. It now goes for ~$174.Adobe Systems (ADBE), Anaplan (PLAN), and MasterCard Inc. (MA): These very small (less than ~1% of the portfolio each) positions were increased during the quarter.Stake Decreases:JD.com (JD) & Calls: JD was a ~5M share position first purchased in Q4 2014 at prices between $23.50 and $27. The next two quarters saw the position built up to a huge ~70M share position (~25% of the 13F portfolio at the time) at prices between $24 and $38. H2 2018 had also seen a ~42% increase at prices between $19.25 and $39.50. It is their largest 13F position at ~12% of the portfolio (~51M shares). The stock is now at $59. This quarter saw a ~4% trimming.Microsoft Corporation (MSFT): MSFT is a top three position at ~10% of the portfolio. It was established in Q4 2016 at prices between $57 and $63 and increased by ~400% in Q2 2017 at prices between $65 and $72. Q1 2018 also saw a ~38% stake increase at prices between $85 and $97. There was a ~15% further increase in Q2 2019. Last quarter saw a ~30% selling at prices between $135 and $159. The stock is now at ~$187. Tiger Global is starting to harvest gains. There was a marginal trimming this quarter.Apollo Global Management (APO): APO is a large (top five) ~7% portfolio position first purchased in Q1 2017 at prices between $19.50 and $24.50 and increased by ~40% the following quarter at prices between $24 and $28.50. Q4 2018 also saw a ~9% stake increase. The stock is now at $53.15. This quarter saw a ~10% reduction at ~$49.Note: Tiger Global’s ownership stake is at ~15%.Amazon.com Inc. (AMZN): AMZN is currently a large (top five) 13F stake at 6.48% of the portfolio. The position was established in Q2 & Q3 2015 at prices between $370 and $540. Q1 2016 had seen a two-thirds reduction at prices between $482 and $676. The following quarter saw a ~40% increase at prices between $586 and $728. There was a ~38% selling in Q4 2018 at prices between $1344 and $2013. Last two quarters have seen another ~22% reduction at prices between ~$1700 and ~$2170. The stock is now at ~$2483.Note: AMZN has seen a previous round-trip in the portfolio. A 1M share stake purchased in 2010 in the low-100s price range was disposed in Q1 2014 in the high-300s realizing huge gains.Transdigm Group (TDG): TDG is a 3.39% of the portfolio position. It was first purchased in Q4 2016 at prices between $245 and $289. H1 2017 saw the position built up to a large ~9% portfolio stake (4M shares) at prices between $210 and $272. The position has wavered. Recent activity follows: The two quarters thru Q3 2018 had seen a ~35% selling at prices between $301 and $373 while next quarter saw a ~12% stake increase. There was a ~15% trimming this quarter. The stock is now at ~$491.Note: TDG has seen a previous round-trip in the portfolio.Spotify Technology (SPOT): Spotify is a venture capital investment that became part of their 13F portfolio following its IPO in Q2 2018. SPOT started trading at ~$150 and currently goes for ~$184. Q1 2019 saw a ~36% selling at prices between $109 and $151 and that was followed with another ~50% selling next quarter at prices between $122 and $150. Last three quarters have seen another ~34% reduction at prices between ~$110 and ~$160. The stake is now at ~2% of the portfolio.Uber Technologies (UBER): The 1.68% of the portfolio UBER stake goes back to funding rounds in 2015. UBER started trading at $41.50 and is currently at $37.21. Last quarter saw a ~225% stake increase at prices between $26 and $33.75. There was a ~55% selling this quarter at prices between ~$15 and ~$41.FleetCor Technologies (FLT): FLT is a 1.45% of the portfolio stake first purchased in Q4 2012 at prices between $45 and $53. The position has wavered. Recent activity follows: Q1 2018 saw a ~60% increase at prices between $176 and $227. There was a ~25% selling this quarter at prices between ~$171 and ~$329. The stock is now at ~$282.PayPal Holdings (PYPL) and Alphabet Inc. (GOOG): These two positions established last quarter were reduced this quarter. The 1.34% of the portfolio PYPL stake was purchased at prices between $96 and $110 and the stock currently trades well above that range at ~$156. This quarter saw a ~5% trimming. GOOG is a very small 0.21% of the portfolio position established at prices between $1175 and $1360. This quarter saw a ~70% selling at prices between ~$1057 and ~$1527. It is now at ~$1439.SmartSheet Inc. (SMAR): The small ~1% portfolio stake in SMAR was mostly bought in Q2 & Q3 2019 at prices between $36 and $55 and the stock currently trades at $44.54. Last quarter saw a ~7% stake increase while this quarter there was a ~12% trimming.Zendesk Inc. (ZEN): The very small (less than ~1% of the portfolio each) position was reduced during the quarter.Kept Steady:Netflix Inc. (NFLX): NFLX is a frequently traded stock in Tiger Global’s portfolio. It has seen multiple roundtrips since 2011. The bulk of the current 3.51% position was purchased in Q3 2017 at prices between $146 and $189. The stake has wavered. Last quarter saw a ~30% selling at prices between $267 and $337. The stock currently trades at ~$420.Sea Limited (SE): The 2.23% position in SEA had seen consistent buying since Q2 2018 when around 6M shares were purchased at prices between $10.25 and $16.50. The stock is now at $89.70. Last quarter saw a ~40% selling at prices between $26.70 and $40.25.Note: Tiger Global’s ownership stake in Sea Limited is ~5% of business.GDS Holdings (GDS): The ~2% GDS position was established in Q2 2019 at prices between $31.25 and $41 and it is now at $60.38.TAL Education (TAL): The 1.85% TAL stake was purchased in Q4 2016 at prices between $11.25 and $13.75 and increased by ~40% the following quarter at prices between $11.50 and $18. Q3 2018 saw a ~16% increase while next quarter there was a similar reduction. The stock is now at $65.84. Last quarter saw a ~40% reduction at prices between $33.70 and $48.50.Note: TAL Education has seen a previous roundtrip in the portfolio. Tiger Global had a majority ownership stake in TAL Education prior to its IPO. The position was disposed by Q1 2014.Sunrun Inc. (RUN): The 1.81% of the portfolio RUN stake has seen consistent buying since Q2 2018 when around 8M shares were purchased at prices between $8.50 and $14. Q2 2019 saw a ~18% stake increase at prices between $14 and $20. That was followed with a roughly one-third increase next quarter at around ~$17 per share average cost. The stock is currently at $18.69. Last quarter saw a ~4% further increase.MongoDB (MDB): The 1.57% portfolio stake in MDB was established last year at prices between $115 and $150 and it is now at ~$198.Atlassian Corp plc (TEAM), Elastic NV (ESTC), and Pinduoduo Inc. (PDD): These three positions saw large stake increases last quarter. TEAM is a 1.25% portfolio stake that saw a ~150% stake increase at prices between $108 and $133. The stock currently trades at ~$174. The 1.35% ESTC stake was primarily purchased at prices between $61 and $87 and the stock is currently at $86.90. PDD is a 1.29% position that saw a ~175% stake increase at prices between $31.25 and $43.50. It is now at $69.70.Twilio Inc. (TWLO): The ~1% TWLO stake was established in Q1 2019 at prices between $81 and $136. Last quarter saw a ~75% stake increase at prices between $91 and $117. It is now at ~$197.Despegar.com (DESP): DESP is a small 0.32% of the portfolio position. It came about as a result of the Argentine airline booking business’s IPO in September 2017. Tiger Global had a majority ownership interest in the business prior to the IPO. The stock started trading at ~$32 and currently goes for $9.53. There was a ~20% reduction in Q3 2018 at prices between $15 and $22 and that was followed with a ~50% selling next quarter at prices between $11.50 and $17. Q2 2019 saw another ~25% selling at prices between $11.90 and $15.Note: Tiger Global’s ownership stake in the business is ~13%.8X8 Inc. (EGHT), New Relic Inc. (NEWR), ServiceNow Inc. (NOW), and Zoom Video (ZM): These very small (less than ~1% of the portfolio each) positions were kept steady this quarter.The 13F portfolio also include the following minutely small (less than 0.5% of the portfolio each) positions: Avalara (AVLR), Bilibili Inc. (BILI), Bill.com Holdings (BILL), Cardlytics (CDLX), Ceridian HCM (CDAY), Chewy Inc. (CHWY), Cloudflare Inc. (NET), CrowdStrike (CRWD), Docusign Inc. (DOCU), DouYu Intl (DOYU), DropBox (DBX), Dynatrace Inc. (DT), Farfetch Ltd. (FTCH), Farmland Partners (FPI), Health Catalyst (HCAT), Huya Inc. (HUYA), Iqiyi Inc. (IQ), Linx SA (LINX), Livongo Health (LVGO), Medallia Inc. (MDLA), OneSmart Intl. (ONE), PagerDuty Inc. (PD), J C Penney (JCP), Phoenix Tree Holdings (DNK), Redfin Corp (RDFN), Shopify Inc. (SHOP), SolarWinds Corp (SWI), Sunlands Online (STG), StoneCo (STNE), Sunlands Technology (STG), SVMK Inc. (SVMK), Tenable Holdings (TENB), Tencent Music (TME), Visa Inc. (V), and XP Inc. (XP).Note: In July 2018, it was reported that Tiger Global has taken a ~$1B stake in Softbank (SFTBY). The stock was at ~$20 (split-adjusted) at the time and currently trades at $23.93.Below is a spreadsheet that shows the changes to Chase Coleman's Tiger Global Holdings 13F portfolio holdings as of Q1 2020:Regulatory filings thru 2/25/2020: 13G/As – 2/14 – FCAU – 0, CVNA - 4.9M shares – 9.8% of business, STNE – 769K shares – 0.6% of business, SVMK – 2.3M shares – 1.7% of business, DESP – 9.26M shares – 13.4% of business, UXIN – 0, SPOT – 3.48M shares – 1.9% of business, Form 4 – 1/14 – APO – 3.75M shares disposed at $49.06 – 33.9M shares remain."

"Tracking Chase Coleman’s Tiger Global Portfolio – Q4 2019 Update"

"Chase Coleman’s 13F portfolio value decreased from $18.88B to $18.12B this quarter.Tiger Global increased Uber Technologies & Elastic NV while decreasing Salesforce.com & Adobe Systems and dropping Fiat Chrysler.The largest three positions are JD.com, Apollo Global, and Microsoft and they add up to ~30% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Chase Coleman’s Tiger Global Management 13F stock portfolio on a quarterly basis. It is based on Tiger Global’s regulatory filed on 02/14/2020. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q3 2019.Chase Coleman’s 13F portfolio value decreased ~4% this quarter from $18.88B to $18.12B. Recent 13F reports have shown around 50 positions. 36 of those are significantly large (more than 0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are JD.com, Apollo Global, Microsoft Corporation, Facebook, and Transdigm Group. Together, they add up to ~45% of the entire 13F portfolio.Prior to founding Tiger Global Management in 2001, Chase Coleman was the technology analyst at Tiger Management from 1997 to 2000, making him a bona fide “tiger cub”. To know more about Julian Robertson and his legendary Tiger Management, check out .New Stakes:PayPal Holdings (PYPL) and Alphabet Inc. (GOOG): These two are the new positions this quarter. The 1.46% of the portfolio PYPL stake was purchased at prices between $96 and $110 and the stock currently trades just above that range at $111. GOOG is a very small 0.79% of the portfolio position established at prices between $1175 and $1360 and it is now at $1298.Stake Disposals:Fiat Chrysler (FCAU): FCAU was a fairly large ~5% of the portfolio position. It was first purchased in Q4 2016 at prices between $6 and $9. There was a ~60% selling in H1 2017 at prices between $9.50 and $11.65. Q4 2017 saw a ~18% stake increase at prices between $18 and $25 and that was followed with a ~140% increase in Q3 2018 at prices between $15.50 and $20.50. There was another ~30% increase next quarter at prices between $14 and $18. Last quarter saw the pattern reverse: ~20% selling at prices between $12.30 and $14.30. The disposal this quarter was at prices between $12.25 and $16.20. The stock is now at $11.83.Note: Tiger Global’s ownership stake was at ~4.8% as of last quarter.Mercadolibre (MELI): MELI was a 1.14% portfolio stake established in Q1 2018 at prices between $320 and $414 and increased by ~85% next quarter at prices between $285 and $356. The stock is currently at ~$615. Q3 2018 saw a ~38% selling at prices between $295 and $385 and that was followed with a ~57% reduction next quarter at prices between $258 and $370. The position was disposed this quarter at prices between $483 and $599.Stake Increases:Uber Technologies (UBER) and Zoom Video (ZM): These were new 13F positions established in Q2 2019. They had IPOs during the quarter. The 3.55% of the portfolio UBER stake goes back to funding rounds in 2015. UBER started trading at $41.50 and is currently at $31.68. This quarter saw a ~225% stake increase to a 3.55% portfolio stake at prices between $26 and $33.75. For investors attempting to follow, UBER is a good option to consider for further research. ZM had an IPO in April. Shares started trading at ~$62 and it currently goes for ~$114. Tiger Global’s stake is very small at 0.46% of the portfolio. This quarter saw a marginal increase.RingCentral Inc. (RNG): RNG is a ~3% of the portfolio position purchased in Q1 2019 at prices between $78.50 and $112 and increased by ~120% next quarter at prices between $103 and $125. The stock currently trades just above those ranges at ~$217. Last quarter saw a ~9% increase while this quarter there was a marginal further increase.Sunrun Inc. (RUN): The 2.27% of the portfolio RUN stake has seen consistent buying since Q2 2018 when around 8M shares were purchased at prices between $8.50 and $14. Q2 2019 saw a ~18% stake increase at prices between $14 and $20. That was followed with a roughly one-third increase last quarter at around ~$17 per share average cost. The stock is currently at $20.22. This quarter saw a ~4% further increase.MongoDB (MDB): The 1.39% portfolio stake in MDB was established over the last four quarters at prices between $115 and $150 and it is now at ~$150.Twilio Inc. (TWLO): The ~1% TWLO stake was established in Q1 2019 at prices between $81 and $136. This quarter saw a ~75% stake increase at prices between $91 and $117. It is now at ~$102.SmartSheet Inc. (SMAR): The small 1.17 % portfolio stake in SMAR was mostly bought over the last two quarters at prices between $36 and $55 and the stock currently trades at $43.21. This quarter also saw a ~7% stake increase.Atlassian Corp plc (TEAM), Elastic NV (ESTC), and Pinduoduo Inc. (PDD): These three positions saw large stake increases during the quarter. TEAM is a ~1% portfolio stake that saw a ~150% stake increase during the quarter at prices between $108 and $133. The stock currently trades at $144. The 1.43% ESTC stake was primarily purchased this quarter at prices between $61 and $87 and the stock is currently at $64.14. PDD is a 1.24% position that saw a ~175% stake increase during the quarter at prices between $31.25 and $43.50. It is now at $36.76.8X8 Inc. (EGHT), Anaplan (PLAN), and MasterCard Inc. (MA): These very small (less than ~1% of the portfolio each) positions were increased during the quarter.Stake Decreases:Microsoft Corporation (MSFT): MSFT is a top three position at 9.47% of the portfolio. It was established in Q4 2016 at prices between $57 and $63 and increased by ~400% in Q2 2017 at prices between $65 and $72. Q1 2018 also saw a ~38% stake increase at prices between $85 and $97. The stock is now at ~$162. There was a ~15% further increase in Q2 2019. This quarter saw a ~30% selling at prices between $135 and $159. Tiger Global is starting to harvest gains.Facebook Inc. (FB): The large (top five) 9.42% FB stake was established in Q4 2016 at prices between $115 and $132. The buying continued thru Q2 2019 at prices up to ~$200. This quarter saw a ~25% selling at prices between $175 and $208. The stock currently goes for $181.Note: Facebook has seen a previous roundtrip in the portfolio. A pre-IPO investment of ~54M shares was sold out by Q4 2012. The trade generated over $1B in profits.Amazon.com Inc. (AMZN): AMZN is currently a large 13F stake at 6.24% of the portfolio. The position was established in Q2 & Q3 2015 at prices between $370 and $540. Q1 2016 had seen a two-thirds reduction at prices between $482 and $676. The following quarter saw a ~40% increase at prices between $586 and $728. There was a ~38% selling in Q4 2018 at prices between $1344 and $2013. The stock is now at $1901. This quarter saw a ~13% trimming.Note: AMZN has seen a previous round-trip in the portfolio. A 1M share stake purchased in 2010 in the low-100s price range was disposed in Q1 2014 in the high-300s realizing huge gains.Alibaba Group Holdings (BABA): BABA is a fairly large ~4% portfolio stake established in Q3 2016 at prices between $78.50 and $109. The position had since wavered. Last quarter saw a ~80% stake increase at prices between $154 and $183 while this quarter there was a ~55% selling at prices between $162 and $216. The stock currently trades at $205.Spotify Technology (SPOT): Spotify is a venture capital investment that became part of their 13F portfolio following its IPO in Q2 2018. SPOT started trading at ~$150 and currently goes for ~$145. Q1 2019 saw a ~36% selling at prices between $109 and $151 and that was followed with another ~50% selling next quarter at prices between $122 and $150. Last two quarters have also seen minor trimming. The stake is now at 2.87% of the portfolio.Netflix Inc. (NFLX): NFLX is a frequently traded stock in Tiger Global’s portfolio. It has seen multiple roundtrips since 2011. The bulk of the current 2.77% position was purchased in Q3 2017 at prices between $146 and $189. The stake has wavered. This quarter saw a ~30% selling at prices between $267 and $337. The stock currently trades at ~$369.Sea Limited (SE): The 1.86% position in SEA had seen consistent buying since Q2 2018 when around 6M shares were purchased at prices between $10.25 and $16.50. The stock is now at $50.35. This quarter saw a ~40% selling at prices between $26.70 and $40.25.Note: Tiger Global’s ownership stake in Sea Limited is ~5% of business.TAL Education (TAL): The 1.53% TAL stake was purchased in Q4 2016 at prices between $11.25 and $13.75 and increased by ~40% the following quarter at prices between $11.50 and $18. Q3 2018 saw a ~16% increase while next quarter there was a similar reduction. The stock is now at $56.49. This quarter saw a ~40% reduction at prices between $33.70 and $48.50.Note: TAL Education has seen a previous roundtrip in the portfolio. Tiger Global had a majority ownership stake in TAL Education prior to its IPO. The position was disposed by Q1 2014.New Oriental Education (EDU): EDU is a ~1% portfolio position purchased in Q4 2016 at prices between $42 and $52 and increased by ~55% the following quarter at prices between $42 and $60. Q4 2017 also saw a ~28% increase at prices between $81.50 and $94. The stock is now at $129. There was a ~23% selling in Q4 2018 at prices between $51 and $71. That was followed with a ~40% reduction this quarter at prices between $108 and $128.Salesforce.com (CRM): CRM is now a small 0.66% position. It was purchased in Q4 2017 at prices between $93 and $109 and increased by just over 200% next quarter at prices between $104 and $128. It now goes for $164. This quarter saw the stake reduced by ~70% at prices between $142 and $165.Adobe Systems (ADBE), New Relic Inc. (NEWR), ServiceNow Inc. (NOW), and Zendesk Inc. (ZEN): These very small (less than ~1% of the portfolio each) positions were reduced during the quarter.Kept Steady:JD.com (JD) & Calls: JD was a ~5M share position first purchased in Q4 2014 at prices between $23.50 and $27. The next two quarters saw the position built up to a huge ~70M share position (~25% of the 13F portfolio at the time) at prices between $24 and $38. H2 2018 had also seen a ~42% increase at prices between $19.25 and $39.50. It is their third-largest 13F position at ~10% of the portfolio (~53M shares). The stock is now at $42.16.Apollo Global Management (APO): APO is a large (top three) 9.92% portfolio position first purchased in Q1 2017 at prices between $19.50 and $24.50 and increased by ~40% the following quarter at prices between $24 and $28.50. Q4 2018 also saw a ~9% stake increase. The stock is now at $40.50.Note: Regulatory filings since the quarter ended show them owning 33.9M shares of APO. This is compared to 37.7M shares in the 13F report. Around 3.75M shares were sold at $49.06. Tiger Global’s ownership stake is at ~15%.Transdigm Group (TDG): TDG is a 6.38% of the portfolio position. It was first purchased in Q4 2016 at prices between $245 and $289. H1 2017 saw the position built up to a large ~9% portfolio stake (4M shares) at prices between $210 and $272. The position has wavered, Recent activity follows: The two quarters thru Q3 2018 had seen a ~35% selling at prices between $301 and $373 while next quarter saw a ~12% stake increase. The stock is now at $503.Note 1: Tiger Global has a 3.9% ownership stake in Transdigm Group.Note 2: TDG has seen a previous round-trip in the portfolio: a long-term position significantly increased in H2 2013 was disposed in Q1 2016 realizing long-term gains.FleetCor Technologies (FLT): FLT is a 2.74% of the portfolio stake first purchased in Q4 2012 at prices between $45 and $53. The position has wavered. Recent activity follows: Q1 2018 saw a ~60% increase at prices between $176 and $227. The stock is now at ~$249.Carvana Inc. (CVNA): CVNA is a 2.50% portfolio position purchased in Q1 2019 at prices between $30 and $60 and increased by ~38% next quarter at prices between $58 and $75. Last quarter saw another ~75% stake increase at prices between $58 and $85. The stock is now at ~$66.Note: Tiger Global has a ~10% ownership stake in Carvana.GDS Holdings (GDS): The 1.63% GDS position was established in Q2 2019 at prices between $31.25 and $41 and it is now at $61.39.Despegar.com (DESP): DESP is a small 0.69% of the portfolio position. It came about as a result of the Argentine airline booking business’s IPO in September 2017. Tiger Global had a majority ownership interest in the business prior to the IPO. The stock started trading at ~$32 and currently goes for $10.87. There was a ~20% reduction in Q3 2018 at prices between $15 and $22 and that was followed with a ~50% selling next quarter at prices between $11.50 and $17. Q2 2019 saw another ~25% selling at prices between $11.90 and $15.Note: Tiger Global’s ownership stake in the business is 13.4%.The 13F portfolio also include the following minutely small (less than 0.5% of the portfolio each) positions: Avalara (AVLR), Barclays Bank (BCS), Bilibili Inc. (BILI), Bill.com Holdings (BILL), Cardlytics (CDLX), Ceridian HCM (CDAY), Chewy Inc. (CHWY), Cloudflare Inc. (NET), CrowdStrike (CRWD), Datadog Inc. (DDOG), Docusign Inc. (DOCU), DouYu Intl (DOYU), DropBox (DBX), Dynatrace Inc. (DT), Farfetch Ltd. (FTCH), Farmland Partners (FPI), Health Catalyst (HCAT), Huya Inc. (HUYA), Iqiyi Inc. (IQ), Linx SA (LINX), Livongo Health (LVGO), Medallia Inc. (MDLA), OneSmart Intl. (ONE), PagerDuty Inc. (PD), J C Penney (JCP), Redfin Corp (RDFN), Shopify Inc. (SHOP), Slack Technologies (WORK), SolarWinds Corp (SWI), Sunlands Online (STG), StoneCo (STNE), Sunlands Technology (STG), SVMK Inc. (SVMK), Tenable Holdings (TENB), Tencent Music (TME), Visa Inc. (V), WorkDay (WDAY), and XP Inc. (XP).Note: In July 2018, it was reported that Tiger Global has taken a ~$1B stake in Softbank (SFTBY). Their thesis is undervaluation and chance for the gap to close based on telecom spinoff & potential Alibaba stake tax-deferred spinoff. They believed NAV was $190B which implied the stock would have to double for NAV to reach current price (~$20 per share at the time after accounting for a 2-for-1 stock split). The stock currently trades at $22.18.Below is a spreadsheet that shows the changes to Chase Coleman's Tiger Global Holdings 13F portfolio holdings as of Q4 2019:Regulatory filings thru 12/15/2019: 13D/A – 10/9 – RUN - ~1.7M shares acquired @ ~17 – 29.8M shares – 25.3% of business, 13D/A – 9/24 – ~2M shares acquired @ ~17, 13D/A – 9/11 - ~2.1M shares acquired @ ~15, 13D/A – 8/27 – ~2.4M shares acquired @ ~16.5. 13G/A – 9/6 – APO – 37.7M shares – 16.9% of business. Several related Form 4s as well…"

"Tracking Chase Coleman’s Tiger Global Portfolio – Q3 2019 Update"

"Chase Coleman’s 13F portfolio value increased from $18.47B to $18.88B this quarter.Tiger Global increased Alibaba Group Holdings and Facebook while decreasing Fiat Chrysler during the quarter.The largest three positions are Microsoft Corporation, Facebook, and JD.com and they add up to ~30% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Chase Coleman’s Tiger Global Management 13F stock portfolio on a quarterly basis. It is based on Tiger Global’s regulatory filed on 11/14/2019. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q2 2019.Chase Coleman’s 13F portfolio value increased ~2% this quarter from $18.47B to $18.88B. Recent 13F reports have shown around 50 positions. 34 of those are significantly large (more than 0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Microsoft Corporation, Facebook, JD.com, Apollo Global, and Alibaba Group Holdings. Together, they add up to ~44% of the entire 13F portfolio.Prior to founding Tiger Global Management in 2001, Chase Coleman was the technology analyst at Tiger Management from 1997 to 2000, making him a bona fide “tiger cub”. To know more about Julian Robertson and his legendary Tiger Management, check out .New Stakes:New Relic Inc. (NEWR): NEWR is a ~1% of the portfolio position purchased this quarter at prices between $56 and $96 and the stock currently trades at $66.18.Stake Disposals:Eventbrite Inc. (EB): EB was Tiger Global's IPO winner in Q3 2018. It was a private equity investment that became part of the 13F portfolio following its IPO last September. The IPO was priced at $23 and started trading at $36. The stock is currently at $19.10. There was a ~40% selling last quarter at prices between $15.50 and $25. The disposal this quarter was at prices between $16 and $20.Note: Tiger Global controlled ~11% of Eventbrite as of last quarter.Stake Increases:Facebook Inc. (FB): The large (top three) ~11% FB stake was established in Q4 2016 at prices between $115 and $132. Q3 2017 saw a ~250% stake increase at prices between $148 and $174 and that was followed with a one-third increase the following quarter at prices between $168 and $183. There was another ~135% increase in Q1 2018 at prices between $152 and $193. Q3 2018 saw a ~25% selling at prices between $160 and $218 while next quarter there was a ~16% increase at prices between $124 and $162. There was another two-thirds increase in Q1 2019 at prices between $132 and $173. That was followed with a ~25% increase this quarter at prices between $177 and $205. The stock currently goes for $194.Note: Facebook has seen a previous roundtrip in the portfolio. A pre-IPO investment of ~54M shares was sold out by Q4 2012. The trade generated over $1B in profits.Alibaba Group Holdings (BABA): BABA is a large (top five) ~7% portfolio stake established in Q3 2016 at prices between $78.50 and $109. The position had since wavered. This quarter saw a ~80% stake increase at prices between $154 and $183. The stock currently trades at $205.Sunrun Inc. (RUN): The 2.54% of the portfolio RUN stake has seen consistent buying since Q2 2018 when around 8M shares were purchased at prices between $8.50 and $14. Last quarter saw a ~18% stake increase at prices between $14 and $20. That was followed with a roughly one-third increase this quarter at around ~$17 per share average cost. The stock is currently at $13.94.Note: Regulatory filings since the quarter ended show them owning ~29.8M shares (25.3% of business). This is compared to ~28.7M shares in the 13F report.RingCentral Inc. (RNG) and Carvana Inc. (CVNA): These two positions established in Q1 2019 were increased over the last two quarters. RNG is a 2.17% of the portfolio position purchased at prices between $78.50 and $112 and increased by ~120% last quarter at prices between $103 and $125. The stock currently trades well above those ranges at ~$164. This quarter saw a ~9% further increase. CVNA is a 1.72% portfolio position purchased at prices between $30 and $60 and increased by ~38% last quarter at prices between $58 and $75. This quarter saw another ~75% stake increase at prices between $58 and $85. The stock is now well above those ranges at ~$92.Note: Tiger Global has a ~10% ownership stake in Carvana.Salesforce.com (CRM): CRM is a 1.89% position purchased in Q4 2017 at prices between $93 and $109 and increased by just over 200% next quarter at prices between $104 and $128. It now goes for $161. This quarter saw a minor ~5% stake increase.Zendesk Inc. (ZEN): ZEN is a 1.14% position established in Q3 2018 at prices between $54.50 and $72 and increased by ~15% next quarter. There was an about turn in Q1 2019: ~25% selling at prices between $55.50 and $86. The stock is now at $75.75. This quarter saw a ~9% stake increase.SmartSheet Inc. (SMAR): The very small 0.84% portfolio stake in SMAR was mostly bought over the last two quarters at prices between $36 and $55 and the stock currently trades at $42.01.MongoDB (MDB): The very small 0.55% portfolio stake in MDB was established over the last three quarters at prices between $72 and $185 and it is now at ~$128.Stake Decreases:Fiat Chrysler (FCAU): FCAU is a fairly large ~5% of the portfolio position. It was first purchased in Q4 2016 at prices between $6 and $9. There was a ~60% selling in H1 2017 at prices between $9.50 and $11.65. Q4 2017 saw a ~18% stake increase at prices between $18 and $25 and that was followed with a ~140% increase in Q3 2018 at prices between $15.50 and $20.50. There was another ~30% increase next quarter at prices between $14 and $18. This quarter saw the pattern reverse: ~20% selling at prices between $12.30 and $14.30. The stock is now at $14.84.Note: Tiger Global’s ownership stake is at ~4.8%.Spotify Technology (SPOT): Spotify is a venture capital investment that became part of their 13F portfolio following its IPO in Q2 2018. SPOT started trading at ~$150 and currently goes for ~$147. Q1 2019 saw a ~36% selling at prices between $109 and $151 and that was followed with another ~50% selling last quarter at prices between $122 and $150. This quarter also saw minor trimming. The stake is now at 2.45% of the portfolio.SVMK Inc. (SVMK): SVMK was a private equity investment that became part of the 13F portfolio following its IPO last September. The IPO was priced at $12 and started trading at $18.75. It currently goes for $17.63. The position was reduced by ~40% in Q1 2019 at prices between $11.75 and $18.30. That was followed with a ~25% reduction last quarter at prices between $15.75 and $18.30. This quarter saw the stake reduced to a minutely small 0.21% portfolio position at prices between $16 and $19.50.Note: Tiger Global controlled ~11% of SVMK as of last quarter.Kept Steady:Microsoft Corporation (MSFT): MSFT is currently the largest 13F position at 11.25% of the portfolio. It was established in Q4 2016 at prices between $57 and $63 and increased by ~400% in Q2 2017 at prices between $65 and $72. Q1 2018 also saw a ~38% stake increase at prices between $85 and $97. The stock is now at ~$155. There was a ~15% further increase last quarter.JD.com (JD) & Calls: JD was a ~5M share position first purchased in Q4 2014 at prices between $23.50 and $27. The next two quarters saw the position built up to a huge ~70M share position (~25% of the 13F portfolio at the time) at prices between $24 and $38. H2 2018 had also seen a ~42% increase at prices between $19.25 and $39.50. It is their third-largest 13F position at ~8% of the portfolio (~53M shares). Last quarter saw a ~9% trimming. The stock is now at $34.Apollo Global Management (APO): APO is a large (top five) 7.54% portfolio position first purchased in Q1 2017 at prices between $19.50 and $24.50 and increased by ~40% the following quarter at prices between $24 and $28.50. Q4 2018 also saw a ~9% stake increase. The stock is now at $44.41.Note: Tiger Global’s ownership stake is at ~17%.Amazon.com Inc. (AMZN): AMZN is currently a large 13F stake at 6.47% of the portfolio. The position was established in Q2 & Q3 2015 at prices between $370 and $540. Q1 2016 had seen a two-thirds reduction at prices between $482 and $676. The following quarter saw a ~40% increase at prices between $586 and $728. There was a ~38% selling in Q4 2018 at prices between $1344 and $2013 and that was followed with a ~5% trimming next quarter. The stock is now at $1761.Note: AMZN has seen a previous round-trip in the portfolio. A 1M share stake purchased in 2010 in the low-100s price range was disposed in Q1 2014 in the high-300s realizing huge gains.Transdigm Group (TDG): TDG is a 5.70% of the portfolio position. It was first purchased in Q4 2016 at prices between $245 and $289. H1 2017 saw the position built up to a large ~9% portfolio stake (4M shares) at prices between $210 and $272. There was a ~20% selling in Q3 2017 at prices between $264 and $288 and that was followed with a ~40% reduction next quarter at prices between $256 and $285. The pattern reversed in Q1 2018: ~44% increase at prices between $270 and $317. The stock currently trades at ~$576. The two quarters thru Q3 2018 had seen a ~35% selling at prices between $301 and $373 while next quarter saw a ~12% stake increase.Note 1: Tiger Global has a 3.9% ownership stake in Transdigm Group.Note 2: TDG has seen a previous round-trip in the portfolio: a long-term position significantly increased in H2 2013 was disposed in Q1 2016 realizing long-term gains.Netflix Inc. (NFLX): NFLX is a frequently traded stock in Tiger Global’s portfolio. It has seen multiple roundtrips since 2011. The bulk of the current ~3% position was purchased in Q3 2017 at prices between $146 and $189. There was ~43% reduction next quarter at prices between $177 and $203 while Q1 2018 saw a ~23% increase at prices between $200 and $330. There was a one-third selling in Q4 2018 at prices between $234 and $381 and that was followed with a ~43% increase next quarter at prices between $268 and $378. The stock currently trades at ~$299.FleetCor Technologies (FLT): FLT is a 2.62% of the portfolio stake first purchased in Q4 2012 at prices between $45 and $53. The position has wavered. Recent activity follow: There was an almost two-thirds increase in Q2 2017 at prices between $131 and $151 and that was followed with a ~23% increase the following quarter at prices between $139 and $155. Q4 2017 saw a ~50% reduction at prices between $155 and $193 while next quarter there was a ~60% increase at prices between $176 and $227. The stock is now at ~$305.Sea Limited (SE): The 2.23% position in SEA has seen consistent buying since Q2 2018 when around 6M shares were purchased at prices between $10.25 and $16.50. The stock is now at $36.80.Note: Tiger Global’s ownership stake in Sea Limited is ~8% of business.TAL Education (TAL): The 1.71% TAL stake was purchased in Q4 2016 at prices between $11.25 and $13.75 and increased by ~40% the following quarter at prices between $11.50 and $18. Q3 2018 saw a ~16% increase while next quarter there was a similar reduction. The stock is now at $45.52.Note: TAL Education has seen a previous roundtrip in the portfolio. Tiger Global had a majority ownership stake in TAL Education prior to its IPO. The position was disposed by Q1 2014.New Oriental Education (EDU): EDU is a 1.38% portfolio position purchased in Q4 2016 at prices between $42 and $52 and increased by ~55% the following quarter at prices between $42 and $60. Q4 2017 also saw a ~28% increase at prices between $81.50 and $94. The stock is now at $123. There was a ~23% selling in Q4 2018 at prices between $51 and $71.Mercadolibre (MELI): MELI is a 1.14% portfolio stake established in Q1 2018 at prices between $320 and $414 and increased by ~85% next quarter at prices between $285 and $356. The stock is currently at ~$568. Q3 2018 saw a ~38% selling at prices between $295 and $385 and that was followed with a ~57% reduction next quarter at prices between $258 and $370.Uber Technologies (UBER), GDS Holdings (GDS), and Zoom Video (ZM): These were new 13F positions established last quarter. UBER and ZM had IPOs during the quarter. The 1.08% of the portfolio UBER stake goes back to funding rounds in 2015. UBER started trading at $41.50 and is currently at $28.49. ZM had an IPO in April. Shares started trading at ~$62 and it currently goes for ~$63.54. Tiger Global’s stake is very small at 0.48% of the portfolio. The 1.22% GDS position was established at prices between $31.25 and $41 and it is now at ~$49.Twilio Inc. (TWLO): The 0.80% TWLO stake was established in Q1 2019 at prices between $81 and $136 and it is now at ~$98.Despegar.com (DESP): DESP is a small 0.55% of the portfolio position. It came about as a result of the Argentine airline booking business’s IPO in September 2017. Tiger Global had a majority ownership interest in the business prior to the IPO. The stock started trading at ~$32 and currently goes for $13.35. There was a ~20% reduction in Q3 2018 at prices between $15 and $22 and that was followed with a ~50% selling next quarter at prices between $11.50 and $17. Last quarter saw another ~25% selling at prices between $11.90 and $15.Note: Tiger Global’s ownership stake in the business is ~14%.Adobe Systems (ADBE), 8X8 Inc. (EGHT), MasterCard Inc. (MA), and ServiceNow Inc. (NOW): These very small (less than ~1% of the portfolio each) positions were kept steady during the quarter.The 13F portfolio also include the following minutely small (less than 0.5% of the portfolio each) positions: Anaplan (PLAN), Atlassian Corp plc (TEAM), Avalara (AVLR), Barclays Bank (BCS), Beyond Meat (BYND), Bilibili Inc. (BILI), Ceridian HCM (CDAY), Chewy Inc. (CHWY), Cloudera Inc. (CLDR), Cloudflare Inc. (NET), CrowdStrike (CRWD), Datadog Inc. (DDOG), Docusign Inc. (DOCU), DouYu Intl (DOYU), DropBox (DBX), Dynatrace Inc. (DT), Elastic NV (ESTC), Farfetch Ltd. (FTCH), Farmland Partners (FPI), Fastly Inc. (FSLY), FireEye Inc. (FEYE), Fitbit Inc. (FIT), Health Catalyst (HCAT), Huya Inc. (HUYA), Iqiyi Inc. (IQ), LendingClub Corp (LC), Linx SA (LINX), Livongo Health (LVGO), Medallia Inc. (MDLA), Okta Inc. (OKTA), OneSmart Intl. (ONE), PagerDuty Inc. (PD), J C Penney (JCP), Pinduoduo Inc. (PDD), Pure Storage (PSTG), Redfin Corp (RDFN), Rise Ed Cayman (REDU), Shopify Inc. (SHOP), Slack Technologies (WORK), Sogou Inc. (SOGO), SolarWinds Corp (SWI), Sunlands Online (STG), Switch Inc. (SWCH), Tenable Holdings (TENB), Tencent Music (TME), The Realreal (REAL), Visa Inc. (V), Wayfair (W), and ZTO Express Cayman (ZTO).Note: In July 2018, it was reported that Tiger Global has taken a ~$1B stake in Softbank (SFTBY). Their thesis is undervaluation and chance for the gap to close based on telecom spinoff & potential Alibaba stake tax-deferred spinoff. They believed NAV was $190B which implied the stock would have to double for NAV to reach current price (~$20 per share at the time after accounting for a 2-for-1 stock split). The stock currently trades at $19.94.Below is a spreadsheet that shows the changes to Chase Coleman's Tiger Global Holdings 13F portfolio holdings as of Q3 2019:Regulatory filings thru 9/3/2019: Form 4 9/3, 8/26, 8/21, 8/15, 7/31 – RUN - ~600K shares acquired at 15, 8/27 13D/A - ~24M shares – 20.4% of business – increase at prices between 15 and 18.7, 13D 7/16 – 21.9M shares – increase between 15.65 and 18.70, Form 4 6/28 - ~900K shares purchased at 18.5, 13G/A 6/26 – 21M shares – 18.2% of business, Form 4 6/24 – 850K shares at 18.5, Form 4 6/24 & 6/21 - similar. Form 4 – 8/14 – SVMK – ~7M disposed, ~6.55M shares remain, Form 4 7/1 – 4.5M shares disposed at 15.82. Form 4, 13G/A 7/1 – APO – 37.7M shares – 18.8% of business, 13G – 6/28 – CVNA – 2.83M shares – 5.8% of business,"

"Tracking Chase Coleman’s Tiger Global Portfolio – Q2 2019 Update"

"Chase Coleman’s 13F portfolio value increased from $18.11B to $18.47B this quarter.Tiger Global increased Microsoft while reducing Spotify and dropping Booking Holdings during the quarter.The largest three positions are Microsoft Corporation, Facebook, and JD.com and they add up to ~29% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Chase Coleman’s Tiger Global Management 13F stock portfolio on a quarterly basis. It is based on Tiger Global’s regulatory filed on 08/14/2019. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q1 2019.Chase Coleman’s 13F portfolio value increased ~2% this quarter from $18.11B to $18.47B. Recent 13F reports have shown around 50 positions. 34 of those are significantly large (more than 0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Microsoft Corporation, Facebook, JD.com, Amazon.com, and Fiat Chrysler. Together, they add up to ~43% of the entire 13F portfolio.Prior to founding Tiger Global Management in 2001, Chase Coleman was the technology analyst at Tiger Management from 1997 to 2000, making him a bona fide “tiger cub”. To know more about Julian Robertson and his legendary Tiger Management, check out .New Stakes:Uber Technologies (UBER), GDS Holdings (GDS), and Zoom Video (ZM): These are the new 13F positions this quarter. UBER and ZM had IPOs during the quarter. The 1.67% of the portfolio UBER stake goes back to funding rounds in 2015. UBER started trading at $41.50 and is currently at ~$32. ZM had an IPO in April. Shares started trading at ~$62 and it currently goes for ~$93.50. Tiger Global’s stake is very small at 0.58% of the portfolio. The 1.17% GDS position was established at prices between $31.25 and $41 and it is now just over that range at $41.13.Stake Disposals:Booking Holdings (BKNG) & Calls previously Priceline: BKNG was a 2.73% of the portfolio position. The stake was purchased in Q4 2015 at prices between $1237 and $1465. Q3 2016 saw a one-third increase at prices between $1248 and $1473 and that was followed with another similar increase the following quarter at prices between $1424 and $1578. There was a ~15% trimming in Q1 2017 and that was followed with a ~27% selling in Q4 2017 at prices between $1646 and $1943. Q1 2018 saw another ~18% selling at prices between $1750 and $2206 and that was followed with a one-third reduction in Q4 2018 at prices between $1617 and $1998. There was another ~37% selling last quarter at prices between $1650 and $1936. The disposal this quarter was at prices between $1650 and $1900. The stock is now at $1959.Note: Booking Holdings has seen a previous roundtrip in the portfolio. A fairly large position first purchased in 2007 was disposed in 2015 realizing huge profits.Domino’s Pizza (DPZ): DPZ was a 1.75% portfolio stake established in Q4 2016 with the bulk purchased in the following quarter at prices between $151 and $172. Q2 2017 saw a ~30% selling at prices between $174 and $219. Last quarter saw another ~35% selling at prices between $240 and $295. The elimination this quarter was at prices between $245 and $287. The stock currently trades at $239.Restaurant Brands International (QSR) and Uxin Limited ADR (UXIN): These minutely small positions (less than ~0.50% of the portfolio each) were disposed this quarter.Stake Decreases:JD.com (JD) & Calls: JD was a ~5M share position first purchased in Q4 2014 at prices between $23.50 and $27. The next two quarters saw the position built up to a huge ~70M share position (~25% of the 13F portfolio at the time) at prices between $24 and $38. Since then, the stake has wavered. The stock is now at $29.88. H2 2018 had seen a ~42% increase at prices between $19.25 and $39.50. It is their third-largest 13F position at 8.67% of the portfolio (~53M shares). For investors attempting to follow Tiger Global, JD is a good option to consider for further research. This quarter saw a ~9% trimming.Spotify Technology (SPOT): Spotify is a venture capital investment that became part of their 13F portfolio following its IPO in Q2 2018. SPOT started trading at ~$150 and currently goes for ~$134. Last quarter saw a ~36% selling at prices between $109 and $151 and that was followed with another ~50% selling this quarter at prices between $122 and $150. Tiger Global still controls ~2.3% of Spotify and the stake is at 3.29% of the portfolio.Eventbrite Inc. (EB) and SVMK Inc. (SVMK): EB and SVMK were Tiger Global's IPO winners in Q3 2018. Both were private equity investments that became part of the 13F portfolio following their IPOs last September. Eventbrite IPO was priced at $23 and started trading at $36. The stock is currently at $17.12. There was a ~40% selling this quarter at prices between $15.50 and $25. The SVMK IPO was priced at $12 and started trading at $18.75. It currently goes for $16.60. The position was reduced by ~40% last quarter at prices between $11.75 and $18.30. That was followed with a ~25% reduction this quarter at prices between $15.75 and $18.30. The EB and SVMK stakes are currently at 0.73% and 1.21% of the portfolio respectively.Note: Tiger Global controls ~11% each of Eventbrite. Regulatory filings since the quarter ended show them owning 6.55M shares of SVMK. This is compared to 13.6M shares in the 13F report.Despegar.com (DESP): DESP is a small 0.70% of the portfolio position. It came about as a result of the Argentine airline booking business’s IPO in September 2017. Tiger Global had a majority ownership interest in the business prior to the IPO. The stock started trading at ~$32 and currently goes for $10.25. There was a ~20% reduction in Q3 2018 at prices between $15 and $22 and that was followed with a ~50% selling next quarter at prices between $11.50 and $17. This quarter saw another ~25% selling at prices between $11.90 and $15.Note: Tiger Global’s ownership stake in the business is ~14%.StoneCo Ltd. (STNE): STNE is now a minutely small 0.31% of the portfolio stake. It came about as a result of its IPO last October. Tiger Global had a stake in the business prior to the IPO. The offering was priced at $24 (first day close was ~$31) and the stock is currently at $32.28. This quarter saw the position almost sold out at prices between $24.50 and $43.Tencent Music Entertainment (TME): The minutely small 0.22% TME stake was reduced by ~50% during the quarter.Stake Increases:Microsoft Corporation (MSFT): MSFT is currently the largest 13F position at ~11% of the portfolio. It was established in Q4 2016 at prices between $57 and $63 and increased by ~400% in Q2 2017 at prices between $65 and $72. Q1 2018 also saw a ~38% stake increase at prices between $85 and $97. The stock is now at ~$138. There was a ~15% further increase this quarter.Facebook Inc. (FB): The large (top three) 9.38% FB stake was established in Q4 2016 at prices between $115 and $132. Q3 2017 saw a ~250% stake increase at prices between $148 and $174 and that was followed with a one-third increase the following quarter at prices between $168 and $183. There was another ~135% increase in Q1 2018 at prices between $152 and $193. The stock currently goes for $187. Q3 2018 saw a ~25% selling at prices between $160 and $218 while next quarter there was a ~16% increase at prices between $124 and $162. There was another two-thirds increase last quarter at prices between $132 and $173. This quarter saw a marginal further increase.Note: Facebook has seen a previous roundtrip in the portfolio. A pre-IPO investment of ~54M shares was sold out by Q4 2012. The trade generated over $1B in profits.Fiat Chrysler (FCAU): FCAU is now a large (top five) ~7% of the portfolio position. It was first purchased in Q4 2016 at prices between $6 and $9. There was a one-third reduction in Q1 2017 at prices between $9.50 and $11.50 and that was followed with a ~40% selling next quarter at prices between $9.70 and $11.65. Q4 2017 saw a ~18% stake increase at prices between $18 and $25 and that was followed with a ~140% increase in Q3 2018 at prices between $15.50 and $20.50. There was another ~30% increase next quarter at prices between $14 and $18. The stock is now at $13.57. For investors attempting to follow, FCAU is a good option to consider for further research. Last two quarters have also seen minor increases.Note: Tiger Global’s ownership stake is at ~6%.Netflix Inc. (NFLX): NFLX is a frequently traded stock in Tiger Global’s portfolio. It has seen multiple roundtrips since 2011. The bulk of the current 4.27% position was purchased in Q3 2017 at prices between $146 and $189. There was ~43% reduction next quarter at prices between $177 and $203 while Q1 2018 saw a ~23% increase at prices between $200 and $330. There was a one-third selling in Q4 2018 at prices between $234 and $381 and that was followed with a ~43% increase last quarter at prices between $268 and $378. The stock currently trades at ~$292. This quarter saw a marginal increase.Sunrun Inc. (RUN): The 2.22% of the portfolio RUN stake has seen consistent buying since Q2 2018 when around 8M shares were purchased at prices between $8.50 and $14. This quarter saw a ~18% stake increase at prices between $14 and $20. The stock is currently at $15.33.Note: Regulatory filings since the quarter ended show them owning ~24M shares (20.4% of business). This is compared to 21.9M shares in the 13F report.RingCentral Inc. (RNG), Twilio Inc. (TWLO), and Carvana Inc. (CVNA): These three positions established last quarter were increased this quarter. RNG is a 1.87 % of the portfolio position purchased at prices between $78.50 and $112 and increased by ~120% this quarter at prices between $103 and $125. The stock currently trades at ~$141. The 0.80% TWLO stake was established at prices between $81 and $136 and it is now above that range at $132. This quarter saw a ~3% stake increase. CVNA is a ~1% portfolio position purchased at prices between $30 and $60 and increased by ~38% this quarter at prices between $58 and $75. The stock is now well above those ranges at $81.78.Note: Tiger Global has a 5.8% ownership stake in Carvana.SmartSheet Inc. (SMAR): The very small 0.59% portfolio stake in SMAR was mostly bought this quarter at prices between $38 and $49 and the stock currently trades at $47.91.Kept Steady:Amazon.com Inc. (AMZN): AMZN is currently a top five 13F stake at 7.22% of the portfolio. The position was established in Q2 & Q3 2015 at prices between $370 and $540. Q1 2016 had seen a two-thirds reduction at prices between $482 and $676. The following quarter saw a ~40% increase at prices between $586 and $728. There was a ~38% selling in Q4 2018 at prices between $1344 and $2013 and that was followed with a ~5% trimming last quarter. The stock is now at $1801.Note: AMZN has seen a previous round-trip in the portfolio. A 1M share stake purchased in 2010 in the low-100s price range was disposed of in Q1 2014 in the high-300s realizing huge gains.Apollo Global Management (APO): APO is a large ~7% portfolio position first purchased in Q1 2017 at prices between $19.50 and $24.50 and increased by ~40% the following quarter at prices between $24 and $28.50. Q4 2018 also saw a ~9% stake increase. The stock is now at $38.86.Note: Tiger Global’s ownership stake is at ~19%.Transdigm Group (TDG): TDG is a 5.41% of the portfolio position. It was first purchased in Q4 2016 at prices between $245 and $289. H1 2017 saw the position built up to a large ~9% portfolio stake (4M shares) at prices between $210 and $272. There was a ~20% selling in Q3 2017 at prices between $264 and $288 and that was followed with a ~40% reduction next quarter at prices between $256 and $285. The pattern reversed in Q1 2018: ~44% increase at prices between $270 and $317. The stock currently trades at ~$537. The two quarters thru Q3 2018 had seen a ~35% selling at prices between $301 and $373 while next quarter saw a ~12% stake increase.Note 1: Tiger Global has a 3.9% ownership stake in Transdigm Group.Note 2: TDG has seen a previous round-trip in the portfolio: a long-term position significantly increased in H2 2013 was disposed in Q1 2016 realizing long-term gains.Alibaba Group Holdings (BABA): BABA is a ~4% portfolio stake established in Q3 2016 at prices between $78.50 and $109. There was a ~16% selling in Q4 2017 at prices between $169 and $191 while Q2 2018 there was a similar increase at prices between $168 and $211. Q3 2018 saw a ~45% increase at prices between $156 and $198 while next quarter saw a ~36% selling at prices between $131 and $164. The stock currently trades at $174. There was a ~5% stake increase last quarter.FleetCor Technologies (FLT): FLT is a 2.63% of the portfolio stake first purchased in Q4 2012 at prices between $45 and $53. The position has wavered. Recent activity follow: There was an almost two-thirds increase in Q2 2017 at prices between $131 and $151 and that was followed with a ~23% increase the following quarter at prices between $139 and $155. Q4 2017 saw a ~50% reduction at prices between $155 and $193 while next quarter there was a ~60% increase at prices between $176 and $227. The stock is now at ~$298. There was a ~4% trimming last quarter.TAL Education (TAL): The 1.94% TAL stake was purchased in Q4 2016 at prices between $11.25 and $13.75 and increased by ~40% the following quarter at prices between $11.50 and $18. Q3 2018 saw a ~16% increase while next quarter there was a similar reduction. The stock is now at $34.53. Last quarter saw a ~2% trimming.Note: TAL Education has seen a previous roundtrip in the portfolio. Tiger Global had a majority ownership stake in TAL Education prior to its IPO. The position was disposed by Q1 2014.Sea Limited (SE): The 2.45% position in SEA has seen consistent buying since Q2 2018 when around 6M shares were purchased at prices between $10.25 and $16.50. The stock is now at $31.91.Note: Tiger Global’s ownership stake in Sea Limited is ~8% of business.Salesforce.com (CRM): CRM is a 1.88% position purchased in Q4 2017 at prices between $93 and $109 and increased by just over 200% next quarter at prices between $104 and $128. It now goes for $153.Zendesk Inc. (ZEN): ZEN is a 1.30% position established in Q3 2018 at prices between $54.50 and $72 and increased by ~15% next quarter. There was an about turn last quarter: ~25% selling at prices between $55.50 and $86. The stock is now at $79.41.Mercadolibre (MELI): MELI is a 1.29% portfolio stake established in Q1 2018 at prices between $320 and $414 and increased by ~85% next quarter at prices between $285 and $356. The stock is currently at ~$590. Q3 2018 saw a ~38% selling at prices between $295 and $385 and that was followed with a ~57% reduction next quarter at prices between $258 and $370.New Oriental Education (EDU): EDU is a 1.23% portfolio position purchased in Q4 2016 at prices between $42 and $52 and increased by ~55% the following quarter at prices between $42 and $60. Q4 2017 also saw a ~28% increase at prices between $81.50 and $94. The stock is now at $109. There was a ~23% selling in Q4 2018 at prices between $51 and $71.Adobe Systems (ADBE), 8X8 Inc. (EGHT), MasterCard Inc. (MA), and ServiceNow Inc. (NOW): These very small (less than ~1% of the portfolio each) positions were kept steady during the quarter.The 13F portfolio also include the following minutely small (less than 0.5% of the portfolio each) positions: Atlassian Corp plc (TEAM), Avalara (AVLR), Barclays Bank (BCS), Bilibili Inc. (BILI), Ceridian HCM (CDAY), Chewy Inc. (CHWY), Cloudera Inc. (CLDR), CrowdStrike (CRWD), Docusign Inc. (DOCU), DropBox (DBX), Elastic NV (ESTC), Farfetch Ltd. (FTCH), Farmland Partners (FPI), Fastly Inc. (FSLY), FireEye Inc. (FEYE), Fitbit Inc. (FIT), Huya Inc. (HUYA), Iqiyi Inc. (IQ), LendingClub Corp (LC), Luckin Coffee (LK), MongoDB Inc. (MDB), Okta Inc. (OKTA), OneSmart Intl. (ONE), PagerDuty Inc. (PD), J C Penney (JCP), Pinduoduo Inc. (PDD), Pivotal Software (PVTL), Pure Storage (PSTG), Redfin Corp (RDFN), Rise Ed Cayman (REDU), Shopify Inc. (SHOP), Sogou Inc. (SOGO), SolarWinds Corp (SWI), Sunlands Online (STG), Switch Inc. (SWCH), Tenable Holdings (TENB), The Realreal (REAL), Visa Inc. (V), and ZTO Express Cayman (ZTO).Note: In July 2018, it was that Tiger Global has taken a ~$1B stake in Softbank (SFTBY). Their thesis is undervaluation and chance for the gap to close based on telecom spinoff & potential Alibaba stake tax-deferred spinoff. They believed NAV was $190B which implied the stock would have to double for NAV to reach current price (~$20 per share at the time after accounting for a 2-for-1 stock split). The stock currently trades at $22.37.Below is a spreadsheet that shows the changes to Chase Coleman's Tiger Global Holdings 13F portfolio holdings as of Q2 2019:Regulatory filings thru 6/9/2019: 13G – 6/3 – CVNA – 2.68M shares – 5.5% of business, Form 4 – 5/20 – RUN – 18.83M shares - ~250K shares purchased @ ~$15.70, Form 4 – 3/5 - ~750K shares acquired @ ~~$16.25 – 18.58M shares. 13G/A – 4/16 – SE – 13.6M shares – 4.6% of business, Form 4 – 3/27 – SVMK - ~2M shares disposed @ $14.95 – 8.66M shares remain, Form 4 – 3/15 - ~10M shares disposed @ ~$15.25 – 9.6M shares remain,"

"Tracking Chase Coleman’s Tiger Global Portfolio – Q1 2019 Update"

"Chase Coleman’s 13F portfolio value increased from $15.02B to $18.11B this quarter.Tiger Global increased Facebook and Netflix while reducing Spotify and Booking Holdings during the quarter.The largest three positions are JD.com, Microsoft Corporation, and Facebook, and they add up to ~26% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Chase Coleman’s Tiger Global Management 13F stock portfolio on a quarterly basis. It is based on Tiger Global’s regulatory filed on 05/15/2019. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q4 2018.Chase Coleman’s 13F portfolio value increased ~21% this quarter from $15.02B to $18.11B. Recent 13F reports have shown around 50 positions. 34 of those are significantly large (more than 0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are JD.com, Microsoft Corporation, Facebook, Fiat Chrysler, and Amazon.com. Together, they add up to ~41% of the entire 13F portfolio.Prior to founding Tiger Global Management in 2001, Chase Coleman was the technology analyst at Tiger Management from 1997 to 2000, making him a bona fide “tiger cub”. To know more about Julian Robertson and his legendary Tiger Management, check out .New Stakes:RingCentral Inc. (RNG), Twilio Inc. (TWLO), Carvana Inc. (CVNA), and 8X8 Inc. (EGHT): These are very small (less than ~1% of the portfolio each) new positions established during the quarter. RNG is a 0.81% of the portfolio position purchased at prices between $78.50 and $112 and the stock currently trades well above that range at ~$122. The 0.75% TWLO stake was established at prices between $81 and $136 and it is now above that range at $144. CVNA is a 0.66% portfolio position purchased at prices between $30 and $60 and the stock is now at $63.20. The 0.53% EGHT stake was established at prices between $17.50 and $21 and it currently trades at $24.18.Note: Regulatory filings since the quarter ended show them owning ~2.7M shares of Carvana Inc. This is compared to 2.05M shares in the 13F report.Stake Disposals:Autodesk Inc. (ADSK): ADSK was a 0.75% portfolio stake purchased in Q3 2017 at prices between $99 and $117 and increased by ~75% the following quarter at prices between $104 and $130. The stock currently trades at ~$165. The position was sold down by almost two-thirds last quarter at prices between $118 and $155 and the disposal this quarter was at prices between $122 and $164.Coupa Software (COUP): The very small 0.53% position in COUP was disposed during the quarter.Stake Decreases:JD.com (JD) & Calls: JD was a ~5M share position first purchased in Q4 2014 at prices between $23.50 and $27. The next two quarters saw the position built up to a huge ~70M share position (~25% of the 13F portfolio at the time) at prices between $24 and $38. Since then, the stake has wavered. The stock is now at $26.80. Last two quarters had seen a ~42% increase at prices between $19.25 and $39.50. It is their largest 13F position at 9.63% of the portfolio (~58M shares). For investors attempting to follow Tiger Global, JD is a good option to consider for further research. This quarter saw marginal trimming.Amazon.com Inc. (AMZN): AMZN is currently a top five 13F stake at 6.92% of the portfolio. The position was established in Q2 & Q3 2015 at prices between $370 and $540. Q1 2016 had seen a two-thirds reduction at prices between $482 and $676. The following quarter saw a ~40% increase at prices between $586 and $728. There was a ~38% selling last quarter at prices between $1344 and $2013 and that was followed with a ~5% trimming this quarter. The stock is now at $1804.Note: AMZN has seen a previous round-trip in the portfolio. A 1M share stake purchased in 2010 in the low-100s price range was disposed of in Q1 2014 in the high-300s realizing huge gains.Spotify Technology (SPOT): Spotify is a venture capital investment that became part of their 13F portfolio following its IPO in Q2 2018. Tiger Global controls ~4.5% of Spotify. Currently, the Spotify stake is at 6.29% of the portfolio. SPOT started trading at ~$150 and currently goes for ~$140. This quarter saw a ~36% selling at prices between $109 and $151.Booking Holdings (BKNG) & Calls previously Priceline: BKNG is a 2.73% of the portfolio position. The stake was purchased in Q4 2015 at prices between $1237 and $1465. Q3 2016 saw a one-third increase at prices between $1248 and $1473 and that was followed with another similar increase the following quarter at prices between $1424 and $1578. There was a ~15% trimming in Q1 2017 and that was followed with a ~27% selling in Q4 2017 at prices between $1646 and $1943. Q1 2018 saw another ~18% selling at prices between $1750 and $2206 and that was followed with a one-third reduction last quarter at prices between $1617 and $1998. There was another ~37% selling this quarter at prices between $1650 and $1936. The stock is now at $1778.Note: Booking Holdings has seen a previous roundtrip in the portfolio. A fairly large position first purchased in 2007 was disposed in 2015 realizing huge profits.FleetCor Technologies (FLT): FLT is a 2.35% of the portfolio stake first purchased in Q4 2012 at prices between $45 and $53. The position has wavered. Recent activity follow: There was an almost two-thirds increase in Q2 2017 at prices between $131 and $151 and that was followed with a ~23% increase the following quarter at prices between $139 and $155. Q4 2017 saw a ~50% reduction at prices between $155 and $193 while last quarter there was a ~60% increase at prices between $176 and $227. The stock is now at ~$259. There was a ~4% trimming this quarter.TAL Education (TAL): The 1.88% TAL stake was purchased in Q4 2016 at prices between $11.25 and $13.75 and increased by ~40% the following quarter at prices between $11.50 and $18. Q3 2018 saw a ~16% increase while last quarter there was a similar reduction. The stock is now at $35.26. This quarter saw a ~2% trimming.Note: TAL Education has seen a previous roundtrip in the portfolio. Tiger Global had a majority ownership stake in TAL Education prior to its IPO. The position was disposed by Q1 2014.Domino’s Pizza (DPZ): DPZ is a 1.75% portfolio stake established in Q4 2016 with the bulk purchased in the following quarter at prices between $151 and $172. Q2 2017 saw a ~30% selling at prices between $174 and $219. This quarter saw another ~35% selling at prices between $240 and $295. The stock currently trades at $287.Eventbrite Inc. (EB) and SVMK Inc. (SVMK): EB and SVMK were Tiger Global's IPO winners in Q3 2018. Both were private equity investments that became part of the 13F portfolio following their IPOs in September. Eventbrite IPO was priced at $23 and started trading at $36. The stock is currently at $16.76. There was minor trimming this quarter. The SVMK IPO was priced at $12 and started trading at $18.75. It currently goes for $16.96. The position was reduced by ~40% during the quarter at prices between $11.75 and $18.30. The EB and SVMK stakes are currently at 1.49% and 1.88% of the portfolio respectively.Note: Tiger Global controls ~19% of Eventbrite and ~14% of SVMK.Zendesk Inc. (ZEN): ZEN is a 1.27% position established in Q3 2018 at prices between $54.50 and $72 and increased by ~15% last quarter. There was an about turn this quarter: ~25% selling at prices between $55.50 and $86. The stock is now at $89.37.Despegar.com (DESP): DESP is a ~1% of the portfolio position. It came about as a result of the Argentine airline booking business’s IPO in September 2017. Tiger Global had a majority ownership interest in the business prior to the IPO. The stock started trading at ~$32 and currently goes for $12.49. There was a ~20% reduction in Q3 2018 at prices between $15 and $22 and that was followed with a ~50% selling last quarter at prices between $11.50 and $17. This quarter saw marginal trimming.Note: Tiger Global’s ownership stake in the business is ~18%.Adobe Systems (ADBE): The bulk of the ~1% ADBE stake was purchased in H2 2018 at prices between $205 and $275. The stock currently trades at $278. This quarter saw a ~30% reduction at prices between $216 and $268.Restaurant Brands International (QSR), ServiceNow Inc. (NOW), and Uxin Limited ADR (UXIN): These very small positions (less than ~1% of the portfolio each) were reduced this quarter.Stake Increases:Microsoft Corporation (MSFT): MSFT is a large (top three) ~9% portfolio stake established in Q4 2016 at prices between $57 and $63 and increased by ~400% in Q2 2017 at prices between $65 and $72. The stock is now at ~$131. Q4 2017 saw a ~9% trimming while next quarter there was a ~38% stake increase at prices between $85 and $97. Last two quarters have seen marginal increases.Facebook Inc. (FB): The large (top three) ~8% FB stake was established in Q4 2016 at prices between $115 and $132. Q3 2017 saw a ~250% stake increase at prices between $148 and $174 and that was followed with a one-third increase the following quarter at prices between $168 and $183. There was another ~135% increase in Q1 2018 at prices between $152 and $193. The stock currently goes for $173. Q3 2018 saw a ~25% selling at prices between $160 and $218 while last quarter there was a ~16% increase at prices between $124 and $162. There was another two-thirds increase this quarter at prices between $132 and $173.Note: Facebook has seen a previous roundtrip in the portfolio. A pre-IPO investment of ~54M shares was sold out by Q4 2012. The trade generated over $1B in profits.Fiat Chrysler (FCAU): FCAU is now a large (top five) 7.24% of the portfolio position. It was first purchased in Q4 2016 at prices between $6 and $9. There was a one-third reduction in Q1 2017 at prices between $9.50 and $11.50 and that was followed with a ~40% selling next quarter at prices between $9.70 and $11.65. Q4 2017 saw a ~18% stake increase at prices between $18 and $25 and that was followed with a ~140% increase in Q3 2018 at prices between $15.50 and $20.50. There was another ~30% increase last quarter at prices between $14 and $18 and that was followed with a ~9% stake increase this quarter. The stock is now at $13.20. For investors attempting to follow, FCAU is a good option to consider for further research.Note: Tiger Global’s ownership stake is at ~6%.Alibaba Group Holdings (BABA): BABA is a 4.36% portfolio stake established in Q3 2016 at prices between $78.50 and $109. There was a ~16% selling in Q4 2017 at prices between $169 and $191 while Q2 2018 there was a similar increase at prices between $168 and $211. Q3 2018 saw a ~45% increase at prices between $156 and $198 while last quarter saw a ~36% selling at prices between $131 and $164. The stock currently trades at $154. There was a ~5% stake increase this quarter.Netflix Inc. (NFLX): NFLX is a frequently traded stock in Tiger Global’s portfolio. It has seen multiple roundtrips since 2011. The bulk of the current 4.15% position was purchased in Q3 2017 at prices between $146 and $189. There was ~43% reduction next quarter at prices between $177 and $203 while Q1 2018 saw a ~23% increase at prices between $200 and $330. There was a one-third selling last quarter at prices between $234 and $381 and that was followed with a ~43% increase this quarter at prices between $268 and $378. The stock currently trades at $361.Sunrun Inc. (RUN) and Sea Limited (SE): These are small positions (less than ~2% of the portfolio each) that saw increases this quarter.Note 1: Regulatory filings since the quarter ended show them owning 18.83M shares of Sunrun. This is compared to 18.58M shares in the 13F Report. The increase happened at ~$15.70. Their ownership stake is at ~17%. The stock is now at $16.34.Note 2: Tiger Global’s ownership stake in Sea Limited is ~8% of business.Kept Steady:Apollo Global Management (APO): APO is a large ~6% portfolio position first purchased in Q1 2017 at prices between $19.50 and $24.50 and increased by ~40% the following quarter at prices between $24 and $28.50. Last quarter also saw a ~9% stake increase. The stock is now at ~$32.65.Note: Tiger Global’s ownership stake is at ~19%.Transdigm Group (TDG): TDG is a 5.18% of the portfolio position. It was first purchased in Q4 2016 at prices between $245 and $289. H1 2017 saw the position built up to a large ~9% portfolio stake (4M shares) at prices between $210 and $272. There was a ~20% selling in Q3 2017 at prices between $264 and $288 and that was followed with a ~40% reduction next quarter at prices between $256 and $285. The pattern reversed in Q1 2018: ~44% increase at prices between $270 and $317. The stock currently trades at ~$469. The two quarters thru Q3 2018 had seen a ~35% selling at prices between $301 and $373 while last quarter saw a ~12% stake increase.Note 1: Tiger Global has a 3.9% ownership stake in Transdigm Group.Note 2: TDG has seen a previous round-trip in the portfolio: a long-term position significantly increased in H2 2013 was disposed in Q1 2016 realizing long-term gains.StoneCo Ltd. (STNE): STNE is a 2.41% of the portfolio stake that came about as a result of its IPO in October. Tiger Global had a stake in the business prior to the IPO. The offering was priced at $24 (first day close was ~$31) and the stock is currently at ~$26.63. Tiger Global has a ~8% ownership stake in the business.Salesforce.com (CRM): CRM is a ~2% position purchased in Q4 2017 at prices between $93 and $109 and increased by just over 200% next quarter at prices between $104 and $128. It now goes for $161.Mercadolibre (MELI): MELI is a ~1% portfolio stake established in Q1 2018 at prices between $320 and $414 and increased by ~85% next quarter at prices between $285 and $356. The stock is currently at ~$605. Q3 2018 saw a ~38% selling at prices between $295 and $385 and that was followed with a ~57% reduction last quarter at prices between $258 and $370.New Oriental Education (EDU): EDU is a ~1% portfolio position purchased in Q4 2016 at prices between $42 and $52 and increased by ~55% the following quarter at prices between $42 and $60. Q4 2017 also saw a ~28% increase at prices between $81.50 and $94. The stock is now at $89.29. There was a ~23% selling last quarter at prices between $51 and $71.Note: TAL Education has seen a previous roundtrip in the portfolio. Tiger Global had a majority ownership stake in TAL Education prior to its IPO. The position was disposed by Q1 2014.MasterCard Inc. (MA) and Tencent Music Entertainment (TME): These two very small positions (less than ~0.70% of the portfolio each) were kept steady this quarter.The 13F portfolio also include the following minutely small (less than 0.5% of the portfolio each) positions: Atlassian Corp plc (TEAM), Avalara (AVLR), Barclays Bank (BCS), Bilibili Inc. (BILI), Ceridian HCM (CDAY), Cloudera Inc. (CLDR), Docusign Inc. (DOCU), DropBox (DBX), Elastic NV (ESTC), Farfetch Ltd. (FTCH), Farmland Partners (FPI), FireEye Inc. (FEYE), Fitbit Inc. (FIT), Huya Inc. (HUYA), Iqiyi Inc. (IQ), LendingClub Corp (LC), MongoDB Inc. (MDB), Netshoes Cayman (NETS), Okta Inc. (OKTA), OneSmart Intl. (ONE), J C Penney (JCP), Pinduoduo Inc. (PDD), Pivotal Software (PVTL), Pure Storage (PSTG), Puxin Ltd (NEW), Redfin Corp (RDFN), Rise Ed Cayman (REDU), Shopify Inc. (SHOP), Smartsheet Inc. (SMAR), Sogou Inc. (SOGO), SolarWinds Corp (SWI), Sunlands Online (STG), Switch Inc. (SWCH), Tenable Holdings (TENB), Visa Inc. (V), and ZTO Express Cayman (ZTO).Note: Last July, it was that Tiger Global has taken a ~$1B stake in Softbank (SFTBY). Their thesis is undervaluation and chance for the gap to close based on telecom spinoff & potential Alibaba stake tax-deferred spinoff. They believe NAV is $190B which implies the stock has to double for NAV to reach current price (~$40 per share at the time). The stock currently trades at $46.34.Below is a spreadsheet that shows the changes to Chase Coleman's Tiger Global Holdings 13F portfolio holdings as of Q1 2019:Regulatory Filings thru 3/8/2019: 13G/A – 2/14 – RDFN – 2.35M shares – 2.6%, DESP – 12.27M shares – 17.8%, SPOT – 12.8M shares – 7.2%, RUN – Form 4 – 3/5 – RUN – 18.56M shares - ~720K shares acquired at ~$16.30, 17.8M shares – 15.9% - Form 4 12/17 – 500K shares acquired at ~$13.14 – 12.17 – 110K shares acquired at ~$13.89 – 12/4 Form 4 – 470K shares acquired at ~$14.50 – Form 4 11/30 – 1.3M shares acquired at ~$14.5 – 11/26 Form 4 – 190K shares acquired at $12.25, , APO – 37.7M shares – 18.7% - Form 4 12/26 – 1.1M shares acquired at ~$23.5 – Form 4 12/7 – 140K shares acquired at ~$26.50 – Form 4 11/20 100K shares at $27.5 – Form 4 11/16 ~1M shares at ~$28.15, FCAU – 81.38M shares – 5.3% - 12/10 13G – 79M shares – 5.1% - , 13G – 2/14 – STNE – 10.6M shares – 8.2%, 13G/A – 2/14 – SEA – 12.3M shares – 6.8%, 13G – 2/14 – SVMK – 30.47M shares – 24.4%, 13G/A – 2/14 – Bright Scholar Education – 0, 13G – 2/14 – UXIN – 57M shares - 6.8%, 13G/A – 2/14 – TDG – 2.07M shares – 3.9%,From article: According to the FT, the outfit now manages roughly $26 billion and about half of that is being funneled into venture-backed startups, with portfolio manager Lee Fixel largely overseeing its venture bets."

"Tracking Chase Coleman’s Tiger Global Portfolio – Q4 2018 Update"

"Chase Coleman’s 13F portfolio value decreased from $21.09B to $15.02B this quarter.Tiger Global increased JD.com and Fiat Chrysler while reducing Amazon.com, Booking Holdings, Alibaba Group Holdings, and Netflix during the quarter.The largest three positions are Spotify Technology, Microsoft Corporation, and JD.com, and they add up to ~27% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Chase Coleman’s Tiger Global Management 13F stock portfolio on a quarterly basis. It is based on Tiger Global’s regulatory filed on 02/14/2019. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q3 2018.Chase Coleman’s 13F portfolio value decreased ~29% this quarter from $21.09B to $15.02B. Recent 13F reports have shown around 50 positions. 32 of those are significantly large (more than 0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Spotify Technology, Microsoft Corporation, JD.com, Fiat Chrysler, and Amazon.com. Together, they add up to ~42% of the entire 13F portfolio.Prior to founding Tiger Global Management in 2001, Chase Coleman was the technology analyst at Tiger Management from 1997 to 2000, making him a bona fide “tiger cub”. To know more about Julian Robertson and his legendary Tiger Management, check out .New Stakes:StoneCo Ltd. (STNE): STNE is a 1.30% of the portfolio stake that came about as a result of its IPO in October. Tiger Global had a stake in the business prior to the IPO. The offering was priced at $24 (first day close was ~$31) and the stock is currently at ~$30. Tiger Global has a ~8.2% ownership stake in the business.Stake Disposals:Apple Inc. (AAPL): The 1.10% AAPL stake was purchased last quarter at prices between $184 and $228 and disposed this quarter at prices between $142 and $232. The stock currently trades at $173.Twitter Inc. (TWTR): TWTR was a ~1% portfolio position purchased in Q1 2018 at prices between $22 and $36.50 and increased by ~24% next quarter at prices between $27.50 and $47. It is now at $30.04. Last quarter saw a ~40% selling at prices between $28 and $47 and the disposal this quarter was at prices between $26.50 and $36.Stake Decreases:Amazon.com Inc. (AMZN): AMZN is currently a top five 13F stake at 7.44% of the portfolio. The position was established in Q2 & Q3 2015 at prices between $370 and $540. Q1 2016 had seen a two-thirds reduction at prices between $482 and $676. The following quarter saw a ~40% increase at prices between $586 and $728. There was a ~38% selling this quarter at prices between $1344 and $2013. The stock is now at $1621.Note: AMZN has seen a previous round-trip in the portfolio. A 1M share stake purchased in 2010 in the low-100s price range was disposed of in Q1 2014 in the high-300s realizing huge gains.Booking Holdings (BKNG) & Calls previously Priceline: BKNG is a fairly large ~5% of the portfolio position. The stake was purchased in Q4 2015 at prices between $1237 and $1465. Q3 2016 saw a one-third increase at prices between $1248 and $1473 and that was followed with another similar increase the following quarter at prices between $1424 and $1578. There was a ~15% trimming in Q1 2017 and that was followed with a ~27% selling in Q4 2017 at prices between $1646 and $1943. Q1 2018 saw another ~18% selling at prices between $1750 and $2206 and that was followed with a one-third reduction this quarter at prices between $1617 and $1998. The stock is now at $1716.Note: Booking Holdings has seen a previous roundtrip in the portfolio. A fairly large position first purchased in 2007 was disposed in 2015 realizing huge profits.Alibaba Group Holdings (BABA): BABA is a ~4% portfolio stake established in Q3 2016 at prices between $78.50 and $109. There was a ~16% selling in Q4 2017 at prices between $169 and $191 while Q2 2018 there was a similar increase at prices between $168 and $211. Last quarter saw a ~45% increase at prices between $156 and $198 while this quarter saw a ~36% selling at prices between $131 and $164. The stock currently trades at $175.Domino’s Pizza (DPZ): DPZ is a ~3% portfolio stake established in Q4 2016 with the bulk purchased in the following quarter at prices between $151 and $172. Q2 2017 saw a ~30% selling at prices between $174 and $219. The stock is now at ~$251. Q3 2017 saw a ~16% increase while the following quarter there was a ~11% trimming. This quarter also saw similar trimming.Netflix Inc. (NFLX): NFLX is a frequently traded stock in Tiger Global’s portfolio. It has seen multiple roundtrips since 2011. The bulk of the current 2.63% position was purchased in Q3 2017 at prices between $146 and $189. There was ~43% reduction next quarter at prices between $177 and $203 while Q1 2018 saw a ~23% increase at prices between $200 and $330. There was a one-third selling this quarter at prices between $234 and $381. The stock currently trades at $350.Salesforce.com (CRM): CRM is a ~2% position purchased in Q4 2017 at prices between $93 and $109 and increased by just over 200% next quarter at prices between $104 and $128. It now goes for $155. This quarter saw a marginal reduction.TAL Education (TAL): The 1.70% TAL stake was purchased in Q4 2016 at prices between $11.25 and $13.75 and increased by ~40% the following quarter at prices between $11.50 and $18. Last quarter saw a ~16% increase while this quarter there was a similar reduction. The stock is now at $34.75.Note: TAL Education has seen a previous roundtrip in the portfolio. Tiger Global had a majority ownership stake in TAL Education prior to its IPO. The position was disposed by Q1 2014.Despegar.com (DESP): DESP is a ~1% of the portfolio position. It came about as a result of the Argentine airline booking business’s IPO in September 2017. Tiger Global had a majority ownership interest in the business prior to the IPO. The stock started trading at ~$32 and currently goes for $17.35. There was a ~20% reduction last quarter at prices between $15 and $22 and that was followed with a ~50% selling this quarter at prices between $11.50 and $17.Note: Tiger Global’s ownership stake in the business is ~18%.Mercadolibre (MELI): MELI is a 0.76% portfolio stake established in Q1 2018 at prices between $320 and $414 and increased by ~85% next quarter at prices between $285 and $356. The stock is currently at ~$450. Last quarter saw a ~38% selling at prices between $295 and $385 and that was followed with a ~57% reduction this quarter at prices between $258 and $370.New Oriental Education (EDU): EDU is a ~1% portfolio position purchased in Q4 2016 at prices between $42 and $52 and increased by ~55% the following quarter at prices between $42 and $60. Q4 2017 also saw a ~28% increase at prices between $81.50 and $94. The stock is now at $79.02. There was a ~23% selling this quarter at prices between $51 and $71.Note: TAL Education has seen a previous roundtrip in the portfolio. Tiger Global had a majority ownership stake in TAL Education prior to its IPO. The position was disposed by Q1 2014.Uxin Limited ADR (UXIN): UXIN is a venture capital investment and became part of Tiger Global’s 13F portfolio following its IPO in Q2 2018. UXIN started trading at ~$9 and currently goes for $4.79. The stake is at 0.61% of the portfolio. There was a ~25% selling this quarter at prices between $2.85 and $9.55.Note: Tiger Global has 6.8% ownership stake in UXIN.Autodesk Inc. (ADSK): ADSK is a 0.75% portfolio stake purchased in Q3 2017 at prices between $99 and $117 and increased by ~75% the following quarter at prices between $104 and $130. The stock currently trades at ~$152. The position was sold down by almost two-thirds this quarter at prices between $118 and $155.Coupa Software (COUP), MasterCard Inc. (MA), Restaurant Brands International (QSR), ServiceNow Inc. (NOW), and Visa Inc. (V): These very small positions (less than ~0.60% of the portfolio each) were reduced this quarter.Stake Increases:Spotify Technology (SPOT): Spotify is a venture capital investment that became part of their 13F portfolio following its IPO in Q2 2018. Tiger Global controls ~7.2% of Spotify. Currently, the Spotify stake is their largest 13F position at ~10% of the portfolio. SPOT started trading at ~$150 and currently goes for ~$140. This quarter saw a marginal stake increase.Microsoft Corporation (MSFT): MSFT is a large (top three) ~9% portfolio stake established in Q4 2016 at prices between $57 and $63 and increased by ~400% in Q2 2017 at prices between $65 and $72. The stock is now at ~$111. Q4 2017 saw a ~9% trimming while next quarter there was a ~38% stake increase at prices between $85 and $97. There was a marginal increase this quarter.JD.com (JD) & Calls: JD was a ~5M share position first purchased in Q4 2014 at prices between $23.50 and $27. The next two quarters saw the position built up to a huge ~70M share position (~25% of the 13F portfolio at the time) at prices between $24 and $38. Since then, the stake has wavered. The stock is now at $27.05. Last two quarters have seen a ~42% increase at prices between $19.25 and $39.50. It is their third-largest 13F position at ~8% of the portfolio (~58M shares). For investors attempting to follow Tiger Global, JD is a good option to consider for further research.Fiat Chrysler (FCAU): FCAU is now a large ~8% of the portfolio position. It was first purchased in Q4 2016 at prices between $6 and $9. There was a one-third reduction in Q1 2017 at prices between $9.50 and $11.50 and that was followed with a ~40% selling next quarter at prices between $9.70 and $11.65. Q4 2017 saw a ~18% stake increase at prices between $18 and $25 and that was followed with a ~140% increase last quarter at prices between $15.50 and $20.50. There was another ~30% increase this quarter at prices between $14 and $18. The stock is now at $14.38. For investors attempting to follow, FCAU is a good option to consider for further research.Note: Tiger Global’s ownership stake is at 5.3%.Apollo Global Management (APO): APO is a large ~6% portfolio position first purchased in Q1 2017 at prices between $19.50 and $24.50 and increased by ~40% the following quarter at prices between $24 and $28.50. This quarter also saw a ~9% stake increase. The stock is now at ~$28.Note: Tiger Global’s ownership stake is at ~19%.Facebook Inc. (FB): The 4.69% FB stake was established in Q4 2016 at prices between $115 and $132. Q3 2017 saw a ~250% stake increase at prices between $148 and $174 and that was followed with a one-third increase the following quarter at prices between $168 and $183. There was another ~135% increase in Q1 2018 at prices between $152 and $193. The stock currently goes for $170. Last quarter saw a ~25% selling at prices between $160 and $218 while this quarter there was a ~16% increase at prices between $124 and $162.Note: Facebook has seen a previous roundtrip in the portfolio. A pre-IPO investment of ~54M shares was sold out by Q4 2012. The trade generated over $1B in profits.Transdigm Group (TDG): TDG is a 4.68% of the portfolio position. It was first purchased in Q4 2016 at prices between $245 and $289. H1 2017 saw the position built up to a large ~9% portfolio stake (4M shares) at prices between $210 and $272. There was a ~20% selling in Q3 2017 at prices between $264 and $288 and that was followed with a ~40% reduction next quarter at prices between $256 and $285. The pattern reversed in Q1 2018: ~44% increase at prices between $270 and $317. The stock currently trades at ~$428. Last two quarters had seen a ~35% selling at prices between $301 and $373 while this quarter saw a ~12% stake increase.Note 1: Tiger Global has a 3.9% ownership stake in Transdigm Group.Note 2: TDG has seen a previous round-trip in the portfolio: a long-term position significantly increased in H2 2013 was disposed in Q1 2016 realizing long-term gains.FleetCor Technologies (FLT): FLT is a 2.22% of the portfolio stake first purchased in Q4 2012 at prices between $45 and $53. The position has wavered. Recent activity follow: There was an almost two-thirds increase in Q2 2017 at prices between $131 and $151 and that was followed with a ~23% increase the following quarter at prices between $139 and $155. Q4 2017 saw a ~50% reduction at prices between $155 and $193 while this quarter there was a ~60% increase at prices between $176 and $227. The stock is now at ~$228.Adobe Systems (ADBE): The bulk of the 1.56% ADBE stake was purchased over the last two quarters at prices between $205 and $275. The stock currently trades at $255.Zendesk Inc. (ZEN): ZEN is a 1.41% position established last quarter at prices between $54.50 and $72 and increased by ~15% this quarter. The stock is now at $77.20.Sunrun Inc. (RUN) and Sea Limited (SE): These are small positions (less than ~1.5% of the portfolio each) that saw increases this quarter.Note 1: Regulatory filings since the quarter ended show them owning 18.56M shares of Sunrun. This is compared to 17.82M shares in the 13F Report. The increase happened at ~$16.30. Their ownership stake is at ~16.5%.Note 2: Tiger Global’s ownership stake in Sea Limited is ~7% of business.Kept Steady:Eventbrite Inc. (EB) and SVMK Inc. (SVMK): EB and SVMK were Tiger Global's IPO winners last quarter. Both were private equity investments that became part of the 13F portfolio following their IPOs in September. Eventbrite IPO was priced at $23 and started trading at $36. The stock is currently at $24.46. The SVMK IPO was priced at $12 and started trading at $18.75. It currently goes for $15.20. The EB and SVMK stakes are currently at 2.66% and 2.49% of the portfolio respectively.Note: Tiger Global controls ~19% of Eventbrite and ~24.4% of SVMK.The 13F portfolio also include the following minutely small (less than 0.5% of the portfolio each) positions: Atlassian Corp plc (TEAM), Avalara (AVLR), Barclays Bank (BCS), Bilibili Inc. (BILI), Ceridian HCM (CDAY), Cloudera Inc. (CLDR), Docusign Inc. (DOCU), DropBox (DBX), Elastic NV (ESTC), Farfetch Ltd. (FTCH), Farmland Partners (FPI), FireEye Inc. (FEYE), Fitbit Inc. (FIT), Huya Inc. (HUYA), Iqiyi Inc. (IQ), LendingClub Corp (LC), Netshoes Cayman (NETS), Okta Inc. (OKTA), OneSmart Intl. (ONE), J C Penney (JCP), Pinduoduo Inc. (PDD), Pivotal Software (PVTL), Pure Storage (PSTG), Puxin Ltd (NEW), Redfin Corp (RDFN), Rise Ed Cayman (REDU), Shopify Inc. (SHOP), Sogou Inc. (SOGO), SolarWinds Corp (SWI), Sunlands Online (STG), Switch Inc. (SWCH), Tenable Holdings (TENB), Tencent Music (TME), and ZTO Express Cayman (ZTO).Note: Last July, it was that Tiger Global has taken a ~$1B stake in Softbank (SFTBY). Their thesis is undervaluation and chance for the gap to close based on telecom spinoff & potential Alibaba stake tax-deferred spinoff. They believe NAV is $190B which implies the stock has to double for NAV to reach current price (~$40 per share at the time). The stock currently trades at $46.37.Below is a spreadsheet that shows the changes to Chase Coleman's Tiger Global Holdings 13F portfolio holdings as of Q4 2018:Regulatory filings thru 11/26/2018: Form 4 – 11/20, 11/16, 10/24, 10/23, – APO – 100K shares acquired at $27.544 – 36.4M shares remain, 950K shares @ ~$28.10, 100K shares @ ~$28.50, 800K shares @ 29.25, Form 4 – 10/11, 10/1 – RUN – 230K shares @ ~$11.50 – 15.23M shares, 120K shares ~$12, Form 3 – 9/25 – SVMK - ~30.4M shares, 13G – 8/23 – SEA – 11.16M shares – 6.1% of business,10/2018: Coleman’s – Eventbrite (EB) & Survey Monkey (SVMK)."

"Tracking Chase Coleman’s Tiger Global Portfolio – Q3 2018 Update"

"Chase Coleman’s 13F portfolio value increased from $19.22B to $21.09B this quarter.Tiger Global increased Fiat Chrysler, Alibaba, & JD.com while reducing Mercadolibre & Twitter during the quarter.The largest three positions are Amazon.com, Spotify Technology, and Microsoft Corporation, and they add up to ~30% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Chase Coleman’s Tiger Global Management 13F stock portfolio on a quarterly basis. It is based on Tiger Global’s regulatory filed on 11/14/2018. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q2 2018.Chase Coleman’s 13F portfolio value increased ~9% this quarter from $19.21B to $21.09B. Recent 13F reports have shown around 50 positions. 33 of those are significantly large (more than 0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Amazon.com, Spotify Technology, Microsoft Corporation, JD.com, and Booking Holdings. Together, they add up to ~42% of the entire 13F portfolio.Prior to founding Tiger Global Management in 2001, Chase Coleman was the technology analyst at Tiger Management from 1997 to 2000, making him a bona fide “tiger cub”. To know more about Julian Robertson and his legendary Tiger Management, check out .New Stakes:Eventbrite Inc. (EB) and SVMK Inc. (SVMK): EB and SVMK are Tiger Global's IPO winners this quarter. Both were private equity investments that became part of the 13F portfolio following their IPOs in September. Eventbrite IPO was priced at $23 and started trading at $36. The stock is currently at $28.42. The SVMK IPO was priced at $12 and started trading at $18.75. It currently goes for $13. The EB and SVMK stakes are currently at 2.59% and 2.32% of the portfolio respectively.Note: Tiger Global controls ~19% of Eventbrite and ~27% of SVMK.Apple Inc. (AAPL) and Zendesk Inc. (ZEN): These are very small (less than ~1% of the portfolio each) positions established this quarter. The 1.10% AAPL stake was purchased at prices between $184 and $228 and the stock currently trades below that range at $172. ZEN is a 1.06% position established at prices between $54.50 and $72 and it is now at $53.10.Stake Disposals:None.Stake Decreases:Microsoft Corporation (MSFT): MSFT is a large (top three) ~7% portfolio stake established in Q4 2016 at prices between $57 and $63 and increased by ~400% in Q2 2017 at prices between $65 and $72. The stock is now at ~$103. Q4 2017 saw a ~9% trimming while next quarter there was a ~38% stake increase at prices between $85 and $97. There was marginal trimming in the last two quarters.Facebook Inc. (FB): The ~3.60% FB stake was established in Q4 2016 at prices between $115 and $132. Q3 2017 saw a ~250% stake increase at prices between $148 and $174 and that was followed with a one-third increase the following quarter at prices between $168 and $183. There was another ~135% increase in Q1 2018 at prices between $152 and $193. The stock currently goes for $132. There was a ~24% reduction this quarter at prices between $160 and $218.Note: Facebook has seen a previous roundtrip in the portfolio. A pre-IPO investment of ~54M shares was sold out by Q4 2012. The trade generated over $1B in profits.Transdigm Group (TDG): TDG is a 3.25% of the portfolio position. It was first purchased in Q4 2016 at prices between $245 and $289. H1 2017 saw the position built up to a large ~9% portfolio stake (4M shares) at prices between $210 and $272. There was a ~20% selling in Q3 2017 at prices between $264 and $288 and that was followed with a ~40% reduction next quarter at prices between $256 and $285. The pattern reversed in Q1 2018: ~44% increase at prices between $270 and $317. The stock currently trades at ~$341. Last two quarters have seen a ~35% selling at prices between $301 and $373.Note: TDG has seen a previous round-trip in the portfolio: a long-term position significantly increased in H2 2013 was disposed in Q1 2016 realizing long-term gains.Despegar.com (DESP): DESP is a ~2% of the portfolio position. It came about as a result of the Argentine airline booking business’s IPO in September 2017. Tiger Global had a majority ownership interest in the business prior to the IPO. The stock started trading at ~$32 and currently goes for $14.99. There was a ~20% reduction this quarter at prices between $15 and $22.Note: Tiger Global’s ownership stake in the business is ~35%.Mercadolibre (MELI) and Twitter Inc. (TWTR): These two positions were established in Q1 2018. MELI is a 1.48% portfolio stake established at prices between $320 and $414 and increased by ~85% last quarter at prices between $285 and $356. The stock is currently at ~$310. This quarter saw a ~38% selling at prices between $295 and $385. TWTR is a ~1% portfolio position purchased at prices between $22 and $36.50 and increased by ~24% last quarter at prices between $27.50 and $47. It is now at $31.12. This quarter saw a ~40% selling at prices between $28 and $47.Stake Increases:JD.com (JD) & Calls: JD was a ~5M share position first purchased in Q4 2014 at prices between $23.50 and $27. The next two quarters saw the position built up to a huge ~70M share position (~25% of the 13F portfolio at the time) at prices between $24 and $38. Since then, the stake has wavered. This quarter saw a ~24% increase at prices between $24.50 and $40. The stock is now below their purchase price ranges at $19.27. It is their fourth-largest 13F position at 6.23% of the portfolio (50.4M shares). For investors attempting to follow Tiger Global, JD is a good option to consider for further research.Booking Holdings (BKNG) & Calls previously Priceline: BKNG is a large (top five) 6.22% of the portfolio position. The stake was purchased in Q4 2015 at prices between $1237 and $1465. Q3 2016 saw a one-third increase at prices between $1248 and $1473 and that was followed with another similar increase the following quarter at prices between $1424 and $1578. The stock is now at $1764. There was a ~15% trimming in Q1 2017 and that was followed with a ~27% selling in Q4 2017 at prices between $1646 and $1943. Q1 2018 saw another ~18% selling at prices between $1750 and $2206. This quarter saw a marginal increase.Note: Booking Holdings has seen a previous roundtrip in the portfolio. A fairly large position first purchased in 2007 was disposed in 2015 realizing huge profits.Fiat Chrysler (FCAU): FCAU is now a fairly large ~5% of the portfolio position. It was first purchased in Q4 2016 at prices between $6 and $9. There was a one-third reduction in Q1 2017 at prices between $9.50 and $11.50 and that was followed with a ~40% selling next quarter at prices between $9.70 and $11.65. Q4 2017 saw a ~18% stake increase at prices between $18 and $25 and that was followed with a ~140% increase this quarter at prices between $15.50 and $20.50. The stock is now at $15.97. For investors attempting to follow, FCAU is a good option to consider for further research.Alibaba Group Holdings (BABA): BABA is a fairly large ~5% portfolio stake established in Q3 2016 at prices between $78.50 and $109 and the stock is now at ~$150. There was a ~16% selling in Q4 2017 at prices between $169 and $191 while last quarter there was a similar increase at prices between $168 and $211. This quarter saw a ~45% increase at prices between $156 and $198.TAL Education (TAL) and New Oriental Education (EDU): These two positions were established in Q4 2016 and increased substantially since. The 1.43% TAL stake was purchased at prices between $11.25 and $13.75 and increased by ~40% the following quarter at prices between $11.50 and $18. This quarter also saw a ~16% increase. The stock is now at $27.01. EDU is a ~1% portfolio position purchased at prices between $42 and $52 and increased by ~55% the following quarter at prices between $42 and $60. Q4 2017 also saw a ~28% increase at prices between $81.50 and $94. The stock is now at $52.94. There was a ~6% increase this quarter.Note: TAL Education has seen a previous roundtrip in the portfolio. Tiger Global had a majority ownership stake in TAL Education prior to its IPO. The position was disposed by Q1 2014.Uxin Limited ADR (UXIN): UXIN is a venture capital investment and became part of Tiger Global’s 13F portfolio following its IPO last quarter. UXIN started trading at ~$9 and currently goes for $4.51. Tiger Global controls ~8% of UXIN. The stake is at 0.83% of the portfolio. This quarter saw a ~3% increase.Adobe Systems (ADBE), ServiceNow Inc. (NOW), Sunrun Inc. (RUN) and Sea Limited (SE): These are small positions (less than ~1.5% of the portfolio each) that saw increases this quarter.Note 1: Regulatory filings since the quarter ended show them owning 15.23M shares of Sunrun. This is compared to 14.89M shares in the 13F report. The increase happened at ~$11.75 per share cost-basis. They control ~14% of the business. The stock is now at $12.42.Note 2: Tiger Global’s ownership stake in Sea Limited is 6.1% of business.Kept Steady:Amazon.com Inc. (AMZN): AMZN is currently the second-largest 13F stake at ~11% of the portfolio. The position was established in Q2 & Q3 2015 at prices between $370 and $540. Q1 2016 had seen a two-thirds reduction at prices between $482 and $676. The following quarter saw a ~40% increase at prices between $586 and $728 and the stock is now at $1502. Q3 2017 had seen a ~24% increase at prices between $945 and $1053 while the following quarter saw a similar reduction at prices between $957 and $1196. There was a ~7% increase in Q1 2018.Note: AMZN has seen a previous round-trip in the portfolio. A 1M share stake purchased in 2010 in the low-100s price range was disposed of in Q1 2014 in the high-300s realizing huge gains.Spotify Technology (SPOT): Spotify is a venture capital investments that became part of their 13F portfolio following its IPO last quarter. Tiger Global controls ~7.2% of Spotify. Currently, the Spotify stake is their second-largest 13F position at ~11% of the portfolio. SPOT started trading at ~$150 and currently goes for ~$129.Apollo Global Management (APO): APO is a large 5.64% portfolio position first purchased in Q1 2017 at prices between $19.50 and $24.50 and increased by ~40% the following quarter at prices between $24 and $28.50. Last four quarters had also seen minor increases. The stock is now at $28.70.Note: Regulatory filings since the quarter ended show them owning 36.4M shares of Apollo Global. This is compared to 34.42M shares in the 13F report. The increase happened at ~$29 per share. Tiger Global has a ~19% ownership stake in Apollo Global Management.Netflix Inc. (NFLX): NFLX is a frequently traded stock in Tiger Global’s portfolio. It has seen multiple roundtrips since 2011. The bulk of the current 4.24% position was purchased in Q3 2017 at prices between $146 and $189. There was ~43% reduction next quarter at prices between $177 and $203 while Q1 2018 saw a ~23% increase at prices between $200 and $330. The stock currently trades at $259.Domino’s Pizza (DPZ): DPZ is a ~3% portfolio stake established in Q4 2016 with the bulk purchased in the following quarter at prices between $151 and $172. Q2 2017 saw a ~30% selling at prices between $174 and $219. The stock is now at ~$263. Q3 2017 saw a ~16% increase while the following quarter there was a ~11% trimming.Note: Tiger Global has a 4.7% ownership stake in Domino’s Pizza.FleetCor Technologies (FLT): FLT is a 1.21% of the portfolio stake first purchased in Q4 2012 at prices between $45 and $53. The position has wavered. Recent activity follow: There was an almost two-thirds increase in Q2 2017 at prices between $131 and $151 and that was followed with a ~23% increase the following quarter at prices between $139 and $155. Q4 2017 saw a ~50% reduction at prices between $155 and $193. The stock is now at ~$184.Salesforce.com (CRM): CRM is a 1.78% position purchased in Q4 2017 at prices between $93 and $109 and increased by just over 200% next quarter at prices between $104 and $128. It now goes for $122. There was a ~4% increase last quarter.Autodesk Inc. (ADSK): ADSK is a 1.72% portfolio stake purchased in Q3 2017 at prices between $99 and $117 and increased by ~75% the following quarter at prices between $104 and $130. The stock currently trades at ~$133. Last two quarters had seen minor increases.Coupa Software (COUP), MasterCard Inc. (MA), Restaurant Brands International (QSR) and Visa Inc. (V): These very small positions (less than ~0.60% of the portfolio each) were kept steady this quarter.The 13F portfolio also include the following minutely small (less than 0.5% of the portfolio each) positions: Atlassian Corp plc (TEAM), Avalara (AVLR), Barclays Bank (BCS), Bilibili Inc. (BILI), Bright Scholar Education (BEDU), Ceridian HCM (CDAY), Cloudera Inc. (CLDR), Docusign Inc. (DOCU), DropBox (DBX), Farfetch Ltd. (FTCH), Farmland Partners (FPI), FireEye Inc. (FEYE), Fitbit Inc. (FIT), GDS Holdings (GDS), Huya Inc. (HUYA), Iqiyi Inc. (IQ), LendingClub Corp (LC), Mongodb Inc. (MDB), Netshoes Cayman (NETS), Okta Inc. (OKTA), OneSmart Intl. (ONE), J C Penney (JCP), Pinduoduo Inc. (PDD), Pivotal Software (PVTL), Pure Storage (PSTG), Puxin Ltd (NEW), Redfin Corp (RDFN), Rise Ed Cayman (REDU), Shopify Inc. (SHOP), Sogou Inc. (SOGO), Sunlands Online (STG), Switch Inc. (SWCH), Tenable Holdings (TENB), Twilio Inc. (TWLO), and ZTO Express Cayman (ZTO).Note: In mid-July, it was that Tiger Global has taken a ~$1B stake in Softbank (SFTBY). Their thesis is undervaluation and chance for the gap to close based on telecom spinoff & potential Alibaba stake tax-deferred spinoff. They believe NAV is $190B which implies the stock has to double for NAV to reach current price (~$40 per share at the time). The stock currently trades at $38.55.Below is a spreadsheet that shows the changes to Chase Coleman's Tiger Global Holdings 13F portfolio holdings as of Q3 2018:7/12/2018 – Tiger Global started a in SFTBY – thesis is undervaluation and chance for the gap to close based on telecom spinoff & potential Baba stake tax-deferred spinoff – believes NAV is $190B which implying the stock has to double for NAV to reach current price (~$40 per share).Regulatory filings thru 9/3/2018: 13G – 8/23 – SE – 11.16M shares – 6.1% of business, Form 4 – 8/20 – RUN – 53K shares acquired @ $13.33 – 14.88M shares total, Form 4 – 8/13 – 323K shares @ 12.43, Form 4 – 8/3 – 500K shares @ 13.83, Form 4 – 7/3 – 62K shares @ 13.57, 13G/A – 6/11 – 13.9M shares – 12.8% of business, Form 4 – 6/4 – 1.56M shares @ ~12, Fom 4 – 6/7 – 650K shares @ ~12.25, Form 4 – 5/30 - ~800K shares @ 11, Form 3 – 5/30 – 10.9M shares, 13G/A – 5/30 – 11.7M shares – 10.7% of business, 13G/A – 5/15 – 9.5M shares – 8.7% of business, 13G – 6/15 – SPOT – 12.8M shares – 7.2% of business,"

"Tracking Chase Coleman’s Tiger Global Portfolio – Q2 2018 Update"

"Chase Coleman’s 13F portfolio value increased from $15.04B to $19.22B this quarter.Tiger Global increased Mercadolibre while reducing Redfin Corp during the quarter.The largest three positions are Spotify Technology, Amazon.com, and JD.com, and they add up to ~30% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Chase Coleman’s Tiger Global Management 13F stock portfolio on a quarterly basis. It is based on Tiger Global’s regulatory filed on 08/14/2018. Please visit our Portfolio series to get an idea of their investment philosophy and our for the fund’s moves in Q1 2018.Chase Coleman’s 13F portfolio value increased ~28% this quarter from $15.04B to $19.21B. Recent 13F reports have shown around 50 positions. 28 of those are significantly large (more than 0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Spotify Technology (SPOT), Amazon.com (AMZN), JD.com (JD), Booking Holdings (BKNG), and Microsoft. Together, they add up to ~44% of the entire 13F portfolio.Prior to founding Tiger Global Management in 2001, Chase Coleman was the technology analyst at Tiger Management from 1997 to 2000, making him a bona fide “tiger cub”. To know more about Julian Robertson and his legendary Tiger Management, check out .New Stakes:Spotify Technology (SPOT) and Uxin Limited ADR (UXIN): These two positions are venture capital investments. They are new in the 13F report as they became 13F securities following their respective IPOs. Tiger Global controls ~7.2% of Spotify and ~8.1% of Uxin. Currently, the Spotify stake is their largest 13F position at 11.21% of the portfolio. The Uxin stake is at 1.17% of the portfolio.Stake Disposals:None.Stake Decreases:JD.com (JD) & Calls: JD was a ~5M share position first purchased in Q4 2014 at prices between $23.50 and $27. The next two quarters saw the position built up to a huge ~70M share position (~25% of the 13F portfolio at the time) at prices between $24 and $38. Since then, the stake has wavered. Recent activity follow: Q3 2017 saw a ~12% increase at prices between $38 and $48 while the following quarter there was a ~17% reduction at prices between $36.75 and $43. The stock is currently at $29.43. It is their third-largest 13F position at ~8% of the portfolio (~41M shares). There was a marginal increase last quarter and minor trimming this quarter. For investors attempting to follow Tiger Global, JD is a good option to consider for further research.Microsoft Corporation (MSFT): MSFT is a large (top five) ~7% portfolio stake established in Q4 2016 at prices between $57 and $63 and increased by ~400% in Q2 2017 at prices between $65 and $72. The stock is now at ~$112. Q4 2017 saw a ~9% trimming while last quarter there was a ~38% stake increase at prices between $85 and $97. There was marginal trimming this quarter.Transdigm Group (TDG): TDG is a 4.37% of the portfolio position. It was first purchased in Q4 2016 at prices between $245 and $289. H1 2017 saw the position built up to a large ~9% portfolio stake (4M shares) at prices between $210 and $272. There was a ~20% selling in Q3 2017 at prices between $264 and $288 and that was followed with a ~40% reduction next quarter at prices between $256 and $285. The pattern reversed last quarter: ~44% increase at prices between $270 and $317. The stock currently trades at ~$352. This quarter saw a ~12% trimming.Note: Tiger Global has a 4.6% ownership interest in Transdigm Group. TDG has seen a previous round-trip in the portfolio: a long-term position significantly increased in H2 2013 was disposed in Q1 2016 realizing long-term gains.Redfin Corp (RDFN): RDFN stake came about as a result of the online real-estate firm’s IPO last August. Tiger Global’s stake in the business goes back to 2013. At the time, the funding round they participated in occurred at a valuation of ~$500M compared to the current market valuation of ~$1.8B. The stock started trading at ~$20 and is currently at $19.81. The position was sold down by ~70% this quarter at prices between $21 and $24.50. Tiger Global is harvesting gains.Stake Increases:Facebook Inc. (FB): The current ~6% FB stake was established in Q4 2016 at prices between $115 and $132. Q3 2017 saw a ~250% stake increase at prices between $148 and $174 and that was followed with a one-third increase the following quarter at prices between $168 and $183. There was another ~135% increase last quarter at prices between $152 and $193. The stock currently goes for $171. This quarter saw a minor ~5% increase.Note: Facebook has seen a previous roundtrip in the portfolio. A pre-IPO investment of ~54M shares was sold out by Q4 2012. The trade generated over $1B in profits.Apollo Global Management (APO): APO is a large 5.71% portfolio position first purchased in Q1 2017 at prices between $19.50 and $24.50 and increased by ~40% the following quarter at prices between $24 and $28.50. Last four quarters have also seen minor increases. The stock is now at $34.72.Note: Tiger Global has a ~18% ownership stake in Apollo Global Management.Alibaba Group Holdings (BABA): BABA is a fairly large 4.29% portfolio stake established in Q3 2016 at prices between $78.50 and $109 and the stock is now at ~$170. There was a ~16% selling in Q4 2017 at prices between $169 and $191 while this quarter there was a similar increase at prices between $168 and $211.Mercadolibre (MELI) and Twitter Inc. (TWTR): These two positions were established last quarter and increased this quarter. MELI is a 2.31% portfolio stake established at prices between $320 and $414 and increased by ~85% this quarter at prices between $285 and $356. The stock is currently at ~$342. TWTR is a 2.66% portfolio position purchased last quarter at prices between $22 and $36.50 and increased by ~24% this quarter at prices between $27.50 and $47. It is now at $34.84.Salesforce.com (CRM): CRM is a 1.67% position purchased in Q4 2017 at prices between $93 and $109 and increased by just over 200% last quarter at prices between $104 and $128. It now goes for $153. There was a ~4% increase this quarter.Autodesk Inc. (ADSK): ADSK is a 1.58% portfolio stake purchased in Q3 2017 at prices between $99 and $117 and increased by ~75% the following quarter at prices between $104 and $130. The stock currently trades at ~$154. There were minor increases in the last two quarters.ServiceNow Inc. (NOW), Sunrun Inc. (RUN) and Sea Limited (SE): These are small positions (less than ~1.5% of the portfolio each) that saw increases this quarter.Note 1: Regulatory filings since the quarter ended show them owning 14.88M shares of Sunrun. This is compared to 13.9M shares in the 13F report. The increase happened at ~$13 per share cost-basis. They control ~13.5% of the business. The stock is now at $12.78.Note 2: Regulatory filings also show them owning 11.16M shares (6.1% of business) of Sea Limited. This is compared to 8.15M shares in the 13F report.Kept Steady:Amazon.com Inc. (AMZN): AMZN is currently the second-largest 13F stake at ~11% of the portfolio. The position was established in Q2 & Q3 2015 at prices between $370 and $540. Q1 2016 had seen a two-thirds reduction at prices between $482 and $676. The following quarter saw a ~40% increase at prices between $586 and $728 and the stock is now at $2040. Q3 2017 had seen a ~24% increase at prices between $945 and $1053 while the following quarter saw a similar reduction at prices between $957 and $1196. There was a ~7% increase last quarter.Note: AMZN has seen a previous round-trip in the portfolio. A 1M share stake purchased in 2010 in the low-100s price range was disposed of in Q1 2014 in the high-300s realizing huge gains.Booking Holdings (BKNG) & Calls previously Priceline: BKNG is a large (top five) ~7% of the portfolio position. The stake was purchased in Q4 2015 at prices between $1237 and $1465. Q3 2016 saw a one-third increase at prices between $1248 and $1473 and that was followed with another similar increase the following quarter at prices between $1424 and $1578. The stock is now at $1925. There was a ~15% trimming in Q1 2017 and that was followed with a ~27% selling in Q4 2017 at prices between $1646 and $1943. Last quarter saw another ~18% selling at prices between $1750 and $2206.Note: Booking Holdings has seen a previous roundtrip in the portfolio. A fairly large position first purchased in 2007 was disposed in 2015 realizing huge profits.Netflix Inc. (NFLX): NFLX is a frequently traded stock in Tiger Global’s portfolio. It has seen multiple roundtrips since 2011. The bulk of the current 4.24% position was purchased in Q3 2017 at prices between $146 and $189. There was ~43% reduction next quarter at prices between $177 and $203 while last quarter saw a ~23% increase at prices between $200 and $330. The stock currently trades at $364.Despegar.com (DESP): DESP is a 3.30% of the portfolio position. It came about as a result of the Argentine airline booking business’s IPO in September 2017. Tiger Global had a majority ownership interest in the business prior to the IPO. The stock started trading at ~$32 and currently goes for $16.80.Note: Tiger Global’s ownership stake in the business is ~44%.Domino’s Pizza (DPZ): DPZ is a ~3% portfolio stake established in Q4 2016 with the bulk purchased in the following quarter at prices between $151 and $172. Q2 2017 saw a ~30% selling at prices between $174 and $219. The stock is now at ~$297. Q3 2017 saw a ~16% increase while the following quarter there was a ~11% trimming.Note: Tiger Global has a 4.7% ownership stake in Domino’s Pizza.Fiat Chrysler (FCAU): FCAU is a 2.56% of the portfolio position purchased in Q4 2016 at prices between $6 and $9. There was a one-third reduction in Q1 2017 at prices between $9.50 and $11.50 and that was followed with a ~40% selling next quarter at prices between $9.70 and $11.65. Q4 2017 saw a ~18% stake increase at prices between $18 and $25. The stock is now at $17.27.TAL Education (TAL) and New Oriental Education (EDU): These two positions were established in Q4 2016 and increased substantially since. The 1.93% TAL stake was purchased at prices between $11.25 and $13.75 and increased by ~40% the following quarter at prices between $11.50 and $18. The stock is now at $29.26. EDU is a 1.41% portfolio position purchased at prices between $42 and $52 and increased by ~55% the following quarter at prices between $42 and $60. Q4 2017 also saw a ~28% increase at prices between $81.50 and $94. The stock is now at $75.53.Note: TAL Education has seen a previous roundtrip in the portfolio. Tiger Global had a majority ownership stake in TAL Education prior to its IPO. The position was disposed by Q1 2014.FleetCor Technologies (FLT): FLT is a 1.23% of the portfolio stake first purchased in Q4 2012 at prices between $45 and $53. The position has wavered. Recent activity follow: There was an almost two-thirds increase in Q2 2017 at prices between $131 and $151 and that was followed with a ~23% increase the following quarter at prices between $139 and $155. Q4 2017 saw a ~50% reduction at prices between $155 and $193. The stock is now at ~$215.MasterCard Inc. (MA), Restaurant Brands International (QSR) and Visa Inc. (V): These very small positions (less than ~0.60% of the portfolio each) were kept steady this quarter.The 13F portfolio also include the following minutely small (less than 0.5% of the portfolio each) positions: Adobe Systems (ADBE), Atlassian Corp plc (TEAM), Avalara (AVLR), Barclays Bank (BCS), Bilibili Inc. (BILI), Bright Scholar Education (BEDU), Ceridian HCM (CDAY), Cloudera Inc. (CLDR), Coupa Software (COUP), Docusign Inc. (DOCU), DropBox (DBX), Farmland Partners (FPI), FireEye Inc. (FEYE), Fitbit Inc. (FIT), GDS Holdings (GDS), Huya Inc. (HUYA), Iqiyi Inc. (IQ), LendingClub Corp (LC), Mongodb Inc. (MDB), Netshoes Cayman (NETS), Okta Inc. (OKTA), OneSmart Intl. (ONE), J C Penney (JCP), Pivotal Software (PVTL), Pure Storage (PSTG), Puxin Ltd (NEW), Rise Ed Cayman (REDU), Shopify Inc. (SHOP), Sogou Inc. (SOGO), Sunlands Online (STG), Switch Inc. (SWCH), and ZTO Express Cayman (ZTO).Note: In mid-July, it was that Tiger Global has taken a ~$1B stake in Softbank (SFTBY). Their thesis is undervaluation and chance for the gap to close based on telecom spinoff & potential Alibaba stake tax-deferred spinoff. They believe NAV is $190B which implies the stock has to double for NAV to reach current price (~$40 per share at the time). The stock currently trades at $45.53.Below is a spreadsheet that shows the changes to Chase Coleman's Tiger Global Holdings 13F portfolio holdings as of Q2 2018:Regulatory Filings thru 5/26/2018: 13G/A – 5/15, 13G 4/9 – RUN – 9.5M shares – 8.7% of business, 8.4M shares – 7.8% of business, Form 4 – 4/22, 4/18, 3/26 – APO – 50K purchase at $28.1, 50K @ $29.01, 100K @ 30.34 – 34.42M shares, 13D/A – 4/17, 2/27 13D/A (10.53M shares/5.26M ADRs – 14.2% of business - $12 per ADS purchase agreement w.r.t going private transacton at $13.35 per ADS) – EHIC – None, 13G – 3/12 – BEDU – 1.58M shares – 5.8% of business, 13G – 3/6 – TDG – 2.78M shares – 5.3% of business,"

"Tracking Chase Coleman’s Tiger Global Portfolio – Q1 2018 Update"

"Chase Coleman’s 13F portfolio value increased from $12.66B to $15.04B this quarter.Tiger Global increased Facebook and Microsoft substantially during the quarter.The largest three positions are Amazon.com, JD.com, and Booking Holdings, and they add up to ~32% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Chase Coleman’s Tiger Global Management 13F stock portfolio on a quarterly basis. It is based on Tiger Global’s regulatory filed on 05/15/2018. Please visit our Portfolio series to get an idea of their investment philosophy and the fund’s moves in Q4 2017.Chase Coleman’s 13F portfolio value increased ~19% this quarter from $12.66B to $15.04B. Recent 13F reports have shown around 50 positions. 26 of those are significantly large (more than 0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Amazon.com (AMZN), JD.com (JD), Booking Holdings (BKNG) previously Priceline, Microsoft, and Apollo Global (APO). Together, they add up to ~47% of the entire 13F portfolio.Prior to founding Tiger Global Management in 2001, Chase Coleman was the technology analyst at Tiger Management from 1997 to 2000, making him a bona fide “tiger cub”. To know more about Julian Robertson and his legendary Tiger Management, check out .New Stakes:Mercadolibre (MELI) and Twitter Inc. (TWTR): These are the two new positions this quarter. MELI is a 1.89% portfolio stake established at prices between $320 and $414 and the stock currently trades just below the low end of that range at ~$315. TWTR is a 1.82% portfolio position purchased this quarter at prices between $22 and $36.50 and it is now at $33.63.Stake Disposals:Alphabet Inc. (GOOG): GOOG was a 1.62% stake established last quarter at prices between $952 and $1077 and disposed this quarter at prices between $1001 and $1176. The stock is currently trading at $1076.Charter Communications (CHTR): CHTR was a minutely small 0.36% portfolio position as of last quarter. It was first purchased in Q3 2012 at a cost-basis of ~$75 per share. The stake has seen frequent trading. Recent activity follow: roughly thirteen-times increase at prices between $175 and $193 in the three quarters thru Q2 2016. There was a ~50% reduction in H2 2016 at prices between $232 and $292. Q1 2017 saw a further one-third selling at prices between $286 and $333 and that was followed with a similar reduction in the following quarter at prices between $313 and $353. The remaining position was almost sold out last quarter at prices between $316 and $371. The stock is now at $270. The remainder stake was disposed this quarter. Tiger Global realized huge long-term gains.Comcast Corporation (CMCSA), Etsy Inc. (ETSY), and Teladoc Inc. (TDOC): These small positions (less than ~1.5% of the portfolio each) were reduced last quarter and eliminated this quarter.Stake Decreases:Booking Holdings (BKNG) & Calls previously Priceline: BKNG is a large (top three) ~9% of the portfolio position. The stake was purchased in Q4 2015 at prices between $1237 and $1465. Q3 2016 saw a one-third increase at prices between $1248 and $1473 and that was followed with another similar increase the following quarter at prices between $1424 and $1578. The stock is now at $2111. There was a ~15% trimming in Q1 2017 and that was followed with a ~27% selling last quarter at prices between $1646 and $1943. This quarter saw another ~18% selling at prices between $1750 and $2206. Tiger Global is realizing gains.Note: Booking Holdings has seen a previous roundtrip in the portfolio. A fairly large position first purchased in 2007 was disposed in 2015 realizing huge profits.FleetCor Technologies (FLT): FLT is a 1.51% of the portfolio stake first purchased in Q4 2012 at prices between $45 and $53. The position has wavered. Recent activity follow: Q4 2016 saw a ~22% increase at prices between $141 and $175 while the following quarter saw a ~50% reduction at prices between $140 and $170. There was an almost two-thirds increase in Q2 2017 at prices between $131 and $151 and that was followed with a ~23% increase the following quarter at prices between $139 and $155. Last quarter saw a ~50% reduction at prices between $155 and $193. The stock is now at ~$202.MasterCard Inc. (MA), EHI Car Services (EHIC), and ServiceNow Inc. (NOW): These very small positions (less than ~1% of the portfolio each) were reduced this quarter.Note: Regulatory filings since the quarter ended show them having disposed the EHI Car Services position at $12 per share to a consortium involved in the going-private initiative announced last December. The original EHIC position goes back to 2015 when they had an almost one-third ownership stake in the business.Stake Increases:Amazon.com Inc. (AMZN): AMZN is currently the largest 13F stake at ~12% of the portfolio. The position was established in Q2 & Q3 2015 at prices between $370 and $540. Q1 2016 had seen a two-thirds reduction at prices between $482 and $676. The following quarter saw a ~40% increase at prices between $586 and $728 and the stock is now at $1610. Q3 2017 had seen a ~24% increase at prices between $945 and $1053 while last quarter saw a similar reduction at prices between $957 and $1196. There was a ~7% increase this quarter.Note: AMZN has seen a previous round-trip in the portfolio. A 1M share stake purchased in 2010 in the low-100s price range was disposed of in Q1 2014 in the high-300s realizing huge gains.JD.com (JD) & Calls: JD was a ~5M share position first purchased in Q4 2014 at prices between $23.50 and $27. The next two quarters saw the position built up to a huge ~70M share position (~25% of the 13F portfolio at the time) at prices between $24 and $38. Since then, the stake has wavered. Recent activity follow: Q3 2017 saw a ~12% increase at prices between $38 and $48 while last quarter saw a ~17% reduction at prices between $36.75 and $43. The stock is currently at $36.87. It is their second-largest 13F position at ~11% of the portfolio (~41M shares). There was a marginal increase this quarter. For investors attempting to follow Tiger Global, JD is a good option to consider for further research.Microsoft Corporation (MSFT): MSFT is a large (top five) ~8% portfolio stake established in Q4 2016 at prices between $57 and $63 and increased by ~400% in Q2 2017 at prices between $65 and $72. The stock is now at $98.36. Last quarter saw a ~9% trimming while this quarter there was a ~38% stake increase at prices between $85 and $97.Apollo Global Management (APO): APO is a large (top five) ~7% portfolio position first purchased in Q1 2017 at prices between $19.50 and $24.50 and increased by ~40% the following quarter at prices between $24 and $28.50. Last three quarters have also seen minor increases. The stock is now at $31.62.Note: Tiger Global has a ~18% ownership stake in Apollo Global Management.Facebook Inc. (FB): The current ~6% FB stake was established in Q4 2016 at prices between $115 and $132. Q3 2017 saw a ~250% stake increase at prices between $148 and $174 and that was followed with a one-third increase last quarter at prices between $168 and $183. There was another ~135% increase this quarter at prices between $152 and $193. The stock currently goes for $185.Note: Facebook has seen a previous roundtrip in the portfolio. A pre-IPO investment of ~54M shares was sold out by Q4 2012. The trade generated over $1B in profits.Transdigm Group (TDG): TDG is a 5.64% of the portfolio position. It was first purchased in Q4 2016 at prices between $245 and $289. H1 2017 saw the position built up to a large ~9% portfolio stake (4M shares) at prices between $210 and $272. There was a ~20% selling in Q3 2017 at prices between $264 and $288 and that was followed with a ~40% reduction last quarter at prices between $256 and $285. The pattern reversed this quarter: ~44% increase at prices between $270 and $317. The stock currently trades at $334.Note: Tiger Global has a 5.3% ownership interest in Transdigm Group. TDG has seen a previous round-trip in the portfolio: a long-term position significantly increased in H2 2013 was disposed in Q1 2016 realizing long-term gains.Alibaba Group Holdings (BABA): BABA is a fairly large 4.57% portfolio stake established in Q3 2016 at prices between $78.50 and $109 and the stock is now at $199. There was a ~16% selling last quarter at prices between $169 and $191. This quarter saw a marginal increase.Netflix Inc. (NFLX): NFLX is a frequently traded stock in Tiger Global’s portfolio. It has seen multiple roundtrips since 2011. The bulk of the current 4.24% position was purchased in Q3 2017 at prices between $146 and $189. There was ~43% reduction last quarter at prices between $177 and $203 while this quarter saw a ~23% increase at prices between $200 and $330. The stock currently trades at $351.Fiat Chrysler (FCAU): FCAU is a 3.55% of the portfolio position purchased in Q4 2016 at prices between $6 and $9. There was a one-third reduction in Q1 2017 at prices between $9.50 and $11.50 and that was followed with a ~40% selling next quarter at prices between $9.70 and $11.65. The stock is now at $21.82. The position has wavered since. There was a ~18% stake increase this quarter at prices between $18 and $25.Domino’s Pizza (DPZ): DPZ is a ~3% portfolio stake established in Q4 2016 with the bulk purchased in the following quarter at prices between $151 and $172. Q2 2017 saw a ~30% selling at prices between $174 and $219. The stock is now at ~$250. Q3 2017 saw a ~16% increase while last quarter there was a ~11% trimming. There was a marginal increase this quarter.Note: Tiger Global has a 4.7% ownership stake in Domino’s Pizza.Autodesk Inc. (ADSK): ADSK is a 1.88% portfolio stake purchased in Q3 2017 at prices between $99 and $117 and increased by ~75% last quarter at prices between $104 and $130. The stock currently trades at ~$133. There was a ~4% increase this quarter.Salesforce.com (CRM): CRM is a 1.75% position purchased last quarter at prices between $93 and $109 and increased by just over 200% this quarter at prices between $104 and $128. It now goes for $128.Kept Steady:Despegar.com (DESP): DESP is a large (top five) position at 6.27% of the portfolio. It came about as a result of the Argentine airline booking business’s IPO in September 2017. Tiger Global had a majority ownership interest in the business prior to the IPO. The stock started trading at ~$32 and currently goes for $22.86.Note: Tiger Global’s ownership stake in the business is ~44%.TAL Education (TAL) and New Oriental Education (EDU): These two positions were established in Q4 2016 and increased substantially since. The 2.48% TAL stake was purchased at prices between $11.25 and $13.75 and increased by ~40% the following quarter at prices between $11.50 and $18. The stock is now at $42.97. EDU is a 1.67% portfolio position purchased at prices between $42 and $52 and increased by ~55% the following quarter at prices between $42 and $60. The stock is now at ~$101. There was a ~28% increase last quarter at prices between $81.50 and $94.Note: TAL Education has seen a previous roundtrip in the portfolio. Tiger Global had a majority ownership stake in TAL Education prior to its IPO. The position was disposed by Q1 2014.Redfin Corp (RDFN): RDFN is a small 1.17% portfolio stake that came about as a result of the online real-estate firm’s IPO last August. Tiger Global’s stake in the business goes back to 2013. At the time, the funding round they participated in occurred at a valuation of ~$500M compared to the current market valuation of ~$1.8B. The stock started trading at ~$20 and is currently at $21.73.Note: Tiger Global’s ownership stake in the business is 9.4%.Restaurant Brands International (QSR) and Visa Inc. (V): These small positions (less than ~1% of the portfolio each) were reduced last quarter but kept steady this quarter.Netshoes Cayman (NETS): NETS is a minutely small 0.35% portfolio stake kept steady this quarter. Tiger Global has a 27.5% ownership stake in Netshoes Cayman, a Latin American online retailer. The stake is from 2014 when they participated in funding rounds.The 13F portfolio also include the following minutely small (less than 0.5% of the portfolio each) positions: Ares Capital (ARCC), Atlassian Corp plc (TEAM), Barclays Bank (BCS), Bilibili Inc. (BILI), Bright Scholar Education (BEDU), Cloudera Inc. (CLDR), DropBox (DBX), Farmland Partners (FPI), FireEye Inc. (FEYE), Fitbit Inc. (FIT), Iqiyi Inc. (IQ), LendingClub Corp (LC), Mongodb Inc. (MDB), Okta Inc. (OKTA), OneSmart Intl. (ONE), J C Penney (JCP), Pure Storage (PSTG), Rise Ed Cayman (REDU), Sea Ltd. (SE), Shopify Inc. (SHOP), Sina Corp (SINA), Sogou Inc. (SOGO), Sunlands Online (STG), Sunrun (RUN), Switch Inc. (SWCH), United Continental (UAL), and ZTO Express Cayman (ZTO).Note: Although the relative sizes compared to the overall portfolio are small, it is significant that Tiger Global has the following ownership stakes: ~9% of Sunrun and ~6% of Bright Scholar Education.Below is a spreadsheet that shows the changes to Chase Coleman's Tiger Global Holdings 13F portfolio holdings as of Q1 2018:Regulatory Filings thru 2/28/2018: 13G & 13G/As – 2/14 – DESP – 30.2M shares – 43.7% of business, RDFN – 7.69M shares – 9.4% of business, TDOC – 236K shares 0.4% of business, TDG – 1.92M shares – 3.7% of business, NETS – 8.87M shares – 27.5% of business, APO – 34.2M shares – 17.7% of business, DPZ – 2.08M shares – 4.7% of business, ETSY – 4.18M shares – 3.4% of business, ROKU – 0, 2/27 13D/A & 1/29 13G/A – EHIC – agrees to sell position at $12 to the consortium involved in the going-private proposal - 1/29 13G/A - 10.53M shares held as 5.26M ADSs - ~2.75M ADSs sold at ~$11.75 – 14.2% of business, 13D/A – 1/12/2018 – eHi Car Services - EHIC – 16.08M shares – 21.7% of business.First SA Article: Tracking Chase Coleman’s Tiger Global Portfolio – Q4 2017 UpdateChase Coleman’s 13F portfolio value decreased from $14.74B to $12.66B this quarter.Tiger Global decreased Booking Holdings, Amazon.com, and Transdigm Group substantially during the quarter.The largest three positions are JD.com, Booking Holdings, and Amazon.com and they add up to ~35% of the portfolio.This article is first in a series that provides an ongoing analysis of the changes made to Chase Coleman’s Tiger Global Management 13F stock portfolio on a quarterly basis. It is based on Tiger Global’s regulatory filed on 02/14/2018.Chase Coleman founded Tiger Global Management in 2001. The returns during the first seven years were stunning: 44% annualized net-of-fees. The annualized performance since inception is also impressive: solidly in the venerable 20 percent club (20%+ annualized returns over the long-term). For 2017, the fund was up ~28%. Assets Under Management (AUM) is at around $25B.Tiger Global Management has a long-short orientation with large stakes in traded equities and illiquid late-stage startups. 13F assets are at ~50% of AUM. Positions typically are very concentrated - sizing relative to AUM and as a percentage of business can be very high (double-digit percentage values are not uncommon).Chase Coleman’s 13F portfolio value decreased ~14% this quarter from $14.74B to $12.66B. Recent 13F reports have shown around 50 positions. 30 of those are significantly large (more than 0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are JD.com (JD), Booking Holdings (BKNG) previously Priceline, Amazon.com (AMZN), Apollo Global (APO), and Despegar (DESP). Together, they add up to ~50% of the entire 13F portfolio.Prior to founding Tiger Global Management in 2001, Chase Coleman was the technology analyst at Tiger Management from 1997 to 2000, making him a bona fide “tiger cub”. To know more about Julian Robertson and his legendary Tiger Management, check out .New Stakes:Alphabet Inc. (GOOG) and Salesforce.com (CRM): These are the two new positions this quarter. GOOG is a small 1.62% stake established at prices between $952 and $1077 and the stock is currently trading at $1105. The very small 0.60% CRM position was purchased at prices between $93 and $109 and it now goes for $116.Stake Disposals:Weibo Inc. (WB) and Armstrong World Industries (AWI): These are very small (less than ~0.60% of the portfolio each) positions disposed this quarter.Stake Decreases:JD.com (JD) & Calls: JD was a ~5M share position first purchased in Q4 2014 at prices between $23.50 and $27. The next two quarters saw the position built up to a huge ~70M share position (~25% of the 13F portfolio at the time) at prices between $24 and $38. Since then, the stake has wavered. Recent activity follow: last quarter saw a ~12% increase at prices between $38 and $48 while this quarter saw a ~17% reduction at prices between $36.75 and $43. The stock is currently at $47.15. It is their largest 13F position at ~13% of the portfolio (~41M shares).Booking Holdings (BKNG) & Calls previously Priceline Group (PCLN): BKNG is a large (top three) ~11% of the portfolio position. The stake was purchased in Q4 2015 at prices between $1237 and $1465. Q3 2016 saw a one-third increase at prices between $1248 and $1473 and that was followed with another similar increase the following quarter at prices between $1424 and $1578. The stock is now at $2034. There was a ~15% trimming in Q1 2017 and that was followed with a ~27% selling this quarter at prices between $1646 and $1943.Note: Booking Holdings has seen a previous roundtrip in the portfolio. A fairly large position first purchased in 2007 was disposed in 2015 realizing huge profits.Amazon.com Inc. (AMZN): AMZN is currently the third-largest 13F stake at ~10% of the portfolio. The position was established in Q2 & Q3 2015 at prices between $370 and $540. Q1 2016 had seen a two-thirds reduction at prices between $482 and $676. The following quarter saw a ~40% increase at prices between $586 and $728 and the stock is now at $1513. Last quarter had seen a ~24% increase at prices between $945 and $1053 while this quarter saw a similar reduction at prices between $957 and $1196.Note: AMZN has seen a previous round-trip in the portfolio. A 1M share stake purchased in 2010 in the low-100s price range was disposed of in Q1 2014 in the high-300s realizing huge gains.Microsoft Corporation (MSFT): MSFT is a large ~6.5% portfolio stake established in Q4 2016 at prices between $57 and $63 and increased by ~400% in Q2 2017 at prices between $65 and $72. The stock is now at $93.77. This quarter saw a ~9% trimming.Alibaba Group Holdings (BABA): BABA is a fairly large 5.18% portfolio stake established in Q3 2016 at prices between $78.50 and $109 and the stock is now at $186. There was a ~16% selling this quarter at prices between $169 and $191.Transdigm Group (TDG): TDG is a ~4% of the portfolio position. It was first purchased in Q4 2016 at prices between $245 and $289. H1 2017 saw the position built up to a large ~9% portfolio stake (4M shares) at prices between $210 and $272. There was a ~20% selling last quarter at prices between $264 and $288 and that was followed with a ~40% reduction this quarter at prices between $256 and $285. The stock currently trades at $288.Note: Tiger Global has a 3.7% ownership interest in Transdigm Group. TDG has seen a previous round-trip in the portfolio: a long-term position significantly increased in H2 2013 was disposed in Q1 2016 realizing long-term gains.Fiat Chrysler (FCAU): FCAU is a ~3% of the portfolio position purchased in Q4 2016 at prices between $6 and $9. There was a one-third reduction in Q1 2017 at prices between $9.50 and $11.50 and that was followed with a ~40% selling in Q2 2017 at prices between $9.70 and $11.65. The stock is now at $21.19. Last quarter saw a ~18% stake increase while this quarter saw a ~11% trimming.Domino’s Pizza (DPZ): DPZ is a ~3% portfolio stake established in Q4 2016 with the bulk purchased in the following quarter at prices between $151 and $172. Q2 2017 saw a ~30% selling at prices between $174 and $219. The stock is now at $222. Last quarter saw a ~16% increase while this quarter there was a ~11% trimming.Note: Tiger Global has a 4.7% ownership stake in Domino’s Pizza.Netflix Inc. (NFLX): NFLX is a frequently traded stock in Tiger Global’s portfolio. It has seen multiple roundtrips since 2011. The bulk of the current 2.66% position was purchased last quarter at prices between $146 and $189. There was ~43% reduction this quarter at prices between $177 and $203. The stock currently trades at $291.FleetCor Technologies (FLT): FLT is a ~2% of the portfolio stake first purchased in Q4 2012 at prices between $45 and $53. The position has wavered. Recent activity follow: Q4 2016 saw a ~22% increase at prices between $141 and $175 while the following quarter saw a ~50% reduction at prices between $140 and $170. There was an almost two-thirds increase in Q2 2017 at prices between $131 and $151 and that was followed with a ~23% increase last quarter at prices between $139 and $155. This quarter saw a ~50% reduction at prices between $155 and $193. The stock is now at ~$200.Charter Communications (CHTR): CHTR is now a minutely small 0.36% portfolio position. It was first purchased in Q3 2012 at a cost-basis of ~$75 per share. The stake has seen frequent trading. Recent activity follow: roughly thirteen-times increase at prices between $175 and $193 in the three quarters thru Q2 2016. There was a ~50% reduction in H2 2016 at prices between $232 and $292. Q1 2017 saw a further one-third selling at prices between $286 and $333 and that was followed with a similar reduction in the following quarter at prices between $313 and $353. The remaining position was almost sold out this quarter at prices between $316 and $371. The stock is now at $342. Tiger Global realized huge long-term gains.Comcast Corporation (CMCSA), Restaurant Brands International (QSR), MasterCard Inc. (MA), Visa Inc. (V), Etsy Inc. (ETSY), and Teladoc Inc. (TDOC): These small positions (less than ~1.5% of the portfolio each) were reduced this quarter.Note: Tiger Global retains a 3.4% ownership stake in Etsy Inc. after a ~45% reduction this quarter.Stake Increases:Apollo Global Management (APO): APO is a large (top five) ~9% portfolio position first purchased in Q1 2017 at prices between $19.50 and $24.50 and increased by ~40% the following quarter at prices between $24 and $28.50. Last two quarters have also seen minor increases. The stock is now at $32.80.Note: Tiger Global has a ~18% ownership stake in Apollo Global Management.Facebook Inc. (FB): The current 3.38% FB stake was established in Q4 2016 at prices between $115 and $132. Last quarter saw a ~250% stake increase at prices between $148 and $174 and that was followed with a one-third increase this quarter at prices between $168 and $183. The stock currently goes for $178.Note: Facebook has seen a previous roundtrip in the portfolio. A pre-IPO investment of ~54M shares was sold out by Q4 2012. The trade generated over $1B in profits.TAL Education (TAL) and New Oriental Education (EDU): These two positions were established in Q4 2016 and increased substantially since. The 2.36% TAL stake was purchased at prices between $11.25 and $13.75 and increased by ~40% the following quarter at prices between $11.50 and $18. The stock is now at $37.76. This quarter also saw a minor increase. EDU is a 2.13% portfolio position purchased at prices between $42 and $52 and increased by ~55% the following quarter at prices between $42 and $60. The stock is now at $91.39. There was a ~28% increase this quarter at prices between $81.50 and $94.Note: TAL Education has seen a previous roundtrip in the portfolio. Tiger Global had a majority ownership stake in TAL Education prior to its IPO. The position was disposed by Q1 2014.Autodesk Inc. (ADSK) and ServiceNow Inc. (NOW): ADSK is a small 1.79% portfolio stake purchased last quarter at prices between $99 and $117 and increased by ~75% this quarter at prices between $104 and $130. The stock currently trades at $117. The very small 0.82% NOW position saw a ~55% increase this quarter at prices between $114 and $131. It currently goes for $161.Kept Steady:Despegar.com (DESP): DESP is a large (top five) position at 6.55% of the portfolio. It came about as a result of the Argentine airline booking business’s IPO in September 2017. Tiger Global had a majority ownership interest in the business prior to the IPO. The stock started trading at ~$32 and currently goes for $28.40.Note: Tiger Global’s ownership stake in the business is ~44%.Redfin Corp (RDFN): RDFN is a small 1.90% portfolio stake that came about as a result of the online real-estate firm’s IPO last August. Tiger Global’s stake in the business goes back to 2013. At the time, the funding round they participated in occurred at a valuation of ~$500M compared to the current market valuation of ~$1.7B. The stock started trading at ~$20 and is currently at $20.59.Note: Tiger Global’s ownership stake in the business is 9.4%.EHI Car Services (EHIC) and Netshoes Cayman (NETS): These two very small (less than ~1% of the portfolio each) positions were kept steady this quarter.Note 1: Regulatory filings earlier this week show them having agreed to sell the EHI Car Services position at $12 per share to a consortium involved in the going-private initiative announced last December. In January, the position saw a one-third reduction at ~$11.75 per share. The original EHIC position goes back to 2015 when they had an almost one-third ownership stake in the business.Note 2: Tiger Global has a 27.5% ownership stake in Netshoes Cayman, a Latin American online retailer. The stake is from 2014 when they participated in funding rounds.Note 3: The 13F portfolio also include the following minutely small (less than 0.5% of the portfolio each) positions: Atlassian Corp plc (TEAM), Cloudera Inc. (CLDR), Ctrip.com (CTRP), Farmland Partners (FPI), FireEye Inc. (FEYE), Fitbit Inc. (FIT), LendingClub Corp (LC), Mongodb Inc. (MDB), Okta Inc. (OKTA), J C Penney (JCP), Pure Storage (PSTG), Qudian Inc. (QD), Rise Ed Cayman (REDU), Shopify Inc. (SHOP), Sina Corp (SINA), Sogou Inc. (SOGO), Switch Inc. (SWCH), and ZTO Express Cayman (ZTO).Below is a spreadsheet that shows the changes to Chase Coleman's Tiger Global Holdings 13F portfolio holdings as of Q4 2017:Regulatory Filings thru 11/25/2017: Form 4 – 11/16, 9/11 – APO - ~170K acquired at ~$29.15, ~250K acquired at ~$28.5 – 34.22M shares. 13G – 10/15 – ROKU – 1.5M shares – 9.6% of business."

"Tracking Chase Coleman’s Tiger Global Portfolio – Q3 2017 Update"

"Chase Coleman’s 13F portfolio value increased from $11.56B to $14.74B this quarter.Tiger Global substantially increased Netflix, TAL Education, and Facebook during the quarter.The largest three positions are Priceline Group, JD.com, and Amazon.com Inc. and they add up to ~36% of the portfolio.Chase Coleman’s 13F portfolio value increased ~27% this quarter from $11.56B to $14.74B this quarter. Recent 13F reports have shown a total of around 20 individual stock positions in the portfolio. The largest five stakes are Priceline Group (PCLN), JD.com (JD), Amazon.com Inc. (AMZN), Apollo Global (APOL), and Despegar (DESP) and they add up to ~50% of the entire 13F portfolio.Chase Coleman is a "tiger cub" best known for a stunning 44% annualized return during the 2001-2008 period. To know more about Julian Robertson and his legendary Tiger Management, check out .Below is a summary:Fiat Chrysler (FCAU): FCAU is a ~3% of the portfolio position purchased in Q4 2016 at prices between $6 and $9. There was a one-third reduction in Q1 2017 at prices between $9.50 and $11.50 and that was followed with a ~40% selling last quarter at prices between $9.70 and $11.65. The stock is now at $24.81. This quarter also saw a ~18% stake increase.Alibaba Group Holdings (BABA): BABA is a fairly large 5.32% portfolio stake established in Q3 2016 at prices between $78.50 and $109 and the stock is now at $205. There was a ~4% stake increase this quarter.Amazon.com Inc. (AMZN): AMZN is currently the third-largest 13F stake at ~10% of the portfolio. The position was established in Q2 & Q3 2015 at prices between $370 and $540. Q1 2016 had seen a two-thirds reduction at prices between $482 and $676. The following quarter saw a ~40% increase at prices between $586 and $728 and the stock is now at $1402. This quarter saw another ~24% increase at prices between $945 and $1053.Note: AMZN has seen a previous round-trip in the portfolio. A 1M share stake purchased in 2010 in the low-100s price range was disposed of in Q1 2014 in the high-300s realizing huge gains.Charter Communications (CHTR): CHTR is now a ~2.44% portfolio position. It was first purchased in Q3 2012 at a cost-basis of ~$75 per share. The position has wavered. Recent activity follows: The first three quarters of 2015 saw the position reduced by ~84% at prices between $150 and $195. The pattern reversed in Q4 2015: roughly thirteen-times increase at prices between $175 and $193 in the three quarters thru Q2 2016. There was a ~20% reduction the following quarter at prices between $232 and $278 and that was followed with another ~30% selling in Q4 2016 at prices between $244 and $292. Q1 2017 saw a further one-third selling at prices between $286 and $333 and that was followed with a similar reduction last quarter at prices between $313 and $353. The stock is now at $377. Tiger Global is realizing huge long-term gains.FleetCor Technologies (FLT): FLT is a ~3% of the portfolio stake first purchased in Q4 2012 at prices between $45 and $53. Q3 2015 also saw a ~47% increase at prices between $148 and $163. The three quarters thru Q3 2016 had seen selling: ~48% combined reduction at prices between $113 and $175. There was an about-turn in Q4 2016: ~22% increase at prices between $141 and $175. The pattern reversed again in Q1 2017: ~50% reduction at prices between $140 and $170. There was an almost two-thirds increase last quarter at prices between $131 and $151 and that was followed with a ~23% increase this quarter at prices between $139 and $155. The stock is now at $212.Priceline Group (PCLN): PCLN is currently the largest position at ~14% of the portfolio. The position was purchased in Q4 2015 at prices between $1237 and $1465. Q3 2016 saw a one-third increase at prices between $1248 and $1473 and that was followed with another similar increase the following quarter at prices between $1424 and $1578. The stock is now at $1950. There was a ~15% trimming in Q1 2017 and that was followed with marginal reduction last quarter.Note: PCLN has seen a previous roundtrip in the portfolio. A fairly large position first purchased in 2007 in the high double-digits was disposed of in Q3 2015 in the 1200s price range realizing huge gains.Note 1: Tiger Global has significant ownership stakes in the following businesses: 7.7% of Transdigm Group (TDG), 17% of Apollo Global (APOL), 7.2% of Teladoc (TDOC), ~7.5% of Etsy (ETSY), ~10% of Redfin Corp. (RDFN), ~10% of Roku (ROKU), and ~22% of eHi Car Services (EHIC).Below is a spreadsheet that shows the changes to Chase Coleman's Tiger Global Holdings US long portfolio holdings as of Q3 2017. For a look at how the portfolio has progressed, :To learn more about how to profit from a strategy of following the best hedge fund picks, check out our book .Regulatory Filings thru 8/31/2017: Form 4 – 8/2/2017 – RDFN - Redfin Corp (residential real-estate brokerage) – 7.95M shares – 10% of business – preferred converts. Form 4 – 8/2/2017 – APO – Apollo Global (alternative investment mgr.) - ~100K shares acquired at ~$28 – 33.8M shares – 17.4% of business. Others before as well - ~225K at ~$28, ~55K at ~$28, ~260K at ~$28, ~250K at ~$28.Regulatory Filings thru 6/25/2017: 13G - 5/22/2017 - TDG - 4M shares - 7.7%. 13G/A - 4/20/2017 - APOL - ~28M shares - 15%. 13G - 3/14/2017 - TDOC - 4.9M shares - 9%.Regulatory Filings thru 3/11/2017: 13G - 2/17/2017 - DPZ - 3M shares - 6.2%. 13G/A filings on 2/14/2017: Etsy - 8.7M shares - 7.6%. ATHM - 0. On Deck Capital - 2.4M shares - 3.4%. RH - 0, VIPS - 1M shares - 1%."

"Tracking Chase Coleman’s Tiger Global Portfolio – Q2 2017 Update"

"Chase Coleman’s 13F portfolio value increased from $9.96B to $11.56B this quarter.Tiger Global increased Apollo Global, Transdigm & Microsoft while decreasing Domino’s Pizza.The largest three positions are Priceline Group, JD.com, and Amazon.com Inc. and they add up to ~43% of the portfolio.Chase Coleman’s 13F portfolio value increased ~16% this quarter from $9.96B to $11.56B this quarter. Recent 13F reports have shown a total of around 20 individual stock positions in the portfolio. The largest five stakes are Priceline Group (PCLN), JD.com (JD), Amazon.com Inc. (AMZN), Transdigm (TDG), and Apollo Global (APOL) and they add up to ~60% of the entire 13F portfolio.Chase Coleman is a "tiger cub" best known for a stunning 44% annualized return during the 2001-2008 period. To know more about Julian Robertson and his legendary Tiger Management, check out .Below is a summary:Fiat Chrysler (FCAU): FCAU is a ~2% of the portfolio position purchased in Q4 2016 at prices between $6 and $9. There was a one-third reduction last quarter at prices between $9.50 and $11.50 and that was followed with a ~40% selling this quarter at prices between $9.70 and $11.65. The stock is now at $15.86.Alibaba Group Holdings (BABA): BABA is a fairly large 5.30% portfolio stake established in Q3 2016 at prices between $78.50 and $109 and the stock is now at $171. There were ~10% trimmings in the last two quarters. Coleman is starting to harvest huge gains.Amazon.com Inc. (AMZN): AMZN is currently the third-largest 13F stake at 10.41% of the portfolio. The position was established in Q2 & Q3 2015 at prices between $370 and $540. Q1 2016 had seen a two-thirds reduction at prices between $482 and $676. The following quarter saw a ~40% increase at prices between $586 and $728 and the stock is now at $978. There was a ~8% trimming this quarter.Note: AMZN has seen a previous round-trip in the portfolio. A 1M share stake purchased in 2010 in the low-100s price range was disposed of in Q1 2014 in the high-300s realizing huge gains.Charter Communications (CHTR): CHTR is now a ~3% portfolio position. It was first purchased in Q3 2012 at a cost-basis of ~$75 per share. The position has wavered. Recent activity follows: The first three quarters of 2015 saw the position reduced by ~84% at prices between $150 and $195. The pattern reversed in Q4 2015: roughly thirteen-times increase at prices between $175 and $193 in the three quarters thru Q2 2016. There was a ~20% reduction the following quarter at prices between $232 and $278 and that was followed with another ~30% selling in Q4 2016 at prices between $244 and $292. Last quarter saw a further one-third selling at prices between $286 and $333 and that was followed with a similar reduction this quarter at prices between $313 and $353. The stock is now at $393. Tiger Global is realizing huge long-term gains.FleetCor Technologies (FLT): FLT is a 2.84% of the portfolio stake first purchased in Q4 2012 at prices between $45 and $53. Q3 2015 also saw a ~47% increase at prices between $148 and $163. The three quarters thru Q3 2016 had seen selling: ~48% combined reduction at prices between $113 and $175. There was an about-turn in Q4 2016: ~22% increase at prices between $141 and $175. The pattern reversed again last quarter: ~50% reduction at prices between $140 and $170. There was an almost two-thirds increase this quarter at prices between $131 and $151. The stock is now at $144.Priceline Group (PCLN): PCLN is currently the largest position at ~18% of the portfolio. The position was purchased in Q4 2015 at prices between $1237 and $1465. Q3 2016 saw a one-third increase at prices between $1248 and $1473 and that was followed with another similar increase the following quarter at prices between $1424 and $1578. The stock is now at $1850. There was a ~15% trimming last quarter and that was followed with marginal reduction this quarter.Note: PCLN has seen a previous roundtrip in the portfolio. A fairly large position first purchased in 2007 in the high double-digits was disposed of in Q3 2015 in the 1200s price range realizing huge gains.Note 1: Tiger Global has significant ownership stakes in the following businesses: 7.7% of Transdigm Group (TDG), 17% of Apollo Global (APOL), 7.2% of Teladoc (TDOC), ~7.5% of Etsy (ETSY), and ~10% of Redfin Corp. (RDFN).Below is a spreadsheet that shows the changes to Chase Coleman's Tiger Global Holdings US long portfolio holdings as of Q2 2017. For a look at how the portfolio has progressed, :To learn more about how to profit from a strategy of following the best hedge fund picks, check out our book .Regulatory Filings thru 6/25/2017: 13G - 5/22/2017 - TDG - 4M shares - 7.7%. 13G/A - 4/20/2017 - APOL - ~28M shares - 15%. 13G - 3/14/2017 - TDOC - 4.9M shares - 9%."

"Tracking Chase Coleman’s Tiger Global Portfolio - Q1 2017 Update"

"Chase Coleman’s 13F portfolio value increased from $8.03B to $9.96B this quarter.Tiger Global added Apollo Global while increasing Transdigm & Domino’s Pizza.The largest three positions are Priceline Group, JD.com, and Amazon.com Inc. and they add up to ~47% of the portfolio.Chase Coleman’s 13F portfolio value increased ~24% this quarter from $8.03B to $9.96B this quarter. Recent 13F reports have shown a total of around 20 individual stock positions in the portfolio. The largest five stakes are Priceline Group (PCLN), JD.com (JD), Amazon.com Inc. (AMZN), Apollo Global (APOL), and Transdigm (TDG) and they add up to ~58% of the entire 13F portfolio.Chase Coleman is a "tiger cub" best known for a stunning 44% annualized return during the 2001-2008 period. To know more about Julian Robertson and his legendary Tiger Management, check out .Below is a summary:Fiat Chrysler (FCAU): FCAU is a 3.81% of the portfolio position purchased last quarter at prices between $6 and $9. There was a one-third reduction this quarter at prices between $9.50 and $11.50. The stock is now at $10.84.Alibaba Group Holdings (BABA): BABA is a fairly large ~5% portfolio stake established in Q3 2016 at prices between $78.50 and $109 and the stock is now at $143. There was a ~10% trimming this quarter.Amazon.com Inc. (AMZN): AMZN is currently the third-largest 13F stake at ~12% of the portfolio. The position was established in Q2 & Q3 2015 at prices between $370 and $540. Q1 2016 had seen a two-thirds reduction at prices between $482 and $676. The following quarter saw a ~40% increase at prices between $586 and $728 and the stock is now at $1004. There was a very minor trimming this quarter.Note: AMZN has seen a previous round-trip in the portfolio. A 1M share stake purchased in 2010 in the low-100s price range was disposed of in Q1 2014 in the high-300s realizing huge gains.Charter Communications (CHTR): CHTR is a fairly large ~5% portfolio position. It was first purchased in Q3 2012 at a cost-basis of ~$75 per share. The position has wavered. Recent activity follows: The first three quarters of 2015 saw the position reduced by ~84% at prices between $150 and $195. The pattern reversed in Q4 2015: roughly thirteen-times increase at prices between $175 and $193 in the three quarters thru Q2 2016. There was a ~20% reduction the following quarter at prices between $232 and $278 and that was followed with another ~30% selling last quarter at prices between $244 and $292. This quarter saw a further one-third selling at prices between $286 and $333. The stock is now at $331. Tiger Global is realizing huge long-term gains.FleetCor Technologies (FLT): FLT is a ~2% of the portfolio stake first purchased in Q4 2012 at prices between $45 and $53. Q3 2015 also saw a ~47% increase at prices between $148 and $163. The three quarters thru Q3 2016 had seen selling: ~48% combined reduction at prices between $113 and $175. There was an about-turn last quarter: ~22% increase at prices between $141 and $175. The pattern reversed again this quarter: ~50% reduction at prices between $140 and $170. The stock is now at $144.Priceline Group (PCLN): PCLN is currently the largest position at ~20% of the portfolio. The position was purchased in Q4 2015 at prices between $1237 and $1465. Q3 2016 saw a one-third increase at prices between $1248 and $1473 and that was followed with another similar increase last quarter at prices between $1424 and $1578. The stock is now at $1874. There was a ~15% trimming this quarter.Note: PCLN has seen a previous roundtrip in the portfolio. A fairly large position first purchased in 2007 in the high double-digits was disposed of in Q3 2015 in the 1200s price range realizing huge gains.Note 1: Tiger Global has significant ownership stakes in the following businesses: 7.7% of Transdigm Group (TDG), 15% of Apollo Global (APOL), 9% of Teladoc (TDOC), and ~7.5% of Etsy (ETSY).Below is a spreadsheet that shows the changes to Chase Coleman's Tiger Global Holdings US long portfolio holdings as of Q1 2017. For a look at how the portfolio has progressed, :To learn more about how to profit from a strategy of following the best hedge fund picks, check out our book .Regulatory Filings thru 3/11/2017: 13G - 2/17/2017 - DPZ - 3M shares - 6.2%. 13G/A filings on 2/14/2017: Etsy - 8.7M shares - 7.6%. ATHM - 0. On Deck Capital - 2.4M shares - 3.4%. RH - 0, VIPS - 1M shares - 1%."

"Tracking Chase Coleman’s Tiger Global Portfolio - Q4 2016 Update"

"Chase Coleman’s 13F portfolio increased from $6.94B to $8.03B this quarter.Tiger Global added Fiat Chrysler while increasing Priceline Group & JD.com and dropping Apple.The largest three positions are Priceline Group, JD.com, and Amazon.com Inc. and they add up to ~51% of the portfolio.Chase Coleman’s 13F portfolio increased ~16% this quarter from $6.94B to $8.03B this quarter. Recent 13F reports have shown a total of around 20 individual stock positions in the portfolio. The largest five stakes are Priceline Group (PCLN), JD.com (JD), Amazon.com Inc. (AMZN), Charter Communications (CHTR), and Fiat Chrysler (FCAU) and they add up to two-thirds of the entire 13F portfolio.Chase Coleman is a "tiger cub" best known for a stunning 44% annualized return during the 2001-2008 period. To know more about Julian Robertson and his legendary Tiger Management, check out .Below is a summary:Fiat Chrysler (FCAU): FCAU is a large (top five) ~6% of the portfolio position purchased this quarter at prices between $6 and $9 and the stock is now well above that range at $10.91.Alibaba Group Holdings (BABA): BABA is a large ~6% portfolio stake established last quarter at prices between $78.50 and $109 and the stock is now at $103. For investors attempting to follow Tiger Global, BABA is a good option to consider for further research. There was a marginal trimming this quarterAmazon.com Inc. (AMZN): AMZN is currently the third-largest 13F stake at ~13% of the portfolio. The position was established in Q2 & Q3 2015 at prices between $370 and $540. Q1 2016 had seen a two-thirds reduction at prices between $482 and $676. The following quarter saw a ~40% increase at prices between $586 and $728 and the stock is now at $853. There was a very minor increase this quarter.Note: AMZN has seen a previous round-trip in the portfolio. A 1M share stake purchased in 2010 in the low-100s price range was disposed of in Q1 2014 in the high-300s realizing huge gains.Apple Inc. (AAPL): AAPL was a fairly large 5.87% stake last quarter. The original position was purchased in Q4 2015 at prices between $106 and $123. Q1 2016 saw a ~47% reduction at prices between $93 and $110 and that was followed with another ~76% selling the following quarter at prices between $90 and $112. There was an about turn last quarter: ~160% increase at prices between $95 and $116. The disposal this quarter was at prices between $106 and $118. The stock currently trades at $139.Charter Communications (CHTR): CHTR is a top-five ~8% portfolio position. It was first purchased in Q3 2012 at a cost-basis of ~$75 per share. The position has wavered. Recent activity follows: The first three quarters of 2015 saw the position reduced by ~84% at prices between $150 and $195. The pattern reversed in Q4 2015: roughly thirteen-times increase at prices between $175 and $193 in the three quarters thru Q2 2016. There was a ~20% reduction last quarter at prices between $232 and $278 and that was followed with another ~30% selling this quarter at prices between $244 and $292. The stock is now at $324.FleetCor Technologies (FLT): FLT is a fairly large ~6% of the portfolio stake first purchased in Q4 2012 at prices between $45 and $53. Q3 2015 also saw a ~47% increase at prices between $148 and $163. Last three quarters had seen selling: ~48% combined reduction at prices between $113 and $175. There was an about-turn this quarter: ~22% increase at prices between $141 and $175. The stock is now at $160.Priceline Group (PCLN): PCLN is currently the largest position at ~24% of the portfolio. The position was purchased in Q4 2015 at prices between $1237 and $1465. Last quarter saw a one-third increase at prices between $1248 and $1473 and that was followed with another similar increase this quarter at prices between $1424 and $1578. The stock is now at $1754.Note: PCLN has seen a previous roundtrip in the portfolio. A fairly large position first purchased in 2007 in the high double-digits was disposed of in Q3 2015 in the 1200s price range realizing huge gains.Note 1: Regulatory Filings since the quarter ended show Tiger Global owning 3M shares of Domino’s Pizza (DPZ). This is compared to ~600K shares in the 13F.Note 2: Tiger Global has a ~7.6% ownership stake in Etsy (ETSY).Below is a spreadsheet that shows the changes to Chase Coleman's Tiger Global Holdings US long portfolio holdings as of Q4 2016. For a look at how the portfolio has progressed, :To learn more about how to profit from a strategy of following the best hedge fund picks, check out our book ."

"Tracking Chase Coleman’s Tiger Global Portfolio - Q3 2016 Update"

"Chase Coleman’s 13F portfolio increased from $5.06B to $6.94B this quarter.Tiger Global added Alibaba Group Holdings while increasing Apple Inc., and Priceline Group.The largest three positions are Priceline Group, Amazon.com Inc., and Charter Communications and they add up to ~47% of the portfolio.Chase Coleman’s 13F portfolio increased 37% this quarter from $5.06B to $6.94B this quarter. Recent 13F reports have shown a total of around 20 individual stock positions in the portfolio. The largest five stakes are Priceline Group (PCLN), Amazon.com Inc. (AMZN), Charter Communications (CHTR), JD.com (JD), and Alibaba Group Holdings (BABA) and they add up to ~71% of the entire 13F portfolio.Chase Coleman is a "tiger cub" best known for a stunning 44% annualized return during the 2001-2008 period. To know more about Julian Robertson and his legendary Tiger Management, check out .Below is a summary of the major moves this quarter:Alibaba Group Holdings (BABA): BABA is a top-five 8.19% portfolio stake established this quarter at prices between $78.50 and $109 and the stock is now at $88.93. For investors attempting to follow Tiger Global, BABA is a good option to consider for further research.Amazon.com Inc. (AMZN): AMZN is currently the second-largest 13F stake at 16.20% of the portfolio. The position was established in Q2 & Q3 2015 at prices between $370 and $540. Q1 2016 had seen a two-thirds reduction at prices between $482 and $676. Last quarter saw a ~40% increase at prices between $586 and $728 and the stock is now at $766. There was minor trimming this quarter.Note: AMZN has seen a previous round-trip in the portfolio. A 1M share stake purchased in 2010 in the low-100s price range was disposed of in Q1 2014 in the high-300s realizing huge gains.Apple Inc. (AAPL): AAPL was a fairly large 5.87% stake. The original position was purchased in Q4 2015 at prices between $106 and $123. Q1 2016 saw a ~47% reduction at prices between $93 and $110 and that was followed with another ~76% selling last quarter at prices between $90 and $112. There was an about turn this quarter: ~160% increase at prices between $95 and $116. The stock currently trades at $117.Charter Communications (CHTR): CHTR is a top-three 12.91% portfolio position. It was first purchased in Q3 2012 at a cost-basis of ~$75 per share. The position has wavered. Recent activity follows: The first three quarters of 2015 saw the position reduced by ~84% at prices between $150 and $195. The pattern reversed in Q4 2015: roughly thirteen-times increase at prices between $175 and $193 in the last three quarters. There was a ~20% reduction this quarter at prices between $232 and $278. The stock is now at $289.FleetCor Technologies (FLT): FLT is a fairly large ~6% of the portfolio stake first purchased in Q4 2012 at prices between $45 and $53. Q3 2015 also saw a ~47% increase at prices between $148 and $163. Last three quarters have seen selling: ~48% combined reduction at prices between $113 and $175. The stock is now at $143.Priceline Group (PCLN): PCLN is currently the largest position at ~21% of the portfolio. The position was purchased in Q4 2015 at prices between $1237 and $1465. This quarter saw a one-third increase at prices between $1248 and $1473. The stock is now at $1489.Note: PCLN has seen a previous roundtrip in the portfolio. A fairly large position first purchased in 2007 in the high double-digits was disposed of in Q3 2015 in the 1200s price range realizing huge gains.Below is a spreadsheet that shows the changes to Chase Coleman's Tiger Global Holdings US long portfolio holdings as of Q3 2016. For a look at how the portfolio has progressed, :To learn more about how to profit from a strategy of following the best hedge fund picks, check out our book ."

"Tracking Chase Coleman’s Tiger Global Portfolio - Q2 2016 Update"

"Chase Coleman’s 13F portfolio decreased from $6.94B to $5.06B this quarter.Tiger Global dropped Netflix Inc. and reduced Apple Inc. while adding to Amazon.com Inc., Charter Communications, and Priceline Group.The largest three positions are Amazon.com Inc., Charter Communications, and Priceline Group and they add up to ~58% of the portfolio.Chase Coleman’s 13F portfolio decreased 27% this quarter from $6.94B to $5.06B as a large position in Netflix was disposed. Recent 13F reports have shown a total of around 20 individual stock positions in the portfolio. The largest five stakes are Amazon.com Inc. (AMZN), Charter Communications (CHTR), Priceline Group (PCLN), JD.com (JD), FleetCor Technologies (FLT) and they add up to ~86% of the entire 13F portfolio.Chase Coleman is a "tiger cub" best known for a stunning 44% annualized return during the 2001-2008 period. To know more about Julian Robertson and his legendary Tiger Management, check out .Below is a summary of the major moves this quarter:Amazon.com Inc. (AMZN): AMZN is currently the largest 13F stake at 20.70% of the portfolio. The position was established in Q2 & Q3 2015 at prices between $370 and $540. Last quarter had seen a two-thirds reduction at prices between $482 and $676. This quarter saw a ~40% increase at prices between $586 and $728 and the stock is now at $772.Note: AMZN has seen a previous round-trip in the portfolio. A 1M share stake purchased in 2010 in the low-100s price range was disposed of in Q1 2014 in the high-300s realizing huge gains.Apple Inc. (AAPL): AAPL was a fairly large ~9% stake purchased in Q4 2015 at prices between $106 and $123. Last quarter saw a ~47% reduction at prices between $93 and $110 and that was followed with another ~76% selling this quarter at prices between $90 and $112. The stock currently trades at $105.Charter Communications (CHTR): CHTR is a top-three 19.21% portfolio position. It was first purchased in Q3 2012 at a cost-basis of ~$75 per share. The position has wavered. Recent activity follows: The first three quarters of 2015 saw the position reduced by ~84% at prices between $150 and $195. The pattern reversed in Q4 2015: roughly thirteen-times increase at prices between $175 and $193. The stock is now at $269.FleetCor Technologies (FLT): FLT is a top-five 9.22% of the portfolio stake first purchased in Q4 2012 at prices between $45 and $53. Q3 2015 also saw a ~47% increase at prices between $148 and $163. Last two quarters have seen selling: ~29% combined reduction at prices between $113 and $156. The stock is now at $164.Netflix Inc. (NFLX): NFLX was the largest position at 26.53% of the portfolio as of last quarter. The entire stake was disposed of this quarter at prices between $85 and $112. The position was established in Q4 2014 at prices in the mid-50s and more than doubled in Q2 2015 at prices between $59 and $94.Note: NFLX has seen a previous roundtrip in the portfolio. A small position purchased in Q1 2013 in the low-20s was disposed of in Q3 2014 in the mid-60s.Priceline Group (PCLN): PCLN is a top-three stake at 18.50% of the portfolio. The current position was purchased in Q4 2015 at prices between $1237 and $1465. Last quarter saw some selling while this quarter saw buying with the net effect of neutralizing the two trades. The stock is now at $1436.Note: PCLN has seen a previous roundtrip in the portfolio. A fairly large position first purchased in 2007 in the high double-digits was disposed of in Q3 2015 in the 1200s price range realizing huge gains.Below is a spreadsheet that shows the changes to Chase Coleman's Tiger Global Holdings US long portfolio holdings as of Q2 2016. For a look at how the portfolio has progressed, :To learn more about how to profit from a strategy of following the best hedge fund picks, check out our book ."

"Tracking Chris Hohn’s TCI Fund Management 13F Portfolio – Q2 2023 Update"

"….….….This article is part of a series that provides an ongoing analysis of the changes made to TCI Fund Management’s 13F portfolio on a quarterly basis. It is based on their regulatory filed on 8/14/2023. Please visit our article for an idea on their investment philosophy and our last for the fund’s moves during Q1 2023.This quarter, TCI Fund Management’s 13F portfolio value increased from $29.20B to $33.67B. The number of positions increased from 9 to 10. The top three holdings are at ~41% while the top five are close to ~65% of the 13F assets: Canadian National Railway, General Electric, Canadian Pacific Railway, Visa, and Microsoft.New Stakes:Ferguson plc (FERG): FERG is a very small 0.23% of the portfolio position established this quarter.Stake Increases:Canadian National Railway (CNI): CNI is currently the largest position at 14.71% of the portfolio. It was built in the 2018-19 timeframe at prices between ~$71 and ~$95. Q2 & Q3 2021 saw a ~75% stake increase at prices between ~$104 and ~$127. This quarter also saw a ~11% increase. The stock currently trades at ~$x.Note: they have a ~5.8% ownership stake in the business.General Electric (GE): GE is a 13.59% of the portfolio position purchased last quarter at prices between ~$66 and ~$94 and the stock currently trades well above that range at ~$x. There was a ~60% stake increase this quarter at prices between $x and $x.Moody’s Corp (MCO): MCO is a ~11% position that has been in the portfolio since their first 13F filing in Q2 2015. At the time, the stake was already fairly large at 3.9M shares. The position has wavered. The stake was almost sold out in 2016 at prices between ~$80 and ~$110. The 2017-2018 timeframe saw the position rebuilt at prices between ~$98 and ~$185. H1 2022 had seen a ~25% stake increase at prices between ~$254 and ~$386. That was followed with a ~25% stake increase in the last two quarters at prices between ~$235 and ~$330. The stock currently trades at ~$x. There was a minor ~2% increase this quarter.Note: They have a ~5.7% ownership stake in the business.Thermo Fisher Scientific (TMO): TMO is a 4.92% of the portfolio stake established during the last three quarters at prices between ~$x and ~$x and the stock currently trades at ~$x.Stake Decreases:Visa Inc. (V): The 12.55% of the portfolio stake in Visa was built in 2020 at prices between ~$147 and ~$219. H2 2021 had seen a ~64% stake increase at prices between ~$196 and ~$249 while next quarter there was a ~14% reduction at prices between ~$191 and ~$235. The stock is now at ~$x. The last two quarters saw a ~$x% trimming.Microsoft Corporation (MSFT): The ~12% MSFT stake was built in the 2017-18 timeframe at prices between ~$60 and ~$115. There was a ~50% selling in 2019 at prices between ~$100 and ~$160. Recent activity follows: Q1 2021 saw a ~45% increase at prices between ~$213 and ~$245 while in Q3 2021 there was a ~20% selling at prices between ~$275 and ~$304. Q2 2022 saw a ~14% increase at prices between ~$242 and ~$315. That was followed by a similar increase during Q4 2022. There was a $x% reduction during the last two quarters at prices between ~$x and ~$x. The stock currently trades at ~$x.Alphabet Inc. (GOOG) (GOOGL): GOOG is a 6.65% of the portfolio. It was first purchased in 2017 at prices between ~$40 and ~$55. Next year saw the stake built at prices between ~$49 and ~$62. There was a ~18% selling in Q1 2022 while Q3 2022 saw a ~10% increase. There was a $x% reduction in the last two quarters at prices between ~$87 and ~$x. The stock currently trades at ~$x.Kept Steady:Canadian Pacific (CP): The 13.41% CP stake was purchased during 2018-19 at prices between ~$34 and ~$51. There was a minor increase during 2020 but since then the position has been kept steady. The stock currently trades at ~$x.Note: they have a ~6% ownership stake in the business.S&P Global Inc. (SPGI): The ~11% of the portfolio SPGI stake was first purchased in 2017 and built in 2019 at prices up to ~$275. Q1 2021 saw a ~150% stake increase at prices between ~$306 and ~$362 while in H2 2021 there was a ~37% selling at prices between ~$415 and ~$475. There was a ~80% stake increase in Q1 2022 at prices between ~$373 and ~$461. That was followed with another ~30% increase next quarter at prices between ~$316 and ~$415. The stock currently trades at ~$x.The spreadsheet below highlights changes to TCI Fund Management’s 13F holdings in Q2 2023:Source: John Vincent. Data constructed from TCI Fund Management’s 13F filings for Q1 2023 and Q2 2023.Regulatory filings from 3/23/2023 to 6/22/2023: None."

"Tracking Chris Hohn’s TCI Fund Management 13F Portfolio – Q1 2023 Update"

"TCI Fund Management’s 13F portfolio value decreased from $29.93B to $29.20B this quarter.They added General Electric and increased Thermo Fisher Scientific while reducing Microsoft and Alphabet.The top three positions are Microsoft, Visa, and Canadian National Railway and they add up to ~45% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to TCI Fund Management’s 13F portfolio on a quarterly basis. It is based on their regulatory filed on 5/15/2023. Please visit our article for an idea on their investment philosophy and our last for the fund’s moves during Q4 2022.This quarter, TCI Fund Management’s 13F portfolio value decreased from $29.93B to $29.20B. The number of positions remained steady at 9. The top three holdings are at ~45% while the top five are close to ~71% of the 13F assets: Microsoft, Visa, and Canadian National Railway, Canadian Pacific Railway, and S&P Global Inc.New Stakes:General Electric (GE): GE is a 8.55% of the portfolio position purchased this quarter at prices between ~$66 and ~$94 and the stock currently trades well above that range at ~$105.Stake Disposals:Union Pacific (UNP): The UNP stake was purchased in 2018 at prices between ~$127 and ~$165. Next year saw a roughly one-third selling at prices between ~$138 and ~$181. 2020 saw a ~20% stake increase at prices between ~$118 and ~$210. There was a ~15% trimming in Q1 2022 at prices between ~$238 and ~$277. The last quarter saw the position almost sold out at prices between ~$186 and ~$218. The remainder stake was disposed during the quarter. The stock currently trades at ~$203.Stake Increases:S&P Global Inc. (SPGI): The ~11% of the portfolio SPGI stake was first purchased in 2017 and built in 2019 at prices up to ~$275. Q1 2021 saw a ~150% stake increase at prices between ~$306 and ~$362 while in H2 2021 there was a ~37% selling at prices between ~$415 and ~$475. There was a ~80% stake increase in Q1 2022 at prices between ~$373 and ~$461. That was followed with another ~30% increase next quarter at prices between ~$316 and ~$415. The stock currently trades at ~$388. The last three quarters also saw minor increases.Moody’s Corp (MCO): MCO is a ~11% position that has been in the portfolio since their first 13F filing in Q2 2015. At the time, the stake was already fairly large at 3.9M shares. The position has wavered. The stake was almost sold out in 2016 at prices between ~$80 and ~$110. The 2017-2018 timeframe saw the position rebuilt at prices between ~$98 and ~$185. H1 2022 had seen a ~25% stake increase at prices between ~$254 and ~$386. That was followed with a ~25% stake increase in the last two quarters at prices between ~$235 and ~$330. The stock currently trades at ~$336.Note: They have a ~5.6% ownership stake in the business.Thermo Fisher Scientific (TMO): TMO is a 1.65% of the portfolio stake established during the last two quarters at prices between ~$485 and ~$605 and the stock currently trades at ~$528.Stake Decreases:Microsoft Corporation (MSFT): MSFT is the second-largest position at ~15% of the portfolio. It was built in the 2017-18 timeframe at prices between ~$60 and ~$115. There was a ~50% selling in 2019 at prices between ~$100 and ~$160. Recent activity follows: Q1 2021 saw a ~45% increase at prices between ~$213 and ~$245 while in Q3 2021 there was a ~20% selling at prices between ~$275 and ~$304. Q2 2022 saw a ~14% increase at prices between ~$242 and ~$315. That was followed by a similar increase last quarter. There was a one-third reduction this quarter at prices between ~$222 and ~$288. The stock currently trades at ~$337.Visa Inc. (V): The 14.89% of the portfolio stake in Visa was built in 2020 at prices between ~$147 and ~$219. H2 2021 had seen a ~64% stake increase at prices between ~$196 and ~$249 while next quarter there was a ~14% reduction at prices between ~$191 and ~$235. The stock is now at ~$228. There was a minor ~3% trimming this quarter.Alphabet Inc. (GOOG) (GOOGL): GOOG is a ~8% of the portfolio. It was first purchased in 2017 at prices between ~$40 and ~$55. Next year saw the stake built at prices between ~$49 and ~$62. There was a ~18% selling in Q1 2022 while Q3 2022 saw a ~10% increase. There was a two-thirds reduction this quarter at prices between ~$87 and ~$109. The stock currently trades at ~$124.Kept Steady:Canadian National Railway (CNI): CNI is a top-three 14.83% of the portfolio position built in the 2018-19 timeframe at prices between ~$71 and ~$95. Q2 & Q3 2021 saw a ~75% stake increase at prices between ~$104 and ~$127. The stock currently trades at ~$120.Note: they have a ~5.2% ownership stake in the business.Canadian Pacific (CP): The 14.72% CP stake was purchased during 2018-19 at prices between ~$34 and ~$51. There was a minor increase during 2020 but since then the position has been kept steady. The stock currently trades at ~$81.Note: they have a ~6% ownership stake in the business.The spreadsheet below highlights changes to TCI Fund Management’s 13F holdings in Q1 2023:Source: John Vincent. Data constructed from TCI Fund Management’s 13F filings for Q4 2022 and Q1 2023.Regulatory filings from 12/3/2022 to 3/23/2023: 13G/As – 2/14 – BSX – zero, MCO – 9.2M shares – 5.03% of business, CHTR - zero."

"Tracking Chris Hohn’s TCI Fund Management 13F Portfolio – Q4 2022 Update"

"TCI Fund Management’s 13F portfolio value increased from $28.58B to $29.93B this quarter.They increased Microsoft and Moody’s while reducing Union Pacific and dropping Boston Properties.The top three positions are Alphabet, Microsoft, and Canadian National Railway and they add up to ~53% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to TCI Fund Management’s 13F portfolio on a quarterly basis. It is based on their regulatory filed on 2/14/2023. Please visit our article for an idea on their investment philosophy and our last for the fund’s moves during Q3 2022.This quarter, TCI Fund Management’s 13F portfolio value increased from $28.58B to $29.93B. The number of positions remained steady at 9. The top three holdings are at ~53% while the top five are close to ~81% of the 13F assets: Alphabet, Microsoft, Canadian National Railway, Canadian Pacific Railway, and Visa.New Stakes:Thermo Fisher Scientific (TMO): TMO is a minutely small 0.12% of the portfolio stake established at prices between ~$485 and ~$571 and the stock currently trades at ~$580.Stake Disposals:Boston Properties (BXP): BXP was a 1.37% of the portfolio position established during Q2-Q4 2020 at prices between ~$31 and ~$42. Q2 & Q3 2021 saw a ~48% stake increase at prices between ~$39 and ~$46. The three quarters through Q2 2022 had seen a ~18% selling at prices between ~$86 and ~$133. That was followed with a ~50% reduction last quarter at prices between ~$74 and ~$91. The disposal this quarter was at prices between ~$65 and ~$76. The stock currently trades at $52.53. They harvested gains.Stake Increases:Alphabet Inc. (GOOG) (GOOGL): GOOG is by far the largest position at ~21% of the portfolio. It was first purchased in 2017 at prices between ~$40 and ~$55. Next year saw the stake built at prices between ~$49 and ~$62. There was a ~18% selling in Q1 2022 while last quarter there was a ~10% increase. The stock currently trades at ~$105. There was a minor ~3% increase this quarter.Microsoft Corporation (MSFT): MSFT is the second-largest position at ~18% of the portfolio. It was built in the 2017-18 timeframe at prices between ~$60 and ~$115. There was a ~50% selling in 2019 at prices between ~$100 and ~$160. Recent activity follows: Q1 2021 saw a ~45% increase at prices between ~$213 and ~$245 while in Q3 2021 there was a ~20% selling at prices between ~$275 and ~$304. Q2 2022 saw a ~14% increase at prices between ~$242 and ~$315. That was followed with a similar increase this quarter. The stock currently trades at ~$284.S&P Global Inc. (SPGI): The 10.28% of the portfolio SPGI stake was first purchased in 2017 and built in 2019 at prices up to ~$275. Q1 2021 saw a ~150% stake increase at prices between ~$306 and ~$362 while in H2 2021 there was a ~37% selling at prices between ~$415 and ~$475. There was a ~80% stake increase in Q1 2022 at prices between ~$373 and ~$461. That was followed with another ~30% increase next quarter at prices between ~$316 and ~$415. The stock currently trades at ~$345. This quarter also saw a ~12% increase.Moody’s Corp (MCO): MCO is a 8.58% position that has been in the portfolio since their first 13F filing in Q2 2015. At the time, the stake was already fairly large at 3.9M shares. The position has wavered. The stake was almost sold out in 2016 at prices between ~$80 and ~$110. The 2017-2018 timeframe saw the position rebuilt at prices between ~$98 and ~$185. H1 2022 had seen a ~25% stake increase at prices between ~$254 and ~$386. That was followed with a ~12% stake increase this quarter. The stock currently trades at ~$303.Note: They have a ~5% ownership stake in the business.Stake Decreases:Union Pacific (UNP): The UNP stake was purchased in 2018 at prices between ~$127 and ~$165. Next year saw a roughly one-third selling at prices between ~$138 and ~$181. 2020 saw a ~20% stake increase at prices between ~$118 and ~$210. There was a ~15% trimming in Q1 2022 at prices between ~$238 and ~$277. This quarter saw the position almost sold out at prices between ~$186 and ~$218. The stock currently trades at ~$194.Kept Steady:Canadian National Railway (CNI): CNI is a top-three ~15% of the portfolio position built in the 2018-19 timeframe at prices between ~$71 and ~$95. Q2 & Q3 2021 saw a ~75% stake increase at prices between ~$104 and ~$127. The stock currently trades at ~$117.Note: they have a ~5.2% ownership stake in the business.Canadian Pacific (CP): The ~14% CP stake was purchased during 2018-19 at prices between ~$34 and ~$51. There was a minor increase during 2020 but since then the position has been kept steady. The stock currently trades at $75.76.Note: they have a ~6% ownership stake in the business.Visa Inc. (V): The 13.84% of the portfolio stake in Visa was built in 2020 at prices between ~$147 and ~$219. H2 2021 had seen a ~64% stake increase at prices between ~$196 and ~$249 while next quarter there was a ~14% reduction at prices between ~$191 and ~$235. The stock is now at ~$228.The spreadsheet below highlights changes to TCI Fund Management’s 13F holdings in Q4 2022:Source: John Vincent. Data constructed from TCI Fund Management’s 13F filings for Q3 2022 and Q4 2022.Regulatory filings from 8/15/2022 to 12/3/2022: None."

"Tracking Chris Hohn’s TCI Fund Management 13F Portfolio – Q3 2022 Update"

"TCI Fund Management’s 13F portfolio value decreased from $31.60B to $28.58B this quarter.Boston Properties stake was decreased during the quarter.The top three positions are Alphabet, Microsoft, and Canadian National Railway and they add up to ~53% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to TCI Fund Management’s 13F portfolio on a quarterly basis. It is based on their regulatory filed on 11/14/2022. Please visit our article for an idea on their investment philosophy and our last for the fund’s moves during Q2 2022.This quarter, TCI Fund Management’s 13F portfolio value decreased ~10% from $31.60B to $28.58B. The number of positions decreased from 12 to 9. The top three holdings are at ~53% while the top five are close to ~79% of the 13F assets: Alphabet, Microsoft, Canadian National Railway, Canadian Pacific Railway, and Visa.Stake Disposals:Applied Materials (AMAT), KLA Corp (KLAC), and Lam Research (LRCX): These very small (less than ~0.55% of the portfolio each) positions were purchased last quarter but disposed this quarter.Stake Increases:Alphabet Inc. (GOOG) (GOOGL): GOOG is by far the largest position at ~23% of the portfolio. It was first purchased in 2017 at prices between ~$40 and ~$55. Next year saw the stake built at prices between ~$49 and ~$62. There was a ~18% selling in Q1 2022 while last quarter there was a ~10% increase. The stock currently trades at $89.70. There was a marginal increase this quarter.Microsoft Corporation (MSFT): MSFT is the second-largest position at ~16% of the portfolio. It was built in the 2017-18 timeframe at prices between ~$60 and ~$115. There was a ~50% selling in 2019 at prices between ~$100 and ~$160. Recent activity follows: Q1 2021 saw a ~45% increase at prices between ~$213 and ~$245 while in Q3 2021 there was a ~20% selling at prices between ~$275 and ~$304. Last quarter saw a ~14% increase at prices between ~$242 and ~$315. The stock currently trades at ~$240. There was a marginal increase this quarter.Visa Inc. (V): The ~12% of the portfolio stake in Visa was built in 2020 at prices between ~$147 and ~$219. H2 2021 had seen a ~64% stake increase at prices between ~$196 and ~$249 while next quarter there was a ~14% reduction at prices between ~$191 and ~$235. The stock is now at ~$207. There was a marginal increase this quarter.Union Pacific (UNP): The 3.77% UNP stake was purchased in 2018 at prices between ~$127 and ~$165. Next year saw a roughly one-third selling at prices between ~$138 and ~$181. 2020 saw a ~20% stake increase at prices between ~$118 and ~$210. There was a ~15% trimming in Q1 2022 at prices between ~$238 and ~$277. The stock currently trades at ~$208. There was a minor ~5% increase this quarter.Stake Decreases:Boston Properties (BXP): BXP is a 1.37% of the portfolio position established during Q2-Q4 2020 at prices between ~$31 and ~$42. Q2 & Q3 2021 saw a ~48% stake increase at prices between ~$39 and ~$46. Last three quarters had seen a ~18% selling at prices between ~$86 and ~$133. That was followed with a ~50% reduction this quarter at prices between ~$74 and ~$91. The stock currently trades at $66.62. They are harvesting gains.Kept Steady:Canadian National Railway (CNI): CNI is a top-three ~14% of the portfolio position built in the 2018-19 timeframe at prices between ~$71 and ~$95. Q2 & Q3 2021 saw a ~75% stake increase at prices between ~$104 and ~$127. The stock currently trades at ~$119.Note: they have a ~5.2% ownership stake in the business.Canadian Pacific (CP): The ~13% CP stake was purchased during 2018-19 at prices between ~$34 and ~$51. There was a minor increase next year but since then the position has been kept steady. The stock currently trades at $74.88.Note: they have a ~6% ownership stake in the business.S&P Global Inc. (SPGI): The 9.37% of the portfolio SPGI stake was first purchased in 2017 and built in 2019 at prices up to ~$275. Q1 2021 saw a ~150% stake increase at prices between ~$306 and ~$362 while in H2 2021 there was a ~37% selling at prices between ~$415 and ~$475. There was a ~80% stake increase in Q1 2022 at prices between ~$373 and ~$461. That was followed with another ~30% increase last quarter at prices between ~$316 and ~$415. The stock currently trades at ~$335.Moody’s Corp (MCO): MCO is a ~7% position that has been in the portfolio since their first 13F filing in Q2 2015. At the time, the stake was already fairly large at 3.9M shares. The position has wavered. The stake was almost sold out in 2016 at prices between ~$80 and ~$110. The 2017-2018 timeframe saw the position rebuilt at prices between ~$98 and ~$185. Last two quarters had seen a ~25% stake increase at prices between ~$254 and ~$386. The stock currently trades at ~$277.The spreadsheet below highlights changes to TCI Fund Management’s 13F holdings in Q3 2022:Source: John Vincent. Data constructed from TCI Fund Management’s 13F filings for Q2 2022 and Q3 2022.Regulatory filings from 6/22/2022 to 8/15/2022: None."

"Tracking Chris Hohn’s TCI Fund Management 13F Portfolio – Q2 2022 Update"

"TCI Fund Management’s 13F portfolio value decreased from $36.84B to $31.60B this quarter.S&P Global was increased substantially while dropping Charter Communications.The top three positions are Alphabet, Microsoft, and Canadian National Railway and they add up to ~52% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to TCI Fund Management’s 13F portfolio on a quarterly basis. It is based on their regulatory filed on 8/15/2022. Please visit our article for an idea on their investment philosophy and for the fund’s moves during Q1 2022.This quarter, TCI Fund Management’s 13F portfolio value decreased ~14% from $36.84B to $31.60B. The number of positions increased from 10 to 12. The top three holdings are at ~52% while the top five are close to ~76% of the 13F assets: Alphabet, Microsoft, Canadian National Railway, Visa, and Canadian Pacific Railway.New Stakes:Applied Materials (AMAT), KLA Corp (KLAC), and Lam Research (LRCX): These are very small (less than ~0.55% of the portfolio each) new stakes purchased this quarter.Stake Disposals:Charter Communications (CHTR): A large stake in CHTR was established in 2016 at prices between ~$165 and ~$300. The position had wavered. Recent activity follows. There was a ~80% selling over the last three quarters at prices between ~$426 and ~$821. The disposal this quarter was at prices between ~$415 and ~$562. The stock currently trades at ~$439.Stake Increases:Alphabet Inc. (GOOG) (GOOGL): GOOG is by far the largest position at ~22% of the portfolio. It was first purchased in 2017 at prices between ~$40 and ~$55. Next year saw the stake built at prices between ~$49 and ~$62. There was a ~18% selling last quarter while this quarter there was a ~10% increase. The stock currently trades at ~$118.Microsoft Corporation (MSFT): MSFT is the second-largest position at ~16% of the portfolio. It was built in the 2017-18 timeframe at prices between ~$60 and ~$115. There was a ~50% selling in 2019 at prices between ~$100 and ~$160. Recent activity follows: Q1 2021 saw a ~45% increase at prices between ~$213 and ~$245 while in Q3 2021 there was a ~20% selling at prices between ~$275 and ~$304. This quarter saw a ~14% increase at prices between ~$242 and ~$315. The stock currently trades at ~$279.S&P Global Inc. (SPGI): The 9.35% of the portfolio SPGI stake was first purchased in 2017 and built in 2019 at prices up to ~$275. Q1 2021 saw a ~150% stake increase at prices between ~$306 and ~$362 while in H2 2021 there was a ~37% selling at prices between ~$415 and ~$475. There was a ~80% stake increase last quarter at prices between ~$373 and ~$461. That was followed with another ~30% increase this quarter at prices between ~$316 and ~$415. The stock currently trades at ~$380.Moody’s Corp (MCO): MCO is a 7.10% position that has been in the portfolio since their first 13F filing in Q2 2015. At the time, the stake was already fairly large at 3.9M shares. The position has wavered. The stake was almost sold out in 2016 at prices between ~$80 and ~$110. The 2017-2018 timeframe saw the position rebuilt at prices between ~$98 and ~$185. Last two quarters have seen a ~25% stake increase at prices between ~$254 and ~$386. The stock currently trades at ~$306.Stake Decreases:Boston Properties (BXP): BXP is a ~3% of the portfolio position established during Q2-Q4 2020 at prices between ~$31 and ~$42. Q2 & Q3 2021 saw a ~48% stake increase at prices between ~$39 and ~$46. Last three quarters have seen a ~18% selling at prices between ~$86 and ~$133. The stock currently trades at ~$84. They are harvesting gains.Note: they have a ~6.7% ownership stake in the business.Kept Steady:Canadian National Railway (CNI): CNI is a top-three ~13% of the portfolio position built in the 2018-19 timeframe at prices between ~$71 and ~$95. Q2 & Q3 2021 saw a ~75% stake increase at prices between ~$104 and ~$127. The stock currently trades at ~$126.Note: they have a ~5.2% ownership stake in the business.Visa Inc. (V): The ~12% of the portfolio stake in Visa was built in 2020 at prices between ~$147 and ~$219. H2 2021 had seen a ~64% stake increase at prices between ~$196 and ~$249 while last quarter there was a ~14% reduction at prices between ~$191 and ~$235. The stock is now at ~$210.Canadian Pacific (CP): The ~12% CP stake was purchased during 2018-19 at prices between ~$34 and ~$51. There was a minor increase next year but since then the position has been kept steady. The stock currently trades at $81.38.Note: they have a ~6% ownership stake in the business.Union Pacific (UNP): The 3.54% UNP stake was purchased in 2018 at prices between ~$127 and ~$165. Next year saw a roughly one-third selling at prices between ~$138 and ~$181. 2020 saw a ~20% stake increase at prices between ~$118 and ~$210. There was a ~15% trimming last quarter at prices between ~$238 and ~$277. The stock currently trades at ~$239.The spreadsheet below highlights changes to TCI Fund Management’s 13F holdings in Q2 2022:Source: John Vincent. Data constructed from TCI Fund Management’s 13F filings for Q1 2022 and Q2 2022."

"Tracking Christopher Davis’ Davis Selected Advisers 13F Portfolio – Q2 2023 Update"

"….….….This article is part of a series that provides an ongoing analysis of the changes made to Davis Selected Advisers’ 13F portfolio on a quarterly basis. It is based on their regulatory filed on 8/9/2023. Please visit our to get an idea of their investment philosophy and our for the fund’s moves during Q1 2023.This quarter, Davis Selected Advisers’ 13F portfolio increased ~8% from $15.13B to $16.41B. The number of holdings increased from 101 to 102. The top three holdings are at ~28% while the top five holdings are close to ~41% of the 13F assets: Meta Platforms, Berkshire Hathaway, Wells Fargo, Capital One Financial, and Amazon.com.Note: Davis Selected Advisors manage several mutual funds and ETFs. The flagship mutual fund is Davis New York Venture Fund (NYVTX) with ~$6.1B in assets. Since its 1969 inception, the fund has generated significant alpha: 11.26% annualized over 54 years compared to 10.32% annualized for the S&P 500 index. Also, they advise the Clipper Fund (CFIMX) which was incepted in 1984.Stake Increases:Wells Fargo (WFC): WFC is a very long term stake that has been in the portfolio since their first 13F filing in Q1 1999. At the time, it was already a large stake at ~28M shares. Recent activity follows. Q3 2020 saw a ~45% stake increase at prices between ~$23.50 and ~$26.50. The last five quarters saw a ~24% trimming while this quarter saw a marginal increase. The stock currently trades at $43.67, and the stake is the third largest at ~8% of the portfolio.Capital One Financial (COF): The top-five 7.51% COF stake was a very small position first purchased in 2014. 2017 saw a substantial ~12M share stake built at prices between ~$78 and ~$100. The 2018-2020 period also saw incremental buying as the stake was increased to ~16.2M shares. The six quarters through Q3 2022 had seen a ~35% reduction at prices between ~$99 and ~$178. The stock currently trades at ~$111. There was a minor ~5% stake increase this quarter.Viatris Inc. (VTRS): The 3.83% VTRS stake was established in Q1 2021 at prices between ~$14 and ~$19. Next three quarters saw minor increases and that was followed with a ~25% increase in Q1 2022 at prices between ~$10 and ~$15.50. That was followed by a ~15% stake increase this quarter at prices between ~$9 and ~$10.30. The stock currently trades at $11.16.JP Morgan Chase (JPM): A ~43M share stake in JPM was first built in 2004 at an average price in the high-30s. The position size peaked at over 78M shares by 2008. Since then, the stake has wavered. Recent activity follows. The last nine quarters saw a ~42% selling at prices between ~$113 and ~$172. The stock currently trades at ~$154, and the stake is at 3.73% of the portfolio. There was a marginal increase this quarter.Bank of New York Mellon (BK): A huge 110M share stake was built in BK during the 2007-2011 time period at prices between ~$18 and ~$49. The position has since been reduced. The decade through 2020 saw the stake reduced to ~15M shares at prices between ~$21 and ~$58. The last several quarters also saw trimming. The stock currently trades at $45.89, and the stake is at 3.56% of the portfolio. This quarter saw a marginal increase.Owens Corning (OC): OC is a 3.32% of the portfolio position primarily built during Q2 2022 at prices between ~$74 and ~$98. Q4 2022 saw a ~7% further increase. That was followed with a ~16% stake increase this quarter at prices between ~$94 and ~$131. The stock is now at ~$141.Texas Instruments (TXN): A ~58M share stake in TXN was built in the 2007-08 period at prices between ~$14 and ~$38. The position has since been reduced. Recent activity follows. The last nine quarters saw a ~21% trimming at prices between ~$149 and ~$201. The stock currently trades at ~$168 and the stake is at ~3% of the portfolio. This quarter saw a marginal increase.Markel Corp (MKL): The 2.24% MKL position saw a ~20% stake increase during Q4 2022 at prices between ~$1084 and ~$1345. The stock currently trades at ~$1505. This quarter saw a ~8% stake increase.Coupang Inc. (CPNG), Darling Ingredients (DAR), and IAC/Interactive (IAC): These small (less than ~1.25% of the portfolio each) stakes were increased during the quarter.Stake Decreases:Meta Platforms (META) previously Facebook: META is currently the largest 13F stake at ~10% of the portfolio. It was first purchased in 2015 at prices between ~$75 and ~$110. The position has wavered. Recent activity follows. There was a ~15% trimming in Q3 2021 at prices between ~$337 and ~$382 while in Q1 2022 there was a ~25% stake increase at prices between ~$187 and ~$339. That was followed with a stake doubling during H2 2022 at prices between ~$89 and ~$183. The stock currently trades at ~$306. The last two quarters saw a ~13% trimming.Berkshire Hathaway (BRK.A) (BRK.B): The Berkshire stake is the second largest 13F position at 8.71% of the portfolio. It has been in the portfolio since their first 13F filing in Q1 1999. Recent activity follows. The last five quarters saw a ~25% trimming at prices between ~$264 and ~$360. The stock is now at ~$357.Amazon.com Inc. (AMZN): The 6.54% of the portfolio position in AMZN was first purchased in 2006. A very large stake was built the next year at prices between ~$2 and ~$5. The position has since been reduced over the years. Recent activity follows. Q3 2021 saw a ~15% selling at prices between ~$160 and ~$187. The three quarters through Q2 2022 had also seen minor trimming. There was a ~47% stake increase during Q4 2022 at prices between ~$82 and ~$121. That was followed by a ~6% further increase last quarter. The stock currently trades at ~$139. This quarter saw marginal trimming.Applied Materials (AMAT): AMAT is a 6.12% long-term stake first purchased in 2011. The position remained very small until 2018 when a ~13M shares stake was built at prices between ~$30 and ~$62. Next year saw a ~15% stake increase at prices between ~$34 and ~$62. Since then, the position has seen selling. Q1 2021 saw a one-third reduction at prices between ~$85 and ~$140. The last nine quarters have also seen minor trimming. The stock is now at ~$145.Teck Resources (TECK): The 3.31% of the portfolio stake in TECK saw a ~30% increase in Q2 2022 at prices between ~$30.50 and ~$45.75. That was followed with a ~17% increase next quarter at prices between ~$26 and ~$37. The stock currently trades at $40.60. The last three quarters saw only minor adjustments.Alphabet Inc. (GOOG) (GOOGL): GOOG is a 3.17% of the portfolio position first purchased in 2016 at prices between ~$38 and ~$40. The stake has seen periodic selling since. Recent activity follows. The two years through 2022 saw a ~50% selling at prices between ~$87 and ~$150. That was followed by a similar reduction this quarter at prices between ~$104 and ~$128. The stock currently trades at ~$130.US Bancorp (USB): USB position is a 3.10% of the portfolio stake. A very small position was first purchased in 2010. A substantial ~9.2M stake was built in 2018 at prices between ~$45 and ~$58. Next year saw a ~10% trimming but 2020 saw a stake doubling at prices between ~$31 and ~$59. The stock currently trades at $39.49. The last two years have seen a ~18% trimming.Cigna Corp (CI): The 2.94% of the portfolio CI stake was built in 2020 at prices between ~$142 and ~$220. Next quarter saw a ~50% stake increase at prices between ~$203 and ~$244. That was followed with a ~185% increase in Q3 2021 at prices between ~$218 and ~$246. There was a ~40% stake reduction during Q4 2022 at prices between ~$278 and ~$339. The stock currently trades at ~$289. The last two quarters also saw minor trimming.Intel Corporation (INTC): INTC is a 2.30% of the portfolio stake built in 2019 at prices between ~$44 and ~$60. Next year saw a ~50% stake increase at prices between ~$44 and ~$69. 2021 had also seen a one-third increase at prices between ~$49 and ~$68. The stock currently trades well below the low end of their purchase price ranges at $34.68. There was a one-third reduction during H2 2022 at prices between ~$25 and ~$41. They realized losses. The last two quarters saw only minor adjustments.JD.com (JD): The JD stake was a very small position first purchased in 2014. The position remained small until 2018 when there was a substantial increase from ~2.5M shares to ~7.2M shares at prices between ~$19 and ~$51. Since then, the position has wavered. Recent activity follows. Q3 2021 saw a ~250% stake increase at prices between ~$62 and ~$83 while in the following quarter there was a ~35% selling at prices between ~$66 and ~$92. Q1 2022 saw a ~18% stake increase at prices between ~$43 and ~$78. Q4 2022 saw the stake reduced by ~47% at prices between ~$37 and ~$60 while the last quarter saw a ~10% increase. The stock currently trades at $38.49. This quarter saw marginal trimming.American Express (AXP), Bank of America (BAC), Bank of N.T. Butterfield & Son (NTB), Chubb Ltd. (CB), Hollysys Automation (HOLI), Loews Corp (L), Microsoft Corp (MSFT), and Quest Diagnostics (DGX): These small (less than ~2% of the portfolio each) stakes were decreased this quarter.Note: They have a ~8.9% ownership stake in HOLI and a ~6.4% ownership stake in NTB.The spreadsheet below highlights changes to Davis Selected Advisers’ 13F holdings in Q2 2023:Source: John Vincent. Data constructed from Davis Selected Advisers’ 13F filings for Q1 2023 and Q2 2023.Regulatory filings from 2/12/2023 to 5/9/2023: None."

"Tracking Christopher Davis’ Davis Selected Advisers 13F Portfolio – Q1 2023 Update"

"Davis Selected Advisers 13F portfolio value increased from $14.71B to $15.13B this quarter.They increased Amazon and JD.com while reducing Quest Diagnostics.The top three positions are Meta Platforms, Berkshire Hathaway, and Wells Fargo, and they add up to ~25% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Davis Selected Advisers’ 13F portfolio on a quarterly basis. It is based on their regulatory filed on 5/8/2023. Please visit our to get an idea of their investment philosophy and our for the fund’s moves during Q4 2022.This quarter, Davis Selected Advisers’ 13F portfolio increased ~3% from $14.71B to $15.13B. The number of holdings decreased from 109 to 101. The top three holdings are at ~25% while the top five holdings are close to ~38% of the 13F assets: Meta Platforms, Berkshire Hathaway, Wells Fargo, Capital One Financial, and Alphabet.Note: Davis Selected Advisors manage several mutual funds and ETFs. The flagship mutual fund is Davis New York Venture Fund (NYVTX) with ~$6B in assets. Since its 1969 inception, the fund has generated significant alpha: 11.10% annualized over 54 years compared to ~10.20% annualized for the S&P 500 index. Also, they advise the Clipper Fund (CFIMX) which was incepted in 1984.Stake Increases:Alphabet Inc. (GOOG) (GOOGL): GOOG is a top-five ~6% of the portfolio position first purchased in 2016 at prices between ~$38 and ~$40. The stake has seen periodic selling since. Recent activity follows. The two years through 2022 saw a ~50% selling at prices between ~$87 and ~$150. The stock currently trades at ~$108. There was a marginal increase this quarter.Amazon.com Inc. (AMZN): The 5.64% of the portfolio position in AMZN was first purchased in 2006. A very large stake was built the next year at prices between ~$2 and ~$5. The position has since been substantially reduced over the years. Recent activity follows. Q3 2021 saw a ~15% selling at prices between ~$160 and ~$187. The three quarters through Q2 2022 had also seen minor trimming. There was a ~47% stake increase last quarter at prices between ~$82 and ~$121. That was followed with a ~6% further increase this quarter. The stock currently trades at ~$107.Viatris Inc. (VTRS): The 3.50% VTRS stake was established in Q1 2021 at prices between ~$14 and ~$19. Next three quarters saw minor increases and that was followed with a ~25% increase in Q1 2022 at prices between ~$10 and ~$15.50. The stock currently trades at $9.74. There was minor trimming in the last three quarters while this quarter saw a marginal increase.Teck Resources (TECK): The 3.14% of the portfolio stake in TECK saw a ~30% increase in Q2 2022 at prices between ~$30.50 and ~$45.75. That was followed with a ~17% increase next quarter at prices between ~$26 and ~$37. The stock currently trades at $45.71. This quarter saw a marginal increase.Intel Corporation (INTC): INTC is a 2.45% of the portfolio stake built in 2019 at prices between ~$44 and ~$60. Next year saw a ~50% stake increase at prices between ~$44 and ~$69. 2021 had also seen a one-third increase at prices between ~$49 and ~$68. The stock currently trades well below the low end of their purchase price ranges at $30.10. There was a one-third reduction over the last two quarters at prices between ~$25 and ~$41. They realized losses. This quarter saw a marginal increase.JD.com (JD): The JD stake was a very small position first purchased in 2014. The position remained small until 2018 when there was a substantial increase from ~2.5M shares to ~7.2M shares at prices between ~$19 and ~$51. Since then, the position has wavered. Recent activity follows. Q3 2021 saw a ~250% stake increase at prices between ~$62 and ~$83 while in the following quarter there was a ~35% selling at prices between ~$66 and ~$92. Q1 2022 saw a ~18% stake increase at prices between ~$43 and ~$78. Last quarter saw the stake reduced by ~47% at prices between ~$37 and ~$60 while this quarter saw a ~10% increase. The stock currently trades at $35.62.Coupang Inc. (CPNG), Hollysys Automation (HOLI), and IAC/Interactive (IAC): These small (less than ~1% of the portfolio each) stakes were increased during the quarter.Note: They have a ~9% ownership stake in HOLIStake Decreases:Meta Platforms (META) previously Facebook: META is currently the largest 13F stake at 8.78% of the portfolio. It was first purchased in 2015 at prices between ~$75 and ~$110. The position has wavered. Recent activity follows. There was a ~15% trimming in Q3 2021 at prices between ~$337 and ~$382 while in Q1 2022 there was a ~25% stake increase at prices between ~$187 and ~$339. That was followed with a stake doubling over the last two quarters at prices between ~$89 and ~$183. The stock currently trades at ~$233. This quarter saw a minor ~4% trimming.Berkshire Hathaway (BRK.A) (BRK.B): The Berkshire stake is the second largest 13F position at 8.62% of the portfolio. It has been in the portfolio since their first 13F filing in Q1 1999. Recent activity follows. The last five quarters saw a ~24% trimming at prices between ~$264 and ~$360. The stock is now at ~$325.Wells Fargo (WFC): WFC is a very long term stake that has been in the portfolio since their first 13F filing in Q1 1999. At the time, it was already a very large stake at ~28M shares. Recent activity follows. Q3 2020 saw a ~45% stake increase at prices between ~$23.50 and ~$26.50. Since then, the activity had been minor. The last five quarters have seen a ~24% trimming. The stock currently trades at $38.54, and the stake is the third largest at 7.50% of the portfolio.Capital One Financial (COF): The top-five 6.84% COF stake was a very small position first purchased in 2014. 2017 saw a substantial ~12M share stake built at prices between ~$78 and ~$100. The 2018-2020 timeframe also saw incremental buying as the stake was increased to ~16.2M shares. The six quarters through Q3 2022 had seen a ~35% reduction at prices between ~$99 and ~$178. The stock currently trades at ~$89. The last two quarters have seen only minor adjustments.Applied Materials (AMAT): AMAT is a 5.80% long-term stake first purchased in 2011. The position remained very small until 2018 when a ~13M shares stake was built at prices between ~$30 and ~$62. Next year saw a ~15% stake increase at prices between ~$34 and ~$62. Since then, the position has seen selling. Q1 2021 saw a one-third reduction at prices between ~$85 and ~$140. The last two years have also seen minor trimming. The stock is now at ~$114.Bank of New York Mellon (BK): A huge 110M share stake was built in BK during the 2007-2011 time period at prices between ~$18 and ~$49. The position has since been reduced. The decade through 2020 saw the stake reduced to ~15M shares at prices between ~$21 and ~$58. The last several quarters have also seen minor trimming. The stock currently trades at $41.54, and the stake is at 3.91% of the portfolio.US Bancorp (USB): USB position is a 3.70% of the portfolio stake. A very small position was first purchased in 2010. A substantial ~9.2M stake was built in 2018 at prices between ~$45 and ~$58. Next year saw a ~10% trimming but 2020 saw a stake doubling at prices between ~$31 and ~$59. The stock currently trades at $29.91. The last seven quarters have seen a ~17% trimming.JP Morgan Chase (JPM): A ~43M share stake in JPM was first built in 2004 at an average price in the high-30s. The position size peaked at over 78M shares by 2008. Since then, the stake has wavered. Recent activity follows. The last nine quarters have seen a ~42% selling at prices between ~$113 and ~$172. The stock currently trades at ~$136, and the stake is at 3.61% of the portfolio.Texas Instruments (TXN): A ~58M share stake in TXN was built in the 2007-08 timeframe at prices between ~$14 and ~$38. The position has since been reduced. Recent activity follows. The last nine quarters have seen a ~21% trimming at prices between ~$149 and ~$201. The stock currently trades at ~$163 and the stake is at 3.42% of the portfolio.Cigna Corp (CI): The 2.94% of the portfolio CI stake was built in 2020 at prices between ~$142 and ~$220. Next quarter saw a ~50% stake increase at prices between ~$203 and ~$244. That was followed with a ~185% increase in Q3 2021 at prices between ~$218 and ~$246. There was a ~40% stake reduction last quarter at prices between ~$278 and ~$339. The stock currently trades at ~$263. This quarter also saw a ~6% trimming.Owens Corning (OC): OC is a 2.28% of the portfolio position primarily built during Q2 2022 at prices between ~$74 and ~$98 and it is now at ~$106. Last quarter saw a ~7% further increase while this quarter saw marginal trimming.Markel Corp (MKL): The ~2% MKL position saw a ~20% stake increase last quarter at prices between ~$1084 and ~$1345. The stock currently trades at ~$1369. This quarter saw a minor ~2% trimming.American Express (AXP), Bank of America (BAC), Bank of N.T. Butterfield & Son (NTB), Chubb Ltd. (CB), Darling Ingredients (DAR), Loews Corp (L), Microsoft Corp (MSFT), and Quest Diagnostics (DGX): These small (less than ~2% of the portfolio each) stakes were decreased this quarter.Note: They have a ~6.5% ownership stake in NTB.The spreadsheet below highlights changes to Davis Selected Advisers’ 13F holdings in Q1 2023:Source: John Vincent. Data constructed from Davis Selected Advisers’ 13F filings for Q4 2022 and Q1 2023.Regulatory filings from 11/10/2022 to 2/112023: 13G/As – 2/10 – VRM – zero, NTB – Bank of N.T. Butterfield – 3.27M shares – 6.6% of business, HOLI – Hollsys – 5.49M shares – 8.9% of business, CIH – China Index Holdings - zero."

"Tracking Christopher Davis’ Davis Selected Advisers 13F Portfolio – Q4 2022 Update"

"Davis Selected Advisers 13F portfolio value increased from $14.06B to $14.71B this quarter.They increased Meta Platforms, Amazon.com, and Markel while reducing Cigna, JD.com, and Coupang.The top three positions are Berkshire Hathaway, Wells Fargo, and Capital One Financial, and they add up to ~25% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Davis Selected Advisers’ 13F portfolio on a quarterly basis. It is based on their regulatory filed on 2/10/2023. Please visit our to get an idea of their investment philosophy and our for the fund’s moves during Q3 2022.This quarter, Davis Selected Advisers’ 13F portfolio increased ~5% from $14.06B to $14.71B. The number of holdings decreased from 114 to 109. The top three holdings are at ~25% while the top five holdings are close to ~36% of the 13F assets: Berkshire Hathaway, Wells Fargo, Capital One Financial, Meta Platforms, and Alphabet.Note: Davis Selected Advisors manage several mutual funds and ETFs. The flagship mutual fund is Davis New York Venture Fund (NYVTX) with ~$6B in assets. Since its 1969 inception, the fund has generated significant alpha: 11.16% annualized over 54 years compared to ~10% annualized for the S&P 500 index. Also, they advise the Clipper Fund (CFIMX) which was incepted in 1984.Stake Increases:Capital One Financial (COF): The top-three 6.87% COF stake was a very small position first purchased in 2014. 2017 saw a substantial ~12M share stake built at prices between ~$78 and ~$100. The 2018-2020 timeframe also saw incremental buying as the stake was increased to ~16.2M shares. Last six quarters had seen a ~35% reduction at prices between ~$99 and ~$178. The stock currently trades at ~$117. There was a marginal increase this quarter.Meta Platforms (META) previously Facebook: META is a large (top five) 5.35% of the portfolio stake first purchased in 2015 at prices between ~$75 and ~$110. The position has wavered. Recent activity follows. There was a ~15% trimming in Q3 2021 at prices between ~$337 and ~$382 while in Q1 2022 there was a ~25% stake increase at prices between ~$187 and ~$339. That was followed with a stake doubling over the last two quarters at prices between ~$89 and ~$183. The stock currently trades at ~$179.Amazon.com Inc. (AMZN): The 4.44% of the portfolio position in AMZN was first purchased in 2006. A very large stake was built next year at prices between ~$2 and ~$5. The position has since been substantially reduced over the years. Recent activity follows. Q3 2021 saw a ~15% selling at prices between ~$160 and ~$187. The three quarters through Q2 2022 had also seen minor trimming. There was a ~47% stake increase this quarter at prices between ~$82 and ~$121. The stock currently trades at $99.54.Teck Resources (TECK): The 3.34% of the portfolio stake in TECK saw a ~30% increase in Q2 2022 at prices between ~$30.50 and ~$45.75. That was followed with a ~17% increase last quarter at prices between ~$26 and ~$37. The stock currently trades at $41.61. There was a minor ~2% increase this quarter.Markel Corp (MKL): The 2.24% MKL position saw a ~20% stake increase this quarter at prices between ~$1084 and ~$1345. The stock currently trades at ~$1368.Owens Corning (OC): OC is a ~2% of the portfolio position primarily built during Q2 2022 at prices between ~$74 and ~$98 and it is now at ~$102. This quarter saw a ~7% further increase.Stake Decreases:Berkshire Hathaway (BRK.A) (BRK.B): The Berkshire stake is the largest 13F position at ~9% of the portfolio. It has been in the portfolio since their first 13F filing in Q1 1999. Recent activity follows. Last four quarters saw a ~20% trimming at prices between ~$264 and ~$360. The stock is now at ~$314.Wells Fargo (WFC): WFC is a very long term stake that has been in the portfolio since their first 13F filing in Q1 1999. At the time, it was already a very large stake at ~28M shares. Recent activity follows. Q3 2020 saw a ~45% stake increase at prices between ~$23.50 and ~$26.50. Since then, the activity had been minor. Last four quarters have seen a ~22% trimming. The stock currently trades at ~$48, and the stake is the second largest at 8.65% of the portfolio.Alphabet Inc. (GOOG) (GOOGL): GOOG is a top-five 5.28% of the portfolio position first purchased in 2016 at prices between ~$38 and ~$40. The stake has seen periodic selling since. Recent activity follows. Last seven quarters have seen a ~50% selling at prices between ~$87 and ~$150. The stock currently trades at ~$95.Applied Materials (AMAT): AMAT is a 4.80% long-term stake first purchased in 2011. The position remained very small until 2018 when a ~13M shares stake was built at prices between ~$30 and ~$62. Next year saw a ~15% stake increase at prices between ~$34 and ~$62. Since then, the position has seen selling. Q1 2021 saw a one-third reduction at prices between ~$85 and ~$140. Last seven quarters have also seen minor trimming. The stock is now at ~$117.US Bancorp (USB): USB position is a fairly large 4.68% of the portfolio stake. A very small position was first purchased in 2010. A substantial ~9.2M stake was built in 2018 at prices between ~$45 and ~$58. Next year saw a ~10% trimming but 2020 saw a stake doubling at prices between ~$31 and ~$59. The stock currently trades at ~$49. Last six quarters have seen a ~15% trimming.Cigna Corp (CI): The 4.14% of the portfolio CI stake was built in 2020 at prices between ~$142 and ~$220. Next quarter saw a ~50% stake increase at prices between ~$203 and ~$244. That was followed with a ~185% increase in Q3 2021 at prices between ~$218 and ~$246. There was a ~40% stake reduction this quarter at prices between ~$278 and ~$339. The stock currently trades at ~$299.Viatris Inc. (VTRS): The 4.14% VTRS stake was established in Q1 2021 at prices between ~$14 and ~$19. Next three quarters saw minor increases and that was followed with a ~25% increase in Q1 2022 at prices between ~$10 and ~$15.50. The stock currently trades at ~$12. There was minor trimming in the last three quarters.Bank of New York Mellon (BK): A huge 110M share stake was built in BK during the 2007-2011 time period at prices between ~$18 and ~$49. The position has since been reduced. The decade through 2020 saw the stake reduced to ~15M shares at prices between ~$21 and ~$58. Last several quarters have also seen minor trimming. The stock currently trades at $51.92, and the stake is at ~4% of the portfolio.JP Morgan Chase (JPM): A ~43M share stake in JPM was first built in 2004 at an average price in the high-30s. The position size peaked at over 78M shares by 2008. Since then, the stake has wavered. Recent activity follows. Last two years have seen a ~40% selling at prices between ~$113 and ~$172. The stock currently trades at ~$143, and the stake is at 3.90% of the portfolio.Texas Instruments (TXN): A ~58M share stake in TXN was built in the 2007-08 timeframe at prices between ~$14 and ~$38. The position has since been reduced. Recent activity follows. Last two years have seen a ~18% trimming at prices between ~$149 and ~$201. The stock currently trades at ~$177 and the stake is at 3.20% of the portfolio.Intel Corporation (INTC): INTC is a ~2% of the portfolio stake built in 2019 at prices between ~$44 and ~$60. Next year saw a ~50% stake increase at prices between ~$44 and ~$69. 2021 had also seen a one-third increase at prices between ~$49 and ~$68. The stock currently trades well below the low end of their purchase price ranges at $28.55. There was a one-third reduction over the last two quarters at prices between ~$25 and ~$41. They realized losses.JD.com (JD): The JD stake was a very small position first purchased in 2014. The position remained small until 2018 when there was a substantial increase from ~2.5M shares to ~7.2M shares at prices between ~$19 and ~$51. Since then, the position has wavered. Recent activity follows. Q3 2021 saw a ~250% stake increase at prices between ~$62 and ~$83 while in the following quarter there was a ~35% selling at prices between ~$66 and ~$92. Q1 2022 saw a ~18% stake increase at prices between ~$43 and ~$78. This quarter saw the stake reduced by ~47% to a 1.69% portfolio stake at prices between ~$37 and ~$60. The stock currently trades at $52.43.American Express (AXP), Bank of America (BAC), Bank of N.T. Butterfield & Son (NTB), Chubb Ltd. (CB), Coupang Inc. (CPNG), Darling Ingredients (DAR), Hollysys Automation (HOLI), IAC/Interactive (IAC), Loews Corp (L), Microsoft Corp (MSFT), PNC Financial (PNC), and Quest Diagnostics (DGX): These small (less than ~2.50% of the portfolio each) stakes were decreased this quarter.Note: They have a ~6.6% ownership stake in NTB and a ~8.9% ownership stake in HOLI.The spreadsheet below highlights changes to Davis Selected Advisers’ 13F holdings in Q4 2022:Source: John Vincent. Data constructed from Davis Selected Advisers’ 13F filings for Q3 2022 and Q4 2022.Regulatory filings from 8/24/2022 to 11/10/2022: None."

"Tracking Christopher Davis’ Davis Selected Advisers 13F Portfolio – Q3 2022 Update"

"Davis Selected Advisers 13F portfolio value decreased from $15.59B to $14.06B this quarter.They increased Meta Platforms and Teck Resources while reducing Intel, Loews, and Alibaba Group Holdings.The top three positions are Wells Fargo, Berkshire Hathaway, and Capital One Financial, and they add up to ~25% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Davis Selected Advisers’ 13F portfolio on a quarterly basis. It is based on their regulatory filed on 11/10/2022. Please visit our to get an idea of their investment philosophy and our for the fund’s moves during Q2 2022.This quarter, Davis Selected Advisers’ 13F portfolio decreased ~10% from $15.59B to $14.06B. The number of holdings remained steady at 114. The top three holdings are at ~23% while the top five holdings are close to ~37% of the 13F assets: Wells Fargo, Berkshire Hathaway, Capital One Financial, Alphabet, and Cigna.Note: Davis Selected Advisors manage several mutual funds and ETFs. The flagship mutual fund is Davis New York Venture Fund (NYVTX) with ~$6B in assets. Since its 1969 inception, the fund has generated significant alpha: 10.77% annualized over 53 years compared to ~10% annualized for the S&P 500 index. Also, they advise the Clipper Fund (CFIMX) which was incepted in 1984.Stake Increases:Amazon.com Inc. (AMZN): The 4.25% of the portfolio position in AMZN was first purchased in 2006. A very large stake was built next year at prices between ~$2 and ~$5. The position has since been substantially reduced over the years. Recent activity follows. Q3 2021 saw a ~15% selling at prices between ~$160 and ~$187. The stock currently trades at ~$101. Last three quarters had also seen minor trimming while this quarter there was a marginal increase.Meta Platforms (META) previously Facebook: META is a 4.10% of the portfolio stake first purchased in 2015 at prices between ~$75 and ~$110. The position has wavered. Recent activity follows. There was a ~15% trimming in Q3 2021 at prices between ~$337 and ~$382 while in Q1 2022 there was a ~25% stake increase at prices between ~$187 and ~$339. That was followed with a similar increase this quarter at prices between ~$134 and ~$183. The stock currently trades well below their recent purchase price ranges at ~$113.Teck Resources (TECK): The 2.76% of the portfolio stake in TECK saw a ~30% increase last quarter at prices between ~$30.50 and ~$45.75. That was followed with a ~17% increase this quarter at prices between ~$26 and ~$37. The stock currently trades at ~$35.Stake Decreases:Wells Fargo (WFC): WFC is a very long term stake that has been in the portfolio since their first 13F filing in Q1 1999. At the time, it was already a very large stake at ~28M shares. Recent activity follows. Q3 2020 saw a ~45% stake increase at prices between ~$23.50 and ~$26.50. Since then, the activity had been minor. Last three quarters have seen a ~17% trimming. The stock currently trades at $47.55, and the stake is the largest at 9.17% of the portfolio.Berkshire Hathaway (BRK.A) (BRK.B): The ~9% of the portfolio Berkshire stake is their second largest position. It has been in the portfolio since their first 13F filing in Q1 1999. Recent activity follows. Last three quarters saw a ~15% trimming at prices between ~$264 and ~$360. It is now at ~$310.Capital One Financial (COF): The top-three ~7% COF stake was a very small position first purchased in 2014. 2017 saw a substantial ~12M share stake built at prices between ~$78 and ~$100. The 2018-2020 timeframe also saw incremental buying as the stake was increased to ~16.2M shares. Last six quarters have seen a ~35% reduction at prices between ~$99 and ~$178. The stock currently trades at ~$116.Alphabet Inc. (GOOG) (GOOGL): GOOG is a top-five ~6% of the portfolio position first purchased in 2016 at prices between ~$38 and ~$40. The stake has seen periodic selling since. Recent activity follows. Last six quarters have seen a ~45% selling at prices between ~$87 and ~$150. The stock currently trades at ~$97.Cigna Corp (CI): The 6.11% of the portfolio CI stake was built in 2020 at prices between ~$142 and ~$220. Next quarter saw a ~50% stake increase at prices between ~$203 and ~$244. That was followed with a ~185% increase in Q3 2021 at prices between ~$218 and ~$246. The stock currently trades at ~$304. Last three quarters have seen minor trimming.US Bancorp (USB): USB position is a fairly large 4.71% of the portfolio stake. A very small position was first purchased in 2010. A substantial ~9.2M stake was built in 2018 at prices between ~$45 and ~$58. Next year saw a ~10% trimming but 2020 saw a stake doubling at prices between ~$31 and ~$59. The stock currently trades at $44.92. Last five quarters have seen a ~10% trimming.Applied Materials (AMAT): AMAT is a 4.29% long-term stake first purchased in 2011. The position remained very small until 2018 when a ~13M shares stake was built at prices between ~$30 and ~$62. Next year saw a ~15% stake increase at prices between ~$34 and ~$62. Since then, the position has seen selling. Q1 2021 saw a one-third reduction at prices between ~$85 and ~$140. Last six quarters have also seen minor trimming. The stock is now at ~$111.Bank of New York Mellon (BK): A huge 110M share stake was built in BK during the 2007-2011 time period at prices between ~$18 and ~$49. The position has since been reduced. The decade through 2020 saw the stake reduced to ~15M shares at prices between ~$21 and ~$58. Last several quarters have also seen minor trimming. The stock currently trades at $44.52, and the stake is at 3.73% of the portfolio.Viatris Inc. (VTRS): The 3.36% VTRS stake was established in Q1 2021 at prices between ~$14 and ~$19. Next three quarters saw minor increases and that was followed with a ~25% increase last quarter at prices between ~$10 and ~$15.50. The stock currently trades at $11.44. There was a minor ~2% trimming last quarter and a marginal reduction this quarter.JP Morgan Chase (JPM): A ~43M share stake in JPM was first built in 2004 at an average price in the high-30s. The position size peaked at over 78M shares by 2008. Since then, the stake has wavered. Recent activity follows. Last six quarters had seen a ~35% selling at prices between ~$113 and ~$172. The stock currently trades at ~$135, and the stake is at 3.30% of the portfolio. There was marginal trimming this quarter.Texas Instruments (TXN): A ~58M share stake in TXN was built in the 2007-08 timeframe at prices between ~$14 and ~$38. The position has since been reduced. Recent activity follows. Last seven quarters have seen a ~15% trimming at prices between ~$149 and ~$201. The stock currently trades at ~$180 and the stake is at 3.24% of the portfolio.JD.com (JD): The ~3% JD stake was a very small position first purchased in 2014. The position remained small until 2018 when there was a substantial increase from ~2.5M shares to ~7.2M shares at prices between ~$19 and ~$51. Since then, the position has wavered. Recent activity follows. Q3 2021 saw a ~250% stake increase at prices between ~$62 and ~$83 while in the following quarter there was a ~35% selling at prices between ~$66 and ~$92. Q1 2022 saw a ~18% stake increase at prices between ~$43 and ~$78. The stock currently trades at $48.93. There was a ~8% trimming over the last two quarters.Intel Corporation (INTC): INTC is a ~2% of the portfolio stake built in 2019 at prices between ~$44 and ~$60. Next year saw a ~50% stake increase at prices between ~$44 and ~$69. Last year had also seen a one-third increase at prices between ~$49 and ~$68. The stock currently trades well below the low end of their purchase price ranges at $30.43. There was a ~30% reduction this quarter at prices between ~$26 and ~$41.Owens Corning (OC): OC is a 1.89% of the portfolio position primarily built last quarter at prices between ~$74 and ~$98 and it is now at ~$92. This quarter saw marginal selling.Darling Ingredients (DAR): The 1.50% DAR position saw a stake doubling in Q3 2021 at prices between ~$64 and ~$79. Last four quarters have seen only minor adjustments. The stock currently trades at ~$76.Coupang Inc. (CPNG): CPNG had an IPO in Q1 2021. Shares started trading at ~$49 and currently goes for $19.14. The ~1% of the portfolio stake was established in H1 2021 at prices between ~$36 and ~$49. Q1 2022 saw the position more than doubled at prices between ~$15 and ~$29. There was marginal trimming in the last two quarters.Alibaba Group Holdings (BABA), American Express (AXP), Bank of America (BAC), Bank of N.T. Butterfield & Son (NTB), Chubb Ltd. (CB), Hollysys Automation (HOLI), IAC/Interactive (IAC), Loews Corp (L), Markel Corp (MKL), Microsoft Corp (MSFT), and Quest Diagnostics (DGX): These small (less than ~2.20% of the portfolio each) stakes were decreased this quarter.Note: They have a ~6.5% ownership stake in NTB and a ~10% ownership stake in HOLI.The spreadsheet below highlights changes to Davis Selected Advisers’ 13F holdings in Q3 2022:Source: John Vincent. Data constructed from Davis Selected Advisers’ 13F filings for Q2 2022 and Q3 2022.Regulatory filings from 6/22/2022 to 8/24/2022: None."

"Tracking Christopher Davis’ Davis Selected Advisers 13F Portfolio – Q2 2022 Update"

"Davis Selected Advisers 13F portfolio value decreased from $19.79B to $15.59B this quarter.They increased Teck Resources and Owens Corning while reducing Alibaba Group Holdings and American Express.The top three positions are Wells Fargo, Berkshire Hathaway, and Capital One Financial, and they add up to ~25% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Davis Selected Advisers’ 13F portfolio on a quarterly basis. It is based on their regulatory filed on 8/15/2022. Please visit our to get an idea of their investment philosophy and the fund’s moves during Q1 2022.This quarter, Davis Selected Advisers’ 13F portfolio decreased ~21% from $19.79B to $15.59B. The number of holdings decreased from 121 to 114. The top three holdings are at ~25% while the top five holdings are close to ~36% of the 13F assets: Wells Fargo, Berkshire Hathaway, Capital One Financial, Alphabet, and Cigna.Note: Davis Selected Advisors manage several mutual funds and ETFs. The flagship mutual fund is Davis New York Venture Fund (NYVTX) with ~$7B in assets. Since its 1969 inception, the fund has generated significant alpha: 11.08% annualized over 53 years compared to 10.15% annualized for the S&P 500 index. Also, they advise the Clipper Fund (CFIMX) which was incepted in 1984.Stake Increases:Teck Resources (TECK) and Owens Corning (OC): These small stakes were increased this quarter. The 2.14% of the portfolio stake in TECK saw a ~30% increase this quarter at prices between ~$30.50 and ~$45.75. The stock currently trades at $33.85. OC is a 1.62% of the portfolio position primarily built this quarter at prices between ~$74 and ~$98 and it is now at $81.73.Stake Decreases:Wells Fargo (WFC): WFC is a very long term stake that has been in the portfolio since their first 13F filing in Q1 1999. At the time, it was already a very large stake at ~28M shares. Recent activity follows. Q3 2020 saw a ~45% stake increase at prices between ~$23.50 and ~$26.50. Since then, the activity had been minor. Last two quarters have seen a ~15% trimming. The stock currently trades at $43.71, and the stake is the largest at 8.20% of the portfolio.Berkshire Hathaway (BRK.A) (BRK.B): The ~8% of the portfolio Berkshire stake is their second largest position. It has been in the portfolio since their first 13F filing in Q1 1999. Recent activity follows. Last two quarters saw a ~10% trimming at prices between ~$268 and ~$360. It is now at ~$281.Capital One Financial (COF): The top-three 7.33% COF stake was a very small position first purchased in 2014. 2017 saw a substantial ~12M share stake built at prices between ~$78 and ~$100. The 2018-2020 timeframe also saw incremental buying as the stake was increased to ~16.2M shares. Last six quarters have seen a one-third reduction at prices between ~$99 and ~$178. The stock currently trades at ~$106.Alphabet Inc. (GOOG) (GOOGL): GOOG is a top-five ~7% of the portfolio position first purchased in 2016 at prices between ~$38 and ~$40. The stake has seen periodic selling since. Recent activity follows. Last five quarters have seen a ~45% selling at prices between ~$87 and ~$150. The stock currently trades at ~$109.Note: the prices quoted above are adjusted for the 20-for-1 stock split in July.Cigna Corp (CI): The 5.31% of the portfolio CI stake was built in 2020 at prices between ~$142 and ~$220. Next quarter saw a ~50% stake increase at prices between ~$203 and ~$244. That was followed with a ~185% increase in Q3 2021 at prices between ~$218 and ~$246. The stock currently trades at ~$283. Last two quarters have seen minor trimming.US Bancorp (USB): USB position is a fairly large 4.91% of the portfolio stake. A very small position was first purchased in 2010. A substantial ~9.2M stake was built in 2018 at prices between ~$45 and ~$58. Next year saw a ~10% trimming but 2020 saw a stake doubling at prices between ~$31 and ~$59. The stock currently trades at $45.61. Last four quarters have seen a ~8% trimming.Applied Materials (AMAT): AMAT is a 4.33% long-term stake first purchased in 2011. The position remained very small until 2018 when a ~13M shares stake was built at prices between ~$30 and ~$62. Next year saw a ~15% stake increase at prices between ~$34 and ~$62. Since then, the position has seen selling. Q1 2021 saw a one-third reduction at prices between ~$85 and ~$140. Last five quarters have also seen minor trimming. The stock is now at ~$94.Intel Corporation (INTC): INTC is a ~4% of the portfolio stake built in 2019 at prices between ~$44 and ~$60. Next year saw a ~50% stake increase at prices between ~$44 and ~$69. Last year had also seen a one-third increase at prices between ~$49 and ~$68. The stock currently trades well below the low end of their purchase price ranges at $31.92. There was marginal trimming in the last two quarters.Viatris Inc. (VTRS): The 3.73% VTRS stake was established in Q1 2021 at prices between ~$14 and ~$19. Next three quarters saw minor increases and that was followed with a ~25% increase last quarter at prices between ~$10 and ~$15.50. The stock currently trades just below the low end of those ranges at $9.55. There was a minor ~2% trimming this quarter.Bank of New York Mellon (BK): A huge 110M share stake was built in BK during the 2007-2011 time period at prices between ~$18 and ~$49. The position has since been reduced. The decade through 2020 saw the stake reduced to ~15M shares at prices between ~$21 and ~$58. Last several quarters have also seen minor trimming. The stock currently trades at $41.53, and the stake is at 3.70% of the portfolio.JD.com (JD): The 3.57% JD stake was a very small position first purchased in 2014. The position remained small until 2018 when there was a substantial increase from ~2.5M shares to ~7.2M shares at prices between ~$19 and ~$51. Since then, the position has wavered. Recent activity follows. Q3 2021 saw a ~250% stake increase at prices between ~$62 and ~$83 while in the following quarter there was a ~35% selling at prices between ~$66 and ~$92. Last quarter saw a ~18% stake increase at prices between ~$43 and ~$78. The stock currently trades at $63.49. There was a ~3% trimming this quarter.Amazon.com Inc. (AMZN): The 3.55% of the portfolio position in AMZN was first purchased in 2006. A very large ~12M share stake was built next year at prices between ~$2 and ~$5. The position has since been substantially reduced over the years. Recent activity follows. Q3 2021 saw a ~15% selling at prices between ~$160 and ~$187. The stock currently trades at ~$127. Last three quarters have also seen minor trimming.Note: the prices quoted above are adjusted for the 20-for-1 stock split in June.Meta Platforms (META) previously Facebook: META is a 3.42% of the portfolio stake first purchased in 2015 at prices between ~$75 and ~$110. The position has wavered. Recent activity follows. There was a ~15% trimming in Q3 2021 at prices between ~$337 and ~$382 while last quarter there was a ~25% stake increase at prices between ~$187 and ~$339. The stock currently trades at ~$163. There was minor trimming this quarter.JP Morgan Chase (JPM): A ~43M share stake in JPM was first built in 2004 at an average price in the high-30s. The position size peaked at over 78M shares by 2008. Since then, the stake has wavered. Recent activity follows. Last six quarters have seen a ~35% selling at prices between ~$113 and ~$172. The stock currently trades at ~$114, and the stake is at 3.25% of the portfolio.Texas Instruments (TXN): A ~58M share stake in TXN was built in the 2007-08 timeframe at prices between ~$14 and ~$38. The position has since been reduced. Recent activity follows. Last six quarters have seen a ~13% trimming at prices between ~$149 and ~$201. The stock currently trades at ~$165 and the stake is at 2.95% of the portfolio.Darling Ingredients (DAR): The small ~1% DAR position saw a stake doubling in Q3 2021 at prices between ~$64 and ~$79. Last three quarters have seen only minor adjustments. The stock currently trades at ~$76.Coupang Inc. (CPNG): CPNG had an IPO in Q1 2021. Shares started trading at ~$49 and currently goes for $16.90. The small 0.70% of the portfolio stake was established in H1 2021 at prices between ~$36 and ~$49. Last quarter saw the position more than doubled at prices between ~$15 and ~$29. There was marginal trimming this quarter.Alibaba Group Holdings (BABA), American Express (AXP), Bank of N.T. Butterfield & Son (NTB), Bank of America (BAC), Chubb Ltd. (CB), Hollysys Automation (HOLI), IAC/Interactive (IAC), Loews Corp (L), Markel Corp (MKL), Microsoft Corp (MSFT), and Quest Diagnostics (DGX): These small (less than ~2.15% of the portfolio each) stakes were decreased this quarter.Note 1: They have a ~6.7% ownership stake in NTB and a ~10.5% ownership stake in HOLI.Note 2: Didi Global (DIDIY) was a small position as of last quarter. The stock was delisted in June and now trades OTC. It is unclear whether this stake was sold or is not in the 13F report as it is no longer a 13F security.The spreadsheet below highlights changes to Davis Selected Advisers’ 13F holdings in Q2 2022:Source: John Vincent. Data constructed from Davis Selected Advisers’ 13F filings for Q1 2022 and Q2 2022.Regulatory filings from 11/15/2021 to 6/22/2022: 13G – 2/11 – VRM – Vroom – 7.02M shares – 5.1% of business. 13G/A – 2/11 – NTB – Bank of N.T. Butterfield & Son – 3.88M shares – 7% of business. 13G/A – 2/11 – HOLI – Hollysys Automation – 6.8M shares – 11.1% of business. 13G/A – 2/11 – CIH – China Index Holdings – 4.45M shares – 6.7% of business."

"Tracking Christopher Davis’ Davis Selected Advisers 13F Portfolio – Q1 2022 Update"

"Davis Selected Advisers 13F portfolio value decreased from $21.52B to $19.79B this quarter.They increased Meta Platforms, Viatris, JD.com, and Coupang while reducing Wells Fargo and American Express.The top three positions are Berkshire Hathaway, Wells Fargo, and Capital One Financial, and they add up to ~26% of the portfolio.This article is first in a series that provides an ongoing analysis of the changes made to Davis Selected Advisers’ 13F portfolio on a quarterly basis. It is based on their regulatory filed on 5/16/2022.Davis Selected Advisers was founded more than 50 years ago in 1969 as an employee-owned investment firm. Their investment philosophy termed “The Davis Investment Discipline” is summarized as “seek to purchase durable, well-managed businesses at value prices and hold them for the long term to allow the power of compounding to work”.Assets Under Management (AUM) is at around $25B. The 13F portfolio has over 100 positions although only around 30 are sized above 0.5% of the portfolio.This quarter, Davis Selected Advisers’ 13F portfolio decreased ~8% from $21.52B to $19.79B. The number of holdings increased from 120 to 121. The top three holdings are at ~26% while the top five holdings are close to ~38% of the 13F assets: Berkshire Hathaway, Wells Fargo, Capital One Financial, Alphabet, and Applied Materials.Note 1: Davis Selected Advisors manage several mutual funds and ETFs. The flagship mutual fund is Davis New York Venture Fund (NYVTX) with ~$7B in assets. Since its 1969 inception, the fund has generated significant alpha: 11.53% annualized over 53 years compared to 10.6% annualized for the S&P 500 index. Also, they advise the Clipper Fund (CFIMX) which was incepted in 1984.Note 2: Although the following positions are very small compared to the overall size of the portfolio, it is significant that they have sizable ownership stakes: Vroom (VRM) and China Index Holdings (CIH).Stake Increases:Meta Platforms (META) previously Facebook: META is a fairly large 3.77% of the portfolio stake first purchased in 2015 at prices between ~$75 and ~$110. The position has wavered. Recent activity follows. There was a ~15% trimming in Q3 2021 at prices between ~$337 and ~$382 while this quarter there was a ~25% stake increase at prices between ~$187 and ~$339. The stock currently trades at ~$170.Viatris Inc. (VTRS): The 3.12% VTRS stake was established in Q1 2021 at prices between ~$14 and ~$19. Last three quarters saw minor increases and that was followed with a ~25% increase this quarter at prices between ~$10 and ~$15.50. The stock currently trades near the low end of those ranges at $10.30.JD.com (JD): The 2.60% JD stake was a very small position first purchased in 2014. The position remained small until 2018 when there was a substantial increase from ~2.5M shares to ~7.2M shares at prices between ~$19 and ~$51. Since then, the position has wavered. Recent activity follows. Q3 2021 saw a ~250% stake increase at prices between ~$62 and ~$83 while in the following quarter there was a ~35% selling at prices between ~$66 and ~$92. This quarter saw a ~18% stake increase at prices between ~$43 and ~$78. The stock currently trades at $61.76.Darling Ingredients (DAR): The small ~1% DAR position saw a stake doubling in Q3 2021 at prices between ~$64 and ~$79. Last two quarters have seen only minor adjustments. The stock currently trades at $56.81.Coupang Inc. (CPNG): CPNG had an IPO in Q1 2021. Shares started trading at ~$49 and currently goes for $15.94. The small 0.77% of the portfolio stake was established in H1 2021 at prices between ~$36 and ~$49. This quarter saw the position more than doubled at prices between ~$15 and ~$29.Stake Decreases:Berkshire Hathaway (BRK.A) (BRK.B): The ~9% of the portfolio Berkshire stake is their largest position. It has been in the portfolio since their first 13F filing in Q1 1999. Recent activity follows. Last few years have seen minor trimming in most quarters. This quarter saw a ~5% trimming as BRK.B traded between ~$301 and ~$360. It is now at ~$276.Wells Fargo (WFC): WFC is another very long term stake that has been in the portfolio since their first 13F filing in Q1 1999. At the time, it was already a very large stake at ~28M shares. Recent activity follows. Q3 2020 saw a ~45% stake increase at prices between ~$23.50 and ~$26.50. Since then, the activity had been minor. There was a ~11% trimming this quarter. The stock currently trades at $39.50, and the stake is the second-largest at 8.32% of the portfolio.Capital One Financial (COF): The top-three 7.55% COF stake was a very small position first purchased in 2014. 2017 saw a substantial ~12M share stake built at prices between ~$78 and ~$100. The 2018-2020 timeframe also saw incremental buying as the stake was increased to ~16.2M shares. Last five quarters have seen a ~30% reduction at prices between ~$99 and ~$178. The stock currently trades at ~$106.Alphabet Inc. (GOOG) (GOOGL): GOOG is a top-three 7.36% of the portfolio position first purchased in 2016 at prices between ~$754 and ~$805. The stake has seen periodic selling since. Recent activity follows. Last five quarters have seen a ~45% selling at prices between ~$1735 and ~$3000. The stock currently trades at $2304.Applied Materials (AMAT): AMAT is a top-five 5.36% long-term stake first purchased in 2011. The position remained very small until 2018 when a ~13M shares stake was built at prices between ~$30 and ~$62. Next year saw a ~15% stake increase at prices between ~$34 and ~$62. Since then, the position has seen selling. Q1 2021 saw a one-third reduction at prices between ~$85 and ~$140. Last four quarters have also seen minor trimming. The stock is now at $86.56.US Bancorp (USB): USB position is a fairly large 4.64% of the portfolio stake. A very small position was first purchased in 2010. A substantial ~9.2M stake was built in 2018 at prices between ~$45 and ~$58. Next year saw a ~10% trimming but 2020 saw a stake doubling at prices between ~$31 and ~$59. The stock currently trades at $46.50. Last three quarters have seen a ~5% trimming.Amazon.com Inc. (AMZN): The fairly large 4.42% of the portfolio position in AMZN was first purchased in 2006. A very large ~12M share stake was built next year at prices between ~$2 and ~$5. The position has since been substantially reduced over the years. Recent activity follows. Q3 2021 saw a ~15% selling at prices between ~$160 and ~$187. The stock currently trades at ~$114. Last two quarters have also seen minor trimming.Intel Corporation (INTC): INTC is a 4.19% of the portfolio stake built in 2019 at prices between ~$44 and ~$60. Next year saw a ~50% stake increase at prices between ~$44 and ~$69. Last four quarters had also seen a one-third increase at prices between ~$49 and ~$68. The stock currently trades well below the low end of their purchase price ranges at ~$37. There was marginal trimming this quarter.Cigna Corp (CI): The ~4% of the portfolio CI stake was built in 2020 at prices between ~$142 and ~$220. Next quarter saw a ~50% stake increase at prices between ~$203 and ~$244. That was followed with a ~185% increase this quarter at prices between ~$218 and ~$246. The stock currently trades at ~$271. Last two quarters have seen only minor adjustments.Bank of New York Mellon (BK): A huge 110M share stake was built in BK during the 2007-2011 time period at prices between ~$18 and ~$49. The position has since been reduced. The decade through 2020 saw the stake reduced to ~15M shares at prices between ~$21 and ~$58. Last several quarters have also seen minor trimming. The stock currently trades at $41.58, and the stake is at 3.57% of the portfolio.JP Morgan Chase (JPM): A ~43M share stake in JPM was first built in 2004 at an average price in the high-30s. The position size peaked at over 78M shares by 2008. Since then, the stake has wavered. Recent activity follows. Last five quarters have seen a one-third selling at prices between ~$127 and ~$172. The stock currently trades at ~$112, and the stake is at 3.20% of the portfolio.Texas Instruments (TXN): A ~58M share stake in TXN was built in the 2007-08 timeframe at prices between ~$14 and ~$38. The position has since been reduced. Recent activity follows. Last five quarters have seen a ~9% trimming at prices between ~$165 and ~$201. The stock currently trades at ~$151 and the stake is at 2.89% of the portfolio.Alibaba Group Holdings (BABA), American Express (AXP), Bank of N.T. Butterfield & Son (NTB), Bank of America (BAC), Chubb Ltd. (CB), Didi Global (DIDI), Hollysys Automation (HOLI), IAC/Interactive (IAC), Loews Corp (L), Markel Corp (MKL), Microsoft Corp (MSFT), Quest Diagnostics (DGX), and Teck Resources (TECK): These small (less than ~2% of the portfolio each) stakes were decreased this quarter.Note: They have a ~7% ownership stake in NTB and a ~11% ownership stake in HOLI.The spreadsheet below highlights changes to Davis Selected Advisers’ 13F holdings in Q1 2022:Source: John Vincent. Data constructed from Davis Selected Advisers’ 13F filings for Q4 2021 and Q1 2022."

"Tracking Akre Capital Management Portfolio – Q2 2023 Update"

"….….….This article is part of a series that provides an ongoing analysis of the changes made to Akre Capital Management’s 13F portfolio on a quarterly basis. It is based on Akre’s regulatory filed on 8/11/2023. Please visit our series to get an idea of their investment philosophy and our for their moves in Q1 2023.This quarter, Akre’s 13F portfolio value increased ~6% from $11.37B to $12B. The number of positions decreased from 19 to 18. The largest five stakes are MasterCard, Moody’s, American Tower, Visa, and O’Reilly Auto. They account for ~64% of the total portfolio value.AUM is distributed among private funds, separately managed accounts, and the Akre Focus Mutual Fund (AKREX) (AKRIX). Since the 2009 inception through Q2 2023, the mutual fund’s annualized returns are at 14.54% compared to 13.44% for the S&P 500 Index. For H1 2023, the fund returned 14.89% compared to 16.89% for the S&P 500 Index. Their cash allocation is currently at 2.7% near the bottom end of their historical range. Akre coined the term "compounding machines" to describe the type of businesses he invests in. To learn more about that investing style, check out .Note: positions in the mutual fund not reported through the 13F filings include Constellation Software (CNSWF), Lumine Group (LMGIF), and Topicus.com (TOITF). Topicus.com and Lumine Group are spinoffs from Constellation Software.Stake Disposals:Alphabet (GOOG) Calls: The leveraged long stake in GOOGL through Calls was a very small 0.09% of the portfolio position established in Q2 2022. It was disposed this quarter. GOOG currently goes for ~$130.Stake Increases:KKR & Company (KKR): KKR is a 7.11% of the portfolio position established in Q1 2018 at prices between $20 and $24.50 and doubled next quarter at prices between $19.50 and $25.50. There was another ~25% increase in Q4 2018 at prices between $18.50 and $28. The first three quarters of 2020 also saw a ~15% increase. The stock currently trades at ~$59. The last several quarters saw only minor adjustments.Note: KKR converted from a partnership to a corporation effective July 1, 2018.Brookfield Corp (BN) previously Brookfield Asset Management: BN is a 5.13% of the portfolio stake established in Q3 2019 at prices between $20 and $24 and increased by ~18% next quarter at prices between $22 and $27. The first three quarters of 2020 saw another ~45% increase at prices between $10 and $33.50. That was followed with another ~30% stake increase during Q4 2022 at prices between ~$31 and ~$35. The stock currently trades at $32.52. There were minor further increases in the last two quarters.Note: the prices quoted above are adjusted for the Asset Management Business spinoff completed last December. Shares of the spinoff, which assumed the name Brookfield Asset Management, were distributed at a ratio of 1 share of the separated business for every 4 Class A shares held. The parent company was then renamed Brookfield Corp.Danaher Corporation (DHR): DHR is a 3.58% of the portfolio position established in Q4 2013 at prices between $47 and $55 and increased by roughly five-times in Q2 2014 at prices between $52 and $59. The stock is now at ~$253. There was a ~8% stake increase during Q4 2022. There was a marginal further increase this quarter.Note: The prices quoted above are adjusted for the Fortive spinoff in July 2017.Stake Decreases:Moody’s Corporation (MCO): The initial purchase of MCO happened in Q1 & Q2 2012 in the high-30s price-range. Since then, the position size has doubled at higher prices. Recent activity follows: Q4 2016 saw a ~15% increase at prices between $94 and $109 and that was followed with a ~22% increase the following quarter at prices between $95 and $114. Since then, the activity has been minor. It currently trades at ~$329 and is now the second-largest stake at 15.30% of the portfolio.Note: Akre’s cost-basis on MCO is ~$39.American Tower (AMT): AMT has been in the portfolio for over two decades. It is the second-largest stake at ~13% of the portfolio. Recent activity follows: the six years through Q3 2018 saw consistent buying almost every quarter. The share count increased over four times from 1.7M shares to 7.1M shares during that period. The buying happened at prices between $65 and $118. Since then, there have only been minor adjustments. The stock is now at ~$176. There was a ~4% trimming this quarter.Note: Akre is very bullish on AMT as incremental margins are at over 90% and growth in wireless communication is a significant tailwind.O’Reilly Automotive (ORLY): ORLY is a large (top five) 8.86% portfolio stake first purchased in 2005. Over 800K shares were purchased at the time. The position was at 825K shares as of Q1 2017 - every year had seen adjustments but overall, the stake had remained remarkably steady over that twelve-year period – the stock returned ~10x during that time. 2017 saw a ~130% stake increase at an average cost of ~$195. Q1 2021 saw a ~14% selling at prices between ~$425 and ~$509. There was a ~20% selling during Q4 2022 at prices between ~$703 and ~$865. The stock is now at ~$932. There was a ~6% trimming this quarter.Adobe Inc. (ADBE): ADBE is a 4.33% of the portfolio position purchased in Q1 2020 at prices between $285 and $383 and increased by roughly one-third in Q1 2021 at prices between ~$421 and ~$502. There was a ~25% reduction during Q4 2022 at prices between ~$275 and ~$346. That was followed by a ~15% selling in the last two quarters at prices between ~$321 and ~$495. The stock currently trades at ~$512.CarMax Inc. (KMX): The ~2% KMX stake is a very long-term position first purchased in 2002. The bulk of the current stake was built over the four quarters through Q2 2016 at prices between $42 and $68. There was a ~10% stake increase in Q4 2018 at prices between $57 and $74. 2019 had also seen a ~17% stake increase at prices between $58 and $98 and that was followed with a ~20% further increase in Q1 2020 at prices between $44 and $102. The two quarters through Q1 2021 had seen a ~12% selling. That was followed with a ~60% reduction in the last three quarters at prices between ~$56 and ~$86. The stock is now at $81.65.DigitalBridge (DBRG) previously Colony Capital: The DBRG stake saw a ~6x increase in Q3 2020 at prices between ~$7.20 and ~$11.60. Q2 2022 saw a ~55% stake increase at prices between ~$18.20 and ~$30.20. That was followed with a ~22% increase in the last two quarters at prices between ~$11.50 and ~$23.50. The stock currently trades at ~$16. The stake is still very small at 0.62% of the portfolio. There was a minor ~2% trimming this quarter.Note: The prices quoted above are adjusted for the one-for-four reverse stock-split last August.Kept Steady:MasterCard (MA): MA is currently the largest 13F stake at ~19% of the portfolio. It was first purchased in 2010 and has consistently increased since. Their overall cost-basis is ~$22 compared to the current price of ~$393 per share. Q1 2020 saw a ~9% stake increase while Q2 2022 saw a ~14% selling at prices between ~$309 and ~$379.Visa Inc. (V): Visa is a large (top five) ~10% of the portfolio stake. It was established in Q2 2012 at a cost-basis of around $30. Q2 2013 saw a one-third increase in the low-40s and that was followed with a 60% increase in Q2 2016 in the high 70s. Q1 2017 also saw another roughly one-third increase at prices between $79.50 and $90. Since then, the activity has been minor. The stock is now at ~$237. There was a ~6% trimming during Q4 2022.Note: Visa stock split 4-for-1 in March 2015. The prices quoted above are adjusted for that split.Roper Technologies (ROP): ROP is a 6.63% of the portfolio position first purchased in Q2 & Q3 2014 at prices between $129 and $150. The stake saw incremental buying in the following quarters. In Q2 2016, there was a ~20% increase at prices between $165 and $185. The first three quarters of 2020 saw a ~22% stake increase at prices between $254 and $453. The stock is now at ~$487. H1 2021 saw a ~12% trimming.CoStar Group (CSGP): The 5.27% CSGP stake was purchased in Q4 2019 at prices between ~$54 and ~$62 and increased by ~75% next quarter at prices between ~$52 and ~$74. Q2 2020 saw another ~120% stake increase at prices between ~$53 and ~$73. There was a ~25% reduction in Q2 2022 at prices between ~$54 and ~$68. The stock currently trades at ~$78.Note: The prices quoted above are adjusted for the 10-for-1 stock split last June.Brookfield Asset Management (BAM): BAM is a small ~1% of the portfolio position established as a result of the spinoff from Brookfield Corp. The stock currently trades at $33.88.Goosehead Insurance (GSHD): GSHD is a minutely small position established in Q4 2018 and increased over the next two quarters. There has been periodic buying since. Goosehead had an IPO in April 2018 priced at $10. Q3 2022 saw a ~30% selling at prices between ~$36 and ~$71. It currently trades at $61.26. The position is very small at 0.13% of the portfolio.Dollar Tree (DLTR): DLTR position was first purchased in 2010 at a cost-basis in the low-20s. Recent activity follows. There was a ~15% stake increase in Q2 2017 at prices between $66.50 and $83. Q1 2020 saw a ~10% selling and that was followed with marginal trimming in the next three quarters. Q1 2021 saw a ~20% reduction at prices between ~$98 and ~$116. That was followed with a ~25% selling in Q4 2021 at prices between ~$96 and ~$147. The position was almost sold out next quarter at prices between ~$126 and ~$160. The stock currently trades at ~$142.Berkshire Hathaway (BRK.B) and Verisk Analytics (VRSK): These two minutely small stakes were kept steady this quarter.Below is a spreadsheet that highlights the changes to Akre Capital Management’s 13F stock portfolio as of Q2 2023:Source: John Vincent. Data constructed from Akre Capital Management’s 13F filings for Q1 2023 and Q2 2023.8/28/2021: There was a reader comment about including holdings not in the 13F report. The complete holdings of AKREX is published twice a year (April & October) and is available at . Use this as a reference to update this information in our updates.Regulatory filings from 2/16/2023 to 5/19/2023: None.Performance Summary: Performance: 5.85% vs 7.50% for S&P 500 for Q1 2023. 14.14% since 2009 inception compared to 13.01% for the S&P 500. Cash: increased from ~2% as of EOY 2021 to ~5.3% as of Q1 2023.10/29/2020 – Chuck Akre EOY 2020."

"Tracking Akre Capital Management Portfolio – Q1 2023 Update"

"Akre Capital Management’s 13F portfolio value increased from $11.06B to $11.37B this quarter.They decreased CarMax substantially this quarter.The top three positions are MasterCard, Moody’s, and American Tower and they add up to ~47% of the entire portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Akre Capital Management’s 13F portfolio on a quarterly basis. It is based on Akre’s regulatory filed on 5/12/2023. Please visit our series to get an idea of their investment philosophy and our for their moves in Q4 2022.This quarter, Akre’s 13F portfolio value increased ~3% from $11.06B to $11.37B. The number of positions decreased from 20 to 19. The largest five stakes are MasterCard, Moody’s, American Tower, Visa, and O’Reilly Auto. They account for two-thirds of the total portfolio value.AUM is distributed among private funds, separately managed accounts, and the Akre Focus Mutual Fund (AKREX) (AKRIX). Since the 2009 inception through Q1 2023, the mutual fund’s annualized returns are at 14.14% compared to 13.01% for the S&P 500 Index. For Q1 2023, the fund returned 5.85% compared to 7.50% for the S&P 500 Index. Their cash allocation has increased from ~2% to ~5.4% since EOY 2021. Akre coined the term "compounding machines" to describe the type of businesses he invests in. To learn more about that investing style, check out .Note: positions in the mutual fund not reported through the 13F filings include Constellation Software (CNSWF), and Topicus.com (TOITF). Topicus.com is a spinoff from Constellation Software that started trading in February 2021.Stake Disposals:AlarmCom Holding (ALRM): ALRM was a very small 0.12% position first purchased in Q2 2015. Q3 2019 saw a ~130% stake increase at prices between $46 and $53. The four quarters through Q3 2020 saw a ~43% further increase at prices between ~$37 and ~$71. There was a ~50% reduction in Q1 2022 while in the next quarter there was a ~73% increase. The disposal this quarter was at prices between ~$48 and ~$58. The stock currently trades at $51.50.Stake Increases:MasterCard (MA): MA is currently the largest 13F stake at ~19% of the portfolio. It was first purchased in 2010 and has consistently increased since. Their overall cost-basis is ~$22 compared to the current price of ~$385 per share. Q1 2020 saw a ~9% stake increase while Q2 2022 saw a ~14% selling at prices between ~$309 and ~$379. The last two quarters saw only minor adjustments.American Tower (AMT): AMT has been in the portfolio for over two decades. It is the second-largest stake at ~13% of the portfolio. Recent activity follows: the six years through Q3 2018 saw consistent buying almost every quarter. The share count increased over four times from 1.7M shares to 7.1M shares during that period. The buying happened at prices between $65 and $118. Since then, there have only been minor adjustments. The stock is now at ~$194. There was a marginal increase over the last two quarters.Note: Akre is very bullish on AMT as incremental margins are at over 90% and growth in wireless communication is a significant tailwind.KKR & Company (KKR): KKR is a ~7% of the portfolio position established in Q1 2018 at prices between $20 and $24.50 and doubled next quarter at prices between $19.50 and $25.50. There was another ~25% increase in Q4 2018 at prices between $18.50 and $28. The first three quarters of 2020 also saw a ~15% increase. The stock currently trades at $51.19. The last several quarters saw only minor adjustments.Note: KKR converted from a partnership to a corporation effective July 1, 2018.Brookfield Corp (BN) previously Brookfield Asset Management: BN is a 5.22% of the portfolio stake established in Q3 2019 at prices between $20 and $24 and increased by ~18% next quarter at prices between $22 and $27. The first three quarters of 2020 saw another ~45% increase at prices between $10 and $33.50. That was followed with another ~30% stake increase last quarter at prices between ~$31 and ~$35. The stock currently trades at $31.30. There was a minor ~5% increase this quarter.Note: the prices quoted above are adjusted for the Asset Management Business spinoff completed last December. Shares of the spinoff, which assumed the name Brookfield Asset Management were distributed at a ratio of 1 share of the separated business for every 4 Class A shares held. The parent company was then renamed Brookfield Corp.DigitalBridge (DBRG) previously Colony Capital: The DBRG stake saw a ~6x increase in Q3 2020 at prices between ~$7.20 and ~$11.60. Q2 2022 saw a ~55% stake increase at prices between ~$18.20 and ~$30.20. That was followed with a ~22% increase in the last two quarters at prices between ~$11.50 and ~$23.50. The stock currently trades at $11.29. The stake is still very small at 0.54% of the portfolio. There was a minor ~3% further increase this quarter.Note: The prices quoted above are adjusted for the one-for-four reverse stock-split last August.Stake Decreases:O’Reilly Automotive (ORLY): ORLY is a large (top five) ~9% portfolio stake first purchased in 2005. Over 800K shares were purchased at the time. The position was at 825K shares as of Q1 2017 - every year had seen adjustments but overall, the stake had remained remarkably steady over that twelve-year period – the stock returned ~10x during that time. 2017 saw a ~130% stake increase at an average cost of ~$195. Q1 2021 saw a ~14% selling at prices between ~$425 and ~$509. There was a ~20% selling last quarter at prices between ~$703 and ~$865. The stock is now at ~$928. This quarter saw marginal trimming.Adobe Inc. (ADBE): ADBE is a ~4% of the portfolio position purchased in Q1 2020 at prices between $285 and $383 and increased by roughly one-third in Q1 2021 at prices between ~$421 and ~$502. There was a ~25% reduction last quarter at prices between ~$275 and ~$346. The stock currently trades at ~$372. There was a minor ~3% trimming this quarter.CarMax Inc. (KMX): The 1.75% KMX stake is a very long-term position first purchased in 2002. The bulk of the current stake was built over the four quarters through Q2 2016 at prices between $42 and $68. There was a ~10% stake increase in Q4 2018 at prices between $57 and $74. 2019 had also seen a ~17% stake increase at prices between $58 and $98 and that was followed with a ~20% further increase in Q1 2020 at prices between $44 and $102. The two quarters through Q1 2021 had seen a ~12% selling. That was followed with a ~60% reduction in the last two quarters at prices between ~$56 and ~$79. The stock is now at $72.21.Dollar Tree (DLTR): DLTR position was first purchased in 2010 at a cost-basis in the low-20s. Recent activity follows. There was a ~15% stake increase in Q2 2017 at prices between $66.50 and $83. Q1 2020 saw a ~10% selling and that was followed with marginal trimming in the next three quarters. Q1 2021 saw a ~20% reduction at prices between ~$98 and ~$116. That was followed with a ~25% selling in Q4 2021 at prices between ~$96 and ~$147. The position was almost sold out next quarter at prices between ~$126 and ~$160. The stock currently trades at ~$160. The last several quarters saw minor trimming.Kept Steady:Moody’s Corporation (MCO): The initial purchase of MCO happened in Q1 & Q2 2012 in the high-30s price-range. Since then, the position size was doubled at higher prices. Recent activity follows: Q4 2016 saw a ~15% increase at prices between $94 and $109 and that was followed with a ~22% increase the following quarter at prices between $95 and $114. Since then, the activity has been minor. It currently trades at ~$321 and is now the second-largest stake at 15.36% of the portfolio.Note: Akre’s cost-basis on MCO is ~$39.Visa Inc. (V): Visa is a large (top five) ~10% of the portfolio stake. It was established in Q2 2012 at a cost-basis of around $30. Q2 2013 saw a one-third increase in the low-40s and that was followed with a 60% increase in Q2 2016 in the high 70s. Q1 2017 also saw another roughly one-third increase at prices between $79.50 and $90. Since then, the activity has been minor. The stock is now at ~$231. There was a ~6% trimming last quarter.Note: Visa stock split 4-for-1 in March 2015. The prices quoted above are adjusted for that split.Roper Technologies (ROP): ROP is a 6.42% of the portfolio position first purchased in Q2 & Q3 2014 at prices between $129 and $150. The stake saw incremental buying in the following quarters. In Q2 2016, there was a ~20% increase at prices between $165 and $185. The first three quarters of 2020 saw a ~22% stake increase at prices between $254 and $453. The stock is now at ~$457. H1 2021 saw a ~12% trimming.CoStar Group (CSGP): The 4.31% CSGP stake was purchased in Q4 2019 at prices between ~$54 and ~$62 and increased by ~75% next quarter at prices between ~$52 and ~$74. Q2 2020 saw another ~120% stake increase at prices between ~$53 and ~$73. There was a ~25% reduction in Q2 2022 at prices between ~$54 and ~$68. The stock currently trades at $79.85.Note: The prices quoted above are adjusted for the 10-for-1 stock split last June.Danaher Corporation (DHR): DHR is a ~4% of the portfolio position established in Q4 2013 at prices between $47 and $55 and increased by roughly five-times in Q2 2014 at prices between $52 and $59. The stock is now at ~$231. There was a ~8% stake increase last quarter.Note: The prices quoted above are adjusted for the Fortive spinoff in July 2017.Brookfield Asset Management (BAM): BAM is a small ~1% of the portfolio position established as a result of the spinoff from Brookfield Corp. The stock currently trades at $31.60.Goosehead Insurance (GSHD): GSHD is a minutely small position established in Q4 2018 and increased over the next two quarters. There has been periodic buying since. Goosehead had an IPO in April 2018 priced at $10. Q3 2022 saw a ~30% selling at prices between ~$36 and ~$71. It currently trades at $57.62. The position is very small at 0.11% of the portfolio.Alphabet (GOOG) Calls: The leveraged long stake in GOOGL through Calls is a very small 0.09% of the portfolio position established in Q2 2022. GOOG currently goes for ~$126.Berkshire Hathaway (BRK.B) and Verisk Analytics (VRSK): These two minutely small stakes were kept steady this quarter.Below is a spreadsheet that highlights the changes to Akre Capital Management’s 13F stock portfolio as of Q1 2023:Source: John Vincent. Data constructed from Akre Capital Management’s 13F filings for Q4 2022 and Q1 2023.8/28/2021: There was a reader comment about including holdings not in the 13F report. The complete holdings of AKREX is published twice a year (April & October) and is available at . Use this as a reference to update this information in our updates.Regulatory filings from 12/21/2022 to 2/16/2023: Form 4 – 12/28 – TPHS – minor, 12/23 – SANW – 667K shares acquired, .Performance Summary: Performance: Negative 22.93% vs Negative 18.1% for S&P 500 for 2022. 13.93% since 2009 inception compared to 12.65% for the S&P 500. Cash: increased from ~2% as of EOY 2021 to ~6.7% as of EOY 2022.10/29/2020 – Chuck Akre EOY 2020."

"Tracking Akre Capital Management Portfolio – Q4 2022 Update"

"Akre Capital Management’s 13F portfolio value decreased from $11.34B to $11.06B this quarter.They increased Brookfield Corp while decreasing O’Reilly Auto, Adobe, CarMax, and Verisk Analytics. They also dropped Salesforce.com and Snowflake.The top three positions are MasterCard, Moody’s, and American Tower and they add up to ~46% of the entire portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Akre Capital Management’s 13F portfolio on a quarterly basis. It is based on Akre’s regulatory filed on 2/13/2023. Please visit our series to get an idea of their investment philosophy and our for their moves in Q3 2022.This quarter, Akre’s 13F portfolio value decreased ~2% from $11.34B to $11.06B. The number of positions decreased from 21 to 20. The largest five stakes are MasterCard, Moody’s, American Tower, Visa, and O’Reilly Auto. They account for ~65% of the total portfolio value.AUM is distributed among private funds, separately managed accounts, and the Akre Focus Mutual Fund (AKREX) (AKRIX). Since the 2009 inception through 2022, the mutual fund’s annualized returns are at 13.93% compared to 12.65% for the S&P 500 Index. For 2022, the fund returned negative 22.93% compared to negative 18.1% for the S&P 500 Index. Their cash allocation has increased from ~2% to ~6.7% during 2022. Akre coined the term "compounding machines" to describe the type of businesses he invests in. To learn more about that investing style, check out .Note: positions in the mutual fund not reported through the 13F filings include Constellation Software (CNSWF), and Topicus.com (TOITF). Topicus.com is a spinoff from Constellation Software that started trading in February 2021.Stake Disposals:Salesforce.com (CRM): CRM was a 3.93% of the portfolio position established in Q2 2021 at prices between ~$211 and ~$246. The disposal this quarter was at prices between ~$128 and ~$165. The stock currently trades at ~$168. They realized losses.Snowflake Inc. (SNOW): The 1.50% SNOW stake was purchased in Q2 2022 at prices between ~$113 and ~$241. The position was sold this quarter at prices between ~$126 and ~$189. The stock currently trades at ~$164.New Stakes:Brookfield Asset Management (BAM): BAM is a small ~1% of the portfolio position established as a result of the spinoff from Brookfield Corp. The stock currently trades at $35.38.Stake Increases:American Tower (AMT): AMT has been in the portfolio for over two decades. It is the second-largest stake at ~13% of the portfolio. Recent activity follows: the six years thru Q3 2018 saw consistent buying almost every quarter. The share count increased over four times from 1.7M shares to 7.1M shares during that period. The buying happened at prices between $65 and $118. Since then, there have only been minor adjustments. The stock is now at ~$212. There was a marginal increase this quarter.Note: Akre is very bullish on AMT as incremental margins are at over 90% and growth in wireless communication is a significant tailwind.Brookfield Corp (BN) previously Brookfield Asset Management: BN is a 4.94% of the portfolio stake established in Q3 2019 at prices between $20 and $24 and increased by ~18% next quarter at prices between $22 and $27. The first three quarters of 2020 had seen another ~45% increase at prices between $10 and $33.50. That was followed with another ~30% stake increase this quarter at prices between ~$31 and ~$35. The stock currently trades at ~$36.Note: the prices quoted above are adjusted for the Asset Management Business spinoff completed last December. Shares of the spinoff which assumed the name Brookfield Asset Management was distributed at a ratio of 1 share of the separated business for every 4 Class A shares held. The parent company was then renamed Brookfield Corp.Danaher Corporation (DHR): DHR is a 4.29% of the portfolio position established in Q4 2013 at prices between $47 and $55 and increased by roughly five-times in Q2 2014 at prices between $52 and $59. The stock is now at ~$256. There was a ~8% stake increase this quarter.Note: The prices quoted above are adjusted for the Fortive spinoff in July 2017.DigitalBridge (DBRG) previously Colony Capital: The DBRG stake saw a ~6x increase in Q3 2020 at prices between ~$7.20 and ~$11.60. Q2 2022 saw a ~55% stake increase at prices between ~$18.20 and ~$30.20. That was followed with a ~22% increase in the last two quarters at prices between ~$11.50 and ~$23.50. The stock currently trades at $14.90. The stake is still very small at 0.49% of the portfolio.Note: The prices quoted above are adjusted for the one-for-four reverse stock-split in August.Stake Decreases:MasterCard (MA): MA is currently the largest 13F stake at 18.47% of the portfolio. It was first purchased in 2010 and consistently increased since. Their overall cost-basis is ~$22 compared to the current price of ~$368 per share. Q1 2020 saw a ~9% stake increase while Q2 2022 saw a ~14% selling at prices between ~$309 and ~$379. There was marginal trimming this quarter.Note: In a WealthTrack interview in November 2019, Akre commented that something extraordinary is happening at MasterCard – if the rate of return is cut down twice, they would still be earning above average. On the question “one investment every investor should own some of”, Akre responded with two: MasterCard and Visa.Visa Inc. (V): Visa is a large (top five) 9.24% of the portfolio stake. It was established in Q2 2012 at a cost-basis of around $30. Q2 2013 saw a one-third increase in the low-40s and that was followed with a 60% increase in Q2 2016 in the high 70s. Q1 2017 also saw another roughly one-third increase at prices between $79.50 and $90. Since then, the activity has been minor. The stock is now at ~$226. There was a ~6% trimming this quarter.Note: Visa stock split 4-for-1 in March 2015. The prices quoted above are adjusted for that split.O’Reilly Automotive (ORLY): ORLY is a large (top five) ~9% portfolio stake first purchased in 2005. Over 800K shares were purchased at the time. The position was at 825K shares as of Q1 2017 - every year had seen adjustments but overall, the stake had remained remarkably steady over that twelve-year period – the stock returned ~10x during that time. 2017 saw a ~130% stake increase at an average cost of ~$195. Q1 2021 saw a ~14% selling at prices between ~$425 and ~$509. Last six quarters had seen only minor activity. There was a ~20% selling this quarter at prices between ~$703 and ~$865. The stock is now at ~$862.Roper Technologies (ROP): ROP is a 6.47% of the portfolio position first purchased in Q2 & Q3 2014 at prices between $129 and $150. The stake saw incremental buying in the following quarters. In Q2 2016, there was a ~20% increase at prices between $165 and $185. The first three quarters of 2020 had seen a ~22% stake increase at prices between $254 and $453. The stock is now at ~$423. H1 2021 had seen a ~12% trimming. There was marginal trimming this quarter.KKR & Company (KKR): KKR is a 6.34% of the portfolio position established in Q1 2018 at prices between $20 and $24.50 and doubled next quarter at prices between $19.50 and $25.50. There was another ~25% increase in Q4 2018 at prices between $18.50 and $28. The first three quarters of 2020 had also seen a ~15% increase. Since then, there have only been minor adjustments. The stock currently trades at $57.55. This quarter saw a ~2% trimming.Note: KKR converted from a partnership to a corporation effective July 1, 2018.Adobe Inc. (ADBE): ADBE is a 3.77% of the portfolio position purchased in Q1 2020 at prices between $285 and $383 and increased by roughly one-third in Q1 2021 at prices between ~$421 and ~$502. Last six quarters had seen only minor adjustments. There was a ~25% reduction this quarter at prices between ~$275 and ~$346. The stock currently trades at ~$365.CarMax Inc. (KMX): The 2.91% KMX stake is a very long-term position first purchased in 2002. The bulk of the current stake was built over the four quarters thru Q2 2016 at prices between $42 and $68. There was a ~10% stake increase in Q4 2018 at prices between $57 and $74. 2019 had also seen a ~17% stake increase at prices between $58 and $98 and that was followed with a ~20% further increase in Q1 2020 at prices between $44 and $102. The two quarters through Q1 2021 had seen a ~12% selling. That was followed with a ~30% reduction this quarter at prices between ~$56 and ~$75. The stock is now at $74.32.Dollar Tree (DLTR): DLTR position was first purchased in 2010 at a cost-basis in the low-20s. Recent activity follows. There was a ~15% stake increase in Q2 2017 at prices between $66.50 and $83. Q1 2020 saw a ~10% selling and that was followed with marginal trimming in the next three quarters. Q1 2021 saw a ~20% reduction at prices between ~$98 and ~$116. That was followed with a ~25% selling in Q4 2021 at prices between ~$96 and ~$147. The position was almost sold out next quarter at prices between ~$126 and ~$160. The stock currently trades at ~$147. There was further selling this quarter.Verisk Analytics (VRSK): The VRSK position was purchased in H2 2012 at prices between $46.50 and $51. 2015 saw a huge 3x stake increase at prices between $63 and $81. The position had since been kept relatively steady. This quarter saw the stake almost sold out at prices between ~$166 and ~$186. The stock is currently at ~$176.Kept Steady:Moody’s Corporation (MCO): The initial purchase of MCO happened in Q1 & Q2 2012 in the high-30s price-range. Since then, the position size was doubled at higher prices. Recent activity follows: Q4 2016 saw a ~15% increase at prices between $94 and $109 and that was followed with a ~22% increase the following quarter at prices between $95 and $114. Since then, the activity has been minor. It currently trades at ~$303 and is now the second-largest stake at 14.36% of the portfolio.Note: Akre’s cost-basis on MCO is ~$39.CoStar Group (CSGP): The ~5% CSGP stake was purchased in Q4 2019 at prices between ~$54 and ~$62 and increased by ~75% next quarter at prices between ~$52 and ~$74. Q2 2020 saw another ~120% stake increase at prices between ~$53 and ~$73. There was a ~25% reduction in Q2 2022 at prices between ~$54 and ~$68. The stock currently trades at $78.18.Note: The prices quoted above are adjusted for the 10-for-1 stock split last June.AlarmCom Holding (ALRM): ALRM is a very small 0.12% position first purchased in Q2 2015. Q3 2019 saw a ~130% stake increase at prices between $46 and $53. The four quarters through Q3 2020 had seen a ~43% further increase at prices between ~$37 and ~$71. There was a ~50% reduction in Q1 2022 while in the next quarter there was a ~73% increase. The stock currently trades at $52.15.Alphabet (GOOG) Calls: The leveraged long stake in GOOGL through Calls is a very small 0.08% of the portfolio position established in Q2 2022. GOOG currently goes for $95.78.Goosehead Insurance (GSHD): GSHD is a minutely small position established in Q4 2018 and increased over the next two quarters. There has been periodic buying since. Goosehead had an IPO in April 2018 priced at $10. Last quarter saw a ~30% selling at prices between ~$36 and ~$71. It currently trades at ~$41.50. The position is very small at 0.08% of the portfolio.Berkshire Hathaway (BRK.B): The minutely small 0.05% BRK.B stake was kept steady this quarter.Below is a spreadsheet that highlights the changes to Akre Capital Management’s 13F stock portfolio as of Q4 2022:Source: John Vincent. Data constructed from Akre Capital Management’s 13F filings for Q3 2022 and Q4 2022.8/28/2021: There was a reader comment about including holdings not in the 13F report. The complete holdings of AKREX is published twice a year (April & October) and is available at . Use this as a reference to update this information in our updates.Regulatory filings from 8/12/2022 to 12/21/2022: None.Performance Summary: Performance: Negative 29.46% vs Negative 23.87% for S&P 500 for 2022 through 9/30/2022. 13.45% since 2009 inception compared to 12.28% for the S&P 500. Cash: increased from ~2% as of EOY 2021 to ~4.1% as of Q3 2022.10/29/2020 – Chuck Akre EOY 2020."

"Tracking Akre Capital Management Portfolio – Q3 2022 Update"

"Akre Capital Management’s 13F portfolio value decreased from $12.49B to $11.34B this quarter.They increased DigitalBridge Group while decreasing Goosehead Insurance during the quarter.The top three positions are MasterCard, American Tower, and Moody’s, and they add up to ~40% of the entire portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Akre Capital Management’s 13F portfolio on a quarterly basis. It is based on Akre’s regulatory filed on 11/14/2022. Please visit our series to get an idea of their investment philosophy and our for their moves in Q2 2022.This quarter, Akre’s 13F portfolio value decreased ~9% from $12.49B to $11.34B. The number of positions decreased from 22 to 21. The largest five stakes are MasterCard, American Tower, Moody’s, O’Reilly Auto, and Visa. They account for ~58% of the total portfolio value.AUM is distributed among private funds, separately managed accounts, and the Akre Focus Mutual Fund (AKREX) (AKRIX). Since the 2009 inception through 9/30/2022, the mutual fund’s annualized returns are at 13.45% compared to 12.28% for the S&P 500 Index. For the year through 9/30/2022, the fund returned negative 29.46% compared to negative 23.87% for the S&P 500 Index. Their cash allocation has increased from ~2% to ~4% during YTD through Q3 2022. Akre coined the term "compounding machines" to describe the type of businesses he invests in. To learn more about that investing style, check out .Note: positions in the mutual fund not reported through the 13F filings include Constellation Software (CNSWF), and Topicus.com (TOITF). Topicus.com is a spinoff from Constellation Software that started trading in February 2021.Stake Disposals:ThredUp Inc. (TDUP): The minutely small TDUP stake was disposed this quarter.New Stakes:None.Stake Increases:MasterCard (MA): MA is currently the largest 13F stake at ~15% of the portfolio. It was first purchased in 2010 and consistently increased since. Their overall cost-basis is ~$22 compared to the current price of ~$346 per share. Q1 2020 saw a ~9% stake increase while last quarter saw a ~14% selling at prices between ~$309 and ~$379. There was a marginal increase this quarter.Note: In a WealthTrack interview in November 2019, Akre commented that something extraordinary is happening at MasterCard – if the rate of return is cut down twice, they would still be earning above average. On the question “one investment every investor should own some of”, Akre responded with two: MasterCard and Visa.KKR & Company (KKR): KKR is a ~6% of the portfolio position established in Q1 2018 at prices between $20 and $24.50 and doubled next quarter at prices between $19.50 and $25.50. There was another ~25% increase in Q4 2018 at prices between $18.50 and $28. The first three quarters of 2020 had also seen a ~15% increase. Since then, there have only been minor adjustments. The stock currently trades at $47.65.Note: KKR converted from a partnership to a corporation effective July 1, 2018.Brookfield Corp (BN) previously Brookfield Asset Management (BAM): BN is a 4.82% of the portfolio stake established in Q3 2019 at prices between $20 and $24 and increased by ~18% next quarter at prices between $22 and $27. The first three quarters of 2020 had seen another ~45% increase at prices between $10 and $33.50. The stock currently trades at $28.20. Last several quarters have seen only minor adjustments.Note 1: the prices quoted above are adjusted for the Asset Management Business spinoff completed earlier this month. Shares of the spinoff which assumed the name Brookfield Asset Management was distributed at a ratio of 1 share of the separated business for every 4 Class A shares held. The parent company was then renamed Brookfield Corp. The spinoff was valued at ~$12 per share.Note 2: the prices quoted are adjusted for the 3-for-2 stock-split last year.CarMax Inc. (KMX): The 4.28% KMX stake is a very long-term position first purchased in 2002. The bulk of the current stake was built over the four quarters thru Q2 2016 at prices between $42 and $68. There was a ~10% stake increase in Q4 2018 at prices between $57 and $74. 2019 had also seen a ~17% stake increase at prices between $58 and $98 and that was followed with a ~20% further increase in Q1 2020 at prices between $44 and $102. The two quarters through Q1 2021 had seen a ~12% selling. The stock is now at $59.37. There were minor adjustments in the last six quarters.Adobe Inc. (ADBE): ADBE is a ~4% of the portfolio position purchased in Q1 2020 at prices between $285 and $383 and increased by roughly one-third in Q1 2021 at prices between ~$421 and ~$502. The stock currently trades at ~$341. Last six quarters have seen only minor adjustments.Salesforce.com (CRM): CRM is a 3.93% of the portfolio position established in Q2 2021 at prices between ~$211 and ~$246 and the stock currently trades well below that range at ~$130. There was a ~8% increase last quarter and a marginal further increase this quarter.DigitalBridge (DBRG) previously Colony Capital: The DBRG stake saw a ~6x increase in Q3 2020 at prices between ~$7.20 and ~$11.60. Last quarter saw a ~55% stake increase at prices between ~$18.20 and ~$30.20. That was followed with a ~15% increase this quarter. The stock currently trades at $11.24. The stake is still very small at 0.51% of the portfolio.Note: The prices quoted above are adjusted for the one-for-four reverse stock-split in August.Stake Decreases:O’Reilly Automotive (ORLY): ORLY is a large (top five) ~9% portfolio stake first purchased in 2005. Over 800K shares were purchased at the time. The position was at 825K shares as of Q1 2017 - every year had seen adjustments but overall, the stake had remained remarkably steady over that twelve-year period – the stock returned ~10x during that time. 2017 saw a ~130% stake increase at an average cost of ~$195. Q1 2021 saw a ~14% selling at prices between ~$425 and ~$509. The stock is now at ~$834. Last six quarters have seen only minor activity.Goosehead Insurance (GSHD): GSHD is a minutely small position established in Q4 2018 and increased over the next two quarters. There has been periodic buying since. Goosehead had an IPO in April 2018 priced at $10. This quarter saw a ~30% selling at prices between ~$36 and ~$71. It currently trades at $39.77. The position is very small at 0.08% of the portfolio.Kept Steady:American Tower (AMT): AMT has been in the portfolio for over two decades. It is the second-largest stake at ~13% of the portfolio. Recent activity follows: the six years thru Q3 2018 saw consistent buying almost every quarter. The share count increased over four times from 1.7M shares to 7.1M shares during that period. The buying happened at prices between $65 and $118. Since then, there have only been minor adjustments. The stock is now at ~$211.Note: Akre is very bullish on AMT as incremental margins are at over 90% and growth in wireless communication is a significant tailwind.Moody’s Corporation (MCO): The initial purchase of MCO happened in Q1 & Q2 2012 in the high-30s price-range. Since then, the position size was doubled at higher prices. Recent activity follows: Q4 2016 saw a ~15% increase at prices between $94 and $109 and that was followed with a ~22% increase the following quarter at prices between $95 and $114. Since then, the activity has been minor. It currently trades at ~$282 and is now the third-largest stake at 12.23% of the portfolio.Note: Akre’s cost-basis on MCO is ~$39.Visa Inc. (V): Visa is a large (top five) 8.22% of the portfolio stake. It was established in Q2 2012 at a cost-basis of around $30. Q2 2013 saw a one-third increase in the low-40s and that was followed with a 60% increase in Q2 2016 in the high 70s. Q1 2017 also saw another roughly one-third increase at prices between $79.50 and $90. Since then, the activity has been minor. The stock is now at ~$207.Note: Visa stock split 4-for-1 in March 2015. The prices quoted above are adjusted for that split.Roper Technologies (ROP): ROP is a 5.25% of the portfolio position first purchased in Q2 & Q3 2014 at prices between $129 and $150. The stake saw incremental buying in the following quarters. In Q2 2016, there was a ~20% increase at prices between $165 and $185. The first three quarters of 2020 had seen a ~22% stake increase at prices between $254 and $453. The stock is now at ~$431. H1 2021 had seen a ~12% trimming.CoStar Group (CSGP): The 4.37% CSGP stake was purchased in Q4 2019 at prices between ~$54 and ~$62 and increased by ~75% next quarter at prices between ~$52 and ~$74. Q2 2020 saw another ~120% stake increase at prices between ~$53 and ~$73. There was a ~25% reduction last quarter at prices between ~$54 and ~$68. The stock currently trades at $77.94.Note: The prices quoted above are adjusted for the 10-for-1 stock split last June.Danaher Corporation (DHR): DHR is a 3.77% of the portfolio position established in Q4 2013 at prices between $47 and $55 and increased by roughly five-times in Q2 2014 at prices between $52 and $59. The stock is now at ~$261.Note: The prices quoted above are adjusted for the Fortive spinoff in July 2017.Verisk Analytics (VRSK): VRSK is a 3.68% portfolio position first purchased in H2 2012 at prices between $46.50 and $51. 2015 saw a huge 3x stake increase at prices between $63 and $81. The position has since been kept relatively steady. The stock is currently at ~$176.Snowflake Inc. (SNOW) and Alphabet (GOOG) Calls: The 1.50% SNOW stake was purchased last quarter at prices between ~$113 and ~$241 and the stock currently trades at ~$147. The leveraged long stake in GOOGL through Calls is a very small 0.08% of the portfolio position established last quarter.AlarmCom Holding (ALRM): ALRM is a very small 0.15% position first purchased in Q2 2015. Q3 2019 saw a ~130% stake increase at prices between $46 and $53. The four quarters through Q3 2020 had seen a ~43% further increase at prices between ~$37 and ~$71. There was a ~50% reduction in Q1 2022 while in the last quarter there was a ~73% increase. The stock currently trades at ~$50.Dollar Tree (DLTR): DLTR position was first purchased in 2010 at a cost-basis in the low-20s. Recent activity follows. There was a ~15% stake increase in Q2 2017 at prices between $66.50 and $83. Q1 2020 saw a ~10% selling and that was followed with marginal trimming in the next three quarters. Q1 2021 saw a ~20% reduction at prices between ~$98 and ~$116. That was followed with a ~25% selling in Q4 2021 at prices between ~$96 and ~$147. The position was almost sold out next quarter at prices between ~$126 and ~$160. The stock currently trades at ~$140.Berkshire Hathaway (BRK.B): The minutely small 0.04% BRK.B stake saw a ~4% stake increase last quarter.Below is a spreadsheet that highlights the changes to Akre Capital Management’s 13F stock portfolio as of Q3 2022:Source: John Vincent. Data constructed from Akre Capital Management’s 13F filings for Q2 2022 and Q3 2022.8/28/2021: There was a reader comment about including holdings not in the 13F report. The complete holdings of AKREX is published twice a year (April & October) and is available at . Use this as a reference to update this information in our updates.Regulatory filings from 6/11/2022 to 8/12/2022: None.Performance Summary: Performance: Negative 22.85% vs Negative 19.96% for S&P 500 for 2022 through 6/30/2022. 14.53% since 2009 inception compared to 12.98% for the S&P 500. Cash: increased from ~2% as of EOY 2021 to ~4.3% as of Q2 2022.10/29/2020 – Chuck Akre EOY 2020."

"Tracking Akre Capital Management Portfolio – Q2 2022 Update"

"Akre Capital Management’s 13F portfolio value decreased from $14.67B to $12.49B this quarter.They added Snowflake and increased DigitalBridge & Goosehead Insurance while decreasing Mastercard, CoStar Group, and AlarmCom during the quarter. They also dropped Ansys.The top three positions are MasterCard, American Tower, and Moody’s, and they add up to ~42% of the entire portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Akre Capital Management’s 13F portfolio on a quarterly basis. It is based on Akre’s regulatory filed on 8/11/2022. Please visit our series to get an idea of their investment philosophy and our for their moves in Q1 2022.This quarter, Akre’s 13F portfolio value decreased ~15% from $14.67B to $12.49B. The number of positions increased from 21 to 22. The largest five stakes are MasterCard, American Tower, Moody’s, Visa, and O’Reilly Auto. They account for ~58% of the total portfolio value.AUM is distributed among private funds, separately managed accounts, and the Akre Focus Mutual Fund (AKREX) (AKRIX). Since the 2009 inception through 6/30/2022, the mutual fund’s annualized returns are at 14.53% compared to 12.98% for the S&P 500 Index. For the year through 6/30/2022, the fund returned negative 22.85% compared to negative 19.96% for the S&P 500 Index. Their cash allocation has increased from ~2% to ~4.3% during H1 2022. Akre coined the term "compounding machines" to describe the type of businesses he invests in. To learn more about that investing style, check out .Note: positions in the mutual fund not reported through the 13F filings include Adyen NV (ADYEY), Constellation Software (CNSWF), and Topicus.com (TOITF). Topicus.com is a spinoff from Constellation Software that started trading in February 2021.Stake Disposals:Ansys Inc. (ANSS): ANSS was a 1.32% of the portfolio position established in Q4 2019 at prices between $214 and $259 and increased by ~190% next quarter at prices between $205 and $296. Q2 2020 saw another ~30% stake increase at prices between ~$211 and ~$294. The disposal this quarter was at prices between ~$228 and ~$323. It is now at ~$280.New Stakes:Snowflake Inc. (SNOW) and Alphabet (GOOG) Calls: These are the new positions this quarter. The 1.11% SNOW stake was purchased at prices between ~$113 and ~$241 and the stock currently trades at ~$161. The leveraged long stake in GOOGL through Calls is a very small 0.09% of the portfolio position established this quarter.Stake Increases:Moody’s Corporation (MCO): The initial purchase of MCO happened in Q1 & Q2 2012 in the high-30s price-range. Since then, the position size was doubled at higher prices. Recent activity follows: Q4 2016 saw a ~15% increase at prices between $94 and $109 and that was followed with a ~22% increase the following quarter at prices between $95 and $114. Since then, the activity has been minor. It currently trades at ~$322 and is now the third-largest stake at 12.42% of the portfolio.Note: Akre’s cost-basis on MCO is ~$39.KKR & Company (KKR): KKR is a ~6% of the portfolio position established in Q1 2018 at prices between $20 and $24.50 and doubled next quarter at prices between $19.50 and $25.50. There was another ~25% increase in Q4 2018 at prices between $18.50 and $28. The first three quarters of 2020 had also seen a ~15% increase. Since then, there have only been minor adjustments. The stock currently trades at $56.54.Note: KKR converted from a partnership to a corporation effective July 1, 2018.CarMax Inc. (KMX): The 5.32% KMX stake is a very long-term position first purchased in 2002. The bulk of the current stake was built over the four quarters thru Q2 2016 at prices between $42 and $68. There was a ~10% stake increase in Q4 2018 at prices between $57 and $74. 2019 had also seen a ~17% stake increase at prices between $58 and $98 and that was followed with a ~20% further increase in Q1 2020 at prices between $44 and $102. The two quarters through Q1 2021 had seen a ~12% selling. The stock is now at ~$100. There were minor adjustments in the last five quarters.Adobe Inc. (ADBE): ADBE is a 4.87% of the portfolio position purchased in Q1 2020 at prices between $285 and $383 and increased by roughly one-third in Q1 2021 at prices between ~$421 and ~$502. The stock currently trades at ~$438. Last five quarters have seen only minor adjustments.Brookfield Asset Management (BAM): BAM is a 4.74% of the portfolio stake established in Q3 2019 at prices between $32 and $36 and increased by ~18% next quarter at prices between $34 and $39. The first three quarters of 2020 had seen another ~45% increase at prices between $22 and $45.50. The stock currently trades at $52.49. Last few quarters have seen only minor adjustments.Note: the prices quoted are adjusted for the 3-for-2 stock-split last year.Salesforce.com (CRM): CRM is a ~4% of the portfolio position established in Q2 2021 at prices between ~$211 and ~$246 and the stock currently trades below that range at ~$188. There was a ~8% increase this quarter.DigitalBridge (DBRG) previously Colony Capital: The DBRG stake saw a ~6x increase in Q3 2020 at prices between ~$1.80 and ~$2.90. This quarter saw a ~55% stake increase at prices between ~$4.55 and ~$7.55. The stock currently trades at $5.47. The stake is still very small at 0.64% of the portfolio.Goosehead Insurance (GSHD): GSHD is a minutely small position established in Q4 2018 and increased over the next two quarters. There has been periodic buying since. Goosehead had an IPO in April 2018 priced at $10. It currently trades at $66.45. The position is still very small at 0.13% of the portfolio.Dollar Tree (DLTR): DLTR position was first purchased in 2010 at a cost-basis in the low-20s. Recent activity follows. There was a ~15% stake increase in Q2 2017 at prices between $66.50 and $83. Q1 2020 saw a ~10% selling and that was followed with marginal trimming in the next three quarters. Q1 2021 saw a ~20% reduction at prices between ~$98 and ~$116. That was followed with a ~25% selling in Q4 2021 at prices between ~$96 and ~$147. The position was almost sold out last quarter at prices between ~$126 and ~$160. The stock currently trades at ~$168. There was a marginal increase this quarter.Berkshire Hathaway (BRK.B): The minutely small 0.04% BRK.B stake saw a ~4% increase this quarter.Stake Decreases:MasterCard (MA): MA is currently the largest 13F stake at ~15% of the portfolio. It was first purchased in 2010 and consistently increased since. Their overall cost-basis is ~$22 compared to the current price of ~$355 per share. Q1 2020 saw a ~9% stake increase while this quarter saw a ~14% selling at prices between ~$309 and ~$379.Note: In a WealthTrack interview in November 2019, Akre commented that something extraordinary is happening at MasterCard – if the rate of return is cut down twice, they would still be earning above average. On the question “one investment every investor should own some of”, Akre responded with two: MasterCard and Visa.American Tower (AMT): AMT has been in the portfolio for over two decades. It is the second-largest stake at ~14% of the portfolio. Recent activity follows: the six years thru Q3 2018 saw consistent buying almost every quarter. The share count increased over four times from 1.7M shares to 7.1M shares during that period. The buying happened at prices between $65 and $118. Since then, there have only been minor adjustments. The stock is now at ~$278.Note: Akre is very bullish on AMT as incremental margins are at over 90% and growth in wireless communication is a significant tailwind.O’Reilly Automotive (ORLY): ORLY is a large (top five) ~8% portfolio stake first purchased in 2005. Over 800K shares were purchased at the time. The position was at 825K shares as of Q1 2017 - every year had seen adjustments but overall, the stake had remained remarkably steady over that twelve-year period – the stock returned ~10x during that time. 2017 saw a ~130% stake increase at an average cost of ~$195. Q1 2021 saw a ~14% selling at prices between ~$425 and ~$509. The stock is now at ~$744. Last five quarters have seen only minor activity.Roper Technologies (ROP): ROP is a 5.23% of the portfolio position first purchased in Q2 & Q3 2014 at prices between $129 and $150. The stake saw incremental buying in the following quarters. In Q2 2016, there was a ~20% increase at prices between $165 and $185. The first three quarters of 2020 had seen a ~22% stake increase at prices between $254 and $453. The stock is now at ~$434. H1 2021 had seen a ~12% trimming. Last four quarters have seen only minor activity.CoStar Group (CSGP): The 3.44% CSGP stake was purchased in Q4 2019 at prices between ~$54 and ~$62 and increased by ~75% next quarter at prices between ~$52 and ~$74. Q2 2020 saw another ~120% stake increase at prices between ~$53 and ~$73. There was a ~25% reduction this quarter at prices between ~$54 and ~$68. The stock currently trades at $73.50.Note: The prices quoted above are adjusted for the 10-for-1 stock split last June.AlarmCom Holding (ALRM): ALRM is a very small 0.13% position first purchased in Q2 2015. Q3 2019 saw a ~130% stake increase at prices between $46 and $53. The four quarters through Q3 2020 had seen a ~43% further increase at prices between ~$37 and ~$71. There was a ~50% reduction last quarter while in this quarter there was a ~73% increase. The stock currently trades at ~$75.Kept Steady:Visa Inc. (V): Visa is a large (top five) 8.27% of the portfolio stake. It was established in Q2 2012 at a cost-basis of around $30. Q2 2013 saw a one-third increase in the low-40s and that was followed with a 60% increase in Q2 2016 in the high 70s. Q1 2017 also saw another roughly one-third increase at prices between $79.50 and $90. Since then, the activity has been minor. The stock is now at ~$215.Note: Visa stock split 4-for-1 in March 2015. The prices quoted above are adjusted for that split.Verisk Analytics (VRSK): VRSK is a 3.39% portfolio position first purchased in H2 2012 at prices between $46.50 and $51. 2015 saw a huge 3x stake increase at prices between $63 and $81. The position has since been kept relatively steady. The stock is currently at ~$204.Danaher Corporation (DHR): DHR is a 3.36% of the portfolio position established in Q4 2013 at prices between $47 and $55 and increased by roughly five-times in Q2 2014 at prices between $52 and $59. The stock is now at ~$297.Note: The prices quoted above are adjusted for the Fortive spinoff in July 2017.ThredUp Inc. (TDUP): The minutely small TDUP stake was kept steady this quarter.Below is a spreadsheet that highlights the changes to Akre Capital Management’s 13F stock portfolio as of Q2 2022:Source: John Vincent. Data constructed from Akre Capital Management’s 13F filings for Q1 2022 and Q2 2022.8/28/2021: There was a reader comment about including holdings not in the 13F report. The complete holdings of AKREX is published twice a year (April & October) and is available at . Use this as a reference to update this information in our updates.Regulatory filings from 2/13/2022 to 6/11/2022: None.Performance Summary: Performance: Negative 17.44% vs Negative 12.76% for S&P 500 for 2022 through 5/31/2022. 15.24% since 2009 inception compared to 13.83% for the S&P 500. Cash: increased from ~2% as of EOY 2021 to ~5.3% as of Q1 2022.10/29/2020 – Chuck Akre EOY 2020."

"Tracking Akre Capital Management Portfolio – Q1 2022 Update"

"Akre Capital Management’s 13F portfolio value decreased from $17.92B to $14.67B this quarter.They decreased Dollar Tree and AlarmCom Holding during the quarter.The top three positions are MasterCard, Moody’s, and American Tower, and they add up to ~41% of the entire portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Akre Capital Management’s 13F portfolio on a quarterly basis. It is based on Akre’s regulatory filed on 5/13/2022. Please visit our series to get an idea of their investment philosophy and our for their moves in Q4 2021.This quarter, Akre’s 13F portfolio value decreased from $17.92B to $14.67B. The number of positions decreased from 22 to 21. The largest five stakes are MasterCard, Moody’s, American Tower, Visa, and O’Reilly Auto. They account for ~56% of the total portfolio value.AUM is distributed among private funds, separately managed accounts, and the Akre Focus Mutual Fund (AKREX) (AKRIX). Since the 2009 inception through 5/31/2022, the mutual fund’s annualized returns are at 15.24% compared to 13.83% for the S&P 500 Index. For the year through 5/31/2022, the fund returned negative 17.44% compared to negative 12.76% for the S&P 500 Index. Their cash allocation has increased from ~2% to ~5.3% during Q1 2022. Akre coined the term "compounding machines" to describe the type of businesses he invests in. To learn more about that investing style, check out .Note: positions in the mutual fund not reported through the 13F filings include Adyen NV (ADYEY), Constellation Software (CNSWF), and Topicus.com (TOITF). Topicus.com is a spinoff from Constellation Software that started trading in February 2021.Stake Disposals:SBA Communications (SBAC): SBAC was a 3.36% portfolio stake. The position was from H1 2014 at prices between $88 and $102. Q4 2015 saw a one-third increase at prices between $100 and $121 and a similar increase occurred in Q4 2016 as well at prices between $96 and $115. H1 2021 had seen a ~22% selling at prices between ~$236 and ~$323. Last quarter saw a similar reduction at prices between ~$323 and ~$389. The disposal this quarter was at prices between ~$291 and $380. The stock currently trades at ~$309.Stake Increases:Moody’s Corporation (MCO): The initial purchase of MCO happened in Q1 & Q2 2012 in the high-30s price-range. Since then, the position size was doubled at higher prices. Recent activity follows: Q4 2016 saw a ~15% increase at prices between $94 and $109 and that was followed with a ~22% increase the following quarter at prices between $95 and $114. It currently trades at ~$265 and is now the second-largest stake at ~13% of the portfolio. There was marginal trimming in the last nine quarters while this quarter saw a minor increase.Note: Akre’s cost-basis on MCO is ~$39.KKR & Company (KKR): KKR is a ~6% of the portfolio position established in Q1 2018 at prices between $20 and $24.50 and doubled next quarter at prices between $19.50 and $25.50. There was another ~25% increase in Q4 2018 at prices between $18.50 and $28. The first three quarters of 2020 had also seen a ~15% increase. Since then, there have only been minor adjustments. The stock currently trades at $46.76.Note: KKR converted from a partnership to a corporation effective July 1, 2018.Adobe Inc. (ADBE): ADBE is a 4.87% of the portfolio position purchased in Q1 2020 at prices between $285 and $383 and increased by roughly one-third in Q1 2021 at prices between ~$421 and ~$502. The stock currently trades at ~$372. Last four quarters have seen only minor adjustments.CarMax Inc. (KMX): The 4.83% KMX stake is a very long-term position first purchased in 2002. The bulk of the current stake was built over the four quarters thru Q2 2016 at prices between $42 and $68. There was a ~10% stake increase in Q4 2018 at prices between $57 and $74. 2019 had also seen a ~17% stake increase at prices between $58 and $98 and that was followed with a ~20% further increase in Q1 2020 at prices between $44 and $102. The two quarters through Q1 2021 had seen a ~12% selling. The stock is now at ~$89. There were minor adjustments in the last four quarters.Salesforce.com (CRM): CRM is a ~4% of the portfolio position established in Q2 2021 at prices between ~$211 and ~$246 and the stock currently trades at ~$166. There was a marginal increase this quarter.Stake Decreases:MasterCard (MA): MA is currently the second-largest 13F stake at ~16% of the portfolio. It was first purchased in 2010 and consistently increased since. Their overall cost-basis is ~$22 compared to the current price of ~$320 per share. Q1 2020 saw a ~9% stake increase. Last seven quarters have seen only minor adjustments.Note: In a WealthTrack interview in November 2019, Akre commented that something extraordinary is happening at MasterCard – if the rate of return is cut down twice, they would still be earning above average. On the question “one investment every investor should own some of”, Akre responded with two: MasterCard and Visa.American Tower (AMT): AMT has been in the portfolio for over two decades. It is the third-largest stake at ~12% of the portfolio. Recent activity follows: the six years thru Q3 2018 saw consistent buying almost every quarter. The share count increased over four times from 1.7M shares to 7.1M shares during that period. The buying happened at prices between $65 and $118. Since then, there have only been minor adjustments. The stock is now at ~$240.Note: Akre is very bullish on AMT as incremental margins are at over 90% and growth in wireless communication is a significant tail-wind.O’Reilly Automotive (ORLY): ORLY is a large (top five) 7.37% portfolio stake first purchased in 2005. Over 800K shares were purchased at the time. The position was at 825K shares as of Q1 2017 - every year had seen adjustments but overall, the stake had remained remarkably steady over that twelve-year period – the stock returned ~10x during that time. 2017 saw a ~130% stake increase at an average cost of ~$195. Q1 2021 saw a ~14% selling at prices between ~$425 and ~$509. The stock is now at ~$594. Last four quarters have seen only minor activity.Roper Technologies (ROP): ROP is a 5.35% of the portfolio position first purchased in Q2 & Q3 2014 at prices between $129 and $150. The stake saw incremental buying in the following quarters. In Q2 2016, there was a ~20% increase at prices between $165 and $185. The first three quarters of 2020 had seen a ~22% stake increase at prices between $254 and $453. The stock is now at ~$385. H1 2021 had seen a ~12% trimming. Last three quarters have seen only minor activity.Brookfield Asset Management (BAM): BAM is a ~5% of the portfolio stake established in Q3 2019 at prices between $32 and $36 and increased by ~18% next quarter at prices between $34 and $39. The first three quarters of 2020 had seen another ~45% increase at prices between $22 and $45.50. The stock currently trades at $45.23. Last few quarters have seen only minor adjustments.Note: the prices quoted are adjusted for the 3-for-2 stock-split last year.CoStar Group (CSGP): The 4.39% CSGP stake was purchased in Q4 2019 at prices between ~$54 and ~$62 and increased by ~75% next quarter at prices between ~$52 and ~$74. Q2 2020 saw another ~120% stake increase at prices between ~$53 and ~$73. The stock currently trades at $55.82. Last seven quarters have seen only minor adjustments.Note: The prices quoted above are adjusted for the 10-for-1 stock split last June.Verisk Analytics (VRSK): VRSK is a 3.58% portfolio position first purchased in H2 2012 at prices between $46.50 and $51. 2015 saw a huge 3x stake increase at prices between $63 and $81. The position has since been kept relatively steady. The stock is currently at ~$162.AlarmCom Holding (ALRM): ALRM is a small 0.44% position first purchased in Q2 2015. Q3 2019 saw a ~130% stake increase at prices between $46 and $53. The four quarters through Q3 2020 had seen a ~43% further increase at prices between ~$37 and ~$71. There was a ~50% reduction this quarter at prices between ~$63 and ~$85. The stock currently trades at ~$59.50.Dollar Tree (DLTR): DLTR position was first purchased in 2010 at a cost-basis in the low-20s. Recent activity follows. There was a ~15% stake increase in Q2 2017 at prices between $66.50 and $83. Q1 2020 saw a ~10% selling and that was followed with marginal trimming in the next three quarters. Q1 2021 saw a ~20% reduction at prices between ~$98 and ~$116. That was followed with a ~25% selling last quarter at prices between ~$96 and ~$147. The position was almost sold out this quarter at prices between ~$126 and ~$160. The stock currently trades at ~$155. They are harvesting gains.Berkshire Hathaway (BRK.B): The minutely small 0.04% BRK.B stake saw a ~6% trimming this quarter.Kept Steady:Visa Inc. (V): Visa is a large (top five) ~8% of the portfolio stake. It was established in Q2 2012 at a cost-basis of around $30. Q2 2013 saw a one-third increase in the low-40s and that was followed with a 60% increase in Q2 2016 in the high 70s. Q1 2017 also saw another roughly one-third increase at prices between $79.50 and $90. Since then, the activity has been minor. The stock is now at ~$192.Note: Visa stock split 4-for-1 in March 2015. The prices quoted above are adjusted for that split.Danaher Corporation (DHR): DHR is a 3.31% of the portfolio position established in Q4 2013 at prices between $47 and $55 and increased by roughly five-times in Q2 2014 at prices between $52 and $59. The stock is now at ~$244.Note: The prices quoted above are adjusted for the Fortive spinoff in July 2017.Ansys Inc. (ANSS): ANSS is a 1.32% of the portfolio position established in Q4 2019 at prices between $214 and $259 and increased by ~190% next quarter at prices between $205 and $296. Q2 2020 saw another ~30% stake increase at prices between ~$211 and ~$294. It is now at ~$231.DigitalBridge (DBRG) previously Colony Capital: The DBRG stake saw a ~6x increase in Q3 2020 at prices between ~$1.80 and ~$2.90. The stock currently trades at $4.96. The stake is still very small at 0.52% of the portfolio.Goosehead Insurance (GSHD): GSHD is a minutely small position established in Q4 2018 and increased over the next two quarters. Goosehead had an IPO in April 2018 priced at $10. It currently trades at $46.91. Q3 2020 saw a ~30% stake increase and that was followed with a ~20% increase in Q2 2021. The position is still very small at 0.16% of the portfolio.ThredUp Inc. (TDUP): The minutely small TDUP stake was kept steady this quarter.Below is a spreadsheet that highlights the changes to Akre Capital Management’s 13F stock portfolio as of Q1 2022:Source: John Vincent. Data constructed from Akre Capital Management’s 13F filings for Q4 2021 and Q1 2022.Regulatory filings from 11/15/2021 to 2/13/2022: None.Performance Summary: Performance: 24.19% vs 28.71% for S&P 500 for EOY 2021. 17.60% since 2009 inception compared to 15.60% for the S&P 500. Cash: down from ~17% as of EOY 2019 to ~2% as of Q4 2021.10/29/2020 – Chuck Akre EOY 2020."

"Tracking Akre Capital Management Portfolio – Q4 2021 Update"

"Akre Capital Management’s 13F portfolio value increased from $16.24B to $17.92B this quarter.They decreased SBA Communications and Dollar Tree during the quarter.The top three positions are American Tower, MasterCard, and Moody’s, and they add up to ~39% of the entire portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Akre Capital Management’s 13F portfolio on a quarterly basis. It is based on Akre’s regulatory filed on 2/11/2022. Please visit our series to get an idea of their investment philosophy and our for their moves in Q3 2021.This quarter, Akre’s 13F portfolio value increased from $16.24B to $17.92B. The number of positions decreased from 23 to 22. The largest five stakes are American Tower, MasterCard, Moody’s, Visa, and O’Reilly Auto. They account for ~52% of the total portfolio value.AUM is distributed among private funds, separately managed accounts, and the Akre Focus Mutual Fund (AKREX) (AKRIX). Since the 2009 inception, the mutual fund’s annualized returns are at 17.60% compared to 15.60% for the S&P 500 Index. Through EOY 2021, the fund returned 24.19% compared to 28.71% for the S&P 500 Index. Their cash allocation has come down from ~17% to ~2% over the two years. Akre coined the term "compounding machines" to describe the type of businesses he invests in. To learn more about that investing style, check out .Note: positions in the mutual fund not reported through the 13F filings include Adyen NV (ADYEY), Constellation Software (CNSWF), and Topicus.com (TOITF). Topicus.com is a spinoff from Constellation Software that started trading in February 2021 at ~$55 per share. The stock currently trades at ~$76.Stake Disposals:Ollie’s Bargain (OLLI): The minutely small OLLI stake was disposed during the quarter.Stake Increases:American Tower (AMT): AMT has been in the portfolio for well over nineteen years. It is the largest stake at 13.75% of the portfolio. Recent activity follows: the six years thru Q3 2018 saw consistent buying almost every quarter. The share count increased over four times from 1.7M shares to 7.1M shares during that period. The buying happened at prices between $65 and $118. Since then, there have only been minor adjustments. The stock is now at ~$237.Note: Akre is very bullish on AMT as incremental margins are at over 90% and growth in wireless communication is a significant tail-wind.MasterCard (MA): MA is currently the second-largest 13F stake at 13.27% of the portfolio. It was first purchased in 2010 and consistently increased since. Their overall cost-basis is ~$22 compared to the current price of ~$370 per share. Q1 2020 saw a ~9% stake increase. Last six quarters have seen only minor adjustments.Note: In a WealthTrack interview in November 2019, Akre commented that something extraordinary is happening at MasterCard – if the rate of return is cut down twice, they would still be earning above average. On the question “one investment every investor should own some of”, Akre responded with two: MasterCard and Visa.Moody’s Corporation (MCO): The initial purchase of MCO happened in Q1 & Q2 2012 in the high-30s price-range. Since then, the position size was doubled at higher prices. Recent activity follows: Q4 2016 saw a ~15% increase at prices between $94 and $109 and that was followed with a ~22% increase the following quarter at prices between $95 and $114. It currently trades at ~$332 and is now the third-largest stake at 12.25% of the portfolio. There was marginal trimming in the last nine quarters while this quarter saw a minor increase.Note: Akre’s cost-basis on MCO is ~$39.O’Reilly Automotive (ORLY): ORLY is a large (top five) 6.22% portfolio stake first purchased in 2005. Over 800K shares were purchased at the time. The position was at 825K shares as of Q1 2017 - every year had seen adjustments but overall, the stake had remained remarkably steady over that twelve-year period – the stock returned ~10x during that time. 2017 saw a ~130% stake increase at an average cost of ~$195. Q1 2021 saw a ~14% selling at prices between ~$425 and ~$509. The stock is now at ~$668. Last three quarters have seen only minor activity.CarMax Inc. (KMX): The 5.30% KMX stake is a very long-term position first purchased in 2002. The bulk of the current stake was built over the four quarters thru Q2 2016 at prices between $42 and $68. There was a ~10% stake increase in Q4 2018 at prices between $57 and $74. 2019 had also seen a ~17% stake increase at prices between $58 and $98 and that was followed with a ~20% further increase in Q1 2020 at prices between $44 and $102. The two quarters through Q1 2021 had seen a ~12% selling. The stock is now at ~$109. There were minor adjustments in the last three quarters.Adobe Inc. (ADBE): ADBE is a 4.84% of the portfolio position purchased in Q1 2020 at prices between $285 and $383 and increased by roughly one-third in Q1 2021 at prices between ~$421 and ~$502. The stock currently trades at ~$474. Last three quarters have seen only minor adjustments.Roper Technologies (ROP): ROP is a 4.56% of the portfolio position first purchased in Q2 & Q3 2014 at prices between $129 and $150. The stake saw incremental buying in the following quarters. In Q2 2016, there was a ~20% increase at prices between $165 and $185. The first three quarters of 2020 had seen a ~22% stake increase at prices between $254 and $453. The stock is now at ~$438. H1 2021 had seen a ~12% trimming. Last two quarters have seen only minor activity.Brookfield Asset Management (BAM): BAM is a 4.42% of the portfolio stake established in Q3 2019 at prices between $32 and $36 and increased by ~18% next quarter at prices between $34 and $39. The first three quarters of 2020 had seen another ~45% increase at prices between $22 and $45.50. The stock currently trades at ~$58. Last few quarters have seen only minor adjustments.Note: the prices quoted are adjusted for the 3-for-2 stock-split last year.CoStar Group (CSGP): The 4.31% CSGP stake was purchased in Q4 2019 at prices between ~$54 and ~$62 and increased by ~75% next quarter at prices between ~$52 and ~$74. Q2 2020 saw another ~120% stake increase at prices between ~$53 and ~$73. The stock currently trades at ~$66. Last six quarters have seen only minor adjustments.Note: The prices quoted above are adjusted for the 10-for-1 stock split last June.Verisk Analytics (VRSK): VRSK is a ~3% portfolio position first purchased in H2 2012 at prices between $46.50 and $51. 2015 saw a huge 3x stake increase at prices between $63 and $81. The position has since been kept relatively steady. The stock is currently at ~$193.Stake Decreases:SBA Communications (SBAC): SBAC is a 3.36% portfolio stake. The position is from H1 2014 at prices between $88 and $102. Q4 2015 saw a one-third increase at prices between $100 and $121 and a similar increase occurred in Q4 2016 as well at prices between $96 and $115. H1 2021 had seen a ~22% selling at prices between ~$236 and ~$323. This quarter saw a similar reduction at prices between ~$323 and ~$389. The stock currently trades at ~$312. They are harvesting gains.Dollar Tree (DLTR): DLTR is a ~2% of the portfolio position first purchased in 2010 at a cost-basis in the low-20s. Recent activity follows. There was a ~15% stake increase in Q2 2017 at prices between $66.50 and $83. Q1 2020 saw a ~10% selling and that was followed with marginal trimming in the next three quarters. Q1 2021 saw a ~20% reduction at prices between ~$98 and ~$116. That was followed with a ~25% selling this quarter at prices between ~$96 and ~$147. The stock currently trades at ~$137. They are harvesting gains.Kept Steady:Visa Inc. (V): Visa is a large (top five) 6.34% of the portfolio stake. It was established in Q2 2012 at a cost-basis of around $30. Q2 2013 saw a one-third increase in the low-40s and that was followed with a 60% increase in Q2 2016 in the high 70s. Q1 2017 also saw another roughly one-third increase at prices between $79.50 and $90. Since then, the activity has been minor. The stock is now at ~$225.Note: Visa stock split 4-for-1 in March 2015. The prices quoted above are adjusted for that split.KKR & Company (KKR): KKR is a 6.12% of the portfolio position established in Q1 2018 at prices between $20 and $24.50 and doubled next quarter at prices between $19.50 and $25.50. There was another ~25% increase in Q4 2018 at prices between $18.50 and $28. The first three quarters of last year had also seen a ~15% increase. Since then, there have only been minor adjustments. The stock currently trades at $62.76.Note: KKR converted from a partnership to a corporation effective July 1, 2018.Salesforce.com (CRM): CRM is a ~4% of the portfolio position established in Q2 2021 at prices between ~$211 and ~$246 and the stock currently trades at ~$208.Danaher Corporation (DHR): DHR is a ~3% of the portfolio position established in Q4 2013 at prices between $47 and $55 and increased by roughly five-times in Q2 2014 at prices between $52 and $59. The stock is now at ~$273.Note: The prices quoted above are adjusted for the Fortive spinoff in July 2017.Ansys Inc. (ANSS): ANSS is a 1.36% of the portfolio position established in Q4 2019 at prices between $214 and $259 and increased by ~190% next quarter at prices between $205 and $296. Q2 2020 saw another ~30% stake increase at prices between ~$211 and ~$294. It is now at ~$319.AlarmCom Holding (ALRM): ALRM is a small 0.94% position first purchased in Q2 2015. Q3 2019 saw a ~130% stake increase at prices between $46 and $53. The four quarters through Q3 2020 had seen a ~43% further increase at prices between ~$37 and ~$71. The stock currently trades at ~$70.DigitalBridge (DBRG) previously Colony Capital: The DBRG stake saw a ~6x increase in Q3 2020 at prices between ~$1.80 and ~$2.90. The stock currently trades at $7.53. The stake is still very small at 0.49% of the portfolio.Goosehead Insurance (GSHD): GSHD is a minutely small position established in Q4 2018 and increased over the next two quarters. Goosehead had an IPO in April 2018 priced at $10. It has since gone up ~10x and currently trades at ~$94.76. Q3 2020 saw a ~30% stake increase and that was followed with a ~20% increase in Q2 2021. The position is still very small at 0.21% of the portfolio.Berkshire Hathaway (BRK.B) and ThredUp Inc. (TDUP): These two minutely small stakes were kept steady this quarter.Below is a spreadsheet that highlights the changes to Akre Capital Management’s 13F stock portfolio as of Q4 2021:Source: John Vincent. Data constructed from Akre Capital Management’s 13F filings for Q3 2021 and Q4 2021.Regulatory filings from 8/15/2021 to 11/15/2021: None.Performance Summary: Performance: 24.29% vs 24.04% for S&P 500 thru Oct 31, 2021. 17.87% since 2009 inception compared to 15.48% for the S&P 500. Cash: down from ~17% as of EOY 2019 to ~2% as of Q2 2021.10/29/2020 – Chuck Akre EOY 2020."

"Tracking Akre Capital Management Portfolio – Q3 2021 Update"

"Akre Capital Management portfolio value remained almost steady at $16.24B this quarter.They dropped Markel Corporation during the quarter.The top three positions are MasterCard, Moody’s, and American Tower and they add up to ~36% of the entire portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Akre Capital Management’s 13F portfolio on a quarterly basis. It is based on Akre’s regulatory filed on 11/12/2021. Please visit our series to get an idea of their investment philosophy and our for their moves in Q2 2021.This quarter, Akre’s 13F portfolio value remained almost steady at $16.24B. The number of positions decreased from 24 to 23. The largest five stakes are MasterCard, Moody’s Corporation, American Tower, Visa, and O’Reilly Auto. They account for ~49% of the total portfolio value.AUM is distributed among private funds, separately managed accounts, and the Akre Focus Mutual Fund (AKREX) (AKRIX). Since the 2009 inception, the mutual fund’s annualized returns are at 17.87% compared to 15.48% for the S&P 500 Index. Through Oct 31, 2021, the fund returned 24.29% compared to 24.04% YTD for the S&P 500 Index. Their cash allocation has come down from ~17% to ~2% over the last seven quarters. Akre coined the term "compounding machines" to describe the type of businesses he invests in. To learn more about that investing style, check out .Note: positions in the mutual fund not reported through the 13F filings include Adyen NV (ADYEY), Constellation Software (CNSWF), and Topicus.com (TOITF). Topicus.com is a spinoff from Constellation Software that started trading in February 2021 at ~$55 per share. The stock currently trades at ~$98.New Stakes:None.Stake Disposals:Markel Corporation (MKL): MKL was a very long term stake that has been in the portfolio for over twenty years. H2 2013 and H1 2014 saw a stake doubling at prices between $510 and $655. The five quarters through Q4 2020 saw a ~50% combined selling at prices between $785 and $1341. The position was almost eliminated in Q1 2021 at prices between ~$945 and ~$1155. The remainder stake was disposed this quarter. The stock is now at ~$1242.Note: Akre saw 20-times compounding over 20 years on his first purchases of MKL. However, they also increased their original stake substantially twelve years ago at a cost-basis of $444 (2.5 times book value) and that portion increased by only ~180%.Stake Increases:MasterCard (MA): MA is currently the largest 13F stake at 12.56% of the portfolio. It was first purchased in 2010 and consistently increased since. Their overall cost-basis is ~$22 compared to the current price of ~$340 per share. Q1 2020 saw a ~9% stake increase. Last five quarters have seen only minor adjustments.Note: In a WealthTrack interview in November 2019, Akre commented that something extraordinary is happening at MasterCard – if the rate of return is cut down twice, they would still be earning above average. On the question “one investment every investor should own some of”, Akre responded with two: MasterCard and Visa.Stake Decreases:Moody’s Corporation (MCO): The initial purchase of MCO happened in Q1 & Q2 2012 in the high-30s price-range. Since then, the position size was doubled at higher prices. Recent activity follows: Q4 2016 saw a ~15% increase at prices between $94 and $109 and that was followed with a ~22% increase the following quarter at prices between $95 and $114. It currently trades at ~$387 and is now the second-largest stake at 12.29% of the portfolio. There was marginal trimming in the last nine quarters.Note: Akre’s cost-basis on MCO is ~$39.American Tower (AMT): AMT has been in the portfolio for well over eighteen years. It is the third-largest stake at 11.46% of the portfolio. Recent activity follows: the six years thru Q3 2018 saw consistent buying almost every quarter. The share count increased over four times from 1.7M shares to 7.1M shares during that period. The buying happened at prices between $65 and $118. Since then, there have only been minor adjustments. The stock is now at ~$261.Note: Akre is very bullish on AMT as incremental margins are at over 90% and growth in wireless communication is a significant tail-wind.O’Reilly Automotive (ORLY): ORLY is a large 5.94% portfolio stake first purchased in 2005. Over 800K shares were purchased at the time. The position was at 825K shares as of Q1 2017 - every year had seen adjustments but overall the stake had remained remarkably steady over that twelve-year period – the stock returned ~10x during that time. 2017 saw a ~130% stake increase at an average cost of ~$195. There had only been marginal adjustments since. Q1 2021 saw a ~14% selling at prices between ~$425 and ~$509. The stock is now at ~$636. This quarter saw marginal trimming.CarMax Inc. (KMX): The 5.60% KMX stake is a very long-term position first purchased in 2002. The bulk of the current stake was built over the four quarters thru Q2 2016 at prices between $42 and $68. There was a ~10% stake increase in Q4 2018 at prices between $57 and $74. 2019 had also seen a ~17% stake increase at prices between $58 and $98 and that was followed with a ~20% further increase in Q1 2020 at prices between $44 and $102. The two quarters through Q1 2021 had seen a ~12% selling. The stock is now at ~$147. There was marginal trimming in the last two quarters.KKR & Company (KKR): KKR is a 5.52% of the portfolio position established in Q1 2018 at prices between $20 and $24.50 and doubled next quarter at prices between $19.50 and $25.50. There was another ~25% increase in Q4 2018 at prices between $18.50 and $28. The first three quarters of last year had also seen a ~15% increase. Since then, there have only been minor adjustments. The stock currently trades at ~$78.Note: KKR converted from a partnership to a corporation effective July 1, 2018.Adobe Inc. (ADBE): ADBE is a 5.42% of the portfolio position purchased in Q1 2020 at prices between $285 and $383 and increased by roughly one-third last quarter at prices between ~$421 and ~$502. The stock currently trades at ~$688. There was a marginal trimming this quarter.CoStar Group (CSGP): The ~5% CSGP stake was purchased in Q4 2019 at prices between ~$54 and ~$62 and increased by ~75% next quarter at prices between ~$52 and ~$74. Q2 2020 saw another ~120% stake increase at prices between ~$53 and ~$73. The stock currently trades well above those ranges at ~$82. Last five quarters have seen only minor adjustments.Note: The prices quoted above are adjusted for the 10-for-1 stock split in June.Roper Technologies (ROP): ROP is a 4.57% of the portfolio position first purchased in Q2 & Q3 2014 at prices between $129 and $150. The stake saw incremental buying in the following quarters. In Q2 2016, there was a ~20% increase at prices between $165 and $185. The first three quarters of last year had seen a ~22% stake increase at prices between $254 and $453. The stock is now at ~$498. Last two quarters had seen a combined ~12% trimming. This quarter also saw marginal trimming.Brookfield Asset Management (BAM): BAM is a 4.32% of the portfolio stake established in Q3 2019 at prices between $32 and $36 and increased by ~18% next quarter at prices between $34 and $39. The first three quarters of last year had seen another ~45% increase at prices between $22 and $45.50. The stock currently trades at $59.60. Last few quarters have seen only minor adjustments.Note: the prices quoted are adjusted for the 3-for-2 stock-split last year.Verisk Analytics (VRSK): VRSK is a ~3% portfolio position first purchased in H2 2012 at prices between $46.50 and $51. 2015 saw a huge 3x stake increase at prices between $63 and $81. The position has since been kept relatively steady. The stock is currently at ~$230.Dollar Tree (DLTR): DLTR is a 2.11% of the portfolio position first purchased in 2010 at a cost-basis in the low-20s. Recent activity follows: there was a ~15% stake increase in Q2 2017 at prices between $66.50 and $83. Q1 2020 saw a ~10% selling and that was followed with marginal trimming in the next three quarters. Q1 2021 saw a ~20% reduction at prices between ~$98 and ~$116. The stock currently trades at ~$135. There was marginal trimming in the last two quarters.Berkshire Hathaway (BRK.B): The minutely small 0.03% stake in BRK.B was further reduced this quarter.Kept Steady:Visa Inc. (V): Visa is a large (top five) 7.19% of the portfolio stake. It was established in Q2 2012 at a cost-basis of around $30. Q2 2013 saw a one-third increase in the low-40s and that was followed with a 60% increase in Q2 2016 in the high 70s. Q1 2017 also saw another roughly one-third increase at prices between $79.50 and $90. Since then, the activity has been minor. The stock is now at ~$201.Note: Visa stock split 4-for-1 in March 2015. The prices quoted above are adjusted for that split.Salesforce.com (CRM): CRM is a 4.68% of the portfolio position established last quarter at prices between ~$211 and ~$246 and the stock currently trades well above that range at ~$301.SBA Communications (SBAC): SBAC is a 3.93% portfolio stake. The position is from H1 2014 at prices between $88 and $102. Q4 2015 saw a one-third increase at prices between $100 and $121 and a similar increase occurred in Q4 2016 as well at prices between $96 and $115. Last two quarters had seen a ~22% selling at prices between ~$236 and ~$323. The stock currently trades at ~$345.Danaher Corporation (DHR): DHR is a 3.10% of the portfolio position established in Q4 2013 at prices between $47 and $55 and increased by roughly five-times in Q2 2014 at prices between $52 and $59. The stock is now at ~$314.Note: The prices quoted above are adjusted for the Fortive spinoff in July 2017.Ansys Inc. (ANSS): ANSS is a 1.28% of the portfolio position established in Q4 2019 at prices between $214 and $259 and increased by ~190% next quarter at prices between $205 and $296. Q2 2020 saw another ~30% stake increase at prices between ~$211 and ~$294. It is now at ~$403.AlarmCom Holding (ALRM): ALRM is a small ~1% position first purchased in Q2 2015. Q3 2019 saw a ~130% stake increase at prices between $46 and $53. The four quarters through Q3 2020 had seen a ~43% further increase at prices between ~$37 and ~$71. The stock currently trades at ~$83.DigitalBridge (DBRG) previously Colony Capital: The DBRG stake saw a ~6x increase in Q3 2020 at prices between ~$1.80 and ~$2.90. The stock currently trades at $7.56. The stake is still very small at 0.39% of the portfolio. There was a marginal trimming this quarter.Goosehead Insurance (GSHD): GSHD is a minutely small position established in Q4 2018 and increased over the next two quarters. Goosehead had an IPO in April 2018 priced at $10. It has since gone up ~13x and currently trades at ~$131. Q3 2020 saw a ~30% stake increase and that was followed with a ~20% increase last quarter. The position is still very small at 0.28% of the portfolio.Ollie’s Bargain (OLLI) and ThredUp Inc. (TDUP): These two minutely small stakes were kept steady this quarter.Below is a spreadsheet that highlights the changes to Akre Capital Management’s 13F stock portfolio as of Q3 2021:Source: John Vincent. Data constructed from Akre Capital Management’s 13F filings for Q2 2021 and Q3 2021.8/28/2021: There was a reader comment about including holdings not in the 13F report. The complete holdings of AKREX is published twice a year (April & October) and is available at . Use this as a reference to update this information in our updates.Regulatory filings from 8/15/2021 to 11/15/2021: None.Performance Summary: Performance: 19.80% vs 17.99% for S&P 500 thru July 31, 2021. 17.92% since 2009 inception compared to 15.35% for the S&P 500. Cash: down from ~17% as of EOY 2019 to ~2% as of Q2 2021.10/29/2020 – Chuck Akre EOY 2020."

"Tracking Akre Capital Management Portfolio – Q2 2021 Update"

"Akre Capital Management portfolio value increased from $14.72B to $16.24B this quarter.They added Salesforce.com while dropping Live Nation Entertainment during the quarter.The top three positions are MasterCard, Moody’s, and American Tower and they add up to ~37% of the entire portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Akre Capital Management’s 13F portfolio on a quarterly basis. It is based on Akre’s regulatory filed on 08/13/2021. Please visit our series to get an idea of their investment philosophy and our for their moves in Q1 2021.This quarter, Akre’s 13F portfolio value increased ~10% from $14.73B to $16.24B. The number of positions decreased from 29 to 24. The largest five stakes are MasterCard, Moody’s Corporation, American Tower, Visa, and CarMax. They account for ~51% of the total portfolio value.AUM is distributed among private funds, separately managed accounts, and the Akre Focus Mutual Fund (AKREX) (AKRIX). Since the 2009 inception, the mutual fund’s annualized returns are at 17.92% compared to 15.35% for the S&P 500 Index. Through July 31, 2021, the fund returned 19.80% compared to 17.99% YTD for the S&P 500 Index. Their cash allocation has come down from ~17% to ~2% over the last six quarters. Akre coined the term "compounding machines" to describe the type of businesses he invests in. To learn more about that investing style, check out .New Stakes:Salesforce.com (CRM): CRM is a 4.21% of the portfolio position established this quarter at prices between ~$211 and ~$246 and the stock currently trades well above that range at ~$268.Stake Disposals:Live Nation Entertainment (LYV): The 3.14% of the portfolio stake in LYV was established in Q1 2020 at prices between $29.50 and $76. The entire stake was disposed this quarter at prices between ~$75 and ~$93. The stock is now at ~$84.75.Berkshire Hathaway (BRK.A) (BRK.B): The small position in Berkshire Hathaway was almost sold out in Q1 2020 at prices between $162 and $230. The remainder stake was disposed this quarter. The stock is now at ~$285.Alphabet Inc. (GOOG), Lamar Advertising (LAMR), PayPal Holdings (PYPL), and The Trade Desk (TTD): These three minutely small (less than ~0.1% of the portfolio each) stakes were disposed this quarter.Stake Increases:Adobe Inc. (ADBE): ADBE is a 5.52% of the portfolio position purchased in Q1 2020 at prices between $285 and $383 and increased by roughly one-third last quarter at prices between ~$421 and ~$502. The stock currently trades at ~$652. There was a marginal increase this quarter.Brookfield Asset Management (BAM): BAM is a 4.12% of the portfolio stake established in Q3 2019 at prices between $32 and $36 and increased by ~18% next quarter at prices between $34 and $39. The first three quarters of last year had seen another ~45% increase at prices between $22 and $45.50. The stock currently trades at $56.33. This quarter saw a marginal increase.Note: the prices quoted are adjusted for the 3-for-2 stock-split last year.Goosehead Insurance (GSHD): GSHD is a minutely small position established in Q4 2018 and increased over the next two quarters. Goosehead had an IPO in April 2018 priced at $10. It has since gone up more than ~13x and currently trades at ~$130. Q3 2020 saw a ~30% stake increase and that was followed with a ~20% increase this quarter. The position is still very small at 0.23% of the portfolio.Stake Decreases:MasterCard (MA): MA is currently the largest 13F stake at ~13% of the portfolio. It was first purchased in 2010 and consistently increased since. Their overall cost-basis is ~$22 compared to the current price of ~$353 per share. Q1 2020 saw a ~9% stake increase. Last five quarters have seen only minor adjustments.Note: In a WealthTrack interview in November 2019, Akre commented that something extraordinary is happening at MasterCard – if the rate of return is cut down twice, they would still be earning above average. On the question “one investment every investor should own some of”, Akre responded with two: MasterCard and Visa.Moody’s Corporation (MCO): The initial purchase of MCO happened in Q1 & Q2 2012 in the high-30s price-range. Since then, the position size was doubled at higher prices. Recent activity follows: Q4 2016 saw a ~15% increase at prices between $94 and $109 and that was followed with a ~22% increase the following quarter at prices between $95 and $114. It currently trades at ~$375 and is now the second-largest stake at 12.55% of the portfolio. There was marginal trimming in the last nine quarters.Note: Akre’s cost-basis on MCO is ~$39.American Tower (AMT): AMT has been in the portfolio for well over eighteen years. It is the third-largest stake at 11.67% of the portfolio. Recent activity follows: the six years thru Q3 2018 saw consistent buying almost every quarter. The share count increased over four times from 1.7M shares to 7.1M shares during that period. The buying happened at prices between $65 and $118. Since then, there have only been minor adjustments. The stock is now at ~$283.Note: Akre is very bullish on AMT as incremental margins are at over 90% and growth in wireless communication is a significant tail-wind. Crown Castle (CCI) is another option in the same mold.Visa Inc. (V): Visa is a large (top five) 7.55% of the portfolio stake. It was established in Q2 2012 at a cost-basis of around $30. Q2 2013 saw a one-third increase in the low-40s and that was followed with a 60% increase in Q2 2016 in the high 70s. Q1 2017 also saw another roughly one-third increase at prices between $79.50 and $90. Since then, the activity has been minor. The stock is now at ~$231.Note: Visa stock split 4-for-1 in March 2015. The prices quoted above are adjusted for that split.CarMax Inc. (KMX): The 5.66% KMX stake is a very long-term position first purchased in 2002. The bulk of the current stake was built over the four quarters thru Q2 2016 at prices between $42 and $68. There was a ~10% stake increase in Q4 2018 at prices between $57 and $74. 2019 had also seen a ~17% stake increase at prices between $58 and $98 and that was followed with a ~20% further increase in Q1 2020 at prices between $44 and $102. Last two quarters had seen a ~12% selling. The stock is now at ~$126. There was marginal trimming this quarter.O’Reilly Automotive (ORLY): ORLY is a large 5.51% portfolio stake first purchased in 2005. Over 800K shares were purchased at the time. The position was at 825K shares as of Q1 2017 - every year had seen adjustments but overall the stake had remained remarkably steady over that twelve-year period – the stock returned ~10x during that time. 2017 saw a ~130% stake increase at an average cost of ~$195. There had only been marginal adjustments since. Last quarter saw a ~14% selling at prices between ~$425 and ~$509. The stock is now at ~$600. This quarter saw marginal trimming.KKR & Company (KKR): KKR is a 5.38% of the portfolio position established in Q1 2018 at prices between $20 and $24.50 and doubled next quarter at prices between $19.50 and $25.50. There was another ~25% increase in Q4 2018 at prices between $18.50 and $28. The first three quarters of last year had also seen a ~15% increase. Since then, there have only been minor adjustments. The stock currently trades at ~$64.Note: KKR converted from a partnership to a corporation effective July 1, 2018.CoStar Group (CSGP): The ~5% CSGP stake was purchased in Q4 2019 at prices between ~$54 and ~$62 and increased by ~75% next quarter at prices between ~$52 and ~$74. Q2 2020 saw another ~120% stake increase at prices between ~$53 and ~$73. The stock currently trades well above those ranges at ~$82.80. Last four quarters have seen only minor adjustments.Note: The prices quoted above are adjusted for the 10-for-1 stock split in June.Roper Technologies (ROP): ROP is a 4.82% of the portfolio position first purchased in Q2 & Q3 2014 at prices between $129 and $150. The stake saw incremental buying in the following quarters. In Q2 2016, there was a ~20% increase at prices between $165 and $185. The first three quarters of last year had seen a ~22% stake increase at prices between $254 and $453. The stock is now at ~$478. Last two quarters have seen a combined ~12% trimming.SBA Communications (SBAC): SBAC is a 3.79% portfolio stake. The position is from H1 2014 at prices between $88 and $102. Q4 2015 saw a one-third increase at prices between $100 and $121 and a similar increase occurred in Q4 2016 as well at prices between $96 and $115. The stock currently trades at ~$351. Last two quarters have seen a ~22% selling at prices between ~$236 and ~$323.Verisk Analytics (VRSK): VRSK is a 2.63% portfolio position first purchased in H2 2012 at prices between $46.50 and $51. 2015 saw a huge 3x stake increase at prices between $63 and $81. The position has since been kept relatively steady. The stock is currently at ~$198.Dollar Tree (DLTR): DLTR is a 2.20% of the portfolio position first purchased in 2010 at a cost-basis in the low-20s. Recent activity follows: there was a ~15% stake increase in Q2 2017 at prices between $66.50 and $83. Q1 2020 saw a ~10% selling and that was followed with marginal trimming in the next three quarters. Last quarter saw a ~20% reduction at prices between ~$98 and ~$116. The stock currently trades at ~$94. There was marginal trimming this quarter.AlarmCom Holding (ALRM): ALRM is a small ~1% position first purchased in Q2 2015. Q3 2019 saw a ~130% stake increase at prices between $46 and $53. The four quarters through Q3 2020 had seen a ~43% further increase at prices between ~$37 and ~$71. The stock currently trades at ~$81. This quarter saw marginal trimming.DigitalBridge (DBRG) previously Colony Capital: The DBRG stake saw a ~6x increase in Q3 2020 at prices between ~$1.80 and ~$2.90. The stock currently trades at $6.77. The stake is still very small at 0.51% of the portfolio. There was a marginal trimming this quarter.Markel Corporation (MKL): MKL is a very long term stake that has been in the portfolio for over twenty years. Recent activity follows: H2 2013 and H1 2014 saw a stake doubling at prices between $510 and $655. Since then the position had remained steady. The five quarters through Q4 2020 saw a ~50% combined selling at prices between $785 and $1341. The position was almost eliminated last quarter at prices between ~$945 and ~$1155. The stock is now at ~$1264. This quarter also saw a ~2% trimming.Note: Akre saw 20-times compounding over 20 years on his first purchases of MKL. However, they also increased their original stake substantially twelve years ago at a cost-basis of $444 (2.5 times book value) and that portion increased by only ~180%.ThredUp Inc. (TDUP): The minutely small TDUP stake was almost eliminated this quarter.Kept Steady:Danaher Corporation (DHR): DHR is a 2.74% of the portfolio position established in Q4 2013 at prices between $47 and $55 and increased by roughly five-times in Q2 2014 at prices between $52 and $59. The stock is now at ~$318.Note: The prices quoted above are adjusted for the Fortive spinoff in July 2017.Ansys Inc. (ANSS): ANSS is a 1.30% of the portfolio position established in Q4 2019 at prices between $214 and $259 and increased by ~190% next quarter at prices between $205 and $296. Q2 2020 saw another ~30% stake increase at prices between ~$211 and ~$294. It is now at ~$361.Ollie’s Bargain (OLLI): The minutely small 0.26% OLLI stake was kept steady this quarter.Below is a spreadsheet that highlights the changes to Akre Capital Management’s 13F stock portfolio as of Q2 2021:Source: John Vincent. Data constructed from Akre Capital Management’s 13F filings for Q1 2021 and Q2 2021.Regulatory filings thru 5/14/2021: 13G – 2/11 – PRMW - zero.Q1 2021 Performance Summary: Performance: 3.90% vs 6.17% for S&P 500 for Q1 2021. 17.03% since 2009 inception compared to 14.77% for the S&P 500. Cash: down from ~17% as of EOY 2019 to ~3% as of Q1 2021.10/29/2020 – Chuck Akre EOY 2020."

"Tracking Akre Capital Management Portfolio – Q1 2021 Update"

"Akre Capital Management portfolio value decreased marginally from $14.80B to $14.72B this quarter.They increased Adobe while almost eliminating Markel Corporation during the quarter.The top three positions are MasterCard, American Tower, and Moody’s and they add up to ~37% of the entire portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Akre Capital Management’s 13F portfolio on a quarterly basis. It is based on Akre’s regulatory filed on 05/13/2021. Please visit our series to get an idea of their investment philosophy and our for their moves in Q4 2020.This quarter, Akre’s 13F portfolio value decreased marginally from $14.80B to $14.73B. The number of positions increased from 28 to 29. The largest five stakes are MasterCard, American Tower, Moody’s Corporation, Visa, and CarMax. They account for ~51% of the total portfolio value.AUM is distributed among private funds, separately managed accounts, and the Akre Focus Mutual Fund (AKREX) (AKRIX). Since the 2009 inception, the mutual fund’s annualized returns are at 17.03% compared to 14.77% for the S&P 500 Index. For Q1 2021, the fund returned 3.90% compared to 6.17% for the S&P 500 Index. Their cash allocation has come down from ~17% to ~3% over the last five quarters. Akre coined the term "compounding machines" to describe the type of businesses he invests in. To learn more about that investing style, check out .New Stakes:ThredUp Inc. (TDUP), PayPal Holdings (PYPL), and Alphabet Inc. (GOOG): These three minutely small (less than ~0.1% of the portfolio each) stakes were established this quarter.Stake Disposals:Descartes Systems (DSGX) and Primo Water (PRMW): These two minutely small (less than ~0.1% of the portfolio each) positions were disposed during the quarter.Stake Increases:Visa Inc. (V): Visa is a large (top five) 7.55% of the portfolio stake. It was established in Q2 2012 at a cost-basis of around $30. Q2 2013 saw a one-third increase in the low-40s and that was followed with a 60% increase in Q2 2016 in the high 70s. Q1 2017 also saw another roughly one-third increase at prices between $79.50 and $90. Since then, the activity has been minor. The stock is now at ~$227.Note: Visa stock split 4-for-1 in March 2015. The prices quoted above are adjusted for that split.CoStar Group (CSGP): The 5.45% CSGP stake was purchased in Q4 2019 at prices between $544 and $617 and increased by ~75% next quarter at prices between $523 and $740. Q2 2020 saw another ~120% stake increase at prices between $527 and $725. The stock currently trades well above those ranges at ~$822. There was a marginal increase over the last three quarters.Adobe Inc. (ADBE): ADBE is a 4.94% of the portfolio position purchased in Q1 2020 at prices between $285 and $383 and increased by roughly one-third this quarter at prices between ~$421 and ~$502. The stock currently trades at ~$487.KKR & Company (KKR): KKR is a 4.89% of the portfolio position established in Q1 2018 at prices between $20 and $24.50 and doubled next quarter at prices between $19.50 and $25.50. There was another ~25% increase in Q4 2018 at prices between $18.50 and $28. The first three quarters of last year had also seen a ~15% increase. Since then, there have only been minor adjustments. The stock currently trades at ~$56.Note: KKR converted from a partnership to a corporation effective July 1, 2018.Colony Capital (CLNY): The CLNY stake saw a ~6x increase in Q3 2020 at prices between ~$1.80 and ~$2.90. The stock currently trades at $6.52. The stake is still very small at 0.47% of the portfolio. There was a marginal increase this quarter.Stake Decreases:MasterCard (MA): MA is currently the largest 13F stake at ~14% of the portfolio. It was first purchased in 2010 and consistently increased since. Their overall cost-basis is ~$22 compared to the current price of ~$364 per share. Q1 2020 saw a ~9% stake increase. Last four quarters have seen only minor adjustments.Note: In a WealthTrack interview in November 2019, Akre commented that something extraordinary is happening at MasterCard – if the rate of return is cut down twice, they would still be earning above average. On the question “one investment every investor should own some of”, Akre responded with two: MasterCard and Visa.American Tower (AMT): AMT has been in the portfolio for well over eighteen years. It is the second-largest stake at ~12% of the portfolio. Recent activity follows: the six years thru Q3 2018 saw consistent buying almost every quarter. The share count increased over four times from 1.7M shares to 7.1M shares during that period. The buying happened at prices between $65 and $118. Since then, there have only been minor adjustments. The stock is now at ~$247.Note: Akre is very bullish on AMT as incremental margins are at over 90% and growth in wireless communication is a significant tail-wind. Crown Castle (CCI) is another option in the same mold.Moody’s Corporation (MCO): The initial purchase of MCO happened in Q1 & Q2 2012 in the high-30s price-range. Since then, the position size was doubled at higher prices. Recent activity follows: Q4 2016 saw a ~15% increase at prices between $94 and $109 and that was followed with a ~22% increase the following quarter at prices between $95 and $114. It currently trades at ~$334 and is now the third-largest stake at ~11% of the portfolio. There was marginal trimming in the last two years.Note: Akre’s cost-basis on MCO is ~$39.CarMax Inc. (KMX): The 6.41% KMX stake is a very long-term position first purchased in 2002. The bulk of the current stake was built over the four quarters thru Q2 2016 at prices between $42 and $68. There was a ~10% stake increase in Q4 2018 at prices between $57 and $74. 2019 had also seen a ~17% stake increase at prices between $58 and $98 and that was followed with a ~20% further increase in Q1 2020 at prices between $44 and $102. Last two quarters have seen a ~12% trimming. The stock is now at ~$125.O’Reilly Automotive (ORLY): ORLY is a large 5.45% portfolio stake first purchased in 2005. Over 800K shares were purchased at the time. The position was at 825K shares as of Q1 2017 - every year had seen adjustments but overall the stake had remained remarkably steady over that twelve-year period – the stock returned ~10x during that time. 2017 saw a ~130% stake increase at an average cost of ~$195. There had only been marginal adjustments since. This quarter saw a ~14% selling at prices between ~$425 and ~$509. The stock is now at ~$553.Roper Technologies (ROP): ROP is a large 4.76% of the portfolio position first purchased in Q2 & Q3 2014 at prices between $129 and $150. The stake saw incremental buying in the following quarters. In Q2 2016, there was a ~20% increase at prices between $165 and $185. The first three quarters of last year had seen a ~22% stake increase at prices between $254 and $453. The stock is now at ~$438. This quarter saw a ~9% trimming.SBA Communications (SBAC): SBAC is a 4.31% portfolio stake. The position is from H1 2014 at prices between $88 and $102. Q4 2015 saw a one-third increase at prices between $100 and $121 and a similar increase occurred in Q4 2016 as well at prices between $96 and $115. The stock currently trades well above those ranges at ~$289. There was a ~7% trimming this quarter.Verisk Analytics (VRSK): VRSK is a 2.94% portfolio position first purchased in H2 2012 at prices between $46.50 and $51. 2015 saw a huge 3x stake increase at prices between $63 and $81. The position has since been kept relatively steady. The stock is currently at ~$175.Dollar Tree (DLTR): DLTR is a 2.79% of the portfolio position first purchased in 2010 at a cost-basis in the low-20s. Recent activity follows: there was a ~15% stake increase in Q2 2017 at prices between $66.50 and $83. Q1 2020 saw a ~10% selling and that was followed with marginal trimming in the next three quarters. This quarter saw a ~20% reduction at prices between ~$98 and ~$116. The stock currently trades at ~$111.Markel Corporation (MKL): MKL is a very long term stake that has been in the portfolio for over twenty years. Recent activity follows: H2 2013 and H1 2014 saw a stake doubling at prices between $510 and $655. Since then the position had remained steady. Last five quarters saw a ~50% combined selling at prices between $785 and $1341. The position was almost eliminated this quarter at prices between ~$945 and ~$1155. The stock is now at ~$1233.Note: Akre saw 20-times compounding over 20 years on his first purchases of MKL. However, they also increased their original stake substantially twelve years ago at a cost-basis of $444 (2.5 times book value) and that portion increased by only ~150%.Kept Steady:Brookfield Asset Management (BAM): BAM is a 3.94% of the portfolio stake established in Q3 2019 at prices between $32 and $36 and increased by ~18% next quarter at prices between $34 and $39. The first three quarters of last year had seen another ~45% increase at prices between $22 and $45.50. The stock currently trades at ~$48. Last quarter saw a ~4% trimming.Note: the prices quoted are adjusted for the 3-for-2 stock-split last year.Live Nation Entertainment (LYV): The 3.14% of the portfolio stake in LYV was established in Q1 2020 at prices between $29.50 and $76 and it is now at ~$86.Danaher Corporation (DHR): DHR is a 2.53% of the portfolio position established in Q4 2013 at prices between $47 and $55 and increased by roughly five-times in Q2 2014 at prices between $52 and $59. The stock is now at ~$254.Note: The prices quoted above are adjusted for the Fortive spinoff in July 2017.Ansys Inc. (ANSS): ANSS is a 1.41% of the portfolio position established in Q4 2019 at prices between $214 and $259 and increased by ~190% next quarter at prices between $205 and $296. Q2 2020 saw another ~30% stake increase at prices between ~$211 and ~$294. It is now at ~$327.AlarmCom Holding (ALRM): ALRM is a small 1.16% position first purchased in Q2 2015. Q3 2019 saw a ~130% stake increase at prices between $46 and $53. The four quarters through Q3 2020 had seen a ~43% further increase at prices between ~$37 and ~$71. The stock currently trades at ~$82.50.Goosehead Insurance (GSHD): GSHD is a minutely small position established in Q4 2018 and increased over the next two quarters. Goosehead had an IPO in April 2018 priced at $10. It has since gone up more than eight times and currently trades at ~$83.50. Q3 2020 saw a ~30% stake increase. The position is still very small at 0.18% of the portfolio.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire Hathaway is now a minutely small 0.01% of the portfolio stake. Q1 2020 saw a small position almost sold out at prices between $162 and $230. The stock is now at ~$291.Lamar Advertising (LAMR), Ollie’s Bargain (OLLI), and The Trade Desk (TTD): These minutely small (less than ~0.30% of the portfolio each) stakes were kept steady during the quarter.Below is a spreadsheet that highlights the changes to Akre Capital Management’s 13F stock portfolio as of Q1 2021:Source: John Vincent. Data constructed from Akre Capital Management’s 13F filings for Q4 2020 and Q1 2021.10/29/2020 – Chuck Akre EOY.Regulatory filings thru 2/10/2021: None.Q4 2020 Performance Summary: Performance: 20.37% vs 18.40% for S&P 500 for 2020. 17.03% since 2009 inception compared to 14.51% for the S&P 500. Cash: down from ~17% as of EOY 2019 to ~6% as of Q4 2020."

"Tracking Akre Capital Management Portfolio – Q4 2020 Update"

"Akre Capital Management portfolio value increased from $14.19B to $14.80B this quarter.They decreased Markel Corporation during the quarter.The top three positions are MasterCard, Moody’s, and American Tower and they add up to ~36% of the entire portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Akre Capital Management’s 13F portfolio on a quarterly basis. It is based on Akre’s regulatory filed on 02/10/2021. Please visit our series to get an idea of their investment philosophy and our for their moves in Q3 2020.This quarter, Akre’s 13F portfolio value increased ~4% from $14.19B to $14.80B. The number of positions remained steady at 28. The largest five stakes are MasterCard, Moody’s Corporation, American Tower, Visa, and CoStar Group. They account for ~50% of the total portfolio value.AUM is distributed among private funds, separately managed accounts, and the Akre Focus Mutual Fund (AKREX) (AKRIX). Since the 2009 inception, the mutual fund’s annualized returns are at 17.03% compared to 14.51% for the S&P 500 Index. For 2020, the fund returned 20.37% compared to 18.40% for the S&P 500 Index. Their cash allocation has come down from ~17% to ~6% over the last four quarters. Akre coined the term "compounding machines" to describe the type of businesses he invests in. To learn more about that investing style, check out .New Stakes:None.Stake Disposals:None.Stake Increases:American Tower (AMT): AMT has been in the portfolio for well over eighteen years. It is the second-largest stake at ~12% of the portfolio. Recent activity follows: the six years thru Q3 2018 saw consistent buying almost every quarter. The share count increased over four times from 1.7M shares to 7.1M shares during that period. The buying happened at prices between $65 and $118. Since then, there has only been marginal activity. The stock is now at ~$232Note: Akre is very bullish on AMT as incremental margins are at over 90% and growth in wireless communication is a significant tail-wind. Crown Castle (CCI) is another option in the same mold.CoStar Group (CSGP): The 5.73% CSGP stake was purchased in Q4 2019 at prices between $544 and $617 and increased by ~75% next quarter at prices between $523 and $740. Q2 2020 saw another ~120% stake increase at prices between $527 and $725. The stock currently trades well above those ranges at ~$925. There was a marginal increase over the last two quarters.Stake Decreases:MasterCard (MA): MA is currently the largest 13F stake at ~14% of the portfolio. It was first purchased in 2010 and consistently increased since. Their overall cost-basis is ~$22 compared to the current price of ~$334 per share. Q1 2020 saw a ~9% stake increase. Last three quarters have seen only minor adjustments.Note: In a WealthTrack interview in November 2019, Akre commented that something extraordinary is happening at MasterCard – if the rate of return is cut down twice, they would still be earning above average. On the question “one investment every investor should own some of”, Akre responded with two: MasterCard and Visa.Moody’s Corporation (MCO): The initial purchase of MCO happened in Q1 & Q2 2012 in the high-30s price-range. Since then, the position size was doubled at higher prices. Recent activity follows: Q4 2016 saw a ~15% increase at prices between $94 and $109 and that was followed with a ~22% increase the following quarter at prices between $95 and $114. It currently trades at ~$277 and is now the second-largest stake at ~11% of the portfolio. There was marginal trimming in the last seven quarters.Note: Akre’s cost-basis on MCO is ~$39.Visa Inc. (V): V is a large (top five) 7.75% of the portfolio stake. It was established in Q2 2012 at a cost-basis of around $30. Q2 2013 saw a one-third increase in the low-40s and that was followed with a 60% increase in Q2 2016 in the high 70s. Q1 2017 also saw another roughly one-third increase at prices between $79.50 and $90. The stock is now at ~$206. Q1 2020 saw a ~7% stake increase.Note: Visa stock split 4-for-1 in March 2015. The prices quoted above are adjusted for that split.O’Reilly Automotive (ORLY): ORLY is a large 5.63% portfolio stake first purchased in 2005. Over 800K shares were purchased at the time. The position was at 825K shares as of Q1 2017 - every year had seen adjustments but overall the stake had remained remarkably steady over that twelve-year period – the stock returned ~10x during that time. 2017 saw a ~130% stake increase at an average cost of ~$195. There has only been marginal activity since. The stock is now at ~$457.Roper Technologies (ROP): ROP is a large 5.57% of the portfolio position first purchased in Q2 & Q3 2014 at prices between $129 and $150. The stake saw incremental buying in the following quarters. In Q2 2016, there was a ~20% increase at prices between $165 and $185. Last three quarters had seen a ~22% stake increase at prices between $254 and $453. The stock is now at ~$402. This quarter saw minor trimming.CarMax Inc. (KMX): The 4.77% KMX stake is a very long-term position first purchased in 2002. The bulk of the current stake was built over the four quarters thru Q2 2016 at prices between $42 and $68. There was a ~10% stake increase in Q4 2018 at prices between $57 and $74. 2019 had also seen a ~17% stake increase at prices between $58 and $98 and that was followed with a ~20% further increase in Q1 2020 at prices between $44 and $102. Last quarter saw a ~8% trimming. The stock is now at ~$125.KKR & Company (KKR): KKR is a ~4% of the portfolio position established in Q1 2018 at prices between $20 and $24.50 and doubled next quarter at prices between $19.50 and $25.50. There was another ~25% increase in Q4 2018 at prices between $18.50 and $28. Last three quarters had also seen a ~15% increase. The stock currently trades at $48.56. This quarter saw marginal trimming.Note: KKR converted from a partnership to a corporation effective July 1, 2018.Brookfield Asset Management (BAM): BAM is a 3.64% of the portfolio stake established in Q3 2019 at prices between $32 and $36 and increased by ~18% next quarter at prices between $34 and $39. Last three quarters had seen another ~45% increase at prices between $22 and $45.50. The stock currently trades at $41.02. This quarter saw a ~4% trimming.Note: the prices quoted are adjusted for the 3-for-2 stock-split last October.Dollar Tree (DLTR): DLTR is a 3.30% of the portfolio position first purchased in 2010 at a cost-basis in the low-20s. Recent activity follows: there was a ~15% stake increase in Q2 2017 at prices between $66.50 and $83. Q1 2020 saw a ~10% selling and that was followed with marginal trimming in the last three quarters. The stock currently trades at ~$110.Markel Corporation (MKL): MKL is another very long term 2.17% portfolio stake that has been in the portfolio for over twenty years. Recent activity follows: H2 2013 and H1 2014 saw a stake doubling at prices between $510 and $655. Since then the position had remained steady. Last five quarters saw a ~50% combined selling at prices between $785 and $1341. The stock is now at ~$1111.Note: Akre saw 20-times compounding over 20 years on his first purchases of MKL. However, they also increased their original stake substantially twelve years ago at a cost-basis of $444 (2.5 times book value) and that portion has only increased ~150%. Markel currently trades at around ~1.35 times book value.Primo Water (PRMW): The minutely small PRMW stake was almost sold out over the last three quarters.Kept Steady:SBA Communications (SBAC): SBAC is a 4.70% portfolio stake. The position is from H1 2014 at prices between $88 and $102. Q4 2015 saw a one-third increase at prices between $100 and $121 and a similar increase occurred in Q4 2016 as well at prices between $96 and $115. The stock currently trades well above those ranges at ~$266.Adobe Inc. (ADBE): ADBE is a 3.85% of the portfolio position purchased in Q1 2020 at prices between $285 and $383 and the stock currently trades at ~$493.Verisk Analytics (VRSK): VRSK is a 3.44% portfolio position first purchased in H2 2012 at prices between $46.50 and $51. 2015 saw a huge 3x stake increase at prices between $63 and $81. The position has since been kept relatively steady. The stock is currently at ~$191.Live Nation Entertainment (LYV): The 2.72% of the portfolio stake in LYV was established in Q1 2020 at prices between $29.50 and $76 and it is now at ~$80.Danaher Corporation (DHR): DHR is a 2.48% of the portfolio position established in Q4 2013 at prices between $47 and $55 and increased by roughly five-times in Q2 2014 at prices between $52 and $59. The stock is now at ~$238.Note: The prices quoted above are adjusted for the Fortive spinoff in July 2017.Ansys Inc. (ANSS): ANSS is a 1.50% of the portfolio position established in Q4 2019 at prices between $214 and $259 and increased by ~190% next quarter at prices between $205 and $296. Q2 2020 saw another ~30% stake increase at prices between ~$211 and ~$294. It is now at ~$387.AlarmCom Holding (ALRM): ALRM is a small 1.39% position first purchased in Q2 2015. Q3 2019 saw a ~130% stake increase at prices between $46 and $53. Last four quarters had seen a ~43% further increase at prices between ~$37 and ~$71. The stock currently trades at ~$102.Colony Capital (CLNY): The CLNY stake saw a ~6x increase last quarter at prices between ~$1.80 and ~$2.90. The stock currently trades at $5.59. The stake is still minutely small at 0.35% of the portfolio.Goosehead Insurance (GSHD): GSHD is a minutely small position established in Q4 2018 and increased over the next two quarters. Goosehead had an IPO in April 2018 priced at $10. It has since gone up more than 15x and currently trades at ~$157. Last quarter saw a ~30% stake increase. The position is still very small at 0.21% of the portfolio.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire Hathaway is now a minutely small 0.04% of the portfolio stake. Q1 2020 saw a small position almost sold out at prices between $162 and $230. The stock is now at ~$240.Descartes Systems (DSGX), Lamar Advertising (LAMR), Ollie’s Bargain (OLLI), and The Trade Desk (TTD): These minutely small (less than ~0.30% of the portfolio each) stakes were kept steady during the quarter.Below is a spreadsheet that highlights the changes to Chuck Akre’s 13F stock portfolio as of Q4 2020:Regulatory filings thru 11/30/2020: None.Q3 2020 Performance Summary: Performance: 6.41% YTD through Oct 31, 20201 vs 2.77% for S&P 500. 16.02% since 2009 inception compared to 13.30% for the S&P 500. Cash: down from ~17% as of EOY 2019 to ~6% as of Q3 2020."

"Tracking Charles Akre's Akre Capital Management Portfolio – Q3 2020 Update"

"Chuck Akre’s portfolio value increased from $13.27B to $14.19B this quarter.Akre Capital Management increased Roper Technologies and Brookfield Asset Management during the quarter.The top three positions are MasterCard, American Tower, and Moody’s and they add up to ~38% of the entire portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Akre Capital Management’s 13F portfolio on a quarterly basis. It is based on Akre’s regulatory filed on 11/13/2020. Please visit our series to get an idea of their investment philosophy and our for their moves in Q2 2020.This quarter, Akre’s 13F portfolio value increased ~7% from $13.27B to $14.19B. The number of positions remained steady at 28. The largest five stakes are MasterCard, American Tower, Moody’s Corporation, Visa, and O’Reilly Automotive. They account for ~51% of the total portfolio value.AUM is distributed among private funds, separately managed accounts, and the Akre Focus Mutual Fund (AKREX) (AKRIX). Since the 2009 inception, the mutual fund’s annualized returns are at 16.02% compared to 13.30% for the S&P 500 Index. YTD thru October 31, 2020, the fund returned 6.41% compared to 2.77% for the S&P 500 Index. Their cash allocation has come down from ~17% to ~6% over the last three quarters. Akre coined the term "compounding machines" to describe the type of businesses he invests in. To learn more about that investing style, check out .New Stakes:The Trade Desk (TTD): TTD is a minutely small stake established this quarter.Stake Disposals:Marriott International (MAR): This minutely small position established in Q1 2020 was disposed this quarter.Stake Increases:CoStar Group (CSGP): The 5.73% CSGP stake was purchased in Q4 2019 at prices between $544 and $617 and increased by ~75% next quarter at prices between $523 and $740. Last quarter saw another ~120% stake increase at prices between $527 and $725. The stock currently trades well above those ranges at ~$911. There was a marginal increase this quarter.Roper Technologies (ROP): ROP is a large 5.33% of the portfolio position first purchased in Q2 & Q3 2014 at prices between $129 and $150. The stake saw incremental buying in the following quarters. In Q2 2016, there was a ~20% increase at prices between $165 and $185. The stock is now at ~$427. Last three quarters have seen a ~22% stake increase at prices between $254 and $453.KKR & Company (KKR): KKR is a 3.57% of the portfolio position established in Q1 2018 at prices between $20 and $24.50 and doubled next quarter at prices between $19.50 and $25.50. There was another ~25% increase in Q4 2018 at prices between $18.50 and $28. The stock currently trades at $37.93. Last three quarters have also seen a ~15% increase.Note: KKR converted from a partnership to a corporation effective July 1, 2018.Verisk Analytics (VRSK): VRSK is a 3.20% portfolio position first purchased in H2 2012 at prices between $46.50 and $51. 2015 saw a huge 3x stake increase at prices between $63 and $81. The position has since been kept relatively steady. The stock is currently at ~$198. Last two quarters had seen minor trimming while this quarter there was a marginal increase.Brookfield Asset Management (BAM): BAM is a 3.16% of the portfolio stake established in Q3 2019 at prices between $32 and $36 and increased by ~18% next quarter at prices between $34 and $39. Last three quarters saw another ~45% increase at prices between $22 and $45.50. The stock currently trades at $40.49.Note: the prices quoted are adjusted for the 3-for-2 stock-split last month.AlarmCom Holding (ALRM): ALRM is a small 0.77% position first purchased in Q2 2015. Q3 2019 saw a ~130% stake increase at prices between $46 and $53. The stock currently trades at $75.91. Last four quarters have seen a ~43% further increase at prices between ~$37 and ~$71.Colony Capital (CLNY): The CLNY stake saw a ~6x increase during the quarter at prices between ~$1.80 and ~$2.90. The stock currently trades at $4.32. The stake is still minutely small at 0.21% of the portfolio.Goosehead Insurance (GSHD): GSHD is a minutely small position established in Q4 2018 and increased over the next two quarters. Goosehead had an IPO in April 2018 priced at $10. It has since gone up more than 10x and currently trades at ~$123. This quarter saw a ~30% stake increase. The position is still very small at 0.15% of the portfolio.Stake Decreases:MasterCard (MA): MA is currently the largest 13F stake at ~14% of the portfolio. It was first purchased in 2010 and consistently increased since. Their overall cost-basis is ~$22 compared to the current price of ~$337 per share. Q1 2020 saw a ~9% stake increase. Last two quarters have seen only minor adjustments.Note: In a WealthTrack interview last November, Akre commented that something extraordinary is happening at MasterCard – if the rate of return is cut down twice, they would still be earning above average. On the question “one investment every investor should own some of”, Akre responded with two: MasterCard and Visa.American Tower (AMT): AMT has been in the portfolio for well over seventeen years. It is the second-largest stake at ~12% of the portfolio. Recent activity follows: the six years thru Q3 2018 saw consistent buying almost every quarter. The share count increased over four times from 1.7M shares to 7.1M shares during that period. The buying happened at prices between $65 and $118 and the stock is now at ~$231. Since then, there has only been marginal activity.Note: Akre is very bullish on AMT – growth in wireless communication depends on them and incremental margins are at over 90%. Crown Castle (CCI) is another option in the same mold.Moody’s Corporation (MCO): The initial purchase of MCO happened in Q1 & Q2 2012 in the high-30s price-range. Since then, the position size was doubled at higher prices. Recent activity follows: Q4 2016 saw a ~15% increase at prices between $94 and $109 and that was followed with a ~22% increase the following quarter at prices between $95 and $114. It currently trades at ~$282 and is now the third-largest stake at 11.51% of the portfolio. There was marginal trimming in the last six quarters.Note: Akre’s cost-basis on MCO is ~$39.O’Reilly Automotive (ORLY): ORLY is a large ~6% portfolio stake first purchased in 2005. Over 800K shares were purchased at the time. The position was at 825K shares as of Q1 2017 - every year had seen adjustments but overall the stake had remained remarkably steady over that twelve-year period – the stock returned ~10x during that time. 2017 saw a ~130% stake increase at an average cost of ~$195. There has only been marginal activity since. The stock is now at ~$442.CarMax Inc. (KMX): The 4.85% KMX stake is a very long-term position first purchased in 2002. The bulk of the current stake was built over the four quarters thru Q2 2016 at prices between $42 and $68. There was a ~10% stake increase in Q4 2018 at prices between $57 and $74. The stock is now at $93.48. Last year had also seen a ~17% stake increase at prices between $58 and $98 and that was followed with a ~20% further increase in Q1 2020 at prices between $44 and $102. This quarter saw a ~8% trimming.Markel Corporation (MKL): MKL is another very long term 3.26% portfolio stake that has been in the portfolio for over twenty years. Recent activity follows: H2 2013 and H1 2014 saw a stake doubling at prices between $510 and $655 and since then the position has remained relatively steady. The stock is now at ~$974. Last four quarters have seen a ~15% combined trimming.Note: Akre saw 20-times compounding over 20 years on his first purchases of MKL. However, they also increased their original stake substantially twelve years ago at a cost-basis of $444 (2.5 times book value) and that portion has only increased ~120%. Markel currently trades at around ~1.2 times book value.Dollar Tree (DLTR): DLTR is a 2.92% of the portfolio position first purchased in 2010 at a cost-basis in the low-20s. The stock currently trades at ~$109. Recent activity follows: there was a ~15% stake increase in Q2 2017 at prices between $66.50 and $83. Q1 2020 saw a ~10% selling and that was followed with marginal trimming in the last two quarters.Live Nation Entertainment (LYV): The ~2% of the portfolio stake in LYV was established in Q1 2020 at prices between $29.50 and $76 and it is now at $65.65. Last two quarters have seen only minor adjustments.Berkshire Hathaway (BRK.A) (BRK.B) and Primo Water (PRMW): Berkshire Hathaway is now a minutely small 0.03% of the portfolio stake. Q1 2020 saw the small position almost sold out at prices between $162 and $230. The stock is now at ~$229. The minutely small 0.11% PRMW stake was almost sold out over the last two quarters. Both stakes were reduced by ~50% each this quarter.Kept Steady:Visa Inc. (V): V is a large (top five) 7.39% of the portfolio stake. It was established in Q2 2012 at a cost-basis of around $30. Q2 2013 saw a one-third increase in the low-40s and that was followed with a 60% increase in Q2 2016 in the high 70s. Q1 2017 also saw another roughly one-third increase at prices between $79.50 and $90. The stock is now at ~$210. Q1 2020 saw a ~7% stake increase.Note: Visa stock split 4-for-1 in March 2015. The prices quoted above are adjusted for that split.SBA Communications (SBAC): SBAC is a 5.53% portfolio stake. The position is from H1 2014 at prices between $88 and $102. Q4 2015 saw a one-third increase at prices between $100 and $121 and a similar increase occurred in Q4 2016 as well at prices between $96 and $115. The stock currently trades well above those ranges at ~$287.Adobe Inc. (ADBE): ADBE is a 3.94% of the portfolio position purchased in Q1 2020 at prices between $285 and $383 and the stock currently trades at ~$479.Danaher Corporation (DHR): DHR is a 2.51% of the portfolio position established in Q4 2013 at prices between $47 and $55 and increased by roughly five-times in Q2 2014 at prices between $52 and $59. The stock is now at ~$225.Note: The prices quoted above are adjusted for the Fortive spinoff in July 2017.Ansys Inc. (ANSS): ANSS is a 1.41% of the portfolio position established in Q4 2019 at prices between $214 and $259 and increased by ~190% next quarter at prices between $205 and $296. Last quarter saw another ~30% stake increase at prices between ~$211 and ~$294. It is now at ~$338.Descartes Systems (DSGX), Lamar Advertising (LAMR), and Ollie’s Bargain (OLLI): These minutely small (less than ~0.30% of the portfolio each) stakes were kept steady during the quarter.Below is a spreadsheet that highlights the changes to Chuck Akre’s 13F stock portfolio as of Q3 2020:Regulatory Filings thru 08/12/2020: None.Q2 2020 Akre Focus Fund Commentary: Performance: 7.96% in H1 2020 vs -3.08% for S&P 500. 16.72% since 2009 inception compared to 13.12% for the S&P 500. Cash: down from ~17% as of EOY 2019 to ~8% as of Q2 2020."

"Tracking Charles Akre's Akre Capital Management Portfolio – Q2 2020 Update"

"Chuck Akre’s portfolio value increased from $10.29B to $13.27B this quarter.Akre Capital Management increased CoStar Group and Ansys Inc. while decreasing Primo Water during the quarter.The top three positions are American Tower, MasterCard, and Moody’s and they add up to ~38% of the entire portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Akre Capital Management’s 13F portfolio on a quarterly basis. It is based on Akre’s regulatory filed on 08/11/2020. Please visit our series to get an idea of their investment philosophy and our for their moves in Q1 2020.This quarter, Akre’s 13F portfolio value increased ~29% from $10.29B to $13.27B. The number of positions remained steady at 28. The largest five stakes are American Tower, MasterCard, Moody’s Corporation, Visa, and O’Reilly Automotive. They account for ~52% of the total portfolio value.AUM is distributed among private funds, separately managed accounts, and the Akre Focus Mutual Fund (AKREX) (AKRIX) (AKRSX). Since the 2009 inception, the mutual fund’s annualized returns are at 16.72% compared to 13.12% for the S&P 500 Index. For H1 2020, the fund returned 7.96% compared to negative 3.08% for the S&P 500 Index. Their cash allocation has come down from ~17% to ~8% over the last two quarters. Akre coined the term "compounding machines" to describe the type of businesses he invests in. To learn more about that investing style, check out .New Stakes:None.Stake Disposals:None.Stake Increases:CoStar Group (CSGP) and Ansys Inc. (ANSS): These two positions were built over the last three quarters. The 5.11% CSGP stake was purchased at prices between $544 and $617 and increased by ~75% last quarter at prices between $523 and $740. This quarter saw another ~120% stake increase at prices between $527 and $725. The stock currently trades well above those ranges at ~$842. ANSS is a 1.34% of the portfolio position established at prices between $214 and $259 and increased by ~190% last quarter at prices between $205 and $296. This quarter saw another ~30% stake increase at prices between ~$211 and ~$294. It is now at ~$315.MasterCard (MA): MA is currently the second-largest 13F stake at 13.11% of the portfolio. It was first purchased in 2010 and consistently increased since. Their overall cost-basis is ~$22 compared to the current price of ~$326 per share. Last quarter saw a ~9% stake increase and that was followed with a marginal increase this quarter.Note: In a WealthTrack interview last November, Akre commented that something extraordinary is happening at MasterCard – if the rate of return is cut down twice, they would still be earning above average. On the question “one investment every investor should own some of”, Akre responded with two: MasterCard and Visa.Roper Technologies (ROP): ROP is a large ~5% of the portfolio position first purchased in Q2 & Q3 2014 at prices between $129 and $150. The stake saw incremental buying in the following quarters. In Q2 2016, there was a ~20% increase at prices between $165 and $185. The stock is now at ~$453. There was a ~9% stake increase last quarter and marginal increase this quarter.KKR & Company (KKR): KKR is a 3.42% of the portfolio position established in Q1 2018 at prices between $20 and $24.50 and doubled next quarter at prices between $19.50 and $25.50. There was another ~25% increase in Q4 2018 at prices between $18.50 and $28. The stock currently trades at $36.37. Last two quarters have also seen a ~15% increase.Note: KKR converted from a partnership to a corporation effective July 1, 2018.Brookfield Asset Management (BAM): BAM is a 2.85% of the portfolio stake established in Q3 2019 at prices between $32 and $36 and increased by ~18% next quarter at prices between $34 and $39. Last quarter saw a ~15% further increase at prices between $22 and $45.50. The stock currently trades at $33.26. This quarter also saw a ~7% stake increase.Note: the prices quoted are adjusted for the 3-for-2 stock-split last month.Live Nation Entertainment (LYV): The 1.87% of the portfolio stake in LYV was established last quarter at prices between $29.50 and $76 and it is now at $51.30. This quarter saw a ~2% stake increase.AlarmCom Holding (ALRM): ALRM is a small 0.87% first purchased in Q2 2015. Q3 2019 saw a ~130% stake increase at prices between $46 and $53. The stock currently trades at $57.25. Last two quarters had also seen a ~30% further increase. For investors attempting to follow, ALRM is a good option to consider for further research. There was a marginal increase this quarter.Goosehead Insurance (GSHD): GSHD is a minutely small position established in Q4 2018 and increased over the next two quarters. Goosehead had an IPO in April 2018 priced at $10. Since then, the stock has traded as high as ~$111. It currently goes for ~$100. This quarter saw a ~10% stake increase.Colony Capital (CLNY): The minutely small 0.03% of the portfolio stake saw a marginal increase during the quarter.Stake Decreases:American Tower (AMT): AMT has been in the portfolio for well over seventeen years. It is the largest stake at ~15% of the portfolio. Recent activity follows: the six years thru Q3 2018 saw consistent buying almost every quarter. The share count increased over four times from 1.7M shares to 7.1M shares during that period. The buying happened at prices between $65 and $118 and the stock is now at ~$251. Since then, there has only been marginal activity.Note: Akre is very bullish on AMT – growth in wireless communication depends on them and incremental margins are at over 90%. Crown Castle (CCI) is another option in the same mold.Moody’s Corporation (MCO): The initial purchase of MCO happened in Q1 & Q2 2012 in the high-30s price-range. Since then, the position size was doubled at higher prices. Recent activity follows: Q4 2016 saw a ~15% increase at prices between $94 and $109 and that was followed with a ~22% increase the following quarter at prices between $95 and $114. It currently trades at ~$282 and is now the third-largest stake at ~12% of the portfolio. There was marginal trimming in the last five quarters.Note: Akre’s cost-basis on MCO is ~$39.O’Reilly Automotive (ORLY): ORLY is a large 5.85% portfolio stake first purchased in 2005. Over 800K shares were purchased at the time. The position was at 825K shares as of Q1 2017 - every year had seen adjustments but overall the stake had remained remarkably steady over that twelve-year period – the stock returned ~10x during that time. 2017 saw a ~130% stake increase at prices between $173 and $270. There has only been marginal activity since. The stock is now at ~$461.Note: In A WSJ interview in early 2018, Akre disclosed that the large increases in 2017 happened at an overall cost-basis of ~$195 per share.CarMax Inc. (KMX): The 5.50% KMX stake is a very long-term position first purchased in 2002. The bulk of the current stake was built over the four quarters thru Q2 2016 at prices between $42 and $68. There was a ~10% stake increase in Q4 2018 at prices between $57 and $74. The stock is now at ~$104. Last year had also seen a ~17% stake increase at prices between $58 and $98 and that was followed with a ~20% further increase last quarter at prices between $44 and $102. This quarter saw marginal trimming.Markel Corporation (MKL): MKL is another very long term 3.41% portfolio stake that has been in the portfolio for over twenty years. Recent activity follows: H2 2013 and H1 2014 saw a stake doubling at prices between $510 and $655 and since then the position has remained relatively steady. The stock is now at ~$1084. Last three quarters have seen a ~12% combined trimming.Note: Akre saw 20-times compounding over 20 years on his first purchases of MKL. However, they also increased their original stake substantially twelve years ago at a cost-basis of $444 (2.5 times book value) and that portion has only increased ~140%. Markel currently trades at around ~1.4 times book value.Dollar Tree (DLTR): DLTR is a 3.18% of the portfolio position first purchased in 2010 at a cost-basis in the low-20s. The stock currently trades at ~$97. Recent activity follows: there was a ~15% stake increase in Q2 2017 at prices between $66.50 and $83. Last quarter saw a ~10% selling and that was followed with marginal trimming this quarter.Verisk Analytics (VRSK): VRSK is a 3.14% portfolio position first purchased in H2 2012 at prices between $46.50 and $51. 2015 saw a huge 3x stake increase at prices between $63 and $81. The position has since been kept relatively steady. The stock is currently at ~$191. Last two quarters have seen minor trimming.Berkshire Hathaway (BRK.A) (BRK.B) and Primo Water (PRMW): Berkshire Hathaway is now a minutely small 0.06% of the portfolio stake. Last quarter saw the small position almost sold out at prices between $162 and $230. The stock is now at ~$212. The minutely small 0.11% PRMW stake was almost sold out over the last two quarters.Kept Steady:Visa Inc. (V): V is a large (top five) 7.63% of the portfolio stake. It was established in Q2 2012 at a cost-basis of around $30. Q2 2013 saw a one-third increase in the low-40s and that was followed with a 60% increase in Q2 2016 in the high 70s. Q1 2017 also saw another roughly one-third increase at prices between $79.50 and $90. The stock is now at ~$198. Last quarter saw a ~7% stake increase.Note: Visa stock split 4-for-1 in March 2015. The prices quoted above are adjusted for that split.SBA Communications (SBAC): SBAC is a 5.53% portfolio stake. The position is from H1 2014 at prices between $88 and $102. Q4 2015 saw a one-third increase at prices between $100 and $121 and a similar increase occurred in Q4 2016 as well at prices between $96 and $115. The stock currently trades well above those ranges at ~$305.Adobe Inc. (ADBE), and Marriott International (MAR): These were new stakes established last quarter. ADBE is a 3.74% of the portfolio position purchased at prices between $285 and $383 and the stock currently trades at ~$450. MAR is a minutely small position.Danaher Corporation (DHR): DHR is a 2.21% of the portfolio position established in Q4 2013 at prices between $47 and $55 and increased by roughly five-times in Q2 2014 at prices between $52 and $59. The stock is now at ~$207.Note: The prices quoted above are adjusted for the Fortive spinoff in July 2017.Descartes Systems (DSGX), Lamar Advertising (LAMR), and Ollie’s Bargain (OLLI): These minutely small (less than ~0.40% of the portfolio each) stakes were kept steady during the quarter.Below is a spreadsheet that highlights the changes to Chuck Akre’s 13F stock portfolio as of Q2 2020:Regulatory Filings thru 05/11/2020: None.Q1 2020 Akre Focus Fund Commentary: Performance: (11.20) % in Q1 2020 vs (19.60) % for S&P 500. 15% since 2009 inception compared to 11.5% for the S&P 500. Cash: down from ~17% to ~10%."

"Tracking Charles Akre's Akre Capital Management Portfolio – Q1 2020 Update"

"Chuck Akre’s portfolio value decreased from $10.91B to $10.29B this quarter.Akre Capital Management added Adobe and Live Nation during the quarter.The top three positions are American Tower, MasterCard, and Moody’s, and they add up to ~40% of the entire portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Akre Capital Management’s 13F portfolio on a quarterly basis. It is based on Akre’s regulatory filed on 05/11/2020. Please visit our series to get an idea of their investment philosophy and our for their moves in Q4 2019.This quarter, Akre’s 13F portfolio value decreased ~6% from $10.91B to $10.29B. The number of positions increased from 25 to 28. The largest five stakes are American Tower, MasterCard, Moody’s Corporation, Visa, and SBA Communications. They account for ~55% of the total portfolio value.AUM is distributed among private funds, separately managed accounts, and the Akre Focus Mutual Fund (AKREX) (AKRIX) (AKRSX). Since the 2009 inception, the mutual fund’s annualized returns are at 15% compared to 11.50% for the S&P 500 Index. For Q1 2020, the fund returned negative 11.20% compared to negative 19.60% for the S&P 500 Index. Their cash allocation came down during the quarter from ~17% to ~10%. Akre coined the term "compounding machines" to describe the type of businesses he invests in. To learn more about that investing style, check out .New Stakes:Adobe Inc. (ADBE), Live Nation Entertainment (LYV), and Marriott International (MAR): These are the new stakes established this quarter. ADBE is a 3.52% of the portfolio position purchased at prices between $285 and $383 and the stock currently trades at ~$365. The 2.42% of the portfolio stake in LYV was established at prices between $29.50 and $76 and it is now at $38.16. MAR is a minutely small 0.01% of the portfolio position.Stake Disposals:None.Stake Increases:MasterCard (MA): MA is currently the second-largest 13F stake at 14.90% of the portfolio. It was first purchased in 2010 and consistently increased since. Their overall cost-basis is ~$22 compared to the current price of ~$272 per share. Last few quarters had seen minor trimming while this quarter there was a ~9% stake increase.Note: In a WealthTrack interview last November, Akre commented that something extraordinary is happening at MasterCard – if the rate of return is cut down twice, they would still be earning above average. On the question “one investment every investor should own some of”, Akre responded with two: MasterCard and Visa.Visa Inc. (V): V is a large (top five) 8.21% of the portfolio stake. It was established in Q2 2012 at a cost-basis of around $30. Q2 2013 saw a one-third increase in the low-40s and that was followed with a 60% increase in Q2 2016 in the high 70s. Q1 2017 also saw another roughly one-third increase at prices between $79.50 and $90. The stock is now at ~$180. This quarter saw a ~7% stake increase.Note: Visa stock split 4-for-1 in March 2015. The prices quoted above are adjusted for that split.Roper Technologies (ROP): ROP is a large 5.17% of the portfolio position first purchased in Q2 & Q3 2014 at prices between $129 and $150. The stake saw incremental buying in the following quarters. In Q2 2016, there was a ~20% increase at prices between $165 and $185. The stock is now at ~$357. There was a ~9% stake increase this quarter.CarMax Inc. (KMX): The 4.28% KMX stake is a very long-term position first purchased in 2002. The bulk of the current stake was built over the four quarters thru Q2 2016 at prices between $42 and $68. There was a ~10% stake increase in Q4 2018 at prices between $57 and $74. The stock is now at ~$75. Last four quarters had also seen a ~17% stake increase at prices between $58 and $98 and that was followed with a ~20% further increase this quarter at prices between $44 and $102.KKR & Company (KKR): KKR is a 3.23% of the portfolio position established in Q1 2018 at prices between $20 and $24.50 and doubled next quarter at prices between $19.50 and $25.50. There was another ~25% increase in Q4 2018 at prices between $18.50 and $28. The stock currently trades at $25.71. This quarter also saw a ~11% further increase.Note: KKR converted from a partnership to a corporation effective July 1, 2018.Brookfield Asset Management (BAM): BAM is a ~3% of the portfolio stake established in Q3 2019 at prices between $32 and $36 and increased by ~18% last quarter at prices between $34 and $39. The stock currently trades at ~$31. This quarter saw a ~15% further increase at prices between $22 and $45.50.Note: the prices quoted are adjusted for the 3-for-2 stock-split last month.CoStar Group (CSTR) and Ansys Inc. (ANSS): These two positions were established last quarter and substantially increased this quarter. The 2.50% CSTR stake was purchased at prices between $544 and $617 and increased by ~75% this quarter at prices between $523 and $740. The stock currently trades at $637. ANSS is a ~1% of the portfolio position established at prices between $214 and $259 and increased by ~190% this quarter at prices between $205 and $296. It is now at $260.AlarmCom Holding (ALRM): ALRM is a small 0.67% first purchased in Q2 2015. Q3 2019 saw a ~130% stake increase at prices between $46 and $53. The stock currently trades at $49.66. Last two quarters have also seen a ~30% further increase. For investors attempting to follow, ALRM is a good option to consider for further research.Colony Capital (CLNY), Descartes Systems (DSGX), and Ollie’s Bargain (OLLI): These minutely small (less than ~0.25% of the portfolio each) stakes were increased this quarter.Stake Decreases:American Tower (AMT): AMT has been in the portfolio for well over seventeen years. It is the largest stake at ~15% of the portfolio. Recent activity follows: the six years thru Q3 2018 saw consistent buying almost every quarter. The share count increased over four times from 1.7M shares to 7.1M shares during that period. The buying happened at prices between $65 and $118 and the stock is now at ~$232. Since then, there has only been marginal activity.Note: Akre is very bullish on AMT – growth in wireless communication depends on them and incremental margins are at over 90%. Crown Castle (CCI) is another option in the same mold.Moody’s Corporation (MCO): The initial purchase of MCO happened in Q1 & Q2 2012 in the high-30s price-range. Since then, the position size was doubled at higher prices. Recent activity follows: Q4 2016 saw a ~15% increase at prices between $94 and $109 and that was followed with a ~22% increase the following quarter at prices between $95 and $114. It currently trades at ~$251 and is now the third-largest stake at ~12% of the portfolio. There was marginal trimming in the last four quarters.Note: Akre’s cost-basis on MCO is ~$39.O’Reilly Automotive (ORLY): ORLY is a large 5.39% portfolio stake first purchased in 2005. Over 800K shares were purchased at the time. The position was at 825K shares as of Q1 2017 - every year had seen adjustments but overall the stake had remained remarkably steady over that twelve-year period – the stock returned ~10x during that time. 2017 saw a ~130% stake increase at prices between $173 and $270. There has only been marginal activity since. The stock is now at ~$394.Note: In A WSJ interview in early 2018, Akre disclosed that the large increases in 2017 happened at an overall cost-basis of ~$195 per share.Markel Corporation (MKL): MKL is another fairly large 4.48% portfolio stake that has been in the portfolio for over twenty years. Recent activity follows: H2 2013 and H1 2014 saw a stake doubling at prices between $510 and $655 and since then the position has remained relatively steady. The stock is now at ~$837. Last two quarters have seen a ~10% combined trimming.Note: Akre saw 20-times compounding over 20 years on his first purchases of MKL. However, they also increased their original stake substantially twelve years ago at a cost-basis of $444 (2.5 times book value) and that portion has only increased ~90%. Markel currently trades at around ~1.2 times book value.Verisk Analytics (VRSK): VRSK is a 3.32% portfolio position first purchased in H2 2012 at prices between $46.50 and $51. 2015 saw a huge 3x stake increase at prices between $63 and $81. The position has since been kept relatively steady. The stock is currently at ~$157. This quarter saw minor trimming.Dollar Tree (DLTR): DLTR is a 3.25% of the portfolio position first purchased in 2010 at a cost-basis in the low-20s. The stock currently trades at ~$76. Recent activity follows: there was a ~15% stake increase in Q2 2017 at prices between $66.50 and $83. This quarter saw a ~10% trimming.Berkshire Hathaway (BRK.A) (BRK.B) and Primo Water (PRMW): Berkshire Hathaway is now a minutely small 0.10% of the portfolio stake. This quarter saw the small position almost sold out at prices between $162 and $230. The stock is now at ~$173. The minutely small 0.14% PRMW stake was sold down by ~50% during the quarter.Note: Akre Capital Management has a ~4% ownership stake in Primo Water.Kept Steady:SBA Communications (SBAC): SBAC is a 6.46% portfolio stake. The position is from H1 2014 at prices between $88 and $102. Q4 2015 saw a one-third increase at prices between $100 and $121 and a similar increase occurred in Q4 2016 as well at prices between $96 and $115. The stock currently trades well above those ranges at ~$289.Danaher Corporation (DHR): DHR is a 2.33% of the portfolio position established in Q4 2013 at prices between $47 and $55 and increased by roughly five-times in Q2 2014 at prices between $52 and $59. The stock is now at ~$160.Note: The prices quoted above are adjusted for the Fortive spinoff in July 2017.Goosehead Insurance (GSHD): GSHD is a minutely small position established in Q4 2018 and increased over the next two quarters. Goosehead Insurance had an IPO in April 2018 priced at $10. Since then, the stock has traded as high as ~$62. It currently goes for $59.33.Lamar Advertising (LAMR): The minutely small 0.02% LAMR stake was kept steady during the quarter.Below is a spreadsheet that highlights the changes to Chuck Akre’s 13F stock portfolio as of Q1 2020:Q4 2019 Akre Focus Fund : Performance: 35.35% for the year compared to 31.49% for S&P. For Q4 3.45% vs 9.07%. Since 8/30/09 inception – 16.72% annualized compared 14.14% for the S&P. Cash: 17% compared to 18.8% as of Q3 – added two new positions and increased some stakes. Total positions now at 19.Regulatory Filings thru 02/26/2020: 13G – 2/10 – FOCS – 0, ESGR – 0, PRMO – 3.2M shares – 8.11% of business."

"Tracking Charles Akre's Akre Capital Management Portfolio – Q4 2019 Update"

"Chuck Akre’s portfolio value increased from $10.14B to $10.91B this quarter.Akre Capital Management added CoStar Group and increased Brookfield Asset Management during the quarter.The top three positions are American Tower, MasterCard, and Moody’s, and they add up to ~42% of the entire portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Akre Capital Management’s 13F portfolio on a quarterly basis. It is based on Akre’s regulatory filed on 02/14/2020. Please visit our series to get an idea of their investment philosophy and our for their moves in Q3 2019.This quarter, Akre’s 13F portfolio value increased 7.5% from $10.14B to $10.91B. The number of positions stayed steady at 25. The largest five stakes are American Tower, MasterCard, Moody’s Corporation, Visa, and O’Reilly Auto. They account for ~58% of the total portfolio value.AUM is distributed among private funds, separately managed accounts, and the Akre Focus Mutual Fund (AKREX) (AKRIX) (AKRSX). Since the 2009 inception, the mutual fund’s annualized returns are at 16.72% compared 14.14% for the S&P 500 Index. For 2019, the fund returned 35.15% compared to 31.50% for the S&P 500 Index. Their cash allocation is ~17% of the portfolio. Akre coined the term "compounding machines" to describe the type of businesses he invests in. To learn more about that investing style, check out .New Stakes:CoStar Group (CSTR) and Ansys Inc. (ANSS): These are small new positions established this quarter. The 1.37% CSTR stake was purchased at prices between $544 and $617 and the stock currently trades at $707. ANSS is a minutely small 0.39% of the portfolio position established at prices between $214 and $259 and it is now at $238.Stake Disposals:Enstar Group (ESGR): ESGR stake was almost eliminated last quarter and the remainder position was disposed this quarter. The bulk of the original stake was from Q1 & Q2 2008 at prices between $89 and $119. The position remained largely untouched until 2015. H2 2015 & Q1 2016 saw a roughly 3x increase at prices between $146 and $165. 2018 saw a ~38% selling at prices between $155 and $220 and the position was almost sold out over the last three quarters at prices between $160 and $192. The stock is currently at ~$175.Boston Omaha (BOMN): The minutely small position in BOMN was eliminated during the quarter.Stake Increases:CarMax Inc. (KMX): The 5.42% KMX stake is a very long-term position first purchased in 2002. The bulk of the current stake was built over the four quarters thru Q2 2016 at prices between $42 and $68. There was a ~10% stake increase in Q4 2018 at prices between $57 and $74. The stock is now at ~$85. Last four quarters have also seen a ~17% stake increase at prices between $58 and $98.Brookfield Asset Management (BAM): BAM is a 3.31% of the portfolio stake established last quarter at prices between $48 and $54 and increased by ~18% this quarter at prices between $51 and $58.50. The stock currently trades at $61.67.AlarmCom Holding (ALRM): ALRM is a small 0.63% first purchased in Q2 2015. Last quarter saw a ~130% stake increase at prices between $46 and $53. The stock currently trades at $44.89. This quarter also saw a ~18% stake increase. For investors attempting to follow, ALRM is a good option to consider for further research.Goosehead Insurance (GSHD): GSHD is a minutely small position established in Q4 2018 and increased over the next two quarters. Goosehead Insurance had an IPO in April 2018 priced at $10. Since then, the stock has traded as high as ~$62. It currently goes for $60.63. This quarter saw a ~70% stake increase.Ollie’s Bargain (OLLI) and Primo Water (PRMW): These two minutely small positions saw minor increases this quarter.Note: Akre Capital Management has a ~8% ownership stake in Primo Water.Stake Decreases:MasterCard (MA): MA is currently the second-largest 13F stake at 14.59% of the portfolio. It was first purchased in 2010 and consistently increased since. Their overall cost-basis is ~$22 compared to the current price of ~$287 per share. Last few quarters have seen minor trimming.Note: In a WealthTrack interview last November, Akre commented that something extraordinary is happening at MasterCard – if the rate of return is cut down twice, they would still be earning above average. On the question “one investment every investor should own some of”, Akre responded with two: MasterCard and Visa.Moody’s Corporation (MCO): The initial purchase of MCO happened in Q1 & Q2 2012 in the high-30s price-range. Since then, the position size was doubled at higher prices. Recent activity follows: Q4 2016 saw a ~15% increase at prices between $94 and $109 and that was followed with a ~22% increase the following quarter at prices between $95 and $114. It currently trades at ~$238 and is now the third-largest stake at 12.37% of the portfolio. There was marginal trimming in the last three quarters.Note: Akre’s cost-basis on MCO is ~$39.O’Reilly Automotive (ORLY): ORLY is a top five 7.58% portfolio stake first purchased in 2005. Over 800K shares were purchased at the time. The position was at 825K shares as of Q1 2017 - every year had seen adjustments but overall the stake had remained remarkably steady over that twelve-year period – the stock returned ~10x during that time. 2017 saw a ~130% stake increase at prices between $173 and $270. There has only been marginal activity since. The stock is now at ~$368.Note: In A WSJ interview in early 2018, Akre disclosed that the large increases in 2017 happened at an overall cost-basis of ~$195 per share.Markel Corporation (MKL): MKL is another large 5.38% portfolio stake that has been in the portfolio for over twenty years. Recent activity follows: H2 2013 and H1 2014 saw a stake doubling at prices between $510 and $655 and since then the position has remained relatively steady. The stock is now at ~$1217. There was a ~7% trimming this quarter.Note: Akre saw 20-times compounding over 20 years on his first purchases of MKL. However, they also increased their original stake substantially twelve years ago at a cost-basis of $444 (2.5 times book value) and that portion has only increased ~175%. Markel currently trades at around ~1.5 times book value.Dollar Tree (DLTR): DLTR is a 4.39% of the portfolio position first purchased in 2010 at a cost-basis in the low-20s. The stock currently trades at ~$80. Recent activity follows: there was a ~15% stake increase in Q2 2017 at prices between $66.50 and $83. Since then, there has only been minor adjustments.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire Hathaway is a 0.72% of the portfolio long-term stake. The last major activity was in Q3 2017 when there was a ~27% selling at prices between $169 and $184. The stock is now at ~$206. This quarter saw marginal trimming.Kept Steady:American Tower (AMT): AMT has been in the portfolio for well over seventeen years. It is the largest stake at ~15% of the portfolio. Recent activity follows: the six years thru Q3 2018 saw consistent buying almost every quarter. The share count increased over four times from 1.7M shares to 7.1M shares during that period. The buying happened at prices between $65 and $118 and the stock is now at ~$246. Since then, there has only been marginal activity.Note: Akre is very bullish on AMT – growth in wireless communication depends on them and incremental margins are at over 90%. Crown Castle (CCI) is another option in the same mold.Visa Inc. (V): V is a large (top five) 8.42% of the portfolio stake. It was established in Q2 2012 at a cost-basis of around $30. Q2 2013 saw a one-third increase in the low-40s and that was followed with a 60% increase in Q2 2016 in the high 70s. Q1 2017 also saw another roughly one-third increase at prices between $79.50 and $90. The stock is now at ~$184.Note: Visa stock split 4-for-1 in March 2015. The prices quoted above are adjusted for that split.SBA Communications (SBAC): SBAC is a 5.45% portfolio stake. The original position was from H1 2014 at prices between $88 and $102. Q4 2015 saw a one-third increase at prices between $100 and $121 and a similar increase occurred in Q4 2016 as well at prices between $96 and $115. The stock currently trades well above those ranges at ~$286.Roper Technologies (ROP): ROP is a large 5.09% of the portfolio position first purchased in Q2 & Q3 2014 at prices between $129 and $150. The stake saw incremental buying in the following quarters. In Q2 2016, there was a ~20% increase at prices between $165 and $185. The stock is now at ~$350.Verisk Analytics (VRSK): VRSK is a 3.48% portfolio position first purchased in H2 2012 at prices between $46.50 and $51. 2015 saw a huge 3x stake increase at prices between $63 and $81. The position has since been kept relatively steady. The stock is currently at ~$163. There was a marginal increase last quarter.KKR & Company (KKR): KKR is a 3.41% of the portfolio position established in Q1 2018 at prices between $20 and $24.50 and doubled next quarter at prices between $19.50 and $25.50. There was another ~25% increase in Q4 2018 at prices between $18.50 and $28. The stock currently trades at $26.95.Note: KKR converted from a partnership to a corporation effective July 1, 2018.Danaher Corporation (DHR): DHR is a 2.33% of the portfolio position established in Q4 2013 at prices between $47 and $55 and increased by roughly five-times in Q2 2014 at prices between $52 and $59. The stock is now at ~$148.Note: The prices quoted above are adjusted for the Fortive spinoff in July 2017.Colony Capital (CLNY), Descartes Systems (DSGX), and Lamar Advertising (LAMR): These minutely small (less than ~0.05% of the portfolio each) stakes remained steady this quarter.Below is a spreadsheet that highlights the changes to Chuck Akre’s 13F stock portfolio as of Q4 2019:11/8/2019 – WealthTrack : Three-legged stool – a) understanding nature of business, what kind of returns on owner’s capital does it produce, and growth runway, b) people who run the business – whether they are good and acting on the shareholders best interest, and c) Reinvestment. MasterCard – something extraordinary is going on but they do not talk about it. If the rate of return is cut-down twice, it would still be earning above average. Hard to utilize all of the cashflow it generates – doing small acquisitions etc. Neff’s stock idea – summer of 2009 – primary idea was Moody’s Corporation – Neff maintained that the problem was upstream from the rating agencies – the banks misrepresented and that is why Moody’s ratings were wrong. The stock was $16 and a couple of years later it is $32. They went to see the people and Neff asked most of the questions. Went back to office and bought shares. The lesson was that he had humility to change his decision. Qualitative edge (good judgement) is what they have… Understanding companies is a hard problem. American Tower – largest in the world – 16 countries outside US – growth in wireless communication depends on them. Crown Castle is another one in the same space – incremental margin is north of 90% - so terrific business. No sell targets, only buy targets. One investment that every investor should own – MasterCard and Visa.Regulatory Filings thru 11/13/2019: None."

"Tracking Charles Akre's Akre Capital Management Portfolio – Q3 2019 Update"

"Chuck Akre’s portfolio value increased from $9.86B to $10.14B this quarter.Akre Capital Management dropped TD Ameritrade & Ubiquiti while adding Brookfield Asset Management.The top three positions are American Tower, MasterCard, and Moody’s, and they add up to ~41% of the entire portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Akre Capital Management’s 13F portfolio on a quarterly basis. It is based on Akre’s regulatory filed on 11/13/2019. Please visit our series to get an idea of their investment philosophy and our for their moves in Q2 2019.This quarter, Akre’s 13F portfolio value increased ~3% from $9.86B to $10.14B. The number of positions stayed steady at 25. The largest five stakes are American Tower, MasterCard, Moody’s Corporation, Visa, and O’Reilly Auto. They account for ~57% of the total portfolio value.AUM is distributed among private funds, separately managed accounts, and the Akre Focus Mutual Fund (AKREX) (AKRIX) (AKRSX). Since the 2009 inception, the mutual fund’s annualized returns are at 16.78% compared 13.54% for the S&P 500 Index. Akre coined the term "compounding machines" to describe the type of businesses he invests in. To learn more about that investing style, check out .New Stakes:Brookfield Asset Management (BAM): BAM is a 2.79% of the portfolio stake established this quarter at prices between $48 and $54 and the stock currently trades at $57.24. For investors attempting to follow, BAM is a good option to consider for further research.Ollie’s Bargain (OLLI), Descartes Systems (DSGX), and Colony Capital (CLNY): These are minutely small (less than ~0.05% of the portfolio each) stakes established this quarter.Stake Disposals:Ubiquiti Inc. (UI): UI was a 2.82% portfolio stake built in H2 2014 at prices between $28 and $46.50. Q1 2015 also saw a ~40% stake increase at prices between $26 and $32. Since then, the position had been kept relatively steady. Last quarter saw a ~20% selling at prices between $120 and $171. The disposal this quarter was at prices between $108 and $136. The stock currently goes for ~$184.TD Ameritrade (AMTD): AMTD was a 1.70% portfolio position first purchased in 2009. The bulk of the stake was built in 2011 & 2012 at prices between $15 and $22 and the stock is now at $39.60. Q4 2018 saw a ~13% stake increase. The position was eliminated this quarter at prices between $35 and $53.Diamond Hill Investment Group (DHIL): The minutely small 0.08% portfolio stake in DHIL was disposed during the quarter.Stake Increases:CarMax Inc. (KMX): The 5.45% KMX stake is a very long-term position first purchased in 2002. The bulk of the current stake was built over the four quarters thru Q2 2016 at prices between $42 and $68. There was a ~10% stake increase in Q4 2018 at prices between $57 and $74 and that was followed with a ~5% increase next quarter. The stock is now at ~$96. This quarter also saw a ~3% stake increase.Verisk Analytics (VRSK): VRSK is a ~4% portfolio position first purchased in H2 2012 at prices between $46.50 and $51. 2015 saw a huge 3x stake increase at prices between $63 and $81. The position has since been kept relatively steady. The stock is currently at ~$140. There was a marginal increase this quarter.KKR & Company (KKR): KKR is a 3.38% of the portfolio position established in Q1 2018 at prices between $20 and $24.50 and doubled next quarter at prices between $19.50 and $25.50. There was another ~25% increase in Q4 2018 at prices between $18.50 and $28. The stock currently trades at $29.40.Note: KKR converted from a partnership to a corporation effective July 1, 2018.AlarmCom Holding (ALRM): ALRM is a small 0.63% first purchased in Q2 2015. This quarter saw a ~130% stake increase at prices between $46 and $53. The stock currently trades at $44.78. For investors attempting to follow, ALRM is a good option to consider for further research.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire Hathaway is a 0.72% of the portfolio long-term stake. The last major activity was in Q3 2017 when there was a ~27% selling at prices between $169 and $184. The stock is now at ~$220. This quarter saw a marginal increase.Primo Water (PRMW): The very small 0.37% portfolio stake in PRMW saw a marginal increase this quarter.Note: Akre Capital Management has a ~7.4% ownership stake in Primo Water.Stake Decreases:American Tower (AMT): AMT has been in the portfolio for well over sixteen years. It is the largest stake at ~16% of the portfolio. Recent activity follow: the six years thru Q3 2018 saw consistent buying almost every quarter. The share count increased over four times from 1.7M shares to 7.1M shares during that period. The buying happened at prices between $65 and $118 and the stock is now at ~$210. Last few quarters have seen only marginal activity.Note: Akre is very bullish on AMT – growth in wireless communication depends on them and incremental margins are at over 90%. Crown Castle (CCI) is another option in the same mold.MasterCard (MA): MA is currently the second-largest 13F stake at 14.26% of the portfolio. It was first purchased in 2010 and consistently increased since. Their overall cost-basis is ~$22 compared to the current price of ~$278 per share.Note: In a WealthTrack interview earlier this month, Akre commented that something extraordinary is happening at MasterCard – if the rate of return is cut down twice, they would still be earning above average. On the question “one investment every investor should own some of”, Akre responded with two: MasterCard and Visa.Moody’s Corporation (MCO): The initial purchase of MCO happened in Q1 & Q2 2012 in the high-30s price-range. Since then, the position size was doubled at higher prices. Recent activity follow: Q4 2016 saw a ~15% increase at prices between $94 and $109 and that was followed with a ~22% increase the following quarter at prices between $95 and $114. It currently trades at $219 and is now the third-largest stake at 11.47% of the portfolio. There was marginal trimming in the last two quarters.Note: Akre’s cost-basis on MCO is ~$39.O’Reilly Automotive (ORLY): ORLY is a top five 7.41% portfolio stake first purchased in 2005. Over 800K shares were purchased at the time. The position was at 825K shares as of Q1 2017 - every year had seen adjustments but overall the stake had remained remarkably steady over that twelve-year period – the stock returned ~10x during that time. 2017 saw a ~130% stake increase at prices between $173 and $270. There has only been marginal activity since. The stock is now at ~$442.Note: In A WSJ interview in early 2018, Akre disclosed that the large increases in 2017 happened at an overall cost-basis of ~$195 per share.Markel Corporation (MKL): MKL is another large ~6% portfolio stake that has been in the portfolio for over twenty years. Recent activity follow: H2 2013 and H1 2014 saw a stake doubling at prices between $510 and $655 and since then the position has remained relatively steady. The stock is now at ~$1135. Last few quarters have seen only very minor activity.Note: Akre saw 20-times compounding over 20 years on his first purchases of MKL. However, they also increased their original stake substantially eleven years ago at a cost-basis of $444 (2.5 times book value) and that portion has only increased ~150%. Markel currently trades at around ~1.5 times book value.Dollar Tree (DLTR): DLTR is a 5.72% of the portfolio position first purchased in 2010 at a cost-basis in the low-20s. The stock currently trades at ~$108. Recent activity follow: there was a ~15% stake increase in Q2 2017 at prices between $66.50 and $83. Since then, there has only been minor adjustments.Roper Technologies (ROP): ROP is a large 5.51% of the portfolio position first purchased in Q2 & Q3 2014 at prices between $129 and $150. The stake saw incremental buying in the following quarters. In Q2 2016, there was a ~20% increase at prices between $165 and $185. The stock is now at ~$349. Last few quarters have seen only marginal activity.Enstar Group (ESGR): ESGR stake was almost eliminated during the quarter. The bulk of the original stake was from Q1 & Q2 2008 at prices between $89 and $119. The position remained largely untouched until 2015. H2 2015 & Q1 2016 saw a roughly 3x increase at prices between $146 and $165. Last year saw a ~38% selling at prices between $155 and $220 and the position was almost sold out over the last three quarters at prices between $160 and $192. The stock is currently at ~$204.Boston Omaha (BOMN): The minutely small (less than ~0.50% of the portfolio each) position in BOMN was almost eliminated during the quarter.Kept Steady:Visa Inc. (V): V is a large (top five) 8.29% of the portfolio stake. It was established in Q2 2012 at a cost-basis of around $30. Q2 2013 saw a one-third increase in the low-40s and that was followed with a 60% increase in Q2 2016 in the high 70s. Q1 2017 also saw another roughly one-third increase at prices between $79.50 and $90. The stock is now at ~$179.Note: Visa stock split 4-for-1 in March 2015. The prices quoted above are adjusted for that split.SBA Communications (SBAC): SBAC is a 5.86% portfolio stake. The original position was from H1 2014 at prices between $88 and $102. Q4 2015 saw a one-third increase at prices between $100 and $121 and a similar increase occurred in Q4 2016 as well at prices between $96 and $115. The stock currently trades well above those ranges at ~$231.Danaher Corporation (DHR): DHR is a 2.36% of the portfolio position established in Q4 2013 at prices between $47 and $55 and increased by roughly five-times in Q2 2014 at prices between $52 and $59. The stock is now at ~$137.Note: The prices quoted above are adjusted for the Fortive spinoff in July 2017.Goosehead Insurance (GSHD): GSHD is a minutely small position established in Q4 2018 and increased over the next two quarters. Goosehead Insurance had an IPO in April 2018 priced at $10. Since then, the stock has traded as high as $49. It currently goes for $44.73.Lamar Advertising (LAMR): The minutely small 0.04% LAMR stake was kept steady this quarter.Below is a spreadsheet that highlights the changes to Chuck Akre’s 13F stock portfolio as of Q3 2019:"

"Tracking Charles Akre's Akre Capital Management Portfolio – Q2 2019 Update"

"Chuck Akre’s portfolio value increased from $9.48B to $9.86B this quarter.Akre Capital Management decreased Ubiquiti Networks and Enstar Group during the quarter.The top three positions are American Tower, MasterCard, and Moody’s, and they add up to ~40% of the entire portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Akre Capital Management’s 13F portfolio on a quarterly basis. It is based on Akre’s regulatory filed on 08/13/2019. Please visit our series to get an idea of their investment philosophy and our for their moves in Q1 2019.This quarter, Akre’s portfolio value increased ~4% from $9.48B to $9.86B. The number of positions decreased from 25 to 24. The largest five stakes are American Tower, MasterCard, Moody’s Corporation, Visa, and O’Reilly Auto. They account for ~56% of the total portfolio value.AUM is distributed among private funds, separately managed accounts, and the Akre Focus Mutual Fund (AKREX) (AKRIX) (AKRSX). Akre coined the term "compounding machines" to describe the type of businesses he invests in. To learn more about that investing style, check out .New Stakes:None.Stake Disposals:Focus Financial Partners (FOCS): FOCS was a small ~1% of the portfolio position established in Q3 2018. It had an IPO last July at ~$38 per share and the stock is currently at $21.41. There was a ~8% stake increase in Q4 2018 but the entire stake was disposed this quarter at prices between $26.90 and $38.75.Note: Akre had a 6.36% ownership stake in FOCS as of last quarter.Stake Increases:Berkshire Hathaway (BRK.A) (BRK.B): Berkshire Hathaway is a 0.76% of the portfolio long-term stake. The last major activity was in Q3 2017 when there was a ~27% selling at prices between $169 and $184. The stock is now at ~$198. This quarter saw a marginal increase.Primo Water (PRMW): The very small 0.38% portfolio stake in PRMW saw a marginal increase this quarter.Note: Akre Capital Management has a ~7.4% ownership stake in Primo Water.Goosehead Insurance (GSHD): GSHD is a minutely small position established in Q4 2018 and increased over the last two quarters. Goosehead Insurance had an IPO in April 2018 priced at $10. Since then, the stock has traded as high as $49. It currently goes for $43.47.Stake Decreases:American Tower (AMT): AMT has been in the portfolio for well over sixteen years. It is the largest stake at ~15% of the portfolio. Recent activity follow: the six years thru Q3 2018 saw consistent buying almost every quarter. The share count increased over four times from 1.7M shares to 7.1M shares during that period. The buying happened at prices between $65 and $118 and the stock is now at ~$224. There was a marginal reduction this quarter.MasterCard (MA): MA is currently the second-largest 13F stake at 14.29% of the portfolio. It was first purchased in 2010 and consistently increased since. Their overall cost-basis is ~$22 compared to the current price of ~$272 per share.Moody’s Corporation (MCO): The initial purchase of MCO happened in Q1 & Q2 2012 in the high-30s price-range. Since then, the position size was doubled at higher prices. Recent activity follow: Q4 2016 saw a ~15% increase at prices between $94 and $109 and that was followed with a ~22% increase the following quarter at prices between $95 and $114. It currently trades at $210 and is now the third-largest stake at ~11% of the portfolio. There was a marginal trimming this quarter.Note: Akre’s cost-basis on MCO is ~$39.O’Reilly Automotive (ORLY): ORLY is a top five ~7% portfolio stake first purchased in 2005. Over 800K shares were purchased at the time. The position was at 825K shares as of Q1 2017 - every year had seen adjustments but overall the stake had remained remarkably steady over that twelve-year period – the stock returned ~10x during that time. 2017 saw a ~130% stake increase at prices between $173 and $270. There has only been marginal activity since. The stock is now at ~$375.Note: In A WSJ interview in early 2018, Akre disclosed that the large increases in 2017 happened at an overall cost-basis of ~$195 per share.Roper Technologies (ROP): ROP is a large 5.82% of the portfolio position first purchased in Q2 & Q3 2014 at prices between $129 and $150. The stake saw incremental buying in the following quarters. In Q2 2016, there was a ~20% increase at prices between $165 and $185. The stock is now at ~$350. There was a marginal reduction this quarter.Markel Corporation (MKL): MKL is another large 5.67% portfolio stake that has been in the portfolio for over twenty years. Recent activity follow: H2 2013 and H1 2014 saw a stake doubling at prices between $510 and $655 and since then the position has remained relatively steady. The stock is now at ~$1129. Last few quarters have seen only very minor activity.Note: Akre saw 20-times compounding over 20 years on his first purchases of MKL. However, they also increased their original stake substantially eleven years ago at a cost-basis of $444 (2.5 times book value) and that portion has only increased ~150%. Markel currently trades at around ~1.5 times book value.Dollar Tree (DLTR): DLTR is a 5.54% of the portfolio position first purchased in 2010 at a cost-basis in the low-20s. The stock currently trades at ~$93. Recent activity follow: there was a ~15% stake increase in Q2 2017 at prices between $66.50 and $83. Since then, there has only been minor adjustments.Ubiquiti Networks (UBNT): UBNT is a 2.82% portfolio stake built in H2 2014 at prices between $28 and $46.50. Q1 2015 also saw a ~40% stake increase at prices between $26 and $32. Since then, the position had been kept relatively steady. This quarter saw a ~20% selling at prices between $120 and $171. The stock currently goes for ~$110.Enstar Group (ESGR): ESGR is a long-term 0.24% portfolio stake that has been in the portfolio for over a decade. The bulk of the original stake was from Q1 & Q2 2008 at prices between $89 and $119. The position remained largely untouched until 2015. H2 2015 & Q1 2016 saw a roughly 3x increase at prices between $146 and $165 and the stock is now at ~$174. Last year saw a ~38% selling at prices between $155 and $220 and that was followed with a ~50% reduction last quarter at prices between $160 and $184. This quarter saw another ~70% selling at prices between $163 and $179.Kept Steady:Visa Inc. (V): V is a large (top five) 8.60% of the portfolio stake. It was established in Q2 2012 at a cost-basis of around $30. Q2 2013 saw a one-third increase in the low-40s and that was followed with a 60% increase in Q2 2016 in the high 70s. Q1 2017 also saw another roughly one-third increase at prices between $79.50 and $90. The stock is now at ~$176.Note: Visa stock split 4-for-1 in March 2015. The prices quoted above are adjusted for that split.SBA Communications (SBAC): SBAC is a 5.62% portfolio stake. The original position was from H1 2014 at prices between $88 and $102. Q4 2015 saw a one-third increase at prices between $100 and $121 and a similar increase occurred in Q4 2016 as well at prices between $96 and $115. The stock currently trades well above those ranges at ~$260.CarMax Inc. (KMX): The 5.35% KMX stake is a very long-term position first purchased in 2002. The bulk of the current stake was built over the four quarters thru Q2 2016 at prices between $42 and $68. There was a ~10% stake increase in Q4 2018 at prices between $57 and $74 and that was followed with a ~5% increase last quarter. The stock is now at $84.25.Verisk Analytics (VRSK): VRSK is a 3.78% portfolio position first purchased in H2 2012 at prices between $46.50 and $51. 2015 saw a huge 3x stake increase at prices between $63 and $81. The position has since been kept relatively steady. The stock is currently at ~$155.KKR & Company (KKR): KKR is a 3.27% of the portfolio position established in Q1 2018 at prices between $20 and $24.50 and doubled next quarter at prices between $19.50 and $25.50. There was another ~25% increase in Q4 2018 at prices between $18.50 and $28. The stock currently trades at ~$24. For investors attempting to follow, KKR is a good option to consider for further research.Note: KKR converted from a partnership to a corporation effective July 1, 2018.Danaher Corporation (DHR): DHR is a 2.40% of the portfolio position established in Q4 2013 at prices between $47 and $55 and increased by roughly five-times in Q2 2014 at prices between $52 and $59. The stock is now at ~$137.Note: The prices quoted above are adjusted for the Fortive spinoff in July 2017.TD Ameritrade (AMTD): AMTD is a 1.70% portfolio position first purchased in 2009. The bulk of the current stake was built in 2011 & 2012 at prices between $15 and $22 and the stock is now at $43.10. Q4 2018 saw a ~13% stake increase.AlarmCom Holding (ALRM), Boston Omaha (BOMN), Diamond Hill Investment Group (DHIL), and Lamar Advertising (LAMR): These minutely small (less than ~0.50% of the portfolio each) positions were kept steady this quarter.Below is a spreadsheet that highlights the changes to Chuck Akre’s 13F stock portfolio as of Q2 2019:Regulatory Filings thru 5/13/2019: 13G – 4/10 – FOCS – 2.97M shares – 6.36% of business."

"Tracking Charles Akre's Akre Capital Management Portfolio – Q1 2019 Update"

"Chuck Akre’s portfolio value increased from $7.90B to $9.48B this quarter.Akre Capital Management decreased Enstar Group during the quarter.The top three positions are American Tower, MasterCard, and Moody’s, and they add up to ~39% of the entire portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Akre Capital Management’s 13F portfolio on a quarterly basis. It is based on Akre’s regulatory filed on 05/13/2019. Please visit our series to get an idea of their investment philosophy and our for their moves in Q4 2018.This quarter, Akre’s portfolio value increased ~20% from $7.90B to $9.48B. The number of positions remained steady at 25. The largest five stakes are American Tower, MasterCard, Moody’s Corporation, Visa, and O’Reilly Auto. They account for ~55% of the total portfolio value.AUM is distributed among private funds, separately managed accounts, and the Akre Focus Mutual Fund (AKREX) (AKRIX) (AKRSX). Akre coined the term "compounding machines" to describe the type of businesses he invests in. To learn more about that investing style, check out .New Stakes:None.Stake Disposals:None.Stake Increases:American Tower (AMT): AMT has been in the portfolio for well over sixteen years. It is the largest stake at ~14% of the portfolio. Recent activity follow: the six years thru Q3 2018 saw consistent buying almost every quarter. The share count increased over four times from 1.7M shares to 7.1M shares during that period. The buying happened at prices between $65 and $118 and the stock is now at ~$197. There was a marginal increase this quarter.MasterCard (MA): MA is currently the second-largest 13F stake at 13.24% of the portfolio. It was first purchased in 2010 and consistently increased since. Their overall cost-basis is ~$22 compared to the current price of ~$241 per share.Moody’s Corporation (MCO): The initial purchase of MCO happened in Q1 & Q2 2012 in the high-30s price-range. Since then, the position size was doubled at higher prices. Recent activity follow: Q4 2016 saw a ~15% increase at prices between $94 and $109 and that was followed with a ~22% increase the following quarter at prices between $95 and $114. It currently trades at $184 and is now the third-largest stake at ~11% of the portfolio. There was a marginal increase this quarter.Note: Akre’s cost-basis on MCO is ~$39.O’Reilly Automotive (ORLY): ORLY is a top five 7.73% portfolio stake first purchased in 2005. Over 800K shares were purchased at the time. The position was at 825K shares as of Q1 2017 - every year had seen adjustments but overall the stake had remained remarkably steady over the twelve year holding period – the stock returned ~10x during that time. 2017 saw a ~130% stake increase at prices between $173 and $270. There has only been marginal activity since. The stock is now at ~$355.Note: In A WSJ interview in early 2018, Akre disclosed that the large increases in 2017 happened at an overall cost-basis of ~$195 per share.Roper Technologies (ROP): ROP is a large 5.66% of the portfolio position first purchased in Q2 & Q3 2014 at prices between $129 and $150. The stake saw incremental buying in the following quarters. In Q2 2016, there was a ~20% increase at prices between $165 and $185. The stock is now at ~$349. There was a marginal increase this quarter.Dollar Tree (DLTR): DLTR is a 5.64% of the portfolio position first purchased in 2010 at a cost-basis in the low-20s. The stock currently trades at ~$99. The position was kept relatively steady in 2016 although previous years had seen significant buying. There was a ~15% increase in Q2 2017 at prices between $66.50 and $83. Last few quarters have seen only minor adjustments.Markel Corporation (MKL): MKL is another large 5.39% portfolio stake that has been in the portfolio for over twenty years. Recent activity follow: H2 2013 and H1 2014 saw a stake doubling at prices between $510 and $655 and since then the position has remained relatively steady. The stock is now at ~$1034. Last few quarters have seen only very minor activity.Note: Akre saw 20-times compounding over 20 years on his first purchases of MKL. However, they also increased their original stake substantially eleven years ago at a cost-basis of $444 (2.5 times book value) and that portion has only increased ~150%. Markel currently trades at around ~1.45 times book value.CarMax Inc. (KMX): The 4.48% KMX stake is a very long-term position first purchased in 2002. The bulk of the current stake was built over the four quarters thru Q2 2016 at prices between $42 and $68. There was a ~10% stake increase last quarter at prices between $57 and $74 and that was followed with a ~5% increase this quarter. The stock is now at $76.76.Verisk Analytics (VRSK): VRSK is a 3.57% portfolio position first purchased in H2 2012 at prices between $46.50 and $51. 2015 saw a huge 3x stake increase at prices between $63 and $81. The position has since been kept relatively steady. The stock is currently at ~$139.KKR & Company (KKR): KKR is a 3.14% of the portfolio position established in Q1 2018 at prices between $20 and $24.50 and doubled next quarter at prices between $19.50 and $25.50. There was another ~25% increase last quarter at prices between $18.50 and $28. The stock currently trades at $23.29. This quarter saw a marginal increase. For investors attempting to follow, KKR is a good option to consider for further research.Note: KKR converted from a partnership to a corporation effective July 1, 2018.Primo Water (PRMW): The very small 0.50% portfolio stake in PRMW saw a marginal increase this quarter.Note: Akre Capital Management has a ~7.4% ownership stake in Primo Water.Goosehead Insurance (GSHD): GSHD is a minutely small position established last quarter and increased this quarter. Goosehead Insurance had an IPO in April 2018 priced at $10. Since then, the stock has traded as high as $38. It currently goes for $32.91.Stake Decreases:Enstar Group (ESGR): ESGR is a long-term 0.84% portfolio stake that has been in the portfolio for over a decade. The bulk of the original stake was from Q1 & Q2 2008 at prices between $89 and $119. The position remained largely untouched until 2015. H2 2015 & Q1 2016 saw a roughly 3x increase at prices between $146 and $165 and the stock is now at ~$175. Last year saw a ~38% selling at prices between $155 and $220 and that was followed with a ~50% reduction this quarter at prices between $160 and $184.Diamond Hill Investment Group (DHIL): The minutely small 0.08% stake in DHIL was reduced this quarter.Kept Steady:Visa Inc. (V): V is a large (top five) ~8% of the portfolio stake. It was established in Q2 2012 at a cost-basis of around $30. Q2 2013 saw a one-third increase in the low-40s and that was followed with a 60% increase in Q2 2016 in the high 70s. Q1 2017 also saw another roughly one-third increase at prices between $79.50 and $90. The stock is now at ~$157.Note: Visa stock split 4-for-1 in March 2015. The prices quoted above are adjusted for that split.SBA Communications (SBAC): SBAC is a 5.19% portfolio stake. The original position was from H1 2014 at prices between $88 and $102. Q4 2015 saw a one-third increase at prices between $100 and $121 and a similar increase occurred in Q4 2016 as well at prices between $96 and $115. The stock currently trades well above those ranges at ~$209.Ubiquiti Networks (UBNT): UBNT is a 4.23% portfolio stake built in H2 2014 at prices between $28 and $46.50. Q1 2015 also saw a ~40% stake increase at prices between $26 and $32. Since then, the position has been kept relatively steady. The stock currently goes for ~$131.Danaher Corporation (DHR): DHR is a 2.31% of the portfolio position established in Q4 2013 at prices between $47 and $55 and increased by roughly five-times in Q2 2014 at prices between $52 and $59. The stock is now at ~$130.Note: The prices quoted above are adjusted for the Fortive spinoff in July 2017.TD Ameritrade (AMTD): AMTD is a 1.77% portfolio position first purchased in 2009. The bulk of the current stake was built in 2011 & 2012 at prices between $15 and $22 and the stock is now at $51.47. Last quarter saw a ~13% stake increase.Focus Financial Partners (FOCS): FOCS is a small ~1% of the portfolio position established in Q3 2018. It had an IPO in July at ~$38 per share and the stock is currently at $32.19. There was a ~8% stake increase last quarter.Note: Akre’s ownership stake in FOCS is at 6.36%.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire Hathaway stake is a 0.74% of the portfolio long-term stake. The last major activity was in Q3 2017 when there was a ~27% selling at prices between $169 and $184. The stock is now at ~$205.AlarmCom Holding (ALRM), Boston Omaha (BOMN), and Lamar Advertising (LAMR): These three minutely small (less than ~0.50% of the portfolio each) positions were kept steady this quarter.Below is a spreadsheet that highlights the changes to Chuck Akre’s 13F stock portfolio as of Q1 2019:Regulatory Filings thru 3/10/2019: 13G – 2/14 – PRMW – 2.85M shares – 7.38%, 13G – ESGR – 890K shares – 4.96%."

"Tracking Charles Akre's Akre Capital Management Portfolio – Q4 2018 Update"

"Chuck Akre’s portfolio value decreased from $8.56B to $7.90B this quarter.Akre Capital Management decreased Enstar Group while increasing CarMax, KKR, and TD Ameritrade during the quarter.The top three positions are American Tower, MasterCard, and Moody’s, and they add up to ~37% of the entire portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Akre Capital Management’s 13F portfolio on a quarterly basis. It is based on Akre’s regulatory filed on 02/14/2019. Please visit our series to get an idea of their investment philosophy and our for their moves in Q3 2018.This quarter, Akre’s portfolio value decreased ~8% from $8.56B to $7.90B. The number of positions increased from 24 to 25. The largest five stakes are American Tower, MasterCard, Moody’s Corporation, O’Reilly Auto, and Visa. They account for ~53% of the total portfolio value.AUM is distributed among private funds, separately managed accounts, and the Akre Focus Mutual Fund (AKREX) (AKRIX) (AKRSX). Akre coined the term "compounding machines" to describe the type of businesses he invests in. To learn more about that investing style, check out .New Stakes:Goosehead Insurance (GSHD): GSHD is a minutely small position established this quarter. Goosehead Insurance had an IPO in April 2018 priced at $10. Since then, the stock has traded as high as $38. It currently goes for $27.78.Stake Disposals:None.Stake Increases:Moody’s Corporation (MCO): The initial purchase of MCO happened in Q1 & Q2 2012 in the high-30s price-range. Since then, the position size was doubled at higher prices. Recent activity follow: Q4 2016 saw a ~15% increase at prices between $94 and $109 and that was followed with a ~22% increase the following quarter at prices between $95 and $114. It currently trades at $172 and is now the third-largest stake at ~10% of the portfolio. There was a marginal increase this quarter.Note: Akre’s cost-basis on MCO is ~$39.CarMax Inc. (KMX): The 4.59% KMX stake is a very long-term position first purchased in 2002. The bulk of the current stake was built over the four quarters thru Q2 2016 at prices between $42 and $68. There was a ~10% stake increase this quarter at prices between $57 and $74. The stock is now at $59.55.KKR & Company (KKR): KKR is a 3.14% of the portfolio position established in Q1 2018 at prices between $20 and $24.50 and doubled next quarter at prices between $19.50 and $25.50. There was another ~25% increase this quarter at prices between $18.50 and $28. The stock currently trades at $22.96.Note: In May 2018, KKR opted to convert from a partnership to a corporation (effective July 1).TD Ameritrade (AMTD): AMTD is a ~2% portfolio position first purchased in 2009. The bulk of the current stake was built in 2011 & 2012 at prices between $15 and $22 and the stock is now at $54.64. This quarter saw a ~13% stake increase.Focus Financial Partners (FOCS): FOCS is a small ~1% of the portfolio position established last quarter. It had an IPO in July at ~$38 per share and the stock is currently at $36.50. There was a ~8% stake increase this quarter.Primo Water (PRMW): The very small 0.50% portfolio stake in PRMW saw a marginal increase this quarter.Note: Akre Capital Management has a 7.38% ownership stake in Primo Water.Stake Decreases:American Tower (AMT): AMT has been in the portfolio for well over sixteen years. It is the largest stake at ~14% of the portfolio. Recent activity follow: the last six years saw consistent buying every year. The share count has increased over four times from 1.7M shares to 7.1M shares during that period. The buying happened at prices between $65 and $118 and the stock is now at ~$185. There was a marginal reduction over the last two quarters.MasterCard (MA): MA is currently the second-largest 13F stake at 12.72% of the portfolio. It was first purchased in 2010 in the low-20s price-range and it currently trades at ~$226. The stake saw increases every year since but was kept steady in 2016. Q1 2017 saw a ~13% increase at prices between $105 and $113. Last few quarters have seen very minor adjustments.Note: Akre’s cost-basis on MA is ~$22 per share.O’Reilly Automotive (ORLY): ORLY is a top five 8.22% portfolio stake first purchased in 2005. Over 800K shares were purchased at the time. The position was at 825K shares as of Q1 2017 - every year had seen adjustments but overall the stake had remained remarkably steady over the twelve year holding period – the stock returned ~10x during that time. 2017 saw a ~130% stake increase at prices between $173 and $270. The stock is now at $366. Last year saw marginal trimming.Note: In A WSJ interview in early 2018, Akre disclosed that the large increases in 2017 happened at an overall cost-basis of ~$195 per share.Markel Corporation (MKL): MKL is another large ~7% portfolio stake that has been in the portfolio for over twenty years. Recent activity follow: H2 2013 and H1 2014 saw a stake doubling at prices between $510 and $655 and since then the position has remained relatively steady. The stock is now at ~$969. Last few quarters have seen only very minor activity.Note: Akre saw 20-times compounding over 20 years on his first purchases of MKL. However, they also increased their original stake substantially eleven years ago at a cost-basis of $444 (2.5 times book value) and that portion has only increased ~150%. Markel currently trades at around 1.45 times book value.Dollar Tree (DLTR): DLTR is a ~6% of the portfolio position first purchased in 2010 at a cost-basis in the low-20s. The stock currently trades at ~$104. The position was kept relatively steady in 2016 although previous years had seen significant buying. There was a ~15% increase in Q2 2017 at prices between $66.50 and $83. Last few quarters have seen only minor adjustments.Roper Technologies (ROP): ROP is a large 5.29% of the portfolio position first purchased in Q2 & Q3 2014 at prices between $129 and $150. The stake saw incremental buying in the following quarters. In Q2 2016, there was a ~20% increase at prices between $165 and $185. The stock is now at ~$323. There was a marginal reduction over the last two quarters.Enstar Group (ESGR): ESGR is a long-term 1.90% portfolio stake that has been in the portfolio for over a decade. The bulk of the original stake is from Q1 & Q2 2008 at prices between $89 and $119. The position remained largely untouched until 2015. H2 2015 & Q1 2016 saw a roughly 3x increase at prices between $146 and $165 and the stock is now at ~$167. Last year saw a ~38% selling at prices between $155 and $220.Note: Akre Capital Management has a 4.96% ownership stake in Enstar Group.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire Hathaway stake is a 0.90% of the portfolio long-term stake. The last major activity was in Q3 2017 when there was a ~27% selling at prices between $169 and $184. The stock is now at ~$202. This quarter saw marginal trimming.Boston Omaha (BOMN): The minutely small 0.07% portfolio stake in BOMN saw a ~25% reduction last quarter and marginal trimming this quarter.Kept Steady:Visa Inc. (V): V is a large (top five) ~8% of the portfolio stake. It was established in Q2 2012 at a cost-basis of around $30. Q2 2013 saw a one-third increase in the low-40s and that was followed with a 60% increase in Q2 2016 in the high 70s. Q1 2017 also saw another roughly one-third increase at prices between $79.50 and $90. The stock is now at ~$151.Note: Visa stock split 4-for-1 in March 2015. The prices quoted above are adjusted for that split.SBA Communications (SBAC): SBAC is a ~5% portfolio stake. The original position is from H1 2014 at prices between $88 and $102. Q4 2015 saw a one-third increase at prices between $100 and $121 and a similar increase occurred in Q4 2016 as well at prices between $96 and $115. The stock currently trades well above those ranges at ~$186.Verisk Analytics (VRSK): VRSK is a 3.51% portfolio position first purchased in H2 2012 at prices between $46.50 and $51. 2015 saw a huge 3x stake increase at prices between $63 and $81. The position has since been kept relatively steady. The stock is currently at ~$127.Ubiquiti Networks (UBNT): UBNT is a 3.37% portfolio stake built in H2 2014 at prices between $28 and $46.50. Q1 2015 also saw a ~40% stake increase at prices between $26 and $32. Since then, the position has been kept relatively steady. The stock currently goes for ~$143.Danaher Corporation (DHR): DHR is a 2.16% of the portfolio position established in Q4 2013 at prices between $47 and $55 and increased by roughly five-times in Q2 2014 at prices between $52 and $59. The stock is now at ~$126. Q4 2016 saw a ~10% increase.Note: The prices quoted above are adjusted for the Fortive spinoff in July 2017.AlarmCom Holding (ALRM), Diamond Hill Investment Group (DHIL) and Lamar Advertising (LAMR): These three minutely small (less than ~0.50% of the portfolio each) positions were kept steady this quarter.Below is a spreadsheet that highlights the changes to Chuck Akre’s 13F stock portfolio as of Q4 2018:Regulatory Filings thru 11/26/2018: None."

"Tracking Charles Akre's Akre Capital Management Portfolio – Q3 2018 Update"

"Chuck Akre’s portfolio value increased from $7.92B to $8.56B this quarter.Akre Capital Management decreased Enstar Group while adding Focus Financial Partners during the quarter.The top three positions are MasterCard, American Tower, and Moody’s and they add up to ~37% of the entire portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Akre Capital Management’s 13F portfolio on a quarterly basis. It is based on Akre’s regulatory filed on 11/15/2018. Please visit our series to get an idea of their investment philosophy and our for their moves in Q2 2018.This quarter, Akre’s portfolio value increased ~8% from $7.92B to $8.56B. The number of positions increased from 23 to 24. The largest five stakes are MasterCard, American Tower, Moody’s Corporation, Visa, and O’Reilly Auto. They account for ~53% of the total portfolio value.AUM is distributed among private funds, separately managed accounts, and the Akre Focus Mutual Fund (AKREX) (AKRIX) (AKRSX). Akre coined the term "compounding machines" to describe the type of businesses he invests in. To learn more about that investing style, check out .New Stakes:Focus Financial Partners (FOCS): FOCS is a small 1.52% of the portfolio position established this quarter. It had an IPO in July at ~$38 per share and the stock is currently at $30.93.Stake Disposals:None.Stake Increases:Dollar Tree (DLTR): DLTR is a ~5% of the portfolio position first purchased in 2010 at a cost-basis in the low-20s. The stock currently trades at ~$83.15. The position was kept relatively steady in 2016 although previous years had seen significant buying. There was a ~15% increase in Q2 2017 at prices between $66.50 and $83. Last quarter saw a ~4% increase while this quarter there was a marginal further increase.Stake Decreases:MasterCard (MA): MA is currently the largest 13F stake at 13.85% of the portfolio. It was first purchased in 2010 in the low-20s price-range and it currently trades at ~$192. The stake saw increases every year since but was kept steady in 2016. Q1 2017 saw a ~13% increase at prices between $105 and $113. Last few quarters have seen very minor adjustments.Note: Akre’s cost-basis on MA is ~$22 per share.American Tower (AMT): AMT has been in the portfolio for well over sixteen years. It is the second-largest stake at ~12% of the portfolio. Recent activity follow: the last five years saw consistent buying every year. The share count has increased over four times from 1.7M shares to 7.1M shares during that period. The buying happened at prices between $65 and $118 and the stock is now at ~$162. There was a marginal reduction this quarter.Moody’s Corporation (MCO): The initial purchase of MCO happened in Q1 & Q2 2012 in the high-30s price-range. Since then, the position size was doubled at higher prices. Recent activity follow: Q4 2016 saw a ~15% increase at prices between $94 and $109 and that was followed with a ~22% increase the following quarter at prices between $95 and $114. It currently trades at $154 and is now the third-largest stake at ~11% of the portfolio. There was a marginal reduction over the last two quarters.Note: Akre’s cost-basis on MCO is ~$39.O’Reilly Automotive (ORLY): ORLY is a 7.65% portfolio stake first purchased in 2005. Over 800K shares were purchased at the time. The position was at 825K shares as of Q1 2017 - every year had seen adjustments but overall the stake had remained remarkably steady over the twelve year holding period – the stock returned ~10x during that time. Last year saw a ~130% stake increase at prices between $173 and $270. The stock is now at $351. Last three quarters saw marginal trimming.Note: In A WSJ interview earlier this year, Akre disclosed that the large increases last year in O’Reilly happened at an overall cost-basis of ~$195 per share.Markel Corporation (MKL): MKL is another large ~7% portfolio stake that has been in the portfolio for over twenty years. Recent activity follow: H2 2013 and H1 2014 saw a stake doubling at prices between $510 and $655 and since then the position has remained relatively steady. The stock is now at ~$1115. Last few quarters have seen only very minor activity.Note: Akre saw 20-times compounding over 20 years on his first purchases of MKL. However, they also increased their original stake substantially a decade ago at a cost-basis of $444 (2.5 times book value) and that portion has only increased ~150%.Roper Technologies (ROP): ROP is a large 5.39% of the portfolio position first purchased in Q2 & Q3 2014 at prices between $129 and $150. The stake saw incremental buying in the following quarters. In Q2 2016, there was a ~20% increase at prices between $165 and $185. The stock is now at ~$286. There was a marginal reduction this quarter.Verisk Analytics (VRSK): VRSK is a 3.58% portfolio position first purchased in H2 2012 at prices between $46.50 and $51. 2015 saw a huge 3x stake increase at prices between $63 and $81. The position has since been kept relatively steady. The stock is currently at ~$121. Last five quarters saw minor selling.Enstar Group (ESGR): ESGR is a long-term 2.85% portfolio stake that has been in the portfolio for a decade. The bulk of the original stake is from Q1 & Q2 2008 at prices between $89 and $119. The position remained largely untouched until 2015. H2 2015 & Q1 2016 saw a roughly 3x increase at prices between $146 and $165 and the stock is now at ~$178. Last three quarters have seen a ~20% selling at prices between $194 and $222.Note: Akre Capital Management has a ~5.4% ownership stake in Enstar Group.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire Hathaway stake is a 0.88% of the portfolio long-term stake. The last major activity was in Q3 2017 when there was a ~27% selling at prices between $169 and $184. The stock is now at ~$211. This quarter saw marginal trimming.Boston Omaha (BOMN): The minutely small 0.09% portfolio stake in BOMN saw a ~25% reduction this quarter.Kept Steady:Visa Inc. (V): V is a large (top five) ~9% of the portfolio stake. It was established in Q2 2012 at a cost-basis of around $30. Q2 2013 saw a one-third increase in the low-40s and that was followed with a 60% increase in Q2 2016 in the high 70s. Q1 2017 also saw another roughly one-third increase at prices between $79.50 and $90. The stock is now at ~$136.Note: Visa stock split 4-for-1 in March 2015. The prices quoted above are adjusted for that split.SBA Communications (SBAC): SBAC is a 4.62% portfolio stake. The original position is from H1 2014 at prices between $88 and $102. Q4 2015 saw a one-third increase at prices between $100 and $121 and a similar increase occurred in Q4 2016 as well at prices between $96 and $115. The stock currently trades well above those ranges at ~$166.CarMax Inc. (KMX): The 4.58% KMX stake is a very long-term position first purchased in 2002. The bulk of the current stake was built over the four quarters thru Q2 2016 at prices between $42 and $68. The stock is now at $63.67.KKR & Company (KKR): KKR is a 3.18% of the portfolio position established in Q1 2018 at prices between $20 and $24.50 and doubled last quarter at prices between $19.50 and $25.50. The stock currently trades at $22.68.Note: In May, KKR opted to convert from a partnership to a corporation (effective July 1).Ubiquiti Networks (UBNT): UBNT is a ~3% portfolio stake built in H2 2014 at prices between $28 and $46.50. Q1 2015 also saw a ~40% stake increase at prices between $26 and $32. Since then, the position has been kept relatively steady. The stock currently goes for ~$110.Danaher Corporation (DHR): DHR is a 2.10% of the portfolio position established in Q4 2013 at prices between $47 and $55 and increased by roughly five-times in Q2 2014 at prices between $52 and $59. The stock is now at ~$103. Q4 2016 saw a ~10% increase.Note: The prices quoted above are adjusted for the Fortive spinoff in July last year.TD Ameritrade (AMTD): AMTD is a 1.83% portfolio position first purchased in 2009. The bulk of the current stake was built in 2011 & 2012 at prices between $15 and $22 and the stock is now at $53.18. Last quarter saw marginal trimming.AlarmCom Holding (ALRM) and Primo Water (PRMW): These two very small (less than ~0.60% of the portfolio each) stakes were kept steady this quarter.Note: Akre Capital Management has a ~9% ownership stake in Primo Water.Diamond Hill Investment Group (DHIL) and Lamar Advertising (LAMR): These two minutely small (less than ~0.1% of the portfolio each) positions were kept steady this quarter.Below is a spreadsheet that highlights the changes to Chuck Akre’s 13F stock portfolio as of Q3 2018:"

"Tracking Charles Akre's Akre Capital Management Portfolio – Q2 2018 Update"

"Chuck Akre’s portfolio value increased from $7.62B to $7.92B this quarter.Akre Capital Management doubled KKR while dropping LKQ during the quarter.The top three positions are MasterCard, American Tower, and Moody’s and they add up to ~38% of the entire portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Akre Capital Management’s 13F portfolio on a quarterly basis. It is based on Akre’s regulatory filed on 08/14/2018. Please visit our series to get an idea of their investment philosophy and our for their moves in Q1 2018.This quarter, Akre’s portfolio value increased ~4% from $7.62B to $7.92B. The number of positions decreased from 24 to 23. The largest five stakes are MasterCard, American Tower, Moody’s Corporation, Visa, and Markel Corporation. They account for ~54% of the total portfolio value.AUM is distributed among private funds, separately managed accounts, and the Akre Focus Mutual Fund (AKREX) (AKRIX) (AKRSX). Akre coined the term "compounding machines" to describe the type of businesses he invests in. To learn more about that investing style, check out .New Stakes:None.Stake Disposals:LKQ Corporation (LKQ): LKQ was a 1.57% position established in 2015 at prices between $24 and $31. The five quarters thru Q2 2017 had seen a ~12% combined increase at prices between $25 and $36. Q4 2017 saw a ~11% trimming at prices between $31 and $36 and the disposal this quarter was at prices between $29.50 and $39.50. The stock currently trades at $34.27.Stake Increases:MasterCard (MA): MA is currently the largest 13F stake at 13.23% of the portfolio. It was first purchased in 2010 in the low-20s price-range and it currently trades at ~$217. The stake saw increases every year since but was kept steady in 2016. Q1 2017 saw a ~13% increase at prices between $105 and $113. There was a marginal increase this quarter.Note: Akre’s cost-basis on MA is ~$22 per share.American Tower (AMT): AMT has been in the portfolio for well over sixteen years. It is the second-largest stake at 12.88% of the portfolio. Recent activity follow: the last five years saw consistent buying every year. The share count has increased over four times from 1.7M shares to 7.1M shares during that period. The buying happened at prices between $65 and $118 and the stock is now at $148. There was a marginal increase this quarter.Markel Corporation (MKL): MKL is another top five ~7% portfolio stake that has been in the portfolio for over twenty years. Recent activity follow: H2 2013 and H1 2014 saw a stake doubling at prices between $510 and $655 and since then the position has remained relatively steady. The stock is now at ~$1200. There was marginal increase this quarter.Note: Akre saw 20-times compounding over 20 years on his first purchases of MKL. However, they also increased their original stake substantially a decade ago at a cost-basis of $444 (2.5 times book value) and that portion has only increased ~150%.Roper Technologies (ROP): ROP is a large 5.44% of the portfolio position first purchased in Q2 & Q3 2014 at prices between $129 and $150. The stake saw incremental buying in the following quarters. In Q2 2016, there was a ~20% increase at prices between $165 and $185. The stock is now at ~$298. There were marginal increases in the last three quarters.Dollar Tree (DLTR): DLTR is a 5.40% of the portfolio position first purchased in 2010 at a cost-basis in the low-20s. The stock currently trades at ~$80. The position was kept relatively steady in 2016 although previous years had seen significant buying. There was a ~15% increase in Q2 2017 at prices between $66.50 and $83. This quarter saw a ~4% increase.CarMax Inc. (KMX): The 4.84% KMX stake is a very long-term position first purchased in 2002. The bulk of the current stake was built over the four quarters thru Q2 2016 at prices between $42 and $68. The stock is now at $78.85. There were marginal increases in the last two quarters.KKR & Company (KKR): KKR is a 3.14% of the portfolio position established last quarter at prices between $20 and $24.50 and doubled this quarter at prices between $19.50 and $25.50. The stock currently trades at $25.96.Note: In May, KKR opted to convert from a partnership to a corporation (effective July 1).AlarmCom Holding (ALRM) and Primo Water (PRMW): These two very small (less than ~0.6% of the portfolio each) stakes saw increases this quarter.Note: Akre Capital Management has a ~9% ownership stake in Primo Water.Stake Decreases:Moody’s Corporation (MCO): The initial purchase of MCO happened in Q1 & Q2 2012 in the high-30s price-range. Since then, the position size was doubled at higher prices. Recent activity follow: Q4 2016 saw a ~15% increase at prices between $94 and $109 and that was followed with a ~22% increase the following quarter at prices between $95 and $114. It currently trades at $178 and is now the third-largest stake at ~12% of the portfolio. There was a marginal reduction this quarter.Note: Akre’s cost-basis on MCO is ~$39.O’Reilly Automotive (ORLY): ORLY is a 6.53% portfolio stake first purchased in 2005. Over 800K shares were purchased at the time. The position was at 825K shares as of Q1 2017 - every year had seen adjustments but overall the stake had remained remarkably steady over the twelve year holding period – the stock returned ~10x during that time. Last year saw a ~130% stake increase at prices between $173 and $270. The stock is now at $344. Last two quarters saw marginal trimming.Note: In A WSJ interview earlier this year, Akre disclosed that the large increases last year in O’Reilly happened at an overall cost-basis of ~$195 per share.Verisk Analytics (VRSK): VRSK is a 3.46% portfolio position first purchased in H2 2012 at prices between $46.50 and $51. 2015 saw a huge 3x stake increase at prices between $63 and $81. The position has since been kept relatively steady. The stock is currently at ~$121. Last four quarters saw minor selling.Enstar Group (ESGR): ESGR is a long-term 3.45% portfolio stake that has been in the portfolio for almost a decade. The bulk of the original stake is from Q1 & Q2 2008 at prices between $89 and $119. The position remained largely untouched until 2015. H2 2015 & Q1 2016 saw a roughly 3x increase at prices between $146 and $165 and the stock is now at ~$211. There was a ~3% trimming last quarter and a ~6% reduction this quarter.Note: Akre Capital Management has a ~8% ownership stake in Enstar Group.TD Ameritrade (AMTD): AMTD is a ~2% portfolio position first purchased in 2009. The bulk of the current stake was built in 2011 & 2012 at prices between $15 and $22 and the stock is now at $58.55. This quarter saw marginal trimming.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire Hathaway stake is a 0.83% of the portfolio long-term stake. The last major activity was in Q3 2017 when there was a ~27% selling at prices between $169 and $184. The stock is now at ~$210. This quarter saw marginal trimming.Diamond Hill Investment Group (DHIL): The minutely small 0.16% stake in DHIL saw a ~55% selling this quarter.Kept Steady:Visa Inc. (V): V is a large (top five) ~8% of the portfolio stake. It was established in Q2 2012 at a cost-basis of around $30. Q2 2013 saw a one-third increase in the low-40s and that was followed with a 60% increase in Q2 2016 in the high 70s. Q1 2017 also saw another roughly one-third increase at prices between $79.50 and $90. The stock is now at ~$148.Note: Visa stock split 4-for-1 in March 2015. The prices quoted above are adjusted for that split.SBA Communications (SBAC): SBAC is a 5.14% portfolio stake. The original position is from H1 2014 at prices between $88 and $102. Q4 2015 saw a one-third increase at prices between $100 and $121 and a similar increase occurred in Q4 2016 as well at prices between $96 and $115. The stock currently trades well above those ranges at ~$156.Ubiquiti Networks (UBNT): UBNT is a 2.87% portfolio stake built up in H2 2014 at prices between $28 and $46.50. Q1 2015 also saw a ~40% stake increase at prices between $26 and $32. Since then, the position has been kept relatively steady. The stock currently goes for ~$90.Danaher Corporation (DHR): DHR is a 2.06% of the portfolio position established in Q4 2013 at prices between $47 and $55 and increased by roughly five-times in Q2 2014 at prices between $52 and $59. The stock is now at ~$104. Q4 2016 saw a ~10% increase.Note: The prices quoted above are adjusted for the Fortive spinoff in July last year.Boston Omaha (BOMN) and Lamar Advertising (LAMR): These two minutely small (less than ~0.1% of the portfolio each) positions were kept steady this quarter.Below is a spreadsheet that highlights the changes to Chuck Akre’s 13F stock portfolio as of Q2 2018:5/2018 – – SumZero – Saberhagen -: Performance: +4.18% compared with S&P 500 Total Return at -0.76%. For the trailing twelve months ending March 31, 2018, performance for the Institutional share class was +28.54% compared with S&P 500 Total Return at +13.99%. Dollar Tree was a detractor while most others in the top-ten gained. They do not have any of the FANGs in the portfolio. Despite that, outperformed as they do not have substantial stakes in any of the ~25% of S&P 500 index stocks that declined 5% or more…: a) Tripled ORLY at a cost-basis in the 190s.Regulatory Filings thru 05/27/2018: None."

"Tracking Charles Akre's Akre Capital Management Portfolio – Q1 2018 Update"

"Chuck Akre’s portfolio value increased from $7.23B to $7.62B this quarter.Akre Capital Management added KKR during the quarter.The top three positions are American Tower, MasterCard, and Moody’s and they add up to ~38% of the entire portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Akre Capital Management’s 13F portfolio on a quarterly basis. It is based on Akre’s regulatory filed on 05/15/2018. Please visit our series to get an idea of their investment philosophy and our for their moves in Q4 2017.This quarter, Akre’s portfolio value increased ~5% from $7.23B to $7.62B. The number of positions increased from 23 to 24. The largest five stakes are American Tower, MasterCard, Moody’s Corporation, Markel Corporation, and Visa Inc. and they together account for ~53% of the total portfolio value.AUM is distributed among private funds, separately managed accounts, and the Akre Focus Mutual Fund (AKREX) (AKRIX) (AKRSX). Akre coined the term "compounding machines" to describe the type of businesses he invests in. To learn more about that investing style, check out .New Stakes:KKR & Company (KKR): KKR is a small 1.28% of the portfolio position established this quarter at prices between $20 and $24.50. The stock currently trades at $22.46.Note: Earlier this month, KKR opted to convert from a partnership to a corporation (effective July 1).Stake Disposals:None.Stake Increases:Roper Technologies (ROP): ROP is a large 5.73% of the portfolio position first purchased in Q2 & Q3 2014 at prices between $129 and $150. The stake saw incremental buying in the following quarters. In Q2 2016, there was a ~20% increase at prices between $165 and $185. The stock is now at $279. There were marginal increases in the last two quarters.CarMax Inc. (KMX): The 4.20% KMX stake is a very long-term position first purchased in 2002. The bulk of the current stake was built over the four quarters thru Q2 2016 at prices between $42 and $68. The stock is now at $67.28. There was a marginal reduction last quarter while this quarter saw a similar increase.TD Ameritrade (AMTD): AMTD is a 2.32% portfolio position first purchased in 2009. The bulk of the current stake was built in 2011 & 2012 at prices between $15 and $22 and the stock is now at $60.16. This quarter saw a marginal increase.AlarmCom Holding (ALRM): ALRM is a minutely small 0.24% of the portfolio position that saw a very minor ~4% stake increase this quarter.Stake Decreases:American Tower (AMT) & pfd cnvrts: AMT has been in the portfolio for well over sixteen years. It is the largest stake at 13.46% of the portfolio. Recent activity follow: the last five years saw consistent buying every year. The share count has increased over four times from 1.7M shares to 7.1M shares during that period. The buying happened at prices between $65 and $118 and the stock is now at $136. There was a marginal trimming this quarter.MasterCard (MA): The large (top three) 12.24% MA position was first purchased in 2010 in the low-20s price-range and it currently trades at $191. The stake saw increases every year since but was kept steady in 2016. Q1 2017 saw a ~13% increase at prices between $105 and $113. There was a marginal trimming this quarter.Note: Akre’s cost-basis on MA is ~$22 per share.Moody’s Corporation (MCO): The initial purchase of MCO happened in Q1 & Q2 2012 in the high-30s price-range. Since then, the position size was doubled at higher prices. Recent activity follow: Q4 2016 saw a ~15% increase at prices between $94 and $109 and that was followed with a ~22% increase the following quarter at prices between $95 and $114. It currently trades at $174 and is now the third-largest stake at ~12% of the portfolio. There was a marginal reduction this quarter.Note: Akre’s cost-basis on MCO is ~$39.Markel Corporation (MKL): MKL is another top five ~8% portfolio stake that has been in the portfolio for over twenty years. Recent activity follow: H2 2013 and H1 2014 saw a stake doubling at prices between $510 and $655 and since then the position has remained relatively steady. The stock is now at $1135. There was marginal selling this quarter.Note: Akre saw 20-times compounding over 20 years on his first purchases of MKL. However, they also increased their original stake substantially a decade ago at a cost-basis of $444 (2.5 times book value) and that portion has only increased ~150%.Visa Inc. (V): V is a large 7.67% of the portfolio stake. It was established in Q2 2012 at a cost-basis of around $30. Q2 2013 saw a one-third increase in the low-40s and that was followed with a 60% increase in Q2 2016 in the high 70s. Q1 2017 also saw another roughly one-third increase at prices between $79.50 and $90. The stock is now at $131. There was marginal trimming this quarter.Note: Visa stock split 4-for-1 in March 2015. The prices quoted above are adjusted for that split.O’Reilly Automotive (ORLY): ORLY is a 6.15% portfolio stake first purchased in 2005. Over 800K shares were purchased at the time. The position was at 825K shares as of Q1 2017 - every year had seen adjustments but overall the stake had remained remarkably steady over the twelve year holding period – the stock returned ~10x during that time. Last year saw a ~130% stake increase at prices between $173 and $270. The stock is now at $268. There was a marginal reduction this quarter.Note: In A WSJ interview earlier this year, Akre disclosed that the large recent increases in O’Reilly happened at an overall cost-basis of ~$195 per share.Dollar Tree (DLTR): DLTR is a ~6% of the portfolio position first purchased in 2010 at a cost-basis in the low-20s. The stock currently trades at $95.18. The position was kept relatively steady in 2016 although previous years had seen significant buying. There was a ~15% increase in Q2 2017 at prices between $66.50 and $83. This quarter saw marginal trimming.Enstar Group (ESGR): ESGR is a long-term ~4% portfolio stake that has been in the portfolio for almost a decade. The bulk of the original stake is from Q1 & Q2 2008 at prices between $89 and $119. The position remained largely untouched until 2015. H2 2015 & Q1 2016 saw a roughly 3x increase at prices between $146 and $165 and the stock is now at ~$207. There was a ~3% trimming this quarter.Note: Akre Capital Management has a ~9% ownership stake in Enstar Group.Verisk Analytics (VRSK): VRSK is a 3.51% portfolio position first purchased in H2 2012 at prices between $46.50 and $51. 2015 saw a huge 3x stake increase at prices between $63 and $81. The position has since been kept relatively steady. The stock is currently at $106. Last three quarters saw minor selling.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire Hathaway stake is a 0.91% of the portfolio long-term stake. The last major activity was in Q3 2017 when there was a ~27% selling at prices between $169 and $184. The stock is now at $194.Kept Steady:SBA Communications (SBAC): SBAC is a 5.53% portfolio stake. The original position is from H1 2014 at prices between $88 and $102. Q4 2015 saw a one-third increase at prices between $100 and $121 and a similar increase occurred in Q4 2016 as well at prices between $96 and $115. The stock currently trades well above those ranges at ~$158.Ubiquiti Networks (UBNT): UBNT is a 2.42% portfolio stake built up in H2 2014 at prices between $28 and $46.50. Q1 2015 also saw a ~40% stake increase at prices between $26 and $32. Since then, the position has been kept relatively steady. The stock currently goes for $81.72.Danaher Corporation (DHR): DHR is a 2.13% of the portfolio position established in Q4 2013 at prices between $47 and $55 and increased by roughly five-times in Q2 2014 at prices between $52 and $59. The stock is now at $102. Q4 2016 saw a ~10% increase.Note: The prices quoted above are adjusted for the Fortive spinoff in July last year.LKQ Corporation (LKQ): LKQ is a 1.57% position established in 2015 at prices between $24 and $31. The five quarters thru Q2 2017 had seen a ~12% combined increase at prices between $25 and $36. Last quarter saw a ~11% trimming at prices between $31 and $36. The stock currently trades at $30.76.Boston Omaha (BOMN), Diamond Hill Investment Group (DHIL), Lamar Advertising (LAMR), and Primo Water (PRMW): These are very small (less than ~0.5% of the portfolio each) stakes left untouched this quarter.Note: Akre Capital Management has a 6.3% ownership stake in Primo Water.Below is a spreadsheet that highlights the changes to Chuck Akre’s 13F stock portfolio as of Q1 2018:Regulatory Filings thru 02/25/2018: 13Gs – 2/14 – ESGR – 1.46M shares – 8.86% of business, PRMW – 1.91M shares – 6.37% of business.Note 11/26/2017 on Visa Split: A reader commented that V split 4-for-1 on March 15, 2015. I promised to add a note on this from next round…"

"Tracking Charles Akre's Akre Capital Management Portfolio – Q4 2017 Update"

"Chuck Akre’s portfolio value increased from $6.84B to $7.23B this quarter.Akre Capital Management dropped Monro Inc. during the quarter.The top three positions are American Tower, Moody’s, and MasterCard and they add up to ~37% of the entire portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Akre Capital Management’s 13F portfolio on a quarterly basis. It is based on Akre’s regulatory filed on 02/14/2018. Please visit our series to get an idea of their investment philosophy and our for their moves in Q3 2017.This quarter, Akre’s portfolio value increased ~6% from $6.84B to $7.23B. The number of positions decreased from 25 to 23. The largest five stakes are American Tower, Moody’s Corporation, MasterCard, Markel Corporation, and Visa Inc. and they together account for ~53% of the total portfolio value.AUM is distributed among private funds, separately managed accounts, and the Akre Focus Mutual Fund (AKREX) (AKRIX) (AKRSX). Akre coined the term "compounding machines" to describe the type of businesses he invests in. To learn more about that investing style, check out .New Stakes:None.Stake Disposals:Monro Inc. (MNRO) previously Monro Muffler-Brake: MNRO was a small 1.31% portfolio stake first purchased in H2 2012 at prices between $32 and $39. H2 2014 saw a 3x stake increase at prices between $48 and $58 and it has since been kept relatively steady. The stock is now at $53.10. The position was disposed this quarter at prices between $48 and $59.CSX Corporation (CSX): The minutely small CSX position was disposed this quarter.Stake Increases:American Tower (AMT) & pfd cnvrts: AMT has been in the portfolio for well over sixteen years. It is the largest stake at 13.95% of the portfolio. Recent activity follow: the last five years saw consistent buying every year. The share count has increased over four times from 1.7M shares to 7.1M shares during that period. The buying happened at prices between $65 and $118 and the stock is now at $142. There was a marginal increase this quarter.Moody’s Corporation (MCO): The initial purchase of MCO happened in Q1 & Q2 2012 in the high-30s price-range. Since then, the position size was doubled at higher prices. Recent activity follow: Q4 2016 saw a ~15% increase at prices between $94 and $109 and that was followed with a ~22% increase the following quarter at prices between $95 and $114. It currently trades at $169 and is now the second-largest stake at 11.62% of the portfolio. There was a marginal increase this quarter.Note: Akre’s cost-basis on MCO is ~$39.MasterCard (MA): The large (top three) ~11% MA position was first purchased in 2010 in the low-20s price-range and it currently trades at $176. The stake saw increases every year since but was kept steady in 2016. Q1 2017 saw a ~13% increase at prices between $105 and $113. There was a marginal increase this quarter.Note: Akre’s cost-basis on MA is $22.20.Markel Corporation (MKL): MKL is another top five ~8% portfolio stake that has been in the portfolio for over twenty years. Recent activity follow: H2 2013 and H1 2014 saw a stake doubling at prices between $510 and $655 and since then the position has remained relatively steady. The stock is now at $1122. There was marginal increase this quarter.Note: Akre saw 20-times compounding over 20 years on his first purchases of MKL. However, they also increased their original stake substantially a decade ago at a cost-basis of $444 (2.5 times book value) and that portion has only increased ~150%.Dollar Tree (DLTR): DLTR is a 7.19% of the portfolio position first purchased in 2010 at a cost-basis in the low-20s. The stock currently trades at $107. The position was kept relatively steady in 2016 although previous years had seen significant buying. There was a ~15% increase in Q2 2017 at prices between $66.50 and $83. This quarter saw a marginal increase.O’Reilly Automotive (ORLY): ORLY is a 6.31% portfolio stake first purchased in 2005. Over 800K shares were purchased at the time. The position was at 825K shares as of Q1 2017 - every year had seen adjustments but overall the stake had remained remarkably steady over the twelve year holding period – the stock returned ~10x during that time. Last year saw a ~130% stake increase at prices between $173 and $270. The stock is now at $254.Roper Technologies (ROP): ROP is a large 5.57% of the portfolio position first purchased in Q2 & Q3 2014 at prices between $129 and $150. The stake saw incremental buying in the following quarters. In Q2 2016, there was a ~20% increase at prices between $165 and $185. The stock is now at $281. There was marginal increase this quarter.Enstar Group (ESGR): ESGR is a long-term ~4% portfolio stake that has been in the portfolio for almost a decade. The bulk of the original stake is from Q1 & Q2 2008 at prices between $89 and $119. The position remained largely untouched until 2015. H2 2015 & Q1 2016 saw a roughly 3x increase at prices between $146 and $165 and the stock is now at $196. There was a marginal increase this quarter.Note: Akre Capital Management has a ~9% ownership stake in Enstar Group.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire Hathaway stake is now at 0.96% of the portfolio. Last five years had seen only very minor activity. Last quarter saw a ~27% selling at prices between $169 and $184. The stock is now at $203.Primo Water (PRMW) and AlarmCom Holding (ALRM): These two minutely small (less than 0.35% portfolio each) positions saw substantial increases this quarter. The stakes are still too small to indicate a clear bias.Note: Akre Capital Management has a 6.3% ownership stake in Primo Water.Stake Decreases:CarMax Inc. (KMX): The 4.57% KMX stake is a very long-term position first purchased in 2002. The bulk of the current stake was built over the four quarters thru Q2 2016 at prices between $42 and $68. The stock is now at $62.76. There was a marginal reduction this quarter.Verisk Analytics (VRSK): VRSK is a 3.43% portfolio position first purchased in H2 2012 at prices between $46.50 and $51. 2015 saw a huge 3x stake increase at prices between $63 and $81. The position has since been kept relatively steady. The stock is currently at $102. Last two quarters saw marginal selling.Kept Steady:Visa Inc. (V): V is a large (top five) 7.71% of the portfolio stake. It was established in Q2 2012 at a cost-basis of around $30. Q2 2013 saw a one-third increase in the low-40s and that followed with a 60% increase in Q2 2016 in the high 70s. Q1 2017 also saw another roughly one-third increase at prices between $79.50 and $90. The stock is now at $123.Note: Visa stock split 4-for-1 in March 2015. The prices quoted above are adjusted for that split.SBA Communications (SBAC): SBAC is a 5.57% portfolio stake. The original position is from H1 2014 at prices between $88 and $102. Q4 2015 saw a one-third increase at prices between $100 and $121 and a similar increase occurred in Q4 2016 as well at prices between $96 and $115. The stock currently trades well above those ranges at $173.Ubiquiti Networks (UBNT): UBNT is a 2.63% portfolio stake built up in H2 2014 at prices between $28 and $46.50. Q1 2015 also saw a ~40% stake increase at prices between $26 and $32. Since then, the position has been kept relatively steady. The stock currently goes for $57.Danaher Corporation (DHR): DHR is a 2.13% of the portfolio position established in Q4 2013 at prices between $47 and $55 and increased by roughly five-times in Q2 2014 at prices between $52 and $59. The stock is now at $99.33. Q4 2016 saw a ~10% increase.Note: The prices quoted above are adjusted for the Fortive spinoff in July last year.TD Ameritrade (AMTD): AMTD is a 2.10% portfolio position first purchased in 2009. The bulk of the current stake was built in 2011 & 2012 at prices between $15 and $22 and the stock is now at $55.48.LKQ Corporation (LKQ): LKQ is a 1.77% position established in 2015 at prices between $24 and $31. The five quarters thru Q2 2017 had seen a ~12% combined increase at prices between $25 and $36. Last quarter saw a ~11% trimming at prices between $31 and $36. The stock currently trades at $40.10.Boston Omaha (BOMN), Diamond Hill Investment Group (DHIL), and Lamar Advertising (LAMR): These are very small (less than ~1% of the portfolio each) stakes left untouched this quarter.Below is a spreadsheet that highlights the changes to Charles Akre's Akre Capital Management US long stock portfolio as of Q4 2017:Regulatory Filings thru 11/24/2017: None."

"Tracking Charles Akre's Akre Capital Management Portfolio – Q3 2017 Update"

"Chuck Akre’s portfolio value increased from $6.15B to $6.84B this quarter.Akre Capital Management substantially increased O’Reilly Automotive during the quarter.The top three positions are American Tower, Moody’s, and MasterCard and they add up to ~37% of the entire portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Akre Capital Management’s US stock portfolio on a quarterly basis. It is based on Akre’s regulatory filed on 11/14/2017. Please visit our series to get an idea of their investment philosophy and our for their moves in Q2 2017.This quarter, Akre’s portfolio value increased marginally from $6.15B to $6.84B. The number of positions decreased from 27 to 25. The largest five stakes are American Tower, Moody’s Corporation, MasterCard, Markel Corporation, and Visa Inc. and they together account for ~52% of the total portfolio value.AUM is distributed among private funds, separately managed accounts, and the Akre Focus Mutual Fund (AKREX) (AKRIX) (AKRSX). Akre coined the term "compounding machines" to describe the type of businesses he invests in. To learn more about that investing style, check out .New Stakes:None.Stake Disposals:Bank of America (BAC) WTS and WMIH Corp. (WMIH): These are minutely small (less than ~0.20% of the portfolio each) stakes disposed this quarter.Stake Increases:O’Reilly Automotive (ORLY): ORLY is a ~6% portfolio stake first purchased in 2005. Over 800K shares were purchased at the time. The position was at 825K shares as of Q1 2017 - every year had seen adjustments but overall the stake had remained remarkably steady over the twelve year holding period – the stock returned ~10x during that time. Last quarter saw a ~45% stake increase at prices between $216 and $270 and that was followed with another ~60% increase this quarter at prices between $173 and $220. The stock is now at $216. The substantial build-up indicates a clear bullish bias.Primo Water (PRMW): The minutely small 0.30% portfolio position saw a marginal increase this quarter.Note: Akre Capital Management has a ~6% ownership stake in Primo Water (PRMW).Stake Decreases:American Tower (AMT) & pfd cnvrts: AMT has been in the portfolio for well over sixteen years. It is the largest stake at 14.12% of the portfolio. Recent activity follow: the last five years saw consistent buying every year. The share count has increased over four times from 1.7M shares to 7.3M shares during that period. The buying happened at prices $65 and $118 and the stock is now at $147. There was a marginal reduction this quarter.Moody’s Corporation (MCO): The initial purchase of MCO happened in Q1 & Q2 2012 in the high-30s price-range. Since then, the position size was doubled at higher prices. Q4 2016 saw a ~15% increase at prices between $94 and $109 and that was followed with a ~22% increase the following quarter at prices between $95 and $114. It currently trades at $150 and is now the second-largest stake at 11.56% of the portfolio. There was a marginal reduction this quarter.Note: Akre’s cost-basis on MCO is ~$39.MasterCard (MA): The large (top three) ~11% MA position was first purchased in 2010 in the low-20s price-range and it currently trades at $153. The stake saw increases every year thru 2015 but was kept steady last year. Q1 2017 saw a ~13% increase at prices between $105 and $113. There was a marginal reduction this quarter.Note: Akre’s cost-basis on MA is $22.20.Markel Corporation (MKL): MKL is another top five ~8% portfolio stake that has been in the portfolio for over twenty years. Recent activity follow: H2 2013 and H1 2014 saw a stake doubling at prices between $510 and $655 and since then the position has remained relatively steady. The stock is now at $1076. There was marginal selling this quarter.Note: Akre saw 20-times compounding over 20 years on his first purchases of MKL. However, they also increased their original stake substantially a decade ago at a cost-basis of $444 (2.5 times book value) and that portion has only increased ~140%.Dollar Tree (DLTR): DLTR is a 6.14% of the portfolio position first purchased in 2010 at a cost-basis in the low-20s. The stock currently trades at $98.38. The position was kept relatively steady last year although previous years had seen significant buying. There was a ~15% increase last quarter at prices between $66.50 and $83. This quarter saw marginal trimming.CarMax Inc. (KMX): The 5.71% KMX stake is a very long-term position first purchased in 2002. The bulk of the current stake was built over the four quarters thru Q2 2016 at prices between $42 and $68. The stock is now at ~$68.05. There was a marginal reduction this quarter.Roper Technologies (ROP): ROP is a large 5.53% of the portfolio position first purchased in Q2 & Q3 2014 at prices between $129 and $150. The stake saw incremental buying in the following quarters. In Q2 2016, there was a ~20% increase at prices between $165 and $185. The stock is now at $260. There was marginal selling this quarter.Enstar Group (ESGR): ESGR is a long-term 4.70% portfolio stake that has been in the portfolio for almost a decade. The bulk of the original stake is from Q1 & Q2 2008 at prices between $89 and $119. The position remained largely untouched until 2015. H2 2015 & Q1 2016 saw a roughly 3x increase at prices between $146 and $165 and the stock is now at $224. There was a marginal reduction this quarter.Note: Akre Capital Management has a ~9% ownership stake in Enstar Group (ESGR).Verisk Analytics (VRSK): VRSK is a 3.14% portfolio position first purchased in H2 2012 at prices between $46.50 and $51. 2015 saw a huge 3x stake increase at prices between $63 and $81. The position has since been kept relatively steady. The stock is currently at $93.88. Last two quarters saw marginal increases while this quarter there was a very minor reduction.LKQ Corporation (LKQ): LKQ is a 1.66% position established in 2015 at prices between $24 and $31. Last five quarters had seen a ~12% combined increase at prices between $25 and $36. This quarter saw a ~11% trimming at prices between $31 and $36. The stock currently trades at $38.05.Monro Inc. (MNRO) previously Monro Muffler-Brake: MNRO is a small 1.31% portfolio stake first purchased in H2 2012 at prices between $32 and $39. H2 2014 saw a 3x stake increase at prices between $48 and $58 and it has since been kept relatively steady. The stock is now at $48.65. There was a very minor reduction this quarter.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire Hathaway stake is now at 0.94% of the portfolio. Last five years had seen only very minor activity. This quarter saw a ~27% selling at prices between $169 and $184. The stock is now at $182.Kept Steady:Visa Inc. (V): V is a large (top five) 7.52% of the portfolio stake. It was established in Q2 2012 at a cost-basis of around $30. Q2 2013 saw a one-third increase in the low-40s and that followed with a 60% increase in Q2 2016 in the high 70s. Q1 2017 also saw another roughly one-third increase at prices between $79.50 and $90. The stock is now at $112.SBA Communications (SBAC): SBAC is a 5.19% portfolio stake. The original position is from H1 2014 at prices between $88 and $102. Q4 2015 saw a one-third increase at prices between $100 and $121 and a similar increase occurred in Q4 2016 as well at prices between $96 and $115. The stock currently trades well above those ranges at $170.Ubiquiti Networks (UBNT): UBNT is a 2.19% portfolio stake built up in H2 2014 at prices between $28 and $46.50. Q1 2015 also saw a ~40% stake increase at prices between $26 and $32. Since then, the position has been kept relatively steady. The stock currently goes for $66.87.TD Ameritrade (AMTD): AMTD is a 2.12% portfolio position first purchased in 2009. The bulk of the current stake was built in 2011 & 2012 at prices between $15 and $22 and the stock is now at $49.12.Danaher Corporation (DHR): DHR is a 2.27% of the portfolio position established in Q4 2013 at prices between $47 and $55 and increased by roughly five-times in Q2 2014 at prices between $52 and $59. The stock is now at $94.02. Q4 2016 saw a ~10% increase.Note: The prices quoted above are adjusted for the Fortive spinoff in July last year.AlarmCom Holding (ALRM), Boston Omaha (BOMN), CSX Corporation (CSX), Diamond Hill Investment Group (DHIL), and Lamar Advertising (LAMR): These are very small (less than ~1% of the portfolio each) stakes left untouched this quarter.Below is a spreadsheet that highlights the changes to Charles Akre's Akre Capital Management US long stock portfolio as of Q3 2017:Regulatory Filings thru 8/24/2017: None."

"Tracking Charles Akre's Akre Capital Management Portfolio – Q2 2017 Update"

"Chuck Akre’s portfolio value increased from $6.08B to $6.15B this quarter.Akre Capital Management substantially increased Dollar Tree & O’Reilly Automotive while dropping Colfax, Dollar General, and Fortive.The top three positions are American Tower, Moody’s, and MasterCard and they add up to ~38% of the entire portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Akre Capital Management’s US stock portfolio on a quarterly basis. It is based on Akre’s regulatory filed on 08/14/2017. Please visit our series to get an idea of their investment philosophy and their moves during Q1 2017.This quarter, Akre’s portfolio value increased marginally from $6.08B to $6.15B. The number of positions decreased from 28 to 27. The largest five stakes are American Tower, Moody’s Corporation, MasterCard, Markel Corporation, and Visa Inc. and they together account for ~53% of the total portfolio value.AUM is distributed among privately funds, separately managed accounts, and the Akre Focus Mutual Fund (AKREX) (AKRIX) (AKRSX). Akre coined the term "compounding machines" to describe the type of businesses he invests in. To learn more about that investing style, check out .New Stakes:Boston Omaha (BOMN): BOMN is a minutely small 0.08% portfolio stake established this quarter. Boston Omaha had an IPO in June. Trading started at ~$13.50 and the stock currently goes for $14.94.Stake Disposals:Colfax Corp. (CFX): The ~3% CFX position was first purchased in Q3 2012 and built up over the last four years at prices between $20 and $75. Q2 2016 saw an about-turn: ~20% reduction at prices between $25 and $34. There was another ~23% selling in Q4 2016 at prices between $29 and $40. The disposal this quarter was at prices between $37 and $41.50. The stock is now at $37.90.Note: Akre Capital Management had a ~4% ownership stake in Colfax Corp as of Q1 2017.Dollar General (DG): DG is a 1.72% portfolio stake purchased in Q4 2016 at prices between $67 and $80 and disposed of this quarter at prices between $68 and $79. The stock is now at $76.33.Fortive Corporation (FTV): FTV was a very small 0.74% of the portfolio position disposed this quarter. The position came about as a result of the spinoff from Danaher in June last year.Stake Increases:American Tower (AMT): AMT has been in the portfolio for well over sixteen years. It is the largest stake at 15.66% of the portfolio. Recent activity follow: the last five years saw consistent buying every year. The share count has increased over four times from 1.7M shares to 7.3M shares during that period. The buying happened at prices $65 and $118 and the stock is now at $143. There was a marginal increase this quarter.Moody’s Corporation (MCO): The initial purchase of MCO happened in Q1 & Q2 2012 in the high-30s price-range. Since then, the position size was doubled at higher prices. Q4 2016 saw a ~15% increase at prices between $94 and $109 and that was followed with a ~22% increase last quarter at prices between $95 and $114. It currently trades at $132 and it is now the second-largest stake at ~11.27% of the portfolio. There was a marginal increase this quarter.Note: Akre’s cost-basis on MCO is ~$39 (roughly three times return in five years so far).MasterCard (MA): The large (top three) 10.55% MA position was first purchased in 2010 in the low-20s price-range and it currently trades at $133. The stake saw increases every year thru 2015 but was kept steady last year. Last quarter saw a ~13% increase at prices between $105 and $113 and that was followed with a marginal increase this quarter.Note: Akre’s cost-basis on MA is $22.20 (roughly six times return in six years so far).Markel Corporation (MKL): MKL is another top five 8.19% portfolio stake that has been in the portfolio for over twenty years. Recent activity follow: H2 2013 and H1 2014 saw a stake doubling at prices between $510 and $655 and since then the position has remained relatively steady. The stock is now at $1052. Last quarter saw a marginal reduction while this quarter saw a very minor increase.Note: Akre saw 20-times compounding over 20 years on his first purchases of MKL. However, they also increased their original stake substantially a decade ago at a cost-basis of $444 (2.5 times book value) and that portion has only increased ~140%.Roper Technologies (ROP): ROP is a large ~6% of the portfolio position first purchased in Q2 & Q3 2014 at prices between $129 and $150. The stake saw incremental buying in the following quarters. In Q2 2016, there was a ~20% increase at prices between $165 and $185. The stock is now at $231. There was a marginal increase this quarter.Dollar Tree (DLTR): DLTR is a 5.51% of the portfolio position first purchased in 2010 at a cost-basis in the low-20s. The stock currently trades at $74.32. The position was kept relatively steady last year although previous years had seen significant buying. There was a ~15% increase this quarter at prices between $66.50 and $83.CarMax Inc. (KMX): The 5.30% KMX stake is a very long-term position first purchased in 2002. The bulk of the current stake was built over the four quarters thru Q2 2016 at prices between $42 and $68. The stock is now at ~$64. There was a marginal increase this quarter.Enstar Group (ESGR): ESGR is a long-term 4.71% portfolio stake that has been in the portfolio for almost a decade. The bulk of the original stake is from Q1 & Q2 2008 at prices between $89 and $119. The position remained largely untouched until 2015. H2 2015 & Q1 2016 saw a roughly 3x increase at prices between $146 and $165 and the stock is now at $203. There was marginal increase this quarter.Note: Akre Capital Management has a ~9% ownership stake in Enstar Group (ESGR).O’Reilly Automotive (ORLY): ORLY is a 4.24% portfolio stake first purchased in 2005. Over 800K shares were purchased at the time. The position was at 825K as of Q1 2017 - every year had seen adjustments but overall the position had remained remarkably steady over the twelve year holding period – the stock returned ~10x during that time. This quarter saw a ~45% stake increase at prices between $216 and $270. The stock is now at $195. The substantial increase indicates a clear bullish bias.Verisk Analytics (VRSK): VRSK is a ~3.5% portfolio position first purchased in H2 2012 at prices between $46.50 and $51. 2015 saw a huge 3x stake increase at prices between $63 and $81. The position has since been kept relatively steady. The stock is currently at $81.21. There were marginal increases in the last two quarters.Monro Inc. (MNRO) previously Monro Muffler-Brake: MNRO is a small 1.10% portfolio stake first purchased in H2 2012 at prices between $32 and $39. H2 2014 saw a 3x stake increase at prices between $48 and $58 and it has since been kept relatively steady. The stock is now at $45.35. There was a very minor increase this quarter.Berkshire Hathaway (BRK.A) (BRK.B): Berkshire Hathaway stake is now at 1.25% of the portfolio. Last five years have seen only very minor activity. There was a minor increase this quarter.Stake Decreases:None.Kept Steady:Visa Inc. (V): V is a large (top five) ~7.5% of the portfolio stake. It was established in Q2 2012 at a cost-basis of around $30. Q2 2013 saw a one-third increase in the low-40s and that followed with a 60% increase in Q2 2016 in the high 70s. Last quarter also saw another roughly one-third increase at prices between $79.50 and $90. The stock is now at $103.SBA Communications (SBAC): SBAC is a 5.41% portfolio stake. The original position is from H1 2014 at prices between $88 and $102. Q4 2015 saw a one-third increase at prices between $100 and $121 and a similar increase occurred in Q4 2016 as well at prices between $96 and $115. The stock currently trades well above those ranges at $146.Danaher Corporation (DHR): DHR is a 2.27% of the portfolio position established in Q4 2013 at prices between $47 and $55 and increased by roughly five-times in Q2 2014 at prices between $52 and $59. The stock is now at $81.82. Q4 2016 saw a ~10% increase.Note: The prices quoted above are adjusted for the Fortive spinoff in July last year.Ubiquiti Networks (UBNT): UBNT is a 2.26% portfolio stake built up in H2 2014 at prices between $28 and $46.50. Q1 2015 also saw a ~40% stake increase at prices between $26 and $32. Since then, the position has been kept relatively steady. The stock currently goes for $65.12.TD Ameritrade (AMTD): AMTD is a ~2% portfolio position first purchased in 2009. The bulk of the current stake was built in 2011 & 2012 at prices between $15 and $22 and the stock is now at $43.10.LKQ Corporation (LKQ): LKQ is a 1.90% position established in 2015 at prices between $24 and $31. Last five quarters had seen a ~12% combined increase at prices between $25 and $36. The stock currently trades at $34.14.AlarmCom Holding (ALRM), Bank of America (BAC) WTS, CSX Corporation (CSX), Diamond Hill Investment Group (DHIL), Lamar Advertising (LAMR), Primo Water (PRMW), and WMIH Corp. (WMIH): These are very small (less than ~1% of the portfolio each) stakes left untouched this quarter.Note: Akre Capital Management has a ~6% ownership stake in Primo Water (PRMW).Below is a spreadsheet that highlights the changes to Charles Akre's Akre Capital Management US long stock portfolio as of Q2 2017:Regulatory Filings thru 5/29/2017: 13Gs on 2/13/2017: ESGR - 1.46M shares - ~9%. PRMW - 1.68M shares - 5.8%. CFX - 4.7M shares - 3.83%.- : PERFORMANCE - Separately Managed - 27 years - 12.7% vs 9.4% S&P (330-basis point diff compounded annually for 27 years), Private investment partnership - 23 years - 15.25% net to partners vs 9.2% for S&P. FBR Focus & Akre Focus mutual funds combined - 13.2% vs 7.7%. Akre - 7 years 125-basis point over market - ~13.8%. International Speedway - 20-times return over 10+ years - now not a great business because owner has given control to daughter who is not as talented. Penn National Gaming - horse race track - owner is a real-estate guy - never co-signed with wife although he borrowed a lot which impressed Akre - became largest non-Vegas operater - made 20-times. MasterCard - purchased 2/2010 (13 to 14 earnings growing much faster) when Dodd-Frank discussions - domestic debit issue - bought it as $22.20 average and today it is $109 - 5 times in 6 years. Moody’s - purchased 2/2012 at $39 average - today $110. Made 2.75-times in 5 years. Dodd-Frank - allowed 6-8 rating agencies but it is market driven - only three count - Moody’s, S&P, and Fitch - 40-40-20 split. Enstar - 10+ year ownership - buys insurance in runoff - 2007 purchase - paid $102.90 (2009 bought more at $56) for first shares and now at $195. Two hundred-baggers in his lifetime: Berkshire Hathaway & American Tower - own both still. AMT, Moody’s, MA can be bought today at ~19x 2018 cashflow - earnings yield of 5.5% compares well with 1.x% treasury - most of the time you can buy these at this valuation. At rare times, you can buy them cheap. AMT - bought 1999 when in 3 countries - now in 15 countries. 1999 in the 60s and was at $5 in 2002 - they bought and it later on dropped to $2 that year - in October saw it drop to 60c and we bought at 80c which eventually gave a 100-bagger - mostly because of leverage and debt coming due in short order. Great business weighed down by a bad balance sheet. So, it is possible to get great businesses at a good value at times and rarely for a steal. Penn National & Markel - the idea is not to sell as it is hard to realize how good a position is and so it is better to hold. Markel - - saw 20-times compounding over 20 years - bought at 2.5x book (444) and has only doubled in 10-years - paid too much as the rate of compounding since has dropped mainly because of secular decline in rates and so all businesses have done less well."