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"Tracking John Paulsons Paulson & Company Portfolio Q3 2020 Update"

"John Paulsons 13F portfolio value increased from $3.13B to $3.21B this quarter.Paulson & Company's largest three positions are Horizon Therapeutics, Bausch Health, and SPDR Gold ETF.The stake in Endo International plc was increased substantially during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to John Paulsons 13F stock portfolio on a quarterly basis. It is based on Paulsons regulatory filed on 11/16/2020. Please visit our to get an idea of his investment philosophy and our for the funds moves during Q2 2020.This quarter, Paulsons 13F portfolio value increased ~3% from $3.13B to $3.21B. There are 31 13F securities in the portfolio although only 24 of them are significantly large equity holdings (more than 0.5% of the 13F portfolio). The article is focused on the larger holdings. The top five positions are Horizon Therapeutics, Bausch Health, SPDR Gold ETF, Novagold, and BrightSphere Investment Group, and they add up to ~55% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that, check-out the book . In July, Paulson announced that they are returning all outside money and are converting to a Family Office structure.Note: Paulson & Company is known to have a huge position in Fannie/Freddie (FNMA) (FMCC) although the details have not been disclosed.Stake Disposals:TD Ameritrade (AMTD): TD Ameritrade was a ~1% of the portfolio merger-arbitrage stake. Charles Schwab (SCHW) bought TD Ameritrade in an all-stock deal (1.0837 shares of Charles Schwab for each TD Ameritrade share held) that closed last month. SCHW currently trades at $46.61.New Stakes:None.Stake Decreases:Horizon Pharmaceuticals (HZNP): HZNP is currently the top position at ~16% of the portfolio. It was purchased in Q2 2017 at prices between $9.65 and $15.75 and increased by ~40% in Q4 2017 at prices between $13 and $15. There was a ~23% stake increase in Q3 2019 at prices between $23 and $28. The stock is now at $70.15. Last quarter saw a ~16% selling at prices between $30 and $57. This quarter also saw a ~3% trimming. Paulson is starting to harvest gains.Takeda Pharma (TAK): The large 6.28% TAK stake came about as a result of Takedas Shire plc acquisition in a cash-and-stock deal ($90.99 cash and 5.034 shares of TAK for each share of SHPG held). Paulson had a ~10% portfolio stake in Shire plc for which he received these shares after that transaction closed in January. Takeda currently trades at $17.55. This quarter saw marginal trimming.Pacira Biosciences (PCRX): The 2.35% PCRX stake was built in Q2 & Q3 2019 at prices between $35.50 and $48 and it is now at $66.26. There was a ~25% reduction last quarter at prices between $31 and $53. This quarter also saw a ~3% trimming.Tiffany & Co (TIF): TIF is a ~2% merger-arbitrage stake. The position saw a minor ~2% trimming during the quarter. LVMH (LVMHF) is purchasing Tiffany. The deal-price was negotiated down last month from $135 to $131.50 per share cash.Qiagen NV (QGEN): QGEN is a very small 0.65% of the portfolio position. It was a merger-arbitrage stake. Thermo Fisher Scientific (TMO) had an agreement to acquire Qiagen NV for 43 Euros per share but that offer was terminated as Qiagen shareholders rejected the amended offer (the original offer was 39 Euros). Thermo Fisher received a reimbursement payment of $95M cash as per the terms of the acquisition agreement. Qiagen currently trades at $47.21 per share.TIM SA (TIMB) previously Tim Participacoes (TSU): TIMB is a 0.36% portfolio stake first purchased in Q2 2014 at prices between $24 and $30. Recent activity follows. Q3 2019 saw a ~25% selling at prices between $14 and $16.40. Last three quarters have seen another ~75% reduction at prices between ~$10 and ~$20. The stock is currently trading at $12.80.Stake Increases:International Tower Hill Mines (THM): THM is a 2.57% of the portfolio stake established in the 2013-2015 timeframe at a very low cost-basis. The stock is now at $1.47 and has spiked ~250% since the March lows. ~2.34M shares were purchased at an average cost of ~$1.40 this quarter.Note: Paulson has a ~32% ownership stake in International Tower Hill Mines.Endo International plc (ENDP): The ~1.5% ENDP position saw a ~50% stake increase this quarter at prices between ~$2.75 and ~$3.65. It is a long-term stake that has been in the portfolio since 2015. Their original ~9.6M share position was built during the three quarters through Q1 2016 at a very high cost-basis compared to the current trading price of $5.20. The stake had wavered over the years.ViacomCBS (VIAC): Paulson had a small ~1% of the portfolio stake in Viacom as of Q3 2019. Following the ViacomCBS merger transaction, they increased the stake substantially at prices between $35.50 and $42.75. The stock currently trades just below that range at ~$34. The position was reduced by ~75% last quarter at prices between $12.40 and $28.50. The stake is now at 1.37% of the portfolio. This quarter saw ~7% stake increase.SSR Mining Inc. (SSR): The 0.76% SSR stake saw a ~13% increase during the quarter.Kept Steady:Bausch Health Companies (BHC) previously Valeant Pharmaceuticals: BHC position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Q4 2015 also saw a ~50% increase at prices between $70 and $182. The aggressive buying against falling prices continued in Q2 2016: ~44% increase at prices between $19 and $36. Last quarter saw another ~25% stake increase at ~$16.50 per share. The stock currently trades at $19.68 and the stake has become the second-largest position in the portfolio at ~13%. For investors attempting to follow, BHC is a good option to consider for further research.SPDR Gold Trust (GLD): A huge stake in GLD was established in Q1 2009 at prices between $83 and $98 and was reduced by ~45% in 2011 at much higher prices. It was reduced by more than half in Q2 2013 as well at prices between $116 and $155. Q4 2015 and the following quarter saw a combined ~60% reduction at prices between $100 and $122. Q1 2020 saw another ~55% selling at prices between $138 and $158. The stock currently trades at ~$176. The stake is still the third-largest at ~10% of the portfolio.NovaGold Resources (NG): NG is a 8.24% of the portfolio long-term stake established in 2010. Q2 2016 saw a ~28% reduction at prices between $5 and $6.50 and that was followed with a ~13% selling in Q4 2016. Q1 2020 saw a ~15% stake increase at prices between $5.87 and $9.51 while last quarter saw a ~12% trimming at prices between $7.40 and $12. The stock is currently at $10.55.Note: Paulson has a high cost-basis on NG and controls ~7% of the business.BrightSphere Investment Group (BSIG): The ~8% BSIG stake was built in Q4 2018 at prices between $10 and $13.30. Q1 2019 saw a huge ~285% stake increase at prices between $11 and $14.25. The stock currently trades at $18.22.Note: Paulsons ownership stake in BSIG is ~25%.AngloGold Ashanti (AU): AU is a 5.73% position. It is a long-term stake that has been in the portfolio since 2009. Q4 2015 had seen a ~9% trimming while the following quarter saw a one-third reduction at prices between $7 and $14. Q2 2016 saw another ~20% reduction at prices between $13 and $18. The stock is currently at $22.56. Last two quarters had seen a ~45% reduction at prices between $14 and $30. Paulson is harvesting gains.Viatris (VTRS) previously Mylan Inc. (MYL): VTRS stake is now at 5.31% of the portfolio. The original stake was purchased in Q1 2010 at prices between $17 and $23. Last significant buying was in Q2 2015: ~50% increase at prices between $58 and $76. 2017 & 2018 had seen a ~50% selling at prices between $30.50 and $47. The stock currently trades at $17.13. Last quarter saw a ~4% trimming.Discovery Communications (DISCA): DISCA position saw a 320% stake increase in Q1 2018 at prices between $21.50 and $26.50. That was followed with a ~140% further increase next quarter at prices between $21 and $24. Last two quarters had seen a ~37% reduction at prices between $18.25 and $32.75. DISCA currently trades at $25.49 and the stake is now at 4.22% of the portfolio.Dish Network (DISH): DISH is a 3.28% portfolio position established in Q1 2017 at prices between $58 and $64. Q2 & Q3 2017 saw a combined ~36% stake increase at prices between $52 and $66. The stock is currently well below the low end of those ranges at ~$34. Last quarter saw a ~27% selling at prices between $18.70 and $37.30.Kirkland Lake Gold (KL): KL is a 2.28% of the portfolio position established in Q1 2020 at prices between $23 and $45 and the stock currently trades at $41.20.Pretium Resources (PVG): PVG is a very small 0.96% of the portfolio stake purchased in Q4 2019 at prices between $8.70 and $12.50 and the stock currently trades at $11.67.Barrick Gold (GOLD), Equinox Gold Corp (EQX), Overseas Shipbuilding Group (OSG), and Trilogy Metals (TMQ): These small (less than ~1.50% of the portfolio each) stakes were kept steady this quarter.Note 1: Paulson has a ~7.3% ownership stake in Overseas Shipbuilding Group.Note 2: A regulatory filing in September also show them owning 3.22M shares of Thryv Holdings (THRY) formerly DexMedia Holdings.The spreadsheet below highlights changes to Paulsons US stock holdings in Q3 2020:Regulatory filings thru 8/19/2020: Form 4 6/26 BSIG minor 20M shares. 13D/A 5/21 20M shares 24.9% of business. Form 4 6/26 TMQ minor 14.3M shares.7/1/2020: Paulson converting to Family Office - ."

"Tracking John Paulsons Paulson & Company Portfolio Q2 2020 Update"

"John Paulsons 13F portfolio value increased from $2.62B to $3.13B this quarter.Paulson & Company's largest three positions are Bausch Health, Horizon Therapeutics, and SPDR Gold ETF.Bausch Health was increased while reducing Horizon Therapeutics and AngloGold Ashanti.This article is part of a series that provides an ongoing analysis of the changes made to John Paulsons 13F stock portfolio on a quarterly basis. It is based on Paulsons regulatory filed on 08/14/2020. Please visit our to get an idea of his investment philosophy and our for the funds moves during Q1 2020.This quarter, Paulsons 13F portfolio value increased ~19% from $2.62B to $3.13B. There are 30 13F securities in the portfolio although only 24 of them are significantly large equity holdings (more than 0.5% of the 13F portfolio). The article is focused on the larger holdings. The top five positions are Bausch Health, Horizon Therapeutics, SPDR Gold ETF, BrightSphere Investment Group, & Takeda Pharma, and they add up to ~52% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that, check-out the book . Last month, Paulson announced that they are returning all outside money and are converting to a Family Office structure.Note: Paulson & Company is known to have a huge position in Fannie/Freddie (FNMA) (FMCC) although the details have not been disclosed.Stake Disposals:Allergan plc (AGN): The original AGN stake was built during the four quarters thru Q2 2015 at prices between $202 and $313. In Q4 2015 there was an about-turn: ~75% selling over the next two years at prices between $192 and $320. H2 2018 also saw a ~18% selling at prices between $131 and $192. There was an about-turn in Q2 2019: ~45% stake increase at prices between $116 and $168. Next quarter saw another ~30% stake increase at prices between $156 and $170. In May, AbbVie (ABBV) closed the transaction for Allergan (cash-and-stock deal - $120.30 cash and 0.8660 shares of ABBV for each AGN held) announced last June.Sprint (S): Sprint was a 1.67% of the portfolio position built last year at prices between $5.20 and $8. It was a merger arbitrage stake. In January, the terms of the merger with T-Mobile was adjusted: one share of T-Mobile (TMUS) for every 11 shares of Sprint compared to 9.75 shares agreed previously. The transaction closed in May.Tech Data Corp (TECD): TECD was a small ~1% merger-arbitrage stake established in Q4 2019. The position was increased by ~50% last quarter. Apollo Global (APO) agreed to acquire TECD in a $130 per share transaction announced last November. The deal closed in June.New Stakes:TD Ameritrade (AMTD) and Qiagen NV (QGEN): These two are new merger-arbitrage stakes established this quarter. Charles Schwab (SCHW) is buying TD Ameritrade in an all-stock deal (1.0837 shares of Charles Schwab for each TD Ameritrade share held) announced last November. SCHW currently trades at ~$35 and AMTD at ~$38. Thermo Fisher Scientific (TMO) had an agreement to acquire Qiagen NV for 43 Euros per share but that offer was terminated as Qiagen shareholders rejected the amended offer (the original offer was 39 Euros). Thermo Fisher received a reimbursement payment of $95M cash as per the terms of the acquisition agreement. Qiagen currently trades well above the amended offer price at $52.21 per share.Stake Decreases:Horizon Pharmaceuticals (HZNP): The top three 12.24% HZNP position was purchased in Q2 2017 at prices between $9.65 and $15.75 and increased by ~40% in Q4 2017 at prices between $13 and $15. There was a ~23% stake increase in Q3 2019 at prices between $23 and $28. The stock is now at $73.17. This quarter saw a ~16% selling at prices between $30 and $57. Paulson is starting to harvest gains.Takeda Pharma (TAK): The large (top five) 6.58% TAK stake came about as a result of Takedas Shire plc acquisition in a cash-and-stock deal ($90.99 cash and 5.034 shares of TAK for each share of SHPG held). Paulson had a ~10% portfolio stake in Shire plc for which he received these shares after that transaction closed in January. Takeda currently trades at $18.86. This quarter saw a ~13% trimming.AngloGold Ashanti (AU): AU is a 6.57% position. It is a long-term stake that has been in the portfolio since 2009. Q4 2015 had seen a ~9% trimming while the following quarter saw a one-third reduction at prices between $7 and $14. Q2 2016 saw another ~20% reduction at prices between $13 and $18. The stock is currently at $29.53. Last two quarters have seen a ~45% reduction at prices between $14 and $30. Paulson is harvesting gains.Novagold (NG): NG is a 6.52% of the portfolio long-term stake established in 2010. Q2 2016 saw a ~28% reduction at prices between $5 and $6.50 and that was followed with a ~13% selling in Q4 2016. Last quarter saw a ~15% stake increase at prices between $5.87 and $9.51 while this quarter saw a ~12% trimming at prices between $7.40 and $12. The stock is currently at $9.44.Note: Paulson has a high cost-basis on NG and controls ~7% of the business.Mylan Inc. (MYL): MYL stake is now at ~6% of the portfolio. The original stake was purchased in Q1 2010 at prices between $17 and $23. Last significant buying was in Q2 2015: ~50% increase at prices between $58 and $76. 2017 & 2018 had seen a ~50% selling at prices between $30.50 and $47. The stock currently trades at $16.19. This quarter saw a ~4% trimming.Discovery Communications (DISCA): DISCA position saw a 320% stake increase in Q1 2018 at prices between $21.50 and $26.50. That was followed with a ~140% further increase next quarter at prices between $21 and $24. Last two quarters have seen a ~37% reduction at prices between $18.25 and $32.75. DISCA currently trades at ~$22 and the stake is now at 4.25% of the portfolio.Note: Libertys John Malone said in an interview last October that he believes Discovery shares are dramatically undervalued he has been buying shares all the way from the teens to ~$28 per share.Dish Network (DISH): DISH is a ~4% portfolio position established in Q1 2017 at prices between $58 and $64. Q2 & Q3 2017 saw a combined ~36% stake increase at prices between $52 and $66. The stock is currently well below the low end of those ranges at $34.36. This quarter saw a ~27% selling at prices between $18.70 and $37.30.Pacira Biosciences (PCRX): The ~2% PCRX stake was built in Q2 & Q3 2019 at prices between $35.50 and $48 and it is now at $62.67. There was a ~25% reduction this quarter at prices between $31 and $53.ViacomCBS (VIAC): Paulson had a small ~1% of the portfolio stake in Viacom as of Q3 2019. Following the ViacomCBS merger transaction, they increased the stake substantially at prices between $35.50 and $42.75. The stock currently trades well below that range at ~$27. The position was reduced by ~75% during the quarter at prices between $12.40 and $28.50. The stake is now at 1.17% of the portfolio.TIM Participacoes (TSU): TSU is a 0.52% portfolio stake first purchased in Q2 2014 at prices between $24 and $30. Recent activity follows. Q3 2019 saw a ~25% selling at prices between $14 and $16.40. Last quarter saw another ~55% selling at prices between $11.75 and $20. That was followed with a ~25% selling this quarter at prices between $10.50 and $15. The stock is currently trading at $13.54.Stake Increases:Bausch Health Companies (BHC) previously Valeant Pharmaceuticals: BHC position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Q4 2015 also saw a ~50% increase at prices between $70 and $182. The aggressive buying against falling prices continued in Q2 2016: ~44% increase at prices between $19 and $36. This quarter saw another ~25% stake increase at ~$16.50 per share. The stock currently trades at $17.33 and the stake has become the largest position in the portfolio at ~15%. For investors attempting to follow, BHC is a good option to consider for further research.Kept Steady:SPDR Gold Trust (GLD) and International Tower Hill Mines (THM): A huge stake in GLD was established in Q1 2009 at prices between $83 and $98 and was reduced by ~45% in 2011 at much higher prices. It was reduced by more than half in Q2 2013 as well at prices between $116 and $155. Q4 2015 and the following quarter saw a combined ~60% reduction at prices between $100 and $122. Last quarter saw another ~55% selling at prices between $138 and $158. The stock currently trades at ~$188. The remaining stake is still the third-largest at ~10% of the portfolio. THM is a 3.39% of the portfolio stake established in the 2013-2015 timeframe at a very low cost-basis. The stock is now at $1.49 and has spiked ~250% since the March lows.Note: Paulson has a ~32% ownership stake in International Tower Hill Mines.BrightSphere Investment Group (BSIG): The ~8% BSIG stake was built in Q4 2018 at prices between $10 and $13.30. Q1 2019 saw a huge ~285% stake increase at prices between $11 and $14.25. The stock currently trades below those ranges at $13.28.Note: Paulsons ownership stake in BSIG is ~25%.Endo International plc (ENDP), and Tiffany & Co (TIF): These two positions saw substantial increases last quarter. TIF is a merger-arbitrage stake. ENDP & TIF stakes are at 1% and 2.35% of the portfolio respectively.Kirkland Lake Gold (KL): KL is a small ~2% of the portfolio position established last quarter at prices between $23 and $45 and the stock currently trades well above that range at ~$54.Pretium Resources (PVG): PVG is a very small 0.64% of the portfolio stake purchased in Q4 2019 at prices between $8.70 and $12.50 and the stock currently trades at $12.33. Last quarter saw a ~7% trimming.Barrick Gold (GOLD), Overseas Shipbuilding Group (OSG), SSR Mining Inc. (SSR), and Trilogy Metals (TMQ): These small (less than ~1.25% of the portfolio each) stakes were kept steady this quarter.Note: Paulson has a ~7.3% ownership stake in Overseas Shipbuilding Group.The spreadsheet below highlights changes to Paulsons US stock holdings in Q2 2020:Regulatory filings thru 5/23/2020: 13D/A 5/21 BSIG 20M shares 24.9% of business, 13D/A 5/15 BHC 25.8M shares 7.28% of business - ~5M shares acquired at ~$16.50, 13D/A 4/13 OSG 6.3M shares 7.3% of business"

"Tracking John Paulsons Paulson & Company Portfolio Q1 2020 Update"

"John Paulsons 13F portfolio value decreased from $4.63B to $2.62B this quarter.Paulson & Company's largest three positions are Bausch Health, SPDR Gold ETF, and Horizon Therapeutics.The huge stake in SPDR Gold Trust ETF was reduced substantially during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to John Paulsons 13F stock portfolio on a quarterly basis. It is based on Paulsons regulatory filed on 05/15/2020. Please visit our to get an idea of his investment philosophy and our for the funds moves during Q4 2019.This quarter, Paulsons 13F portfolio value decreased ~43% from $4.63B to $2.62B. There are 33 13F securities in the portfolio although only 25 of them are significantly large equity holdings (more than 0.5% of the 13F portfolio). The article is focused on the larger holdings. The top five positions are Bausch Health, SPDR Gold ETF, Horizon Therapeutics, Takeda Pharma, & AngloGold Ashanti and they add up to ~47% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that, check-out the book .Note: Paulson & Company is known to have a huge position in Fannie/Freddie (FNMA) (FMCC) although the details have not been disclosed.Stake Disposals:Wellcare Health Plans (WCG): Centene acquired Wellcare Health Plans in a cash-and-stock deal (3.38 shares of Centene and $120 cash for each share of Wellcare Health Plans held) that was announced last March. Paulson bought the merger-arbitrage stake in H1 2019 at prices between $247 and $299. The position was sold down by ~85% last quarter at prices between $258 and $333. The transaction closed in January.Agnico Eagle Mines (AEM) and Caesars Entertainment (CZR): These small (less than ~1% of the portfolio each) stakes were eliminated this quarter.New Stakes:Kirkland Lake Gold (KL): KL is a small 1.69% of the portfolio position established at prices between $23 and $45 and the stock currently trades at $38.61.Stake Decreases:Allergan plc (AGN): The original AGN stake was built during the four quarters thru Q2 2015 at prices between $202 and $313. In Q4 2015 there was an about-turn: ~75% selling over the next two years at prices between $192 and $320. H2 2018 also saw a ~18% selling at prices between $131 and $192. There was an about-turn in Q2 2019: ~45% stake increase at prices between $116 and $168. Next quarter saw another ~30% stake increase at prices between $156 and $170. Earlier this month, Abbvie (ABBV) closed the transaction for Allergan (cash-and-stock deal - $120.30 cash and 0.8660 shares of ABBV for each AGN held) announced last June.SPDR Gold Trust (GLD): A huge stake in GLD was established in Q1 2009 at prices between $83 and $98 and was reduced by ~45% in 2011 at much higher prices. It was reduced by more than half in Q2 2013 as well at prices between $116 and $155. Q4 2015 and the following quarter saw a combined ~60% reduction at prices between $100 and $122. This quarter saw another ~55% selling at prices between $138 and $158. The stock currently trades at ~$163. The remaining stake is still the second-largest at ~11% of the portfolio.AngloGold Ashanti (AU): AU is a 7.20% position. It is a long-term stake that has been in the portfolio since 2009. Q4 2015 had seen a ~9% trimming while the following quarter saw a one-third reduction at prices between $7 and $14. Q2 2016 saw another ~20% reduction at prices between $13 and $18. The stock is currently at $25.45. This quarter also saw a ~11% trimming.Discovery Communications (DISCA): DISCA position saw a 320% stake increase in Q1 2018 at prices between $21.50 and $26.50. That was followed with a ~140% further increase next quarter at prices between $21 and $24. DISCA currently trades at $20.30 and the stake is now fairly large at 6.19% of the portfolio. This quarter saw a ~15% trimming.Note: Libertys John Malone said in an interview last October that he believes Discovery shares are dramatically undervalued he has been buying shares all the way from the teens to ~$28 per share.TIM Participacoes (TSU): TSU is a 0.78% portfolio stake first purchased in Q2 2014 at prices between $24 and $30. The position had remained relatively steady since. Q1 2018 saw a ~10% selling at prices between $19.50 and $22.50. Q3 2019 also saw a ~25% selling at prices between $14 and $16.40. This quarter saw another ~55% selling at prices between $11.75 and $20. The stock is currently trading at $11.43.Pretium Resources (PVG): PVG is a very small 0.52% of the portfolio stake purchased last quarter at prices between $8.70 and $12.50 and the stock currently trades near the low end of that range at $8.87. This quarter saw a ~7% trimming.Sprint (S): Sprint was a 1.67% of the portfolio position built last year at prices between $5.20 and $8. It was a merger arbitrage stake. In January, the terms of the merger with T-Mobile was adjusted: one share of T-Mobile for every 11 shares of Sprint compared to 9.75 shares agreed previously. The transaction closed last month.Barrick Gold (GOLD) and Overseas Shipbuilding Group (OSG): These two very small (less than ~1% of the portfolio each) stakes were reduced this quarter.Note: Paulson & Company has a ~7.3% ownership stake in Overseas Shipbuilding Group.Stake Increases:Novagold (NG): NG is a 7.10% of the portfolio long-term stake established in 2010. Q2 2016 saw a ~28% reduction at prices between $5 and $6.50 and that was followed with a ~13% selling in Q4 2016. This quarter saw a ~15% stake increase at prices between $5.87 and $9.51. The stock is currently at $11.57.Note: Paulson has a high cost-basis on NG and controls ~8% of the business.Endo International plc (ENDP), Tech Data Corp (TECD), and Tiffany & Co (TIF): These positions saw substantial increases this quarter. TIF and TECD are merger-arbitrage stakes.Kept Steady:Bausch Health Companies (BHC) previously Valeant Pharmaceuticals: BHC position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Q4 2015 also saw a ~50% increase at prices between $70 and $182. The aggressive buying against falling prices continued in Q2 2016: ~44% increase at prices between $19 and $36. The stock currently trades at $17.76 and the stake has become the largest position in the portfolio at 12.32%.Note: Regulatory filings since the quarter ended show them owning 25.8M shares (7.28% of the business). This is compared to 20.84M shares in the 13F Report - ~5M shares acquired at ~$16.50. For investors attempting to follow, BHC is a good option to consider for further research.Horizon Pharmaceuticals (HZNP): The 9.23% HZNP position was purchased in Q2 2017 at prices between $9.65 and $15.75 and increased by ~40% in Q4 2017 at prices between $13 and $15. There was a ~23% stake increase in Q3 2019 at prices between $23 and $28. The stock is now at $49.56.Takeda Pharma (TAK): The fairly large 7.67% TAK stake came about as a result of Takedas Shire plc acquisition in a cash-and-stock deal ($90.99 cash and 5.034 shares of TAK for each share of SHPG held). Paulson had a ~10% portfolio stake in Shire plc for which he received these shares after that transaction closed in January. Takeda currently trades at $18.93.Mylan Inc. (MYL): MYL stake is now at 6.83% of the portfolio. The original stake was purchased in Q1 2010 at prices between $17 and $23. Last significant buying was in Q2 2015: ~50% increase at prices between $58 and $76. 2017 & 2018 had seen a ~50% selling at prices between $30.50 and $47. The stock currently trades at $15.64. There was a ~9% stake increase in Q3 2019.Brightsphere Investment Group (BSIG): The 4.88% BSIG stake was built in Q4 2018 at prices between $10 and $13.30. Q1 2019 saw a huge ~285% stake increase at prices between $11 and $14.25. The stock currently trades below those ranges at $8.34.Note: Paulsons ownership stake in BSIG is ~25%.Dish Network (DISH): DISH is a 3.79% portfolio position established in Q1 2017 at prices between $58 and $64. Q2 & Q3 2017 saw a combined ~36% stake increase at prices between $52 and $66. The stock is currently well below the low end of those ranges at $29.56. There was a ~11% trimming in Q4 2017 while next quarter there was a ~19% stake increase.ViacomCBS (VIAC): Paulson had a small ~1% of the portfolio stake in Viacom as of Q3 2019. Following the ViacomCBS merger transaction, they increased the stake substantially at prices between $35.50 and $42.75. The stock currently trades well below that range at $19.59. The stake is now at 3.21% of the portfolio. For investors attempting to follow, VIAC is a good option to consider for further research.Pacira Biosciences (PCRX): The 2.20% PCRX stake was built in Q2 & Q3 2019 at prices between $35.50 and $48 and it is now at $45.10.International Tower Hill Mines (THM), SSR Mining Inc. (SSR), and Trilogy Metals (TMQ): These small (less than ~1% of the portfolio each) stakes were kept steady this quarter.Note 1: Paulson has a ~32% ownership stake in International Tower Hill Mines.Note 2: Although the position size relative to the size of the portfolio is very small, it is significant that Paulson owns ~10.5% of Synthesis Energy Systems (SES).The spreadsheet below highlights changes to Paulsons US stock holdings in Q1 2020:Regulatory filings thru 2/19/2020: 13G/A 2/14 SES 166K shares 10.5% of business, Form 4 2/7 TMQ 14.33M shares - ~159K shares acquired and disposed at ~$2.30. 13D/A 12/5 BSIG 20M shares 23.2% of business. 13D/A 11/18 CPE 10.34M shares 4.5% of business - ~10.5M shares sold at ~$4.40."

"Tracking John Paulsons Paulson & Company Portfolio Q4 2019 Update"

"John Paulsons 13F portfolio value decreased from $4.99B to $4.63B this quarter.Paulson & Company's largest three positions are Bausch Health, SPDR Gold ETF, and Allergan plc.The ViacomCBS stake was substantially increased during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to John Paulsons 13F stock portfolio on a quarterly basis. It is based on Paulsons regulatory filed on 02/14/2020. Please visit our to get an idea of his investment philosophy and our for the funds moves during Q3 2019.This quarter, Paulsons 13F portfolio value decreased ~7% from $4.99B to $4.63B. There are 37 13F securities in the portfolio although only 23 of them are significantly large equity holdings (more than 0.5% of the 13F portfolio). The article is focused on the larger holdings. The top five positions are Bausch Health, SPDR Gold ETF, Allergan plc, Discovery Communications, & Horizon Therapeutics and they add up to ~51% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that, check-out the book .Note: Paulson & Company is known to have a huge position in Fannie/Freddie (FNMA) (FMCC) although the details have not been disclosed.Stake Disposals:Callon Petroleum (CPE) and Presidio Inc. (PCRX): The 1.88% CPE stake was purchased last quarter at prices between ~$4 and ~$5.50 and disposed this quarter at prices between $3.60 and $4.85. The stock currently trades at $2.85. PSDO was a small 0.90% of the portfolio merger-arbitrage stake established last quarter. They went private in a $16 all-cash deal that closed in December.Note: Callon Petroleum is merging with Carrizo Oil & Gas (CRZO).Altaba Inc. (AABA) previously Yahoo: The ~3% AABA stake was established in Q2 2017 at prices between $46 and $56 and increased by ~42% the following quarter at prices between $54.50 and $67.50. Q4 2017 saw an about turn: ~55% reduction at prices between $65 and $73. There was a ~23% stake increase in Q4 2018 at prices between $55.50 and $67 and that was followed with a ~12% increase in Q1 2019. Next quarter saw a ~20% selling at prices between $59 and $79. There was a ~300% stake increase last quarter. Last September, shareholders received a pre-dissolution distribution of $51.50 per share. The stock is no longer traded.Spark Therapeutics (ONCE): ONCE is a merger-arbitrage stake established in Q2 2019 at prices between $97.50 and $114. There was a ~90% stake increase last quarter at prices between $96 and $106. Roche (RHHBY) acquired Spark Therapeutics in a $114.50 all-cash deal that closed in December.Celgene Corp (CELG): CELG was a large (top five) 6.35% merger-arbitrage stake established in Q1 2019. Bristol Myers Squibb bought Celgene in a cash-and-stock deal ($50 cash and 1 share of BMY for each share of CELG held) that closed in November.International Seaways (INSW): INSW position came about as a result of its spinoff from Overseas Shipholding Group (OSG) that started regular-way trading in December 2016 at ~$15 per share. It is now at $20.25. There was ~6% trimming in Q2 2017 and that was followed with ~18% selling in H2 2018 at prices between $16 and $24. Last three quarters had seen another ~75% selling at prices between $15 and $20. The remainder stake was disposed this quarter at prices between $19.50 and $30.Lyft Inc. (LYFT): LYFT was a 2.77% of the portfolio position. It had an IPO last March. Shares started trading at ~$78 and currently goes for ~$44.70. Paulson was an early investor in Lyft having participated in funding rounds prior to the IPO. Last quarter saw the position reduced to a minutely small stake at prices between $41 and $67.50. The remainder stake was disposed this quarter.PG&E Corp (PCG): The very small ~0.50% of the portfolio stake in PCG was purchased in Q2 2019 at prices between $17 and $24. Last quarter saw a ~13% trimming and the disposal this quarter was at prices between $3.75 and $12.25. The stock is now at $17.92.Sothebys (BID): BID was a medium-sized merger-arbitrage stake established in Q2 2019. It was taken private at $57 per share by a group headed by Patrick Drahi.Tesla (TSLA) Puts: The 2.41% of the portfolio short stake in TSLA thru Puts was established in Q2 2019 as the stock traded between $179 and $292. It currently trades at $901. This quarter saw the stake disposed as the underlying traded between ~$230 and ~$430.Versum Materials (VSM): The very small ~1% portfolio stake was eliminated during the quarter as the business got acquired by Merck KGaA for $53 per share cash in a transaction that closed in October.New Stakes:Pretium Resources (PVG): PVG is a very small 0.62% of the portfolio stake purchased this quarter at prices between $8.70 and $12.50 and the stock currently trades well below that range at $7.81.Stake Decreases:Allergan plc (AGN): AGN was a minutely small 0.29% of the 13F portfolio position in Q2 2014. The following two quarters saw a ~420% increase at prices between $202 and $271. Q2 2015 saw a further ~27% increase at prices between $283 and $313. In Q4 2015 there was an about-turn: a combined ~75% selling over the next two years at prices between $192 and $320. H2 2018 also saw a ~18% selling at prices between $131 and $192. There was an about-turn in Q2 2019: ~45% stake increase at prices between $116 and $168. Last quarter saw another ~30% stake increase at prices between $156 and $170. The stock is now at ~$200 and it is now a top three position at ~11% of the portfolio. This quarter saw a ~9% trimming.Note: Abbvie (ABBV) is buying Allergan in a cash-and-stock deal ($120.30 cash and 0.8660 shares of ABBV for each AGN held) announced last June.Wellcare Health Plans (WCG): Centene acquired Wellcare Health Plans in a cash-and-stock deal (3.38 shares of Centene and $120 cash for each share of Wellcare Health Plans held) that was announced last March. Paulson bought the merger-arbitrage stake in H1 2019 at prices between $247 and $299. The position was sold down by ~85% this quarter at prices between $258 and $333. The transaction closed last month.Caesars Entertainment (CZR): The minutely small 0.35% stake was reduced by ~60% during the quarter.Stake Increases:ViacomCBS (VIAC): Paulson had a small ~1% of the portfolio stake in Viacom as of last quarter. Following the ViacomCBS merger transaction, they increased the stake substantially to 5.44% of the portfolio at prices between $35.50 and $42.75. The stock currently trades well below that range at $28.26. For investors attempting to follow, VIAC is a good option to consider for further research.Sprint (S): Sprint is a 1.80% of the portfolio position built at prices between $5.50 and $8. The stock is now at $10.05. There was a ~27% stake increase this quarter at prices between $5.19 and $6.50.Note: Earlier this week, the terms of the merger with T-Mobile was adjusted so that Sprint shareholders will receive one share of T-Mobile for every 11 shares of Sprint. This is compared to 9.75 shares agreed previously.Barrick Gold (GOLD): GOLD is a very small 0.82% of the portfolio stake established in Q2 2019. There were marginal increases over the last two quarters.Kept Steady:Bausch Health Companies (BHC) previously Valeant Pharmaceuticals: BHC position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Q4 2015 also saw a ~50% increase at prices between $70 and $182. The aggressive buying against falling prices continued in Q2 2016: ~44% increase at prices between $19 and $36. The stock currently trades at $26.50 and the stake has become the largest position in the portfolio at 13.46%.Note: Paulson controls ~6% of Bausch Health.SPDR Gold Trust (GLD): GLD was Paulsons largest position by far at ~19% of the 13F portfolio as of Q1 2013. The original stake was established in Q1 2009 at prices between $83 and $98 and was reduced by ~45% in 2011 at much higher prices. It was reduced by more than half in Q2 2013 as well at prices between $116 and $155. Q4 2015 and the following quarter saw a combined ~60% reduction at prices between $100 and $122. The stock currently trades at ~$155. The remaining stake is still the second-largest at 13.33% of the portfolio.Discovery Communications (DISCA): DISCA position saw a 320% stake increase in Q1 2018 at prices between $21.50 and $26.50 while next quarter there was a ~140% further increase at prices between $21 and $24. DISCA currently trades at $29.20 and the stake is now fairly large (top five) at 7.19% of the portfolio. There was a ~22% stake increase in Q3 2017 at prices between $25.50 and $32.25.Note: Libertys John Malone said in an interview in October that he believes Discovery shares are dramatically undervalued he has been buying shares all the way from the teens to ~$28 per share.Horizon Pharmaceuticals (HZNP): The 6.38% HZNP position was purchased in Q2 2017 at prices between $9.65 and $15.75 and increased by ~40% in Q4 2017 at prices between $13 and $15. The stock is now at $35.50. There was a ~23% stake increase last quarter at prices between $23 and $28.AngloGold Ashanti (AU): AU is a 6.16% position. It is a long-term stake that has been in the portfolio since 2009. Q4 2015 had seen a ~9% trimming while the following quarter saw a one-third reduction at prices between $7 and $14. Q2 2016 saw another ~20% reduction at prices between $13 and $18. The stock is currently at $22.13.Note: Paulson controls ~3% of AngloGold Ashanti.Takeda Pharma (TAK): The fairly large 5.64% TAK stake came about as a result of Takedas Shire plc acquisition in a cash-and-stock deal ($90.99 cash and 5.034 shares of TAK for each share of SHPG held). Paulson had a ~10% portfolio stake in Shire plc for which he received these shares after that transaction closed in January. Takeda currently trades at $18.79.Mylan Inc. (MYL): MYL stake is now at 5.21% of the portfolio. The original stake was purchased in Q1 2010 at prices between $17 and $23. Last significant buying was in Q2 2015: ~50% increase at prices between $58 and $76. 2017 & 2018 had seen a ~50% selling at prices between $30.50 and $47. The stock currently trades at $21.15. There was a ~9% stake increase last quarter.Brightsphere Investment Group (BSIG): The 4.41% BSIG stake was built in Q4 2018 at prices between $10 and $13.30. Q1 2019 saw a huge ~285% stake increase at prices between $11 and $14.25. The stock currently trades below those ranges at $10.95.Note: Paulsons ownership stake in BSIG is ~23%.Novagold (NG): NG is a 4.25% of the portfolio long-term stake established in 2010. Q2 2016 saw a ~28% reduction at prices between $5 and $6.50 and that was followed with a ~13% selling in Q4 2016. The stock is currently at $9.41.Note: Paulson has a high cost-basis on NG and controls ~7% of the business.Dish Network (DISH): DISH is a 3.81% portfolio position established in Q1 2017 at prices between $58 and $64. Q2 & Q3 2017 saw a combined ~36% stake increase at prices between $52 and $66. The stock is currently well below the low end of those ranges at $40.73. There was a ~11% trimming in Q4 2017 while next quarter there was a ~19% stake increase.Pacira Biosciences (PCRX): The 1.68% PCRX stake was built in Q2 & Q3 2019 at prices between $35.50 and $48 and it is now at $48.49.TIM Participacoes (TSU): TSU is a 1.53% portfolio stake first purchased in Q2 2014 at prices between $24 and $30. The position had remained relatively steady since. Q1 2018 saw a ~10% selling at prices between $19.50 and $22.50. Last quarter also saw a ~25% selling at prices between $14 and $16.40. The stock is currently trading at $19.29.Agnico Eagle Mines (AEM), Endo International plc (ENDP), International Tower Hill Mines (THM), and Trilogy Metals (TMQ): These small (less than ~1% of the portfolio each) stakes were kept steady this quarter.Note 1: Paulson has a ~32% ownership stake in International Tower Hill Mines.Note 2: Although the position size relative to the size of the portfolio is very small, it is significant that Paulson owns ~10.5% of Synthesis Energy Systems (SES).The spreadsheet below highlights changes to Paulsons US stock holdings in Q4 2019:Regulatory filings thru 11/26/2019: 13D/A 11/18 CPE Callon Petroleum 10.34M shares 4.5% of business, 13D/A 11/6 21.59M shares 9.5% of business. 13D/A 10/22 letter to board, 13D/A 9/10 letter to mgmt. has details on stake establishment in the $4 to $5.5 price range. Form 4 10/21 & 10/24 Synthesis Energy SYMX warrants exercise & disposal,11/18 - Callon Petroleum truce no longer opposed to Carrizo Oil & Gas merger but reduced position."

"Tracking John Paulsons Paulson & Company Portfolio Q3 2019 Update"

"John Paulsons 13F portfolio value decreased from $5.88B to $4.99B this quarter.Paulson & Company's largest three positions are SPDR Gold ETF, Allergan plc, and Bausch Health.The large long position in SPDR Gold Trust ETF is maintained.This article is part of a series that provides an ongoing analysis of the changes made to John Paulsons 13F stock portfolio on a quarterly basis. It is based on Paulsons regulatory filed on 11/14/2019. Please visit our to get an idea of his investment philosophy and our for the funds moves during Q2 2019.This quarter, Paulsons 13F portfolio value decreased ~15% from $5.88B to $4.99B. There are 45 13F securities in the portfolio although only 33 of them are significantly large equity holdings (more than 0.5% of the 13F portfolio). The article is focused on the larger holdings. The top five positions are SPDR Gold ETF, Allergan plc, Bausch Health, Celgene Corp, and Discovery Communications and they add up to ~43% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that, check-out the book .Note: Paulson & Company is known to have a huge position in Fannie/Freddie (FNMA) (FMCC) although the details have not been disclosed.Stake Disposals:Anadarko Petroleum (APC), Array Biopharma (ARRY), and Red Hat Inc. (RHT): These were merger-arbitrage stakes that got eliminated as the deals closed during the quarter. APC was a large 5.18% established last quarter. Occidental Petroleum (OXY) agreed to acquire Anadarko in a cash-and-stock deal ($59 cash and 0.2934 shares of OXY for each APC held) announced in May. The transaction closed in August. ARRY was a medium-sized 2.58% stake established last quarter. Pfizer (PFE) acquired Array Biopharma in a $48 per share all-cash deal announced in June. The transaction closed the following month. RHT was a small 0.61% of the portfolio stake established in Q4 2018 and increased by ~12% next quarter. In October, IBM agreed to buy Red Hat for $190 per share cash and that transaction closed in July.T-Mobile US (TMUS): A 2.46% portfolio stake in TMUS was purchased in Q1 2017 at prices between $56.60 and $65 and increased by ~46% the following quarter at prices between $60 and $68. The three quarters thru Q1 2018 had seen a combined ~37% selling at prices between $55 and $65.50 and that was followed with a similar reduction in Q3 2018 at prices between $58 and $70.50. Q4 2018 also saw a ~20% selling at prices between $61 and $70. The stock is now at ~$79. This quarter saw the position sold out at prices between $74 and $84.Vaneck Vectors Gold Miners (GDX) Puts: The vast majority of the 2.82% Short position in GDX thru Puts was purchased last quarter as the underlying traded between $20 and $26. GDX currently trades at $26.66. The stake was disposed this quarter as the underlying traded between $24.50 and $31.Stewart Information Services (STC) and Tribune Media (TRCO): The minutely small ~0.50% portfolio stakes were disposed during the quarter.New Stakes:Callon Petroleum (CPE) and Presidio Inc. (PCRX): The 1.88% CPE stake was purchased this quarter at prices between ~$4 and ~$5.50 and the stock currently trades at $3.81. PSDO is a small 0.90% of the portfolio merger-arbitrage stake established this quarter. They are going private in a $16 all-cash deal.Note: Callon Petroleum is merging with Carrizo Oil & Gas (CRZO). Paulson initially opposed the merger and Callon cut the CRZO offer from $1.2B to $723M. Earlier this month Paulson said they are no longer opposed to the merger, but has chosen to reduce the position (sold more than half the original position). Their current stake is currently at ~4.5% of the business.Stake Decreases:Celgene Corp (CELG): CELG was a large (top five) 6.35% merger-arbitrage stake established in Q1 2019. Bristol Myers Squibb bought Celgene in a cash-and-stock deal ($50 cash and 1 share of BMY for each share of CELG held) that closed last week.Wellcare Health Plans (WCG): Centene is acquiring Wellcare Health Plans in a cash-and-stock deal (3.38 shares of Centene and $120 cash for each share of Wellcare Health Plans held) that was announced in late March. WCG is currently at ~$322. Paulson bought the merger-arbitrage stake in July and increased it by ~85% during the quarter at prices between $247 and $299. There was a ~5% trimming this quarter.Tesla (TSLA) Puts: The 2.41% of the portfolio short stake in TSLA thru Puts was established last quarter as the stock traded between $179 and $292. It currently trades at $331. This quarter saw a ~7% trimming.Sothebys (BID): BID was a medium-sized merger-arbitrage stake established last quarter. It was taken private at $57 per share by a group headed by Patrick Drahi.TIM Participacoes (TSU): TSU is a ~1% portfolio stake first purchased in Q2 2014 at prices between $24 and $30. The position had remained relatively steady since. Q1 2018 saw a ~10% selling at prices between $19.50 and $22.50. The stock is currently trading below those ranges at $16. This quarter saw a ~25% selling at prices between $14 and $16.40.PG&E Corp (PCG): The very small ~0.50% of the portfolio stake in PCG was purchased last quarter at prices between $17 and $24. It is now at $7.55. This quarter saw a ~13% trimming.International Seaways (INSW): INSW position came about as a result of its spinoff from Overseas Shipholding Group (OSG) that started regular-way trading in December 2016 at ~$15 per share. It is now at $17.22. There was ~6% trimming in Q2 2017 and that was followed with ~18% selling in H2 2018 at prices between $16 and $24. Last three quarters have seen another ~75% selling at prices between $15 and $20.Lyft Inc. (LYFT): LYFT was a 2.77% of the portfolio position. It had an IPO in March. Shares started trading at ~$78 and currently goes for ~$50. Paulson was an early investor in Lyft having participated in funding rounds prior to the IPO. This quarter saw the position reduced to a minutely small stake at prices between $41 and $67.50. Lyft currently trades at $49.37.Stake Increases:Allergan plc (AGN): AGN was a minutely small 0.29% of the 13F portfolio position in Q2 2014. The following two quarters saw a ~420% increase at prices between $202 and $271. Q2 2015 saw a further ~27% increase at prices between $283 and $313. In Q4 2015 there was an about-turn: a combined ~75% selling over the next two years at prices between $192 and $320. H2 2018 also saw a ~18% selling at prices between $131 and $192. There was an about-turn last quarter: ~45% stake increase at prices between $116 and $168. This quarter saw another ~30% stake increase at prices between $156 and $170. The stock is now at ~$185 and it is now a top three position at ~10% of the portfolio.Note: Abbvie (ABBV) is buying Allergan in a cash-and-stock deal ($120.30 cash and 0.8660 shares of ABBV for each AGN held) announced in June.Mylan Inc. (MYL): MYL stake is now at 4.76% of the portfolio. The original stake was purchased in Q1 2010 at prices between $17 and $23. Last significant buying was in Q2 2015: ~50% increase at prices between $58 and $76. 2017 & 2018 had seen a ~50% selling at prices between $30.50 and $47. The stock currently trades near the low end of those ranges at $18.78. There was a ~9% stake increase this quarter.Horizon Pharmaceuticals (HZNP): The 4.46% HZNP position was purchased in Q2 2017 at prices between $9.65 and $15.75 and increased by ~40% in Q4 2017 at prices between $13 and $15. The stock is now at $32.57. There was a ~23% stake increase this quarter at prices between $23 and $28.Altaba Inc. (AABA) previously Yahoo: The ~3% AABA stake was established in Q2 2017 at prices between $46 and $56 and increased by ~42% the following quarter at prices between $54.50 and $67.50. Q4 2017 saw an about turn: ~55% reduction at prices between $65 and $73. There was a ~23% stake increase in Q4 2018 at prices between $55.50 and $67 and that was followed with a ~12% increase in Q1 2019. Last quarter saw a ~20% selling at prices between $59 and $79. In September, shareholders received a pre-dissolution distribution of $51.50 per share. There was a ~300% stake increase this quarter.Spark Therapeutics (ONCE): ONCE is a merger-arbitrage stake established last quarter at prices between $97.50 and $114 and the stock currently trades at ~$111. There was a ~90% stake increase this quarter at prices between $96 and $106. Roche (RHHBY) is acquiring Spark Therapeutics in a $114.50 all-cash deal announced in February.Pacira Biosciences (PCRX) and Sprint (S): These two small positions were increased substantially over the last two quarters. The 1.31% PCRX stake was built at prices between $35.50 and $48 and it is now at $45.65. Sprint is a 1.56% of the portfolio position built at prices between $5.50 and $8. The stock is now at $5.91.Viacom (VIAB): The ~1% VIAB position saw a ~160% stake increase in Q1 2018 at prices between $29 and $34. Q4 2018 saw a ~50% selling at prices between $25 and $34. There was a ~63% stake increase this quarter at prices between $24 and $32. The stock is now near the low end of those ranges at $24.13.Barrick Gold (GOLD): GOLD is a minutely small 0.71% of the portfolio stake established last quarter. There was a marginal increase this quarter.Kept Steady:SPDR Gold Trust (GLD): GLD was Paulsons largest position by far at ~19% of the 13F portfolio as of Q1 2013. The original stake was established in Q1 2009 at prices between $83 and $98 and was reduced by ~45% in 2011 at much higher prices. It was reduced by more than half in Q2 2013 as well at prices between $116 and $155. Q4 2015 and the following quarter saw a combined ~60% reduction at prices between $100 and $122. The stock currently trades at ~$137. The remaining stake is still the largest at ~12% of the portfolio.Bausch Health Companies (BHC) previously Valeant Pharmaceuticals: BHC position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Q4 2015 also saw a ~50% increase at prices between $70 and $182. The aggressive buying against falling prices continued in Q2 2016: ~44% increase at prices between $19 and $36. The stock currently trades at $28.17 and the stake has become the third-largest position in the portfolio at ~9%.Note: Paulson controls ~6% of Bausch Health.Discovery Communications (DISCA): DISCA position saw a 320% stake increase in Q1 2018 at prices between $21.50 and $26.50 while next quarter there was a ~140% further increase at prices between $21 and $24. DISCA currently trades at $33.12 and the stake is now fairly large (top five) at 5.39% of the portfolio. There was a ~22% stake increase in Q3 2017 at prices between $25.50 and $32.25.Note: Libertys John Malone said in an interview earlier this month that he believes Discovery shares are dramatically undervalued he has been buying shares all the way from the teens to ~$28 per share.AngloGold Ashanti (AU): AU is a 4.68% position. It is a long-term stake that has been in the portfolio since 2009. Q4 2015 had seen a ~9% trimming while the following quarter saw a one-third reduction at prices between $7 and $14. Q2 2016 saw another ~20% reduction at prices between $13 and $18. The stock is currently at $18.49.Note: Paulson controls ~3% of AngloGold Ashanti.Takeda Pharma (TAK): The fairly large 4.56% TAK stake came about as a result of Takedas Shire plc acquisition in a cash-and-stock deal ($90.99 cash and 5.034 shares of TAK for each share of SHPG held). Paulson had a ~10% portfolio stake in Shire plc for which he received these shares after that transaction closed in January. Takeda currently trades at $20.55.Brightsphere Investment Group (BSIG): The ~4% BSIG stake was built in Q4 2018 at prices between $10 and $13.30. Q1 2019 saw a huge ~285% stake increase at prices between $11 and $14.25. The stock currently trades below those ranges at $9.40.Note: Paulsons ownership stake in BSIG is ~22%.Dish Network (DISH): DISH is a 3.39% portfolio position established in Q1 2017 at prices between $58 and $64. Q2 & Q3 2017 saw a combined ~36% stake increase at prices between $52 and $66. The stock is currently well below the low end of those ranges at $34.74. There was a ~11% trimming in Q4 2017 while next quarter there was a ~19% stake increase.Novagold (NG): NG is a 2.21% of the portfolio long-term stake established in 2010. Q2 2016 saw a ~28% reduction at prices between $5 and $6.50 and that was followed with a ~13% selling in Q4 2016. The stock is currently at $6.75.Note: Paulson has a high cost-basis on NG and controls ~7% of the business.Agnico Eagle Mines (AEM), Caesars Entertainment (CZR), Endo International plc (ENDP), International Tower Hill Mines (THM), Trilogy Metals (TMQ), and Versum Materials (VSM): These small (less than ~1% of the portfolio each) stakes were kept steady this quarter.Note: Paulson has a ~32% ownership stake in International Tower Hill Mines.The spreadsheet below highlights changes to Paulsons US stock holdings in Q3 2019:Regulatory filings thru 8/28/2019: 13D/A 7/3 INSW 1.46M shares 5% of business reduction at ~$20 per share average. Form 4 6/28 TMQ 14.33M shares 2.76M shares acquired @ $1.52 thru warrant execution."

"Tracking John Paulsons Paulson & Company Portfolio Q2 2019 Update"

"John Paulsons 13F portfolio value increased from $4.59B to $5.88B this quarter.Paulson & Company's largest three positions are SPDR Gold ETF, Bausch Health, and Allergan plc.Paulson added short positions in Tesla and Vaneck Gold Miner ETF by purchasing Puts. The large long position in SPDR Gold Trust ETF is maintained.This article is part of a series that provides an ongoing analysis of the changes made to John Paulsons 13F stock portfolio on a quarterly basis. It is based on Paulsons regulatory filed on 08/14/2019. Please visit our to get an idea of his investment philosophy and our for the funds moves during Q1 2019.This quarter, Paulsons 13F portfolio value increased ~24% from $4.59B to $5.88B. There are 51 13F securities in the portfolio although only 38 of them are significantly large equity holdings (more than 0.5% of the 13F portfolio). The article is focused on the larger holdings. The top five positions are SPDR Gold ETF, Bausch Health, Allergan plc, Discovery Communications, Celgene Corp and they add up to ~36% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that, check-out the book .Note: Paulson & Company is known to have a huge position in Fannie/Freddie (FNMA) (FMCC) although the details have not been disclosed.Stake Disposals:Fox Corp (FOX): The original position was a merger-arbitrage stake in Twenty First Century Fox purchased in Q2 2018 at prices between $35.70 and $50. Q4 2018 saw a ~85% stake increase at prices between $44.50 and $49.50. In December 2017, Walt Disney Company (DIS) agreed to acquire the film & entertainment assets of Twenty First Century Fox and that transaction closed this March. What remained (broadcasting networks and stations, news channel, business network, and Sports FS1 & FS2, Fox Deportes, and Big Ten Network) became Fox Corp. Terms of the transaction were ~$38 per share in cash or Disney stock subject to collar and one-third of one-share of new Fox for each share of Twenty First Century Fox. The stake was eliminated this quarter at prices between $33.50 and $39. The stock is currently at $32.45.Centene Corp (CNC): Centene is acquiring Wellcare Health Plans in a cash-and-stock deal (3.38 shares of Centene and $120 cash for each share of Wellcare Health Plans held) that was announced in late March. WCG & CNC currently trade at ~$270 and $46.32 respectively. Last quarter, Paulson built almost equal positions in both. The Centene stake was disposed this quarter.Travelport Worldwide (TVPT): Travelport went private at $15.75 per share in a transaction that closed in May. The transaction was announced last December and Paulsons 1.33% merger-arbitrage stake came about soon after.Bristol Myers Squibb (BMY) Calls and First Data Corp: These were very small new stakes (less than ~1% of the portfolio each) established last quarter. First Data Corp got acquired by Fiserv (FISV) in an all-stock deal (0.303 shares of FISV for each share First Data Corp held) and that transaction closed last month. Bristol Myers Squibb is acquiring Celgene. Paulson acquired a large ~5% stake in Celgene and a small ~1% stake in BMY thru calls last quarter. The calls were disposed this quarter.New Stakes:Anadarko Petroleum (APC): APC was a large 5.18% merger-arbitrage stake established this quarter. Occidental Petroleum (OXY) agreed to acquire Anadarko in a cash-and-stock deal ($59 cash and 0.2934 shares of OXY for each APC held) announced in May. The transaction closed earlier this month.Sothebys (BID) and Array Biopharma (ARRY): BID and ARRY are medium-sized merger-arbitrage stakes established this quarter. BID is being taken private at $57 per share by a group headed by Patrick Drahi. Pfizer (PFE) is acquiring Array Biopharma in a $48 per share all-cash deal announced in June.Tesla (TSLA) Puts: The ~2% of the portfolio short stake in TSLA thru Puts was established this quarter as the stock traded between $179 and $292. It currently trades at $222.Spark Therapeutics (ONCE) and PG&E Corp (PCG): ONCE is a merger-arbitrage stake established this quarter at prices between $97.50 and $114 and the stock currently trades at ~$100. Roche (RHHBY) is acquiring Spark Therapeutics in a $114.50 all-cash deal announced in February. The ~1% of the portfolio stake in PCG was purchased at prices between $17 and $24 and the it is now at $10.43.Stake Decreases:Altaba Inc. (AABA) previously Yahoo: The 2.24% AABA stake was established in Q2 2017 at prices between $46 and $56 and increased by ~42% the following quarter at prices between $54.50 and $67.50. Q4 2017 saw an about turn: ~55% reduction at prices between $65 and $73. There was a ~23% stake increase in Q4 2018 at prices between $55.50 and $67 and that was followed with a ~12% increase last quarter. This quarter saw a ~20% selling at prices between $59 and $79. It is now at $69.48.Red Hat Inc. (RHT): RHT was a 0.61% of the portfolio merger arbitrage stake established in Q4 2018 and increased by ~12% last quarter. In October, IBM agreed to buy Red Hat for $190 per share cash and that transaction closed last month.International Seaways (INSW): INSW position came about as a result of its spinoff from Overseas Shipholding Group (OSG) that started regular-way trading in December 2016 at ~$15 per share. It is now at $17.22. There was ~6% trimming in Q2 2017 and that was followed with ~18% selling in H2 2018 at prices between $16 and $24. Last two quarters have seen another ~45% selling at prices between $16.50 and $20.25.Note: Paulson controls ~5% of International Seaways.Stewart Information Services (STC): The minutely small 0.37% portfolio stake in STC saw a ~10% trimming during the quarter.Stake Increases:Allergan plc (AGN): AGN was a minutely small 0.29% of the 13F portfolio position in Q2 2014. The following two quarters saw a ~420% increase at prices between $202 and $271. Q2 2015 saw a further ~27% increase at prices between $283 and $313. In Q4 2015 there was an about-turn: a combined ~75% selling over the next two years at prices between $192 and $320. H2 2018 also saw a ~18% selling at prices between $131 and $192. There was an about-turn this quarter: ~45% stake increase at prices between $116 and $168. The stock is now at ~$160 and the stake is at 6.40% of the portfolio.Note: Abbvie (ABBV) is buying Allergan in a cash-and-stock deal ($120.30 cash and 0.8660 shares of ABBV for each AGN held) announced in June.Celgene Corp (CELG): CELG is a large (top five) 5.26% merger-arbitrage stake established last quarter. Bristol Myers Squibb is buying Celgene in a cash-and-stock deal ($50 cash and 1 share of BMY for each share of CELG held). CELG currently trades at $97.11. There was a marginal stake increase during the quarter.Wellcare Health Plans (WCG): Centene is acquiring Wellcare Health Plans in a cash-and-stock deal (3.38 shares of Centene and $120 cash for each share of Wellcare Health Plans held) that was announced in late March. WCG is currently at ~$270. Paulson bought the merger-arbitrage stake last month and increased it by ~85% during the quarter at prices between $247 and $299.Vaneck Vectors Gold Miners (GDX) Puts: The vast majority of the 2.82% Short position in GDX thru Puts was purchased during this quarter as the underlying traded between $20 and $26. GDX currently trades at $29.66.Pacira Biosciences (PCRX), Sprint (S), Trilogy Metals (TMQ), and Versum Materials (VSM): These small (less than ~1% of the portfolio each) positions were increased during the quarter. The TMQ increase was due to the execution of warrants at $1.52 per share.Kept Steady:SPDR Gold Trust (GLD): GLD was Paulsons largest position by far at ~19% of the 13F portfolio as of Q1 2013. The original stake was established in Q1 2009 at prices between $83 and $98 and was reduced by ~45% in 2011 at much higher prices. It was reduced by more than half in Q2 2013 as well at prices between $116 and $155. Q4 2015 and the following quarter saw a combined ~60% reduction at prices between $100 and $122. The stock currently trades at ~$144. The remaining stake is still the largest at ~10% of the portfolio.Bausch Health Companies (BHC) previously Valeant Pharmaceuticals: BHC position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Q4 2015 also saw a ~50% increase at prices between $70 and $182. The aggressive buying against falling prices continued in Q2 2016: ~44% increase at prices between $19 and $36. The stock currently trades near the low end of those ranges at $21.51 and the stake has become the second-largest position in the portfolio at ~9%.Note: Paulson controls ~6% of Bausch Health.Discovery Communications (DISCA): DISCA position saw a 320% stake increase in Q1 2018 at prices between $21.50 and $26.50 while next quarter there was a ~140% further increase at prices between $21 and $24. DISCA currently trades at $27.73 and the stake is now fairly large (top five) at 5.28% of the portfolio. There was a ~22% stake increase in Q3 2017 at prices between $25.50 and $32.25. Last two quarters had seen a combined ~12% trimming.Takeda Pharma (TAK): The fairly large ~4% TAK stake came about as a result of Takedas Shire plc acquisition in a cash-and-stock deal ($90.99 cash and 5.034 shares of TAK for each share of SHPG held). Paulson had a ~10% portfolio stake in Shire plc for which he received these shares after that transaction closed in January. Takeda currently trades at $16.56.Brightsphere Investment Group (BSIG): The ~4% BSIG stake was built in Q4 2018 at prices between $10 and $13.30. Last quarter saw a huge ~285% stake increase at prices between $11 and $14.25. The stock currently trades below those ranges at $9.06.Note: Paulsons ownership stake in BSIG is ~22%.AngloGold Ashanti (AU): AU is a 3.87% position. It is a long-term stake that has been in the portfolio since 2009. Q4 2015 had seen a ~9% trimming while the following quarter saw a one-third reduction at prices between $7 and $14. Q2 2016 saw another ~20% reduction at prices between $13 and $18. The stock is currently at $22.54.Note: Paulson controls ~3% of AngloGold Ashanti.Mylan Inc. (MYL): MYL stake is now at 3.56% of the portfolio. The original stake was purchased in Q1 2010 at prices between $17 and $23. Last significant buying was in Q2 2015: ~50% increase at prices between $58 and $76. 2017 & 2018 had seen a ~50% selling at prices between $30.50 and $47. The stock currently trades near the low end of those ranges at $19.90.Dish Network (DISH): DISH is a 3.25% portfolio position established in Q1 2017 at prices between $58 and $64. Q2 & Q3 2017 saw a combined ~36% stake increase at prices between $52 and $66. The stock is currently well below the low end of those ranges at $33.77. There was a ~11% trimming in Q4 2017 while next quarter there was a ~19% stake increase. For investors attempting to follow Paulson, DISH is a good option to consider for further research.Lyft Inc. (LYFT): LYFT is a 2.77% of the portfolio position. LYFT had an IPO in March. Shares started trading at ~$78 and currently goes for ~$50. Paulson is an early investor in Lyft having participated in funding rounds prior to the IPO.Horizon Pharmaceuticals (HZNP): The 2.73% HZNP position was purchased in Q2 2017 at prices between $9.65 and $15.75 and increased by ~40% in Q4 2017 at prices between $13 and $15. The stock is now at $27.55. There was a ~3% trimming in Q1 2018 and that was followed with a ~7% selling in Q3 2018. Last quarter also saw a ~7% trimming.T-Mobile US (TMUS): The 2.46% portfolio stake in TMUS was purchased in Q1 2017 at prices between $56.60 and $65 and increased by ~46% the following quarter at prices between $60 and $68. The three quarters thru Q1 2018 had seen a combined ~37% selling at prices between $55 and $65.50 and that was followed with a similar reduction in Q3 2018 at prices between $58 and $70.50. Q4 2018 also saw a ~20% selling at prices between $61 and $70. The stock is now at ~$78.Novagold (NG): NG is a 2.21% of the portfolio long-term stake established in 2010. Q2 2016 saw a ~28% reduction at prices between $5 and $6.50 and that was followed with a ~13% selling in Q4 2016. The stock is currently at $7.42.Note: Paulson has a high cost-basis on NG and controls ~7% of the business.TIM Participacoes (TSU): TSU is a 1.27% portfolio stake first purchased in Q2 2014 at prices between $24 and $30. The position had remained relatively steady since. Q1 2018 saw a ~10% selling at prices between $19.50 and $22.50. The stock is currently trading below those ranges at $14.59.Viacom (VIAB): The 0.67% VIAB position saw a ~160% stake increase in Q1 2018 at prices between $29 and $34. Q4 2018 saw a ~50% selling at prices between $25 and $34. The stock is now at $25.16.Endo International plc (ENDP): A very small ENDP stake was increased by almost 200% in Q1 2016 at prices between $28 and $61. The next two quarters saw a combined ~18% reduction at prices between $17 and $43. The stock is now at $2.46 and the stake is at 0.60% of the portfolio. There was a ~28% increase in Q1 2018 at prices between $5.50 and $9.Agnico Eagle Mines (AEM), Barrick Gold (ABX), Caesars Entertainment (CZR), International Tower Hill Mines (THM), and Tribune Media (TRCO): These minutely small (less than ~0.50% of the portfolio each) stakes were kept steady this quarter.Note: Paulson has a ~32% ownership stake in International Tower Hill Mines.The spreadsheet below highlights changes to Paulsons US stock holdings in Q2 2019:Regulatory Filings thru 5/22/2019: 13D/A 5/20 INSW 1.674M shares 5.7% of business, 3/22 2.02M shares reduction at ~$18 per share on the average, 3/15 2.45M shares reduction at ~$18, 13D 3/4 - BSIG 20M shares 21.7% of business, Form 3 2/27 20M shares."

"Tracking John Paulsons Paulson & Company Portfolio Q1 2019 Update"

"John Paulsons 13F portfolio value increased from $4.17B to $4.59B this quarter.Paulson & Company's largest three positions are SPDR Gold ETF, Bausch Health, and Mylan NV.Paulson increased Brightsphere Investment Group during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to John Paulsons 13F stock portfolio on a quarterly basis. It is based on Paulsons regulatory filed on 05/15/2019. Please visit our to get an idea of his investment philosophy and our for the funds moves during Q4 2018.This quarter, Paulsons 13F portfolio value increased ~7% from $4.17B to $4.59B. There are 53 13F securities in the portfolio although only 33 of them are significantly large equity holdings (more than 0.5% of the 13F portfolio). The article is focused on the larger holdings. The top five positions are SPDR Gold ETF, Bausch Health, Mylan NV, Celgene Corp and Discover Communications and they add up to ~42% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that, check-out the book .Stake Disposals:Nielsen Holdings (NLSN): NLSN was a 0.76% position established in Q3 2018 at prices between $21.75 and $32 and reduced by ~60% last quarter at prices between $22 and $28. The disposal this quarter was at prices between $23.25 and $27.50. It currently trades at $23.98.Mallinckrodt PLC (MNK): The MNK position was established in Q3 2013 at prices between $42 and $47. The seven quarters thru Q4 2017 saw a combined ~60% reduction at prices between $21 and $81 and that was followed with a ~45% selling in Q3 2018 at prices between $19 and $36. The position saw another ~70% selling last quarter at prices between $15.80 and $31.60. The disposal this quarter was at prices between $16 and $25. The stock currently trades at $9.23.Note: MNK, a July 2013 spinoff from Covidien plc started trading at around $42. Covidien plc in turn was acquired by Medtronic (MDT) in January 2015.Shire PLC ADR (SHPG): The large 9.68% SHPG stake was established in Q3 2012 at prices between $85 and $94. In Q2 2013, the position was doubled at prices between $87 and $100. The stake was since increased but in Q2 2015, the pattern reversed: combined ~57% selling in the next three years at prices between $127 and $227. Shire plc got acquired by Takeda in a stock deal valued at $195 per share in a transaction that closed in January.Twenty First Century Fox: FOX stake was first purchased in Q4 2017 at prices between $24.50 and $34.75 but was almost sold out next quarter at prices between $34 and $38.50. Q2 2018 saw the position built back up to a ~1.5% portfolio position at prices between $35.70 and $50. Last quarter saw a ~85% stake increase at prices between $44.50 and $49.50.Note: In December 2017, Walt Disney Company (DIS) agreed to acquire the film & entertainment assets of Twenty First Century Fox and that transaction closed in March. What remained became Fox Corp the assets of Fox Corp include broadcasting networks and stations, news channel, business network, and Sports FS1 & FS2, Fox Deportes, and Big Ten Network. Terms of the transaction were ~$38 per share in cash or Disney stock subject to collar and one-third of one-share of new Fox for each share of Twenty First Century Fox. DIS and FOX currently trade at ~$134 and ~$36.67 respectively.Pandora (P): P was a 1.83% portfolio position established in Q3 2018 at prices between $6.75 and $10 and increased by ~130% last quarter at prices between $5.35 and $6.40. In September, Sirius XM (SIRI) agreed to acquire Pandora in an all-stock deal (1.44 shares of SIRI for each P held) and that transaction closed in February. Sirius currently trades at $5.56.Randgold Resources: The small ~1% portfolio stake in Randgold saw a ~27% increase in Q3 2018 at prices between $61 and $77 and another ~17% increase last quarter. It was a merger arbitrage stake. Barrick Gold acquired Randgold in an all-stock deal (6.128 shares of Barrick Gold for each Randgold share held) that closed in January.Note: Barrick Gold changed their ticker symbol to GOLD from ABX after the deal for Randgold closed.Brookdale Senior Living (BKD), Imperva Inc. (IMPV), and Office Depot (ODP): These small (less than ~1% of the portfolio each) stakes were disposed during the quarter.New Stakes:Celgene Corp (CELG) and Takeda Pharma (TAK): CELG is a large (top five) 6.78% merger-arbitrage stake established this quarter. Bristol Myers Squibb is buying Celgene in a cash-and-stock deal ($50 cash and 1 share of BMY for each share of CELG held). CELG currently trades at $96.36 and BMY at $47.74. The fairly large 5.88% TAK stake came about as a result of Takedas Shire plc acquisition in a cash-and-stock deal ($90.99 cash and 5.034 shares of TAK for each share of SHPG held). Paulson had a ~10% portfolio stake in Shire plc for which he received these shares after that transaction closed in January. Paulson trimmed the position by ~10% during the quarter. Takeda currently trades at $17.48.Wellcare Health Plans (WCG) and Centene Corp (CNC): Centene is acquiring Wellcare Health Plans in a cash-and-stock deal (3.38 shares of Centene and $120 cash for each share of Wellcare Health Plans held) that was announced in late March. WCG & CNC currently trade at $278 and $56.78 respectively. Paulson has a 3.65% of the portfolio stake split almost evenly among WCG & CNC.Bristol Myers Squibb (BMY) Calls, First Data Corp (FDC), Versum Materials (VSM), Barrick Gold (ABX), and Fox Corp (FOX): These are very small new stakes (less than ~1% of the portfolio each) established this quarter.Stake Decreases:Discovery Communications (DISCA): DISCA position saw a 320% stake increase in Q1 2018 at prices between $21.50 and $26.50 while next quarter there was a ~140% further increase at prices between $21 and $24. DISCA currently trades at $27.42 and the stake is now fairly large at 6.05% of the portfolio. There was a ~22% stake increase in Q3 2017 at prices between $25.50 and $32.25. Last two quarters have seen a combined ~12% trimming.Horizon Pharmaceuticals (HZNP): The 3.84% HZNP position was purchased in Q2 2017 at prices between $9.65 and $15.75 and increased by ~40% in Q4 2017 at prices between $13 and $15. The stock is now at $25.57. There was a ~3% trimming in Q1 2018 and that was followed with a ~7% selling in Q3 2018. This quarter also saw a ~7% trimming.Travelport Worldwide (TVPT): Travelport is being taken private at $15.75 per share in a transaction announced in December. The stock is now at $14.85. The share price dropped earlier this week due to concerns that the deal might fall thru.International Seaways (INSW): INSW position came about as a result of its spinoff from Overseas Shipholding Group (OSG) that started regular-way trading in December 2016 at ~$15 per share. It is now at $19.60. There was ~6% trimming in Q2 2017 and that was followed with ~18% selling over the last two quarters at prices between $16 and $24. This quarter saw another ~30% selling at prices between $16.50 and $19.Note: Paulson controls ~5.7% of International Seaways.Stake Increases:Brightsphere Investment Group (BSIG): The large 5.91% BSIG stake was built last quarter at prices between $10 and $13.30. This quarter saw a huge ~285% stake increase at prices between $11 and $14.25. The stock currently trades at $11.73.Note: Paulsons ownership stake in BSIG is ~22%.Altaba Inc. (AABA) previously Yahoo: The 3.85% AABA stake was established in Q2 2017 at prices between $46 and $56 and increased by ~42% the following quarter at prices between $54.50 and $67.50. Q4 2017 saw an about turn: ~55% reduction at prices between $65 and $73. It is now at $63.35. There was a ~23% stake increase last quarter at prices between $55.50 and $67 and that was followed with a ~12% increase this quarter.Red Hat Inc. (RHT): RHT is a 1.67% of the portfolio merger arbitrage stake established last quarter and increased by ~12% this quarter. In October, IBM agreed to buy Red Hat for $190 per share cash. The stock is currently at ~$186.Kept Steady:SPDR Gold Trust (GLD): GLD was Paulsons largest position by far at ~19% of the 13F portfolio as of Q1 2013. The original stake was established in Q1 2009 at prices between $83 and $98 and was reduced by ~45% in 2011 at much higher prices. It was reduced by more than half in Q2 2013 as well at prices between $116 and $155. Q4 2015 and the following quarter saw a combined ~60% reduction at prices between $100 and $122. The stock currently trades at ~$120. The remaining stake is still the largest at 11.49% of the portfolio.Bausch Health Companies (BHC) previously Valeant Pharmaceuticals: BHC position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Q4 2015 also saw another ~50% increase at prices between $70 and $182. The aggressive buying against falling prices continued in Q2 2016: ~44% increase at prices between $19 and $36. The stock currently trades near the low end of those ranges at $24.44 and the stake has become the second-largest position in the portfolio at 11.22%.Note: Paulson controls ~6% of Bausch Health.Mylan Inc. (MYL): MYL is a top three position at 6.80% of the portfolio. The original stake was purchased in Q1 2010 at prices between $17 and $23. Last significant buying was in Q2 2015: ~50% increase at prices between $58 and $76. 2017 & 2018 had seen a ~50% selling at prices between $30.50 and $47. The stock currently trades at $19.65.Allergan plc (AGN): AGN was a minutely small 0.29% of the 13F portfolio position in Q2 2014. The following two quarters saw a ~420% increase at prices between $202 and $271. Q2 2015 saw a further ~27% increase at prices between $283 and $313. In Q4 2015 there was an about-turn: a combined ~75% selling over the next two years at prices between $192 and $320. There was another ~15% reduction last quarter at prices between $167 and $193. The stock is now at ~$140 and the stake is at 4.94% of the portfolio. Last quarter saw a ~4% trimming.AngloGold Ashanti (AU): AU is a 3.65% position. It is a long-term stake that has been in the portfolio since 2009. Q4 2015 had seen a ~9% trimming while the following quarter saw a one-third reduction at prices between $7 and $14. Q2 2016 saw another ~20% reduction at prices between $13 and $18. The stock is currently at $11.61.Note: Paulson controls ~3% of AngloGold Ashanti.Dish Network (DISH): DISH is a 3.43% portfolio position established in Q1 2017 at prices between $58 and $64. Q2 & Q3 2017 saw a combined ~36% stake increase at prices between $52 and $66. The stock is currently below the low end of those ranges at $34.87. There was a ~11% trimming in Q4 2017 while next quarter there was a ~19% stake increase. For investors attempting to follow Paulson, DISH is a good option to consider for further research.T-Mobile US (TMUS): The 2.94% portfolio stake in TMUS was purchased in Q1 2017 at prices between $56.60 and $65 and increased by ~46% the following quarter at prices between $60 and $68. The three quarters thru Q1 2018 had seen a combined ~37% selling at prices between $55 and $65.50 and that was followed with a similar reduction in Q3 2018 at prices between $58 and $70.50. Last quarter also saw a ~20% selling at prices between $61 and $70. The stock is now at $76.35.Novagold (NG): NG is a ~2% of the portfolio long-term stake established in 2010. Q2 2016 saw a ~28% reduction at prices between $5 and $6.50 and that was followed with a ~13% selling in Q4 2016. The stock is currently at $3.79.Note: Paulson has a high cost-basis on NG and controls ~7% of the business.TIM Participacoes (TSU): TSU is a 1.64% portfolio stake first purchased in Q2 2014 at prices between $24 and $30. The position had remained relatively steady since. Q1 2018 saw a ~10% selling at prices between $19.50 and $22.50. The stock is currently trading below those ranges at $13.13.Endo International plc (ENDP): A very small ENDP stake was increased by almost 200% in Q1 2016 at prices between $28 and $61. The next two quarters saw a combined ~18% reduction at prices between $17 and $43. The stock is now at $6.32 and the stake is at 1.51% of the portfolio. There was a ~28% increase in Q1 2018 at prices between $5.50 and $9.Viacom (VIAB): The 0.81% VIAB position saw a ~160% stake increase in Q1 2018 at prices between $29 and $34. Last quarter saw a ~50% selling at prices between $25 and $34. The stock is now at $28.81.Agnico Eagle Mines (AEM), Caesars Entertainment (CZR), International Tower Hill Mines (THM), Stewart Information Services (STC), Tribune Media (TRCO), and Trilogy Metals (TMQ): These are small (less than ~1% of the portfolio each) stakes kept steady this quarter.Note: Paulson has a ~32% ownership stake in International Tower Hill Mines.The spreadsheet below highlights changes to Paulsons US stock holdings in Q1 2019:Regulatory Filings thru 2/21/2019: Form 4, 13D/A 11/30 INSW 2,909,100 shares - ~175K shares disposed at ~$19 per share 9.97% of business."

"Tracking John Paulsons Paulson & Company Portfolio Q4 2018 Update"

"John Paulsons 13F portfolio value decreased from $5.34B to $4.17B this quarter.Paulson & Company's largest three positions are Shire plc, SPDR Gold ETF, and Bausch Health.Paulson increased Twenty First Century Fox, Pandora Media, and Brightsphere Investment Group while reducing Viacom, Nielsen, and Mallinckrodt.This article is part of a series that provides an ongoing analysis of the changes made to John Paulsons 13F stock portfolio on a quarterly basis. It is based on Paulsons regulatory filed on 02/14/2019. Please visit our to get an idea of his investment philosophy and our for the funds moves during Q3 2018.This quarter, Paulsons 13F portfolio value decreased ~22% from $5.34B to $4.17B. There are 51 13F securities in the portfolio although only 34 of them are significantly large equity holdings (more than 0.5% of the 13F portfolio). The article is focused on the larger holdings. The top five positions Shire plc, SPDR Gold ETF, Bausch Health, Mylan NV, and Discover Communications and they add up to ~48% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that, check-out the book .Stake Disposals:CA Inc. (CA), Dell Technologies (DVMT), and Dun & Bradsheet (DNB): These were merger arbitrage stakes established last quarter. The fairly large 4.5% CA position was established at ~$44. Broadcom (AVGO) acquired CA for $44.50 per share cash and that transaction closed in October. The 3.55% DVMT stake was purchased at prices between $92 and $99. Dell proposed to purchase the tracking stock for $120 per share cash subject to a $14B cap and that transaction closed in December. In August, an investor group led by CC Capital agreed to acquire DNB for $145 per share cash and that transaction closed earlier this month.AT&T Inc. (T): The small 1.44% portfolio stake in T came about as a result of the Time Warner acquisition that closed in June. They had a small position in Time Warner for which they received these shares when the transaction closed. The stake was disposed this quarter. The stock is currently at $31.15.Mitel Networks (MITL): MITL is a merger-arbitrage stake purchased in Q2 2018. It got acquired by affiliates of Searchlight Capital Partners for $11.15 per share cash and the transaction closed in November, thus eliminating this position. There was a ~25% selling last quarter at prices between $10.94 and $11.05.Rockwell Collins (COL): The COL position was increased by ~135% in Q4 2017 at prices between $130 and $137 and that was followed with a ~63% increase next quarter at prices between $133 and $139. It was a merger-arbitrage stake. It got acquired by United Technologies (UTX) for $140 per share in a cash-and-stock deal ($93.33 cash) that closed in November.Aetna Inc. (AET): The merger-arbitrage stake in AET saw a ~70% increase in Q2 2018 at prices between $168 and $190 and another ~28% increase last quarter at prices between $185 and $206. In December 2017, CVS agreed to acquire Aetna in a cash-and-stock deal ($145 per share in cash and 0.8378 CVS shares for each share held) and that transaction closed in November.New Stakes:Red Hat Inc. (RHT), Travelport Worldwide (TVPT), Imperva Inc. (IMPV), Tribune Media (TRCO), and Stewart Information Services (STC): These are new merger arbitrage stakes established this quarter. In October, IBM agreed to buy Red Hat for $190 per share cash. The stock is currently at ~$183. Travelport is being taken private at $15.75 per share in a transaction announced in December. The stock is now at $15.74. In October, private equity firm Thoma Bravo agreed to acquire Imperva for $55.75 per share cash and that transaction closed last month. Nexstar Media (NXST) is buying Tribune Media in a $46.50 per share cash deal announced in December. In March, Fidelity National Financial (FNF) agreed to acquire Stewart Information Services in a $50 per share cash-and-stock (50% cash) deal. The stock is currently at $43.17.Stake Decreases:Mylan Inc. (MYL): MYL is a top five position at 7.22% of the portfolio. The original stake was purchased in Q1 2010 at prices between $17 and $23. Last significant buying was in Q2 2015: ~50% increase at prices between $58 and $76. Last two years have seen a ~50% selling at prices between $30.50 and $47. The stock currently trades at $31.26.Discovery Communications (DISCA): DISCA position saw a 320% stake increase in Q1 2018 at prices between $21.50 and $26.50 while next quarter there was a ~140% further increase at prices between $21 and $24. DISCA currently trades at $29.21 and the stake is now fairly large at 6.48% of the portfolio. There was a ~22% stake increase last quarter at prices between $25.50 and $32.25. This quarter saw a ~4% trimming.Allergan plc (AGN): AGN was a minutely small 0.29% of the 13F portfolio position in Q2 2014. The following two quarters saw a ~420% increase at prices between $202 and $271. Q2 2015 saw a further ~27% increase at prices between $283 and $313. In Q4 2015 there was an about-turn: a combined ~75% selling over the next two years at prices between $192 and $320. There was another ~15% reduction last quarter at prices between $167 and $193. The stock is now at ~$137 and the stake is at 4.96% of the portfolio. This quarter saw a ~4% trimming.NXP Semiconductors (NXPI): NXPI stake saw a ~200% increase in Q1 2017 to a 1.56% portfolio position at prices between $96 and $104. The position was almost sold out in Q3 2017 at prices between $109 and $113. Q4 2017 saw another about turn: huge increase to a 3.31% portfolio stake at prices between $113 and $118. There was a ~16% selling in Q1 2018 at prices between $115 and $126. The pattern reversed again in Q2 2018: almost two-thirds increase at prices between $92 and $120 and that was followed with a ~28% increase last quarter at prices between $85 and $110. The stock currently trades at $94.51. This quarter saw a ~9% trimming.Note: NXPI was a merger-arbitrage stake. Qualcomm (QCOM) was to acquire them at $127.50 per share cash but that transaction fell through in July.T-Mobile US (TMUS): The ~3% portfolio stake in TMUS was purchased in Q1 2017 at prices between $56.60 and $65 and increased by ~46% the following quarter at prices between $60 and $68. The three quarters thru Q1 2018 had seen a combined ~37% selling at prices between $55 and $65.50 and that was followed with a similar reduction last quarter at prices between $58 and $70.50. This quarter also saw a ~20% selling at prices between $61 and $70. The stock is now at $73.20.International Seaways (INSW): INSW position came about as a result of its spinoff from Overseas Shipholding Group (OSG) that started regular-way trading in December 2016 at ~$15 per share. It is now at $18.11. There was ~6% trimming in Q2 2017 and that was followed with ~18% selling over the last two quarters at prices between $16 and $24.Note: Paulson controls ~10% of International Seaways.Viacom (VIAB): The 0.81% VIAB position saw a ~160% stake increase in Q1 2018 at prices between $29 and $34. This quarter saw a ~50% selling at prices between $25 and $34. The stock is now at $29.19.Caesars Entertainment (CZR) and Office Depot (ODP): These very small (less than ~1% of the portfolio each) stakes saw significant selling this quarter.Nielsen Holdings (NLSN): NLSN is a 0.76% position established last quarter prices between $21.75 and $32 and reduced by ~60% this quarter at prices between $22 and $28. It currently trades at $26.10.Mallinckrodt PLC (MNK): MNK is now a minutely small 0.23% of the 13F portfolio position. The original position was established in Q3 2013 at prices between $42 and $47. The stake has wavered. Recent activity follow: the seven quarters thru Q4 2017 saw a combined ~60% reduction at prices between $21 and $81 and that was followed with a ~45% selling last quarter at prices between $19 and $36. The position saw another ~70% selling this quarter at prices between $15.80 and $31.60. The stock currently trades at $21.49.Note: MNK, a July 2013 spinoff from Covidien plc started trading at around $42. Covidien plc in turn was acquired by Medtronic (MDT) in January 2015.Stake Increases:Shire PLC ADR (SHPG): The large 9.68% SHPG stake was established in Q3 2012 at prices between $85 and $94. In Q2 2013, the position was doubled at prices between $87 and $100. The stake was since increased but in Q2 2015, the pattern reversed: combined ~57% selling in the next three years at prices between $127 and $227. Last two saw quarters saw minor increases.Note: Shire plc got acquired by Takeda in a stock deal valued at $195 per share in a transaction that closed last month.Twenty First Century Fox (FOX): FOX stake was first purchased in Q4 2017 at prices between $24.50 and $34.75 but was almost sold out next quarter at prices between $34 and $38.50. Q2 2018 saw the position built back up to a ~1.5% portfolio position at prices between $35.70 and $50. This quarter saw a ~85% stake increase at prices between $44.50 and $49.50. The stock is now at $51.17.Altaba Inc. (AABA) previously Yahoo: The 2.94% AABA stake was established in Q2 2017 at prices between $46 and $56 and increased by ~42% the following quarter at prices between $54.50 and $67.50. Q4 2017 saw an about turn: ~55% reduction at prices between $65 and $73. It is now at $71.72. There was a ~23% stake increase this quarter at prices between $55.50 and $67.Pandora (P): P is a 1.83% portfolio position established last quarter at prices between $6.75 and $10 and increased by ~130% this quarter at prices between $5.35 and $6.40. In September, Sirius XM (SIRI) agreed to acquire Pandora in an all-stock deal (1.44 shares of SIRI for each P held) and that transaction closed earlier this month. Sirius currently trades at ~$6.Brightsphere Investment Group (BSIG): The vast majority of the 1.33% BSIG stake was purchased this quarter at prices between $10 and $13.30 and the stock currently trades at $14.03.Randgold Resources (GOLD): The small ~1% portfolio stake in Randgold saw a ~27% increase last quarter at prices between $61 and $77 and another ~17% increase this quarter. It was a merger arbitrage stake. Barrick Gold acquired Randgold in an all-stock deal (6.128 shares of Barrick Gold for each Randgold share held) that closed last month.Note: Barrick Gold changed their ticker symbol to GOLD from ABX after the deal for Randgold closed.Kept Steady:SPDR Gold Trust (GLD): GLD was Paulsons largest position by far at ~19% of the 13F portfolio as of Q1 2013. The original stake was established in Q1 2009 at prices between $83 and $98 and was reduced by ~45% in 2011 at much higher prices. It was reduced by more than half in Q2 2013 as well at prices between $116 and $155. Q4 2015 and the following quarter saw a combined ~60% reduction at prices between $100 and $122. The stock currently trades at $125.50. The remaining stake is still the second-largest at 12.55% of the portfolio.Bausch Health Companies (BHC) previously Valeant Pharmaceuticals: BHC position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Q4 2015 also saw another ~50% increase at prices between $70 and $182. The aggressive buying against falling prices continued in Q2 2016: ~44% increase at prices between $19 and $36. The stock currently trades near the low end of those ranges at $23.75 and the stake has become the third-largest position in the portfolio at 9.22%.Note: Paulson controls ~6% of Bausch Health.AngloGold Ashanti (AU): AU is a ~4% position. It is a long-term stake that has been in the portfolio since 2009. Q4 2015 had seen a ~9% trimming while the following quarter saw a one-third reduction at prices between $7 and $14. Q2 2016 saw another ~20% reduction at prices between $13 and $18. The stock is currently at $14.85.Note: Paulson controls ~3% of AngloGold Ashanti.Horizon Pharmaceuticals (HZNP): The 3.36% HZNP position was purchased in Q2 2017 at prices between $9.65 and $15.75 and increased by ~40% in Q4 2017 at prices between $13 and $15. The stock is now at $21.20. There was a ~3% trimming in Q1 2018 and that was followed with a ~7% selling last quarter.Dish Network (DISH): DISH is a ~3% portfolio position established in Q1 2017 at prices between $58 and $64. Q2 & Q3 2017 saw a combined ~36% stake increase at prices between $52 and $66. The stock is currently below the low end of those ranges at $32.82. There was a ~11% trimming in Q4 2017 while next quarter there was a ~19% stake increase. For investors attempting to follow Paulson, DISH is a good option to consider for further research.Novagold (NG): NG is a ~2% of the portfolio long-term stake established in 2010. Q2 2016 saw a ~28% reduction at prices between $5 and $6.50 and that was followed with a ~13% selling in Q4 2016. The stock is currently at $3.93.Note: Paulson has a high cost-basis on NG and controls ~7% of the business.TIM Participacoes (TSU): TSU is a 1.84% portfolio stake first purchased in Q2 2014 at prices between $24 and $30. The position had remained relatively steady since. Q1 2018 saw a ~10% selling at prices between $19.50 and $22.50. The stock is currently trading below those ranges at $16.41.Endo International plc (ENDP): A very small ENDP stake was increased by almost 200% in Q1 2016 at prices between $28 and $61. The next two quarters saw a combined ~18% reduction at prices between $17 and $43. The stock is now at $10.51 and the stake is at 1.51% of the portfolio. There was a ~28% increase in Q1 2018 at prices between $5.50 and $9. Last quarter saw a ~6% trimming.Agnico Eagle Mines (AEM), Brookdale Senior Living (BKD), International Tower Hill Mines (THM), and Newmark Group (NMRK): These are small (less than ~1% of the portfolio each) stakes kept steady this quarter.Note: Paulson has a ~32% ownership stake in International Tower Hill Mines.Although the relative position sizes are minute, the following 13F stakes are significant as Paulson has sizable ownership: Synthesis Energy Systems (SES), and Trilogy Metals (TMQ).The spreadsheet below highlights changes to Paulsons US stock holdings in Q4 2018:Regulatory Filings thru 11/19/2018: Form 4 9/18, 9/13, 9/7 INSW 125K disposed at $18.15 3.08M shares remain, 44K disposed at $19.08 & 102K disposed at $18.88, ~102K disposed at ~$19."

"Tracking John Paulsons Paulson & Company Portfolio Q3 2018 Update"

"John Paulsons 13F portfolio value increased from $4.90B to $5.34B this quarter.Paulson & Company's largest three positions are Bausch Health, Shire plc, and SPDR Gold ETF.Paulson increased Discovery Communications and NXP Semiconductors while reducing T-Mobile US and Mallinckrodt plc.This article is part of a series that provides an ongoing analysis of the changes made to John Paulsons 13F stock portfolio on a quarterly basis. It is based on Paulsons regulatory filed on 11/14/2018. Please visit our to get an idea of his investment philosophy and our for the funds moves during Q2 2018.This quarter, Paulsons 13F portfolio value increased ~9% from $4.90B to $5.34B. There are 58 13F securities in the portfolio although only 36 of them are significantly large equity holdings (more than 0.5% of the 13F portfolio). The article is focused on the larger holdings. The top five positions are Bausch Health, Shire plc, SPDR Gold ETF, Mylan NV, and Discover Communications and they add up to ~44% of the portfolio. The largest holding is Bausch Health at ~10% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that, check-out the book .Stake Disposals:Comcast (CMCSA) & Calls: CMCSA was a very small 0.70% portfolio stake established last quarter at prices between $30.50 and $34.50 and disposed this quarter at prices between $33 and $38. The stock currently trades at $38.18.XL Group (XL): XL was a ~1% merger-arbitrage stake. AXA Group agreed to acquire XL Group for $57.30 per share cash in a transaction announced in March. It closed in September thus eliminating the position.Vistra Energy (VST) previously TCEH: VST was a 1.79% of the portfolio position established in Q2 2017 at prices between $15 and $20. Vistra exited bankruptcy and started trading in October 2016 at ~$16 per share. There was a ~13% trimming in Q4 2017 and that was followed with a two-thirds reduction in Q1 2018 at prices between $17.50 and $21. The disposal this quarter was at prices between $22 and $25. The stock is now at $23.55.Energen Corp. (EGN): EGN was a ~1% portfolio stake established in Q1 2018 at prices between $49 and $63 and disposed this quarter at prices between $71 and $87. The stock currently trades well above that range at $73.28.CenturyLink Inc. (CTL): The very small 0.75% CTL position was established in Q4 2017 at prices between $13.75 and $20.25 and exited this quarter at prices between $18.25 and $24. It now goes for $19.03.New Stakes:CA Inc. (CA), Dell Technologies (DVMT), Nielsen Holdings (NLSN), Dun & Bradsheet (DNB), and Pandora (P): These are the five new positions this quarter. The fairly large 4.5% CA position was established at ~$44. It was a merger arbitrage stake. Broadcom (AVGO) acquired CA Inc. for $44.50 per share cash and that transaction closed earlier this month. The 3.55% DVMT stake was purchased at prices between $92 and $99 and it is now at $103. Dell has proposed to purchase the tracking stock for $120 per share cash subject to a $14B cap. NLSN is a 1.81% position established at prices between $21.75 and $32 and it currently goes for $25.60. The ~1% DNB position was purchased at prices between $124 and $145 and it is now at $143. In August, DNB agreed to be acquired by an investor group led by CC Capital for $145 per share cash. P is a very small 0.72% portfolio position established at prices between $6.75 and $10 and the stock is now at $8.58.Stake Decreases:Mylan Inc. (MYL): MYL is a top five position at 7.88% of the portfolio. The original stake was purchased in Q1 2010 at prices between $17 and $23. Last significant buying was in Q2 2015: ~50% increase at prices between $58 and $76. Last two years have seen a ~50% selling at prices between $30.50 and $45. The stock currently trades at $34.60.Allergan plc (AGN): AGN was a minutely small 0.29% of the 13F portfolio position in Q2 2014. The following two quarters saw a ~420% increase at prices between $202 and $271. Q2 2015 saw a further ~27% increase at prices between $283 and $313. In Q4 2015 there was an about-turn: a combined ~75% selling over the next two years at prices between $192 and $320. There was another ~15% reduction this quarter at prices between $167 and $193. The stock is now at ~$156 and the stake is at 5.78% of the portfolio.T-Mobile US (TMUS): The ~3% portfolio stake in TMUS was purchased in Q1 2017 at prices between $56.60 and $65 and increased by ~46% the following quarter at prices between $60 and $68. Last three quarters thru Q1 2018 had seen a combined ~37% selling at prices between $55 and $65.50 and that was followed with a similar reduction this quarter at prices between $58 and $70.50. The stock is now at $68.Endo International plc (ENDP): A very small ENDP stake was increased by almost 200% in Q1 2016 at prices between $28 and $61. The next two quarters saw a combined ~18% reduction at prices between $17 and $43. The stock is now at $12.46 and the stake is at 2.72% of the portfolio. There was a ~28% increase in Q1 2018 at prices between $5.50 and $9. This quarter saw a ~6% trimming.Horizon Pharmaceuticals (HZNP): The 2.63% HZNP position was purchased in Q2 2017 at prices between $9.65 and $15.75 and increased by ~40% in Q4 2017 at prices between $13 and $15. The stock is now at $22.22. There was a ~3% trimming in Q1 2018 and that was followed with a ~7% selling this quarter.Altaba Inc. (AABA) previously Yahoo: The 2.20% AABA stake was established in Q2 2017 at prices between $46 and $56 and increased by ~42% the following quarter at prices between $54.50 and $67.50. Q4 2017 saw an about turn: ~55% reduction at prices between $65 and $73. It is now at $62.22. There was a ~10% stake increase in the last two quarters while this quarter saw a ~6% trimming.AT&T Inc. (T): The small 1.44% portfolio stake in T came about as a result of the Time Warner acquisition that closed in June. They had a small position in Time Warner for which they received these shares when the transaction closed. The stock is currently at $30.35.International Seaways (INSW): INSW position came about as a result of its spinoff from Overseas Shipholding Group (OSG) that started regular-way trading in December 2016 at ~$15 per share. It is now at $16.68. There was ~6% trimming in Q2 2017 and that was followed with a ~11% trimming this quarter.Note: Paulson controls ~10% of International Seaways.Mallinckrodt PLC (MNK): MNK is now a very small ~1% of the 13F portfolio position. It was established in Q3 2013 at prices between $42 and $47. Q2 & Q3 2014 saw a combined 55% increase at prices between $60 and $90. There was selling in H1 2015: ~28% reduction at prices between $94 and $130. Q4 2015 saw the pattern reverse: ~31% increase at prices between $53 and $77. The seven quarters thru Q4 2017 had seen a combined ~60% reduction at prices between $21 and $81 and that was followed with a ~45% selling this quarter at prices between $19 and $36. The stock currently trades at $30.82.Note: MNK, a July 2013 spinoff from Covidien plc started trading at around $42. Covidien plc in turn was acquired by Medtronic (MDT) in January 2015.Rockwell Collins (COL): The COL position was increased by ~135% in Q4 2017 at prices between $130 and $137 and that was followed with a ~63% increase next quarter at prices between $133 and $139. It currently trades at ~$130. There was a ~9% trimming last quarter and a similar reduction this quarter.Note: Rockwell-Collins is a merger-arbitrage stake. It is getting acquired by United Technologies (UTX) for $140 per share in a cash-and-stock deal ($93.33 cash).Mitel Networks (MITL) and Akron Inc. (AKRX): These two positions purchased last quarter saw reductions this quarter. MITL is a merger-arbitrage stake. It is getting acquired by affiliates of Searchlight Capital Partners for $11.15 per share cash. There was a ~25% selling this quarter at prices between $10.94 and $11.05. The stock is now at ~$11. Akron had an agreement to be acquired by Fresenius for $34 per share but Fresenius abandoned the offer in April after it found material breaches to FDA data integrity requirements. Akorn in turn has filed a complaint against Fresenius asking to fulfill its merger obligation. The position was reduced by ~70% this quarter at prices between $12.85 and $19.50. The stock is currently at $6.78.Stake Increases:Shire PLC ADR (SHPG): SHPG is the second-largest position at 9.68% of the portfolio. It was established in Q3 2012 at prices between $85 and $94. In Q2 2013, the position was doubled at prices between $87 and $100. The stake was since increased but in Q2 2015, the pattern reversed: Last three years saw a combined ~57% selling at prices between $127 and $227. The stock currently trades at ~$176. There was a marginal increase this quarter.Note: Shire plc is getting acquired by Takeda in a deal valued at ~$195 per share.Discovery Communications (DISCA): DISCA position saw a 320% stake increase in Q1 2018 at prices between $21.50 and $26.50 while last quarter there was a ~140% further increase at prices between $21 and $24. DISCA currently trades at $30.47 and the stake is now fairly large at 6.77% of the portfolio. There was a ~22% stake increase this quarter at prices between $25.50 and $32.25.NXP Semiconductors (NXPI): NXPI stake saw a ~200% increase in Q1 2017 to a 1.56% portfolio position at prices between $96 and $104. The position was almost sold out in Q3 2017 at prices between $109 and $113. Q4 2017 saw another about turn: huge increase to a 3.31% portfolio stake at prices between $113 and $118. There was a ~16% selling in Q1 2018 at prices between $115 and $126. The pattern reversed again last quarter: almost two-thirds increase at prices between $92 and $120 and that was followed with a ~28% increase this quarter at prices between $85 and $110. The stock currently trades at $81.36.Note: NXPI was a merger-arbitrage stake. Qualcomm (QCOM) was to acquire them at $127.50 per share cash but that transaction fell through in July.Aetna Inc. (AET): The merger-arbitrage stake in AET saw a ~70% increase last quarter at prices between $168 and $190 and another ~28% increase this quarter at prices between $185 and $206. The stock is now at ~$208. Last December, CVS agreed to acquire Aetna in a cash-and-stock deal ($145 per share in cash and 0.8378 CVS shares for each share held).Twenty First Century Fox (FOX): The FOX position was almost sold out in Q1 2018 at prices between $34 and $38.50. It was purchased in Q4 2017 at prices between $24.50 and $34.75. Last quarter saw the position built back up to a ~1.5% portfolio position at prices between $35.70 and $50. The stock is now at $48.54. There was a marginal increase this quarter.Randgold Resources (GOLD): The very small 0.56% portfolio stake in GOLD saw a ~27% increase this quarter at prices between $61 and $77 and it is now at $81.90.Kept Steady:Bausch Health Companies (BHC) previously Valeant Pharmaceuticals: BHC position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Q4 2015 also saw another ~50% increase at prices between $70 and $182. The aggressive buying against falling prices continued in Q2 2016: ~44% increase at prices between $19 and $36. The stock currently trades near the low end of those ranges at $23.50 and the stake has become the largest position in the portfolio at ~10%.Note: Paulson controls ~6% of Bausch Health.SPDR Gold Trust (GLD): GLD was Paulsons largest position by far at ~19% of the 13F portfolio as of Q1 2013. The original stake was established in Q1 2009 at prices between $83 and $98 and was reduced by ~45% in 2011 at much higher prices. It was reduced by more than half in Q2 2013 as well at prices between $116 and $155. Q4 2015 and the following quarter saw a combined ~60% reduction at prices between $100 and $122. The stock currently trades at ~$116. The remaining stake is still the third-largest at ~9% of the portfolio.Dish Network (DISH): DISH is a 3.33% portfolio position established in Q1 2017 at prices between $58 and $64. Q2 & Q3 2017 saw a combined ~36% stake increase at prices between $52 and $66. The stock is currently below the low end of those ranges at $31.50. There was a ~11% trimming in Q4 2017 while next quarter there was a ~19% stake increase. For investors attempting to follow Paulson, DISH is a good option to consider for further research.AngloGold Ashanti (AU): AU is a ~2% position. It is a long-term stake that has been in the portfolio since 2009. Q4 2015 had seen a ~9% trimming while the following quarter saw a one-third reduction at prices between $7 and $14. Q2 2016 saw another ~20% reduction at prices between $13 and $18. The stock is currently at $9.87.Note: Paulson controls ~3% of AngloGold Ashanti.Viacom (VIAB): The 1.63% VIAB position saw a ~160% stake increase in Q1 2018 at prices between $29 and $34 and it is currently near the low end of that range at $31.42.Novagold (NG): NG is a 1.53% of the portfolio long-term stake established in 2010. Q2 2016 saw a ~28% reduction at prices between $5 and $6.50 and that was followed with a ~13% selling in Q4 2016. The stock is currently at $3.84.Note: Paulson has a high cost-basis on NG and controls ~7% of the business.TIM Participacoes (TSU): TSU is a 1.36% portfolio stake first purchased in Q2 2014 at prices between $24 and $30. The position had remained relatively steady since. Q1 2018 saw a ~10% selling at prices between $19.50 and $22.50. The stock is currently trading below those ranges at $15.41.Agnico Eagle Mines (AEM), Brookdale Senior Living (BKD), Caesars Entertainment (CZR), International Tower Hill Mines (THM), Newmark Group (NMRK), and Office Depot (ODP): These are small (less than ~1% of the portfolio each) stakes kept steady this quarter.Note: Paulson has a ~32% ownership stake in International Tower Hill Mines.Although the relative position sizes are minute, the following 13F stakes are significant as Paulson has sizable ownership: Synthesis Energy Systems (SES), and Trilogy Metals (TMQ).The spreadsheet below highlights changes to Paulsons US stock holdings in Q3 2018:Regulatory Filings thru 9/2/2018: Form 4 & 13D/A 8/21 OSG - ~2M shares disposed at ~$3.3 8.3M shares remain (9.8% of business)."

"Tracking John Paulsons Paulson & Company Portfolio Q2 2018 Update"

"John Paulsons 13F portfolio value increased from $4.57B to $4.90B this quarter.Paulson & Company's largest three positions are SPDR Gold ETF, Bausch Health, and Shire plc.Paulson increased Discovery Communications while reducing Caesars Entertainment.This article is part of a series that provides an ongoing analysis of the changes made to John Paulsons 13F stock portfolio on a quarterly basis. It is based on Paulsons regulatory filed on 08/14/2018. Please visit our to get an idea of his investment philosophy and our for the funds moves during Q1 2018.This quarter, Paulsons 13F portfolio value increased ~7% from $4.57B to $4.90B. There are 54 13F securities in the portfolio although only 36 of them are significantly large equity holdings (more than 0.5% of the 13F portfolio). The article is focused on the larger holdings. The top five positions are SPDR Gold ETF, Bausch Health, Shire plc, Mylan NV, and Allergan plc and they add up to ~45% of the portfolio. The largest holding is SPDR Gold ETF at ~11% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that story, check-out .Stake Disposals:DST Systems and Blackhawk Network Holdings (HAWK): These two positions established last quarter was disposed this quarter. SS&C acquired DST Systems for $84 per share cash and the transaction closed in April. Blackhawk Network Holdings was acquired by Silver Lake and P2 Capital Partners for $45.25 per share cash and the transaction closed in July.Monsanto Company (MON): MON position had seen a stake doubling in Q4 2017 at prices between $115 and $122. There was a ~7% further increase last quarter. It was a merger-arbitrage stake - Monsanto got acquired by Bayer AG (BAYRY) in a transaction that closed in June.Time Warner Inc. (TWX): TWX was a large 5.38% of the portfolio merger-arbitrage stake purchased in Q4 2016. AT&T (T) reached a deal in October 2016 to acquire Time Warner in a $107.50 half-cash half-stock deal. The transaction closed in June.New Stakes:AT&T Inc. (T), Mitel Networks (MITL), Comcast (CMCSA) & Calls, and Akron Inc. (AKRX): These are the new positions this quarter. The T stake came about as a result of the Time Warner acquisition that closed in June. MITL is a merger-arbitrage stake. It is getting acquired by affiliates of Searchlight Capital Partners for $11.15 per share cash. The stock is now at $11. Akron had an agreement to be acquired by Fresenius for $34 per share but Fresenius abandoned the offer in April after it found material breaches to FDA data integrity requirements. Akorn in turn has filed a complaint against Fresenius asking to fulfill its merger obligation. The stock is currently at $15.69.Stake Decreases:Shire PLC ADR (SHPG): SHPG is the third-largest position at 9.66% of the portfolio. It was established in Q3 2012 at prices between $85 and $94. In Q2 2013, the position was doubled at prices between $87 and $100. In Q2 2014, the stake was again increased by ~36% at prices between $142 and $236. The following quarter saw a whopping ~170% increase at prices between $232 and $263. In Q2 2015, the pattern reversed: ~15% reduction at prices between $227 and $260. Q2 & Q3 2016 also saw a combined ~40% reduction at prices between $165 and $207. Last seven quarters saw another ~40% reduction at prices between $125 and $203. The stock currently trades at ~$175.Note: Shire plc is getting acquired by Takeda in a deal valued at ~$195 per share.Rockwell Collins (COL): The COL position was increased by ~135% in Q4 2017 at prices between $130 and $137 and that was followed with a ~63% increase last quarter at prices between $133 and $139. It currently trades at ~$136. There was a ~9% trimming this quarter.Note: Rockwell-Collins is a merger-arbitrage stake. It is getting acquired by United Technologies (UTX) for $140 per share in cash-and-stock ($93.33 cash).Caesars Entertainment (CZR): In October last year, Caesars Entertainment combined with Caesars Acquisition in a merger (bankruptcy court reorg). The terms called for Caesars Acquisition shareholders to receive 1.625 shares of CZR for each share held. Paulson had ~10% stakes in both. Including the conversion, the position saw a ~53% reduction in Q4 2017. Last quarter saw another ~73% selling at prices between $11 and $14.50. The stock currently trades at $10.20. This quarter also saw a ~40% selling at prices between $10.65 and $13.20.Agnico Eagle Mines (AEM) and Randgold Resources (GOLD): These two small (~0.5% of the portfolio each) stakes were both reduced by ~20% each this quarter.Stake Increases:Discovery Communications (DISCA): DISCA position saw a 320% stake increase last quarter at prices between $21.50 and $26.50 while this quarter there was a ~140% further increase at prices between $21 and $24. DISCA currently trades at $27.83 and the stake is now fairly large at 5.21% of the portfolio.T-Mobile US (TMUS): The fairly large ~5% portfolio stake in TMUS was purchased in Q1 2017 at prices between $56.60 and $65 and increased by ~46% the following quarter at prices between $60 and $68. Last three quarters had seen a combined ~37% selling at prices between $55 and $65.50. The stock is now at $66.04. There was a very minor ~3% stake increase this quarter.NXP Semiconductors (NXPI): NXPI stake saw a ~200% increase in Q1 2017 to a 1.56% portfolio position at prices between $96 and $104. The position was almost sold out in Q3 2017 at prices between $109 and $113. Q4 2017 saw another about turn: huge increase to a 3.31% portfolio stake at prices between $113 and $118. There was a ~16% selling last quarter at prices between $115 and $126. The pattern reversed again this quarter: almost two-thirds increase at prices between $92 and $120. The stock currently trades at $93.14.Note: NXPI was a merger-arbitrage stake. Qualcomm (QCOM) was to acquire them at $127.50 per share cash but that transaction fell through in July.Altaba Inc. (AABA) previously Yahoo: The 2.73% AABA stake was established in Q2 2017 at prices between $46 and $56 and increased by ~42% the following quarter at prices between $54.50 and $67.50. Q4 2017 saw an about turn: ~55% reduction at prices between $65 and $73. It is now at $69.55. There was a ~10% stake increase in the last two quarters.Twenty First Century Fox (FOX): The FOX position was almost sold out last quarter at prices between $34 and $38.50. It was purchased in Q4 2017 at prices between $24.50 and $34.75. This quarter saw the position built back up to a ~1.5% portfolio position at prices between $35.70 and $50. The stock is now at $45.40.XL Group (XL) and Aetna Inc. (AET): These two ~1% of the portfolio merger-arbitrage stakes saw significant increases this quarter. AXA Group is acquiring XL Group for $57.30 per share cash in a transaction announced in March. Last December, CVS agreed to acquire Aetna in a cash-and-stock deal ($145 per share in cash and 0.8378 CVS shares for each share held). The XL stake was increased by roughly one-third and AET stake by ~71% this quarter. XL and AET currently trade at ~$57 and ~$200 respectively.Kept Steady:SPDR Gold Trust (GLD): GLD was Paulsons largest position by far at ~19% of the US long portfolio as of Q1 2013. The original stake was established in Q1 2009 at prices between $83 and $98 and was reduced by ~45% in 2011 at much higher prices. It was reduced by more than half in Q2 2013 as well at prices between $116 and $155. Q4 2015 and the following quarter saw a combined ~60% reduction at prices between $100 and $122. The stock currently trades at ~$114. The remaining stake is still the largest at ~11% of the portfolio.Bausch Health Companies (BHC) previously Valeant Pharmaceuticals (VRX): BHC position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Q4 2015 also saw another ~50% increase at prices between $70 and $182. The aggressive buying against falling prices continued in Q2 2016: ~44% increase at prices between $19 and $36. The stock currently trades near the low end of those ranges at $23.11 and the stake is at 9.89% of the portfolio.Note: Paulson controls ~6% of Bausch Health.Mylan Inc. (MYL): MYL is a top five position at 8.52% of the portfolio. The original stake was purchased in Q1 2010 at prices between $17 and $23. Q1 2013 saw a 25% reduction at prices between $27.50 and $31 and the following quarter saw another one-third reduction at prices between $29 and $32. Q4 2014 saw an about-turn: ~20% increase at prices between $45 and $59 and that was followed with a ~50% increase in Q2 2015 at prices between $58 and $76. Last five quarters had seen a ~47% selling at prices between $30.50 and $47.50. The stock trades currently at $39.13.Allergan plc (AGN): AGN was a minutely small 0.29% of the 13F portfolio position in Q2 2014. The following two quarters saw a ~420% increase at prices between $202 and $271. Q2 2015 saw a further ~27% increase at prices between $283 and $313. In Q4 2015 there was an about-turn: ~23% reduction at prices between $253 and $323. Q2 2016 saw another ~26% selling at prices between $202 and $278. The five quarters thru Q4 2017 had seen a combined ~54% selling at prices between $165 and $255. The stock is now at ~$192 and the stake is at ~7% of the portfolio.Dish Network (DISH): DISH is a 3.41% portfolio position established in Q1 2017 at prices between $58 and $64. Q2 & Q3 2017 saw a combined ~36% stake increase at prices between $52 and $66. The stock is currently below the low end of those ranges at $35.35. There was a ~11% trimming in Q4 2017 while last quarter there was a ~19% stake increase. For investors attempting to follow Paulson, DISH is a good option to consider for further research.Horizon Pharmaceuticals (HZNP): The 2.59% HZNP position was purchased in Q2 2017 at prices between $9.65 and $15.75 and increased by ~40% in Q4 2017 at prices between $13 and $15. The stock is now at $21.14. There was a ~3% trimming last quarter.AngloGold Ashanti (AU): AU is a ~2% position. It is a long-term stake that has been in the portfolio since 2009. Q4 2015 had seen a ~9% trimming while the following quarter saw a one-third reduction at prices between $7 and $14. Q2 2016 saw another ~20% reduction at prices between $13 and $18. The stock is currently at $7.91.Note: Paulson controls ~3% of AngloGold Ashanti.Novagold (NG): NG is a ~2% of the portfolio long-term stake established in 2010. Q2 2016 saw a ~28% reduction at prices between $5 and $6.50 and that was followed with a ~13% selling in Q4 2016. The stock is currently at $3.67.Note: Paulson has a high cost-basis on NG and controls ~7% of the business.Vistra Energy (VST) previously TCEH: VST is a 1.79% of the portfolio position established in Q2 2017 at prices between $15 and $20. Vistra exited bankruptcy and started trading in October 2016 at ~$16 per share. There was a ~13% trimming in Q4 2017 and that was followed with a two-thirds reduction last quarter at prices between $17.50 and $21. The stock is now at $23.54.Endo International plc (ENDP): A very small ENDP stake was increased by almost 200% in Q1 2016 at prices between $28 and $61. The next two quarters saw a combined ~18% reduction at prices between $17 and $43. The stock is now at $17.15 and the stake is at 1.77% of the portfolio. There was a ~28% increase last quarter at prices between $5.50 and $9.TIM Participacoes (TSU): TSU is a 1.72% portfolio stake first purchased in Q2 2014 at prices between $24 and $30. The position had remained relatively steady since. Last quarter saw a ~10% selling at prices between $19.50 and $22.50. The stock is currently trading below those ranges at $15.04.International Seaways (INSW): INSW is a spinoff from Overseas Shipholding Group (OSG) that started regular-way trading in December 2016 at ~$15 per share. It is now at $20.52. There was ~6% trimming in Q2 2017 at ~$20.Note: Paulson controls ~12% of International Seaways.Viacom (VIAB): The 1.59% VIAB position saw a ~160% stake increase last quarter at prices between $29 and $34 and it is currently near the low end of that range at $29.28.Mallinckrodt PLC (MNK): MNK is a 1.40% of the 13F portfolio position established in Q3 2013 at prices between $42 and $47. Q2 & Q3 2014 saw a combined 55% increase at prices between $60 and $90. There was selling in H1 2015: ~28% reduction at prices between $94 and $130. Q4 2015 saw the pattern reverse: ~31% increase at prices between $53 and $77. The seven quarters thru Q4 2017 had seen a combined ~60% reduction at prices between $21 and $81. The stock currently trades at $34.46.Note 1: Paulson controls ~3.9% of the business.Note 2: MNK, a July 2013 spinoff from Covidien plc started trading at around $42. Covidien plc in turn was acquired by Medtronic (MDT) in January 2015.Energen Corp. (EGN): EGN is a ~1% portfolio stake established last quarter at prices between $49 and $63 and the stock currently trades well above that range at $77.55.Brookdale Senior Living (BKD), CenturyLink Inc. (CTL), International Tower Hill Mines (THM), Newmark Group (NMRK), and Office Depot (ODP): These are small (less than ~1% of the portfolio each) stakes kept steady this quarter.Note: Paulson has a ~32% ownership stake in International Tower Hill Mines.Although the relative position sizes are minute, the following 13F stakes are significant as Paulson has sizable ownership: Synthesis Energy Systems (SES), and Trilogy Metals (TMQ).The spreadsheet below highlights changes to Paulsons US stock holdings in Q2 2018:Regulatory Filings thru 5/18/2018: Form 4 3/19 INSW 3.5M shares, 13D/A 3/16 & Form 4 3/15 ITHM 59.6M shares - ~32% of business - ~4.1M shares acquired in a 24M share private placement for ~$2.05M - $0.50 per share, Form 4 3/8 - TMQ 11.57M shares."

"Tracking John Paulsons Paulson & Company Portfolio Q1 2018 Update"

"John Paulsons 13F portfolio value decreased from $5.12B to $4.57B this quarter.Paulson & Company's largest three positions are SPDR Gold ETF, Mylan NV, and Shire plc.Paulson increased Discovery Communications and Viacom while reducing Vistra Energy and Caesars Entertainment.This article is part of a series that provides an ongoing analysis of the changes made to John Paulsons 13F stock portfolio on a quarterly basis. It is based on Paulsons regulatory filed on 05/15/2018. Please visit our to get an idea of his investment philosophy and our for the funds moves during Q4 2017.This quarter, Paulsons 13F portfolio value decreased ~11% from $5.12B to $4.57B. There are 51 13F securities in the portfolio although only 36 of them are significantly large equity holdings (more than 0.5% of the 13F portfolio). The article is focused on the larger holdings. The top five positions are SPDR Gold ETF, Mylan NV, Shire plc, Valeant Pharmaceuticals, and Allergan plc and they add up to ~46% of the portfolio. The largest holding is SPDR Gold ETF at ~12% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that story, check-out .Stake Disposals:Extended Stay America (STAY): STAY was a very small 0.67% of the portfolio position as of last quarter. The position was eliminated this quarter at prices between $18.50 and $21. The stake came about as a result of the firms IPO in November 2013 (see Note below) at $20 per share. Q4 2015 had seen a ~11% trimming at prices between $16 and $19 and that was followed with another ~12% reduction in Q3 2016 at ~$14. There was a ~25% reduction in Q4 2016 at prices between $13 and $17 and that was followed with a ~30% selling in Q1 2017 at $17.81. The position was reduced by ~90% in Q2 2017 at prices between $15.76 and $19.80. Paulson harvested long-term gains.Note: Extended Stay America filed Chapter 11 bankruptcy on June 16, 2009 and an investment group consisting of Paulson & Company, Blackstone Group, and Centerbridge Partners bought Extended Stay America out of bankruptcy in October 2010. At the time of the 11/2013 IPO, the firms already made more than three times their investment.Scripps Networks Interactive (SNI) and Sucampo Pharmaceuticals (SCMP): These were very small (less than ~1% of the portfolio each) merger-arbitrage stakes established last quarter. Scripps Networks Interactive was acquired by Discovery Communications (DISCA) and Sucampo Pharmaceuticals by Mallinckrodt plc (MNK). The acquisitions closed this quarter thereby eliminating the positions.Oasis Petroleum (OAS) and Synergy Pharmaceuticals (SGYP): These two small (less than ~1% of the portfolio each) stakes were disposed this quarter.New Stakes:Energen Corp. (EGN), XL Group (XL), DST Systems, and Blackhawk Network Holdings (HAWK): These are the new positions this quarter. EGN is a ~1% portfolio stake established at prices between $49 and $63 and the stock currently trades above that range at $68.37. XL Group, DST Systems, and Blackhawk Network Holdings are merger-arbitrage stakes: AXA Group is acquiring XL Group for $57.30 per share cash. SS&C acquired DST Systems for $84 per share cash and the transaction closed last month. Blackhawk Network Holdings is being acquired by Silver Lake and P2 Capital Partners for $45.25 per share cash.Stake Decreases:SPDR Gold Trust (GLD): GLD was Paulsons largest position by far at ~19% of the US long portfolio as of Q1 2013. The original stake was established in Q1 2009 at prices between $83 and $98 and was reduced by ~45% in 2011 at much higher prices. It was reduced by more than half in Q2 2013 as well at prices between $116 and $155. Q4 2015 and the following quarter saw a combined ~60% reduction at prices between $100 and $122. The stock currently trades at ~$122. The remaining stake is still the largest at ~12% of the portfolio. There was marginal trimming this quarter.Mylan Inc. (MYL): MYL is a top three position at 10.39% of the portfolio. The original stake was purchased in Q1 2010 at prices between $17 and $23. Q1 2013 saw a 25% reduction at prices between $27.50 and $31 and the following quarter saw another one-third reduction at prices between $29 and $32. Q4 2014 saw an about-turn: ~20% increase at prices between $45 and $59 and that was followed with a ~50% increase in Q2 2015 at prices between $58 and $76. Last five quarters have seen a ~47% selling at prices between $30.50 and $47.50. The stock trades currently at $40.08.Shire PLC ADR (SHPG): SHPG is the third-largest position at 9.64% of the portfolio. It was established in Q3 2012 at prices between $85 and $94. In Q2 2013, the position was doubled at prices between $87 and $100. In Q2 2014, the stake was again increased by ~36% at prices between $142 and $236. The following quarter saw a whopping ~170% increase at prices between $232 and $263. In Q2 2015, the pattern reversed: ~15% reduction at prices between $227 and $260. Q2 & Q3 2016 also saw a combined ~40% reduction at prices between $165 and $207. Last six quarters saw another ~38% reduction at prices between $127 and $194. The stock currently trades at ~$172.T-Mobile US (TMUS): The ~5% portfolio stake in TMUS was purchased in Q1 2017 at prices between $56.60 and $65 and increased by ~46% the following quarter at prices between $60 and $68. Last three quarters have seen a combined ~37% selling at prices between $55 and $65.50. The stock is now at $56.68.NXP Semiconductors (NXPI): NXPI stake saw a ~200% increase in Q1 2017 to a 1.56% portfolio position at prices between $96 and $104. There was a ~6% further increase in the following quarter. The position was almost sold out in Q3 2017 at prices between $109 and $113. Last quarter saw another about turn: huge increase to a 3.31% portfolio stake at prices between $113 and $118. There was a ~16% selling this quarter at prices between $115 and $126. The stock currently trades at ~$107.Note: NXPI is a merger-arbitrage stake. It is getting acquired by Qualcomm (QCOM) for $127.50 per share cash.Horizon Pharmaceuticals (HZNP): The 2.38% HZNP position was purchased in Q2 2017 at prices between $9.65 and $15.75 and increased by ~40% last quarter at prices between $13 and $15. The stock is now at $15.07. There was a ~3% trimming this quarter.TIM Participacoes (TSU): TSU is a 2.37% portfolio stake first purchased in Q2 2014 at prices between $24 and $30. The position had remained relatively steady since. This quarter saw a ~10% selling at prices between $19.50 and $22.50. The stock is currently trading at $18.14.Vistra Energy (VST) previously TCEH: VST is a 1.68% of the portfolio position established in Q2 2017 at prices between $15 and $20. Vistra exited bankruptcy and started trading in October 2016 at ~$16 per share. There was a ~13% trimming last quarter and that was followed with a two-thirds reduction this quarter at prices between $17.50 and $21. The stock is now at $22.88.Caesars Entertainment (CZR): In October last year, Caesars Entertainment combined with Caesars Acquisition in a merger (bankruptcy court reorg). The terms called for Caesars Acquisition shareholders to receive 1.625 shares of CZR for each share held. Paulson had ~10% stakes in both. Including the conversion, the position saw a ~53% reduction last quarter. This quarter saw another ~73% selling at prices between $11 and $14.50. The stock currently trades at $13.15.Twenty First Century Fox (FOX): The FOX position was almost sold out this quarter at prices between $34 and $38.50. It was purchased last quarter at prices between $24.50 and $34.75 and the stock is now at $37.28.Stake Increases:Time Warner Inc. (TWX): TWX is a 5.38% of the portfolio merger-arbitrage stake purchased in Q4 2016. AT&T (T) reached a deal in October 2016 to acquire Time Warner in a $107.50 half-cash half-stock deal. The stock currently trades at $92.88. There was a ~20% selling in Q3 2017 while last quarter saw a ~6% increase. This quarter also saw a marginal increase.Dish Network (DISH): DISH is a 4.12% portfolio position established in Q1 2017 at prices between $58 and $64. Q2 & Q3 2017 saw a combined ~36% stake increase at prices between $52 and $66. The stock is currently below the low end of those ranges at $32.65. There was a ~11% trimming last quarter while this quarter there was a ~19% stake increase. For investors attempting to follow Paulson, DISH is a good option to consider for further research.Altaba Inc. (AABA) previously Yahoo: The 2.77% AABA stake was established in Q2 2017 at prices between $46 and $56 and increased by ~42% the following quarter at prices between $54.50 and $67.50. Last quarter saw an about turn: ~55% reduction at prices between $65 and $73. It is now at $76.50. There was a minor ~3% stake increase this quarter.Discovery Communications (DISCA) and Viacom (VIAB): These two positons saw large increases this quarter. The DISCA stake saw a 320% increase to a 1.80% portfolio position at prices between $21.50 and $26.50. It is now at $23.02. The VIAB position saw a ~160% increase to a 1.75% portfolio stake at prices between $29 and $34 and it is currently below that range at $28.16.Monsanto Company (MON) and Rockwell Collins (COL): These two positions were increased substantially over the last two quarters. MON position had seen a stake doubling last quarter at prices between $115 and $122. There was a ~7% further increase this quarter and the stake is at 1.15% of the portfolio. The stock is now at ~$125. The COL position was increased by ~135% last quarter at prices between $130 and $137 and that was followed with a ~63% increase this quarter at prices between $133 and $139. It is now at ~$136 and the stake is at 1.26% of the portfolio.Note: Monsanto and Rockwell-Collins are merger-arbitrage stakes. Monsanto is getting acquired by Bayer AG (BAYRY) and Rockwell Collins by United Technologies (UTX).Endo International plc (ENDP): A very small ENDP stake was increased by almost 200% in Q1 2016 at prices between $28 and $61. The next two quarters saw a combined ~18% reduction at prices between $17 and $43. The stock is now at $6.20 and the stake is at 1.19% of the portfolio. There was a ~28% increase this quarter at prices between $5.50 and $9.International Tower Hill Mines (THM), Newmark Group (NMRK), and Aetna Inc. (AET): These very small (less than ~1% of the portfolio each) stakes saw substantial increases this quarter.Note: Paulson has a ~32% ownership stake in International Tower Hill Mines.Kept Steady:Valeant Pharmaceuticals (VRX): VRX position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Q4 2015 also saw another ~50% increase at prices between $70 and $182. The aggressive buying against falling prices continued in Q2 2016: ~44% increase at prices between $19 and $36. The stock currently trades near the low end of those ranges at $22.03 and the stake is at 7.25% of the portfolio.Note: Paulson controls ~6% of Valeant Pharmaceuticals.Allergan plc (AGN): AGN was a minutely small 0.29% of the US long portfolio position in Q2 2014. The following two quarters saw a ~420% increase at prices between $202 and $271. Q2 2015 saw a further ~27% increase at prices between $283 and $313. In Q4 2015 there was an about-turn: ~23% reduction at prices between $253 and $323. Q2 2016 saw another ~26% selling at prices between $202 and $278. The five quarters thru Q4 2017 had seen a combined ~54% selling at prices between $165 and $255. The stock is now at ~$160 and the stake is at ~7% of the portfolio.AngloGold Ashanti (AU): AU is a 2.65% position. It is a long-term stake that has been in the portfolio since 2009. Q4 2015 had seen a ~9% trimming while the following quarter saw a one-third reduction at prices between $7 and $14. Q2 2016 saw another ~20% reduction at prices between $13 and $18. The stock is currently at $8.31.Note: Paulson controls ~3% of AngloGold Ashanti.Novagold (NG): NG is a small 1.69% of the portfolio long-term stake established in 2010. Q2 2016 saw a ~28% reduction at prices between $5 and $6.50 and that was followed with a ~13% selling in Q4 2016. The stock is currently at $4.86.Note: Paulson has a high cost-basis on NG and controls ~7% of the business.International Seaways (INSW): INSW is a spinoff from Overseas Shipholding Group (OSG) that started regular-way trading in December 2016 at ~$15 per share. It is now at $18.76. There was ~6% trimming in Q2 2017 at ~$20.Note: Paulson controls ~12% of International Seaways.Mallinckrodt PLC (MNK): MNK is a 1.16% of the 13F portfolio position established in Q3 2013 at prices between $42 and $47. Q2 & Q3 2014 saw a combined 55% increase at prices between $60 and $90. There was selling in H1 2015: ~28% reduction at prices between $94 and $130. Q4 2015 saw the pattern reverse: ~31% increase at prices between $53 and $77. The seven quarters thru Q4 2017 had seen a combined ~60% reduction at prices between $21 and $81. The stock currently trades at $16.07.Note 1: Paulson controls ~3.9% of the business.Note 2: MNK, a July 2013 spinoff from Covidien plc started trading at around $42. Covidien plc in turn was acquired by Medtronic (MDT) in January 2015.Centurylink Inc. (CTL): CTL is a small 0.72% of the portfolio position established last quarter at prices between $13.50 and $20.50 and the stock is currently at $19.25.Office Depot (ODP): ODP is a very small 0.47% stake. It was doubled in Q2 2016 at prices between $3 and $8. The stock is now at $2.47. Q1 2017 saw a minor ~7% trimming and that was followed with a ~12% reduction in the following quarter. There was another ~20% selling in Q3 2017 at prices between $3.95 and $6.20.Agnico Eagle Mines (AEM), Brookdale Senior Living (BKD), and Randgold Resources (GOLD): These are small (less than ~1% of the portfolio each) stakes kept steady this quarter.Although the relative position sizes are minute, the following 13F stakes are significant as Paulson has sizable ownership: Synthesis Energy Systems (SES), and Trilogy Metals (TMQ).The spreadsheet below highlights changes to Paulsons US stock holdings in Q1 2018:Regulatory Filings thru 2/18/2018: 13G/As 2/14 AKRX 0, CZR 18.75M shares 2.66% of business, SES 1.38M shares 11.4% of business, TMQ 14.3M shares 13.45% of business, MNK 3.67M shares 3.87% of business, CIEIQ 2.05M shares 6.84% of business, NG 21.99M shares 6.82% of business, Misc Form 4 2/5 on TMQ, 13G/A 12/12 SGYP 4.4M shares 1.78% of business, Form 4 12/1 OSG 10.2M shares minor disposal.2/21/2018 reader asked whether he owns Fannie/Freddie my reply: On Fannie/Freddie, Paulson has not disclosed what he owns and how much. In June 2017, a Bloomberg article () said he supports the Moelis recapitalization plan. That article also referenced an interview () which mentioned he has a huge position but no specifics."

"Tracking John Paulsons Paulson & Company Portfolio Q4 2017 Update"

"John Paulsons 13F portfolio value decreased from $5.57B to $5.12B this quarter.Paulson & Company's largest three positions are SPDR Gold ETF, Mylan NV, and Shire plc.Paulson increased Horizon Pharmaceuticals while reducing Synergy Pharmaceuticals.This article is part of a series that provides an ongoing analysis of the changes made to John Paulsons US stock portfolio on a quarterly basis. It is based on Paulsons regulatory filed on 02/14/2018. Please visit our to get an idea of his investment philosophy and our for the funds moves during Q3 2017.This quarter, Paulsons 13F portfolio value decreased ~8% from $5.57B to $5.12B. There are 54 13F securities in the portfolio although only 33 of them are significantly large equity holdings (more than 0.5% of the 13F portfolio). The article is focused on the larger holdings. The top five positions are SPDR Gold ETF, Mylan NV, Shire plc, Valeant Pharmaceuticals, and Allergan plc and they add up to ~45% of the portfolio. The largest holding is SPDR Gold ETF at 10.52% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that story, check-out .Stake Disposals:Teva Pharmaceuticals (TEVA): TEVA was a very small stake established in Q2 2015. It was increased to a fairly large 5.28% position the following quarter at prices between $55 and $72. Q2 2016 saw a ~19% reduction at prices between $48.50 and $57 and that was followed with a ~30% selling in Q1 2017 at prices between $32 and $38. There was another ~40% reduction the following quarter at prices between $27.50 and $33 and that was followed with another two-thirds selling last quarter at prices between $15.50 and $33.50. The remaining 0.77% stake was disposed this quarter at prices between $11.20 and $19.10. The stock is now at $20.90. Paulson realized losses.Realogy Holdings (RLGY): RLGY was a 0.59% of the portfolio position as of last quarter. The original investment was made prior to the October 2012 IPO. It was reduced by two-thirds over the six quarters thru Q2 2016 at prices between $28 and $49. There was a ~16% trimming in Q2 2017 at prices between $28 and $32.50 and that was followed with a 75% reduction last quarter at prices between $32 and $35. The elimination this quarter was at prices between $26 and $34. The stock currently trades at $26.11.Bank of America (BAC) warrants: The small ~1.5% stake in the A warrants (Jan 2019 expiry, $12.76 strike) was disposed this quarter. An even smaller (less than 0.5% of the portfolio) stake in the more leveraged B warrants (Oct 2018 expiry, $30.79 strike) was kept.New Stakes:Centurylink Inc. (CTL): CTL is a small 0.83% of the portfolio position established this quarter at prices between $13.50 and $20.50 and the stock is currently at $18.93.Scripps Networks Interactive (SNI), Sucampo Pharmaceuticals (SCMP), and Twenty First Century Fox (FOX): These are three merger-arbitrage stakes established this quarter. They are all very small positions at less than ~0.65% of the portfolio each. Scripps Networks Interactive is being acquired by Discovery Communications (DISCA), Sucampo Pharmaceuticals by Mallinckrodt plc (MNK), and certain assets of Twenty First Century Fox is being bought by Walt Disney (DIS).Stake Decreases:Mylan Inc. (MYL): MYL is a top three position at 10.27% of the portfolio. The original stake was purchased in Q1 2010 at prices between $17 and $23. Q1 2013 saw a 25% reduction at prices between $27.50 and $31 and the following quarter saw another one-third reduction at prices between $29 and $32. Q4 2014 saw an about-turn: ~20% increase at prices between $45 and $59 and that was followed with a ~50% increase in Q2 2015 at prices between $58 and $76. Last four quarters have seen a 42% selling at prices between $30.50 and $45. The stock trades currently at $42.14.Shire PLC ADR (SHPG): SHPG is the third-largest position at 9.24% of the portfolio. It was established in Q3 2012 at prices between $85 and $94. In Q2 2013, the position was doubled at prices between $87 and $100. In Q2 2014, the stake was again increased by ~36% at prices between $142 and $236. The following quarter saw a whopping ~170% increase at prices between $232 and $263. In Q2 2015, the pattern reversed: ~15% reduction at prices between $227 and $260. Q2 & Q3 2016 also saw a combined ~40% reduction at prices between $165 and $207. Last five quarters saw another ~36% reduction at prices between $140 and $195. The stock currently trades at $134.Allergan plc (AGN): AGN was a minutely small 0.29% of the US long portfolio position in Q2 2014. The following two quarters saw a ~420% increase at prices between $202 and $271. Q2 2015 saw a further ~27% increase at prices between $283 and $313. In Q4 2015 there was an about-turn: ~23% reduction at prices between $253 and $323. Q2 2016 saw another ~26% selling at prices between $202 and $278. Last five quarters have seen a combined ~54% selling at prices between $165 and $255. The stock is now at $164 and the stake is at ~6% of the portfolio.T-Mobile US (TMUS): The 5.55% portfolio stake in TMUS was purchased in Q1 2017 at prices between $56.60 and $65 and increased by ~46% the following quarter at prices between $60 and $68. Last quarter saw a ~14% trimming and that was followed with a similar reduction this quarter. The stock is at $60.06.Dish Network (DISH): DISH is a 3.69% portfolio position established in Q1 2017 at prices between $58 and $64. Last two quarters saw a combined ~36% stake increase at prices between $52 and $66. The stock is currently at $45.69. There was a ~11% trimming this quarter.Vistra Energy (VST) previously TCEH: VST is a 3.58% of the portfolio position established in Q2 2017. It exited bankruptcy in December 2016 and started trading in May 2016 at ~$15 per share. The stock is now at $18.83. There was a ~13% trimming this quarter.Altaba Inc. (AABA) previously Yahoo: The 2.27% AABA stake was established in Q2 2017 at prices between $46 and $56 and increased by ~42% last quarter at prices between $54.50 and $67.50. This quarter saw an about turn: ~55% reduction at prices between $65 and $73. It is now at $73.51.Mallinckrodt PLC (MNK): MNK is a 1.62% of the US long portfolio position established in Q3 2013 at prices between $42 and $47. Q2 & Q3 2014 saw a combined 55% increase at prices between $60 and $90. There was some selling in H1 2015: ~28% reduction at prices between $94 and $130. Q4 2015 saw the pattern reverse: ~31% increase at prices between $53 and $77. Last seven quarters have seen a combined ~60% reduction at prices between $21 and $81. The stock currently trades at $16.80.Note 1: Paulson controls ~3.9% of the business.Note 2: MNK, a July 2013 spinoff from Covidien plc started trading at around $42. Covidien plc in turn was acquired by Medtronic (MDT) in January 2015.Synergy Pharmaceuticals (SGYP): SGYP is now a minutely small position at 0.17% of the portfolio. The original position saw a ~150% increase in Q2 2016 at prices between $2.50 and $4. As of last quarter, the stake was at 1.25% of the portfolio. This quarter saw a ~85% selling at prices between $1.85 and $3.50. The stock is now at $2.03.Stake Increases:Caesars Entertainment (CZR): In October last year, Caesars Entertainment combined with Caesars Acquisition in a merger (bankruptcy court reorg). The terms called for Caesars Acquisition shareholders to receive 1.625 shares of CZR for each share held. Paulson had ~10% stakes in both. Including the conversion, the position saw a ~53% reduction this quarter. The stake is still fairly large at 4.63% of the portfolio.Time Warner Inc. (TWX): TWX is a 4.59% of the portfolio merger-arbitrage stake purchased in Q4 2016. AT&T (T) reached a deal in October 2016 to acquire Time Warner in a $107.50 half-cash half-stock deal. The stock currently trades at $95.37. There was a ~20% selling last quarter. This quarter saw a ~6% increase.NXP Semiconductors (NXPI): NXPI stake saw a ~200% increase in Q1 2017 to a 1.56% portfolio position at prices between $96 and $104. There was a ~6% further increase in Q2 2017. The position was almost sold out last quarter at prices between $109 and $113. This quarter saw another about turn: huge increase to a 3.31% portfolio stake at prices between $113 and $118. It is now at ~$119.Note: NXPI is a merger-arbitrage stake. It is getting acquired by Qualcomm (QCOM) for $110 per share cash.Horizon Pharmaceuticals (HZNP): The 2.24% HZNP position was purchased in Q2 2017 at prices between $9.65 and $15.75 and increased by ~40% this quarter at prices between $13 and $15. The stock is now at $13.89.Monsanto Company (MON) and Rockwell Collins (COL): These two minutely small (less than 0.5% of the portfolio each) positions as of last quarter saw large increases this quarter. MON position saw a stake doubling to ~1% of the portfolio at prices between $115 and $122. The stock is now at $121. The COL position was increased by ~135% to a 0.69% portfolio stake at prices between $130 and $137 and it is now at $136.Note: Monsanto and Rockwell-Collins are merger-arbitrage stakes. Monsanto is getting acquired by Bayer AG (BAYRY) and Rockwell Collins by United Technologies (UTX).Kept Steady:SPDR Gold Trust (GLD): GLD was Paulsons largest position by far at ~19% of the US long portfolio as of Q1 2013. The original stake was established in Q1 2009 at prices between $83 and $98 and was reduced by ~45% in 2011 at much higher prices. It was reduced by more than half in Q2 2013 as well at prices between $116 and $155. Q4 2015 and the following quarter saw a combined ~60% reduction at prices between $100 and $122. The stock currently trades at ~$128. The remaining stake is still the largest at 10.52% of the portfolio.Valeant Pharmaceuticals (VRX): VRX position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Q4 2015 also saw another ~50% increase at prices between $70 and $182. The aggressive buying against falling prices continued in Q2 2016: ~44% increase at prices between $19 and $36. The stock currently trades below those ranges at $18.88 and the stake is at 8.45% of the portfolio.Note: Paulson controls ~6% of Valeant Pharmaceuticals.AngloGold Ashanti (AU): AU is a 2.54% position. It is a long-term stake that has been in the portfolio since 2009. Q4 2015 had seen a ~9% trimming while the following quarter saw a one-third reduction at prices between $7 and $14. Q2 2016 saw another ~20% reduction at prices between $13 and $18. The stock is currently at $10.45.Note: Paulson controls ~3% of AngloGold Ashanti.Novagold (NG): NG is a small 1.69% of the portfolio long-term stake established in 2010. Q2 2016 saw a ~28% reduction at prices between $5 and $6.50 and that was followed with a ~13% selling in Q4 2016. The stock is currently at $4.17.Note: Paulson has a high cost-basis on NG and controls ~7% of the business.International Seaways (INSW): INSW is a spinoff from Overseas Shipholding Group (OSG) that started regular-way trading in December 2016 at ~$15 per share. It is now at $16.78. There was ~6% trimming in Q2 2017 at ~$20.Note: Paulson controls ~12% of International Seaways.Endo International plc (ENDP): A very small ENDP stake was increased by almost 200% in Q1 2016 at prices between $28 and $61. The next two quarters saw a combined ~18% reduction at prices between $17 and $43. The stock is now at $6.88 and the stake is at ~1% of the portfolio. There was a ~9% trimming in Q2 2017.Extended Stay America (STAY): STAY is now a very small 0.67% of the portfolio position. The stake came about as a result of the firms IPO in November 2013 (see Note below). STAY currently trades at $19.60 compared to the IPO offering price of $20. Q4 2015 had seen a ~11% trimming at prices between $16 and $19 and that was followed with another ~12% reduction in Q3 2016 at ~$14. There was a ~25% reduction in Q4 2016 at prices between $13 and $17 and that was followed with a ~30% selling in Q1 2017 at $17.81. The position was reduced by ~90% in Q2 2017 at prices between $15.76 and $19.80. Paulson harvested long-term gains.Note: Extended Stay America filed Chapter 11 bankruptcy on June 16, 2009 and an investment group consisting of Paulson & Company, Blackstone Group, and Centerbridge Partners bought Extended Stay America out of bankruptcy in October 2010. At the time of the 11/2013 IPO, the firms already made more than three times their investment.Office Depot (ODP): ODP is a very small 0.69% stake. It was doubled in Q2 2016 at prices between $3 and $8. The stock is now at $3.18. Q1 2017 saw a minor ~7% trimming and that was followed with a ~12% reduction in the following quarter. There was another ~20% selling last quarter at prices between $3.95 and $6.20.Agnico Eagle Mines (AEM), Brookdale Senior Living (BKD), International Tower Hill Mines (THM), Oasis Petroleum (OAS), Randgold Resources (GOLD), and TIM Participacoes (TSU): These are small (less than ~2% of the portfolio each) stakes kept steady this quarter.Note: Paulson has a ~34% ownership stake in International Tower Hill Mines.Although the relative position sizes are minute, the following 13F stakes are significant as Paulson has sizable ownership: Cobalt International Energy (CIEIQ), Enzymotec Ltd., Synthesis Energy Systems (SES), and Trilogy Metals (TMQ).The spreadsheet below highlights changes to Paulsons US stock holdings in Q4 2017:Regulatory Filings thru 11/17/2017: 13G/A 9/11 ENZY 2.1M shares 9.2% of business. Form 4 10/26 SYMX 1M shares conversion of warrants. Form 4 11/14 SGYP 15.3M shares 8.75M shares sold at $2.82."

"Tracking John Paulsons Paulson & Company Portfolio Q3 2017 Update"

"John Paulsons U.S. long portfolio value decreased from $7.38B to $5.57B this quarter.Paulson & Company's largest three positions are SPDR Gold ETF, Shire plc, and Mylan NV.Paulson reduced Teva Pharmaceuticals & Realogy Holdings while increasing Altaba.This article is part of a series that provides an ongoing analysis of the changes made to John Paulsons US stock portfolio on a quarterly basis. It is based on Paulsons regulatory filed on 11/14/2017. Please visit our to get an idea of his investment philosophy and our for the funds moves during Q2 2017.This quarter, Paulsons US long portfolio value decreased ~25% from $7.38B to $5.57B. There are 54 13F securities in the portfolio although only 31 of them are significantly large equity holdings (more than 0.5% of the US long portfolio). The article is focused on the larger holdings. The top five positions are SPDR Gold ETF, Shire plc, Mylan NV, Allergan plc, and T-Mobile US and they add up to ~40% of the portfolio. The largest holding is SPDR Gold ETF at 9.52% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that story, check-out .Stake Disposals:American International Group (AIG): AIG was a ~3.5% of the US long portfolio stake established in Q1 2015 at prices between $49 and $56. Q4 2015 saw a ~20% reduction at prices between $57 and $64 and the following quarter saw another ~20% reduction at prices between $49 and $58. There was a ~50% further selling in Q4 2016 at prices between $57 and $67. The disposal this quarter was at prices between $58 and $66. The stock currently trades at $60.06.Alexion Pharmaceuticals (ALXN) & Calls: ALXN stake saw a ~250% increase in Q1 2017 at prices between $118 and $145. The position was reduced by ~80% last quarter at prices between $98 and $133 and was disposed this quarter at prices between $121 and $147. It is now at $111.VWR Corp (VWR): VWR was a 1.20% portfolio position purchased at prices between $27 and $34 and eliminated this quarter at ~$33. The stock is currently at $33.24.Note: In May, Avantor agreed to acquire VWR for $33.25 per share cash.Loxo Encology (LOXO) and William Lyon Homes (WLH): These are very small (less than ~1% of the portfolio each) stakes disposed this quarter.New Stakes:None.Stake Decreases:Shire PLC ADR (SHPG): SHPG is currently the second-largest position at 8.67% of the US long portfolio. It was established in Q3 2012 at prices between $85 and $94. In Q2 2013, the position was doubled at prices between $87 and $100. In Q2 2014, the stake was again increased by ~36% at prices between $142 and $236. The following quarter saw a whopping ~170% increase at prices between $232 and $263. In Q2 2015, the pattern reversed: ~15% reduction at prices between $227 and $260. Q2 & Q3 2016 also saw a combined ~40% reduction at prices between $165 and $207. Last four quarters saw another ~33% reduction at prices between $145 and $195. The stock currently trades at $147.Mylan Inc. (MYL): MYL is a top-three position at 8.29% of the portfolio. The original stake was purchased in Q1 2010 at prices between $17 and $23. Q1 2013 saw a 25% reduction at prices between $27.50 and $31 and the following quarter saw another one-third reduction at prices between $29 and $32. Q4 2014 saw an about-turn: ~20% increase at prices between $45 and $59 and that was followed with a ~50% increase in Q2 2015 at prices between $58 and $76. Last three quarters have seen a one-third selling at prices between $29.50 and $45.50. The stock trades currently at $37.59.Allergan plc (AGN): AGN was a minutely small 0.29% of the US long portfolio position in Q2 2014. The following two quarters saw a ~420% increase at prices between $202 and $271. Q2 2015 saw a further ~27% increase at prices between $283 and $313. In Q4 2015 there was an about-turn: ~23% reduction at prices between $253 and $323. Q2 2016 saw another ~26% selling at prices between $202 and $278. Last four quarters have seen a combined ~45% selling at prices between $190 and $255. The stock is currently at $175 and the stake is at ~8% of the portfolio.T-Mobile US (TMUS): The 5.76% portfolio stake in TMUS was purchased in Q1 2017 at prices between $56.60 and $65 and increased by ~46% last quarter at prices between $60 and $68. This quarter saw a ~14% trimming. The stock is at $60.02.Valeant Pharmaceuticals (VRX): VRX position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Q4 2015 also saw another ~50% increase at prices between $70 and $182. The aggressive buying against falling prices continued in Q2 2016: ~44% increase at prices between $19 and $36. The stock currently trades well below those ranges at $14.69 and the stake is at 5.36% of the portfolio. There was a ~5% trimming this quarter.Note: Paulson controls ~6% of Valeant Pharmaceuticals.Time Warner Inc. (TWX: TWX is a ~4.5% of the portfolio merger-arbitrage stake purchased in Q4 2016. AT&T (T) reached a deal last October to acquire Time Warner in a $107.50 half-cash half-stock deal. The stock currently trades at $88.72. There was a ~20% selling this quarter.Mallinckrodt PLC (MNK): MNK is a 4.45% of the US long portfolio position established in Q3 2013 at prices between $42 and $47. Q2 & Q3 2014 saw a combined 55% increase at prices between $60 and $90. There was some selling in H1 2015: ~28% reduction at prices between $94 and $130. Q4 2015 saw the pattern reverse: ~31% increase at prices between $53 and $77. Last five quarters had seen a combined ~23% reduction at prices between $40 and $81. The stock currently trades at $22.38. There was marginal trimming this quarter.Note 1: Paulson controls ~7% of the business.Note 2: MNK, a July 2013 spinoff from Covidien plc started trading at around $42. Covidien plc in turn was acquired by Medtronic (MDT) in January 2015.Synergy Pharmaceuticals (SGYP): The 1.25% SGYP position saw a ~150% increase in Q2 2016 at prices between $2.50 and $4. There was a ~13% reduction in the following quarter at ~$5.60 and the stock currently trades at $1.95. This quarter saw marginal trimming.Note: Regulatory filings since the quarter ended show them owning 15.3M shares (6.2% of the business) 8.75M shares sold at $2.82.Office Depot (ODP): ODP is a very small 0.81% stake. It was doubled in Q2 2016 at prices between $3 and $8. The stock is now at $3.28. Q1 2017 saw a minor ~7% trimming and that was followed with a ~12% reduction last quarter. There was another ~20% selling this quarter at prices between $3.95 and $6.20.Teva Pharmaceuticals (TEVA): TEVA was a very small stake established in Q2 2015. It was increased to a fairly large 5.28% position the following quarter at prices between $55 and $72. Q2 2016 saw a ~19% reduction at prices between $48.50 and $57 and that was followed with a ~30% selling in Q1 2017 at prices between $32 and $38. There was another ~40% reduction last quarter at prices between $27.50 and $33 and that was followed with another two-thirds selling this quarter at prices between $15.50 and $33.50. The stock is now at $13.84 and the stake is at ~0.77%.Realogy Holdings (RLGY): RLGY is a 0.59% of the US long portfolio position that was reduced by two-thirds over the six quarters thru Q2 2016 at prices between $28 and $49. The original investment was made prior to the October 2012 IPO. The stock currently trades at $26.50. There was a ~16% trimming last quarter at prices between $28 and $32.50 and that was followed with a 75% reduction this quarter at prices between $32 and $35.NXP Semiconductors (NXPI): NXPI stake saw a ~200% increase in Q1 2017 to a 1.56% portfolio position at prices between $96 and $104. There was a ~6% further increase last quarter. The position was almost sold out this quarter at prices between $109 and $113. It is now at ~$116.Note: NXPI is a merger-arbitrage stake. It is getting acquired by Qualcomm (QCOM) for $110 per share cash.Oasis Petroleum (OAS): The very small 0.80% OAS stake saw marginal trimming this quarter.Stake Increases:Dish Network (DISH): DISH is a 4.55% portfolio position established in Q1 2017 at prices between $58 and $64 and increased by ~16% last quarter at prices between $58 and $66. This quarter saw a similar increase at prices between $52 and $66. The stock is currently trading below those ranges at $50.66.Altaba Inc. (AABA) previously Yahoo, and Horizon Pharmaceuticals (HZNP): These two positions purchased last quarter saw increases this quarter. The 4.52% AABA stake was established at prices between $46 and $56 and increased by ~42% this quarter at prices between $54.50 and $67.50. It is now well above those ranges at $71.02. The small 1.27% HZNP position purchase was at prices between $9.65 and $15.75. It was increased by ~13% this quarter. The stock is now at $13.65.Kept Steady:SPDR Gold Trust (GLD): GLD was Paulsons largest position by far at ~19% of the US long portfolio as of Q1 2013. The original stake was established in Q1 2009 at prices between $83 and $98 and was reduced by ~45% in 2011 at much higher prices. It was reduced by more than half in Q2 2013 as well at prices between $116 and $155. Q4 2015 and the following quarter saw a combined ~60% reduction at prices between $100 and $122. The stock currently trades at ~$123. The remaining stake is still the largest at ~10% of the portfolio.Caesars Acquisition and Caesars Entertainment (CZR): Paulson has significant ~10% ownership stakes in each of Caesars Acquisition and Caesars Entertainment. Last month, Caesars Entertainment combined with Caesars Acquisition in a merger. The terms called for Caesars Acquisition shareholders to receive 1.625 shares of CZR for each share held.Vistra Energy (VST) previously TCEH: VST is a ~4% of the portfolio position established last quarter. It exited bankruptcy last December and started trading in May at ~$15 per share. The stock is now at $19.15.AngloGold Ashanti (AU): AU is a ~2% position. It is a long-term stake that has been in the portfolio since 2009. Q4 2015 had seen a ~9% trimming while the following quarter saw a further one-third reduction at prices between $7 and $14. Q2 2016 saw another ~20% reduction at prices between $13 and $18. The stock is currently at $9.99.Note: Paulson controls ~3% of AngloGold Ashanti.Novagold (NG): NG is a small 1.63% of the portfolio long-term stake established in 2010. Q2 2016 saw a ~28% reduction at prices between $5 and $6.50 and that was followed with a ~13% selling in Q4 2016. The stock is currently at $3.89.Note: Paulson has a high cost-basis on NG and controls ~7% of the business.Endo International plc (ENDP): A very small ENDP stake was increased by almost 200% in Q1 2016 at prices between $28 and $61. Q2 & Q3 2016 had seen a combined ~18% reduction at prices between $17 and $43. The stock is now at $7.54 and the stake is at ~1% of the portfolio. There was a ~9% trimming last quarter.International Seaways (INSW): INSW is a spinoff from Overseas Shipholding Group (OSG) that started regular-way trading in December last year at ~$15 per share. It is now at $17.17. There was ~6% trimming last quarter at ~$20.Note: Paulson controls ~12% of International Seaways.Extended Stay America (STAY): STAY is now a very small 0.65% of the US long portfolio position. The stake came about as a result of the firms IPO in November 2013. STAY currently trades at $16.46 compared to the IPO offering price of $20. Q4 2015 had seen a ~11% trimming at prices between $16 and $19 and that was followed with another ~12% reduction in Q3 2016 at ~$14. There was a ~25% reduction in Q4 2016 at prices between $13 and $17 and that was followed with a ~30% selling in Q1 2017 at $17.81. The position was reduced by ~90% last quarter at prices between $15.76 and $19.80. Paulson harvested long-term gains.Note: Extended Stay America filed Chapter 11 bankruptcy on June 16, 2009 and an investment group consisting of Paulson & Company, Blackstone Group, and Centerbridge Partners bought Extended Stay America out of bankruptcy in October 2010. At the time of the 11/2013 IPO, the firms already made more than three times their investment.Agnico Eagle Mines (AEM), Bank of America (BAC) warrants, Brookdale Senior Living (BKD), International Tower Hill Mines (THM), Randgold Resources (GOLD), and TIM Participacoes (TSU): These are small (less than ~2% of the portfolio each) stakes kept steady this quarter.Note: Paulson has a ~34% ownership stake in International Tower Hill Mines.Although the relative position sizes are minute, the following 13F stakes are significant as Paulson has sizable ownership: Cobalt International Energy (CIE), Enzymotec Ltd. (ENZY), Synthesis Energy Systems (SYMX), and Trilogy Metals (TMQ).The spreadsheet below highlights changes to Paulsons US stock holdings in Q3 2017:Regulatory Filings thru 8/18/2017: Form 4 8/15/2017 OSG 117K disposal at $2.25, 10.25M shares remains, 4/A 7/20 minor disposal 2k, 7/6 Form 4& 13D/A 600K disposed at 2.67, 10.96M shares remain, 14.7% of business. Form 4 6/1/2017 693K acquired at 0.01, minor disposal, 11M remain. Form 4 8/9/2017 SGYP 26K disposal at $3.77 24.06M shares remains, also 1.25M shares in derivatives. 13D 8/9/2017 - VRX 20.8M shares 6% of business - ~1M shares sold @ $14.66. 6/20 13D 21.8M shares - 6.3% of business. Form 4 7/18/2017 TMQ 27K disposed at $0.57 11.57M shares remain. Form 4 6/30/2017 INSW 225K disposed at ~20 3.46M shares remain. 13D/A 6/7/2017 ESH & STAY 1.8M shares less than 1% of business."

"Tracking John Paulsons Paulson & Company Portfolio Q2 2017 Update"

"John Paulsons U.S. long portfolio decreased from $7.53B to $7.38B this quarter.Paulson & Company's largest three positions are Allergan plc, Mylan NV, and Shire plc.Paulson reduced Extended Stay America while increasing T-Mobile and adding Vistra Energy & Altaba.This article is part of a series that provides an ongoing analysis of the changes made to John Paulsons US stock portfolio on a quarterly basis. It is based on Paulsons regulatory filed on 08/14/2017. Please visit our to get an idea of his investment philosophy and our for the funds moves during Q1 2017.This quarter, Paulsons US long portfolio decreased ~2% from $7.53B to $7.38B. There are 110 13F securities in the portfolio although only 34 of them are significantly large equity holdings (more than 0.5% of the US long portfolio). The article is focused on the larger holdings. The top five positions are Allergan plc, Mylan NV, Shire plc, SPDR Gold ETF, and Valeant Pharmaceuticals and they add up to ~38% of the portfolio. The largest holding is Allergan plc at 8.90% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that story, check-out .Stake Disposals:Akorn Inc. (AKRX): The 2.68% AKRX position was first purchased in Q4 2015 at prices between $22 and $37.50 and increased by ~225% the following quarter at prices between $18.50 and $38.50. The disposal this quarter was at prices between $23 and $34. The stock is now at $32.60. Paulson controlled ~6.7% of Akorn as of last quarter.Note: In April, Fresenius (FMS) agreed to acquire Akorn for $34 per share cash.Mead Johnson (MJN): MJN stake was increased by roughly 37-times to a 1.40% portfolio position last quarter at prices between $69.50 and $89. This quarter, the position was eliminated as MJN was acquired by Reckitt Benckiser (RBGLY) for $90 per share cash. The transaction closed in June.New Stakes:Vistra Energy (VST) previously TCEH, Altaba Inc. (AABA) previously Yahoo, VWR Corp (VWR), and Horizon Pharmaceuticals (HZNP): These are the new positions this quarter. VST is a 2.62% of the portfolio position. It exited bankruptcy last December and started trading in NYSE in May at ~$15 per share. The stock is now at $17.12. The ~2% AABA stake was established at prices between $46 and $56 and it now goes for $62.20. VWR is a 1.20% portfolio position purchased at prices between $27 and $34 and the stock is currently at $32.95. The very small 0.79% HZNP position purchase was at prices between $9.65 and $15.75 and it is now at $13.14.Note: In May, Avantor agreed to acquire VWR for $33.25 per share cash.Stake Decreases:Allergan plc (AGN): AGN was a minutely small 0.29% of the US long portfolio position in Q2 2014. The following two quarters saw a ~420% increase at prices between $202 and $271. Q2 2015 saw a further ~27% increase at prices between $283 and $313. In Q4 2015 there was an about-turn: ~23% reduction at prices between $253 and $323. Q2 2016 saw another ~26% selling at prices between $202 and $278. There was a ~8% trimming in Q4 2016 and that was followed with a ~22% selling last quarter at prices between $211 and $250. The stock is currently at $225 and the stake is Paulsons largest at 8.90% of the portfolio. There was a ~8% trimming this quarter.Mylan Inc. (MYL): MYL is a top-three position at 8.48% of the portfolio. The original stake was purchased in Q1 2010 at prices between $17 and $23. Q1 2013 saw a 25% reduction at prices between $27.50 and $31 and the following quarter saw another one-third reduction at prices between $29 and $32. Q4 2014 saw an about-turn: ~20% increase at prices between $45 and $59 and that was followed with a ~47% increase in Q2 2015 at prices between $58 and $76. The stock trades currently at $30.56. There was a ~20% selling last quarter at prices between $35.50 and $45.50 and that was followed with a ~8% trimming this quarter.Shire PLC ADR (SHPG): SHPG is currently the third-largest position at ~8% of the US long portfolio. It was established in Q3 2012 at prices between $85 and $94. In Q2 2013, the position was doubled at prices between $87 and $100. In Q2 2014, the stake was again increased by ~36% at prices between $142 and $236. The following quarter saw a whopping ~170% increase at prices between $232 and $263. In Q2 2015, the pattern reversed: ~15% reduction at prices between $227 and $260. Q2 & Q3 2016 also saw a combined ~40% reduction at prices between $165 and $207. The stock currently trades at $148. Last two quarters had seen a combined ~14% trimming at prices between $162 and $207 and this quarter saw similar selling at prices between $162 and $190. Paulson is realizing long-term gains.Mallinckrodt PLC (MNK): MNK is a 4.18% of the US long portfolio position established in Q3 2013 at prices between $42 and $47. Q2 & Q3 2014 saw a combined 55% increase at prices between $60 and $90. There was some selling in H1 2015: ~28% reduction at prices between $94 and $130. Q4 2015 saw the pattern reverse: ~31% increase at prices between $53 and $77. The stock currently trades at $36.36. Last five quarters have seen a combined ~23% reduction at prices between $40 and $81.Note 1: Paulson controls ~7.2% of the business.Note 2: MNK, a July 2013 spinoff from Covidien plc started trading at around $42. Covidien plc in turn was acquired by Medtronic (MDT) in January 2015.Time Warner Inc. (TWX: TWX is a ~4% of the portfolio merger-arbitrage stake purchased in Q4 2016. AT&T (T) reached a deal last October to acquire Time Warner in a $107.50 half-cash half-stock deal. The stock currently trades at $102. There was marginal trimming this quarter.American International Group (AIG): AIG is a ~3.5% of the US long portfolio stake established in Q1 2015 at prices between $49 and $56. Q4 2015 saw a ~20% reduction at prices between $57 and $64 and the following quarter saw another ~20% reduction at prices between $49 and $58. There was a ~50% further selling in Q4 2016 at prices between $57 and $67 and that was followed with minor trimming in the last two quarters. The stock currently trades at $61.67.Teva Pharmaceuticals (TEVA): TEVA was a very small 0.55% of the US long portfolio stake established in Q2 2015 at prices between $59 and $67. It was increased to a fairly large 5.28% position the following quarter at prices between $55 and $72. Q2 2016 saw a ~19% reduction at prices between $48.50 and $57 and that was followed with a ~30% selling last quarter at prices between $32 and $38. There was another ~40% reduction this quarter at prices between $27.50 and $33. The stock is now at $17.10 and the stake is at ~3%.Realogy Holdings (RLGY): RLGY is a 1.76% of the US long portfolio position that was reduced by two-thirds over the six quarters thru Q2 2016 at prices between $28 and $49. The original investment was made prior to the October 2012 IPO. The stock currently trades at $34.02. There was a ~16% trimming this quarter at prices between $28 and $32.50.Novagold (NG): NG is a small 1.36% of the portfolio long-term stake established in 2010. Q2 2016 saw a ~28% reduction at prices between $5 and $6.50 and that was followed with a ~13% selling in Q4 2016. The stock is currently at $4.09. There was marginal trimming in the last two quarters.Note: Paulson has a high cost-basis on NG and controls ~7% of the business.Endo International plc (ENDP): A very small ENDP stake was increased by almost 200% in Q1 2016 at prices between $28 and $61. Q2 & Q3 2016 had seen a combined ~18% reduction at prices between $17 and $43. The stock is now at $8.63 and the stake is at ~1% of the portfolio. There was a ~9% trimming this quarter.International Seaways (INSW): INSW is a spinoff from Overseas Shipholding Group (OSG) that started regular-way trading in December last year at ~$15 per share. It is now at $18.55. There was ~6% trimming this quarter at ~$20.Note: Paulson controls ~12% of International Seaways.Office Depot (ODP): ODP is a very small ~1% stake. It was doubled in Q2 2016 at prices between $3 and $8. The stock is now at $4.09. Last quarter saw a minor ~7% trimming and that was followed with a ~12% reduction this quarter.Note: In May 2016, a merger deal with Staples (SPLS) was scuttled by a federal judge.Extended Stay America (STAY): STAY is now a very small 0.47% of the US long portfolio position. The stake came about as a result of the firms IPO in November 2013. STAY currently trades at $18.46 compared to the IPO offering price of $20. Q4 2015 had seen a ~11% trimming at prices between $16 and $19 and that was followed with another ~12% reduction in Q3 2016 at ~$14. There was a ~25% reduction in Q4 2016 at prices between $13 and $17 and that was followed with a ~30% selling last quarter at $17.81. The position was reduced by ~90% this quarter at prices between $15.76 and $19.80. Paulson harvested long-term gains.Note: Extended Stay America filed Chapter 11 bankruptcy on June 16, 2009 and an investment group consisting of Paulson & Company, Blackstone Group, and Centerbridge Partners bought Extended Stay America out of bankruptcy in October 2010. At the time of the 11/2013 IPO, the firms already made more than three times their investment.Alexion Pharmaceuticals (ALXN) & Calls: The very small 0.86% ALXN stake saw a ~250% increase last quarter at prices between $118 and $145. The position was reduced by ~80% this quarter at prices between $98 and $133. It is now at $135.Brookdale Senior Living (BKD), Loxo Encology (LOXO), Oasis Petroleum (OAS), and TIM Participacoes (TSU): These are very small (less than ~1% of the portfolio each) stakes that were further reduced this quarter.Stake Increases:Valeant Pharmaceuticals (VRX): VRX position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Q4 2015 also saw another ~50% increase at prices between $70 and $182. The aggressive buying against falling prices continued in Q2 2016: ~44% increase at prices between $19 and $36. The stock currently trades at $14.34 and the stake is at 5.11% (top five) of the portfolio. This quarter also saw a ~13% increase.Note: Paulson controls 6.3% of Valeant Pharmaceuticals. There was a ~1M share reduction after the quarter ended at $14.66.T-Mobile US (TMUS) & Dish Network (DISH): These are fairly large stakes established last quarter and increased substantially this quarter. The ~5% portfolio stake in TMUS was purchased at prices between $56.60 and $65 and increased by ~46% this quarter at prices between $60 and $68. The stock is at $62.99. DISH is a 3.4% portfolio position established at prices between $58 and $64 and increased by ~16% this quarter at prices between $58 and $66. The stock currently goes for $56.94.NXP Semiconductors (NXPI): NXPI stake saw a ~200% increase last quarter to a 1.56% portfolio position at prices between $96 and $104. There was a ~6% further increase this quarter. It is now at ~$112.Note: NXPI is a merger-arbitrage stake. It is getting acquired by Qualcomm (QCOM) for $110 per share cash.Kept Steady:SPDR Gold Trust (GLD): GLD was Paulsons largest position by far at ~19% of the US long portfolio as of Q1 2013. The original stake was established in Q1 2009 at prices between $83 and $98 and was reduced by ~45% in 2011 at much higher prices. It was reduced by more than half in Q2 2013 as well at prices between $116 and $155. Q4 2015 and the following quarter saw a combined ~60% reduction at prices between $100 and $122. The stock currently trades at ~$123. Q4 2016 saw a ~9% trimming. The remaining stake is still a top five stake at ~7% of the portfolio.Caesars Acquisition (CACQ) and Caesars Entertainment (CZR): Paulson has significant ~10% ownership stakes in each of CACQ and CZR. Q3 2016 had seen minor trimming.AngloGold Ashanti (AU): AU is a 1.68% position. It is a long-term stake that has been in the portfolio since 2009. Q4 2015 had seen a ~9% trimming while the following quarter saw a further one-third reduction at prices between $7 and $14. Q2 2016 saw another ~20% reduction at prices between $13 and $18. The stock currently trades at $9.83.Note: Paulson controls ~3% of AngloGold Ashanti.Synergy Pharmaceuticals (SGYP): The 1.45% SGYP position saw a ~150% increase in Q2 2016 at prices between $2.50 and $4. There was a ~13% reduction in the following quarter at ~$5.60 and the stock currently trades at $2.90. There was a marginal reduction in Q4 2016.Note: Paulson controls ~13% of the business. There was very minor trimming after the quarter ended at $3.77.Bank of America (BAC) warrants, Randgold Resources (GOLD), and William Lyon Homes (WLH): These are very small (less than ~1% of the portfolio each) stakes kept steady this quarter.Although the relative position sizes are minute, the following 13F stakes are significant as Paulson has sizable ownership: Cobalt International Energy (CIE), Enzymotec Ltd. (ENZY), International Tower Hill Mines (THM), and Trilogy Metals (TMQ).The spreadsheet below highlights changes to Paulsons US stock holdings in Q2 2017:Regulatory Filings thru 5/19/2017: 13D/A & Form 4s on 5/5 - STAY & ESH Hospitality (paired trades) - 10.25M disposed at $17.23, 9.84M shares remain - 5.1%. 13D/A & Forms 4s on 3/14 - STAY & ESH Hospitality (paired trades) - 20.9M shares - 10.3%, 8.53M shares sold at $16.7. Trades connected to two secondary offering aggregating 25M shares & 30M shares."

"Tracking John Paulsons Paulson & Company Portfolio Q1 2017 Update"

"John Paulsons U.S. long portfolio decreased from $7.93B to $7.53B this quarter.Paulson & Company's largest three positions are and Shire plc, Allergan plc, and Mylan NV.Paulson added T-Mobile & Dish Network while reducing Allergan plc, Mylan NV, Teva Pharmaceuticals, and Extended Stay America.This article is part of a series that provides an ongoing analysis of the changes made to John Paulsons US stock portfolio on a quarterly basis. It is based on Paulsons regulatory filed on 05/15/2017. Please visit our to get an idea of his investment philosophy and our for the funds moves during Q4 2016.This quarter, Paulsons US long portfolio decreased ~5% from $7.93B to $7.53B. There are 100 13F securities in the portfolio although only 32 of them are significantly large equity holdings (more than 0.5% of the US long portfolio). The article is focused on the larger holdings. The top five positions are Shire plc, Allergan plc, Mylan NV, SPDR Gold ETF, and Teva Pharmaceuticals and they add up to ~40% of the portfolio. The largest holding is Shire plc at 9.55% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that story, check-out .Stake Disposals:Harman International (HAR) and B/E Aerospace (BEAV): These two were merger-arbitrage positions established last quarter. In November last year, Samsung agreed to acquire Harman International in a $112 per share all-cash deal and the deal closed in March this year. Rockwell Collins (COL) agreed to acquire B/E Aerospace in a $62 per share cash-and-stock deal ($34.50 cash) in October last year and that deal closed last month.Note: BEAV had a previous roundtrip: BEAV is a ~0.5% of the portfolio stake purchased in Q1 2016 at prices between $38 and $47 and reduced by two-thirds the following quarter at prices between $42.50 and $50. The stake was disposed in Q3 2016 at prices between $45 and $52.Hewlett Packard Enterprise (HPE): HPE was a ~1% portfolio position purchased in Q3 2016 at prices between $12.50 and $17.50. Last quarter saw a ~50% selling at prices between $15.50 and $19.25 and the disposal this quarter was at prices between $16.50 and $19. The stock is now at $18.53.Note: The prices quoted above are adjusted for the spin-merger with Computer Sciences Corporation. HPE holders received 0.086 shares of DXC Technology (DXC) for each share held.Dell Technologies (DVMT) and VMWare (VMW): DVMT was a very small ~0.75% of the portfolio stake established in Q3 2016. The VMWare (VMW) tracking stock came about as a result of Dells deal for EMC Corporation. Paulson had ~10.5M shares of EMC for which he received ~1M shares of DVMT in the ration 1:0.111 along with $24.05 per share in cash. The elimination this quarter happened at prices between $54.50 and $65. A ~1% position in VMW was also disposed of this quarter.New Stakes:T-Mobile US (TMUS) & Dish Network (DISH): These are fairly large ~3% portfolio stakes established this quarter. The 3.55% portfolio stake in TMUS was purchased at prices between $56.60 and $65 and the stock is now just above that range at $66.37. DISH is a 2.91% portfolio position established at prices between $58 and $64 and the stock currently goes for $63.53.Note: A merger rumor involving T-Mobile & Dish Network got some press earlier this year. Sprint (S) is also in the mix.Brookdale Senior Living (BKD): BKD is a very small 0.90% portfolio position purchased this quarter at prices between $11.90 and $16.30 and the stock is now at $14.02.Stake Decreases:Shire PLC ADR (SHPG): SHPG is currently the largest position at 9.55% of the US long portfolio. It was established in Q3 2012 at prices between $85 and $94. In Q2 2013, the position was doubled at prices between $87 and $100. In Q2 2014, the stake was again increased by ~36% at prices between $142 and $236. The following quarter saw a whopping ~170% increase at prices between $232 and $263. In Q2 2015, the pattern reversed: ~15% reduction at prices between $227 and $260. Q2 & Q3 2016 also saw a combined ~40% reduction at prices between $165 and $207. The stock currently trades at $189. Last two quarters have seen a combined ~14% trimming at prices between $162 and $207. Paulson is realizing long-term gains.Allergan plc (AGN): AGN was a minutely small 0.29% of the US long portfolio position in Q2 2014. The following two quarters saw a ~420% increase at prices between $202 and $271. Q2 2015 saw a further ~27% increase at prices between $283 and $313. In Q4 2015 there was an about-turn: ~23% reduction at prices between $253 and $323. Q2 2016 saw another ~26% selling at prices between $202 and $278. There was a ~8% trimming last quarter and that was followed with a ~22% selling this quarter at prices between $211 and $250. The stock is currently at $219 and the stake is still Paulsons second-largest at 9.33% of the portfolio.Mylan Inc. (MYL): MYL is a top-three position at 9.04% of the portfolio. The original stake was purchased in Q1 2010 at prices between $17 and $23. Q1 2013 saw a 25% reduction at prices between $27.50 and $31 and the following quarter saw another one-third reduction at prices between $29 and $32. Q4 2014 saw an about-turn: ~20% increase at prices between $45 and $59 and that was followed with a ~47% increase in Q2 2015 at prices between $58 and $76. The stock trades currently at $37.94. There was a ~20% selling this quarter at prices between $35.50 and $45.50.Teva Pharmaceuticals (TEVA): TEVA was a very small 0.55% of the US long portfolio stake established in Q2 2015 at prices between $59 and $67. It was increased to a fairly large 5.28% position the following quarter at prices between $55 and $72. Q2 2016 saw a ~19% reduction at prices between $48.50 and $57 and that was followed with a ~30% selling this quarter at prices between $32 and $38. The stock is now at $29.88.Mallinckrodt PLC (MNK): MNK is a 4.44% of the US long portfolio position established in Q3 2013 at prices between $42 and $47. Q2 & Q3 2014 saw a combined 55% increase at prices between $60 and $90. There was some selling in H1 2015: ~28% reduction at prices between $94 and $130. Q4 2015 saw the patter reverse: ~31% increase at prices between $53 and $77. The stock currently trades at $41.05. Last four quarters have seen a combined ~16% reduction at prices between $43 and $81.Note 1: Paulson controls ~7.5% of the business.Note 2: MNK, a July 2013 spinoff from Covidien plc started trading at around $42. Covidien plc in turn was acquired by Medtronic (MDT) in January 2015.Extended Stay America (STAY): STAY is a 4.23% of the US long portfolio position. The stake came about as a result of the firms IPO in November 2013. STAY currently trades at $17.81 compared to the IPO offering price of $20. Q4 2015 had seen a ~11% trimming at prices between $16 and $19 and that was followed with another ~12% reduction in Q3 2016 at ~$14. There was a ~25% reduction last quarter at prices between $13 and $17 and that was followed with a ~30% selling this quarter at $17.81. Paulson is harvesting long-term gains.Note 1: Regulatory filings since the quarter ended show Paulson owning 9.84M shares of STAY. This is compared to 20.09M shares in the 13F. They sold ~10M shares at $17.23. Paulson still controls 5.1% of the business.Note 2: Extended Stay America filed Chapter 11 bankruptcy on June 16, 2009 and an investment group consisting of Paulson & Company, Blackstone Group, and Centerbridge Partners bought Extended Stay America out of bankruptcy in October 2010. At the time of the 11/2013 IPO, the firms already made more than three times their investment.American International Group (AIG): AIG is a ~3.8% of the US long portfolio stake established in Q1 2015 at prices between $49 and $56. Q4 2015 saw a ~20% reduction at prices between $57 and $64 and the following quarter saw another ~20% reduction at prices between $49 and $58. There was a ~50% further selling last quarter at prices between $57 and $67 and that was followed with a minor ~5% trimming this quarter. The stock currently trades at $61.20.Akorn Inc. (AKRX): The 2.68% AKRX position was first purchased in Q4 2015 at prices between $22 and $37.50 and increased by ~225% the following quarter at prices between $18.50 and $38.50. The stock is now at $33.21. Last four quarters have seen minor trimming.Note: Paulson controls ~6.7% of Akorn Inc.Novagold (NG): NG is a small 1.43% of the portfolio long-term stake established in 2010. Q2 2016 saw a ~28% reduction at prices between $5 and $6.50 and that was followed with a ~13% selling last quarter. The stock is currently at $4.21. There was marginal trimming this quarter.Note: Paulson has a high cost-basis on NG and controls ~7% of the business.Endo International plc (ENDP): A very small ENDP stake was increased by almost 200% in Q1 2016 at prices between $28 and $61. Q2 & Q3 2016 had seen a combined ~18% reduction at prices between $17 and $43. The stock is now at $11.88 and the stake is at 1.16% of the portfolio. There was a marginal further reduction in the last two quarters.International Seaways (INSW): INSW is a spinoff from Overseas Shipholding Group (OSG) that started regular-way trading in December last year at ~$15 per share. It is now at $20.92. There was marginal trimming this quarter.Note: Paulson controls ~12.5% of International Seaways.Office Depot (ODP): ODP is a very small 0.88% stake. It was doubled in Q2 2016 at prices between $3 and $8. The stock is now at $5.03. This quarter saw a minor ~7% trimming.Note: In May 2016, a merger deal with Staples (SPLS) was scuttled by a federal judge.Agnico Eagle Mines (AEM), Bank of America (BAC) warrants, Oasis Petroleum (OAS), Randgold Resources (GOLD), and TIM Participacoes (TSU): These are very small (less than ~1% of the portfolio each) stakes were further reduced this quarter.Stake Increases:Time Warner Inc. (TWX: The ~4% of portfolio merger-arbitrage stake purchased last quarter saw a minor ~5% increase this quarter. AT&T (T) reached a deal last October to acquire Time Warner in a $107.50 half-cash half-stock deal. The stock currently trades at $97.63.NXP Semiconductors (NXPI), Mead Johnson (MJN), and Alexion Pharmaceuticals (ALXN) & Calls: These three were minutely small (less than 0.5% of the portfolio each) positions as of last quarter. All three saw substantial increases this quarter. NXPI stake saw a ~200% increase to a 1.56% portfolio position at prices between $96 and $104 and it is now at $108. MJN stake was increased by roughly 37-times to a 1.40% portfolio position at prices between $69.50 and $89 and the stock currently goes for $89. The very small 0.86% ALXN stake also saw a ~250% increase at prices between $118 and $145 and it is now just below that range at $114.Note: NXPI & MJN are merger-arbitrage stakes. NXPI is getting acquired by Qualcomm (QCOM) for $110 per share and MJN by Reckitt Benckiser (RBGLY) for $90 per share (both all cash).Kept Steady:SPDR Gold Trust (GLD): GLD was Paulsons largest position by far at ~19% of the US long portfolio as of Q1 2013. The original stake was established in Q1 2009 at prices between $83 and $98 and was reduced by ~45% in 2011 at much higher prices. It was reduced by more than half in Q2 2013 as well at prices between $116 and $155. Q4 2015 and the following quarter saw a combined ~60% reduction at prices between $100 and $122. The stock currently trades at ~$119. Last quarter also saw a ~9% trimming. The remaining stake is still a top five stake at ~7% of the portfolio.Valeant Pharmaceuticals (VRX): VRX position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Q4 2015 also saw another ~50% increase at prices between $70 and $182. The aggressive buying against falling prices continued in Q2 2016: ~44% increase at prices between $19 and $36. The stock currently trades at $13.52 and the stake is at ~2.84% of the portfolio. There was marginal trimming in Q3 2016 and a minor increase last quarter.Note: Paulson controls 5.6% of Valeant Pharmaceuticals.Caesars Acquisition (CACQ) and Caesars Entertainment (CZR): Paulson has significant ~10% ownership stakes in each of CACQ and CZR. Q3 2016 had seen minor trimming.Realogy Holdings (RLGY): RLGY is a 1.89% of the US long portfolio position that was reduced by two-thirds over the six quarters thru Q2 2016 at prices between $28 and $49. The original investment was made prior to the October 2012 IPO. The stock currently trades at $29.94.Note: Paulson controls ~3% of Realogy Holdings.AngloGold Ashanti (AU): AU is a 1.83% position. It is a long-term stake that has been in the portfolio since 2009. Q4 2015 had seen a ~9% trimming while the following quarter saw a further one-third reduction at prices between $7 and $14. Q2 2016 saw another ~20% reduction at prices between $13 and $18. The stock currently trades at $11.59.Note: Paulson controls ~3% of AngloGold Ashanti.Synergy Pharmaceuticals (SGYP): The 1.49% SGYP position saw a ~150% increase in Q2 2016 at prices between $2.50 and $4. There was a ~13% reduction in the following quarter at ~$5.60 and the stock currently trades at $3.92. There was a marginal reduction last quarter.Note: Paulson controls 13.4% of the business.Bank of America (BAC) warrants and William Lyon Homes (WLH): These are very small (less than ~1% of the portfolio each) stakes kept steady this quarter.Although the relative position sizes are minute, the following 13F stakes are significant as Paulson has sizable ownership: Cobalt International Energy (CIE), Enzymotec Ltd. (ENZY), International Tower Hill Mines (THM), and Trilogy Metals (TMQ).The spreadsheet below highlights changes to Paulsons US stock holdings in Q1 2017:Regulatory Filings thru 2/20/2017: 13G/As on 2/14/2017: AKRX - 8.7M shares - ~7%. CIE - 31.1M shares - 7.5%. VNDA - 0. VRX - 19.4M shares - 5.6%. MNK - 8M shares - 7.5%. TMQ - 14.4M shares - 13.3%. CACQ - 13.1M shares - 9.5%. NG - 22.3M shares - ~7%. LIVN - 310K - 0.63%. POST - 0. AU - 12.8M shares - 3.13%. CZR - 14.4M shares - 9.8%. ENZY - 4.2M shares - 18.5%. SGYP - 24.1M shares - 13.4%. 12/30/2016 13D - THM - 55.5M shares - 34.2%. 12/20/2016 - 13D - STAY & ESH Hospitality (2) - 28.6M shares - 14.6%. 12/12/2016 - 13D - INSW - 3.7M shares - 12.6%."

"Tracking John Paulsons Paulson & Company Portfolio Q4 2016 Update"

"John Paulsons U.S. long portfolio decreased from $9.23B to $7.93B this quarter.Paulson & Company's largest three positions are Mylan NV, Allergan plc, and Shire plc.Paulson added Time Warner while reducing American International Group and dropping Grifols SA during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to John Paulsons US stock portfolio on a quarterly basis. It is based on Paulsons regulatory filed on 02/14/2017. Please visit our to get an idea of his investment philosophy and our for the funds moves during Q3 2016.This quarter, Paulsons US long portfolio decreased ~14% from $9.23B to $7.93B. There are 103 13F securities in the portfolio although only 33 of them are significantly large equity holdings (more than 0.5% of the US long portfolio). The article is focused on the larger holdings. The top five positions are Mylan NV, Allergan plc, Shire plc, Teva Pharmaceuticals, and SPDR Gold ETF and they add up to ~43% of the portfolio. The largest holding is Mylan at ~10% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that story, check-out .Stake Disposals:Grifols S A (GRFS): GRFS was a minutely small 0.43% of the US long portfolio position as of last quarter. The original stake was from 2011 and Paulsons cost-basis was very low. Last two quarters had seen a combined ~80% selling at ~$16 and the disposal this quarter was at prices between $14 and $16.50. The stock is now at $17.40. Paulson harvested long-term gains.New Stakes:Time Warner Inc. (TWX), Harman International (HAR), and B/E Aerospace (BEAV): These three are new merger-arbitrage positions established this quarter. AT&T (T) reached a deal last October to acquire Time Warner in a $107.50 half-cash half-stock deal. The stock currently trades at $96.48. In November, Samsung agreed to acquire Harman International in a $112 per share all-cash deal. The stock is now at $111. Rockwell Collins (COL) agreed to acquire B/E Aerospace in a $62 per share cash-and-stock deal ($34.50 cash) in October. BEAV is now at $62.83.Note: BEAV had a previous roundtrip: BEAV is a ~0.5% of the portfolio stake purchased in Q1 2016 at prices between $38 and $47 and reduced by two-thirds the following quarter at prices between $42.50 and $50. The stake was disposed last quarter was at prices between $45 and $52.International Seaways (INSW): INSW is a spinoff from Overseas Shipholding Group (OSG) that started regular-way trading in December at ~$15 per share. It is now at $18.51.Note: Paulson controls 12.6% of International Seaways.Stake Decreases:Mylan Inc. (MYL): MYL is currently the largest position at 10.34% of the portfolio. The original stake was purchased in Q1 2010 at prices between $17 and $23. Q1 2013 saw a 25% reduction at prices between $27.50 and $31 and the following quarter saw another one-third reduction at prices between $29 and $32. Q4 2014 saw an about-turn: ~20% increase at prices between $45 and $59 and that was followed with a ~47% increase in Q2 2015 at prices between $58 and $76. The stock trades currently at $42.05. Last three quarters saw minor trimming. For investors attempting to follow Paulson, MYL is a good option to consider for further research.Allergan plc (AGN): AGN was a minutely small 0.29% of the US long portfolio position in Q2 2014. The following two quarters saw a ~420% increase at prices between $202 and $271. Q2 2015 saw a further ~27% increase at prices between $283 and $313. In Q4 2015 there was an about-turn: ~23% reduction at prices between $253 and $323. Q2 2016 saw another ~26% selling at prices between $202 and $278. The stock is currently at $247 and the stake is still Paulsons second-largest at ~10% of the portfolio. There was a ~8% trimming this quarter.Shire PLC ADR (SHPG): SHPG is a top-three stake at ~9 % of the US long portfolio. It was established in Q3 2012 at prices between $85 and $94. In Q2 2013, the position was doubled at prices between $87 and $100. In Q2 2014, the stake was again increased by ~36% at prices between $142 and $236. The following quarter saw a whopping ~170% increase at prices between $232 and $263. In Q2 2015, the pattern reversed: ~15% reduction at prices between $227 and $260. Q2 2016 saw a ~26% reduction at prices between $165 and $192 and that was followed with a ~11% selling last quarter at prices between $184 and $207. The stock currently trades at $181. There was a ~8% further trimming this quarter.Teva Pharmaceuticals (TEVA): TEVA was a very small 0.55% of the US long portfolio stake established in Q2 2015 at prices between $59 and $67. It was increased to a fairly large 5.28% position the following quarter at prices between $55 and $72. Q4 2015 saw a further ~13% increase at prices between $56 and $66. The stock currently trades at $35.20 and it is a now a large stake at ~7%. Q2 2016 saw a ~19% reduction at prices between $48.50 and $57. That was followed with very minor trimming in the last two quarters. For investors attempting to follow Paulson, TEVA is a good option to consider for further research.SPDR Gold Trust (GLD): GLD was Paulsons largest position by far at ~19% of the US long portfolio as of Q1 2013. The original stake was established in Q1 2009 at prices between $83 and $98 and was reduced by ~45% in 2011 at much higher prices. It was reduced by more than half in Q2 2013 as well at prices between $116 and $155. Q4 2015 saw a ~38% reduction at prices between $100 and $114 and that was followed with a ~17% selling the following quarter at prices between $102 and $122. The stock currently trades at ~$118. This quarter also saw a ~9% trimming. The remaining stake is still a top five stake at ~6% of the portfolio.Extended Stay America (STAY): STAY is a fairly large ~6% of the US long portfolio position. The stake came about as a result of the firms IPO in November 2013. STAY currently trades at $17.43 compared to the IPO offering price of $20. Q4 2015 had seen a ~11% trimming at prices between $16 and $19 and that was followed with another ~12% reduction last quarter at ~$14. There was another ~25% reduction this quarter at prices between $13 and $17.Note 1: Paulson controls 14.6% of the business.Note 2: Extended Stay America filed Chapter 11 bankruptcy on June 16, 2009 and an investment group consisting of Paulson & Company, Blackstone Group, and Centerbridge Partners bought Extended Stay America out of bankruptcy in October 2010. At the time of the 11/2013 IPO, the firms already made more than three times their investment.American International Group (AIG): AIG is a fairly large ~4% of the US long portfolio stake established in Q1 2015 at prices between $49 and $56. Q4 2015 saw a ~20% reduction at prices between $57 and $64 and the following quarter saw another ~20% reduction at prices between $49 and $58. There was a ~50% further selling this quarter at prices between $57 and $67. The stock currently trades at $62.50.Akorn Inc. (AKRX): The 2.39% AKRX position was first purchased in Q4 2015 at prices between $22 and $37.50 and increased by ~225% the following quarter at prices between $18.50 and $38.50. The stock is now at $21.78. Last three quarters have seen minor trimming.Note: Paulson controls ~7% of Akorn Inc.Synergy Pharmaceuticals (SGYP): The ~2% SGYP position saw a ~150% increase in Q2 2016 at prices between $2.50 and $4. There was a ~13% reduction last quarter at ~$5.60 and the stock currently trades at $6.07. There was a marginal reduction this quarter.Note: Paulson controls 13.4% of the business.Endo International plc (ENDP): A very small ENDP stake was increased by almost 200% in Q1 2016 at prices between $28 and $61. Last two quarters had seen a combined ~18% reduction at prices between $17 and $43. The stock is now at $13.08. The stake is at 1.63% of the portfolio. There was a marginal further reduction this quarter.Novagold (NG): NG is a small 1.28% of the portfolio long-term stake established in 2010. Q2 2016 saw a ~28% reduction at prices between $5 and $6.50 and that was followed with a ~13% selling this quarter. The stock is currently at $6.04.Note: Paulson has a high cost-basis on NG and controls ~7% of the business.Office Depot (ODP): ODP is a very small ~1% stake. It was doubled in Q2 2016 at prices between $3 and $8. The stock is now at $4.54. Last two quarters saw marginal trimming.Note: Office Depot stock price dropped sharply in May 2016 after the merger deal with Staples (SPLS) was scuttled by a federal judge.Hewlett Packard Enterprise (HPE): HPE is a ~1% portfolio position purchased last quarter at prices between $18 and $23. This quarter saw a ~50% selling at prices between $21 and $24.79. The stock is now at $24.40.Dell Technologies (DVMT): DVMT is a very small ~0.75% of the portfolio stake established last quarter. The VMWare (VMW) tracking stock came about as a result of Dells deal for EMC Corporation. Paulson had ~10.5M shares of EMC for which he received ~1M shares of DVMT in the ration 1:0.111 along with $24.05 per share in cash. There was a marginal trimming this quarter.Note: DVMT currently trades at $64.59, a wide discount to VMW which is trading at $91.22.American Capital Ltd. (ACAS) and Biogen Inc. (BIIB): These two positions saw ~80% reductions this quarter and now are minutely small 0.20% stakes. BIIB had seen a huge 150% increase last quarter. The quick about-turn indicates a bearish bias.Agnico Eagle Mines (AEM), Oasis Petroleum (OAS), VMWare Inc. (VMW), TIM Participacoes (TSU), and Bank of America (BAC) warrants: These are very small (less than ~1% of the portfolio each) stakes reduced this quarter.Stake Increases:Mallinckrodt PLC (MNK): MNK is a ~5% of the US long portfolio position established in Q3 2013 at prices between $42 and $47. Q2 & Q3 2014 saw a combined 55% increase at prices between $60 and $90. There was some selling in H1 2015: ~28% reduction at prices between $94 and $130. Q4 2015 saw the patter reverse: ~31% increase at prices between $53 and $77. The stock currently trades at $54.74. Last two quarters had seen a combined ~11% reduction at prices between $54 and $83. There was a marginal increase this quarter.Note 1: Paulson controls ~7.5% of the business.Note 2: MNK, a July 2013 spinoff from Covidien plc started trading at around $42. Covidien plc in turn was acquired by Medtronic (MDT) in January 2015.Valeant Pharmaceuticals (VRX): VRX position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Q4 2015 also saw another ~50% increase at prices between $70 and $182. The aggressive buying against falling prices continued in Q2 2016: ~44% increase at prices between $19 and $36. The stock currently trades at $16.04 and the stake is at ~3.5% of the portfolio. There was marginal trimming last quarter and a minor increase this quarter.Note: Paulson controls 5.6% of Valeant Pharmaceuticals.Kept Steady:AngloGold Ashanti (AU): AU is a 2.23% position. It is a long-term stake that has been in the portfolio since 2009. Q4 2015 had seen a ~9% trimming while the following quarter saw a further one-third reduction at prices between $7 and $14. Q2 2016 saw another ~20% reduction at prices between $13 and $18. The stock currently trades at $12.90. Last quarter saw marginal trimming.Note: Paulson controls ~3% of AngloGold Ashanti.Caesars Acquisition (CACQ) and Caesars Entertainment (CZR): Paulson has significant ~10% ownership stakes in each of CACQ and CZR. Last quarter had seen minor trimming.Realogy Holdings (RLGY): RLGY is a 1.55% of the US long portfolio position that was reduced by two-thirds over the six quarters thru Q2 2016 at prices between $28 and $49. The original investment was made prior to the October 2012 IPO. The stock currently trades at $27.19.Note: Paulson controls ~3% of Realogy Holdings.Randgold Resources (GOLD) and William Lyon Homes (WLH): These are very small (less than ~1% of the portfolio each) stakes kept steady this quarter.Although the relative position sizes are minute, the following 13F stakes are significant as Paulson has sizable ownership: Cobalt International Energy (CIE), Trilogy Metals (TMQ), Enzymotec Ltd. (ENZY), and International Tower Hill Mines (THM).The spreadsheet below highlights changes to Paulsons US stock holdings in Q4 2016:13G/D/A, Form 3/4 filings thru 11/19/2016: SGYP - 11/8/2016 Form 4 - 24.09M shares - 140K sold at $4.424. 9/29/2016 Form 4 - ~54K shares sold at ~$5.70. 9/16/2016 - Form 4 - ~2.5M shares sold @ $5.61. Form 3/A - 27.76M shares. STAY & ESH Hospitality paired - 10/4/0216 Form 4 & 13D/A - 37.68M shares - ~5M disposed @ $14.16 - 19% of business. TMQ - 9/29/2016 Form 4 - ~11K sold @ $0.55.13G/D/A, Form 3/4 filings thru 8/20/2016: OSG - 6/29/2016 Form 4, 13/D/A - 10.3M shares. disposal at $10.82 - 15.9%. NCQ - 6/6/2016 Form 4 - 11.62M shares.13G/D/A, Form 3/4 filings thru 5/20/2016: SGYP - 5/16/2016 Form 3 - 27.76M shares. NG - 4/13/2016 Form 4 - 1.13M shares disposed at $6.15. Owns 31,822,743. 4/6/2016 Form 4 disposals at upwards of $5.34. OSG - 3/21/2016 13D/A - 62.94M shares - 17.9%.13G/D/A, Form 3/4 filings thru 2/19/2016: NG - 2/16/2016 Form 4 - 2/11/2016 100K disposed at $4.72. CIE - 2/16/2016 13G/A - 39.75M shares - 9.59%. NCQ - 2/16/2016 13G/A -14.6M shares - 13.92%. RLGY- 2/16/2016 13G/A -5.26M shares - 3.59%. WLL - 2/16/2016 13G/A - 3.19M shares - 1.56%. VNDA - 2/16/2016 13G/A - 3.95M shares - 9.22%. POST - 2/16/2016 13G/A - 4.1M shares - 6.61%. Repsol Oil & Gas - 2/16/2016 13G/A -0. AU - 2/16/2016 13G/A - 22.89M shares - 5.65%. MNK - 2/16/2016 13G/A - 8.62M shares - 7.44%. Popular - 2/16/2016 13G/A - 0. RDN - 2/16/2016 13G/A - 1.17M shares - 0.56%. OAS - 2/16/2016 13G/A - 5.37M shares - 3.86%. CZR - 2/16/2016 13G/A - 14.56M shares - 9.98%. GULTU - 2/16/2016 13G/A - 0. CVC - 2/16/2016 13G/A - 3.09M shares - 1.39%. HMHC - 2/16/2016 13G/A - 1.4M shares - 1.04% thru warrants. CACQ - 2/16/2016 13G/A - 13.16M shares - 9.59%. SGYP - 2/16/2016 13G/A - 9M shares - 7.92%. LIVN - 2/16/2016 13G/A - 3.56M shares - 7.29%. HOT - 2/16/2016 13G/A - 11.6M shares - 6.87%. DXMM - 1/4/2016 13D/A - 1.35M shares - 7.7%."

"Tracking John Paulsons Paulson & Company Portfolio Q3 2016 Update"

"John Paulsons U.S. long portfolio decreased from $9.84B to $9.23B this quarter.Paulson & Company's largest three positions are Allergan plc, Shire plc, and Mylan NV.Paulson increased Biogen Inc. while reducing Grifols SA during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to John Paulsons US stock portfolio on a quarterly basis. It is based on Paulsons regulatory filed on 11/14/2016. Please visit our to get an idea of his investment philosophy and our highlighting the funds moves during Q2 2016.This quarter, Paulsons US long portfolio decreased ~6% from $9.84B to $9.23B. There are 94 13F securities in the portfolio although only 31 of them are significantly large equity holdings (more than 0.5% of the US long portfolio). The article is focused on the larger holdings. The top five positions are Allergan plc, Shire plc, Mylan NV, Teva Pharmaceuticals, and SPDR Gold ETF. They together account for ~44% of the entire portfolio. The largest holding is Allergan plc at 10.25% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that story, check-out .Stake Disposals:EMC Corporation (EMC): EMC was a ~3% of the portfolio position established last quarter at prices between $25.50 and $28. On October 12, 2015, Dell announced a deal to acquire EMC for $24.05 per share cash and 0.111 per share in VMWare (VMW) tracking stock. The transaction closed in September thus eliminating the position.Starwood Hotels & Resorts (HOT): HOT was a ~3% of the US long portfolio position established in Q2 2015 at prices between $80.50 and $87.50 and increased by ~30% the following quarter at prices between $64.50 and $85.50. Q4 2015 saw a ~26% reduction at prices between $66 and $80 and that was followed with a ~52% in Q1 2016 at prices between $59 and $84. There was another ~19% selling last quarter at prices between $70 and $83. In November 2015, Marriott International (MAR) announced a merger with HOT in a cash-and-stock deal ($21 cash and 0.8 shares of MAR for each share of HOT held). The transaction closed in September thus eliminating the position.B/E Aerospace (BEAV): BEAV is a ~0.5% of the portfolio stake purchased in Q1 2016 at prices between $38 and $47 and reduced by two-thirds last quarter at prices between $42.50 and $50. The disposal this quarter was at prices between $45 and $52. The stock is now at $59.13.New Stakes:Dell Technologies (DVMT): DVMT is a very small ~0.50% of the portfolio stake established this quarter. The VMWare (VMW) tracking stock came about as a result of Dells deal for EMC Corporation. Paulson had ~10.5M shares of EMC for which he received ~1M shares of DVMT in the ration 1:0.111 along with $24.05 per share in cash.Note: DVMT currently trades at ~$52, a wide discount to VMW which is trading at ~$80.Hewlett Packard Enterprise (HPE): HPE is a ~1.5% portfolio position purchased this quarter at prices between $18 and $23 and the stock is now just above that range at $23.31.Stake Decreases:Allergan plc (AGN): AGN was a minutely small 0.29% of the US long portfolio position in Q2 2014. The following two quarters saw a ~420% increase at prices between $202 and $271. Q2 2015 saw a further ~27% increase at prices between $283 and $313. In Q4 2015 there was an about-turn: ~23% reduction at prices between $253 and $323. Last quarter saw another ~26% selling at prices between $202 and $278. The stock is currently at $192 and the stake is still Paulsons largest at 10.25% of the portfolio. There was marginal trimming this quarter.AngloGold Ashanti (AU): AU is a 2.21% position. It is a long-term stake that has been in the portfolio since 2009. Q4 2015 had seen a ~9% trimming while the following quarter saw a further one-third reduction at prices between $7 and $14. Last quarter saw another ~19% reduction at prices between $13 and $18. The stock currently trades at $11.43. Paulson still controls ~3% of the business. This quarter saw marginal trimming.Akorn Inc. (AKRX): The 2.65% AKRX position was first purchased in Q4 2015 at prices between $22 and $37.50 and increased by ~225% the following quarter at prices between $18.50 and $38.50. The stock is now at $21.89. Last two quarters have seen minor trimming.Cobalt International Energy (CIE): CIE was a minute 0.12% of the US long portfolio stake as of Q1 2013. The position was increased to a substantial 2.63% stake in Q2 2013 at prices between $25 and $29. The stake was more than doubled in Q1 2014 at prices between $16 and $19.50 and the following quarter saw a further 52% increase at prices between $17 and $19.50. This quarter saw ~20% selling at prices between $0.84 and $1.72. The stock currently trades at $1.22 and the stake stands at 0.42% of the US long portfolio (~8% of the business). Paulson realized losses.Endo International plc (ENDP): A very small ENDP stake was increased by almost 200% in Q1 2016 at prices between $28 and $61. Last two quarters have seen a combined ~18% reduction at prices between $17 and $43. The stock is now at $23.25. The stake is at 1.74% of the portfolio.Extended Stay America (STAY): STAY is a fairly large ~6% of the US long portfolio position. The stake came about as a result of the firms IPO in November 2013. STAY currently trades at $15.38 compared to the IPO offering price of $20. Q4 2015 had seen a ~11% trimming at prices between $16 and $19 and that was followed with another ~12% reduction this quarter at ~$14. Paulson still controls ~19% of the business.Note: Extended Stay America filed Chapter 11 bankruptcy on June 16, 2009 and an investment group consisting of Paulson & Company, Blackstone Group, and Centerbridge Partners bought Extended Stay America out of bankruptcy in October 2010. At the time of the 11/2013 IPO, the firms already made more than three times their investment.Grifols S A (GRFS): GRFS is a minutely small 0.43% of the US long portfolio position. There was a ~30% reduction in Q4 2015 at prices between $15 and $18 while the following quarter saw a ~40% increase at prices between $14 and $16. Last two quarters have seen a combined ~80% selling at ~$16. The stock is now at $15.36. The original stake is from 2011 and Paulsons cost-basis on that was very low.Mallinckrodt PLC (MNK): MNK is a ~6% of the US long portfolio position established in Q3 2013 at prices between $42 and $47. Q2 & Q3 2014 saw a combined 55% increase at prices between $60 and $90. There was some selling in H1 2015: ~28% reduction at prices between $94 and $130. Q4 2015 saw the patter reverse: ~31% increase at prices between $53 and $77. The stock currently trades at $54.59. The current stake is at ~7.4% of the business. Last two quarters have seen a combined ~11% reduction at prices between $54 and $83.Note: MNK, a July 2013 spinoff from Covidien plc started trading at around $42. Covidien plc in turn was acquired by Medtronic (MDT) in January 2015.Mylan Inc. (MYL): MYL is a large (top three) 9.40% of the US long portfolio position. The original stake was purchased in Q1 2010 at prices between $17 and $23. Q1 2013 saw a 25% reduction at prices between $27.50 and $31 and the following quarter saw another one-third reduction at prices between $29 and $32. Q4 2014 saw an about-turn: ~20% increase at prices between $45 and $59 and that was followed with a ~47% increase in Q2 2015 at prices between $58 and $76. The stock trades currently at $36.47. Last two quarters saw marginal trimming.Novagold (NG): NG is a small 1.55% of the portfolio long-term stake established in 2010. This quarter saw a ~28% reduction at prices between $5 and $6.50. The stock is currently at $4.44. Paulson has a high cost-basis on NG and controls ~8% of the business. There was a marginal reduction this quarter.Office Depot (ODP): ODP is a very small ~0.5% stake. It was doubled last quarter at prices between $3 and $8 and it is now at $4.68. There was a marginal ~2% selling this quarter.Note: Office Depot stock price dropped sharply in May after the merger deal with Staples (SPLS) was scuttled by a federal judge.Shire PLC ADR (SHPG): SHPG is a top-three stake at 9.93% of the US long portfolio. It was established in Q3 2012 at prices between $85 and $94. In Q2 2013, the position was doubled at prices between $87 and $100. In Q2 2014, the stake was again increased by ~36% at prices between $142 and $236. The following quarter saw a whopping ~170% increase at prices between $232 and $263. In Q2 2015, the pattern reversed: ~15% reduction at prices between $227 and $260. Last quarter saw a ~26% reduction at prices between $165 and $192 and that was followed with a ~11% selling this quarter at prices between $184 and $207. The stock currently trades at $178.Synergy Pharmaceuticals (SGYP): The ~1.50% SGYP position saw a ~150% increase last quarter at prices between $2.50 and $4. There was a ~13% reduction this quarter at ~$5.60 and the stock currently trades at $5.59. SGYP has doubled since the lows reached in March partly due to acquisition rumors.Note: Regulatory filings since the quarter ended show a marginal 140K share reduction at $4.42. Paulson still controls ~13% of the business.Teva Pharmaceuticals (TEVA): TEVA was a very small 0.55% of the US long portfolio stake established in Q2 2015 at prices between $59 and $67. It was increased to a fairly large 5.28% position the following quarter at prices between $55 and $72. Q4 2015 saw a further ~13% increase at prices between $56 and $66. The stock currently trades at $38.56 and it is a now a large stake at ~8%. Last quarter saw a ~19% reduction at prices between $48.50 and $57. That was followed with a very minor ~4% trimming this quarter.Valeant Pharmaceuticals (VRX): VRX position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Q4 2015 also saw another ~50% increase at prices between $70 and $182. The aggressive buying against falling prices continued last quarter: ~44% increase at prices between $19 and $36. The stock currently trades at $17.95 and the stake is at ~5% of the portfolio. There was marginal trimming this quarter.Bank of America (BAC) warrants, Caesars Acquisition (CACQ), and Caesars Entertainment (CZR), Oasis Petroleum (OAS), TIM Participacoes (TSU), and VMWare Inc. (VMW): These are very small (less than ~1.5% of the portfolio each) stakes reduced marginally this quarter. Although the relative position sizes are small, it is very significant that Paulson has significant ~10% ownership stakes each in CACQ and CZR.Stake Increases:American Capital Ltd. (ACAS) and Biogen Inc. (BIIB): These are very small (less than ~1% of the portfolio each) stakes that saw increases this quarter. ACAS was increased marginally while BIIB saw a huge 150% increase at prices between $242 and $330. BIIB currently trades at $317.Kept Steady:American International Group (AIG): AIG is a fairly large ~6% of the US long portfolio stake established in Q1 2015 at prices between $49 and $56. Q4 2015 saw a ~21% reduction at prices between $57 and $64. Last quarter saw another ~19% reduction at prices between $49 and $58. The stock currently trades at $63.91.Note: Carl Icahn has a ~4% activist stake in the business.Realogy Holdings (RLGY): RLGY is a 1.34% of the US long portfolio (~3.3% of the business) position that was reduced by two-thirds over the six quarters thru Q2 2016 at prices between $28 and $49. The original investment was made prior to the October 2012 IPO. The stock currently trades at $24.44.SPDR Gold Trust (GLD): GLD was Paulsons largest position by far at ~19% of the US long portfolio as of Q1 2013. The original stake was established in Q1 2009 at prices between $83 and $98 and was reduced by ~45% in 2011 at much higher prices. It was reduced by more than half in Q2 2013 as well at prices between $116 and $155. Q4 2015 saw a ~38% reduction at prices between $100 and $114 and that was followed with a ~17% selling the following quarter at prices between $102 and $122. The stock currently trades at $115. The remaining stake is still a top five stake at 6.50% of the portfolio.Agnico Eagle Mines (AEM), Randgold Resources (GOLD), and William Lyon Homes (WLH): These are very small (less than ~1% of the portfolio each) stakes kept steady this quarter. Although the relative position sizes are small, it is very significant that Paulson has significant ~10% ownership stakes each in CACQ and CZR.Although the relative position sizes are minute, the following 13F stakes are significant as Paulson has sizable ownership: Trilogy Metals (TMQ) previously NovaCopper and Vanda Pharmaceuticals (VNDA).The spreadsheet below highlights changes to Paulsons US stock holdings in Q3 2016:"

"Tracking John Paulsons Paulson & Company Portfolio Q2 2016 Update"

"John Paulsons U.S. long portfolio decreased from $13.52B to $9.84B this quarter.Paulson & Company's largest three positions are Mylan NV, Allergan plc, and Shire plc.Paulson decreased Allergan plc, Perrigo plc, & Shire plc while increasing Synergy Pharmaceuticals, and Shire during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to John Paulsons US stock portfolio on a quarterly basis. It is based on Paulsons regulatory filed on 08/15/2016. Please visit our to get an idea of his investment philosophy and our highlighting the funds moves during Q1 2016.This quarter, Paulsons US long portfolio decreased ~27% from $13.52B to $9.84B. There are 86 13F securities in the portfolio although only 34 of them are significantly large equity holdings (more than 0.5% of the US long portfolio). The article is focused on the larger holdings. The top five positions Mylan NV, Shire plc, Allergan plc, Teva Pharmaceuticals, and Extended Stay America. They together account for ~45% of the entire portfolio. The largest holding is Mylan at 10.14% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that story, check-out .Stake Disposals:Cablevision Systems (CVC): CVC was first purchased between Q4 2012 and Q2 2013 at prices between $13.65 and $18.52. Q4 2014 saw an about-turn: ~29% reduction at prices between $17.24 and $21.32 and that was followed with a ~39% reduction the following quarter at prices between $17.72 and $20.76. In Q2 2015, the pattern reversed again: ~48% increase at prices between $17.95 and $25.86. The following quarter saw a ~37% reduction at prices between $22.59 and $33.13 and that was followed with another ~60% reduction last quarter at prices between $29.46 and $33.19. In September 2015, Altice SA agreed to acquire CVC in a $34.90 all-cash deal and that deal closed in June.Lam Research (LRCX): LRCX was a 2.72% stake established in Q4 2015 at prices between $64.44 and $80.75. Last quarter saw a ~11% selling at prices between $64.21 and $82.60 and the elimination this quarter was at prices between $73 and $87. The stock currently trades at $93.19.Time Warner Cable (TWC): TWC was a 2.74% of the US long portfolio stake established in Q3 2013 at prices between $107 and $118. The position was almost doubled the following quarter at prices between $110 and $138. Since then, there was a ~50% further increase at a cost-basis of around $140. Q4 2015 saw a ~28% reduction at prices between $179 and $192 and that was followed with another ~69% reduction last quarter at prices between $176 and $206. In May 2015, Charter Communications (CHTR) agreed to buy TWC in a cash-and-stock deal and the transaction closed in May. Paulson realized huge long-term gains from this position.CIT Group (CIT) and Post Holdings (POST): These very small (less than ~1% of the portfolio each) positions were dropped this quarter.New Stakes:EMC Corporation (EMC) and VMWare Inc. (VMW): EMC and VMW are 2.77% and 1.15% of the portfolio positions respectively established this quarter. On October 12, 2015, Dell announced a deal to acquire EMC for $24.05 per share cash and 0.111 per share in VMWare (VMW) tracking stock. EMC is now at $28.71 and VMW at $72.84.Stake Decreases:Activision Blizzard (ATVI): ATVI is a very small 0.79% of the portfolio position established last quarter at prices between $28 and $39. This quarter saw a two-thirds reduction at prices between $33 and $40. The stock currently trades at $39.98 and the remaining stake is at 0.40%.Allergan plc (AGN): AGN was a minutely small 0.29% of the US long portfolio position in Q2 2014. The following two quarters saw a ~420% increase at prices between $202 and $271. Q2 2015 saw a further ~27% increase at prices between $283 and $313. In Q4 2015 there was an about-turn: ~23% reduction at prices between $253 and $323. This quarter saw another ~26% selling at prices between $202 and $278. The stock is currently at $253 and the stake is still Paulsons third-largest at 9.78% of the portfolio.Note 1: In November 2015, Pfizer Inc. announced the acquisition of Allergan plc in a deal valued at $160B. Allergan shareholders were to receive 11.3 shares of a new company (Ireland domiciled - tax inversion deal structure) for each share held. The deal was called off in April following government pressure.Note 2: Q1 2015 had seen a ~260% increase in AGN (then Actavis). Part of that increase was due to the acquisition of Allergan by Actavis. Paulson held 6.37M shares of Allergan for which he received ~2.35M shares. That stake was established in Q2 2014 at prices between $117 and $174. Actavis plc agreed to acquire AGN in a cash-and-stock deal valued at $219 per share and that transaction closed in March 2015.American International Group (AIG): AIG is a fairly large 4.87% of the US long portfolio stake established in Q1 2015 at prices between $48.87 and $56.11. Q4 2015 saw a ~21% reduction at prices between $56.82 and $64.12 and that was followed with a ~3% trimming last quarter. This quarter saw another ~19% reduction at prices between $48.79 and $58.32. The stock currently trades at $58.86.Note: Carl Icahn has a ~3.9% activist stake in the business.AngloGold Ashanti (AU): AU is a 2.35% position. It is a long-term stake that has been in the portfolio since 2009. Q4 2015 had seen a ~9% trimming while last quarter saw a further one-third reduction at prices between $7.10 and $13.95. This quarter saw another ~19% reduction at prices between $13.26 and $18.06. The stock currently trades at $19.17. Paulson still controls ~3% of the business.Akorn Inc. (AKRX): The 2.61% AKRX position was first purchased in Q4 2015 at prices between $22.06 and $37.34 and increased by ~225% last quarter at prices between $18.72 and $38.52. The stock is now at $29.27. This quarter saw minor trimming.B/E Aerospace (BEAV): BEAV is a ~0.5% of the portfolio stake purchased last quarter at prices between $38 and $47 and reduced by two-thirds this quarter at prices between $42.73 and $50.10. The stock is now at $49.48.Cobalt International Energy (CIE): CIE was a minute 0.12% of the US long portfolio stake as of Q1 2013. The position was increased to a substantial 2.63% stake in Q2 2013 at prices between $25 and $29. The stake was more than doubled in Q1 2014 at prices between $15.85 and $19.46 and the following quarter saw a further 52% increase at prices between $17.20 and $19.36. The stock currently trades at $1.33 and the stake stands at 0.53% of the US long portfolio (9.5% of the business). Last two quarters have seen marginal reductions. Paulson & Co. has large unrealized losses on this position.Endo International plc (ENDP): A very small ENDP stake was increased by almost 200% last quarter at prices between $28.27 and $61.22. The stock is now well below that range at $23.03. The stake is at 1.44% of the portfolio. This quarter saw a ~6% trimming.Grifols S A (GRFS): GRFS is a 1.24% of the US long portfolio position. There was a ~30% reduction in Q4 2015 at prices between $15.20 and $17.79 while last quarter saw a ~41% increase at prices between $14.20 and $16.20. This quarter saw a ~58% selling at prices between $14.54 and $17.30. The stock is now at $16.40. The original stake is from 2011 and Paulsons cost-basis on that was very low.Mallinckrodt PLC (MNK): MNK is a 5.17% of the US long portfolio position established in Q3 2013 at prices between $42 and $47.20. Q2 & Q3 2014 saw a combined 55% increase at prices between $60 and $90. There was some selling in H1 2015: ~28% reduction at prices between $94 and $130. Q4 2015 saw the patter reverse: ~31% increase at prices between $53.41 and $76.66. The stock currently trades at $81.07. The current stake is at ~7.7% of the business. Last quarter saw a very minor increase while this quarter saw a ~6% trimming.Note: MNK, a July 2013 spinoff from Covidien plc started trading at around $42. Covidien plc in turn was acquired by Medtronic (MDT) in January 2015.Mylan Inc. (MYL): MYL is now the largest position at 10.14% of the US long portfolio. The original stake was purchased in Q1 2010 at prices between $17 and $23. Q1 2013 saw a 25% reduction at prices between $27.54 and $31 and the following quarter saw another one-third reduction at prices between $28.70 and $32. Q4 2014 saw an about-turn: ~20% increase at prices between $45.27 and $58.62 and that was followed with a ~47% increase in Q2 2015 at prices between $57.94 and $76.06. The stock trades currently at $48.66. Last two quarters had seen minor increases while this quarter saw marginal trimming.Novagold (NG): NG is a small 1.60 % of the portfolio long-term stake established in 2010. This quarter saw a ~28% reduction at prices between $5 and $6.50. The stock is currently at $6.04. Paulson has a high cost-basis on NG and controls ~8% of the business.Perrigo plc (PRGO): The 2.50% portfolio stake as of last quarter was almost eliminated this quarter at prices between $87 and $131. The stock is now at $91.83. The original position is from Q3 2015 at prices between $153 and $194. Last two quarters had seen minor trimming.Note: PRGO was a merger arbitrage stake: Mylan (MYL) made a hostile takeover bid for PRGO but the tender offer lapsed in November 2015.Realogy Holdings (RLGY): RLGY is a 1.41% of the US long portfolio (~3.3% of the business) position that was reduced by two-thirds over the last six quarters at prices between $28 and $49. The original investment was made prior to the October 2012 IPO. The stock currently trades at $26.69.Shire PLC ADR (SHPG): SHPG is a top-three stake at 9.88% of the US long portfolio. It was established in Q3 2012 at prices between $85 and $94. In Q2 2013, the position was doubled at prices between $87 and $100. In Q2 2014, the stake was again increased by ~36% at prices between $142 and $236. The following quarter saw a whopping ~170% increase at prices between $232 and $263. In Q2 2015, the pattern reversed: ~15% reduction at prices between $227 and $260. Last two quarters saw minor increases while this quarter saw a ~26% reduction at prices between $165 and $192. The stock currently trades at $200.Starwood Hotels & Resorts (HOT): HOT is a 3.38% of the US long portfolio position established in Q2 2015 at prices between $80.55 and $87.53 and increased by ~30% the following quarter at prices between $64.53 and $85.62. Q4 2015 saw a ~26% reduction at prices between $66 and $80 and that was followed with a ~52% reduction last quarter at prices between $59 and $84. There was another ~19% selling this quarter at prices between $70 and $83. The stock currently trades at $79.51.Note: Following CEO exit in February 2015, Starwood said they were exploring strategic alternatives to increase shareholder value. In November, Marriott International (MAR) announced a merger with HOT in a cash-and-stock deal ($21 cash and 0.8 shares of MAR for each share of HOT held).Teva Pharmaceuticals (TEVA): TEVA was a very small 0.55% of the US long portfolio stake established in Q2 2015 at prices between $58.91 and $67.14. It was increased to a fairly large 5.28% position the following quarter at prices between $55 and $72. Q4 2015 saw a further ~13% increase at prices between $56 and $66. The stock currently trades at $52.99 and it is a top-five stake at 8.56%. Last quarter saw a minor increase while in this quarter there was a ~19% reduction at prices between $48.53 and $57.25.T-Mobile USA (TMUS): The stake was acquired as a result of the reverse-merger and IPO transaction of MetroPCS with T-Mobile USA. MetroPCS was a 2.19% of the US long portfolio established in Q3 2012. Q1 2015 saw a ~55% increase at prices between $26.87 and $33.20. Q4 2015 saw a ~16% reduction at prices between $34.56 and $41.38 while last quarter saw another ~26% selling at prices between $33.89 and $40.59. The remaining ~4% portfolio stake was almost sold out this quarter at prices between $38 and $44. The stock currently trades at $46.27. The original MetroPCS stake was a timely purchase for Paulson and he realized huge gains.American Capital Ltd. (ACAS), LivaNova plc (LIVN) previously Cyberonics (CYBX), Oasis Petroleum (OAS), and TIM Participacoes (TSU): These are very small (less than ~1% of the portfolio each) stakes further reduced this quarter.Note: Cyberonics and Italy-based Sorin Spa combined to form LivaNova in a merger that closed in October 2015. Paulson had a position in Cyberonics.Stake Increases:Valeant Pharmaceuticals (VRX): VRX position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Q4 2015 also saw another ~50% increase at prices between $70 and $182. The aggressive buying against falling prices continued this quarter: ~44% increase at prices between $19 and $36. The stock currently trades at $28.74 and the stake is at 3.90% of the portfolio.Office Depot (ODP) and Synergy Pharmaceuticals (SGYP): These two very small stakes (less than ~1% of the portfolio each) were increased this quarter. ODP was doubled at prices between $3.14 and $7.73 and it is now at $3.52. The SGYP position saw a ~150% increase at prices between $2.67 and $4.11 and it is now well above that range at $5.15. SGYP has doubled since the lows reached in March partly due to acquisition rumors involving Allergan.Note 1: With Synergy Pharmaceuticals, although the relative size is very small, it is significant that Paulson controls ~15% of the business.Note 2: Office Depot stock price dropped sharply in May after the merger deal with Staples (SPLS) was scuttled by a federal judge.Kept Steady:Extended Stay America (STAY): STAY is a fairly large (top-five) 6.48% of the US long portfolio position. The stake came about as a result of the firms IPO in November 2013. STAY currently trades at $14.44 compared to the IPO offering price of $20. Q4 2015 had seen a ~11% trimming. Paulson still controls ~21% of the business.Note: Extended Stay America filed Chapter 11 bankruptcy on June 16, 2009 and an investment group consisting of Paulson & Company, Blackstone Group, and Centerbridge Partners bought Extended Stay America out of bankruptcy in October 2010. At the time of the 11/2013 IPO, the firms already made more than three times their investment.SPDR Gold Trust (GLD): GLD was Paulsons largest position by far at 19.03% of the US long portfolio as of Q1 2013. The original stake was established in Q1 2009 at prices between $82.71 and $97.80 and was reduced by ~45% in 2011 at much higher prices. It was reduced by more than half in Q2 2013 as well at prices between $116 and $155. Q4 2015 saw a ~38% reduction at prices between $100 and $114 and that was followed with a ~17% selling last quarter at prices between $102 and $122. The stock currently trades at $128. The remaining stake is at 6.14% of the portfolio.Agnico Eagle Mines (AEM), Caesars Acquisition (CACQ), Caesars Entertainment (CZR), Randgold Resources (GOLD), and William Lyon Homes (WLH): These are very small (less than ~1% of the portfolio each) stakes kept steady this quarter. Although the relative position sizes are small, it is very significant that Paulson has significant ~10% ownership stakes each in CACQ and CZR.Although the positions are relatively minute compared to the size of the portfolio, the following 13F stakes are significant as Paulson has sizable ownership: NovaCopper (NCQ), Overseas Shipholding Group (OSG), and Vanda Pharmaceuticals (VNDA).The spreadsheet below highlights changes to Paulsons US stock holdings in Q2 2016:"

"Tracking John Paulsons Paulson & Company Portfolio Q1 2016 Update"

"John Paulsons U.S. long portfolio decreased from $16.73B to $13.52B this quarter.Paulson & Company's largest three positions are Allergan plc, Shire plc, and Mylan NV.Paulson increased Akorn Inc. and Endo International during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to John Paulsons US stock portfolio on a quarterly basis. It is based on Paulsons regulatory filed on 05/16/2016. Please visit our to get an idea of his investment philosophy and our highlighting the funds moves during Q4 2015.This quarter, Paulsons US long portfolio decreased ~19% from $16.73B to $13.52B. There are 97 13F securities in the portfolio although only 30 of them are significantly large equity holdings (more than 0.5% of the US long portfolio). The article is focused on the larger holdings. The top five positions Allergan plc, Shire plc, Mylan NV, Teva Pharmaceuticals, and Extended Stay America. They together account for 41.72% of the entire portfolio. The largest holding is Allergan plc at 11.16% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that story, check-out .Stake Disposals:Outfront Media (OUT): OUT was a very small 0.56% position. It was sold this quarter at prices between $18 and $22. The stock is currently at $21.75. Although the relative position size was small, as a percentage of the business the stake was very significant at 3.1%.New Stakes:Activision Blizzard (ATVI): ATVI is a 0.79% of the portfolio position established this quarter at prices between $28 and $39. The stock currently trades at $37.53.B/E Aerospace (BEAV): BEAV is a ~1% of the portfolio stake purchased this quarter at prices between $38 and $47 and the stock is now at $46.58.Stake Decreases:American International Group (AIG): AIG is a fairly large 4.49% of the US long portfolio stake established in Q1 2015 at prices between $48.87 and $56.11. Last quarter saw a ~21% reduction at prices between $56.82 and $64.12 and that was followed with a ~3% trimming this quarter. The stock currently trades at $56.97.Note: Carl Icahn has a ~3.9% activist stake in the business.AngloGold Ashanti (AU): AU is a very small 1.54% position. It is a long-term stake that has been in the portfolio since 2009. The stock currently trades at $14.46. Last quarter had seen a ~9% trimming while quarter saw a further one-third reduction at prices between $7.10 and $13.95. Paulson still controls ~3.7% of the business.Cobalt International Energy (CIE): CIE was a minute 0.12% of the US long portfolio stake as of Q1 2013. The position was increased to a substantial 2.63% stake in Q2 2013 at prices between $25 and $29. The position was more than doubled in Q1 2014 at prices between $15.85 and $19.46 and the following quarter saw a further 52% increase at prices between $17.20 and $19.36. The stock currently trades well below his purchase price ranges at $2.48 and the stake stands at 0.87% of the US long portfolio (~9% of the business). This quarter saw a marginal reduction.Lam Research (LRCX): LRCX is a 2.72% stake established last quarter at prices between $64.44 and $80.75. This quarter saw a ~11% selling at prices between $64.21 and $82.60. The stock currently trades at $76.68.Novagold (NG): NG is a small 1.32 % of the portfolio long-term stake established in 2010. The stock is currently at $5.98, well below Paulsons cost-basis. The 13F shows very minor trimming during the quarter.Note: A regulatory Form 4 filing on 4/13/2016 shows Paulson owning 31.82M shares (~10% of the business). This is compared to 35.52M shares in the 13F - 3.7M shares were disposed after the quarter ended at prices between $5.34 and $6.15.Perrigo plc (PRGO): The 2.50% portfolio stake was purchased in Q3 2015 at prices between $153 and $194 and the stock is now well below that range at $93.76. Last quarter saw a ~9% trimming while this quarter saw a marginal further reduction. It was originally a merger arbitrage stake: Mylan (MYL) made a hostile takeover bid for PRGO but the tender offer lapsed in November 2015.SPDR Gold Trust (GLD): GLD was Paulsons largest position by far at 19.03% of the US long portfolio as of Q1 2013. The original stake was established in Q1 2009 at prices between $82.71 and $97.80 and was reduced by ~45% in 2011 at much higher prices. It was reduced by more than half in Q2 2013 as well at prices between $116 and $155. Last quarter saw a ~38% reduction at prices between $100 and $114 and that was followed with a ~17% selling this quarter at prices between $102 and $122. The stock currently trades at $120. The remaining stake is at 4.15% of the portfolio.Starwood Hotels & Resorts (HOT): HOT is a 3.41% of the US long portfolio position established in Q2 2015 at prices between $80.55 and $87.53 and increased by ~30% the following quarter at prices between $64.53 and $85.62. Last quarter saw a ~26% reduction at prices between $66 and $80 and that was followed with a ~52% reduction this quarter at prices between $59 and $84. The stock currently trades at $72.68.Note: Following CEO exit in February 2015, Starwood said they were exploring strategic alternatives to increase shareholder value. In November, Marriott International (MAR) announced a merger with HOT in a cash-and-stock deal ($21 cash and 0.8 shares of MAR for each share of HOT held).Time Warner Cable (TWC): TWC is a 2.74% of the US long portfolio stake established in Q3 2013 at prices between $107 and $118. The position was almost doubled the following quarter at prices between $110 and $138. Since then, there was a ~50% further increase at a cost-basis of around $140. Last quarter saw a ~28% reduction at prices between $179 and $192 and that was followed with another ~69% reduction this quarter at prices between $176 and $206. Paulson harvested huge long-term gains from this position.Note: In May 2015, Charter Communications (CHTR) agreed to buy TWC in a cash-and-stock deal and the transaction closed last week.T-Mobile USA (TMUS): The stake was acquired as a result of the reverse-merger and IPO transaction of MetroPCS with T-Mobile USA. MetroPCS was a 2.19% of the US long portfolio established in Q3 2012. This was a timely purchase for Paulson and he has large unrealized gains. Q1 2015 saw a ~55% increase at prices between $26.87 and $33.20. The stock currently trades at $41.70. Last quarter saw a ~16% reduction at prices between $34.56 and $41.38 while this quarter saw another ~26% selling at prices between $33.89 and $40.59.Post Holdings (POST) and LivaNova plc (LIVN) previously Cybernics (CYBX): These are small (less than ~1.5% of the portfolio each) positions that saw decreases this quarter. Paulson controls ~5% of LIVN.Note: Cyberonics and Italy-based Sorin Spa combined to form LivaNova in a merger that closed in October 2015. Paulson had a position in Cyberonics.Bank of America (BAC) 2019 WTS, Caesars Acquisition (CACQ), and Caesars Entertainment (CZR): These are very small (less than ~1% of the portfolio each) stakes that were further decreased this quarter. Although the relative position sizes are small, it is very significant that Paulson has significant ~10% ownership stakes each in CACQ and CZR.Stake Increases:Allergan plc (AGN): AGN was a minutely small 0.29% of the US long portfolio position in Q2 2014. The following two quarters saw a ~420% increase at prices between $202 and $271. Q2 2015 saw a further ~27% increase at prices between $283 and $313. Last quarter saw an about-turn: ~23% reduction at prices between $253 and $323. This quarter saw a marginal increase. The stock is currently at $229 and the stake is still Paulsons largest at 11.16% of the portfolio.Note 1: In November 2015, Pfizer Inc. announced the acquisition of Allergan plc in a deal valued at $160B. Allergan shareholders were to receive 11.3 shares of a new company (Ireland domiciled - tax inversion deal structure) for each share held. The deal was called off last month following government pressure.Note 2: Q1 2015 had seen a ~260% increase in AGN (then Actavis). Part of that increase was due to the acquisition of Allergan by Actavis. Paulson held 6.37M shares of Allergan for which he received ~2.35M shares. That stake was established in Q2 2014 at prices between $117 and $174. Actavis plc agreed to acquire AGN in a cash-and-stock deal valued at $219 per share and that transaction closed in March 2015.Akorn Inc. (AKRX): The 0.64% AKRX position was first purchased last quarter at prices between $22.06 and $37.34 and increased by ~225% this quarter at prices between $18.72 and $38.52. The stock is now at $30.55.Cablevision Systems (CVC): CVC is now a very small 0.78% of the US long portfolio stake. It was first purchased between Q4 2012 and Q2 2013 at prices between $13.65 and $18.52. Q4 2014 saw an about-turn: ~29% reduction at prices between $17.24 and $21.32 and that was followed with a ~39% reduction the following quarter at prices between $17.72 and $20.76. In Q2 2015, the pattern reversed again: ~48% increase at prices between $17.95 and $25.86. The following quarter saw a ~37% reduction at prices between $22.59 and $33.13 and that was followed with another ~60% reduction last quarter at prices between $29.46 and $33.19. The stock currently trades at $34.64. There was a marginal increase this quarter.Note: In September 2015, Altice SA agreed to acquire CVC in a $34.90 all-cash deal.Grifols S A (GRFS): GRFS is a medium-sized 2.01% of the US long portfolio position. There was a ~30% reduction last quarter at prices between $15.20 and $17.79 while this quarter saw a ~41% increase at prices between $14.20 and $16.20. The stock is now at $14.84. The original stake is from 2011 and Paulsons cost-basis is very low.Mallinckrodt PLC (MNK): MNK is a 4.05% of the US long portfolio position established in Q3 2013 at prices between $42 and $47.20. It was increased by ~20% in Q2 2014 at prices between $60.28 and $82.70 and an additional one-third the following quarter at prices between $68.12 and $90. Q1 2015 saw a ~6% trimming at prices between $93.89 and $133 and the following quarter saw another ~22% decrease at prices between $113 and $130. There was an about-turn last quarter: ~31% increase at prices between $53.41 and $76.66. The stock currently trades at $61.03. The current stake is at ~7% of the business. This quarter saw a very minor increase.Note: MNK, a July 2013 spinoff from Covidien plc (COV) started trading at around $42.Mylan Inc. (MYL): MYL is a top-three 8.21% of the US long portfolio position. The original stake was purchased in Q1 2010 at prices between $17 and $23. Q1 2013 saw a 25% reduction at prices between $27.54 and $31 and the following quarter saw another one-third reduction at prices between $28.70 and $32. Q4 2014 saw an about-turn: ~20% increase at prices between $45.27 and $58.62 and that was followed with a ~47% increase in Q2 2015 at prices between $57.94 and $76.06. The stock trades currently at $41.51. Last two quarters have seen minor increases.Shire PLC ADR (SHPG): SHPG is a top-three stake at 9.06% of the US long portfolio. It was established in Q3 2012 at prices between $85 and $94. In Q2 2013, the position was doubled at prices between $87 and $100. In Q2 2014, the stake was again increased by ~36% at prices between $142 and $236. The following quarter saw a whopping ~170% increase at prices between $232 and $263. In Q2 2015, the pattern reversed: ~15% reduction at prices between $227 and $260. The stock currently trades at $186. Last two quarters have seen minor increases.Note: In August 2015, SHPG made a hostile bid for Baxalta (BXLT), the Baxter (BAX) spin-off. In January this year, the businesses agreed on a $32B merger.Teva Pharmaceuticals (TEVA): TEVA was a very small 0.55% of the US long portfolio stake established in Q2 2015 at prices between $58.91 and $67.14. It was increased to a fairly large 5.28% position the following quarter at prices between $55 and $72. Last quarter saw a further ~13% increase at prices between $56 and $66. The stock currently trades at $51.94 and it is now a top-five stake at 8.15%. For investors attempting to follow Paulson, Teva is a good option to consider for further research. This quarter saw a very minor increase.Valeant Pharmaceuticals (VRX): VRX position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. Last quarter also saw another ~50% increase at prices between $70 and $182. The stock currently trades at $27.56 and the stake is at 2.58% of the portfolio. This quarter also saw a marginal further increase.Endo International plc (ENDP): The very small ENDP stake was increased by almost 200% this quarter at prices between $28.27 and $61.22. The stock is now well below that range at $15.44. The stake is at ~2% of the portfolio.Kept Steady:Extended Stay America (STAY): STAY is a fairly large (top-five) 5.14% of the US long portfolio position. The stake came about as a result of the firms IPO in November 2013. STAY currently trades at $13.53 compared to the IPO offering price of $20. Last quarter had seen a ~11% trimming. Paulson still controls ~21% of the business.Note: Extended Stay America filed Chapter 11 bankruptcy on June 16, 2009 and an investment group consisting of Paulson & Company, Blackstone Group, and Centerbridge Partners bought Extended Stay America out of bankruptcy in October 2010. At the time of the 11/2013 IPO, the firms already made more than three times their investment.Realogy Holdings (RLGY): RLGY is a 1.40% of the US long portfolio (3.59% of the business) position that was reduced by ~56% over the five quarters thru Q4 2015 at prices between $35 and $49. The original investment was made prior to the October 2012 IPO. The stock currently trades at $30.78.CIT Group (CIT): CIT is a very small 0.80% of the portfolio position kept steady this quarter.Although the positions are relatively minute compared to the size of the portfolio, the following 13F stakes are significant as Paulson has sizable ownership: NovaCopper (NCQ), Vanda Pharmaceuticals (VNDA), Radian Group (RDN), Oasis Petroleum (OAS), and Synergy Pharmaceuticals (SGYP).Note: A Form 3 regulatory filing on 5/16/2016 shows Paulson owning 27.76M shares (~15% of the business) of Synergy Pharmaceuticals. This is compared to 11M shares in the 13F.The spreadsheet below highlights changes to Paulsons US stock holdings in Q1 2016:13G/D/A, Form 3/4 Filings after 8/15/2015: Form 4 11/20/2015 - ESH Hospitality paired shares with STAY - 42.66M shares - 20.9% of the business.Note - 8/21/2015 - In the Q2 2015 Update, I removed the para near the end of the article that lists the very small positions. I might consider adding the names but not the symbols as SA errored out and their support could not determine the problem.Note - 8/13/2015 - - Overseas Shipholding (OSGIQ) - 56.43M shares - 19.4% of business."

"Tracking John Paulsons Paulson & Company Portfolio Q4 2015 Update"

"John Paulsons U.S. long portfolio decreased from $19.27B to $16.73B this quarter.Paulson & Company's largest three positions are Allergan plc, Shire plc, and Valeant Pharmaceuticals.Paulson increased Valeant Pharmaceuticals and Mallickrodt plc substantially during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to John Paulsons US stock portfolio on a quarterly basis. It is based on Paulsons regulatory filed on 02/16/2016. Please visit our to get an idea of his investment philosophy and our highlighting the funds moves during Q3 2015.This quarter, Paulsons US long portfolio decreased ~13% from $19.27B to $16.73B. There are 77 13F securities in the portfolio although only 31 of them are significantly large equity holdings (more than 0.5% of the US long portfolio). The article is focused on the larger holdings. The top five positions are all pharmaceuticals: Allergan plc, Shire plc, Valeant Pharmaceuticals, Teva Pharmaceuticals, and Mylan NV and they together account for 42.16% of the entire portfolio. The largest holding is Allergan plc at 10.33% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that story, check-out .Stake Disposals:Altera Corporation (ALTR), Cameron International (CAM), and Precision Castparts (PCP): These were merger arbitrage stakes established last quarter and eliminated this quarter. Intel (INTC) agreed to acquire ALTR for $54 per share cash in June 2015 and the transaction closed in December. In August 2015, Schlumberger (SLB) announced the acquisition of Cameron International ($14.44 cash and 0.716 shares of SLB for each share held). The CAM elimination this quarter happened at prices between $60.55 and $70.68. Berkshire Hathaway (BRK.A) (BRK.B) acquired PCP in a $235 per share cash deal that closed last month.Computer Sciences Corporation (CSC): CSC was a minutely small 0.22% of the US long portfolio position. It was purchased in Q1 2015 at prices between $60.68 and $71.74 and reduced by ~84% last quarter at prices between $59.81 and $67.90.Note: CSRA Inc. (CSRA) separated from CSC in a transaction that closed in November 2015.HCA Holdings (HCA): HCA was a small 0.83% of the US long portfolio position in Q2 2014. It was increased by almost 80% in Q3 2014 at prices between $54.52 and $73.48. Q4 2014 saw an about-turn as the position was reduced by ~22% at prices between $62.94 and $74.96. The remaining 1.89% portfolio stake was eliminated this quarter at prices between $64 and $79. The stock currently trades at $67.92.MGM Resorts (MGM): MGM was a huge position established in Q2 2010 at prices between $9.48 and $15.89. Q4 2014 saw a ~70% reduction at prices between $18.01 and $23.25 and that was followed with a ~11% reduction the following quarter at prices between $19.13 and $22.85. The remaining 0.52% stake was sold this quarter at prices between $18.45 and $24.14. The stock currently trades at $18.07.WhiteWave Foods (WWAV): The very small 0.54% portfolio position was sold this quarter at prices between $36.56 and $43.82. The stock is now at $38.31.New Stakes:Akorn Inc. (AKRX) and Lam Research (LRCX): AKRX & LRCX are significantly large new stakes this quarter. The 0.64% AKRX position was purchased at prices between $22.06 and $37.34 and the stock is now at $24.95. LRCX is a 2.37% stake established at prices between $64.44 and $80.75 and the stock currently trades at $69.77.Stake Decreases:Allergan plc (AGN) previously Actavis plc: AGN was a minutely small 0.29% of the US long portfolio position in Q2 2014. The following two quarters saw a ~420% increase at prices between $202 and $271. Q2 2015 saw a further ~27% increase at prices between $283 and $313. This quarter saw an about-turn: ~23% reduction at prices between $253 and $323. The stock is currently at $275 and the stake is still Paulsons largest at 10.33% of the portfolio.Note 1: In November 2015, Pfizer Inc. announced the acquisition of Allergan plc in a deal valued at $160B. Allergan shareholders will receive 11.3 shares of a new company (the new business will be domiciled in Ireland - tax inversion deal structure) for each share held. The deal is expected to close in H2 2016.Note 2: Q1 2015 had seen a ~260% increase in AGN (then Actavis). Part of that increase was due to the acquisition of Allergan by Actavis. Paulson held 6.37M shares of Allergan for which he received ~2.35M shares. That stake was established in Q2 2014 at prices between $117 and $174. Actavis plc agreed to acquire AGN in a cash-and-stock deal valued at $219 per share and that transaction closed in March 2015.American International Group (AIG): AIG is a fairly large 4.30% of the US long portfolio stake established in Q1 2015 at prices between $48.87 and $56.11. This quarter saw a ~21% reduction at prices between $56.82 and $64.12. The stock currently trades at $51.52.Note: Carl Icahn has a huge (42.24M shares - 3.42% of the business) activist stake in the business.AngloGold Ashanti (AU): AU is a very small ~1% position. It is a long-term stake that has been in the portfolio since 2009. The stock currently trades at $10.88. Paulson controls 5.65% of the business. This quarter saw a ~9% trimming.Bank of America (BAC) 2019 WTS: This is a very small 0.57% of the US long portfolio position. It was reduced by ~16% in Q4 2014 and another ~14% in Q2 2015. Last quarter also saw a further ~11% reduction. As the position size is very small, the activity does not indicate a clear bias. There was a marginal further decrease this quarter.Cablevision Systems (CVC): CVC is now a very small 0.59% of the US long portfolio stake. It was first purchased between Q4 2012 and Q2 2013 at prices between $13.65 and $18.52. Q4 2014 saw an about-turn: ~29% reduction at prices between $17.24 and $21.32 and that was followed with a ~39% reduction the following quarter at prices between $17.72 and $20.76. In Q2 2015, the pattern reversed again: ~48% increase at prices between $17.95 and $25.86. Last quarter saw a ~37% reduction at prices between $22.59 and $33.13 and that was followed with another ~60% reduction this quarter at prices between $29.46 and $33.19. The stock currently trades at $32.44.Note: In September 2015, Altice SA agreed to acquire CVC in a $34.90 all-cash deal.Cobalt International Energy (CIE): CIE was a minute 0.12% of the US long portfolio stake as of Q1 2013. The position was increased to a substantial 2.63% stake in Q2 2013 at prices between $25 and $29. The stake was more than doubled in Q1 2014 at prices between $15.85 and $19.46 and the following quarter saw a further 52% increase at prices between $17.20 and $19.36. The stock currently trades well below his purchase price ranges at $2.10 and the position stands at 1.28% of the US long portfolio (9.59% of the business). This quarter saw a ~5% trimming.Extended Stay America (STAY): STAY is a fairly large 4.05% of the US long portfolio position. The stake came about as a result of the firms IPO in November 2013. STAY currently trades at $12.26 compared to the IPO offering price of $20. This quarter saw a ~11% trimming. Paulson still controls ~21% of the business.Note: Extended Stay America filed Chapter 11 bankruptcy on June 16, 2009 and an investment group consisting of Paulson & Company, Blackstone Group, and Centerbridge Partners bought Extended Stay America out of bankruptcy in October 2010. At the time of the 11/2013 IPO, the firms already made more than three times their investment.Grifols S A (GRFS): GRFS is a medium-sized 2.40% of the US long portfolio position. There was a ~30% reduction this quarter at prices between $15.20 and $17.79. The stock is now at $15.16. The original stake is from 2011 and Paulsons cost-basis is very low.Perrigo plc (PRGO): The 2.30% portfolio stake was purchased last quarter at prices between $153 and $194 and the stock is now at $129. This quarter saw a ~9% trimming. It was originally a merger arbitrage stake: Mylan (MYL) made a hostile takeover bid for PRGO but the tender offer lapsed in November 2015.Realogy Holdings (RLGY): RLGY is a 1.15% of the US long portfolio (3.59% of the business) position that was reduced by ~56% over the last five quarters at prices between $35 and $49. The original investment was made prior to the October 2012 IPO. The stock currently trades at $31.06.SPDR Gold Trust (GLD): GLD was Paulsons largest position by far at 19.03% of the US long portfolio as of Q1 2013. It was reduced by more than half in Q2 2013 at prices between $116 and $155. The original stake was established in Q1 2009 at prices between $82.71 and $97.80 and was reduced by ~45% in 2011 at much higher prices. This quarter saw a ~38% reduction at prices between $100 and $114. The stock currently trades at $118. The remaining stake is at 3.50% of the portfolio.Starwood Hotels & Resorts (HOT): HOT is a 4.81% of the US long portfolio position established in Q2 2015 at prices between $80.55 and $87.53 and increased by ~30% last quarter at prices between $64.53 and $85.62. This quarter saw a ~26% reduction at prices between $66 and $80. The stock currently trades at $66.30.Note: Following CEO exit in February 2015, Starwood said they were exploring strategic alternatives to increase shareholder value. In November, Marriott International (MAR) announced a merger with HOT in a deal valued at ~$80.Time Warner Cable (TWC): TWC is a large 6.51% of the US long portfolio stake established in Q3 2013 at prices between $107 and $118. The position was almost doubled the following quarter at prices between $110 and $138. Since then, there was a ~50% further increase at a cost-basis of around $140. This quarter saw a ~28% reduction at prices between $179 and $192. The stock currently trades at $189.Note: In May 2015, Charter Communications (CHTR) agreed to buy TWC in a cash-and-stock deal valued at $195 per share ($100 cash).T-Mobile USA (TMUS): The stake was acquired as a result of the reverse-merger and IPO transaction of MetroPCS with T-Mobile USA. MetroPCS was a 2.19% of the US long portfolio established in Q3 2012. This was a timely purchase for Paulson and he has large unrealized gains. Q1 2015 saw a ~55% increase at prices between $26.87 and $33.20. The stock currently trades at $34.95. This quarter saw a ~16% reduction at prices between $34.56 and $41.38.Whiting Petroleum (WLL): WLL was a very small 0.31% of the US long portfolio position in Q3 2013. The stake was increased to a large 3.15% position in Q4 2013 at prices between $58 and $70. It has seen some selling since. Last quarter saw a ~23% reduction at prices between $14.59 and $33.60 and that was followed with a two-thirds further reduction this quarter at prices between $8.31 and $22.43. The stake is now at 0.18% of the portfolio (1.56% of the business). It currently trades well below his purchase price ranges at $4.31. Paulson realized losses from this position.CIT Group (CIT) and MGIC Investment (MTG): These very small positions (less than ~1% of the US long portfolio each) were further reduced this quarter.Stake Increases:Mallinckrodt PLC (MNK): MNK is a 3.85% of the US long portfolio position established in Q3 2013 at prices between $42 and $47.20. It was increased by ~20% in Q2 2014 at prices between $60.28 and $82.70 and an additional one-third the following quarter at prices between $68.12 and $90. Q1 2015 saw a ~6% trimming at prices between $93.89 and $133 and the following quarter saw another ~22% decrease at prices between $113 and $130. There was an about-turn this quarter: ~31% increase at prices between $53.41 and $76.66. The stock currently trades at $64.73. The current stake is at around 7.44% of the business.Note: MNK, a July 2013 spinoff from Covidien plc (COV) started trading at around $42.Mylan Inc. (MYL): MYL is a top-five 7.37% of the US long portfolio position. The original stake was purchased in Q1 2010 at prices between $17 and $23. Q1 2013 saw a 25% reduction at prices between $27.54 and $31 and the following quarter saw another one-third reduction at prices between $28.70 and $32. Q4 2014 saw an about-turn: ~20% increase at prices between $45.27 and $58.62 and that was followed with a ~47% increase in Q2 2015 at prices between $57.94 and $76.06. The stock trades currently at $45.34. This quarter saw a ~4% further increase.Shire PLC ADR (SHPG): SHPG is a top-three stake at 8.39% of the US long portfolio. It was established in Q3 2012 at prices between $85 and $94. In Q2 2013, the position was doubled at prices between $87 and $100. In Q2 2014, the stake was again increased by ~36% at prices between $142 and $236. The following quarter saw a whopping ~170% increase at prices between $232 and $263. In Q2 2015, the pattern reversed: ~15% reduction at prices between $227 and $260. The stock currently trades at $164. This quarter saw a marginal increase.Note: In August 2015, SHPG made a hostile bid for Baxalta (BXLT), the Baxter (BAX) spin-off. Last month, the businesses agreed on a $32B merger.Teva Pharmaceuticals (TEVA): TEVA was a very small 0.55% of the US long portfolio stake established in Q2 2015 at prices between $58.91 and $67.14. It was increased to a fairly large 5.28% position last quarter at prices between $55 and $72. This quarter saw a further ~13% increase at prices between $56 and $66. The stock currently trades at $56.63 and it is now a top-five stake at 8.01%. For investors attempting to follow Paulson, Teva is a good option to consider for further research.Valeant Pharmaceuticals (VRX): VRX position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% the following quarter at prices between $197 and $242. This quarter also saw another ~50% increase at prices between $70 and $182. The stock currently trades at $84.97. It is a top three stake at 8.06% of the portfolio.Endo International plc (ENDP), LivaNova plc (LIVN) previously Cybernics (CYBX), and Post Holdings (POST): These are very small (less than ~1.5% of the portfolio each) positions that saw increases this quarter. Paulson controls 7.29% of LIVN.Note: Cyberonics and Italy-based Sorin Spa combined to form LivaNova in a merger that closed in October 2015. Paulson had a position in Cyberonics.Kept Steady:Novagold (NG): NG is a very small 0.90% of the portfolio stake. As a percentage of the business, the position is very significant at 11.5%. It is a very long-term stake and Paulsons cost-basis is higher than the current price of $4.84.Note: A regulatory Form 4 filing on 2/11/2016 shows a minor 100K share disposal at $4.72 per share.Caesars Acquisition (CACQ), Caesars Entertainment (CZR), and Outfront Media (OUT): These are very small (less than ~0.5% of the portfolio each) stakes kept steady this quarter. Although the relative position sizes are small, it is very significant that Paulson has significant ownership stakes: 9.59% of CACQ, 9.98% of CZR, and 3.1% of OUT.Although the positions are relatively minute compared to the size of the portfolio, the following 13F stakes are significant as Paulson has sizable ownership: 13.92% of NovaCopper (NCQ), 9.22% of Vanda Pharmaceuticals (VNDA), 0.56% of Radian Group (RDN), 3.86% of Oasis Petroleum (OAS), 1.04% of Houghton Mifflin Harcourt (HMHC) thru warrants, 7.92% of Synergy Pharmaceuticals (SGYP), and 7.7% of Dex Media (DXMM).The spreadsheet below highlights changes to Paulsons US stock holdings in Q4 2015:"

"Tracking John Paulsons Paulson & Company Portfolio Q3 2015 Update"

"John Paulsons U.S. long portfolio decreased from $21.69B to $19.27B this quarter.Paulson & Company's largest three positions are Allergan plc, Valeant Pharmaceuticals, and Time Warner Cable.Paulson increased Teva Pharmaceuticals and Starwood Hotels & Resorts while dropping Houghton Mifflin Harcourt during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to John Paulsons US stock portfolio on a quarterly basis. It is based on Paulsons regulatory filed on 11/16/2015. Please visit our to get an idea of his investment philosophy and our highlighting the funds moves during Q2 2015.This quarter, Paulsons US long portfolio decreased ~11% from $21.69B to $19.27B. There are 65 13F securities in the portfolio although only 35 of them are significantly large equity holdings (more than 0.5% of the US long portfolio). The article is focused on the larger holdings. The top-five positions are Allergan plc, Valeant Pharmaceuticals, Time Warner Cable, Shire plc, and Startwood Hotels & Resorts and they together account for 38.56% of the entire portfolio. The largest holding is Allergan plc at 10.13% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that story, check-out .Stake Disposals:Houghton Mifflin Harcourt (HMHC): HMHC is a 1.42% of the US long portfolio position established in Q4 2013 as a result of its November 2013 IPO. The company filed for Chapter 11 bankruptcy protection in March 2012. Paulson held senior debt that got converted into equity. The IPO was priced at $12 per share and it currently trades at $20.24. The disposal this quarter happened at prices between $20.24 and $26.75.DirecTV (DTV): DTV was a 4.88% of the portfolio merger arbitrage stake established in Q2 2014. AT&T (T) acquired DTV in a deal worth $95 per share ($28.50 cash and $66.60 stock) in a transaction that closed in August.New Stakes:Altera Corporation (ALTR), Cameron International (CAM), Perrigo plc (PRGO), and Precision Castparts (PCP): These are small (less than ~2.5% of the portfolio each) merger arbitrage stakes established this quarter. Intel (INTC) agreed to acquire ALTR for $54 per share cash in June and the stock is currently at $52.77. In August, Schlumberger (SLB) announced the acquisition of CAM ($14.44 cash and 0.716 shares of SLB for each share held) and it currently trades at $67.90. Mylan (MYL) made a hostile takeover bid for PRGO but the tender offer lapsed earlier this month. Berkshire Hathaway (BRK.A) (BRK.B) is acquiring PCP in a $235 per share cash deal announced in August and PCP currently trades at $231.CIT Group (CIT) and Endo International plc (ENDP): These are very small (less than ~1.5% of the portfolio each) stakes established this quarter.Stake Decreases:AngloGold Ashanti (AU): AU is a very small 1.06% AU position. It is a long-term position that has been in the portfolio since 2009. The stock currently trades at $6.54. Paulson controls ~6.2% of the business. This quarter saw a marginal reduction.Bank of America (BAC) 2019 WTS: This is a very small 0.49% of the US long portfolio position. It was reduced by ~16% in Q4 2014 and another ~14% last quarter. This quarter also saw a further ~11% reduction. As the position size is very small, the activity does not indicate a clear bias.Cablevision Systems (CVC): CVC is a 1.31% of the US long portfolio stake that was purchased between Q4 2012 and Q2 2013 at prices between $13.65 and $18.52. Q4 2014 saw an about-turn: ~29% reduction at prices between $17.24 and $21.32 and that was followed with a ~39% reduction the following quarter at prices between $17.72 and $20.76. Last quarter the pattern reversed again: ~48% increase at prices between $17.95 and $25.86. This quarter saw a ~37% reduction at prices between $22.59 and $33.13. The stock currently trades at $30.73.Note: In September, Altice SA agreed to acquire CVC in a $34.90 all-cash deal.Computer Sciences Corporation (CSC): CSC is a minutely small 0.22% of the US long portfolio position. It was purchased in Q1 2015 at prices between $60.68 and $71.74 and reduced by ~84% this quarter at prices between $59.81 and $67.90. The stock currently trades at $69.95.Grifols S A (GRFS): GRFS is a medium-sized 2.80% of the US long portfolio position. There have only been very minor adjustments in the last three quarters. As the recent activity is very minor, it does not indicate a change in bias.MGM Resorts (MGM): MGM was a huge position established in Q2 2010 at prices between $9.48 and $15.89. Q4 2014 saw a ~70% reduction at prices between $18.01 and $23.25 and that was followed with a ~11% reduction the following quarter at prices between $19.13 and $22.85. The stock currently trades at $22.67 and the remaining stake is at 0.52% of the portfolio. This quarter saw a minor further reduction.Oasis Petroleum (OAS): OAS was a very small 0.37% of the US long portfolio position as of Q3 2013. The stake was increased substantially to a 2.24% position in Q4 2013 at prices between $43 and $57. It was further increased by one-third in Q1 2014 at prices between $39 and $47. Q1 2015 saw a ~10% reduction at prices between $12.56 and $18.65. The stock currently trades well below his purchase price ranges at $11.61. Last two quarters have also seen minor additional selling.Shire PLC ADR (SHPG): SHPG is Paulsons fourth-largest position at 7.25% of the US long portfolio. It was established in Q3 2012 at prices between $85 and $94. In Q2 2013, the position was doubled at prices between $87 and $100. In Q2 2014, the stake was again increased by ~36% at prices between $142 and $236. The following quarter saw a whopping ~170% increase at prices between $232 and $263. Last quarter, the pattern reversed: ~15% reduction at prices between $227 and $260. The stock currently trades at $213. This quarter saw a marginal further reduction.Note: In August, SHPG made a hostile bid for Baxalta (BXLT), the Baxter (BAX) spin-off.T-Mobile USA (TMUS): The stake was acquired as a result of the reverse-merger and IPO transaction of MetroPCS with T-Mobile USA. MetroPCS was a 2.19% of the US long portfolio established in Q3 2012. This was a timely purchase for Paulson and he has large unrealized gains. Q1 2015 saw a ~55% increase at prices between $26.87 and $33.20. The stock currently trades at $38.03. This quarter saw a minor reduction.Valeant Pharmaceuticals (VRX): VRX position was increased by almost 300% in Q1 2015 at prices between $143 and $205 and another ~340% last quarter at prices between $197 and $242. The stock currently trades at $87.34. It is a top three stake at 8.23% of the portfolio. This quarter saw a marginal reduction.Whiting Petroleum (WLL): WLL was a very small 0.31% of the US long portfolio position in Q3 2013. The stake was increased to a large 3.15% position in Q4 2013 at prices between $58 and $70. It has seen some selling since. This quarter saw a ~23% reduction at prices between $14.59 and $33.60. The stake is now at 0.76% of the portfolio (~4.7% of the business). It currently trades well below his purchase price ranges at $15.89.MGIC Investment (MTG) and Radian Group (RDN): These very small positions (less than 0.5% of the US long portfolio each) were further reduced this quarter. Although the relative sizes are very small, Paulson has very significant ownership stakes: ~3.4% of MTG and ~2.7% of RDN.Stake Increases:Allergan plc (AGN) previously Actavis plc: ACT was a minutely small 0.29% of the US long portfolio position in Q2 2014. The following two quarters saw a ~420% increase at prices between $202 and $271. Last quarter saw a further ~27% increase at prices between $283 and $313. The stock is currently at $302 and the stake is Paulsons largest at 10.13% of the portfolio. This quarter also saw a marginal further increase.Note: Q1 2015 had seen a ~260% increase in AGN (then Actavis). Part of that increase was due to the acquisition of Allergan by Actavis. Paulson held 6.37M shares of Allergan for which he received ~2.35M shares. That stake was established in Q2 2014 at prices between $117 and $174. Actavis plc agreed to acquire AGN in a cash-and-stock deal valued at $219 per share and that transaction closed in March.Starwood Hotels & Resorts (HOT): HOT is a 5.38% of the US long portfolio position established last quarter at prices between $80.55 and $87.53 and increased by ~30% this quarter at prices between $64.53 and $85.62. The stock currently trades at $72.38.Note: Following CEO exit in February this year, Starwood said they were exploring strategic alternatives to increase shareholder value. Last week, Marriott International (MAR) announced a merger with HOT in a deal valued at ~$80.Teva Pharmaceuticals (TEVA): TEVA was a very small 0.55% of the US long portfolio stake established last quarter at prices between $58.91 and $67.14. It was increased to a fairly large 5.28% position this quarter at prices between $55 and $72. The stock currently trades at $62.36.Cyberonics Inc. (CYBX) and Post Holdings (POST): These are very small (less than ~1% of the portfolio each) stakes increased this quarter. Paulson controls ~7.4% of CYBX and ~6.1% of POST.Kept Steady:American International Group (AIG): AIG is a fairly large 4.31% of the US long portfolio stake established in Q1 2015 at prices between $48.87 and $56.11. The stock currently trades at $62.76.Note: Carl Icahn has started a huge (42.24M shares - 3.42% of the business) activist stake in the business.Cobalt International Energy (CIE): CIE was a minute 0.12% of the US long portfolio stake as of Q1 2013. The position was increased to a substantial 2.63% stake in Q2 2013 at prices between $25 and $29. The position was more than doubled in Q1 2014 at prices between $15.85 and $19.46 and the following quarter saw a further 52% increase at prices between $17.20 and $19.36. The stock currently trades well below his purchase price ranges at $7.67 and the position stands at 1.53% of the US long portfolio (10.12% of the business).Extended Stay America (STAY): STAY is a fairly large 4.15% of the US long portfolio position. The stake came about as a result of the firms IPO in November 2013. STAY currently trades at $17.14 compared to the IPO offering price of $20.Note 1: A regulatory Form 4 filing on 11/20/2015 shows Paulson owning 42.66M shares (20.9% of the business). This is compared to 47.66M shares in the 13F.Note 2: Extended Stay America filed Chapter 11 bankruptcy on June 16, 2009 and an investment group consisting of Paulson & Company, Blackstone Group, and Centerbridge Partners bought Extended Stay America out of bankruptcy in October 2010. At the time of the 11/2013 IPO, the firms already made more than three times their investment.HCA Holdings (HCA): HCA was a small 0.83% of the US long portfolio position in Q2 2014. It was increased by almost 80% in Q3 2014 at prices between $54.52 and $73.48. Q4 2014 saw an about-turn as the position was reduced by ~22% at prices between $62.94 and $74.96. The stock currently trades at $67.36 and the stake is now at 1.89%.Mallinckrodt PLC (MNK): MNK is a 2.19% of the US long portfolio position established in Q3 2013 at prices between $42 and $47.20. It was increased by ~20% in Q2 2014 at prices between $60.28 and $82.70 and an additional one-third in the following quarter at prices between $68.12 and $90. The stock currently trades at $66.10. Q1 2015 saw a ~6% trimming at prices between $93.89 and $133 and last quarter saw another ~22% decrease at prices between $113 and $130. The current stake is at around ~5.6% of the business.Note: MNK, a July 2013 spinoff from Covidien plc (COV) started trading at around $42.Mylan Inc. (MYL): MYL is a 4.58% of the US long portfolio position. The original stake was purchased in Q1 2010 at prices between $17 and $23. Q1 2013 saw a 25% reduction at prices between $27.54 and $31 and the following quarter saw another one-third reduction at prices between $28.70 and $32. Q4 2014 saw an about-turn: ~20% increase at prices between $45.27 and $58.62 and that was followed with a ~47% increase last quarter at prices between $57.94 and $76.06. The stock trades currently at $50.88.Novagold (NG): NG is a very small 0.67% of the portfolio stake. As a percentage of the business, the position is very significant at ~11%. It is a very long-term stake and Paulsons cost-basis is higher than the current price of $3.56.Realogy Holdings (RLGY): RLGY is a 1.38% of the US long portfolio (~4.9% of the business) position that was reduced by ~40% over the last three quarters at prices between $33.91 and $48.86. The original investment was made prior to the October 2012 IPO. The stock currently trades at $41.70.SPDR Gold Trust (GLD): GLD was Paulsons largest position by far at 19.03% of the US long portfolio as of Q1 2013. It was reduced by more than half in Q2 2013 at prices between $116 and $155. The original stake was established in Q1 2009 at prices between $82.71 and $97.80. It was reduced by ~45% in 2011 at much higher prices and since then had been kept relatively steady. The stock currently trades at $102. Last quarter saw a ~10% reduction at prices between $112 and $118. The remaining stake is still fairly large at 5.12% of the portfolio.Time Warner Cable (TWC): TWC is a large (top three) 7.56% of the US long portfolio stake established in Q3 2013 at prices between $107 and $118. The position was almost doubled the following quarter at prices between $110 and $138. Since then, there was a ~50% further increase at a cost-basis of around $140. Last quarter saw a ~7% reduction at prices between $149 and $184. The stock currently trades at $184.Note: In May, Charter Communications (CHTR) agreed to buy TWC in a cash-and-stock deal valued at $195 per share ($100 cash).WhiteWave Foods (WWAV): WWAV is a very small 0.54% of the portfolio stake kept steady this quarter.Other very small positions (less than 0.5% of the US long portfolio each) in the portfolio include Aetna Inc. (AET), Agnico Eagle Mines (AEM), BAC 2018 WTS, Caesars Acquisition (CACQ), Caesars Entertainment (CZR), Dex Media (DXM), Enzymotec Ltd. (ENZY), Felcor Lodging (FCH), Howard Hughes Corporation (HHC), International Tower Hill, Iamgold Corp. (IAG), InterXion Holding (INXN), Kamada Ltd. (KMDA), Liberty Global (LBTYA), Novacopper Inc. (NCQ), Oi SA (OIBR), Outfront Media (OUT), PharMerica Corp. (PMC), Randgold Resources (GOLD), Sandridge Energy (SD), Synergy Pharmaceuticals (SGYP), Synthesis Energy (SYMX), Synergy Pharmaceuticals (SGYP), TIM Participacoes (TSU), Vanda Pharma (VNDA), and William Lyon Homes (WLH).Note 1: Although these positions are very small relative to the size of the portfolio, it should be noted that Paulson owns significant stakes in the following businesses: 9.6% of Caesars Acquisition, ~10% of Caesars Entertainment, 12.7% of Dex Media, 19.52% of Enzymotec Ltd, 11.3% of Novacopper, 7.9% of Synergy Pharmaceuticals, 11.7% of Synthesis Energy, and 9.34% of Vanda Pharmaceuticals.Note 2: A regulatory 13D filing on 08/13/2015 showed Paulson owning 56.43M shares (19.4% of business) of Overseas Shipholding (OSGIQ).The spreadsheet below highlights changes to Paulsons US stock holdings in Q3 2015:13G/13D/A Reports from 2/17/2015 to 5/15/2015: Synthesis Energy - 10M shares - 11.7%, MGM - 6.97M shares - 1.42%, Family Dollar - 89,200 - 0.08%, MGIC Investments - 15.25M shares - 4.49% vs 14.4M shares in 13F. AngloGold Ashanti - 26.21M shares - 6.49%. Post Holdings - 3.94M shares - 8.4% vs 1.93M shares in 13F. Vanda Pharmaceuticals - 3.63M shares - 9.14%. Cobalt International Energy - 41.75M shares - 10.12%. Caesars Entertainment - 13.61M shares - 9.43%. Enzymotec Ltd. - 4.24M shares - 19.52%. Caesars Acquisition - 12.27M shares - 9%. Whiting Petroleum - 13.45M shares - 8.01%. Realogy Holdings - 9.23M shares - 6.31%.Note: 13G/13D/A Reports (around 2/17/2015): MGM - 6.97M shares - 1.42%. Family Dollar - 89,200 - 0.08%. MGIC Investments - 15.25M shares - 4.49% vs 14.4M shares in 13F. AngloGold Ashanti - 26.21M shares - 6.49%. Post Holdings - 3.94M shares - 8.4% vs 1.93M shares in 13F. Vanda Pharmaceuticals - 3.63M shares - 9.14%. Cobalt International Energy - 41.75M shares - 10.12%. Caesars Entertainment - 13.61M shares - 9.43%. Enzymotec Ltd. - 4.24M shares - 19.52%. Caesars Acquisition - 12.27M shares - 9%. Whiting Petroleum - 13.45M shares - 8.01%. Realogy Holdings - 9.23M shares - 6.31%."

"Tracking John Paulsons Paulson & Company Portfolio Q2 2015 Update"

"John Paulsons U.S. long portfolio increased from $19.64B to $21.69B this quarter.Paulson & Company's largest three positions are Allergan plc, Valeant Pharmaceuticals, and Shire plc.Paulson added Starwoods Hotels & Resorts and increased Allergan plc, Valeant Pharmaceuticals, & Mylan NV stakes during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to John Paulsons US stock portfolio on a quarterly basis. It is based on Paulsons regulatory filed on 08/14/2015. Please visit our to get an idea of his investment philosophy and our highlighting the funds moves during Q1 2015.This quarter, Paulsons US long portfolio increased ~10% from $19.64B to $21.69B. There are 61 13F securities in the portfolio although only 33 of them are significantly large equity holdings (more than 0.5% of the US long portfolio). The article is focused on the larger holdings. The top-five positions are Allergan plc, Valeant Pharmaceuticals, Shire plc, Mylan NV, & Time Warner Cable and they together account for 40.69% of the entire portfolio. The largest holding is Allergan plc at 10.04% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that story, check-out .Stake Disposals:Salix Pharmaceuticals (SLXP): Salix was a fairly large 4.84% of the portfolio stake established in Q4 2014 at prices between $91.47 and $156.2 and reduced by ~5% last quarter.Note: Valeant Pharmaceuticals agreed to acquire Salix in a $173 per share cash deal and that transaction closed in April.Talisman Energy (TLM): TLM was a 2.73% of the US long portfolio position purchased in Q4 2014 at prices between $3.69 and $8.65.Note: Repsol SA (REPYY) agreed to acquire TLM for $8 per share and the deal closed in early May.Popular Inc. (BPOP): BPOP was a very small 0.83% long-term stake established in 2011. It was eliminated this quarter at prices between $28.36 and $35.58. The stock currently trades at $30.35. Although the relative size was small, Paulsons ownership of BPOP was ~4.6%.New Stakes:Starwood Hotels & Resorts (HOT): HOT is a 4.49% of the US long portfolio position established this quarter at prices between $80.55 and $87.53. The stock currently trades below that range at $76.67. For investors attempting to follow Paulson, HOT is a good option to consider for further research.Note: Following CEO exit in February this year, Starwood said they were exploring strategic alternatives to increase shareholder value.Teva Pharmaceuticals (TEVA): TEVA is a very small 0.55% of the US long portfolio stake established this quarter at prices between $58.91 and $67.14. The stock currently trades just outside that range at $68.78.Stake Decreases:Bank of America (BAC) 2019 WTS: This is a very small 0.53% of the US long portfolio position. It was reduced by ~16% in Q4 2014 and another ~14% this quarter. As the position size is very small, the activity does not indicate a clear bias.Houghton Mifflin Harcourt (HMHC): HMHC is a 1.42% of the US long portfolio position established in Q4 2013 as a result of its November 2013 IPO. The company filed for Chapter 11 bankruptcy protection in March 2012. Paulson held senior debt that got converted into equity. The IPO was priced at $12 per share and it currently trades at $22.57.Mallinckrodt PLC (MNK): MNK is a fairly large 3.58% of the US long portfolio position established in Q3 2013 at prices between $42 and $47.20. It was increased by ~20% in Q2 2014 at prices between $60.28 and $82.70 and an additional one-third in the following quarter at prices between $68.12 and $90. The stock currently trades outside those ranges at $95.86. Last quarter saw a ~6% trimming at prices between $93.89 and $133 and this quarter saw another ~22% decrease at prices between $113 and $130. The current stake is at around ~5.6% of the business. He is harvesting huge long-term gains.Note: Mallinckrodt was spun-off from Covidien plc (COV) on July 1, 2013 (one share of MNK for every eight shares of COV). MNK started trading at around $42.Shire PLC ADR (SHPG): SHPG is Paulsons third-largest position at 7.90% of the US long portfolio. It was established in Q3 2012 at prices between $85 and $94. In Q2 2013, the position was doubled at prices between $87 and $100. In Q2 2014, the stake was again increased by ~36% at prices between $142 and $236. The following quarter saw a whopping ~170% increase at prices between $232 and $263. This quarter, the pattern reversed: ~15% reduction at prices between $227 and $260. The stock currently trades at $240.Note: On July 18, 2014, AbbVie Inc. (ABBV) agreed to buy Shire PLC for $53B but they called off the deal three months later. Shire earned a break-up fee of $1.6B. In February 2015, SHPG acquired NPS Pharmaceuticals (NPSP) for $5.2B. Earlier this month, SHPG made a hostile bid for Baxalta (BXLT), the Baxter (BAX) spin-off.AngloGold Ashanti (AU): The 1.07% AU position was reduced by ~4.5% in Q2 2014 at prices between $15.42 and $18.57. Q1 2014 also saw a ~11% reduction at prices between $11.39 and $19.36. It is a long-term position that has been in the portfolio since 2009. The stock currently trades at $7.32. Paulson controls 6.49% of the business. This quarter saw a marginal reduction.Oasis Petroleum (OAS): OAS was a very small 0.64% of the US long portfolio position as of Q3 2013. The stake was increased substantially to a 2.24% position in Q4 2013 at prices between $43 and $57. It was further increased by one-third in Q1 2014 at prices between $39 and $47. Last quarter saw a ~10% reduction at prices between $12.56 and $18.65. The stock currently trades well below his purchase price ranges at $10.23. This quarter saw very minor additional selling.Realogy Holdings (RLGY): RLGY is a 1.52% of the US long portfolio (~4.9% of the business) position that was reduced by ~40% in the last two quarters at prices between $33.91 and $48.86. This quarter saw a marginal further reduction. The original investment was made prior to the October 2012 IPO. The stock currently trades at $43.37.SPDR Gold Trust (GLD): GLD was Paulsons largest position by far at 19.03% of the US long portfolio as of Q1 2013. It was reduced by more than half in Q2 2013 at prices between $116 and $155. The original stake was established in Q1 2009 at prices between $82.71 and $97.80. It was reduced by ~45% in 2011 at much higher prices and since then had been kept relatively steady. The stock currently trades at $108. The position was kept steady in the last seven quarters but this quarter saw a change: ~10% reduction at prices between $112 and $118. The remaining stake is still fairly large at 4.79% of the portfolio.Time Warner Cable (TWC): TWC is a large (top-five) 6.67% of the US long portfolio stake established in Q3 2013 at prices between $107 and $118. The position was almost doubled the following quarter at prices between $110 and $138. The last four quarters also saw activity with the net effect of a ~50% stake increase at a cost-basis of around $140. This quarter saw a ~7% reduction at prices between $149 and $184. The stock currently trades at $191.Note: In February 2014, Comcast (CMCSA) agreed to buy TWC in an all-stock deal but that transaction was called off in April this year. In May, Charter Communications (CHTR) agreed to buy TWC in a cash-and-stock deal valued at $195 per share ($100 cash).Whiting Petroleum (WLL): WLL was a very small 0.31% of the US long portfolio position in Q3 2013. The stake was increased to a large 3.15% position in Q4 2013 at prices between $58 and $70. Last quarter saw a ~7.5% reduction at prices between $26.48 and $40.95. This quarter saw a very minor further reduction. The stake is now at 1.92% of the portfolio (~6% of the business). For investors attempting to follow Paulson, WLL is a very good option to consider for further research. It currently trades well below his purchase price ranges at $17.77.Note: The share count increased by ~44% in Q4 2014 as result of Whitings acquisition of Kodiak that closed in December 2014 - Paulson had a ~26M share position in Kodiak that converted into Whiting stock (0.177 shares of Whiting for each share held).MGIC Investment (MTG) & Radian Group (RDN): These very small positions (less than 1% of the US long portfolio) were further reduced this quarter. MTG saw a ~8% reduction while RDN was reduced by one-third. Although the relative sizes are very small, Paulson has very significant ownership stakes: ~3.5% of MTG and ~2.9% of RDN.Stake Increases:Allergan plc (AGN) previously Actavis plc: ACT was a minutely small 0.29% of the US long portfolio position in Q2 2014. The following two quarters saw a ~420% increase at prices between $202 and $271. This quarter saw a further ~27% increase at prices between $283 and $313. The stock is currently at $317 and the stake is Paulsons largest at 10.04% of the portfolio.Note 1: Last quarter had seen a ~260% increase in AGN (then Actavis). Part of that increase was due to the acquisition of Allergan by Actavis. Paulson held 6.37M shares of Allergan for which he received ~2.35M shares. That stake was established in Q2 2014 at prices between $117 and $174. Actavis plc agreed to acquire AGN in a cash-and-stock deal valued at $219 per share and that transaction closed in March.Note 2: This is the second renaming in the last few years: In January 2013, Watson Pharmaceuticals was renamed Actavis following an acquisition.Cablevision Systems (CVC): CVC is a 1.37% of the US long portfolio stake that was first purchased in Q4 2012 at prices between $13.65 and $18.52. In Q1 2013, the position was increased by around one-third at prices between $13.76 and $15.75. Q2 2013 saw an additional 24% increase at prices between $13.93 and $16.82. Q4 2014 saw an about-turn: ~29% reduction at prices between $17.24 and $21.32 and that was followed with a ~39% reduction last quarter at prices between $17.72 and $20.76. This quarter the pattern reversed again: ~48% increase at prices between $17.95 and $25.86. The stock currently trades at $25.02.Mylan Inc. (MYL): MYL is a 6.86% of the US long portfolio position. The original stake was purchased in Q1 2010 at prices between $17 and $23. Q1 2013 saw a 25% reduction at prices between $27.54 and $31 and the following quarter saw another one-third reduction at prices between $28.70 and $32. Q4 2014 saw an about-turn: ~20% increase at prices between $45.27 and $58.62 and that was followed with a ~47% increase this quarter at prices between $57.94 and $76.06. The stock trades currently at $54.98.Valeant Pharmaceuticals (VRX): VRX position was increased by almost 300% last quarter at prices between $143 and $205 and another ~340% this quarter at prices between $197 and $242. The stock currently trades at $246 and the position is now very large (top-three) at 9.22% of the portfolio.Caesars Entertainment (CZR): CZR is a minutely small 0.41% portfolio stake. As a percentage of the business, the position is very significant at ~10%. The original stake was increased by 5.2% in Q4 2013 at prices between $16.74 and $22.39 and another 11% in Q1 2014 at prices between $19 and $26.47. This quarter also saw a minor ~6% increase. The stock currently trades at $6.99. The investment is from prior to the 02/2012 IPO.Computer Sciences Corporation (CSC): CSC is a small 1.28% of the US long portfolio position purchased last quarter at prices between $60.68 and $71.74. The stake saw a marginal increase this quarter. The stock currently trades at $66.43.Grifols S A (GRFS): GRFS is a medium-sized 2.55% of the US long portfolio position. It was increased slightly in the last two quarters. As the recent activity is very minor, it does not indicate a change in bias.Post Holdings (POST) & WhiteWave Foods (WWAV): These are very small (~0.5% of the portfolio each) stakes that were increased this quarter. The position sizes are still too small to indicate a clear bias. Paulson controls 4.7% of POST.Kept Steady:American International Group (AIG): AIG is a fairly large 4.16% of the US long portfolio stake established last quarter at prices between $48.87 and $56.11. The stock currently trades at $62.92.Cobalt International Energy (CIE): CIE was a minute 0.12% of the US long portfolio stake as of Q1 2013. The position was increased to a substantial 2.63% stake in Q2 2013 at prices between $25 and $29. The position was more than doubled in Q1 2014 at prices between $15.85 and $19.46 and the following quarter saw a further 52% increase at prices between $17.20 and $19.36. The stock currently trades well below his purchase price ranges at $7.66 and the position stands at 1.87% of the US long portfolio (10.12% of the business).Cyberonics Inc. (CYBX): CYBX is a very small 0.47% stake established last quarter at prices between $54.36 and $72.03. The stock currently trades at $59.79. Paulson controls ~6.6% of the business.DirecTV (DTV): DTV was a 4.88% of the portfolio merger arbitrage stake established in Q2 2014. AT&T (T) acquired DTV in a deal worth $95 per share ($28.50 cash and $66.60 stock) in a transaction that closed last month.Extended Stay America (STAY): STAY is a fairly large 4.13% of the US long portfolio position. The stake came about as a result of the firms IPO in November 2013. STAY currently trades at $19.23 compared to the IPO offering price of $20.Note: Extended Stay America filed Chapter 11 bankruptcy on June 16, 2009 and an investment group consisting of Paulson & Company, Blackstone Group, and Centerbridge Partners bought Extended Stay America out of bankruptcy in October 2010. At the time of the 11/2013 IPO, the firms already made more than three times their investment.HCA Holdings (HCA): HCA was a small 0.83% of the US long portfolio position in Q2 2014. It was increased by almost 80% in Q3 2014 at prices between $54.52 and $73.48. Q4 2014 saw an about-turn as the position was reduced by ~22% at prices between $62.94 and $74.96. The stock currently trades at $89.85.MGM Resorts (MGM): MGM was a huge position established in Q2 2010 at prices between $9.48 and $15.89. Q4 2014 saw a ~70% reduction at prices between $18.01 and $23.25 and that was followed with a ~11% reduction last quarter at prices between $19.13 and $22.85. The stock currently trades at $21.88 and the remaining stake is at 0.52% of the portfolio.Novagold (NG): NG is a very small 0.56% of the portfolio stake. As a percentage of the business, the position is very significant at ~11%. It is a very long-term stake and Paulsons cost-basis is higher than the current price of $3.71.T-Mobile USA (TMUS): The stake was acquired as a result of the reverse-merger and IPO transaction of MetroPCS with T-Mobile USA. MetroPCS was a 2.19% of the US long portfolio established in Q3 2012. This was a timely purchase for Paulson and he has large unrealized gains. Last quarter saw a ~55% increase at prices between $26.87 and $33.20. The stock currently trades at $41.50.Tim Participaceoes S A (TSU): TSU is a minutely small 0.45% of the portfolio stake kept steady this quarter.Other very small positions (less than 0.5% of the US long portfolio each) in the portfolio include Agnico Eagle Mines (AEM), BAC 2018 WTS, Caesars Acquisition (CACQ), Dex Media (DXM), Enzymotec Ltd. (ENZY), Felcor Lodging (FCH), Gulf Coast Ultra Deep Royalty (GULTU), Howard Hughes Corporation (HHC), International Tower Hill, Iamgold Corp. (IAG), InterXion Holding (INXN), Kamada Ltd. (KMDA), Novacopper Inc. (NCQ), Oi SA (OIBR), Outfront Media (OUT), PharMerica Corp. (PMC), Randgold Resources (GOLD), Sprint Corp. (S), Synthesis Energy (SYMX), Synergy Pharmaceuticals (SGYP), Vanda Pharma (VNDA), and William Lyon Homes (WLH).Note 1: Although these positions are very small relative to the size of the portfolio, it should be noted that Paulson owns significant stakes in the following businesses: 9.6% of Caesars Acquisition, 11.7% of Synthesis Energy, 9.34% of Vanda Pharmaceuticals and 19.52% of Enzymotec Ltd.,Note 2: A regulatory 13D filing on 08/13/2015 showed Paulson owning 56.43M shares (19.4% of business) of Overseas Shipholding (OSGIQ).The spreadsheet below highlights changes to Paulsons US stock holdings in Q2 2015:"

"Tracking John Paulsons Paulson & Company Portfolio Q1 2015 Update"

"John Paulsons U.S. long portfolio increased from $19.36B to $19.64B this quarter.Paulson & Company's largest three positions are Shire plc, Actavis plc, and Time Warner Cable.Paulson & Co. added American International Group and increased Actavis plc, T-Mobile US, and Valeant Pharmaceuticals during the quarter.This article is part of a series that provides an ongoing analysis of the changes made to John Paulsons US stock portfolio on a quarterly basis. It is based on Paulsons regulatory filed on 05/15/2015. Please visit our to get an idea of his investment philosophy and our highlighting the funds moves during Q4 2014.This quarter, Paulsons US long portfolio increased marginally from $19.36B to $19.64B. There are 61 13F securities in the portfolio although only 35 of them are significantly large equity holdings (more than 0.5% of the US long portfolio). The article is focused on the larger holdings. The top-five positions are Shire plc, Actavis plc, Time Warner Cable, SPDR Gold ETF, and Mallinckrodt plc and they together account for 36.71% of the entire portfolio. The largest holding is Shire plc at 10.15% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that story, check-out .Stake Disposals:Alibaba Group (BABA): BABA was a very small 1.02% of the US long portfolio position purchased in Q3 2014 at prices between $86.10 and $93.89. It was disposed of this quarter at prices between $81.58 and $105. The stock currently trades at $90.70.Allergan Inc. (AGN): AGN was a merger-arbitrage stake established in Q2 2014 when it traded between $117 and $174. Last quarter saw a further 18% increase at prices between $177 and $214. Actavis plc agreed to acquire AGN in a cash-and-stock deal valued at $219 per share and that transaction closed in March.Covidien plc (COV): The large 5.31% position was a merger-arbitrage stake. The position was increased by ~80% in Q3 2014 at prices between $82.54 and $91.76 but reduced by ~20% last quarter at prices between $82.20 and $104. Medtronic (MDT) agreed to acquire COV in June 2014 ($35.19 in cash and 0.956 of MDT for each share of COV held) and that transaction closed in January.Equinix Inc. (EQIX): EQIX was a 2.11% of the US long portfolio position first purchased in Q2 2012 at prices between $147 and $175 and doubled in Q3 2012 at prices between $165 and $203. Q2 2013 saw a reversal as the position was reduced by half at prices between $176 and $230. Q3 2013 saw a 20% increase at prices between $165 and $203 and that was followed with a 74% increase in Q4 2013 at prices between $155 and $184. Last quarter, the pattern reversed again: 17% reduction at prices between $192 and $234 and that was followed with the elimination this quarter at prices between $217 and $239. The stock currently trades at $270.Family Dollar Stores (FDO): The 1.74% FDO position was almost eliminated last quarter at prices between $76.37 and $79.78 and the remaining minutely small stake was disposed of this quarter. It was established in Q1 2013 at prices between $54.87 and $64 and roughly doubled in the following two quarters at prices between $57.42 and $75. The stock currently trades at $78.12.NOTE: Dollar Tree (DLTR) is set to acquire FDO in a cash-and-stock deal ($59.60 cash and $14.90 in stock).PetSmart Inc. (PETM): PETM was a small 1.21% of the US long portfolio position established in Q3 2014. It was purchased at prices between $59.80 and $72.27 and reduced by ~52% last quarter at prices between $64.69 and $81.44. PETM was acquired in a private equity cash transaction for $83 per share by a consortium led by BC Partners in March.Verizon Communications (VZ): VZ was a 1.56% of the US long portfolio position established in Q1 2014 as a result of Vodafones Verizon stake disposal: Paulson held Vodafone (VOD) stock for which he received 0.26 shares of Verizon stock for each share of Vodafone held. Last quarter, the stake was almost eliminated at prices between $45.42 and $51.50 and the remaining minutely small position was disposed of this quarter. The stock currently trades at $49.69.New Stakes:American International Group (AIG): AIG is a fairly large 4.07% of the US long portfolio stake established this quarter at prices between $48.87 and $56.11. The stock currently trades at $59.96. The substantial stake establishment indicates a clear bullish bias.Computer Sciences Corporation (CSC): CSC is a small 1.39% of the US long portfolio position purchased this quarter at prices between $60.68 and $71.74. The stock currently trades at $69.26.Cyberonics Inc. (CYBX): CYBX is a very small 0.57% stake established this quarter at prices between $54.36 and $72.03. The stock currently trades at $61.82. Paulson controls ~6.6% of the business.Stake Decreases:Bank of America (BAC) 2019 WTS: This is a very small 0.65% of the US long portfolio position. It was reduced by ~16% last quarter and marginally this quarter. As the position size is very small, the activity does not indicate a clear bias.Cablevision Systems (CVC): CVC is a 0.78% of the US long portfolio stake that was first purchased in Q4 2012 at prices between $13.65 and $18.52. In Q1 2013, the position was increased by around one-third at prices between $13.76 and $15.75. Q2 2013 saw an additional 24% increase at prices between $13.93 and $16.82. Last quarter saw a ~29% reduction at prices between $17.24 and $21.32 and that was followed with a ~39% reduction this quarter at prices between $17.72 and $20.76. The stock currently trades at $24.69.Mallinckrodt PLC (MNK): MNK is a large (top-five) 5.46% of the US long portfolio position established in Q3 2013 at prices between $42 and $47.20. It was increased by ~20% in Q2 2014 at prices between $60.28 and $82.70 and an additional one-third in the following quarter at prices between $68.12 and $90. The stock currently trades well outside those ranges at $129. This quarter saw a ~6% trimming at prices between $93.89 and $133. Mallinckrodt was spun-off from Covidien plc (COV) on July 1, 2013 (one share of MNK for every eight shares of COV). Paulson took the position soon after - the current stake is at around ~7.3% of the business. He is starting to harvest huge long-term gains.MGM Resorts (MGM): MGM was a huge position established in Q2 2010 at prices between $9.48 and $15.89. Last quarter saw a ~70% reduction at prices between $18.01 and $23.25 and that was followed with a ~11% reduction this quarter at prices between $19.13 and $22.85. The stock currently trades at $20.07 and the remaining stake is at 0.67% of the portfolio. Paulson is harvesting long-term capital gains from this position.Oasis Petroleum (OAS): OAS was a very small 0.25% of the US long portfolio position as of Q3 2013. The stake was increased substantially to a 2.24% position in Q4 2013 at prices between $43 and $57. It was further increased by one-third in Q1 2014 at prices between $39 and $47. Last two quarters had seen minor selling and this quarter saw a ~10% reduction at prices between $12.56 and $18.65. The stock currently trades well below his purchase price ranges at $16.Realogy Holdings (RLGY): RLGY is a 1.65% of the US long portfolio (~4.9% of the business) position that was reduced by ~40% in the last two quarters at prices between $33.91 and $48.86. The original investment was made prior to the October 2012 IPO. The stock currently trades at $47.42.Salix Pharmaceuticals (SLXP): The fairly large 4.84% of the portfolio stake in SLXP was established last quarter at prices between $91.47 and $156.2. It was reduced by ~5% this quarter.Note: Valeant Pharmaceuticals (VRX) agreed to acquire Salix in a $173 per share cash deal and that transaction closed last month.Sprint (S): S was Paulsons largest position in Q2 2013 at 9.90% of the US long portfolio. The stake was established in Q4 2012 and doubled in Q1 2013. In Q3 2013, the position was reduced to a 2.27% stake at prices between $5.50 and $7.25. Last quarter also saw a ~53% reduction at prices between $3.81 and $6.34. This quarter, the remaining stake was almost eliminated at prices between $4.08 and $5.38. The stock currently trades at $4.70.Whiting Petroleum (WLL): WLL was a very small 0.31% of the US long portfolio position in Q3 2013. The stake was increased to a large 3.15% position in Q4 2013 at prices between $58 and $70. Last quarter saw a ~44% increase as result of Whitings acquisition of Kodiak that closed in December 2014 - Paulson had a ~26M share position in Kodiak that converted into Whiting stock (0.177 shares of Whiting for each share held). This quarter saw a ~7.5% reduction at prices between $26.48 and $40.95 and the stake is now at 1.96% of the portfolio (~6% of the business). For investors attempting to follow Paulson, WLL is a very good option to consider for further research. It currently trades well below his purchase price ranges at $32.85.Popular Inc. (BPOP), MGIC Investment (MTG), and Radian Group (RDN): These very small positions (less than 1% of the US long portfolio) were further reduced this quarter. Although the relative sizes are very small, Paulsons ownership of these businesses are very significant: ~4.6% of BPOP, ~3.8% of MTG, and ~4.7% of RDN.Stake Increases:Actavis plc (ACT): ACT was a minutely small 0.29% of the US long portfolio position in Q2 2014. The following two quarters saw a ~420% increase at prices between $202 and $271. This quarter saw another ~260% increase. Part of the increase was due to the acquisition of Allergan by Actavis. Paulson held 6.37M shares of Allergan for which he received ~2.35M shares. The stock is currently at $298 and the stake is huge (top-three) at 8.55% of the portfolio.Grifols S A (GRFS): GRFS is a 2.97% of the US long portfolio position that was marginally reduced in the last three quarters. It was increased slightly this quarter. As the activity is minor, it does not indicate a change in bias.T-Mobile USA (TMUS): The stake was acquired as a result of the reverse-merger and IPO transaction of MetroPCS with T-Mobile USA. MetroPCS was a 2.19% of the US long portfolio established in Q3 2012. This was a timely purchase for Paulson and he has large unrealized gains. This quarter saw a ~55% increase at prices between $26.87 and $33.20. The stock currently trades at $35.21. The activity indicates a bullish bias.Valeant Pharmaceuticals (VRX): VRX position was increased by almost 300% this quarter at prices between $143 and $205. The stock currently trades at $228 and the position is now very significant at 2.07% of the portfolio.Post Holdings (POST) & Tim Participaceoes S A (TSU): These are very small (~0.5% of the portfolio each) stakes that were increased this quarter. Paulson controls 4.7% of POST.Kept Steady:AngloGold Ashanti (AU): The 1.25% AU position was reduced by ~4.5% in Q2 2014 at prices between $15.42 and $18.57. Q1 2014 also saw a ~11% reduction at prices between $11.39 and $19.36. It is a long-term position that has been in the portfolio since 2009. The stock currently trades at $10.35. Paulson controls 6.49% of the business.Caesars Acquisition Company (CACQ): CACQ is a 0.42% of the US long portfolio stake (9% of the business) established in Q4 2013. Caesars Acquisition is a spin-off from Caesars Entertainment and the terms of the deal allowed existing shareholders to get CACQ shares at $9.43 (rights offering). Paulson probably took this option to establish the position. The stock currently trades at $7.50Caesars Entertainment (CZR): CZR is a 0.73% position (9.43% of the business). The stake was increased by 5.2% in Q4 2013 at prices between $16.74 and $22.39 and another 11% in Q1 2014 at prices between $19 and $26.47. The stock currently trades at $9.95. The original holding is from prior to the 02/2012 IPO.Cobalt International Energy (CIE): CIE was a minute 0.12% of the US long portfolio stake as of Q1 2013. The position was increased to a substantial 2.63% stake in Q2 2013 at prices between $25 and $29. The stake was more than doubled in Q1 2014 at prices between $15.85 and $19.46 and the following quarter saw a further 52% increase at prices between $17.20 and $19.36. The stock currently trades well below his purchase price ranges at $9.90 and the position stands at 2% of the US long portfolio (10.12% of the business). For investors attempting to follow Paulson, CIE is a good option to consider for further research.DirecTV (DTV): DTV is a merger arbitrage stake established in Q2 2014. AT&T (T) is acquiring DTV in a deal worth $95 per share ($28.50 cash and $66.60 stock). The stock is currently at $91.55.Extended Stay America (STAY): STAY is a fairly large 4.74% of the US long portfolio position. The stake came about as a result of the firms IPO in November 2013. Extended Stay America filed Chapter 11 bankruptcy on June 16, 2009 and an investment group consisting of Paulson & Company, Blackstone Group, and Centerbridge Partners bought Extended Stay America out of bankruptcy in October 2010. The IPO has already made the firms more than three times their investment. It is interesting that Paulson has chosen to hold on. STAY currently trades at $20.06 compared to the IPO offering price of $20.HCA Holdings (HCA): HCA was a small 0.83% of the US long portfolio position in Q2 2014. It was increased by almost 80% in Q3 2014 at prices between $54.52 and $73.48. Last quarter saw an about-turn as the position was reduced by ~22% at prices between $62.94 and $74.96. The stock currently trades at $82.14.Houghton Mifflin Harcourt (HMHC): HMHC is a 3.70% of the US long portfolio position established in Q4 2013 as a result of its November 2013 IPO. The company filed for Chapter 11 bankruptcy protection in March 2012. Paulson held senior debt that got converted into equity. The IPO was priced at $12 per share and it currently trades at $24.18.Mylan Inc. (MYL): MYL is a 4.52% of the US long portfolio position. The original stake was purchased in Q1 2010 at prices between $17 and $23. Q1 2013 saw a 25% reduction at prices between $27.54 and $31 and the following quarter saw another one-third reduction at prices between $28.70 and $32. Last quarter saw a ~20% increase at prices between $45.27 and $58.62. The stock trades currently at $70.45.Shire PLC ADR (SHPG): SHPG is Paulsons largest position at 10.15% of the US long portfolio. It was first established in Q3 2012 at prices between $85 and $94. In Q2 2013, the position was doubled at prices between $87 and $100. In Q2 2014, the stake was again increased by ~36% at prices between $142 and $236. Q3 2014 saw a whopping ~170% increase at prices between $232 and $263. The stock currently trades at $256.Note: On July 18, 2014, AbbVie Inc. (ABBV) agreed to buy Shire PLC for $53B but they called off the deal three months later. Shire earned a break-up fee of $1.6B. In January 2015, SHPG agreed to acquire NPS Pharmaceuticals (NPSP) for $5.2BSPDR Gold Trust (GLD): GLD was Paulsons largest position by far at 19.03% of the US long portfolio as of Q1 2013. It was reduced by more than half in Q2 2013 at prices between $116 and $155. The original stake was established in Q1 2009 at prices between $82.71 and $97.80. It was reduced by ~45% in 2011 at much higher prices and since then had been kept relatively steady. The stock currently trades at $116. The position was kept steady in the last seven quarters and it is currently his fourth-largest 13F position at 5.92% of the US long portfolio.Talisman Energy (TLM): TLM is a 2.73% of the US long portfolio position purchased at prices between $3.69 and $8.65. Repsol SA (REPYY) agreed to acquire TLM for $8 per share and the deal closed earlier this month.Time Warner Cable (TWC): TWC is a large (top-three) 6.64% of the US long portfolio stake established in Q3 2013 at prices between $107 and $118. The position was almost doubled in Q4 2013 at prices between $110 and $138. The aggressive stake build-up worked almost immediately as Comcast (CMCSA) agreed to buy TWC in an all-stock deal (announced 2/14/2014, 2.875 shares of CMCSA for each share of TWC held). However, the transaction was called off last month. The last four quarters also saw activity with the net effect of a ~50% stake increase. The stock currently trades at $167.Novagold (NG): NG is a very small 0.53% of the portfolio stake. As a percentage of the business, the position is very significant at ~11%. It is a very long-term stake and Paulsons cost-basis is higher than the current price of $4.12.Other very small positions (less than 0.5% of the US long portfolio each) in the portfolio include Agnico Eagle Mines (AEM), Allied Nevada Gold (ANV), BAC 2018 WTS, Dex Media (DXM), Enzymotec Ltd. (ENZY), Felcor Lodging (FCH), Gulf Coast Ultra Deep Royalty (GULTU), Home Loan Servicing Solutions (HLSSF), Howard Hughes Corporation (HHC), International Tower Hill, Iamgold Corp. (IAG), InterXion Holding (INXN), Kamada Ltd. (KMDA), Novacopper Inc. (NCQ), Outfront Media (OUT), Randgold Resources (GOLD), Sprint Corp. (S), Strategic Hotels & Resorts (BEE), Synergy Pharmaceuticals (SGYP), Vanda Pharma (VNDA), Whitewave Foods (WWAV), William Lyon Homes (WLH), and Zillow Group (Z). Although these positions are very small relative to the size of the portfolio, it should be noted that he owns significant stakes in the following businesses: 9.14% of Vanda Pharmaceuticals and 19.52% of Enzymotec Ltd.,The spreadsheet below highlights changes to Paulsons US stock holdings in Q1 2015:Note: 13G/13D/A Reports: MGM - 6.97M shares - 1.42%. Family Dollar - 89,200 - 0.08%. MGIC Investments - 15.25M shares - 4.49% vs 14.4M shares in 13F. AngloGold Ashanti - 26.21M shares - 6.49%. Post Holdings - 3.94M shares - 8.4% vs 1.93M shares in 13F. Vanda Pharmaceuticals - 3.63M shares - 9.14%. Cobalt International Energy - 41.75M shares - 10.12%. Caesars Entertainment - 13.61M shares - 9.43%. Enzymotec Ltd. - 4.24M shares - 19.52%. Caesars Acquisition - 12.27M shares - 9%. Whiting Petroleum - 13.45M shares - 8.01%. Realogy Holdings - 9.23M shares - 6.31%."

"Tracking John Paulsons Paulson & Company Portfolio Q4 2014 Update"

"John Paulsons U.S. long portfolio decreased from $24.08B to $19.36B this quarter.Paulson & Company's largest three positions are Shire plc, Allergan Inc., and Time Warner Cable.Paulson & Co. added Salix Pharmaceuticals and increased Actavis plc, Allergan Inc., Mylan Inc., Time Warner Cable, and Whiting Petroleum this quarter.This article is part of a series that provides an ongoing analysis of the changes made to John Paulsons US stock portfolio on a quarterly basis. It is based on Paulsons regulatory filed on 02/17/2015. Please visit our to get an idea of his investment philosophy and our highlighting the funds moves during Q3 2014.This quarter, Paulsons US long portfolio decreased ~20% from $24.08B to $19.36B. There are 63 13F securities in the portfolio although only 37 of them are significantly large equity holdings (more than 0.5% of the US long portfolio). The article is focused on the larger holdings. The top-five positions are Shire plc, Allergan Inc., Time Warner Cable, SPDR Gold ETF, and Covidien plc and they together account for over one-third of the entire portfolio. The largest holding is Shire plc at 9.14% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that story, check-out .Stake Disposals:AbbVie Inc. (ABBV): ABBV was a fairly large 3.12% of the US long portfolio stake established last quarter at prices between $52 and $59.62. It was disposed of this quarter at prices between $52.90 and $69.71. The stock currently trades at $61.30.Aetna Inc. (AET): AET was a 2.62% of the US long portfolio position. The original position was established in Q4 2012 at prices between $40 and $47 and was increased substantially the following two quarters at prices between $45.50 and $63.54. This quarter, the stake was sold at prices between $73.43 and $90.84 and it currently trades at $97.92. Paulson harvested large long-term gains from this position.Athlon Energy (ATHL): ATHL was a small 1.40% of the US long portfolio position established last quarter at prices between $41.34 and $58.32. On September 29, 2014 Encana (ECA) announced the acquisition of ATHL at $58.50 cash and that transaction closed mid-November 2014.Dollar General (DG): The ~1% of the US long portfolio DG position was established in Q1 2014 at prices between $55 and $63 and doubled the following quarter at prices between $53.50 and $62.82. It was disposed of this quarter at prices between $58.51 and $71.29. The stock currently trades at $71.69.Hartford Financial Services Group (HIG): The 0.50% of the US long portfolio HIG position was first purchased in 2009. It was an activist stake and Paulson pushed for changes at the company - in Q1 2012, he called to spin-off the P&C business which he argued will increase shareholder value by 60%. He experienced limited success and in Q1 2013, the position was reduced by 40% at prices between $22.44 and $26.46 and the following quarter saw another 45% stake reduction at prices between $24.82 and $31.43. Q2 2014 saw a further 25% reduction at prices between $33.30 and $36.67 and last quarter there was another 28% reduction at prices between $33.85 and $37.80. This quarter finally saw the elimination at prices between $35.47 and $42.27. The stock currently trades at $41.47.Kodiak Oil & Gas (KOG): KOG was a 1.46% position purchased in Q2 2013 at prices between $7.47 and $9.60. It was almost doubled in Q3 2013 at prices between $8.42 and $12.06. Whiting Petroleum acquired Kodiak Oil & Gas in an all-stock deal (0.177 shares of Whiting for each share of Kodiak held) that closed in December 2014.Vodafone Group (VOD): VOD was a very small 0.57% position as of Q2 2013. It was substantially increased to a 4.53% position in Q3 2013 at prices between $28.50 and $35.12. Q4 2013 saw a ~76% increase at prices between $34.43 and $39.31. In Q1 2014, the share count reduced as a result of Vodafones Verizon stake disposal: VOD ADR holders received 6 new shares for 11 old shares held. They also received a $4.9 special dividend and 0.26 shares of Verizon for each share of VOD. This quarter, the fairly large 3.65% stake as of last quarter was eliminated at prices between $29.67 and $36.55. The stock currently trades at $35.91.New Stakes:Salix Pharmaceuticals (SLXP) and Talisman Energy (TLM): SLXP and TLM are fairly large positions established this quarter. SLXP is a 3.45% of the US long portfolio stake established at prices between $91.47 and $156.24 and the stock currently trades at $158. TLM is a 2.84% of the US long portfolio position purchased at prices between $3.69 and $8.65. TLM is being acquired by Repsol SA (REPYY) for $8 per share and shareholders approved the deal last week. There was a lot of M&A speculation in SLXP and a deal with Valeant Pharmaceuticals (VRX) for $158 per share in cash was reported yesterday.Stake Decreases:Bank of America (BAC) 2019 WTS: This is a very small 0.82% of the US long portfolio position. It was reduced by ~16% this quarter. As the position size is very small, the activity does not indicate a clear bias.Cablevision Systems (CVC): CVC is a 1.46% of the US long portfolio stake that was first purchased in Q4 2012 at prices between $13.65 and $18.52. In Q1 2013, the position was increased by around one-third at prices between $13.76 and $15.75. Q2 2013 saw an additional 24% increase at prices between $13.93 and $16.82. Q1 2014 saw an about-turn as around 8% of the position was sold at prices between $15.85 and $18.15 and this quarter saw a further ~29% reduction at prices between $17.24 and $21.32. The stock currently trades at $19.86.Covidien plc (COV): The large 5.31% stake was established as a merger-arbitrage position - Medtronic (MDT) agreed to acquire COV in June 2014 ($35.19 in cash and 0.956 of MDT for each share of COV held) and that transaction closed last month. The position was increased by ~80% last quarter at prices between $82.54 and $91.76 but reduced by ~20% this quarter at prices between $82.20 and $104.Equinix Inc. (EQIX): EQIX is a 2.11% of the US long portfolio position first purchased in Q2 2012 at prices between $147 and $175 and doubled in Q3 2012 at prices between $165 and $203. Q2 2013 saw a reversal as the position was reduced by half at prices between $176 and $230. Q3 2013 saw a 20% increase at prices between $165 and $203 and that was followed with a 74% increase in Q4 2013 at prices between $155 and $184. This quarter, the pattern reversed again: 17% reduction at prices between $192 and $234. The stock currently trades at $235.Family Dollar Stores (FDO): The 1.74% FDO position was almost eliminated this quarter at prices between $76.37 and $79.78. It was established in Q1 2013 at prices between $54.87 and $64 and increased by ~50% in Q2 2013 at prices between $57.42 and $65.49. Q3 2013 saw further buying as the stake was increased by another ~50% at prices between $62 and $75. The pattern reversed in Q4 2013: ~13% reduction at prices between $63.58 and $72.95. The selling increased the following quarter as the position was reduced by one-third at prices between $57 and $67.50. Q2 2014 saw a ~24% stake increase at prices between $56 and $69. The pattern reversed again last quarter: one-third reduction at prices between $60 and $80.22. The stock currently trades at $78.27.NOTE: Dollar Tree (DLTR) is set to acquire FDO in a cash-and-stock deal ($59.60 cash and $14.90 in stock).HCA Holdings (HCA): HCA was a small 0.83% of the US long portfolio position in Q2 2014. It was increased by almost 80% last quarter at prices between $54.52 and $73.48. This quarter saw an about-turn as the position was reduced by ~22% at prices between $62.94 and $74.96. The stock currently trades at $69.79.MGM Resorts (MGM): MGM was a huge position established in Q2 2010 at prices between $9.48 and $15.89. The stake was reduced by ~18% in Q1 2014 at prices between $23.25 and $28.29 and the following quarter saw a 5% reduction at prices between $23 and $26.70. This quarter saw a further ~70% reduction at prices between $18.01 and $23.25. The stock currently trades at $22.63 and the remaining stake is at 0.77% of the portfolio (1.42% of the business). Paulson is harvesting long-term capital gains from this position.PetSmart Inc. (PETM): PETM was a small 1.21% of the US long portfolio position established last quarter. It was purchased at prices between $59.80 and $72.27 and reduced by ~52% this quarter at prices between $64.69 and $81.44. The stock currently trades at $82.91.Popular Inc. (BPOP): The 1.10% BPOP stake was reduced by ~17% this quarter. The position size is very small and the activity is minor to indicate a clear bias.Realogy Holdings (RLGY): RLGY is a 2.12% of the US long portfolio (6.31% of the business) position that was reduced by ~23% this quarter at prices between $33.91 and $46.69. The original investment was made prior to the October 2012 IPO. The stock is currently trading at $47.48 and shows a return of around ~41% since IPO.Sprint (S): S was Paulsons largest position in Q2 2013 at 9.90% of the US long portfolio. The stake was established in Q4 2012 and doubled in Q1 2013. In Q3 2013, the position was reduced to a 2.27% stake at prices between $5.50 and $7.25. Q4 2013 saw a 13% increase at prices between $5.97 and $10.79. This quarter, the position was reduced by ~53% at prices between $3.81 and $6.34. The stock currently trades at $4.83 and the remaining stake is very small at 0.65% of the portfolio.Tim Participaceoes S A (TSU): TSU is a small 0.38% of the US long portfolio position. It was established in Q2 2014 at prices between $23.50 and $30.16 and reduced by ~14% last quarter at prices between $24 and $29.64. This quarter saw a further 28% reduction at prices between $21.51 and $27.52. The stock currently trades at $21.60.Verizon Communications (VZ): VZ was a 1.56% of the US long portfolio position established in Q1 2014 as a result of Vodafones Verizon stake disposal: Paulson held Vodafone stock for which he received 0.26 shares of Verizon stock for each share of Vodafone held. This quarter, the stake was almost eliminated at prices between $45.42 and $51.50. The stock currently trades at $48.97. Last quarter had also seen a ~14% reduction at prices between $48.40 and $51.97.AngloGold Ashanti (AU): The 1.18% AU position was reduced by ~4.5% in Q2 2014 at prices between $15.42 and $18.57. Q1 2014 also saw a ~11% reduction at prices between $11.39 and $19.36. Last two quarters have seen marginal selling. It is a long-term position that has been in the portfolio since 2009. The stock currently trades at $11.47. Paulson controls 6.49% of the business.Caesars Acquisition Company (CACQ): CACQ is a 0.65% of the US long portfolio stake (9% of the business) established in Q4 2013 and reduced marginally in the last two quarters. Caesars Acquisition is a spin-off from Caesars Entertainment and the terms of the deal allowed existing shareholders to get CACQ shares at $9.43 (rights offering). Paulson probably took this option to establish the position. The stock currently trades well below that at $7.87.Cobalt International Energy (CIE): CIE was a minute 0.12% of the US long portfolio stake as of Q1 2013. The position was increased to a substantial 2.63% stake in Q2 2013 at prices between $25 and $29. Q3 2013 saw a reversal as ~17% of the position was sold at prices between $24.40 and $30.20. In Q4 2013, the stake was increased by 12.5% at prices between $22.49 and $25. The position was more than doubled in Q1 2014 at prices between $15.85 and $19.46 and the following quarter saw a further 52% increase at prices between $17.20 and $19.36. Last two quarters have seen only very minor activity. The stock currently trades well below his purchase price ranges at $8.86 and the position stands at 1.92% of the US long portfolio (10.12% of the business). For investors attempting to follow Paulson, CIE is a good option to consider for further research.Grifols S A (GRFS): GRFS is a fairly large 3.12% of the US long portfolio position that was marginally reduced in the last three quarters. As the activity is minor, it does not indicate a change in bias.Oasis Petroleum (OAS): OAS was a very small 0.25% of the US long portfolio position as of Q3 2013. The stake was increased substantially to a 2.24% position in Q4 2013 at prices between $43 and $57. It was increased by an additional one-third in Q1 2014 at prices between $39 and $47. Last two quarters have seen minor selling. The stock currently trades well below his purchase price ranges at $16.65. For investors attempting to follow Paulson, OAS is a good option to consider for further research.Shire PLC ADR (SHPG): SHPG is Paulsons largest position at 9.14% of the US long portfolio. It was first established in Q3 2012 at prices between $85 and $94. In Q2 2013, the position was doubled at prices between $87 and $100. In Q2 2014, the stake was again increased by ~36% at prices between $142 and $236. Last quarter saw a whopping ~170% increase at prices between $232 and $263. This quarter saw a minor reduction. The stock currently trades at $237.Note: On July 18, 2014, AbbVie Inc. (ABBV) agreed to buy Shire PLC for $53B but they called off the deal three months later. Shire earned a break-up fee of $1.6B. Last month, SHPG agreed to acquire NPS Pharmaceuticals (NPSP) for $5.2BMGIC Investment (MTG), Novagold (NG), & Radian Group (RDN): These are small positions (less than 1% of the US long portfolio) that were reduced further this quarter. The MTG stake was increased slightly after the quarter ended. Paulson controls 4.49% of the business.Stake Increases:Actavis plc (ACT): ACT was a minutely small 0.29% of the US long portfolio position in Q2 2014. It was increased by just over 250% last quarter to a ~1% stake at prices between $202 and $248. This quarter saw a further ~47% increase at prices between $217 and $271. The stock currently trades outside those ranges at $296.Allergan Inc. (AGN): AGN is a merger-arbitrage stake established in Q2 2014 when it traded between $117 and $174. This quarter saw a further 18% increase at prices between $177 and $214. The stock currently trades at $234. On November 18th 2014, Actavis plc agreed to acquire Allergan Inc. in a cash-and-stock deal valued at $219 per share. Earlier last year, Bill Ackman collaborated with Valeant Pharmaceuticals (VRX) in a bid to force a merger between VRX and AGN that ultimately failed.Caesars Entertainment (CZR): CZR is a 1.1% position (9.43% of the business) that was marginally increased this quarter. The position was increased by 5.2% in Q4 2013 at prices between $16.74 and $22.39 and another 11% in Q1 2014 at prices between $19 and $26.47. The stock currently trades at $10.94. The original holding is from prior to the 02/2012 IPO.DirecTV (DTV): DTV is a merger arbitrage stake established in Q2 2014. AT&T (T) is acquiring DTV in a deal worth $95 per share ($28.50 cash and $66.60 stock). The stock is currently at $87.26.Mallinckrodt PLC (MNK): MNK is a 3.37% of the US long portfolio position established in Q3 2013 at prices between $42 and $47.20. It was increased by ~20% in Q2 2014 at prices between $60.28 and $82.70. Last quarter saw an additional one-third increase at prices between $68.12 and $90. The stock currently trades well outside those ranges at $118. This quarter saw a very minor increase. Mallinckrodt was spun-off from Covidien plc (COV) on July 1, 2013 (one share of MNK for every eight shares of COV). Paulson took the position soon after - the stake is at around 7.9% of the entire business. He is sitting on huge gains on this position.Mylan Inc. (MYL): MYL is a 4.35% of the US long portfolio position. The original stake was purchased in Q1 2010 at prices between $17 and $23. Q1 2013 saw a 25% reduction at prices between $27.54 and $31 and the following quarter saw another one-third reduction at prices between $28.70 and $32. This quarter saw a ~20% increase at prices between $45.27 and $58.62. The stock trades currently at $57.87.Time Warner Cable (TWC): TWC is a large 6.83% of the US long portfolio stake established in Q3 2013 at prices between $107 and $118. The position was almost doubled in Q4 2013 at prices between $110 and $138. The aggressive stake build-up worked almost immediately as Comcast (CMCSA) agreed to buy TWC in an all-stock deal (announced 2/14/2014, 2.875 shares of CMCSA for each share of TWC held). Q2 2014 saw a 15% reduction at prices between $133 and $148 and last quarter the pattern reversed with a 42% increase at prices between $141 and $155. This quarter saw an additional ~19% increase at prices between $132 and $155. The stock currently trades at $149.Alibaba Group (BABA): BABA is a very small 1.02% of the US long portfolio position purchased last quarter at prices between $86.10 and $93.89 and increased marginally this quarter. The stock currently trades at $86.64.T-Mobile USA (TMUS): The stake was acquired as a result of the reverse-merger and IPO transaction of MetroPCS with T-Mobile USA. MetroPCS was a 2.19% of the US long portfolio established in Q3 2012. This was a timely purchase for Paulson and he has large unrealized gains. The position has seen some activity since although overall it has seen only a marginal reduction.Whiting Petroleum (WLL): WLL was a very small 0.31% of the US long portfolio position in Q3 2013. The stake was increased to a large 3.15% position in Q4 2013 at prices between $58 and $70. Q1 2014 saw a 9% trimming at prices between $56 and $71. This quarter saw an about-turn as the stake was increased by ~44% as result of Whitings acquisition of Kodiak that closed in December 2014 - Paulson had a ~26M share position in Kodiak that converted into Whiting stock (0.177 shares of Whiting for each share held). WLL stake is now at 2.29% of the portfolio (8.01% of the business). For investors attempting to follow Paulson, WLL is a very good option to consider for further research. It currently trades well below his purchase price ranges at $38.15.Kept Steady:Extended Stay America (STAY): STAY is a fairly large 4.70% of the US long portfolio position. The stake came about as a result of the firms IPO in November 2013. Extended Stay America filed Chapter 11 bankruptcy on June 16, 2009 and an investment group consisting of Paulson & Company, Blackstone Group, and Centerbridge Partners bought Extended Stay America out of bankruptcy in October 2010. The IPO has already made the firms more than three times their investment. It is interesting that Paulson has chosen to hold on. STAY currently trades at $21.23 compared to the IPO offering price of $20.Houghton Mifflin Harcourt (HMHC): HMHC is a 3.31% of the US long portfolio position established in Q4 2013 as a result of its November 2013 IPO. The company filed for Chapter 11 bankruptcy protection in March 2012. Paulson held senior debt that got converted into equity. The IPO was priced at $12 per share and it currently trades at $20.07.SPDR Gold Trust (GLD): GLD was Paulsons largest position by far at 19.03% of the US long portfolio as of Q1 2013. It was reduced by more than half in Q2 2013 at prices between $116 and $155. The original stake was established in Q1 2009 at prices between $82.71 and $97.80. It was reduced by ~45% in 2011 at much higher prices and since then had been kept relatively steady. The stock currently trades at $115. The position was kept steady in the last six quarters and it is currently his fourth-largest 13F position at 6% of the US long portfolio.Other very small positions (less than 0.5% of the US long portfolio each) in the portfolio include Agnico Eagle Mines (AEM), Allied Nevada Gold (ANV), BAC 2018 WTS, Dex Media (DXM), Enzymotec Ltd. (ENZY), Felcor Lodging (FCH), Gold Fields Ltd. (GFI), Gulf Coast Ultra Deep Royalty (GULTU), Howard Hughes Corporation (HHC), International Tower Hill, Iamgold Corp. (IAG), Kamada Ltd. (KMDA), Novacopper Inc. (NCQ), Post Holdings Inc. (POST), Randgold Resources (GOLD), Sibanye Gold (SBGL), Spansion Inc. (CODE), Strategic Hotels & Resorts (BEE), Valeant Pharmaceuticals (VRX), Vanda Pharma (VNDA), Whitewave Foods (WWAV), and William Lyon Homes (WLH). Since the quarter ended, Paulson doubled the stake in Post Holdings. He controls 8.4% of the business. Although these positions are very small relative to the size of the portfolio, it should be noted that he owns significant stakes in the following businesses: 9.14% of Vanda Pharmaceuticals and 19.52% of Enzymotec Ltd.,The spreadsheet below highlights changes to Paulsons US stock holdings in Q4 2014:"

"Tracking John Paulsons Paulson & Company Portfolio Q3 2014 Update"

"John Paulsons U.S. long portfolio increased from $23B to $24B this quarter.Paulson & Company's largest three positions are Shire plc, SPDR Gold ETF, and Extended Stay America.Paulson & Co. added Abbvie Inc. and increased Shire plc, Covidien plc, Time Warner Cable, and Mallinckrodt plc stakes this quarter.This article is part of a series that provides an ongoing analysis of the changes made to John Paulsons US stock portfolio on a quarterly basis. It is based on Paulsons regulatory filed on 11/14/2014. Please visit our to get an idea of his investment philosophy and our highlighting the funds moves during Q2 2014.This quarter, Paulsons US long portfolio increased 4.36% from $23.08B to $24.08B. There are 75 13F securities in the portfolio although only 42 of them are significantly large holdings (more than 0.5% of the US long portfolio). The article is focused on the larger holdings. The top-five positions are Shire plc, SPDR Gold ETF, Extended Stay America, Covidien plc, and Time Warner Cable and they together account for 28% of the entire portfolio. The largest holding is Shire plc at 9.73% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that story, check-out .Stake Disposals:CBS Corporation (CBS): CBS was a 1.35% of the US long portfolio position established in Q1 2014 at prices between $56.31 and $67.55. The stake was reduced by ~36% last quarter at prices between $55.94 and $63.35 and disposed of this quarter at prices between $53.50 and $64.30. The stock currently trades at $53.34. The quick about-turn indicates a bearish bias.Freeport McMoran (FCX): FCX was a 0.84% of the US long portfolio position as of last quarter. The original stake was reduced by 35% in Q1 2014 at prices between $30.50 and $38. Last quarter, the position was decreased by another ~48% at prices between $32.56 and $36.50. The remaining stake was eliminated this quarter at prices between $32.40 and $39.04. The stock currently trades at $28.08. The original FCX position was established in Q4 2012 at prices between $30.81 and $42.43. It was increased by just over 70% in Q2 2013. That increase was due to the result of Freeports acquisition of Plains Exploration & Production and McMoran Exploration - Paulson held a 3.69% position in PXP and a 1.53% position in MMR, both established in Q4 2012 as risk-arbitrage stakes.Thermo Fisher Scientific (TMO): TMO was a 1.65% of the US long portfolio stake as of last quarter. It was established in Q2 2013 at prices between $75.53 and $88.76 and was reduced by ~18% in Q4 2013 at prices between $90 and $111. Last quarter saw an additional 30% stake reduction at prices between $113 and $122 and the remaining position was eliminated this quarter at prices between $117 and $126. The stock currently trades at $125. Paulson is harvesting gains from this position.Compuware Corporation (CPWR) & Genworth Financial (GNW): These were very small 0.62% and 0.68% of the US long portfolio positions respectively that were eliminated this quarter. As the stake sizes were minutely small, the activity does not indicate a clear bias.Hillshire Brands (HSH) & Questcor Pharmaceuticals (QCOR): These two merger-arbitrage positions established last quarter were eliminated this quarter as both the mergers closed in August. HSH was acquired by Tyson Foods (TSN) and QCOR by Mallinckrodt.New Stakes:AbbVie Inc. (ABBV): ABBV is a fairly large 3.12% of the US long portfolio stake established this quarter at prices between $52 and $59.62. The stock currently trades well above that range at $65.50. The large stake establishment indicates a bullish bias.Athlon Energy (ATHL) & PetSmart Inc. (PETM): ATHL & PETM are small 1.40% & 1.21% of the US long portfolio positions established this quarter. ATHL stake was established at prices between $41.34 and $58.32 and the stock currently trades at $58.49. On September 29, 2014 Encana (ECA) announced the acquisition of ATHL at $58.50 cash and that resulted in an immediate price spike. PETM was purchased at prices between $59.80 and $72.27 and it currently trades outside that range at $78.19.Alibaba Group (BABA): BABA is a very small 0.70% of the US long portfolio position purchased at prices between $86.10 and $93.89. The stock currently trades at $109.Stake Decreases:Aetna Inc. (AET): AET is a 2.62% of the US long portfolio position that saw a marginal reduction this quarter. The original position was established in Q4 2012 at prices between $40 and $47 and was increased substantially the following two quarters at prices between $45.50 and $63.54. It currently trades well outside those ranges at $85.55.Allergan Inc. (AGN): AGN is a merger-arbitrage stake established last quarter and reduced marginally this quarter. The stock traded between $116 and $172 last quarter and currently trades at $213. On November 18th, Actavis plc agreed to acquire Allergan Inc. in a cash-and-stock deal valued at $219 per share. The price had spiked earlier in the year due to activist involvement - Bill Ackman collaborated with Valeant Pharmaceuticals (VRX) in a bid to force a merger between VRX and AGN.AngloGold Ashanti (AU): The 1.32% AU position was reduced by ~4.5% last quarter at prices between $15.42 and $18.57. Q1 2014 also saw a ~11% reduction at prices between $11.39 and $19.36. This quarter saw marginal selling. It is a long-term position that has been in the portfolio since 2009. The stock currently trades at $9.34.Extended Stay America (STAY): STAY is Paulsons third-largest 13F position at 4.70% of the US long portfolio. The stake came about as a result of the firms IPO in November 2013. Extended Stay America filed Chapter 11 bankruptcy on June 16, 2009 and an investment group consisting of Paulson & Company, Blackstone Group, and Centerbridge Partners bought Extended Stay America out of bankruptcy in October 2010. The IPO has already made the firms more than three times their investment. It is interesting that Paulson has chosen to hold on. STAY currently trades at $18.64 compared to the IPO offering price of $20.Family Dollar Stores (FDO): FDO is a 1.74% of the US long portfolio position. It was established in Q1 2013 at prices between $54.87 and $64 and was increased by ~50% in Q2 2013 at prices between $57.42 and $65.49. Q3 2013 saw further buying as the stake was increased by another ~50% at prices between $62 and $75. The pattern reversed in Q4 2013 as ~13% of the position was sold at prices between $63.58 and $72.95. The selling increased the following quarter as the position was reduced by one-third at prices between $57 and $67.50. Last quarter saw a ~24% stake increase at prices between $56 and $69. The pattern reversed this quarter: a one-third stake reduction at prices between $60 and $80.22. The stock currently trades at $78.45.NOTE: Dollar General (DG) and Dollar Tree (DLTR) have both offered to acquire FDO.Grifols S A (GRFS): GRFS is a fairly large 2.86% of the US long portfolio position that was marginally reduced in the last two quarters. As the activity is minor, it does not indicate a change in bias.Hartford Financial Services Group (HIG): The 0.50% of the US long portfolio HIG position was first purchased in 2009. It was an activist stake and Paulson pushed for changes at the company - in Q1 2012, he called to spin-off the P&C business which he argued will increase shareholder value by 60%. He experienced some limited success but in Q1 2013, the position was reduced by 40% at prices between $22.44 and $26.46 and the following quarter saw another 45% stake reduction at prices between $24.82 and $31.43. Last quarter saw a further 25% reduction at prices between $33.30 and $36.67 and this quarter there was another 28% reduction at prices between $33.85 and $37.80. The stock currently trades at $40.80.MGM Resorts (MGM): MGM was a huge position established in Q2 2010 at prices between $9.48 and $15.89. The last few quarters have seen some selling. The stake was reduced by ~18% in Q1 2014 at prices between $23.25 and $28.29 and last quarter saw a 5% reduction at prices between $23 and $26.70. There was only very minor selling this quarter. The stock currently trades at $22.19 and the remaining position accounts for a still significant 2.13% of the US long portfolio. Paulson is harvesting long-term capital gains from this position.Oasis Petroleum (OAS): OAS was a very small 0.25% of the US long portfolio position as of Q3 2013. The stake was increased substantially to a 2.24% position in Q4 2013 at prices between $43 and $57. It was increased by an additional one-third in Q1 2014 at prices between $39 and $47. This quarter saw minor selling. The stock currently trades well below his purchase price ranges at $25.85. For investors attempting to follow Paulson, OAS is a good option to consider for further research.Tim Participaceoes S A (TSU): TSU is a small 0.50% of the US long portfolio position established last quarter at prices between $23.50 and $30.16. It was reduced by ~14% this quarter at prices between $24 and $29.64. The stock currently trades at $24.85. Telecom Italia (the parent company) has proposed the merger of its Brazilian assets (aka Tim Participaceoes) to Vivendi.Verizon Communications (VZ): VZ is a 1.56% of the US long portfolio position established in Q1 2014 as a result of Vodafones Verizon stake disposal: Paulson held Vodafone stock for which he received 0.26 shares of Verizon stock for each share of Vodafone held. VZ currently trades at $50.49. This quarter saw a ~14% reduction at prices between $48.40 and $51.97.Note: Dan Loeb of Third Point and Warren Buffett have also established significantly sized positions in VZ recently.Vodafone Group (VOD): VOD was a very small 0.57% position as of Q2 2013. It was substantially increased to a 4.53% position in Q3 2013 at prices between $28.50 and $35.12. Q4 2013 saw a ~76% stake increase at prices between $34.43 and $39.31. In Q1 2014, the share count reduced as a result of Vodafones Verizon stake disposal: VOD ADR holders received 6 new shares for 11 old shares held. They also received a $4.9 special dividend and 0.26 shares of Verizon for each share of VOD. Last quarter, the position was reduced by ~6% at prices between $32 and $38.26 and this quarter saw very minor additional selling. The stock currently trades at $35.69.Whiting Petroleum (WLL): WLL was a very small 0.31% of the US long portfolio position in Q3 2013. The stake was increased to a large 3.15% position in Q4 2013 at prices between $58 and $70. Q1 2014 saw a 9% trimming at prices between $56 and $71 and this quarter also saw minor additional selling. The stock currently trades below his purchase price ranges at $55.03. For investors attempting to follow Paulson, WLL is a very good option to consider for further research.Caesars Entertainment (CZR): CZR is a 0.69% position that was marginally reduced this quarter. The position was increased by 5.2% in Q4 2013 at prices between $16.74 and $22.39 and another 11% in Q1 2014 at prices between $19 and $26.47. The stock currently trades at $14.37. The original holding is from prior to the 02/2012 IPO.Bank of America (BAC) 2019 WTS: This is a very small 0.84% of the US long portfolio position marginally reduced this quarter. As the position size is very small, the activity does not indicate a clear bias.Stake Increases:Cobalt International Energy (CIE): CIE was a minute 0.12% of the US long portfolio stake as of Q1 2013. The position was increased to a substantial 2.63% stake in Q2 2013 at prices between $25 and $29. Q3 2013 saw a reversal, as ~17% of the position was sold at prices between $24.40 and $30.20. In Q4 2013, the position was increased by 12.5% at prices between $22.49 and $25. The stake was more than doubled in Q1 2014 at prices between $15.85 and $19.46. Last quarter, the position was again increased by 52% at prices between $17.20 and $19.36. This quarter saw marginal additional buying. The stock currently trades at $10.13 and the position stands at 2.36% of the US long portfolio. For investors attempting to follow Paulson, CIE is a good option to consider for further research.Equinix Inc. (EQIX): EQIX is a 1.92% of the US long portfolio position first purchased in Q2 2012 at prices between $147 and $175 and doubled in Q3 2012 at prices between $165 and $203. It had since been kept steady. Q2 2013 saw a reversal as the position was reduced by half at prices between $176 and $230. Q3 2013 saw a 20% stake increase at prices between $165 and $203 and that was followed-up with a 74% stake increase in Q4 2013 at prices between $155 and $184. This quarter saw marginal additional buying. The stock currently trades at $226. The aggressive stake build-up indicates a clear bullish bias.Mallinckrodt PLC (MNK): MNK is a 3.37% of the US long portfolio position established in Q3 2013 at prices between $42 and $47.20. It was increased by ~20% last quarter at prices between $60.28 and $82.70. This quarter saw an additional one-third increase at prices between $68.12 and $90. The stock currently trades at $85.98. Mallinckrodt was spun-off from Covidien plc (COV) on July 1, 2013 (one share of MNK for every eight shares of COV). Paulson took the position soon after - the stake is at around 7.9% of the entire business.Mylan Inc. (MYL): The 2.36% MYL stake was reduced by roughly one-third in Q2 2013 at prices between $28.70 and $32. The original stake was purchased in Q1 2010 at prices between $17 and $23. The position was kept relatively steady until Q1 2013 when it was reduced by a quarter at prices between $27.54 and $31. This quarter saw a minor increase. The stock trades currently at $55.68.Shire PLC ADR (SHPG): SHPG is Paulsons largest position at 9.73% of the US long portfolio. It was first established in Q3 2012 at prices between $85 and $94. In Q2 2013, the position was doubled at prices between $87 and $100. Last quarter, the stake was again increased by ~36% at prices between $142 and $236. This quarter saw a whopping ~170% increase at prices between $232 and $263. The stock currently trades at $208. On July 18, 2014, AbbVie Inc. (ABBV) agreed to buy Shire PLC for $53B but they called off the deal last month.Time Warner Cable (TWC): TWC is a large 4.37% of the US long portfolio stake established in Q3 2013 at prices between $107 and $118. The position was almost doubled in Q4 2013 at prices between $110 and $138. The aggressive stake build-up worked almost immediately as Comcast (CMCSA) agreed to buy TWC in an all-stock deal (announced 2/14/2014, 2.875 shares of CMCSA for each share of TWC held). Last quarter saw a 15% stake reduction at prices between $133 and $148. This quarter, the pattern reversed with a 42% increase at prices between $141 and $155. The stock currently trades at $144.T-Mobile USA (TMUS): The stake was acquired as a result of the reverse-merger and IPO transaction of MetroPCS with T-Mobile USA. MetroPCS was a 2.19% of the US long portfolio established in Q3 2012. This was a timely purchase for Paulson and he has large unrealized gains. The TMUS stake was increased by ~17% to a 3.25% of the US long portfolio position in Q3 2013 at prices between $23 and $26.12. Q1 2014 saw a ~17% stake reduction at prices between $29.53 and $33.64 and last quarter saw a further ~18% reduction at prices between $28.10 and $34.86. This quarter, the pattern reversed with a ~14% increase at prices between $28.44 and $33.91. The stock currently trades at $27.45.Actavis plc (ACT): ACT was a minutely small 0.29% of the US long portfolio position last quarter. It was increased by just over 250% this quarter to a ~1% stake at prices between $202 and $248. The stock currently trades at $266.HCA Holdings (HCA): HCA was a small 0.83% of the US long portfolio position last quarter. It was increased by almost 80% this quarter at prices between $54.52 and $73.48. The stock currently trades at $67.04. The activity indicates a bullish bias.Popular Inc. (BPOP): The 1.10% BPOP stake was marginally increased this quarter. The activity is very minor to indicate a clear bias.Covidien plc (COV) & DirecTV (DTV): These positions, established last quarter are merger arbitrage positions. The COV position was increased by ~80% this quarter at prices between $82.54 and $91.76 and the stock currently trades at $97.50. The stake is at 4.52% of the portfolio. DTV position was marginally increased to a 3.74% stake this quarter. COV is getting acquired by Medtronic (MDT) while AT&T (T) is acquiring DTV.Kept Steady:Caesars Acquisition Company (CACQ): CACQ is a 0.48% of the US long portfolio stake established in Q4 2013 and reduced marginally last quarter. Caesars Acquisition is a spin-off from Caesars Entertainment and the terms of the deal allowed existing shareholders to get CACQ shares at $9.43 (rights offering). Paulson probably took this option to establish the position. The stock currently trades at $10.19.Cablevision Systems (CVC): CVC is a 1.40% of the US long portfolio stake that was first purchased in Q4 2012 at prices between $13.65 and $18.52. In Q1 2013, the position was increased by around one-third at prices between $13.76 and $15.75. Q2 2013 saw an additional 24% stake increase at prices between $13.93 and $16.82. Q1 2014 saw an about-turn as around 8% of the position was sold at prices between $15.85 and $18.15. The stock currently trades at $18.93.Dollar General (DG): The ~1% of the US long portfolio DG position was established in Q1 2014 at prices between $55 and $63 and doubled last quarter at prices between $53.50 and $62.82. The stock currently trades at $66.10.Houghton Mifflin Harcourt (HMHC): HMHC is a 2.50% of the US long portfolio position established in Q4 2013 as a result of its November 2013 IPO. The company filed for Chapter 11 bankruptcy protection in March 2012. Paulson held senior debt that got converted into equity. The IPO was priced at $12 per share and it currently trades at $19.94.Kodiak Oil & Gas (KOG): KOG is a 1.46% position purchased in Q2 2013 at prices between $7.47 and $9.60. It was almost doubled in Q3 2013 at prices between $8.42 and $12.06. The stock currently trades at $9.76.Realogy Holdings (RLGY): RLGY is a 1.85% of the US long portfolio position that was kept steady in the last four quarters. The original investment was made prior to the October 2012 IPO. The stock is currently trading at $42.94 and shows a return of around ~28% since IPO.SPDR Gold Trust (GLD): GLD was Paulsons largest position by far at 19.03% of the US long portfolio as of Q1 2013. It was reduced by more than half in Q2 2013 at prices between $116 and $155. The original stake was established in Q1 2009 at prices between $82.71 and $97.80. It was reduced by ~45% in 2011 at much higher prices and since then had been kept relatively steady. The stock currently trades at $114. The position was kept steady in the last five quarters and it is currently his second-largest 13F position at 4.94% of the US long portfolio.Sprint (S): S was Paulsons largest position in Q2 2013 at 9.90% of the US long portfolio. The stake was established in Q4 2012 and doubled in Q1 2013. In Q3 2013, the position was reduced to a 2.27% position at prices between $5.50 and $7.25. Q4 2013 saw a 13% stake increase at prices between $5.97 and $10.79. The stock currently trades at $4.71.Radian Group (RDN), Novagold (NG), & MGIC Investment (MTG): These are small positions (less than 1.5% of the US long portfolio) that were left untouched this quarter.Other very small positions (less than 0.5% of the US long portfolio each) in the portfolio include Agnico Eagle Mines (AEM), Allied Nevada Gold (ANV), Auxilium Pharmaceuticals (AUXL), BAC 2018 WTS, Delphi Automotive (DLPH), Dex Media (DXM), Enzymotec Ltd. (ENZY), Felcor Lodging (FCH), Gold Fields Ltd. (GFI), Gulf Coast Ultra Deep Royalty (GULTU), Howard Hughes Corporation (HHC), International Tower Hill, Iamgold Corp. (IAG), Kamada Ltd. (KMDA), Measurement Specialties (MEAS), Move Inc. (MOVE), Novacopper Inc. (NCQ), Post Holdings Inc. (POST), Gold Res. Ltd. ADR, Repros Therapeutics (RPRX), Rock-Tenn Co. (RKT), Sibanye Gold (SBGL), Strategic Hotels & Resorts (BEE), Sunstone Hotel Investments (SHO), Taminco Corporation (TAM), Valeant Pharmaceuticals (VRX), Vanda Pharma (VNDA), Whitewave Foods (WWAV), and William Lyon Homes (WLH).The spreadsheet below highlights changes to Paulsons US stock holdings in Q3 2014:"

"Tracking John Paulsons Paulson & Company Portfolio Q2 2014 Update"

"John Paulsons U.S. long portfolio increased from $20.43B to $23.08B this quarter.Paulson & Company's largest three positions are SPDR Gold ETF, Extended Stay America, and Allergan.Paulson & Co. added Covidien plc and increased Cobalt International Energy & Shire plc stakes this quarter. The fund also eliminated American Airlines.This article is part of a series that provides an ongoing analysis of the changes made to John Paulsons US stock portfolio on a quarterly basis. It is based on Paulsons regulatory filed on 08/14/2014. Please visit our to get an idea of his investment philosophy and our highlighting the funds moves during Q1 2014.This quarter, Paulsons US long portfolio increased from $20.43B to $23.08B. This is compared to a ~30% spike from $15.52B to $20.30B in Q4 2013 and a drop from $17.72B to $14.18B in Q2 2013. The portfolio continues to demonstrate high volatility. There are 82 13F securities in although only 46 of them are significantly large holdings (more than 0.5% of the US long portfolio). The largest holding is SPDR Gold ETF at 5.68% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that story, check-out .Stake Disposals:American Airlines Group (AAL): AAL was a 1.06% of the US long portfolio position established in Q4 2013 and increased by 43% last quarter. The stake build-up happened at prices between $24.60 and $39. The position was eliminated this quarter at prices between $33.68 and $41. The stock currently trades at $39.19.General Motors (GM): GM was a very small 0.68% of the US long portfolio position that was disposed of this quarter at prices between $31.93 and $37.09. The original position was more than doubled last quarter at prices between $34 and $41. The quick reversal indicates a bearish bias.Hess Corporation (HES): HES was a 0.71% of the US long portfolio stake established in Q1 2013 at prices between $53 and $73. The position was increased by around 73% in Q2 2013 at prices between $62.87 and $74.14. Last quarter saw an about-turn as the position was reduced by ~62% at prices between $73.92 and $83.22. This quarter, the position was eliminated at prices between $82.88 and $98.40. The stock currently trades at $98.90.Pioneer Natural Resources (PXD): PXD was a 1.64% of the US long portfolio position that was reduced by 23% in Q4 2013 at prices between $179 and $225. Last quarter saw further selling as the stake was reduced by another ~20% at prices between $165 and $205. This quarter, the position was eliminated at prices between $181 and $233. The stock currently trades at $203. The original stake was established in Q4 2012 and doubled in Q1 2013 at prices between $102 and $131. Paulson harvested large long-term gains from this position.Capital One 2018 Warrants: This was a very small position (less than 1% of the US long portfolio) that was eliminated this quarter. As the position size was minute, the activity does not indicate any clear bias.New Stakes:Hillshire Brands (HSH), Questcor Pharmaceuticals (QCOR), Allergan Inc. (AGN), Covidien plc (COV), & Directv (DTV): These positions, established this quarter are special in that all of them are part of merger processes. Paulson is an expert in merger arbitrage and he is playing to his strength with these purchases.Tim Participaceoes S A (TSU): TSU is a small 0.67% of the US long portfolio position established this quarter at prices between $23.50 and $30.16. The stock currently trades at $24.11. This was probably an anticipated merger arbitrage play as it was announced last week that Telecom Italia (the parent company) has proposed the merger of its Brazilian assets (aka Tim Participaceoes) to Vivendi.Stake Decreases:Anglogold Ashanti (AU): This 1.98% position was reduced by ~4.5% this quarter at prices between $15.42 and $18.57. Last quarter also saw a ~11% reduction at prices between $11.39 and $19.36. The stock currently trades at $17.37.Caesars Entertainment (CZR): CZR is a 1.07% position that was marginally reduced this quarter. The position was increased by 5.2% in Q4 2013 at prices between $16.74 and $22.39 and another 11% last quarter at prices between $19 and $26.47. The stock currently trades at $13.56. The original holding is from prior to the 02/2012 IPO.CBS Corporation (CBS): CBS was a 1.35% of the US long portfolio position established last quarter at prices between $56.31 and $67.55. The stake was reduced by ~36% this quarter at prices between $55.94 and $63.35. The stock currently trades at $59.99. The quick about-turn indicates a bearish bias.Freeport McMoran (FCX): FCX is a 0.84% of the US long portfolio position that was reduced by 35% last quarter at prices between $30.50 and $38. This quarter, the position was decreased by another ~48% at prices between $32.56 and $36.50. The stock currently trades at $36.10. The original FCX position was established in Q4 2012 at prices between $30.81 and $42.43. It was increased by just over 70% in Q2 2013. That increase was due to the result of Freeports acquisition of Plains Exploration & Production and McMoran Exploration - Paulson held a 3.69% position in PXP and a 1.53% position in MMR, both established in Q4 2012 as risk-arbitrage stakes.Hartford Financial Services Group (HIG): The 0.69% of the US long portfolio HIG position was first purchased in 2009. It was an activist stake and Paulson pushed for changes at the company - in Q1 2012, he called to spin-off the P&C business which he argued will increase shareholder value by 60%. He experienced some limited success but in Q1 2013, the position was reduced by 40% at prices between $22.44 and $26.46 and the following quarter saw another 45% stake reduction at prices between $24.82 and $31.43. This quarter saw a further 25% reduction at prices between $33.30 and $36.67. The stock currently trades at $35.11.MGM Resorts (MGM): MGM was a huge position established in Q2 2010 at prices between $9.48 and $15.89. The last few quarters have seen some selling. The stake was reduced by ~18% last quarter at prices between $23.25 and $28.29 and this quarter saw a 5% reduction at prices between $23 and $26.70. The stock currently trades at $25.04 and the remaining position accounts for a still significant 2.57% of the US long portfolio. Paulson is harvesting long-term capital gains from this position.Thermo Fisher Scientific (TMO): TMO is a 1.65% of the US long portfolio stake established in Q2 2013 at prices between $75.53 and $88.76. It was reduced by ~18% in Q4 2013 at prices between $90 and $111. This quarter saw an additional 30% stake reduction at prices between $113 and $122. The stock currently trades at $122. Paulson is harvesting gains from this position.Time Warner Cable (TWC): TWC is a large 3.29% of the US long portfolio stake established in Q3 2013 at prices between $107 and $118. The position was almost doubled in Q4 2013 at prices between $110 and $138. The aggressive stake build-up worked almost immediately as Comcast (CMCSA) agreed to buy TWC in an all-stock deal (announced 2/14/2014, 2.875 shares of CMCSA for each share of TWC held). This quarter saw a 15% stake reduction at prices between $133 and $148. The stock currently trades at $148.T-Mobile USA (TMUS): The stake was acquired as a result of the reverse-merger and IPO transaction of MetroPCS with T-Mobile USA. MetroPCS was a 2.19% of the US long portfolio established in Q3 2012. This was a timely purchase for Paulson and he has large unrealized gains. The TMUS stake was increased by ~17% to a 3.25% of the US long portfolio position in Q3 2013 at prices between $23 and $26.12. Last quarter saw a ~17% stake reduction at prices between $29.53 and $33.64 and this quarter saw a further ~18% reduction at prices between $28.10 and $34.86. The stock currently trades at $29.06. Paulson is harvesting large long-term gains from this position.Vodafone Group (VOD): VOD was a very small 0.57% position as of Q2 2013. It was substantially increased to a 4.53% position in Q3 2013 at prices between $28.50 and $35.12. Q4 2013 saw a ~76% stake increase at prices between $34.43 and $39.31. Last quarter, the share count reduced as a result of Vodafones Verizon stake disposal: VOD ADR holders received 6 new shares for 11 old shares held. They also received a $4.9 special dividend and 0.26 shares of Verizon for each share of VOD. This quarter, the position was reduced by ~6% at prices between $32 and $38.26. The stock currently trades at $33.14.Grifols S A (GRFS): GRFS is a fairly large 3.74% of the US long portfolio position that was marginally reduced this quarter. As the activity is minor, it does not indicate a change in bias.Valeant Pharmaceuticals (VRX), Bank of America (BAC) WTS, and CNO Financial (CNO): These are very small (less than 1% of the portfolio each) positions that were further reduced this quarter. As the position sizes are small, the activity does not indicate a clear bias.Stake Increases:Cobalt International Energy (CIE): CIE was a minute 0.12% of the US long portfolio stake as of Q1 2013. The position was increased to a substantial 2.63% stake in Q2 2013 at prices between $25 and $29. Q3 2013 saw a reversal, as ~17% of the position was sold at prices between $24.40 and $30.20. In Q4 2013, the position was increased by 12.5% at prices between $22.49 and $25. The stake was more than doubled last quarter at prices between $15.85 and $19.46. This quarter, the position was again increased by 52% at prices between $17.20 and $19.36. The stock currently trades at $14.61 and the position stands at 3.26% of the US long portfolio. For investors attempting to follow Paulson, CIE is a good option to consider for further research.Dollar General (DG): The 1% of the US long portfolio DG position was established last quarter at prices between $55 and $63 and was doubled this quarter at prices between $53.50 and $62.82. The stock currently trades at $57.46.Mallinckrodt PLC (MNK): MNK is a 2.33% of the US long portfolio position established in Q3 2013 at prices between $42 and $47.20. It was increased by ~20% this quarter at prices between $60.28 and $82.70. The stock currently trades at $71.66. Mallinckrodt was spun-off from Covidien PLC (COV) on July 1, 2013 (one share of MNK for every eight shares of COV). Paulson took the position soon after - the stake is at around 11.5% of the entire business. In April 2014, MNK announced plans to acquire Questcor. Paulson has also acquired a small stake in Questcor this quarter.Shire PLC ADR (SHPG): SHPG is a 3.44% of the US long portfolio stake established in Q3 2012 at prices between $85 and $94. In Q2 2013, the position was doubled at prices between $87 and $100. This quarter, the position was again increased by ~36% at prices between $142 and $236. The stock currently trades at $243. On July 18, 2014, AbbVie Inc. (ABBV) agreed to buy Shire PLC in a $53B deal.Family Dollar Stores (FDO): FDO is a 2.30% of the US long portfolio position established in Q1 2013 at prices between $54.87 and $64. It was increased by ~50% in Q2 2013 at prices between $57.42 and $65.49. Q3 2013 saw further buying as the stake was increased by another ~50% at prices between $62 and $75. The pattern reversed in Q4 2013 as ~13% of the position was sold at prices between $63.58 and $72.95. Last quarter the selling increased as the position was reduced by one-third at prices between $57 and $67.50. This quarter saw a ~24% stake increase at prices between $56 and $69. The stock currently trades at $76.06.NOTE: On July 28, 2014, Dollar Tree (DLTR) agreed to acquire FDO in a cash-and-stock deal for $74.50 per share (cash portion is $59.60). Today, Dollar General (DG) upped that by offering to buy FDO at $78.50 per share cash deal.Kept Steady:Aetna Inc. (AET): AET is a 2.81% of the US long portfolio position that was kept steady this quarter. It was marginally decreased in the last two quarters.Caesars Acquisition Company (CACQ): CACQ is a 0.66% of the US long portfolio stake established in Q4 2013 and reduced marginally last quarter. Caesars Acquisition is a spin-off from Caesars Entertainment and the terms of the deal allowed existing shareholders to get CACQ shares at $9.43 (rights offering). Paulson probably took this option to establish the position. The stock currently trades at $11.18.Cablevision Systems (CVC): CVC is a 1.47% of the US long portfolio stake that was first purchased in Q4 2012 at prices between $13.65 and $18.52. In Q1 2013, the position was increased by around one-third at prices between $13.76 and $15.75. Q2 2013 saw an additional 24% stake increase at prices between $13.93 and $16.82. Last quarter saw an about-turn as around 8% of the position was sold at prices between $15.85 and $18.15. The stock currently trades at $18.18.Equinix Inc. (EQIX): EQIX is a 1.90% of the US long portfolio position first purchased in Q2 2012 at prices between $147 and $175 and doubled in Q3 2012 at prices between $165 and $203. It had since been kept steady. Q2 2013 saw a reversal as the position was reduced by half at prices between $176 and $230. Q3 2013 saw a 20% stake increase at prices between $165 and $203 and that was followed-up with a 74% stake increase in Q4 2013 at prices between $155 and $184. The stock currently trades at $217. The aggressive stake build-up indicates a clear bullish bias.Extended Stay America (STAY): STAY is Paulsons second-largest 13F position at 5.59% of the US long portfolio. The stake came about as a result of the firms IPO in November 2013. Extended Stay America filed Chapter 11 bankruptcy on June 16, 2009 and an investment group consisting of Paulson & Company, Blackstone Group, and Centerbridge Partners bought Extended Stay America out of bankruptcy in October 2010. The IPO has already made the firms more than three times their investment. It is interesting that Paulson has chosen to hold on. STAY currently trades at $22.80 compared to the IPO offering price of $20.Houghton Mifflin Harcourt (HMHC): HMHC is a 2.57% of the US long portfolio position established in Q4 2013 as a result of its November 2013 IPO. The company filed for Chapter 11 bankruptcy protection in March 2012. Paulson held senior debt that got converted into equity. The IPO was priced at $12 per share and it currently trades at $18.57.Kodiak Oil & Gas (KOG): KOG is a 1.64% position purchased in Q2 2013 at prices between $7.47 and $9.60. It was almost doubled in Q3 2013 at prices between $8.42 and $12.06. The stock currently trades at $14.87.Mylan Inc. (MYL): The 2.71% MYL stake was reduced by roughly one-third in Q2 2013 at prices between $28.70 and $32. The original stake was purchased in Q1 2010 at prices between $17 and $23. The position was kept relatively steady until Q1 2013 when it was reduced by a quarter at prices between $27.54 and $31. The stock trades currently at $46.45.Oasis Petroleum (OAS): OAS was a very small 0.25% of the US long portfolio position as of Q3 2013. The stake was increased substantially to a 2.24% position in Q4 2013 at prices between $43 and $57. It was increased by an additional one-third last quarter at prices between $39 and $47. The stock currently trades at $46.70. For investors attempting to follow Paulson, OAS is a good option to consider.Realogy Holdings (RLGY): RLGY is a 1.96% of the US long portfolio position that was kept steady in the last three quarters. The original investment was made prior to the October 2012 IPO. The stock is currently trading at $40.20 and shows a return of around 20% since IPO.SPDR Gold Trust (GLD): GLD was Paulsons largest position by far at 19.03% of the US long portfolio as of Q1 2013. It was reduced by more than half in Q2 2013 at prices between $116 and $155. The original stake was established in Q1 2009 at prices between $82.71 and $97.80. It was reduced by ~45% in 2011 at much higher prices and since then had been kept relatively steady. The stock currently trades at $125.48. The position was kept steady in the last four quarters and it is currently his largest 13F position at 5.68% of the US long portfolio.Sprint (S): S was Paulsons largest position in Q2 2013 at 9.90% of the US long portfolio. The stake was established in Q4 2012 and doubled in Q1 2013. In Q3 2013, the position was reduced to a 2.27% position at prices between $5.50 and $7.25. Q4 2013 saw a 13% stake increase at prices between $5.97 and $10.79. The stock currently trades at $5.69.Verizon Communications (VZ): VZ is a 1.85% of the US long portfolio position established last quarter as a result of Vodafones Verizon stake disposal: Paulson held Vodafone stock for which he received 0.26 shares of Verizon stock for each share of Vodafone held. VZ currently trades at $48.80. Dan Loeb of Third Point and Warren Buffett also established significantly sized positions in VZ last quarter.Whiting Petroleum (WLL): WLL was a very small 0.31% of the US long portfolio position in Q3 2013. The stake was increased to a large 3.15% position in Q4 2013 at prices between $58 and $70. Last quarter saw a 9% trimming at prices between $56 and $71. The stock currently trades at $84.61.Radian Group (RDN), Popular Inc. (BPOP), Novagold (NG), HCA Holdings (HCA), Genworth Financial (GNW), Compuware Corporation (CPWR) & MGIC Investment (MTG): These are small positions (less than 1.5% of the US long portfolio) that were left untouched this quarter.Other very small positions (less than 0.5% of the US long portfolio each) in the portfolio include Actavis PLC (ACT), Agnico Eagle Mines (AEM), Allied Nevada Gold (ANV), Ally Financial (ALLY), Auxilium Pharmaceuticals (AUXL), BAC 2018 WTS, Brixmor Property (BRX), Delphi Automotive (DLPH), Dex Media (DXM), Enzymotec Ltd. (ENZY), Felcor Lodging (FCH), Gold Fields Ltd. (GFI), Gulf Coast Ultra Deep Royalty (GULTU), Howard Hughes Corporation (HHC), International Tower Hill, Iamgold Corp. (IAG), Kamada Ltd. (KMDA), Measurement Specialties (MEAS), Novacopper Inc. (NCQ), Penn Virginia Corporation (PVA), Post Holdings Inc. (POST), Randgold Resourced Ltd. (GOLD), Rock-Tenn Co. (RKT), Sibanye Gold (SBGL), Strategic Hotels & Resorts (BEE), Sunstone Hotel Investments (SHO), Vanda Pharma (VNDA), Whitewave Foods (WWAV), and William Lyon Homes (WLH).The spreadsheet below highlights changes to Paulsons US stock holdings in Q2 2014:"

"Tracking John Paulsons Paulson & Company Portfolio Q1 2014 Update"

"This article is part of a series that provides an ongoing analysis of the changes made to John Paulsons US stock portfolio on a quarterly basis. It is based on Paulsons regulatory filed on 05/15/2014. Please visit our to get an idea of his investment philosophy and our highlighting the funds moves during Q4 2013.This quarter, Paulsons US long portfolio increased marginally from $20.30B to $20.43B. This is compared to a ~30% spike from $15.52B to $20.30B last quarter, an increase from $14.18B to $15.52B in Q3 2013, and a drop from $17.72B to $14.18B in Q2 2013. There are 80 13F securities in the portfolio although only 46 of them are significantly large holdings (more than 0.5% of the US long portfolio). The largest holding is Extended Stay America at 6.21% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that story, check-out .Stake Disposals:M&T Bank (MTB): MTB was a small 0.5% of the US long portfolio position that was eliminated this quarter at prices between $109 and $121. The stock currently trades at $119. The bulk of the position was purchased in Q3 2013 at prices between $110 and $119. Last quarter, the position was reduced by half and it was followed up by the stake elimination this quarter.Santarus Inc. (SNTS): SNTS was a small 0.79% of the US long portfolio position established last quarter at prices between $21 and $31. The disposal this quarter happened as a result of Salix Pharmaceuticals (SLXP) buying SNTS for $32 per share cash.New Stakes:Verizon Communications (VZ): VZ is a 2.04% of the US long portfolio position established this quarter as a result of Vodafones Verizon stake disposal: Paulson held Vodafone stock for which he received 0.26 shares of Verizon stock for each share of Vodafone held. VZ currently trades at $49. Dan Loeb of Third Point and Warren Buffett also established significantly sized positions in VZ this quarter.CBS Corporation (CBS): CBS is a 1.35% of the US long portfolio position established this quarter at prices between $56.31 and $67.55. The stock currently trades near the low end of that range at $57. For investors attempting to follow Paulson, CBS is a good option to consider for further research. CBS saw some super-investor interest this quarter as David Tepper of Appaloosa also added a similarly sized (as percentage of portfolio) stake.Dollar General (DG) & Valeant Pharmaceuticals (VRX): DG & VRX are very small 0.54% & 0.65% of the US long portfolio stakes respectively established this quarter. The DG position was established at prices between $55 and $63 and the stock currently trades at $55.63. The VRX position was established at prices between $112 and $148 and the stock currently trades at $127.Stake Decreases:Caesars Acquisition Company (CACQ): CACQ is a 0.86% of the US long portfolio stake established last quarter and reduced marginally this quarter. Caesars Acquisition is a spin-off from Caesars Entertainment and the terms of the deal allowed existing shareholders to get CACQ shares at $9.43 (rights offering). Paulson probably took this option to establish the position. The stock currently trades at $13.06.Cablevision Systems (CVC): CVC is a 1.59% of the US long portfolio stake that was first purchased in Q4 2012 at prices between $13.65 and $18.52. In Q1 2013, the position was increased by around one-third at prices between $13.76 and $15.75. Q2 2013 saw an additional 24% stake increase at prices between $13.93 and $16.82. This quarter saw an about-turn as around 8% of the position was sold at prices between $15.85 and $18.15. The stock currently trades at $17.15.Equinix Inc. (EQIX): EQIX is a 1.89% of the US long portfolio position first purchased in Q2 2012 at prices between $147 and $175 and doubled in Q3 2012 at prices between $165 and $203. It had since been kept steady. Q2 2013 saw a reversal as the position was reduced by half at prices between $176 and $230. Q3 2013 saw a 20% stake increase at prices between $165 and $203 and that was followed-up with a 74% stake increase last quarter at prices between $155 and $184. This quarter saw a minor stake reduction. The stock currently trades at $195.27. The aggressive stake build-up indicates a clear bullish bias.Family Dollar Stores (FDO): FDO is a large 1.84% of the US long portfolio position established in Q1 2013 at prices between $54.87 and $64. It was increased by ~50% in Q2 2013 at prices between $57.42 and $65.49. Q3 2013 saw further buying as the stake was increased by another ~50% at prices between $62 and $75. The pattern reversed last quarter as ~13% of the position was sold at prices between $63.58 and $72.95. This quarter the selling increased as the position was reduced by one-third at prices between $57 and $67.50. The stock currently trades at $57.46. The about-turn indicates a bearish bias.Freeport McMoran (FCX): FCX is a 1.64% of the US long portfolio position that was increased by just over 70% in Q2 2013. The increase was due to the result of Freeports acquisition of Plains Exploration & Production and McMoran Exploration that closed in the quarter - Paulson held a 3.69% position in PXP and a 1.53% position in MMR, both established in Q4 2012 as risk-arbitrage stakes. The original FCX position was established in Q4 2012 at prices between $30.81 and $42.43 and had since been kept steady. The stock currently trades at $35. This quarter, the position was reduced by 35% at prices between $30.50 and $38.Hartford Financial Services Group (HIG): The 1.39% of the US long portfolio HIG position was first purchased in 2009. It was an activist stake and Paulson pushed for changes at the company - in Q1 2012, he called to spin-off the P&C business which he argued will increase shareholder value by 60%. He experienced some limited success but in Q1 2013, the position was reduced by 40% at prices between $22.44 and $26.46 and the following quarter saw another 45% stake reduction at prices between $24.82 and $31.43. This quarter saw a marginal stake reduction. The stock currently trades at $34.29.Anglogold Ashanti (AU): This 2.33% position was reduced by 11% this quarter at prices between $11.39 and $19.36. The stock currently trades at $16.89. Last quarter also saw a minor stake reduction.Hess Corporation (HES): HES is a 0.71% of the US long portfolio stake established in Q1 2013 at prices between $53 and $73. The position was increased by around 73% in Q2 2013 at prices between $62.87 and $74.14. This quarter saw an about-turn as the position was reduced by ~62% at prices between $73.92 and $83.22. The stock currently trades at $87.40.Digital Realty (DLR): DLR is a small 0.43% of the US long portfolio position established last quarter at prices between $44.53 and $58.25. It was reduced by ~29% this quarter at prices between $49.12 and $54.94. The stock currently trades at $59.33.Kodiak Oil & Gas (KOG): KOG is a 1.54% position purchased in Q2 2013 at prices between $7.47 and $9.60. It was almost doubled in Q3 2013 at prices between $8.42 and $12.06. The stock currently trades at $12.25 and the position saw a marginal stake reduction this quarter. The activity indicates a bullish bias.Mallinckrodt PLC (MNK): MNK is a 1.75% of the US long portfolio position established in Q3 2013 at prices between $42 and $47.20. The stock currently trades at $78.86. Mallinckrodt is a $2.7B business that was spun-off from Covidien PLC (COV) on July 1, 2013 (one share of MNK for every eight shares of COV). Paulson took the position soon after - the stake is at just under 10% of the entire business. This quarter saw a minor stake reduction.MGM Resorts (MGM): MGM was a huge position established in Q2 2010 at prices between $9.48 and $15.89. It was reduced by ~30% in 2011 and since then had been kept relatively steady. Q2 2013 saw a ~10% trimming at prices between $12.06 and $15.86. In Q3 2013, the position was reduced further by ~12% at prices between $14.75 and $20.44 and last quarter saw a marginal stake reduction. The stake was reduced by ~18% this quarter at prices between $23.25 and $28.29. The stock currently trades at $23.90 and the remaining position accounts for a still significant 3% of the US long portfolio. Paulson is harvesting long-term capital gains from this position.Mylan Inc. (MYL): The 3.40% MYL stake was reduced by roughly one-third in Q2 2013 at prices between $28.70 and $32. The original stake was purchased in Q1 2010 at prices between $17 and $23. The position was kept relatively steady until Q1 2013 when it was reduced by a quarter at prices between $27.54 and $31. It was kept steady last two quarters and this quarter saw a minor trimming. The stock trades currently at around $50.Pioneer Natural Resources (PXD): PXD is a 1.64% of the US long portfolio position that was reduced by 23% last quarter at prices between $179 and $225. This quarter saw further selling as the stake was reduced by another ~20% at prices between $165 and $205. The stock currently trades at $202. The original stake was established in Q4 2012 and doubled in Q1 2013 at prices between $102 and $131. Paulson is harvesting gains from this position.Thermo Fisher Scientific (TMO): TMO is a 2.68% of the US long portfolio stake established in Q2 2013 at prices between $75.53 and $88.76. It was reduced by ~18% last quarter at prices between $90 and $111 and another 3% this quarter at prices between $109 and $127. The stock currently trades at $118.T-Mobile USA (TMUS): The stake was acquired as a result of the reverse-merger and IPO transaction of MetroPCS with T-Mobile USA. MetroPCS was a 2.19% of the US long portfolio established in Q3 2012. This was a timely purchase for Paulson and he is sitting on large gains. The TMUS stake was increased by ~17% to a 3.25% of the US long portfolio position in Q3 2013 at prices between $23 and $26.12. Last quarter saw a marginal stake reduction and this quarter saw an additional ~17% reduction at prices between $29.53 and $33.64. The stock currently trades at $33.09.Time Warner Cable (TWC): TWC is a large 4.01% of the US long portfolio stake established in Q3 2013 at prices between $107 and $118. The position was almost doubled last quarter at prices between $110 and $138. The aggressive stake build-up worked almost immediately as Comcast (CMCSA) agreed to buy TWC an all-stock deal (announced 2/14/2014, 2.875 shares of CMCSA for each share of TWC held). This quarter saw a minor stake reduction.Vodafone Group (VOD): VOD was a very small 0.57% position as of Q2 2013. It was substantially increased to a 4.53% position in Q3 2013 at prices between $28.50 and $35.12. Last quarter saw a ~76% stake increase at prices between $34.43 and $39.31. This quarter, the share count reduced as a result of Vodafones Verizon stake disposal: VOD ADR holders received 6 new shares for 11 old shares held. They also received ia $4.9 special dividend and 0.26 shares of Verizon for each share of VOD. VOD is Paulsons third-largest 13F position at 5.14% of the US long portfolio. The stock currently trades at $36.44.Sprint (S): S was Paulsons largest position in Q2 2013 at 9.90% of the US long portfolio. The stake was established in Q4 2012 and doubled in Q1 2013. In Q3 2013, the position was reduced to a 2.27% position at prices between $5.50 and $7.25. Last quarter saw a 13% stake increase at prices between $5.97 and $10.79 and there was minor trimming this quarter. The stock currently trades at $9.Whiting Petroleum (WLL): WLL was a very small 0.31% of the US long portfolio position in Q3 2013. The stake was increased to a large 3.15% position last quarter at prices between $58 and $70. This quarter saw a 9% trimming at prices between $56 and $71. The stock currently trades at $71.21.Aetna Inc. (AET) & Grifols S A (GRFS): These are medium-sized positions that were marginally decreased in the last two quarters. The positions were built-up aggressively over several quarters. The marginal stake reductions do not indicate a change in bias.Radian Group (RDN), HCA Holdings (HCA) & Novagold (NG): These are very small positions (less than 1% of the US long portfolio) that were reduced marginally this quarter. The minor activity does not indicate a change in bias.Stake Increases:Caesars Entertainment (CZR): CZR is a 1.70% position that was increased by 5.2% last quarter at prices between $16.74 and $22.39. The stake was increased by another 11% this quarter at prices between $19 and $26.47. The stock currently trades at $19. The original holding is from prior to the 02/2012 IPO.Cobalt International Energy (CIE): CIE was a minute 0.12% of the US long portfolio stake as of Q1 2013. The position was increased to a substantial 2.63% stake in Q2 2013 at prices between $25 and $29. Q3 2013 saw a reversal, as ~17% of the position was sold at prices between $24.40 and $30.20. Last quarter, the position was increased by 12.5% at prices between $22.49 and $25. The stake was more than doubled this quarter at prices between $15.85 and $19.46. The stock currently trades at $17.22 and the position stands at 2.44% of the US long portfolio. For investors attempting to follow Paulson, CIE is a good option to consider for further research.Oasis Petroleum (OAS): OAS was a very small 0.25% of the US long portfolio position as of Q3 2013. The stake was increased substantially to a 2.24% position last quarter at prices between $43 and $57. It was increased by an additional one-third this quarter at prices between $39 and $47. The stock currently trades below the low-end of that range at $47.78. For investors attempting to follow Paulson, OAS is a very good option to consider.American Airlines Group (AAL): AAL is a 1.06% of the US long portfolio position established last quarter and increased by 43% this quarter. The stake build-up happened at prices between $24.60 and $39 and the stock currently trades at $38.53.General Motors (GM): GM is a very small 0.68% of the US long portfolio position. The original position was more than doubled this quarter. The position size is still very small to indicate a clear bias.Kept Steady:Houghton Mifflin Harcourt (HMHC): HMHC is a 3.08% of the US long portfolio position established last quarter as a result of its November 2013 IPO. The company filed for Chapter 11 bankruptcy protection in March 2012. Paulson held senior debt that got converted into equity. The IPO was priced at $12 per share and it currently trades at $17.66.Extended Stay America (STAY): STAY is Paulsons largest 13F position at 6.21% of the US long portfolio. The stake came about as a result of the firms IPO in November 2013. Extended Stay America filed Chapter 11 bankruptcy on June 16, 2009 and an investment group consisting of Paulson & Company, Blackstone Group, and Centerbridge Partners bought Extended Stay America out of bankruptcy in October 2010. The IPO has already made the firms more than three times their investment. It is interesting that Paulson has chosen to hold on - so far. STAY currently trades at $22.30 compared to the IPO offering price of $20.SPDR Gold Trust (GLD): GLD was Paulsons largest position by far at 19.03% of the US long portfolio as of Q1 2013. It was reduced by more than half in Q2 2013 at prices between $116 and $155. The original stake was established in Q1 2009 at prices between $82.71 and $97.80. It was reduced by ~45% in 2011 at much higher prices and since then had been kept relatively steady. The stock currently trades at $124.50. The position was kept steady in the last three quarters and it is currently his second-largest 13F position at 6.19% of the US long portfolio.Realogy Holdings (RLGY): RLGY is a 2.55% of the US long portfolio position that was kept steady in the last two quarters. The original investment was made prior to the October 2012 IPO. The stock is currently trading at $36.22 and shows a return of around 8% since IPO.Shire PLC ADR (SHPG): SHPG is a 1.84% of the US long portfolio stake established in Q3 2012 at prices between $85 and $94. In Q2 2013, the position was doubled at prices between $87 and $100. Last quarter saw a ~11% stake reduction at prices between $113 and $139. The stock currently trades at $166.CNO Financial (CNO), Popular Inc. (BPOP), Bank of America (BAC) WTS: These 1 to 1.5% positions were left untouched this quarter. The sizes are very small to indicate any bias.Compuware Corporation (CPWR), Capital One 2018 Warrants, Genworth Financial (GNW), & MGIC Investment (MTG): These are very small positions (less than 1% of the US long portfolio) that were left untouched this quarter.Other very small positions (less than 0.5% of the US long portfolio each) in the portfolio include Actavis PLC (ACT), Agnico Eagle Mines (AEM), Allied Nevada Gold (ANV), Cooper Tire & Rubber (CTB), Delphi Automotive (DLPH), Dex Media (DXM), Enzymotec Ltd. (ENZY), Felcor Lodging (FCH), Gold Fields Ltd. (GFI), Howard Hughes Corporation (HHC), International Tower Hill, Iamgold Corp. (IAG), Kamada Ltd. (KMDA), Novacopper Inc. (NCQ), Post Holdings Inc. (POST), Randgold Resourced Ltd. (GOLD), Rock-Tenn Co. (RKT), Sibanye Gold (SBGL), Strategic Hotels & Resorts (BEE), Sunstone Hotel Investments (SHO), Vanda Pharma (VNDA), Whitewave Foods (WWAV), and William Lyon Homes (WLH).The spreadsheet below highlights changes to Paulsons US stock holdings in Q1 2014:"

"Tracking John Paulsons Paulson & Company Portfolio Q4 2013 Update"

"This article is part of a series that provides an ongoing analysis of the changes made to John Paulsons US stock portfolio on a quarterly basis. It is based on Paulsons regulatory filed on 02/14/2014. Please visit our to get an idea of his investment philosophy and our highlighting the funds moves during Q3 2013.This quarter, Paulsons US long portfolio increased ~30% from $15.52B to $20.30B. This is compared to a drop from $17.72B to $14.18B in Q2 2013 and an increase from $14.18B to $15.52B in Q3 2013. There are 87 13F securities in the portfolio although only 48 of them are significantly large holdings (more than 0.5% of the US long portfolio). The top five holdings represent just over 40% of the US long assets - the portfolio has become a lot more concentrated as they represented only 26% of the US long assets last quarter. The largest holding is Extended Stay America, a new position at 9.43% of the portfolio.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that story, check-out .Stake Disposals:Belo Corporation (BLC), Boise Inc. (BZ), Hillshire Brands (HSH), Jazz Pharmaceuticals (JAZZ), & W P Carey (WPC): These are very small positions (less than 1% of the US long portfolio) that were eliminated this quarter. As the position sizes were small, the activity does not indicate a clear bias.New Stakes:Extended Stay America (STAY): STAY is Paulsons largest 13F position at 9.43% of the US long portfolio. The stake came about as a result of the firms IPO in November 2013. Extended Stay America filed Chapter 11 bankruptcy on June 16, 2009 and an investment group consisting of Paulson & Company, Blackstone Group, and Centerbridge Partners bought Extended Stay America out of bankruptcy in October 2010. The IPO has already made the firms more than three times their investment. It will be interesting to see whether Paulson will choose to hold on. STAY currently trades at $26.34 compared to the IPO offering price of $20.Houghton Mifflin Harcourt (HMHC): HMHC is a 3.38% of the US long portfolio position established this quarter as a result of its November 2013 IPO. The company filed for Chapter 11 bankruptcy protection in March 2012. Paulson held senior debt that got converted into equity. The IPO was priced at $12 per share and it currently trades at $19.43.Caesars Acquisition Company (CACQ): CACQ is a 0.96% of the US long portfolio stake established this quarter. Caesars Acquisition is a spin-off from Caesars Entertainment and the terms of the deal allowed existing shareholders to get CACQ shares at $9.43 (rights offering). Paulson probably took this option to establish the position. The stock currently trades at $12.98.Santarus Inc. (SNTS), American Airlines Group (AAL), Compuware Corporation (CPWR), and Digital Realty (DLR): These are small (less than 1.5% of the US long portfolio each) positions established this quarter. As the position sizes are small, the stake establishment does not indicate a clear bias. With regards to DLR, Jon Jacobsen pitched a short-thesis on the name in the and the stock has been in an extended downturn since - Paulson is taking the other side with the long position.Stake Decreases:Aetna Inc. (AET) and Grifols S A (GRFS): These are medium-sized positions that were marginally decreased this quarter. The positions were built-up aggressively over several quarters. The marginal stake reductions this quarter do not indicate a change in bias.AMC Networks (AMCX): AMCX is a small 0.66% of the US long portfolio position first established in Q3 2011 at prices between $33 and $37.50. In Q2 2013, ~20% of the position was disposed of at prices between $60 and $68. This quarter, the position was reduced by two-thirds at prices between $62.61 and $72.35. The stock currently trades at $67.37. Paulson is harvesting huge long-term gains from this position.Cooper Tire & Rubber (CTB): CTB is a minute 0.31% of the US long portfolio position first purchased in Q2 2013 at prices between $23.25 and $34.66. It was increased by ~9% last quarter at prices between $28.85 and $34. This quarter, the position was reduced by ~63% at prices between $21.62 and $33.22. The stock currently trades at $23.87. The original stake was a merger-arbitrage position (a subsidiary of Apollo Tyres agreed to acquire CTB in June 2013 at $35 per share). In December 2013, the merger was called off.Family Dollar Stores (FDO): FDO is a large 4.09% of the US long portfolio position established in Q1 2013 at prices between $54.87 and $64. It was increased by ~50% in Q2 2013 at prices between $57.42 and $65.49. Last quarter saw further buying as the stake was increased by another ~50% at prices between $62 and $75. The pattern reversed this quarter as ~13% of the position was sold at prices between $63.58 and $72.95. The stock currently trades at $63.43. The about-turn indicates a mild bearish bias.Freeport McMoran (FCX): FCX is a 3.77% of the US long portfolio position that was increased by just over 70% in Q2 2013. The increase was due to the result of Freeports acquisition of Plains Exploration & Production and McMoran Exploration that closed in the quarter - Paulson held a 3.69% position in PXP and a 1.53% position in MMR, both established in Q4 2012 as risk-arbitrage stakes. The original FCX position was established in Q4 2012 at prices between $30.81 and $42.43 and had since been kept steady. The stock currently trades at $33.75 and this quarter saw a marginal stake reduction. For investors attempting to follow Paulson, FCX is a good option to consider for further research.M&T Bank (MTB), Interdigital Inc. (IDCC) & Interoil Corp. (IOC): These are very small positions (less than 1% of the US long portfolio) that were further reduced this quarter. As the position sizes are very small, the activity does not indicate a clear bias.MGM Resorts (MGM): MGM was a huge position established in Q2 2010 at prices between $9.48 and $15.89. It was reduced by ~30% in 2011 and since then had been kept relatively steady. Q2 2013 saw a ~10% trimming at prices between $12.06 and $15.86. Last quarter, the position was reduced further by ~12% at prices between $14.75 and $20.44 and this quarter saw a marginal stake reduction. The stock currently trades at $26.02. Paulson is harvesting long-term capital gains from this position.Pioneer Natural Resources (PXD): PXD is a 1.64% of the US long portfolio position that was reduced by 23% this quarter at prices between $179 and $225. The stock currently trades at $185.30. The original stake was established in Q4 2012 and doubled in Q1 2013 at prices between $102 and $131. Paulson has started to harvest gains from this position.Shire PLC ADR (SHPG): SHPG is a 2.30% of the US long portfolio stake established in Q3 2012 at prices between $85 and $94. In Q2 2013, the position was doubled at prices between $87 and $100 and was kept steady last quarter. This quarter saw a ~11% stake reduction at prices between $113 and $139. The stock currently trades at $163.Thermo Fisher Scientific (TMO): TMO is a 3.37% of the US long portfolio stake established in Q2 2013 at prices between $75.53 and $88.76. It was reduced by ~18% this quarter at prices between $90 and $111. The stock currently trades at $124.T-Mobile USA (TMUS): The stake was acquired as a result of the reverse-merger and IPO transaction of MetroPCS with T-Mobile USA. MetroPCS was a 2.19% of the US long portfolio established in Q3 2012. This was a timely purchase for Paulson and he is sitting on large gains. The TMUS stake was increased by ~17% to a 3.25% of the US long portfolio position last quarter at prices between $23 and $26.12. This quarter saw a marginal stake reduction. The stock currently trades at $31.29.Anglogold Ashanti (AU): This 2.37% position was reduced marginally this quarter. Paulson continues to stay bullish on gold.Stake Increases:Caesars Entertainment (CZR): This is a 1.70% position that was increased by 5.2% this quarter at prices between $16.74 and $22.39. The stock currently trades at $22.78. The original holding is from prior to the 02/2012 IPO.Cobalt International Energy (CIE): CIE was a minute 0.12% of the US long portfolio stake as of Q1 2013. The position was increased to a substantial 2.63% stake in Q2 2013 at prices between $25 and $29. Last quarter saw a minor reversal, as ~17% of the position was sold at prices between $24.40 and $30.20. This quarter, the position was increased by 12.5% at prices between $22.49 and $25. The stock currently trades at $16.88 and the position stands at 1.39% of the US long portfolio. For investors attempting to follow Paulson, CIE is a good option to consider for further research.Equinix Inc. (EQIX): EQIX is a 2.39% of the US long portfolio position first purchased in Q2 2012 at prices between $147 and $175 and doubled in Q3 2012 at prices between $165 and $203. It had since been kept steady. Q2 2013 saw a reversal as the position was reduced by half at prices between $176 and $230. Last quarter saw a 20% stake increase at prices between $165 and $203 and that was followed-up with a 74% stake increase this quarter at prices between $155 and $184. The stock currently trades at $193. The aggressive stake build-up indicates a clear bullish bias.Oasis Petroleum (OAS): OAS was a very small 0.25% of the US long portfolio position as of last quarter. The stake was increased substantially to a 2.24% position this quarter at prices between $43 and $57. The stock currently trades below the low-end of that range at $42.45. For investors attempting to follow Paulson, OAS is a very good option to consider.Sprint Nextel (S): S was Paulsons largest position in Q2 2013 at 9.90% of the US long portfolio. The stake was established in Q4 2012 and doubled in Q1 2013. Last quarter, the position was reduced to a 2.27% position at prices between $5.50 and $7.25. This quarter saw a 13% stake increase at prices between $5.97 and $10.79. The stock currently trades at $8.40.Time Warner Cable (TWC): TWC is a large 5.22% of the US long portfolio stake established last quarter at prices between $107 and $118. The position was almost doubled this quarter at prices between $110 and $138. The stock currently trades at $146. The move worked almost immediately as Comcast (CMCSA) agreed to pay $158.82 per share in an all-stock deal (announced 2/14/2014).Vodafone Group (VOD): VOD was a very small 0.57% position as of Q2 2013. It was substantially increased to a 4.53% position last quarter at prices between $28.50 and $35.12. This quarter saw a ~76% stake increase at prices between $34.43 and $39.31. It is now his second-largest 13F position. The stock currently trades at $36.81. The aggressive stake build-up indicates a clear bullish bias.Whiting Petroleum (WLL): WLL was a very small 0.31% of the US long portfolio position last quarter. The stake was increased to a large 4.13% position this quarter at prices between $58 and $70. The stock currently trades near the low-end of that range at $60.76. For investors attempting to follow Paulson, WLL is a good option to consider.The rest of the positions were left untouched:SPDR Gold Trust (GLD): GLD was Paulsons largest position by far at 19.03% of the US long portfolio as of Q1 2013. It was reduced by more than half in Q2 2013 at prices between $116 and $155. The original stake was established in Q1 2009 at prices between $82.71 and $97.80. It was reduced by ~45% in 2011 at much higher prices and since then had been kept relatively steady. The stock currently trades at $127. The position was kept steady last two quarters and it is currently his third-largest 13F position at 7.66% of the US long portfolio.Cablevision Systems (CVC): CVC is a 2.43% of the US long portfolio stake that was first purchased in Q4 2012 at prices between $13.65 and $18.52. In Q1 2013, the position was increased by around one-third at prices between $13.76 and $15.75. Q2 2013 saw an additional 24% stake increase at prices between $13.93 and $16.82. It was kept steady in the last two quarters. The stock currently trades at $16.60.Hartford Financial Services Group (HIG): The 1.39% of the US long portfolio HIG position was first purchased in 2009. It was an activist position and Paulson pushed for changes at the company - in Q1 2012, he called to spin-off the P&C business which he argued will increase shareholder value by 60%. He experienced some limited success but in Q1 2013, the position was reduced by 40% at prices between $22.44 and $26.46 and the following quarter saw another 45% stake reduction at prices between $24.82 and $31.43. The stock currently trades at $34.67.Delphi Automotive (DLPH): DLPH position was reduced to a very small 0.57% of the US long portfolio position in Q2 2013 at prices between $40.94 and $52.09. The position was established in 2011 as a result of conversion of Delphi Automotive debt to equity (at ~67c per share) as the firm emerged from bankruptcy. Paulson started harvesting the outsized gains from this position in Q1 2012 and a very small remainder position is what is left.Hess Corporation (HES): HES is a 2.49% of the US long portfolio stake established in Q1 2013 at prices between $53 and $73. The position was increased by around 73% in Q2 2013 at prices between $62.87 and $74.14. The stock currently trades at $79.50.Mylan Inc. (MYL): The 3.40% MYL stake was reduced by roughly one-third in Q2 2013 at prices between $28.70 and $32. The original stake was purchased in Q1 2010 at prices between $17 and $23. The position was kept relatively steady until Q1 2013 when it was reduced by a quarter at prices between $27.54 and $31. It was kept steady last two quarters and the stock trades currently at $46.10.Kodiak Oil & Gas (KOG): KOG was a very small 0.94% position purchased in Q2 2013 at prices between $7.47 and $9.60. It was almost doubled last quarter at prices between $8.42 and $12.06. The stock currently trades at $11.63 and the position is now at 1.88% of the US long portfolio. The stake build-up indicates a bullish bias.Mallinckrodt PLC (MNK): MNK is a 1.90% of the US long portfolio position established last quarter at prices between $42 and $47.20. The stock currently trades at $67.21. Mallinckrodt is a $2.7B business that was spun-off from Covidien PLC (COV) on July 1, 2013 (one share of MNK for every eight shares of COV). Paulson took the position soon after - the stake is at just under 10% of the entire business.Realogy Holdings (RLGY): RLGY is 3.83% of the US long portfolio position that was kept steady this quarter. The original investment was made prior to the October 2012 IPO. The stock is currently trading at $46.86 and shows a return of around 40% since IPO.CNO Financial (CNO), Radian Group (RDN), Popular Inc. (BPOP), Bank of America (BAC) WTS: These 1 to 1.5% positions were left untouched this quarter. The sizes are very small to indicate any bias.William Lyon Homes (WLH), Novagold (NG), HCA Holdings (HCA), Capital One 2018 Warrants, Genworth Financial (GNW), & MGIC Investment (MTG): These are very small positions (less than 1% of the US long portfolio) that were left untouched this quarter.The spreadsheet below highlights changes to Paulsons US stock holdings in Q4 2013:"

"Tracking John Paulsons Paulson & Company Portfolio Q3 2013 Update"

"This article is part of a series that provides an ongoing analysis of the changes made to John Paulsons US stock portfolio on a quarterly basis. It is based on Paulsons regulatory filed on 11/14/2013. Please visit our to get an idea of his investment philosophy and the funds moves in Q2 2013.This quarter, Paulsons US long portfolio increased ~9% from $14.18B to $15.52B. This is compared to a drop from $17.72B to $14.18B seen last quarter. There are 87 13F securities in the portfolio although only 49 of them are significantly large holdings (more than 0.5% of the US long portfolio). The top five holdings represent just over 26% of the US long assets. The largest holding is SPDR Gold Trust (GLD) at 8.46%. This is quite a shift from Q1 2013 when GLD was at 19.03%.John Paulson is best known for his highly leveraged bets against the real-estate bubble that netted him billions in the aftermath. To learn more about that story, check-out .Stake Disposals:Mead Johnson (MJN) & Gardner Denver (GDI): These were very small positions (less than 1% of the US long portfolio) that were eliminated this quarter. As the position sizes are very small, the activity does not indicate a clear bias.Smithfield Foods (SFD): SFD was a small 1.15% of the US long portfolio merger-arbitrage stake purchased last quarter at prices between $25.44 and $33.35. In May 2013, Shuanghui International Holdings agreed to purchase SFD at $34 per share. The transaction closed in September thus resulting in the stake elimination.New Stakes:Time Warner Cable (TWC): TWC is a 2.88% of the US long portfolio established this quarter at prices between $107 and $118. The stock currently trades at $120. The medium-sized stake establishment indicates a bullish bias.Mallinckrodt PLC (MNK): MNK is a 1.60% of the US long portfolio position established this quarter at prices between $42 and $47.20. The stock currently trades at $47.56. Mallinckrodt is a $2.7B business that was spun-off from Covidien PLC (COV) on July 1, 2013 (one share of MNK for every eight shares of COV). Paulson took the position soon after - the stake is at just under 10% of the entire business.Stake Decreases:MGM Resorts (MGM): MGM was a huge position established in Q2 2010 at prices between $9.48 and $15.89. It was reduced by ~30% in 2011 and since then had been kept relatively steady. Last quarter saw a ~10% trimming at prices between $12.06 and $15.86. This quarter, the position was reduced further by ~12% at prices between $14.75 and $20.44. The stock currently trades at $19.45. Paulson is harvesting long-term capital gains from this position.Life Technologies (LIFE): LIFE position was established in 2011. The bulk of the stake was purchased in Q3 2012 at prices between $42.47 and $49. Paulson had huge gains from this timely purchase (Thermo Fisher offered to buy LIFE at $76 in April 2013) and harvested most of it last quarter at prices between $64.63 and $75. This quarter, the position was reduced to an insignificantly small stake at prices between $74 and $75. The stock currently trades at $75.49.Sprint Nextel (S): S was Paulsons largest position last quarter at 9.90% of the US long portfolio. The stake was established in Q4 2012 and doubled in Q1 2013. Last quarter, the stance reversed as the position was reduced by ~15%. This quarter, the position was reduced to a 2.27% position at prices between $5.50 and $7.25. The stock currently trades at $7.42. Sprint Nextel was a risk-arbitrage position established due to Softbanks acquisition. As such, the activity does not indicate a clear bias.Cobalt International Energy (CIE): CIE was a minute 0.12% of the US long portfolio stake as of Q1 2013. The position was increased to a substantial 2.63% stake last quarter at prices between $25 and $29. This quarter saw a minor reversal, as ~17% of the position was sold at prices between $24.40 and $30.20. The stock currently trades below those ranges at $22.87. The stake currently stands at 1.86% of the US long portfolio. For investors attempting to follow Paulson, CIE is a good option to consider for further research.Realogy Holdings (RLGY), Pioneer Natural Resources (PXD), CNO Financial (CNO), and Caesars Entertainment (CZR): These medium-sized (1% to 5% of the US long portfolio) positions were reduced incrementally this quarter. As the activity was minor and the remaining position sizes are still substantial, it does not indicate a change in bias.Interoil Corp. (IOC) and Rue21 Inc. (RUE): These were very small (less than 1% of the US long portfolio) positions that were further reduced this quarter. As the position sizes are very small, the activity does not indicate a clear bias.Stake Increases:Family Dollar Stores (FDO): FDO is a large 5.23% of the US long portfolio position established in Q1 2013 at prices between $54.87 and $64. It was increased by ~50% last quarter at prices between $57.42 and $65.49. This quarter saw further buying as the stake was increased by another ~50% at prices between $62 and $75. The stock currently trades at $70. The significant stake build-up indicates a clear bullish bias.Vodafone Group (VOD): VOD was a very small 0.57% position as of last quarter. It was substantially increased to a 4.53% position this quarter at prices between $28.50 and $35.12. The stock currently trades outside that range at $37.25. It is now Paulsons third-largest position after SPDR Gold Trust and Family Dollar Stores. The aggressive stake build-up this quarter indicates a clear bullish bias.Grifols S A (GRFS), Anglogold Ashanti (AU), and Aetna Inc. (AET): These medium-sized positions were increased incrementally this quarter. The activity indicates a bullish bias.T-Mobile USA (TMUS): The stake was acquired as a result of the reverse-merger and IPO transaction of MetroPCS with T-Mobile USA. MetroPCS was a 2.19% of the US long portfolio established in Q3 2012. This was a timely purchase for Paulson and he is sitting on large gains. The TMUS stake was increased by ~17% to a 3.25% of the US long portfolio position this quarter at prices between $23 and $26.12. Paulson continues to be very bullish on TMUS.Cooper Tire & Rubber (CTB): CTB is a 1.08% of the US long portfolio position purchased last quarter at prices between $23.25 and $34.66. It was increased by ~9% this quarter at prices between $28.85 and $34. The stock currently trades at $23.83. The stake is a merger-arbitrage position (a subsidiary of Apollo Tyres agreed to acquire CTB in June 2013) but the trade has not worked so far. The stake increase this quarter indicates he is continuing to stay bullish. The position is worth ~8% of the entire business.Equinix Inc. (EQIX): EQIX is a 1.42% of the US long portfolio position first purchased in Q2 2012 at prices between $147 and $175 and doubled in Q3 2012 at prices between $165 and $203. It had since been kept steady. Last quarter saw a reversal as the position was reduced by half at prices between $176 and $230. This quarter saw a 20% stake increase at prices between $165 and $203. The stock currently trades at $168. For investors attempting to follow Paulson, EQIX is a decent option to consider.Kodiak Oil & Gas (KOG): KOG was a very small 0.94% position purchased last quarter at prices between $7.47 and $9.60. It was almost doubled this quarter at prices between $8.42 and $12.06. The stock currently trades at $12.14. The stake build-up indicates a bullish bias.Belo Corporation (BLC) and M&T Bank (MTB): BLC and MTB now account for 0.80% and 1.26% of the US long portfolio. They were increased substantially this quarter. But as the relative sizes are still very small, the activity does not indicate a clear bias.The rest of the positions were left untouched:SPDR Gold Trust (GLD): GLD was Paulsons largest position by far at 19.03% of the US long portfolio as of Q1 2013. It was reduced by more than half last quarter at prices between $116 and $155. The original stake was established in Q1 2009 at prices between $82.71 and $97.80. It was reduced by ~45% in 2011 at much higher prices and since then had been kept relatively steady. The position was kept steady this quarter and it is still his largest 13F position at 8.46% of the US long portfolio.Freeport McMoran (FCX): FCX is a 3.31% of the US long portfolio position that was increased by just over 70% last quarter. The increase was due to the result of Freeports acquisition of Plains Exploration & Production and McMoran Exploration that closed in the quarter - Paulson held a 3.69% position in PXP and a 1.53% position in MMR, both established in Q4 2012 as risk-arbitrage stakes. The original FCX position was established in Q4 2012 at prices between $30.81 and $42.43 and had since been kept steady. The stock currently trades at $36.83. For investors attempting to follow Paulson, FCX is a good option to consider for further research.Shire PLC ADR (SHPG): SHPG is a 2.20% of the US long portfolio stake established in Q3 2012 at prices between $85 and $94. Last quarter, the position was doubled at prices between $87 and $100 and was kept steady this quarter. The stock currently trades well outside those ranges at $136. Paulson is sitting on large gains on this position.Cablevision Systems (CVC): CVC is a 2.49% of the US long portfolio stake that was first purchased in Q4 2012 at prices between $13.65 and $18.52. In Q1 2013, the position was increased by around one-third at prices between $13.76 and $15.75. Last quarter saw an additional 24% stake increase at prices between $13.93 and $16.82. It was kept steady this quarter. The stock currently trades at $14.93.Thermo Fisher Scientific (TMO): TMO is a 3.39% of the US long portfolio stake established last quarter at prices between $75.53 and $88.76. The stock currently trades outside that range at $101.Hartford Financial Services Group (HIG): The 1.20% of the US long portfolio HIG position was first purchased in 2009. It was an activist position and Paulson pushed for changes at the company - in Q1 2012, he called to spin-off the P&C business which he argued will increase shareholder value by 60%. He experienced some limited success but is moving on: in Q1 2013, the position was reduced by 40% at prices between $22.44 and $26.46 and last quarter, it was further reduced by 45% at prices between $24.82 and $31.43. The stock currently trades at $35.44.AMC Networks (AMCX): AMCX is a 2.18% of the US long portfolio stake first established in Q3 2011 at prices between $33 and $37.50. Since then, the position was marginally increased. Last quarter saw a reversal as ~20% of the position was disposed of at prices between $60 and $68. The stock currently trades at $65.23. Paulson has huge long-term gains on this position.Delphi Automotive (DLPH): DLPH position was reduced to a very small 0.57% of the US long portfolio position last quarter at prices between $40.94 and $52.09. The position was established in 2011 as a result of conversion of Delphi Automotive debt to equity (at ~67c per share) as the firm emerged from bankruptcy. Paulson started harvesting the outsized gains from this position in Q1 2012.Hess Corporation (HES): HES is a 2.23% of the US long portfolio stake established in Q1 2013 at prices between $53 and $73. The position was increased by around 73% last quarter at prices between $62.87 and $74.14. The stock currently trades at $82.86.Mylan Inc. (MYL): The 2.99% MYL stake was reduced by roughly one-third last quarter at prices between $28.70 and $32. The original stake was purchased in Q1 2010 at prices between $17 and $23. The stake was kept relatively steady until Q1 2013 when it was reduced by a quarter at prices between $27.54 and $31. It was kept steady this quarter and the stock trades currently at $42.36.Radian Group (RDN), Popular Inc. (BPOP), Bank of America (BAC) WTS: These 1 to 1.5% positions were left untouched this quarter. The sizes are very small to indicate any bias.William Lyon Homes (WLH), W P Carey (WPC), Novagold (NG), Hillshire Brands (HSH), HCA Holdings (HCA), Boise Inc. (BZ), Capital One 2018 Warrants, Genworth Financial (GNW), Interdigital Inc. (IDCC), Jazz Pharmaceuticals (JAZZ), & MGIC Investment (MTG): These are very small positions (less than 1% of the US long portfolio) that were left untouched this quarter.The spreadsheet below highlights changes to Paulsons US stock holdings in Q3 2013:"

"Tracking John Paulsons Paulson & Company Portfolio Q2 2013 Update"

"This article is first in a series that provides an ongoing analysis of the changes made to John Paulsons US stock portfolio on a quarterly basis. It is based on Paulsons regulatory filed on 08/14/2013. John Paulson founded Paulson & Company in 1994 and during the first decade generated good absolute returns with low correlation to the overall market. Since then, he has expanded into other areas. Assets Under Management (AUM) has grown from around $2M at inception to over $18B as of EOY 2012. John Paulson is best known for his highly leveraged bets against the real-estate bubble that were first established in 2004. In 2007, those bets paid off as the firm generated $15B in profits. To read more on that story, check out . His investing style has shifted a lot over the years: the firm now has several types of funds focused in different areas. Even though it is very difficult to continue performing when assets are spread-out, his amazing winning streak continued through 2010. The funds however lost money the last couple of years.This quarter, Paulsons US long portfolio decreased from $17.72B to $14.18B, a drop of 20%. There are 91 13F securities in the portfolio although only 49 of them are significantly large holdings (more than 0.5% of the US long portfolio). The top five holdings represent just over 30% of the US long assets. The largest holding is Sprint Nextel (S) at 9.9% followed by SPDR Gold Trust (GLD) at 8.6%. This is quite a shift from last quarter when GLD was by far the largest position at 19.03%.Stake Disposals:Capital One Financial (COF) & Warrants: COF was a small position (2M shares) first purchased in Q1 2009. The stake was increased to 17M shares in Q2 2009 at prices between $13.82 and $31.34. The position was since reduced to 0.68% of the US long portfolio as of last quarter at much higher prices. This quarter, the position was eliminated at prices between $52.75 and $63. The stock currently trades just outside that range at $66.59. The stake elimination represents a bearish bias.Scripps Networks (SNI) & Wells Fargo (WFC): SNI and WFC are very small positions (less than 1% of the US long portfolio) that were eliminated this quarter. WFC was a large 6.5% position as of 2010 but was reduced drastically in 2011. SNI position was established in 2011 but was reduced to roughly half by Q2 2012 and since then had been kept steady. As the stakes were minor, the eliminations do not indicate a clear bias.New Stakes:Thermo Fisher Scientific (TMO): TMO is a 3.41% of the US long portfolio stake established this quarter at prices between $75.53 and $88.76. The stock currently trades outside that range at $90.32. The substantial stake establishment indicates a clear bullish bias.Smithfield Foods (SFD), Cooper Tire & Rubber (CTB), & Kodiak Oil & Gas (KOG): SFD, CTB, and KOG are small ~1% positions established this quarter. SFD position was purchased at prices between $25.44 and $33.35 and the stock currently trades at $33.43. CTB position was purchased at prices between $23.25 and $34.66 and the stock currently trades at $32.46. KOG position was purchased at prices between $7.47 and $9.60 and the stock currently trades at $9.63. The stake establishments indicate a mild bullish bias.Belo Corporation (BLC), Rue21 Inc. (RUE), & William Lyon Homes (WLH): BLC, RUE, and WLH are very small (between 0.50% and 0.70%) positions established this quarter. As the positions sizes are very small, the stake establishments do not indicate a clear bias.Stake Decreases:SPDR Gold Trust (GLD) & Sprint Nextel (S): GLD & S are Paulsons largest positions. The huge 19.03% GLD position was reduced by more than half this quarter to a 9.90% position at prices between $116 and $155. The original stake was established in Q1 2009 at prices between $82.71 and $97.80. It was reduced by ~45% in 2011 at much higher prices and since then had been kept relatively steady. The large stake reduction this quarter indicates a clear bearish bias. The S stake was established in Q4 2012 and doubled last quarter. This quarter, the stance reversed as the position was reduced by ~15%. S was a risk-arbitrage position established due to Softbanks acquisition. As such, the activity does not indicate a clear bias.Delphi Automotive (DLPH): DLPH position was reduced to a very small 0.57% of the US long portfolio position this quarter at prices between $40.94 and $52.09. The position was established in 2011 as a result of conversion of Delphi Automotive debt to equity (at ~67c per share) as the firm emerged from bankruptcy. Paulson started harvesting the outsized gains from this position in Q1 2012 and the pattern continues this quarter.Life Technologies (LIFE): LIFE position was established in 2011. The bulk of the stake was purchased in Q3 2012 at prices between $42.47 and $49. Paulson had huge gains from this timely purchase and harvested most of it this quarter at prices between $64.63 and $75.MGM Resorts (MGM): MGM was a huge position established in Q2 2010 at prices between $9.48 and $15.89. It was reduced by ~30% in 2011 and since then had been kept relatively steady. This quarter saw a ~10% trimming at prices between $12.06 and $15.86. The stock currently trades outside that range at $17.30. Paulson is starting to harvest long-term capital gains from this position.Mylan Inc. (MYL): The 2.66% MYL stake was reduced by roughly one-third this quarter at prices between $28.70 and $32. The original stake was purchased in Q1 2010 at prices between $17 and $23. The stake was kept relatively steady until last quarter when it was reduced by a quarter at prices between $27.54 and $31. The large stake reduction across multiple quarters indicates a clear bearish bias.AMC Networks (AMCX): AMCX is a 2.28% of the US long portfolio stake first established in Q3 2011 at prices between $33 and $37.50. Since then, the position was marginally increased. This quarter saw a reversal as ~20% of the position was disposed of at prices between $60 and $68. Paulson is harvesting large long-term capital gains from this position.Hartford Financial Services Group (HIG): The 1.30% of the US long portfolio HIG position was first purchased in 2009. It was an activist position and Paulson pushed for changes at the company - in Q1 2012, he called to spin-off the P&C business which he argued will increase shareholder value by 60%. He experienced some limited success but is moving on: last quarter the position was reduced by 40% at prices between $22.44 and $26.46 and this quarter, it was further reduced by 45% at prices between $24.82 and $31.43.Equinix Inc. (EQIX): EQIX was a small position established in Q2 2012 at prices between $147 and $175 and doubled in Q3 2012 at prices between $165 and $203. It had since been kept steady. This quarter saw a reversal as the position was reduced by half at prices between $176 and $230.Anglogold Ashanti (AU) & Converts (AU-A), Bank of America (BAC) WTS, Caesars Entertainment (CZR), CNO Financial (CNO), Grifols S A (GRFS), Pioneer Natural Resources (PXD), & Realogy Holdings (RLGY): These medium-sized (1% to 5% of the US long portfolio) positions were reduced marginally this quarter. As the activity was minor, it does not indicate a change in bias.Randgold (RDN), Rock-Tenn Co. (RKT), Royal Bank Scotland (RBS) & Preferred, & Ryman Hospitality (GET): These are very small positions (less than 1% of the US long portfolio) that were reduced substantially this quarter. The activity indicates a mild bearish bias.HCA Holdings (HCA), Interdigital Inc. (IDCC), Interoil Corp. (IOC), Mead Johnson (MJN), MGIC Investment (MTG), Novagold (NG), Radian Group (RDN), & W P Carey (WPC): These are very small positions (less than 1% of the US long portfolio) that were reduced marginally this quarter. As the position sizes are very small and the stake reductions are minor, the activity does not indicate a clear bias.Stake Increases:Family Dollar Stores (FDO): FDO is a 3.27% of the US long portfolio position established last quarter at prices between $54.87 and $64. It was increased by ~50% this quarter at prices between $57.42 and $65.49. The stock currently trades at $71.14. The significant stake increase indicates a clear bullish bias.Cobalt International Energy (CIE): CIE was a minute 0.12% of the US long portfolio stake as of last quarter. The position was increased to a substantial 2.63% stake this quarter at prices between $25 and $29. The stock currently trades below that range at $24.67. The activity represents a bullish bias. For investors attempting to follow Paulson, CIE is a good option to consider for further research.Cablevision Systems (CVC): CVC is a 2.49% of the US long portfolio stake that was first purchased in Q4 2012 at prices between $13.65 and $18.52. Last quarter, the position was increased by around one-third at prices between $13.76 and $15.75. This quarter saw an additional 24% stake increase at prices between $13.93 and $16.82. The stock currently trades at $18.40. The consistent buying across multiple quarters indicates a clear bullish bias.Hess Corporation (HES): HES is a 2.18% of the US long portfolio stake established last quarter at prices between $53 and $73. The position was increased by around 73% this quarter at prices between $62.87 and $74.14. The stock currently trades at $73.72. The stake increase indicates a bullish bias.Shire PLC ADR (SHPG): SHPG is a 1.91% of the US long portfolio stake established in Q3 2012 at prices between $85 and $94. It had since been kept steady. This quarter, the position was doubled at prices between $87 and $100. The stock currently trades at $114.Aetna Inc. (AET) & Popular Inc. (BPOP): These two medium-sized positions were increased marginally this quarter. As such, the activity does not indicate a change in bias.Gardner Denver (GDI), Hillshire Brands (HSH), & Vodafone Group (VOD): These are very small positions (less than 1% of the US long portfolio) that were increased marginally this quarter. As the stake increases are minor and the position sizes are very small, the activity does not indicate a clear bias.Freeport McMoran (FCX), Plains Exploration & Production, & McMoran Exploration: FCX is a ~3% of the US long portfolio position that increased by just over 70% this quarter. The original position was established in Q4 2012 at prices between $30.81 and $42.43 and had since been kept steady. The stock currently trades at the low-end of that range at $31. The large stake increase was due to the result of Freeports acquisition of Plains Exploration & Production and McMoran Exploration that closed in the quarter - Paulson held a 3.69% position in PXP and a 1.53% position in MMR, both established in Q4 2012 as risk-arbitrage stakes. For investors attempting to follow Paulson, FCX is a good option to consider for further research.MetroPCS & T-Mobile USA (TMUS): MetroPCS was 2.19% of the US long portfolio established in Q3 2012. The stake was eliminated this quarter as a result of the reverse-merger and IPO transaction with T-Mobile USA. This was a timely purchase for Paulson and he is sitting on large gains.The only other significantly large (more than 0.5% of the US long portfolio) position is Genworth Financial (GNW), a 0.72% stake established last quarter at prices between $9 and $11.50 that remained steady this quarter.The spreadsheet below highlights changes to Paulsons US stock holdings in Q2 2013:"

"Tracking Philippe Laffont’s Coatue Management Portfolio – Q2 2023 Update"

"….….….This article is part of a series that provides an ongoing analysis of the changes made to Coatue Management’s 13F stock portfolio on a quarterly basis. It is based on Coatue’s regulatory filed on 8/14/2023. The 13F portfolio value increased ~35% from $15.04B to $20.41B this quarter. Recent 13F reports have shown around 75 individual stock positions in the portfolio. The largest five stakes are Nvidia, Microsoft, Meta Platforms, Amazon.com, and Advanced Micro Devices. They add up to ~41% of the entire portfolio. Please visit our series to get an idea of their investment philosophy and our previous for the fund’s moves during Q1 2023.Philippe Laffont was a telecom analyst at Tiger Management from 1996. He founded Coatue Management as a tech-focused long-short hedge fund in 1999 and is one of the most successful among the "tiger cubs". To know more about Julian Robertson and his legendary Tiger Management, check out .New Stakes:Oracle Corp (ORCL), Equinix Inc. (EQIX), Eaton Corp (ETN), and Ulta Beauty (ULTA): ORCL is a 2.55% of the portfolio position purchased this quarter at prices between ~$93 and ~$127 and the stock currently trades at ~$112. The 1.86% EQIX stake was established at prices between ~$675 and ~$784 and it now goes for ~$769. ETN is a 1.75% of the portfolio position purchased this quarter at prices between ~$156 and ~$201 and it is now at ~$221. ULTA is a small ~1% stake established at prices between ~$404 and ~$551 and the stock currently trades at ~$414.Danaher Corp (DHR), Albemarle Corp (ALB), and Vertiv Holdings (VRT): These are very small (less than ~1% of the portfolio each) new stakes established during the quarter.Stake Increases:Microsoft Corporation (MSFT): MSFT is a large (top three) ~9% of the portfolio stake purchased in Q3 2021 at prices between ~$277 and ~$305. There was a ~90% stake increase in the next quarter at prices between ~$283 and ~$343. The two quarters through Q3 2022 saw a ~77% reduction at prices between ~$233 and ~$315. The last three quarters saw the position rebuilt at prices between ~$214 and ~$348. The stock currently trades at ~$336.Amazon.com (AMZN): A large stake in AMZN was built in the 2009-2011 timeframe but was sold down the next year. A similar stake build-up happened in H2 2013 at prices between ~$13 and ~$14. Next quarter saw a ~80% reduction at prices between ~$14 and ~$16. The stake has wavered. Recent activity follows. The last three quarters saw a huge stake build-up at prices between ~$82 and ~$130. The stock is now at ~$145 and it is now a large (top five) stake at ~8% of the portfolio.Advanced Micro Devices (AMD): The 7.80% AMD stake saw a ~50% increase last quarter at prices between ~$62 and ~$100. That was followed by a two-thirds further increase this quarter at prices between ~$82 and ~$129. The stock currently trades at ~$108.Taiwan Semi (TSM), UnitedHealth Group (UNH), and First Citizens BancShares (FCNCA): TSM is a 3.34% of the portfolio position established last quarter at prices between ~$74 and ~$98 and the stock currently trades at ~$91. There was a ~15% stake increase this quarter. The 1.49% UNH stake was purchased last quarter at prices between ~$460 and ~$519 and it now goes for ~$480. There was a ~25% stake increase this quarter. FCNCA is a ~2% of the portfolio position purchased last quarter at prices between ~$509 and ~$973 and it now goes for ~$1345. There was a ~150% stake increase this quarter at prices between ~$958 and ~$1321.Uber Technologies (UBER): UBER had an IPO in Q2 2019. Shares started trading at ~$42 and currently go for $48.16. Coatue’s stake goes back to a funding round in 2018 when the valuation was ~$60B. This is compared to the current market cap of ~$98B. The stake has wavered. Recent activity follows. Q4 2022 saw the position sold down by ~80% at prices between ~$24.40 and ~$31.60 while the last quarter saw a similar increase at prices between ~$25 and ~$37. That was followed by a ~15% increase this quarter. The stake is now at 1.46% of the portfolio.Applied Materials (AMAT) and Intuit Inc. (INTU): These two small (less than ~1.5% of the portfolio each) stakes were increased during the quarter.Stake Decreases:Nvidia Corp (NVDA): NVDA is now the largest 13F position at 9.63% of the portfolio. Q4 2021 had seen a ~200% stake increase at prices between ~$197 and ~$334. H1 2022 saw the stake almost eliminated at prices between ~$145 and ~$301. The position was rebuilt during the two quarters through Q3 2022 at prices between ~$112 and ~$192. The stock is now at ~$455. There was a ~7% increase last quarter while this quarter saw similar trimming.Meta Platforms (META) previously Facebook: META is currently a large (top three) stake at ~8% of the portfolio. It was first purchased during Q3 2013 at prices between ~$24 and ~$51. The stake has wavered. Recent activity follows. There was a ~50% reduction in the two quarters through Q3 2022 at prices between ~$134 and ~$232. The last two quarters saw a huge ~480% stake build-up at prices between ~$89 and ~$212. There was a ~30% selling this quarter at prices between ~$208 and ~$289. The stock currently trades at ~$305.Tesla Inc. (TSLA): TSLA is currently at ~6% of the portfolio. It was purchased in Q1 2020 at prices between ~$28 and ~$60. The position has wavered. Recent activity follows. There was a ~17% reduction during Q3 2022 at prices between ~$227 and ~$309. The last two quarters saw a ~37% increase at prices between ~$108 and ~$309. The stock currently trades at ~$271. There was a minor ~4% trimming this quarter.Netflix Inc. (NFLX): The 4.31% NFLX position is a very long term stake. It was established in 2012 at very low prices. The stake has wavered. Recent activity follows. There was a stake doubling last quarter at prices between ~$293 and ~$368 while this quarter saw a ~25% selling at prices between ~$318 and ~$445. The stock is now at ~$412.Alphabet Inc. (GOOG): The 3.25% GOOG stake was primarily built last quarter at prices between ~$87 and ~$109. The stock currently trades at ~$138. This quarter saw a ~11% trimming.Block Inc. (SQ) previously Square: SQ is a 2.77% of the portfolio position first purchased in Q2 & Q3 2019 at prices between ~$62 and ~$82. The position has wavered. Recent activity follows. Q1 2022 saw a large stake build-up at prices between ~$89 and ~$164. That was followed by a ~85% increase last quarter at prices between ~$61 and ~$88. The stock currently trades at $54.15. This quarter saw a ~14% trimming.Lam Research (LRCX): LRCX is a 2.52% of the portfolio position established during Q3 2022 at prices between ~$366 and ~$532 and the stock currently trades well above that range at ~$659. There was a ~72% stake increase in the last quarter at prices between ~$414 and ~$541. This quarter saw a minor ~3% trimming.Adobe Systems (ADBE): The 2.39% ADBE stake was purchased during the last three quarters at prices between ~$275 and ~$451. There was a ~35% reduction this quarter at prices between ~$335 and ~$495. The stock is now well above their purchase price ranges at ~$554.Alibaba Group Holdings (BABA), Charter Communications (CHTR), DocuSign Inc. (DOCU), Endeavor Group Holdings (EDR), Enphase Energy (ENPH), and NXP Semi (NXPI): These small (less than ~1% of the portfolio each) stakes were reduced this quarter.Kept Steady:Moderna (MRNA): A small MRNA stake was purchased in Q1 2021 at prices between ~$109 and ~$186. There was a ~400% stake increase in the next quarter at prices between ~$130 and ~$235. Q4 2021 saw a ~30% reduction at prices between ~$226 and ~$369 while the next quarter there was a ~60% stake increase at prices between ~$127 and ~$235. Q4 2022 also saw a ~12% increase. The stock currently trades near the bottom of their purchase price ranges at ~$109. The stake is at 3.90% of the portfolio.Walt Disney (DIS): A huge position in DIS was built in Q2 2020 at prices between ~$94 and ~$125. The next two quarters also saw minor increases. Q1 2021 saw a ~45% selling at prices between ~$163 and ~$202. There was another similar reduction in Q1 2022 at prices between ~$129 and ~$158. Q4 2022 saw the position almost sold out at prices between ~$84 and ~$107. The last quarter saw a ~2% of the portfolio stake built at prices between ~$89 and ~$113. The stock currently trades at $83.48.CrowdStrike Holdings (CRWD): The small 0.69% CRWD stake was kept steady this quarter.Below is a spreadsheet that shows the changes to Philippe Laffont's Coatue Management 13F long portfolio holdings as of Q2 2023:Source: John Vincent. Data constructed from Coatue Management’s 13F filings for Q1 2023 and Q2 2023.Regulatory filings from 3/23/2023 to 5/24/2023: None."

"Tracking Philippe Laffont’s Coatue Management Portfolio – Q1 2023 Update"

"Philippe Laffont’s 13F portfolio value increased from $8.92B to $15.04B this quarter.They added Taiwan Semi and increased Meta Platforms, Netflix, and Alphabet while reducing Alibaba Group Holdings, Rivian Automotive, and JD.com.Their top three positions are Meta Platforms, Nvidia, and Tesla, and they add up to ~27% of the entire portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Coatue Management’s 13F stock portfolio on a quarterly basis. It is based on Coatue’s regulatory filed on 5/15/2023. The 13F portfolio value increased ~70% from ~$8.92B to $15.04B this quarter. Recent 13F reports have shown around 75 individual stock positions in the portfolio. The largest five stakes are Meta Platforms, Nvidia, Tesla, Moderna, and Netflix. They add up to ~40% of the entire portfolio. Please visit our series to get an idea of their investment philosophy and our previous for the fund’s moves during Q4 2022.Philippe Laffont was a telecom analyst at Tiger Management from 1996. He founded Coatue Management as a tech-focused long-short hedge fund in 1999 and is one of the most successful among the "tiger cubs". To know more about Julian Robertson and his legendary Tiger Management, check out .New Stakes:Taiwan Semi (TSM), UnitedHealth Group (UNH), and First Citizens BancShares (FCNCA): TSM is a 3.65% 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 1.60% UNH stake was purchased at prices between ~$460 and ~$519 and it now goes for ~$491. FCNCA is a small 0.84% of the portfolio position purchased at prices between ~$509 and ~$973 and it now goes for ~$1305.Stake Disposals:GitLab Inc. (GTLB): GitLab had an IPO in October 2021. Shares started trading at ~$104 and currently go for $50.68. Coatue’s stake was from a Series E funding round when the valuation was ~$2.75B. The current valuation is ~$6.6B. There was a ~18% trimming in Q1 2022. The disposal this quarter was at prices between ~$33 and ~$59.Note: They had a ~11% ownership stake in GitLab as of last quarter.BioNTech SE (BNTX), Bath & Body Works (BBWI) previously L Brands, Broadcom Ltd. (AVGO), Equifax Inc. (EFX), and Okta Inc. (OKTA): These small (less than ~2% of the portfolio each) stakes were disposed this quarter.Stake Increases:Meta Platforms (META) previously Facebook: META is currently the largest position at 11.36% of the portfolio. It was first purchased during Q3 2013 at prices between ~$24 and ~$51. The stake has wavered. Recent activity follows. There was a one-third stake increase in Q2 2021 at prices between ~$295 and ~$356. Next quarter saw a ~15% selling while Q1 2022 there was a similar increase. There was a ~50% reduction in the two quarters through Q3 2022 at prices between ~$134 and ~$232. The last two quarters saw a huge ~480% stake build-up at prices between ~$89 and ~$212. The stock currently trades at ~$271.Nvidia Corp (NVDA): NVDA is now a large (top three) 9.20% of the portfolio position. Q4 2021 had seen a ~200% stake increase at prices between ~$197 and ~$334. H1 2022 saw the stake almost eliminated at prices between ~$145 and ~$301. The position was rebuilt during the two quarters through Q3 2022 at prices between ~$112 and ~$192. The stock is now at ~$410. There was a ~7% increase this quarter.Tesla Inc. (TSLA): TSLA is currently the third largest position at 6.69% of the portfolio. It was purchased in Q1 2020 at prices between ~$28 and ~$60. Next quarter saw a ~40% selling at prices between ~$32 and ~$67. There was a stake doubling in Q3 2020 at prices between ~$81 and ~$148. The two quarters through Q1 2021 had seen a ~50% selling at prices between ~$130 and ~$293. There was one-third selling in Q3 2021 at prices between ~$214 and ~$264 while next quarter saw a similar increase at prices between ~$258 and ~$410. There was a ~17% reduction during Q3 2022 at prices between ~$227 and ~$309. The last two quarters saw a ~37% increase at prices between ~$108 and ~$309. The stock currently trades at ~$259.Moderna (MRNA): A small MRNA stake was purchased in Q1 2021 at prices between ~$109 and ~$186. There was a ~400% stake increase in the next quarter at prices between ~$130 and ~$235. Q4 2021 saw a ~30% reduction at prices between ~$226 and ~$369 while the next quarter there was a ~60% stake increase at prices between ~$127 and ~$235. The last quarter also saw a ~12% increase. The stock currently trades at ~$128 and the stake is at 6.58% of the portfolio. There was a minor ~2% increase this quarter.Netflix Inc. (NFLX): The 6.27% NFLX position is a very long term stake. It was established in 2012 at very low prices. The stake has wavered. H1 2018 saw a ~40% selling at prices between ~$210 and ~$410 while in Q1 2022 there was a ~55% stake increase at prices between ~$331 and ~$597. There was a stake doubling this quarter at prices between ~$293 and ~$368. The stock is now at ~$436.Microsoft Corporation (MSFT): MSFT is a ~6% of the portfolio stake purchased in Q3 2021 at prices between ~$277 and ~$305. There was a ~90% stake increase in the next quarter at prices between ~$283 and ~$343. The two quarters through Q3 2022 saw a ~77% reduction at prices between ~$233 and ~$315. The last quarter saw the position rebuilt at prices between ~$214 and ~$257. That was followed with a stake doubling this quarter at prices between ~$222 and ~$288. The stock currently trades at ~$334.Advanced Micro Devices (AMD): The 5.54% AMD stake saw a ~50% increase this quarter at prices between ~$62 and ~$100. The stock currently trades at ~$125.Block Inc. (SQ) previously Square: SQ is a 4.51% of the portfolio position first purchased in Q2 & Q3 2019 at prices between ~$62 and ~$82. The position has wavered. Recent activity follows. H2 2021 had seen a ~40% reduction at prices between ~$158 and ~$282. The stake was rebuilt the next quarter at prices between ~$89 and ~$164. There was a ~85% increase this quarter at prices between ~$61 and ~$88. The stock currently trades at $65.52.Alphabet Inc. (GOOG): The 4.29% GOOG stake was primarily built this quarter at prices between ~$87 and ~$109. The stock currently trades at $124.Adobe Systems (ADBE): The ~4% ADBE stake was purchased during the last three quarters at prices between ~$275 and ~$451 and it now goes for ~$479.Amazon.com (AMZN): A large stake in AMZN was built in the 2009-2011 timeframe but was sold down the next year. A similar stake build-up happened in H2 2013 at prices between ~$13 and ~$14. Next quarter saw a ~80% reduction at prices between ~$14 and ~$16. The stake has wavered. Recent activity follows. Q4 2021 saw a ~24% stake increase at prices between ~$155 and ~$185 while the next quarter there was a ~45% selling at prices between ~$136 and ~$170. Q2 2022 saw a one-third increase while in the next quarter there was a ~22% reduction. The last quarter saw a ~50% stake increase at prices between ~$82 and ~$121. The stock is now at ~$127 and it is now at 3.80% of the portfolio. This quarter also saw a ~13% increase.Lam Research (LRCX): LRCX is a 2.92% of the portfolio position established during Q3 2022 at prices between ~$366 and ~$532 and the stock currently trades at ~$626. There was a ~72% stake increase this quarter at prices between ~$414 and ~$541.Walt Disney (DIS): A huge position in DIS was built in Q2 2020 at prices between ~$94 and ~$125. The next two quarters also saw minor increases. Q1 2021 saw a ~45% selling at prices between ~$163 and ~$202. There was another similar reduction in Q1 2022 at prices between ~$129 and ~$158. The last quarter saw the position almost sold out at prices between ~$84 and ~$107. This quarter saw a ~2% of the portfolio stake built at prices between ~$89 and ~$113. The stock currently trades at ~$94.Uber Technologies (UBER): UBER had an IPO in Q2 2019. Shares started trading at ~$42 and currently goes for $41.41. Coatue’s stake goes back to a funding round in 2018 when the valuation was ~$60B. This is compared to the current market cap of ~$49B. Q4 2019 & Q1 2020 saw the stake sold down by ~90% at prices between ~$21 and ~$41. The stake was rebuilt in the Q2 to Q4 2020 time period at prices between ~$23 and ~$55. Q1 2021 saw a roughly one-third selling at prices between ~$48 and ~$63. That was followed with a ~55% reduction in Q4 2021 at prices between ~$36 and ~$48. The stake was rebuilt during the three quarters through Q3 2022 at prices between ~$20.50 and ~$45. The last quarter saw the position sold down by ~80% at prices between ~$24.40 and ~$31.60 while this quarter saw a similar increase at prices between ~$25 and ~$37. The stake is now at 1.27% of the portfolio.Applied Materials (AMAT), Charter Communications (CHTR), Crowdstrike Holdings (CRWD), DocuSign Inc. (DOCU), Intuit Inc. (INTU), NXP Semi (NXPI), PDD Holdings (PDD), and UiPath Inc. (PATH): These small (less than ~1% of the portfolio each) stakes were increased during the quarter.Stake Decreases:Endeavor Group Holdings (EDR): Endeavor Group Holdings had an IPO in April 2021. Shares started trading at ~$25 and currently go for $22.40. Coatue’s 3.58% of the portfolio stake was through a private placement prior to the IPO. There was a ~17% selling in Q3 2021 at prices between ~$23 and ~$29. That was followed with a ~18% reduction over the next two quarters at prices between ~$18 and ~$35. The last four quarters saw another ~45% selling at prices between ~$19 and ~$26.Alibaba Group Holdings (BABA): BABA is now a small ~1% of the portfolio stake. A large stake was established last quarter at prices between ~$63 and ~$94 but was sold down by ~70% this quarter at prices between ~$81 and ~$121. The stock currently trades at $87.51.Enphase Energy (ENPH): ENPH is a ~1% of the portfolio stake primarily built during Q2 2022 at prices between ~$138 and ~$216. This quarter saw a ~37% selling at prices between ~$184 and ~$253. The stock currently trades at ~$180.DoorDash (DASH), JD.com (JD), KE Holdings (KE), Pinterest Inc. (PINS), Peloton Interactive (PTON), PayPal Holdings (PYPL), Rivian Automotive (RIVN), Snowflake Inc. (SNOW), Sea Limited (SE), and Zillow Group (Z): These small (less than ~1% of the portfolio each) stakes were reduced this quarter.Below is a spreadsheet that shows the changes to Philippe Laffont's Coatue Management 13F long portfolio holdings as of Q1 2023:Source: John Vincent. Data constructed from Coatue Management’s 13F filings for Q4 2022 and Q1 2023.Regulatory filings from 12/29/2022 to 3/23/2023: 13G/As – 2/14 – BZ – Kanzhun – 1.3M shares – 0.2% of business, CFLT – 1.23M shares – 0.8% of business, EDR – Endeavor Group Holdings – 14.16M shares – 4.9% of business, GLTB – 1.61M shares – 1.8% of business."

"Tracking Philippe Laffont’s Coatue Management Portfolio – Q4 2022 Update"

"Philippe Laffont’s 13F portfolio value increased from $8.61B to $8.92B this quarter.They added Alibaba Group Holdings while reducing PayPal Holdings, Uber Technologies, and Walt Disney.Their top three positions are Moderna, Nvidia, and Tesla, and they add up to ~26% of the entire portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Coatue Management’s 13F stock portfolio on a quarterly basis. It is based on Coatue’s regulatory filed on 2/14/2023. The 13F portfolio value increased ~$8.61B to ~$8.92B this quarter. Recent 13F reports have shown around 75 individual stock positions in the portfolio. The largest five stakes are Moderna, Nvidia, Tesla, Meta Platforms, and Alibaba Group Holdings. They add up to ~36% of the entire portfolio. Please visit our series to get an idea of their investment philosophy and our previous for the fund’s moves during Q3 2022.Philippe Laffont was a telecom analyst at Tiger Management from 1996. He founded Coatue Management as a tech-focused long-short hedge fund in 1999 and is one of the most successful among the "tiger cubs". To know more about Julian Robertson and his legendary Tiger Management, check out .New Stakes:Alibaba Group Holdings (BABA): BABA is a large (top five) 4.94% of the portfolio stake established this quarter at prices between ~$63 and ~$94 and the stock currently trades above that range at ~$102.Applied Materials (AMAT), Charter Communications (CHTR), Pinduoduo (PDD), and Okta Inc. (OKTA): These are very small (less than ~1% of the portfolio each) stakes established this quarter.Stake Disposals:Visa Inc. (V): The 1.89% of the portfolio stake in Visa was established in Q4 2021 at prices between ~$190 and ~$234 and it is now at ~$226. There was a ~75% reduction during Q2 2022 at prices between ~$189 and ~$228. The last quarter saw a ~45% stake increase at prices between ~$178 and ~$217. The disposal this quarter was at prices between ~$178 and ~$218.Lucid Group (LCID): LCID was a small 0.60% of the portfolio stake purchased during H1 2022 at prices between ~$14 and ~$46. It is now well below that range at $8.03. There was a ~50% selling last quarter at prices between ~$14 and ~$22. The disposal this quarter was at prices between $6.15 and $14.30.Airbnb Inc. (ABNB), DataDog Inc. (DDOG), Monday.com (MNDY), Nikola Corp (NKLA), Paramount Global (PARA) previously ViacomCBS, Palo Alto Networks (PANW), Shopify (SHOP), Workday (WDAY), and Zoom Video (ZM): These very small (less than ~1% of the portfolio) stakes were dropped this quarter.Stake Increases:Moderna (MRNA): A small MRNA stake was purchased in Q1 2021 at prices between ~$109 and ~$186. There was a ~400% stake increase next quarter at prices between ~$130 and ~$235. Q4 2021 saw a ~30% reduction at prices between ~$226 and ~$369 while next quarter there was a ~60% stake increase at prices between ~$127 and ~$235. This quarter also saw a ~12% increase. The stock currently trades at ~$160 and it is the largest 13F stake at ~13% of the portfolio.Nvidia Corp (NVDA): NVDA is now a large (top three) 7.60% of the portfolio position. Q4 2021 had seen a ~200% stake increase at prices between ~$197 and ~$334. H1 2022 saw the stake almost eliminated at prices between ~$145 and ~$301. The position was rebuilt during the last two quarters at prices between ~$112 and ~$192. The stock is now at ~$276.Tesla Inc. (TSLA): TSLA is currently the third largest position at ~6% of the portfolio. It was purchased in Q1 2020 at prices between ~$28 and ~$60. Next quarter saw a ~40% selling at prices between ~$32 and ~$67. There was a stake doubling in Q3 2020 at prices between ~$81 and ~$148. The two quarters through Q1 2021 had seen a ~50% selling at prices between ~$130 and ~$293. There was a one-third selling in Q3 2021 at prices between ~$214 and ~$264 while next quarter saw a similar increase at prices between ~$258 and ~$410. There was a ~17% reduction last quarter at prices between ~$227 and ~$309. This quarter saw a similar increase at prices between ~$109 and ~$229. The stock currently trades at ~$185.Meta Platforms (META) previously Facebook: META is a 5.10% of the portfolio position first purchased in Q3 2013 at prices between ~$24 and ~$51. The stake has wavered. Recent activity follows. There was a one-third stake increase in Q2 2021 at prices between ~$295 and ~$356. Next quarter saw a ~15% selling while Q1 2022 there was a similar increase. There was a ~50% reduction in the last two quarters at prices between ~$134 and ~$232. This quarter saw a ~170% stake increase at prices between ~$89 and ~$138. The stock currently trades at ~$215.Amazon.com (AMZN): A large stake in AMZN was built in the 2009-2011 timeframe but was sold down next year. A similar stake build-up happened in H2 2013 at prices between ~$13 and ~$14. Next quarter saw a ~80% reduction at prices between ~$14 and ~$16. The stake has wavered. Recent activity follows. Q4 2021 saw a ~24% stake increase at prices between ~$155 and ~$185 while next quarter there was a ~45% selling at prices between ~$136 and ~$170. Q2 2022 saw a one-third increase while last quarter there was a ~22% reduction. This quarter saw a ~50% stake increase at prices between ~$82 and ~$121. The stock is now at ~$102 and it is now at 4.63% of the portfolio.Netflix Inc. (NFLX): The 4.42% NFLX position is a very long term stake. It was established in 2012 at very low prices. The stake has wavered. H1 2018 saw a ~40% selling at prices between ~$210 and ~$410 while in Q1 2022 there was a ~55% stake increase at prices between ~$331 and ~$597. The stock is now at ~$339. The last two quarters saw a ~20% trimming while this quarter saw a ~15% stake increase.Adobe Systems (ADBE): The 4.39% ADBE stake was purchased during the last two quarters at prices between ~$275 and ~$451 and it now goes for ~$376.Microsoft Corporation (MSFT): MSFT is a 4.25% of the portfolio stake purchased in Q3 2021 at prices between ~$277 and ~$305. There was a ~90% stake increase next quarter at prices between ~$283 and ~$343. The last two quarters saw a ~77% reduction at prices between ~$233 and ~$315. This quarter saw the position rebuilt at prices between ~$214 and ~$257. The stock currently trades at ~$289.Block Inc. (SQ) previously Square: SQ is a 3.79% of the portfolio position first purchased in Q2 & Q3 2019 at prices between ~$62 and ~$82. The position has wavered. Recent activity follows. H2 2021 had seen a ~40% reduction at prices between ~$158 and ~$282. The stake was rebuilt next quarter at prices between ~$89 and ~$164. Q2 2022 saw a ~18% trimming while the last two quarters saw a ~10% stake increase. The stock currently trades at $66.36.JD.com (JD): JD.com is a 2.55% of the portfolio position purchased in Q3 2021 at prices between ~$62 and ~$83. Next two quarters saw a ~55% reduction at prices between ~$43 and ~$88 while during Q2 2022 there was a ~75% increase at prices between ~$49 and ~$67. The position was again sold down by ~55% last quarter at prices between ~$50 and ~$66. There was a ~43% stake increase this quarter at prices between ~$37 and ~$60. The stock currently trades at ~$40.Lam Research (LRCX) and: LRCX is a 2.27% of the portfolio position established last quarter at prices between ~$366 and ~$532 and the stock currently trades at ~$508. There was a ~12% stake increase this quarter.Advanced Micro Devices (AMD), BioNTech SE (BNTX), DocuSign Inc. (DOCU), Intuit Inc. (INTU), and Peloton Interactive (PTON): These small (less than ~1% of the portfolio each) stakes were increased during the quarter.Stake Decreases:Endeavor Group Holdings (EDR): Endeavor Group Holdings had an IPO last April. Shares started trading at ~$25 and currently goes for $23.90. Coatue’s 3.58% of the portfolio stake was through a private placement prior to the IPO. There was a ~17% selling in Q3 2021 at prices between ~$23 and ~$29. That was followed with a ~18% reduction over the next two quarters at prices between ~$18 and ~$35. The last three quarters have also seen a ~17% trimming.Note: They have a ~5% ownership stake in the business.Enphase Energy (ENPH): ENPH is a 3.39% of the portfolio stake primarily built during Q2 2022 at prices between ~$138 and ~$216. The stock currently trades at ~$196. There was a ~18% trimming over the last two quarters.Rivian Automotive (RIVN): The RIVN stake is now at 1.72% of the portfolio. They had an IPO last November. Shares started trading at ~$100 and currently goes for $14.81. Coatue’s stake goes back to funding rounds starting from July 2020 when the valuation was ~$10B. This is compared to current valuation of ~$3.7B. There was a ~40% selling during Q2 2022 at prices between ~$20 and ~$47. This quarter saw a ~60% reduction at prices between ~$17 and ~$35.DoorDash (DASH): DASH is now a 1.53% of the portfolio stake. They had an IPO in December 2020. Shares started trading at ~$165 and currently goes for $61.58. Coatue’s stake goes back to funding rounds from August 2018 when the valuation was ~$4B. This is compared to current valuation of ~$15B. There was a ~70% selling in Q4 2021 at prices between ~$144 and ~$246 while next quarter saw a similar increase at prices between ~$76 and ~$145. The zig-zag trading pattern continued during Q2 2022: ~80% reduction at prices between ~$58 and ~$127. That was followed with a ~200% stake increase last quarter at prices between ~$49.50 and ~$81. There was marginal trimming this quarter.PayPal Holdings (PYPL): The 1.28% PYPL stake was built in H1 2016 at prices between ~$31 and ~$37. The stock has wavered. Recent activity follows. Q3 2021 saw a ~22% reduction at prices between ~$259 and ~$309. The three quarters through Q2 2022 saw another ~58% selling at prices between ~$70 and $272. The last quarter saw a ~276% stake increase at prices between ~$70 and ~$102. This quarter saw a roughly two-thirds selling at prices between ~$67.50 and ~$91. The stock is now at $74.52.Uber Technologies (UBER): UBER had an IPO in Q2 2019. Shares started trading at ~$42 and currently goes for $31.74. Coatue’s stake goes back to a funding round in 2018 when the valuation was ~$60B. This is compared to the current market cap of ~$49B. Q4 2019 & Q1 2020 saw the stake sold down by ~90% at prices between ~$21 and ~$41. The stake was rebuilt in the Q2 to Q4 2020 time period at prices between ~$23 and ~$55. Q1 2021 saw a roughly one-third selling at prices between ~$48 and ~$63. That was followed with a ~55% reduction in Q4 2021 at prices between ~$36 and ~$48. The stake was rebuilt during the last three quarters at prices between ~$20.50 and ~$45. This quarter saw the position sold down by ~80% at prices between ~$24.40 and ~$31.60. The stake is now at ~1% of the portfolio.Zillow Group (Z): The 0.57% Zillow stake was built in H2 2020 at prices between ~$60 and ~$140. Q4 2021 saw a ~72% selling at prices between ~$53 and ~$104 while next quarter there was a similar increase at prices between ~$46 and ~$65. There was a ~50% reduction this quarter at prices between ~$27 and ~$39. The stock is now at ~$45.Snowflake Inc. (SNOW): SNOW is a ~1% of the portfolio stake. They had an IPO last September. Shares started trading at $229 and currently goes for ~$148. Coatue’s original stake goes back to a third-party tender offer that closed in March 2020. The valuation per the Series G funding round around that time was ~$12.5B. This is compared to current valuation of ~$40B. There was a ~30% stake increase in Q1 2021 at prices between ~$209 and ~$314 while the next three quarters saw a ~60% selling at prices between ~$188 and ~$402. There was a ~25% stake increase in Q1 2022 at prices between ~$167 and ~$332. The last three quarters saw the position reduced by ~90% at prices between ~$113 and ~$241.Walt Disney (DIS): DIS is now a minutely small 0.14% of the portfolio stake. A huge position was built in Q2 2020 at prices between ~$94 and ~$125. The next two quarters also saw minor increases. Q1 2021 saw a ~45% selling at prices between ~$163 and ~$202. There was another similar reduction in Q1 2022 at prices between ~$129 and ~$158. This quarter saw the position almost sold out at prices between ~$84 and ~$107. The stock currently trades at ~$101.Crowdstrike Holdings (CRWD), KE Holdings (KE), Pinterest Inc. (PINS), Sea Limited (SE), and UiPath Inc. (PATH): These small (less than ~1% of the portfolio each) stakes were reduced this quarter.Kept Steady:GitLab Inc. (GTLB): GitLab had an IPO in October 2021. Shares started trading at ~$104 and currently goes for $33.58. Coatue’s stake goes back to a Series E funding round when the valuation was ~$2.75B. The current valuation is ~$4.2B. There was a ~18% trimming in Q1 2022.Note: They have a ~11% ownership stake in GitLab.Bath & Body Works (BBWI) previously L Brands, Broadcom Ltd. (AVGO), Equifax Inc. (EFX), and NXP Semi (NXPI): These small (less than ~1.75% of the portfolio each) stakes were kept steady this quarter.Below is a spreadsheet that shows the changes to Philippe Laffont's Coatue Management 13F long portfolio holdings as of Q4 2022:Source: John Vincent. Data constructed from Coatue Management’s 13F filings for Q3 2022 and Q4 2022.Regulatory filings from 9/4/2022 to 12/29/2022: None."

"Tracking Philippe Laffont’s Coatue Management Portfolio – Q3 2022 Update"

"Philippe Laffont’s 13F portfolio value increased from $8.26B to $8.61B this quarter.They increased Uber Technologies, Nvidia, and PayPal Holdings while decreasing Tesla, Meta Platforms, Microsoft, and Snowflake. They also dropped Alibaba Group Holdings.Their top three positions are Tesla, Moderna, and Rivian Automotive, and they add up to ~26% of the entire portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Coatue Management’s 13F stock portfolio on a quarterly basis. It is based on Coatue’s regulatory filed on 11/14/2022. The 13F portfolio value increased ~4% from $8.26B to $8.61B this quarter. Recent 13F reports have shown around 75 individual stock positions in the portfolio. The largest five stakes are Tesla, Moderna, Rivian Automotive, Uber Technologies, Nvidia. They add up to ~36% of the entire portfolio. Please visit our series to get an idea of their investment philosophy and our previous for the fund’s moves during Q2 2022.Philippe Laffont was a telecom analyst at Tiger Management from 1996. He founded Coatue Management as a tech-focused long-short hedge fund in 1999 and is one of the most successful among the "tiger cubs". To know more about Julian Robertson and his legendary Tiger Management, check out .New Stakes:Lam Research (LRCX) and Adobe Systems (ADBE): LRCX is a 1.83% of the portfolio position established this quarter at prices between ~$366 and ~$532 and the stock currently trades at ~$421. The 1.27% ADBE stake was purchased at prices between ~$275 and ~$451 and it now goes for ~$338.Airbnb Inc. (ABNB), Intuit Inc. (INTU), NXP Semi (NXPI), and Advanced Micro Devices (AMD): These are very small (less than ~0.65% of the portfolio each) stakes established this quarter.Stake Disposals:Alibaba Group Holdings (BABA): The 2.27% BABA stake was built last quarter at prices between ~$81 and ~$120. The disposal this quarter was at prices between ~$78 and ~$122. The stock is now at ~$89.Veeva Systems (VEEV): The ~1% VEEV stake was established last quarter at prices between ~$153 and ~$216. The elimination this quarter was at prices between ~$158 and ~$232. The stock currently trades at ~$163Roblox Corp (RBLX): Roblox had an IPO last March. Shares started trading at ~$69.50 and currently goes for ~$27. The 2.25% stake was acquired at prices between ~$64 and ~$100. Q1 2022 saw a ~60% selling at prices between ~$70 and ~$135 while last quarter there was a similar increase at prices between ~$37 and ~$99. The stake was sold this quarter at prices between ~$35 and ~$51.XPeng Inc. (XPEV): The very small 0.87% stake XPEV was sold during the quarter.Stake Increases:Rivian Automotive (RIVN): RIVN is the third-largest position in the portfolio at 7.49%. They had an IPO last November. Shares started trading at ~$100 and currently goes for $18.73. Coatue’s stake goes back to funding rounds starting from July 2020 when the valuation was ~$10B. This is compared to current valuation of ~$5B. There was a ~40% selling last quarter at prices between ~$20 and ~$47. This quarter saw a minor ~4% increase.Uber Technologies (UBER): UBER had an IPO in Q2 2019. Shares started trading at ~$42 and currently goes for $24.91. Coatue’s stake goes back to a funding round in 2018 when the valuation was ~$60B. This is compared to the current market cap of ~$49B. Q4 2019 & Q1 2020 saw the stake sold down by ~90% at prices between ~$21 and ~$41. The stake was rebuilt in the Q2 to Q4 2020 time period at prices between ~$23 and ~$55. Q1 2021 saw a roughly one-third selling at prices between ~$48 and ~$63. That was followed with a ~55% reduction in Q4 2021 at prices between ~$36 and ~$48. The stake was rebuilt this year at prices between ~$20.50 and ~$45. The stake is now at 5.12% of the portfolio.Nvidia Corp (NVDA): NVDA is now at 4.77% of the portfolio. Q4 2021 had seen a ~200% stake increase at prices between ~$197 and ~$334. Last two quarters saw the stake almost eliminated at prices between ~$145 and ~$301. The position was rebuilt this quarter at prices between ~$121 and ~$192. The stock is now at ~$146.PayPal Holdings (PYPL): The 4.69% PYPL stake was built in H1 2016 at prices between ~$31 and ~$37. The stock has wavered. Recent activity follows. Q3 2021 saw a ~22% reduction at prices between ~$259 and ~$309. Last three quarters had seen another ~58% selling at prices between ~$70 and $272. This quarter saw a ~276% stake increase at prices between ~$70 and ~$102. The stock is now at $70.56.Block Inc. (SQ) previously Square: SQ is a 3.18% of the portfolio position first purchased in Q2 & Q3 2019 at prices between ~$62 and ~$82. The position has wavered. Recent activity follows. H2 2021 had seen a ~40% reduction at prices between ~$158 and ~$282. The stake was rebuilt next quarter at prices between ~$89 and ~$164. Last quarter saw a ~18% trimming while this quarter there was a minor ~3% stake increase. The stock currently trades at ~$63.Visa Inc. (V): The 1.89% of the portfolio stake in Visa was established in Q4 2021 at prices between ~$190 and ~$234 and it is now at ~$208. There was a ~75% reduction last quarter at prices between ~$189 and ~$228. This quarter saw a ~45% stake increase at prices between ~$178 and ~$217.DoorDash (DASH): DASH is now a 1.62% of the portfolio stake. They had an IPO in December 2020. Shares started trading at ~$165 and currently goes for $49.58. Coatue’s stake goes back to funding rounds from August 2018 when the valuation was ~$4B. This is compared to current valuation of ~$15B. There was a ~70% selling in Q4 2021 at prices between ~$144 and ~$246 while next quarter saw a similar increase at prices between ~$76 and ~$145. The zig-zag trading pattern continued last quarter: ~80% reduction at prices between ~$58 and ~$127. That was followed with a ~200% stake increase this quarter at prices between ~$49.50 and ~$81.DocuSign Inc. (DOCU), Peloton Interactive (PTON), Palo Alto Networks (PANW), Shopify (SHOP), Workday (WDAY), and Zoom Video (ZM): These small (less than ~1% of the portfolio each) stakes were increased during the quarter.Stake Decreases:Tesla Inc. (TSLA): TSLA is currently the largest position at ~11% of the portfolio. It was purchased in Q1 2020 at prices between ~$28 and ~$60. Next quarter saw a ~40% selling at prices between ~$32 and ~$67. There was a stake doubling in Q3 2020 at prices between ~$81 and ~$148. The two quarters through Q1 2021 had seen a ~50% selling at prices between ~$130 and ~$293. There was a one-third selling in Q3 2021 at prices between ~$214 and ~$264 while next quarter saw a similar increase at prices between ~$258 and ~$410. There was a ~17% reduction this quarter at prices between ~$227 and ~$309. The stock currently trades at ~$122.Amazon.com (AMZN): A large stake in AMZN was built in the 2009-2011 timeframe but was sold down next year. A similar stake build-up happened in H2 2013 at prices between ~$13 and ~$14. Next quarter saw a ~80% reduction at prices between ~$14 and ~$16. The stake has wavered. Recent activity follows. Q4 2021 saw a ~24% stake increase at prices between ~$155 and ~$185 while next quarter there was a ~45% selling at prices between ~$136 and ~$170. Last quarter saw a one-third increase while this quarter there was a ~22% reduction. The stock is now at ~$84 and it is now at 4.24% of the portfolio.Enphase Energy (ENPH): ENPH is a 3.87% of the portfolio stake primarily built last quarter at prices between ~$138 and ~$216. The stock currently trades well above that range at ~$266. There was a ~12% trimming this quarter.Endeavor Group Holdings (EDR): Endeavor Group Holdings had an IPO last April. Shares started trading at ~$25 and currently goes for $21.93. Coatue’s 3.74% of the portfolio stake was through a private placement prior to the IPO. There was a ~17% selling in Q3 2021 at prices between ~$23 and ~$29. That was followed with a ~18% reduction over the next two quarters at prices between ~$18 and ~$35. Last two quarters have also seen minor trimming.Note: They have a ~6.5% ownership stake in the business.Netflix Inc. (NFLX): The 3.18% NFLX position is a very long term stake. It was established in 2012 at very low prices. The stake has wavered. H1 2018 saw a ~40% selling at prices between ~$210 and ~$410 while in Q1 2022 there was a ~55% stake increase at prices between ~$331 and ~$597. The stock is now at ~$291. Last quarter saw a ~14% selling and that was followed with a ~6% trimming this quarter.Meta Platforms (META) previously Facebook: META is a 2.19% of the portfolio position first purchased in Q3 2013 at prices between ~$24 and ~$51. The stake has wavered. Recent activity follows. There was a one-third stake increase in Q2 2021 at prices between ~$295 and ~$356. Next quarter saw a ~15% selling while Q1 2022 there was a similar increase. There was a ~50% reduction in the last two quarters at prices between ~$134 and ~$232. The stock currently trades at ~$120.JD.com (JD): JD.com is a 1.65% of the portfolio position purchased in Q3 2021 at prices between ~$62 and ~$83. Next two quarters saw a ~55% reduction at prices between ~$43 and ~$88 while last quarter there was a ~75% increase at prices between ~$49 and ~$67. The position was again sold down by ~55% this quarter at prices between ~$50 and ~$66. The stock currently trades at ~$57.Microsoft Corporation (MSFT): MSFT is a 1.17% of the portfolio stake purchased in Q3 2021 at prices between ~$277 and ~$305. There was a ~90% stake increase next quarter at prices between ~$283 and ~$343. Last two quarters saw a ~77% reduction at prices between ~$233 and ~$315. The stock currently trades at ~$241.Snowflake Inc. (SNOW): SNOW is a ~1% of the portfolio stake. They had an IPO last September. Shares started trading at $229 and currently goes for ~$142. Coatue’s original stake goes back to a third-party tender offer that closed in March 2020. The valuation per the Series G funding round around that time was ~$12.5B. This is compared to current valuation of ~$40B. There was a ~30% stake increase in Q1 2021 at prices between ~$209 and ~$314 while the next three quarters saw a ~60% selling at prices between ~$188 and ~$402. There was a ~25% stake increase in Q1 2022 at prices between ~$167 and ~$332. Last two quarters saw a ~80% selling at prices between ~$113 and ~$241.Lucid Group (LCID): LCID is a small 0.60% of the portfolio stake purchased during the last two quarters at prices between ~$14 and ~$46. It is now well below that range at $6.70. There was a ~50% selling this quarter at prices between ~$14 and ~$22.Sea Limited (SE): SE is a 0.54% of the portfolio position built in H2 2019 at prices between ~$28 and ~$40. H1 2020 saw a ~45% selling at prices between ~$38 and ~$110. That was followed with another ~40% selling over the two quarters through Q3 2021 at prices between ~$202 and ~$353. Last two quarters saw a two-thirds reduction at prices between ~$57 and ~$133. The stock currently trades at $52.81.DataDog Inc. (DDOG), KE Holdings (KE), Novavax Inc. (NVAX), Nikola Corp (NKLA), Paramount Global (PARA) previously ViacomCBS, Pinterest Inc. (PINS), Sofi Technologies (SOFI), UiPath Inc. (PATH), and UpStart Holdings (UPST): These very small (less than ~1% of the portfolio each) positions were reduced during the quarter.Kept Steady:Moderna (MRNA): A small MRNA stake was purchased in Q1 2021 at prices between ~$109 and ~$186. There was a ~400% stake increase next quarter at prices between ~$130 and ~$235. Q4 2021 saw a ~30% reduction at prices between ~$226 and ~$369 while next quarter there was a ~60% stake increase at prices between ~$127 and ~$235. The stock currently trades at ~$179 and the stake is a top-three position at 7.83% of the portfolio.Walt Disney (DIS): DIS is a 3.39% of the portfolio stake. A huge position was built in Q2 2020 at prices between ~$94 and ~$125. The next two quarters also saw minor increases. Q1 2021 saw a ~45% selling at prices between ~$163 and ~$202. There was another similar reduction in Q1 2022 at prices between ~$129 and ~$158. The stock currently trades at ~$87.Zillow Group (Z): The ~1% Zillow stake was built in H2 2020 at prices between ~$60 and ~$140. Q4 2021 saw a ~72% selling at prices between ~$53 and ~$104 while next quarter there was a similar increase at prices between ~$46 and ~$65. The stock is now at ~$32.GitLab Inc. (GTLB): GitLab had an IPO in October 2021. Shares started trading at ~$104 and currently goes for $45.95. Coatue’s stake goes back to a Series E funding round when the valuation was ~$2.75B. The current valuation is ~$5.6B. There was a ~18% trimming in Q1 2022.Note: They have a ~11% ownership stake in GitLab.Bath & Body Works (BBWI) previously L Brands, BioNTech SE (BNTX), Broadcom Ltd. (AVGO), Crowdstrike Holdings (CRWD), Equifax Inc. (EFX), and Monday.com (MNDY): These small (less than ~1.75% of the portfolio each) stakes were kept steady this quarter.The rest of the stakes in the portfolio are minutely small. They are Agora Inc. (API), AMC Entertainment (AMC), Applied Materials (AMAT), ASML Holding (ASML), Beyond Meat (BYND), Carvana (CVNA), Confluent Inc. (CFLT), Dingdong Cayman (DDL), Farfetch Ltd. (FTCH), Fisker Inc. (FSR), Freshworks (FRSH), GameStop (GME), Grab Holdings (GRAB), HashiCorp Inc. (HCP), Hertz Global (HTZ), Kanzhun Ltd. (BZ), Lyft Inc. (LYFT), Melco Resorts (MLCO), Mercadolibre (MELI), Novavax Inc. (NVAX), Okta Inc. (OKTA), Pinduoduo (PDD), QuantumScape (QS), RingCentral (RNG), Singular Genomics (OMIC), Snap Inc. (SNAP), Stitch Fix Inc. (SFIX), Synaptics (SYNA), Trip.com (TCOM), Twilio (TWLO), and Victoria’s Secret (VSCO).Below is a spreadsheet that shows the changes to Philippe Laffont's Coatue Management 13F long portfolio holdings as of Q3 2022:Source: John Vincent. Data constructed from Coatue Management’s 13F filings for Q2 2022 and Q3 2022."

"Tracking Philippe Laffont’s Coatue Management Portfolio – Q2 2022 Update"

"Philippe Laffont’s 13F portfolio value decreased from $13.67B to $8.26B this quarter.They increased Amazon.com, JD.com, Enphase Energy, Alibaba Group Holdings, and Lucid Group while reducing Rivian Automotive, Visa, Snowflake, Sea Ltd., DoorDash, Nvidia, and Roblox.Their top three positions are Tesla, Moderna, and Rivian Automotive, and they add up to ~27% of the entire portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Coatue Management’s 13F stock portfolio on a quarterly basis. It is based on Coatue’s regulatory filed on 8/15/2022. The 13F portfolio value decreased ~40% from $13.67B to $8.26B this quarter. Recent 13F reports have shown around 70 individual stock positions in the portfolio. The largest five stakes are Tesla, Moderna, Rivian Automotive, Amazon.com, and JD.com. They add up to ~38% of the entire portfolio. Please visit our series to get an idea of their investment philosophy and our previous for the fund’s moves during Q1 2022.Philippe Laffont was a telecom analyst at Tiger Management from 1996. He founded Coatue Management as a tech-focused long-short hedge fund in 1999 and is one of the most successful among the "tiger cubs". To know more about Julian Robertson and his legendary Tiger Management, check out .New Stakes:DataDog Inc. (DDOG), Veeva Systems (VEEV), UiPath Inc. (PATH), Sofi Technologies (SOFI), and UpStart Holdings (UPST): DDOG is a ~1% of the portfolio position purchased this quarter at prices between ~$82 and ~$157 and the stock currently trades at $90.94. The ~1% VEEV stake was established at prices between ~$153 and ~$216 and it is now at ~$167. PATH is a 0.93% of the portfolio position purchased at prices between ~$14 and ~$23 and it is now below the low end of that range at $12.75. The 0.93% SOFI stake was established at prices between $5.25 and $9.77 and it currently goes for $5.13. UPST is a 0.90% of the portfolio position purchased at prices between ~$28 and ~$114 and it currently trades well below that range at $20.54.Equifax Inc. (EFX) and Monday.com (MNDY): These two very small (less than ~0.65% of the portfolio each) stakes were established this quarter.Stake Increases:Amazon.com (AMZN): A large stake in AMZN was built in the 2009-2011 timeframe but was sold down next year. A similar stake build-up happened in H2 2013 at prices between ~$13 and ~$14. Next quarter saw a ~80% reduction at prices between ~$14 and ~$16. The stake has wavered. Recent activity follows. Q4 2021 saw a ~24% stake increase at prices between ~$155 and ~$185 while last quarter there was a ~45% selling at prices between ~$136 and ~$170. The stock is now at ~$116 and it is now at 5.29% of the portfolio.JD.com (JD): JD.com is a ~5% of the portfolio position purchased in Q3 2021 at prices between ~$62 and ~$83. Last two quarters saw a ~55% reduction at prices between ~$43 and ~$88 while this quarter there was a ~75% increase at prices between ~$49 and ~$67. The stock currently trades at $49.52.Enphase Energy (ENPH): ENPH is a 3.23% of the portfolio stake primarily built this quarter at prices between ~$138 and ~$216. The stock currently trades well above that range at $287.Uber Technologies (UBER): UBER had an IPO in Q2 2019. Shares started trading at ~$42 and currently goes for $26.72. Coatue’s stake goes back to a funding round in 2018 when the valuation was ~$60B. This is compared to the current market cap of ~$44B. Q4 2019 & Q1 2020 saw the stake sold down by ~90% at prices between ~$21 and ~$41. The stake was rebuilt in the Q2 to Q4 2020 time period at prices between ~$23 and ~$55. Q1 2021 saw a roughly one-third selling at prices between ~$48 and ~$63. That was followed with a ~55% reduction in Q4 2021 at prices between ~$36 and ~$48. The stake was rebuilt last quarter at prices between ~$29 and ~$45. This quarter also saw a ~13% increase. The stake is now at 2.52% of the portfolio.Alibaba Group Holdings (BABA): The 2.27% BABA stake was built this quarter at prices between ~$81 and ~$120 and the stock is now just below that range at $80.45.Lucid Group (LCID): LCID is a small 1.54% of the portfolio stake purchased during the last two quarters at prices between ~$14 and ~$46. It is now near the bottom of that range at $14.09.KE Holdings (KE), Novavax Inc. (NVAX), Nikola Corp (NKLA), and Pinterest Inc. (PINS): These small (less than ~1.10% of the portfolio each) stakes were increased during the quarter.Stake Decreases:Tesla Inc. (TSLA): TSLA is currently the largest position at ~12% of the portfolio. It was purchased in Q1 2020 at prices between ~$28 and ~$60. Next quarter saw a ~40% selling at prices between ~$32 and ~$67. There was a stake doubling in Q3 2020 at prices between ~$81 and ~$148. The two quarters through Q1 2021 had seen a ~50% selling at prices between ~$130 and ~$293. There was a one-third selling in Q3 2021 at prices between ~$214 and ~$264 while next quarter saw a similar increase at prices between ~$258 and ~$410. The stock currently trades at ~$242. Last two quarters have seen only minor adjustments.Moderna (MRNA): A small MRNA stake was purchased in Q1 2021 at prices between ~$109 and ~$186. There was a ~400% stake increase next quarter at prices between ~$130 and ~$235. Q4 2021 saw a ~30% reduction at prices between ~$226 and ~$369 while last quarter there was a ~60% stake increase at prices between ~$127 and ~$235. The stock currently trades at ~$121 and the stake is a top-three position at 9.86% of the portfolio.Rivian Automotive (RIVN): RIVN is the third-largest position in the portfolio at ~6%. They had an IPO last November. Shares started trading at ~$100 and currently goes for $31.89. Coatue’s stake goes back to funding rounds starting from July 2020 when the valuation was ~$10B. This is compared to current valuation of ~$17B. There was a ~40% selling this quarter at prices between ~$20 and ~$47.Endeavor Group Holdings (EDR): Endeavor Group Holdings had an IPO last April. Shares started trading at ~$25 and currently goes for $20.23. Coatue’s 4.22% of the portfolio stake was through a private placement prior to the IPO. There was a ~17% selling in Q3 2021 at prices between ~$23 and ~$29. That was followed with a ~18% reduction over the last two quarters at prices between ~$18 and ~$35. There was marginal trimming this quarter.Note: They have a ~7% ownership stake in the business.Meta Platforms (META) previously Facebook: META is a 4.16% of the portfolio position first purchased in Q3 2013 at prices between ~$24 and ~$51. The stake has wavered. Recent activity follows. There was a one-third stake increase in Q2 2021 at prices between ~$295 and ~$356. Next quarter saw a ~15% selling while last quarter there was a similar increase. There was a ~25% reduction this quarter at prices between ~$156 and ~$234. The stock currently trades at ~$139.Microsoft Corporation (MSFT): MSFT is a 3.87% of the portfolio stake purchased in Q3 2021 at prices between ~$277 and ~$305. There was a ~90% stake increase next quarter at prices between ~$283 and ~$343. This quarter saw a ~35% reduction at prices between ~$242 and ~$315. The stock currently trades at ~$241.Block Inc. (SQ) previously Square: SQ is a 3.58% of the portfolio position first purchased in Q2 & Q3 2019 at prices between ~$62 and ~$82. The position has wavered. Recent activity follows. H2 2021 had seen a ~40% reduction at prices between ~$158 and ~$282. The stake was rebuilt last quarter at prices between ~$89 and ~$164. The stock currently trades at $55.78. This quarter saw a ~18% trimming.Netflix Inc. (NFLX): The 2.62% NFLX position is a very long term stake. It was established in 2012 at very low prices. The stake has wavered. H1 2018 saw a ~40% selling at prices between ~$210 and ~$410 while last quarter there was a ~55% stake increase at prices between ~$331 and ~$597. The stock is now at ~$239. This quarter saw a ~14% trimming.Visa Inc. (V): The 1.51% of the portfolio stake in Visa was established in Q4 2021 at prices between ~$190 and ~$234 and it is now at ~$182. There was a ~75% reduction this quarter at prices between ~$189 and ~$228.Snowflake Inc. (SNOW): SNOW is a 1.37% of the portfolio stake. They had an IPO last September. Shares started trading at $229 and currently goes for ~$173. Coatue’s original stake goes back to a third-party tender offer that closed in March 2020. The valuation per the Series G funding round around that time was ~$12.5B. This is compared to current valuation of ~$41B. There was a ~30% stake increase in Q1 2021 at prices between ~$209 and ~$314 while the next three quarters saw a ~60% selling at prices between ~$188 and ~$402. There was a ~25% stake increase last quarter at prices between ~$167 and ~$332. This quarter saw a ~70% selling at prices between ~$113 and ~$241.PayPal Holdings (PYPL): The ~1% PYPL stake was built in H1 2016 at prices between ~$31 and ~$37. The stock has wavered. Recent activity follows. Q3 2021 saw a ~22% reduction at prices between ~$259 and ~$309. Last three quarters have seen another ~58% selling at prices between ~$70 and $272. The stock is now at $87.18.Sea Limited (SE): SE is a 0.75% of the portfolio position built in H2 2019 at prices between ~$28 and ~$40. H1 2020 saw a ~45% selling at prices between ~$38 and ~$110. That was followed with another ~40% selling over the two quarters through Q3 2021 at prices between ~$202 and ~$353. This quarter saw another ~60% reduction at prices between ~$57 and ~$133. The stock currently trades at $55.29.DoorDash (DASH): DASH is now a 0.73% of the portfolio stake. They had an IPO in December 2020. Shares started trading at ~$165 and currently goes for $50.52. Coatue’s stake goes back to funding rounds from August 2018 when the valuation was ~$4B. This is compared to current valuation of ~$15B. There was a ~70% selling in Q4 2021 at prices between ~$144 and ~$246 while last quarter saw a similar increase at prices between ~$76 and ~$145. The zig-zag trading pattern continued this quarter: ~80% reduction at prices between ~$58 and ~$127.Roblox Corp (RBLX): Roblox had an IPO last March. Shares started trading at ~$69.50 and currently goes for $36.41. The 2.25% stake was acquired at prices between ~$64 and ~$100. Last quarter saw a ~60% selling at prices between ~$70 and ~$135 while this quarter there was a similar increase at prices between ~$37 and ~$99.Nvidia Corp (NVDA): NVDA is now a minutely small 0.09% of the portfolio stake. Q4 2021 had seen a ~200% stake increase at prices between ~$197 and ~$334. Last quarter saw a ~45% selling at prices between ~$213 and ~$301. The position was sold down this quarter at prices between ~$145 and ~$274. The stock is now at ~$125.DocuSign Inc. (DOCU), Peloton Interactive (PTON), and XPeng Inc. (XPEV): These very small (less than ~1% of the portfolio each) positions were reduced during the quarter.Kept Steady:Walt Disney (DIS): DIS is a 3.54% of the portfolio stake. A huge position was built in Q2 2020 at prices between ~$94 and ~$125. The next two quarters also saw minor increases. Q1 2021 saw a ~45% selling at prices between ~$163 and ~$202. There was another similar reduction last quarter at prices between ~$129 and ~$158. The stock currently trades at ~$97.Zillow Group (Z): The 1.17% Zillow stake was built in H2 2020 at prices between ~$60 and ~$140. Q4 2021 saw a ~72% selling at prices between ~$53 and ~$104 while last quarter there was a similar increase at prices between ~$46 and ~$65. The stock is now at $29.48.GitLab Inc. (GTLB): GitLab had an IPO in October 2021. Shares started trading at ~$104 and currently goes for $51.22. Coatue’s stake goes back to a Series E funding round when the valuation was ~$2.75B. The current valuation is ~$6.75B. There was a ~18% trimming last quarter.Note: They have a ~11% ownership stake in GitLab.Paramount Global (PARA) previously ViacomCBS: The small 0.65% PARA stake was primarily built last quarter at prices between ~$28 and ~$39. The stock currently trades well below that range at $19.62.Bath & Body Works (BBWI) previously L Brands, BioNTech SE (BNTX), Broadcom Ltd. (AVGO), Crowdstrike Holdings (CRWD), and Palo Alto Networks (PANW): These small (less than ~2% of the portfolio each) stakes were kept steady this quarter.The rest of the stakes in the portfolio are minutely small. They are Agora Inc. (API), AMC Entertainment (AMC), Beyond Meat (BYND), Carvana (CVNA), Confluent Inc. (CFLT), Dexcom Inc. (DXCM), Dingdong Cayman (DDL), GameStop (GME), GDS Holdings (GDS), Ginkgo Bioworks (DNA), Grab Holdings (GRAB), HashiCorp Inc. (HCP), Hertz Global (HTZ), Huazhu Group, Kanzhun Ltd. (BZ), Li Auto (LI), Mercadolibre (MELI), Peloton Interactive (PTON), Pinduoduo (PDD), QuantumScape (QS), Ribbit LEAP (LEAP), RingCentral (RNG), Shopify (SHOP), Singular Genomics (OMIC), Snap Inc. (SNAP), Stitch Fix Inc. (SFIX), Sunrun (RUN), Synaptics (SYNA), Trip.com (TCOM), Victoria’s Secret (VSCO), Williams-Sonoma (WSM), Workday (WDAY), and Zoom Video (ZM).Below is a spreadsheet that shows the changes to Philippe Laffont's Coatue Management 13F long portfolio holdings as of Q2 2022:Source: John Vincent. Data constructed from Coatue Management’s 13F filings for Q1 2022 and Q2 2022.Regulatory filings from 3/16/2022 to 7/2/2022: None."

"Tracking Philippe Laffont’s Coatue Management Portfolio – Q1 2022 Update"

"Philippe Laffont’s 13F portfolio value decreased from $22.55B to $13.67B this quarter.They increased Block Inc., DoorDash, Netflix, Uber and Peleton Interactive while dropping Applied Materials, Pfizer, Lam Research, Kanzhun Limited, and Confluent.Their top three positions are Tesla, Rivian Automotive, and Moderna, and they add up to around one-third of the entire portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Coatue Management’s 13F stock portfolio on a quarterly basis. It is based on Coatue’s regulatory filed on 5/16/2022. The 13F portfolio value decreased ~40% from $22.55B to $13.67B this quarter. Recent 13F reports have shown around 70 individual stock positions in the portfolio. The largest five stakes are Rivian Automotive, Tesla, Moderna, Block Inc., and Meta Platforms. They add up to ~43% of the entire portfolio. Please visit our series to get an idea of their investment philosophy and our previous for the fund’s moves during Q4 2021.Philippe Laffont was a telecom analyst at Tiger Management from 1996. He founded Coatue Management as a tech-focused long-short hedge fund in 1999 and is one of the most successful among the "tiger cubs". To know more about Julian Robertson and his legendary Tiger Management, check out .Stake Disposals:Kanzhun Limited (BZ): BZ was a fairly large 3.31% of the portfolio stake built during Q3 2021 at prices between ~$29.50 and ~$39. The stock was sold this quarter at prices between ~$16 and ~$37. It currently trades at $27.49.Pfizer Inc. (PFE) and Applied Materials (AMAT): PFE was a 2.70% of the portfolio position purchased last quarter at prices between ~$41 and ~$61. The disposal this quarter was at prices between ~$46 and ~$57. PFE currently trades at $52.31. The 1.32% AMAT position was purchased at prices between ~$125 and ~$163. The elimination this quarter was at prices between ~$119 and ~$167. It is now at $86.27.Lam Research (LRCX): The 2.74% of the portfolio LRCX stake saw a ~110% increase last quarter at prices between ~$544 and ~$727. It was sold this quarter at prices between ~$469 and ~$730. The stock currently trades at ~$395.Confluent Inc. (CFLT): The 2.19% CFLT stake was built in Q3 2021 at prices between ~$39 and ~$73. There was a ~10% trimming last quarter and the disposal this quarter was at prices between ~$30 and ~$75. The stock currently trades at $24.54.DiDi Global (DIDIY): DIDIY had an IPO last June. Shares started trading at ~$14 and currently goes for $3.14. Coatue’s position went back to funding rounds that started with a Series D in 2015 when the valuation was ~$9B. This is comparable to the current enterprise value of ~$10B. The stake was sold this quarter at prices between $1.76 and $5.36.Global Payments (GPN), Insulet Corp (PODD), and Shopify (SHOP): These small (less than ~1.5% of the portfolio each) positions were disposed during the quarter.New Stakes:DocuSign Inc. (DOCU) and Lucid Group (LCID): DOCU is a 1.5% of the portfolio position established this quarter at prices between ~$73 and ~$157 and the stock currently trades below that range at $61.22. LCID is a small 0.55% of the portfolio stake purchased this quarter at prices between ~$22 and ~$46. It is now well below that range at $17.Stake Increases:Tesla Inc. (TSLA): TSLA is currently the largest position at ~12% of the portfolio. It was purchased in Q1 2020 at prices between ~$85 and ~$180. Next quarter saw a ~40% selling at prices between ~$95 and ~$200. There was a stake doubling in Q3 2020 at prices between ~$242 and ~$443. The two quarters through Q1 2021 had seen a ~50% selling at prices between ~$390 and ~$880. There was a one-third selling in Q3 2021 at prices between ~$643 and ~$791 while last quarter saw a similar increase at prices between ~$775 and ~$1230. The stock currently trades at ~$682. There was a minor ~3% increase this quarter.Moderna (MRNA): A small MRNA stake was purchased in Q1 2021 at prices between ~$109 and ~$186. There was a ~400% stake increase next quarter at prices between ~$130 and ~$235. Last quarter saw a ~30% reduction at prices between ~$226 and ~$369 while this quarter there was a ~60% stake increase at prices between ~$127 and ~$235. The stock currently trades at ~$150 and the stake is a top-three position at 8.73% of the portfolio.Block Inc. (SQ) previously Square: SQ is a top-three ~6% of the portfolio position first purchased in Q2 & Q3 2019 at prices between ~$62 and ~$82. The position has wavered. Recent activity follows. Last two quarters had seen a ~40% reduction at prices between ~$158 and ~$282. The stake was rebuilt this quarter at prices between ~$89 and ~$164. The stock currently trades at ~$64.Meta Platforms (META) previously Facebook: META is a top-five 4.55% of the portfolio position first purchased in Q3 2013 at prices between ~$24 and ~$51. The stake has wavered. Recent activity follows. There was a one-third stake increase in Q2 2021 at prices between ~$295 and ~$356. Next quarter saw a ~15% selling while this quarter there was a similar increase. The stock currently trades at ~$160.DoorDash (DASH): DASH is now a 4.53% of the portfolio stake. They had an IPO in December 2020. Shares started trading at ~$165 and currently goes for ~$68. Coatue’s stake goes back to funding rounds from August 2018 when the valuation was ~$4B. This is compared to current market cap of ~$23B. There was a ~70% selling last quarter at prices between ~$144 and ~$246 while this quarter saw a similar increase at prices between ~$76 and ~$145.Snowflake Inc. (SNOW): SNOW is a 4.41% of the portfolio stake. They had an IPO last September. Shares started trading at $229 and currently goes for ~$145. Coatue’s original stake goes back to a third-party tender offer that closed in March 2020. The valuation per the Series G funding round around that time was ~$12.5B. This is compared to current valuation of ~$41B. There was a ~30% stake increase in Q1 2021 at prices between ~$209 and ~$314 while the next three quarters saw a ~60% selling at prices between ~$188 and ~$402. There was a ~25% stake increase this quarter at prices between ~$167 and ~$332.Netflix Inc. (NFLX): The 3.94% NFLX position is a very long term stake. It was established in 2012 at very low prices. The stake has wavered. H1 2018 saw a ~40% selling at prices between ~$210 and ~$410 while this quarter there was a ~55% stake increase at prices between ~$331 and ~$597. The stock is now at ~$180.Visa Inc. (V): The 2.16% of the portfolio stake in Visa was established last quarter at prices between ~$190 and ~$234 and it is now at ~$199. There was a minor ~5% stake increase this quarter.Uber Technologies (UBER): UBER had an IPO in Q2 2019. Shares started trading at ~$42 and currently goes for $21.34. Coatue’s stake goes back to a funding round in 2018 when the valuation was ~$60B. This is compared to the current market cap of ~$44B. Q4 2019 & Q1 2020 saw the stake sold down by ~90% at prices between ~$21 and ~$41. The stake was rebuilt in the Q2 to Q4 2020 time period at prices between ~$23 and ~$55. Q1 2021 saw a roughly one-third selling at prices between ~$48 and ~$63. That was followed with a ~55% reduction last quarter at prices between ~$36 and ~$48. There was a similar increase this quarter at prices between ~$29 and ~$45. The stake is now at 2.36% of the portfolio.Sea Limited (SE): SE is a ~2% of the portfolio position built in H2 2019 at prices between ~$28 and ~$40. H1 2020 saw a ~45% selling at prices between ~$38 and ~$110. That was followed with another ~40% selling over the two quarters through Q3 2021 at prices between ~$202 and ~$353. The stock currently trades at ~$69. Last two quarters have seen only minor adjustments.Peloton Interactive (PTON): The 1.66% PTON stake was primarily built this quarter at prices between ~$20 and ~$39. The stock currently trades at $9.13.Roblox Corp (RBLX): Roblox had an IPO last March. Shares started trading at ~$69.50 and currently goes for ~$35. The 2.25% stake was acquired at prices between ~$64 and ~$100. Last quarter saw a ~60% selling at prices between ~$70 and ~$135 while this quarter there was a similar increase at prices between ~$37 and ~$99.Zillow Group (Z): The ~1% Zillow stake was built in H2 2020 at prices between ~$60 and ~$140. The stock is now at $33.67. Last quarter saw a ~72% selling at prices between ~$53 and ~$104 while this quarter there was a similar increase at prices between ~$46 and ~$65.Paramount Global (PARA) previously ViacomCBS: The small 0.60% PARA stake was primarily built this quarter at prices between ~$28 and ~$39. The stock currently trades below that range at $25.21.Stake Decreases:Rivian Automotive (RIVN): RIVN is the second-largest position in the portfolio at ~11%. They had an IPO last November. Shares started trading at ~$100 and currently goes for $25.70. Coatue’s stake goes back to funding rounds starting from July 2020 when the valuation was ~$10B. This is compared to current valuation of ~$8B.Microsoft Corporation (MSFT): MSFT is a 4.33% of the portfolio stake purchased in Q3 2021 at prices between ~$277 and ~$305 and the stock currently trades at ~$260. There was a ~90% stake increase last quarter at prices between ~$283 and ~$343. There was a minor ~2% trimming this quarter.Endeavor Group Holdings (EDR): Endeavor Group Holdings had an IPO last April. Shares started trading at ~$25 and currently goes for $21.83. Coatue’s 3.68% of the portfolio stake was through a private placement prior to the IPO. There was a ~17% selling in Q3 2021 at prices between ~$23 and ~$29. That was followed with a ~18% reduction over the last two quarters at prices between ~$18 and ~$35.Note: They have a ~7% ownership stake in the business.Amazon.com (AMZN): A large stake in AMZN was built in the 2009-2011 timeframe but was sold down next year. A similar stake build-up happened in H2 2013 at prices between ~$13 and ~$14. Next quarter saw a ~80% reduction at prices between ~$14 and ~$16. The stake has wavered. Recent activity follows. Last quarter saw a ~24% stake increase at prices between ~$155 and ~$185 while this quarter there was a ~45% selling at prices between ~$136 and ~$170. The stock is now at ~$110 and it is now at 3.61% of the portfolio.Walt Disney (DIS): DIS is a 3.11% of the portfolio stake. A huge position was built in Q2 2020 at prices between ~$94 and ~$125. The next two quarters also saw minor increases. Q1 2021 saw a ~45% selling at prices between ~$163 and ~$202. There was another similar reduction this quarter at prices between ~$129 and ~$158. The stock currently trades at ~$96.JD.com (JD): JD.com is a 1.57% of the portfolio position purchased in Q3 2021 at prices between ~$62 and ~$83 and it currently trades at $65.95. Last two quarters saw a ~55% reduction at prices between ~$43 and ~$88.PayPal Holdings (PYPL): The 1.47% PYPL stake was built in H1 2016 at prices between ~$31 and ~$37. The stock has wavered. Recent activity follows. Q3 2021 saw a ~22% reduction at prices between ~$259 and ~$309. Last two quarters have seen another ~40% selling at prices between ~$94 and $272. The stock is now at ~$71.40.Nvidia Corp (NVDA): NVDA is a 1.26% position that saw a ~200% stake increase last quarter at prices between ~$197 and ~$334. This quarter saw a ~45% selling at prices between ~$213 and ~$301. The stock is now at ~$145.GitLab Inc. (GTLB): GitLab had an IPO in October 2021. Shares started trading at ~$104 and currently goes for $54.35. Coatue’s stake goes back to a Series E funding round when the valuation was ~$2.75B. The current valuation is ~$7B. There was a ~18% trimming this quarter.Note: They have a ~11% ownership stake in GitLab.BioNTech SE (BNTX), Crowdstrike Holdings (CRWD), KE Holdings (KE), Sunrun Inc. (RUN), XPeng Inc. (XPEV), and Zoom Video (ZM): These small (less than ~1% of the portfolio each) stakes were reduced this quarter.Kept Steady:Bath & Body Works (BBWI) previously L Brands, Broadcom Ltd. (AVGO), and Nikola Corp (NKLA): These small (less than ~1.5% of the portfolio each) positions were kept steady this quarter.The rest of the stakes in the portfolio are minutely small. They are Advanced Micro Devices (AMD), Agora Inc. (API), Alibaba Group Holdings (BABA), AMC Entertainment (AMC), Beyond Meat (BYND), BioNTech SE (BNTX), Dexcom Inc. (DXCM), Dingdong Cayman (DDL), Enphase Energy (ENPH), GameStop (GME), GDS Holdings (GDS), Hertz Global (HTZ), KE Holdings (BEKE), Li Auto (LI), MSD Acquisition (MSDA), Novavax (NVAX), Palo Alto Networks (PANW), Pinterest Inc. (PINS), QuantumScape (QS), Ribbit LEAP (LEAP), RingCentral (RNG), Singular Genomics (OMIC), Stitch Fix Inc. (SFIX), and Victoria’s Secret (VSCO).Below is a spreadsheet that shows the changes to Philippe Laffont's Coatue Management 13F long portfolio holdings as of Q1 2022:Source: John Vincent. Data constructed from Coatue Management’s 13F filings for Q4 2021 and Q1 2022.Regulatory filings from 12/1/2021 to 3/16/2022: 13G/As – 2/14 – BLND – 8.99M shares – 4.1% of business, as of 12/31 – 11.24M shares – 5.2% of business, Kanzhun Ltd – BZ – 46.15M shares – 6.8% of business, GTLB – 1.36M shares – 9.99% of business, CFLT – as of 12/31 – 6.47M shares – 9.3% of business, Endeavor Group – EDR – 18.9M shares – 7.2% of business, PLAN – 2.38M shares – 1.6% of business, TOST – 342K shares – 0.5% of business, RUN – 3.96M shares – 1.9% of business, AYX – Alteryx – zero, NUAN - zero."

"Tracking Philippe Laffont’s Coatue Management Portfolio – Q4 2021 Update"

"Philippe Laffont’s 13F portfolio value decreased from $24.58B to $22.55B this quarter.They increased Tesla and Microsoft while reducing Moderna, Snowflake, DoorDash, Marqeta, and Twilio.They also added Pfizer, Visa, and Applied Materials while dropping UiPath.This article is part of a series that provides an ongoing analysis of the changes made to Coatue Management’s 13F stock portfolio on a quarterly basis. It is based on Coatue’s regulatory filed on 2/14/2022. The 13F portfolio value decreased ~8% from $24.58B to $22.55B this quarter. Recent 13F reports have shown a total of around 70 individual stock positions in the portfolio. The largest five stakes are Rivian Automotive, Tesla, Moderna, Walt Disney, and Amazon.com. They add up to ~28% of the entire portfolio. Please visit our series to get an idea of their investment philosophy and our previous for the fund’s moves during Q3 2021.Philippe Laffont was a telecom analyst at Tiger Management from 1996. He founded Coatue Management as a tech-focused long-short hedge fund in 1999 and is one of the most successful among the "tiger cubs". To know more about Julian Robertson and his legendary Tiger Management, check out .Stake Disposals:UiPath (PATH): UiPath had an IPO last April. Shares started trading at ~$69 and currently goes for $21.59. Coatue’s position was sold this quarter at prices between ~$40 and ~$58. Their stake went back to the Series D funding round in 2019 when the valuation reached ~$7B. The current valuation is ~$16.50B.Nuance Communications: The very small 0.64% of the portfolio stake in Nuance got eliminated as they got acquired by Microsoft (MSFT) in a transaction ($56 per share all-cash) that closed in early March.New Stakes:Rivian Automotive (RIVN): RIVN is by far the largest position in the portfolio at 16.20%. Rivian had an IPO last November. Shares started trading at ~$100 and currently goes for $50.24. Coatue’s stake goes back to funding rounds starting from July 2020 when the valuation was ~$10B. This is compared to current valuation of ~$48.5B.Pfizer Inc. (PFE), Visa Inc. (V), Applied Materials (AMAT), and GitLab Inc. (GTLB): PFE is a 2.70% of the portfolio position purchased this quarter at prices between ~$41 and ~$61 and the stock currently trades at $51.77. The 2.16% of the portfolio stake in Visa was established at prices between ~$190 and ~$234 and it is now at ~$222. The 1.32% AMAT position was purchased at prices between ~$125 and ~$163 and the stock is currently at ~$132. GitLab had an IPO in October 2021. Shares started trading at ~$104 and currently goes for $54.45. Coatue’s stake goes back to a Series E funding round when the valuation was ~$2.75B. The current valuation is ~$8.5B.Note: They have a ~14% ownership stake in GitLab.Stake Increases:Tesla Inc. (TSLA): TSLA is a large (top three) 6.93% of the portfolio position. It was purchased in Q1 2020 at prices between ~$85 and ~$180. Next quarter saw a ~40% selling at prices between ~$95 and ~$200. There was a stake doubling in Q3 2020 at prices between ~$242 and ~$443. The two quarters through Q1 2021 had seen a ~50% selling at prices between ~$390 and ~$880. There was a one-third selling last quarter at prices between ~$643 and ~$791 while this quarter saw a similar increase at prices between ~$775 and ~$1230. The stock currently trades at ~$1078.Amazon.com (AMZN): A large stake in AMZN was built in the 2009-2011 timeframe but was sold down next year. A similar stake build-up happened in H2 2013 at prices between ~$260 and ~$280. Next quarter saw a ~80% reduction at prices between ~$280 and ~$315. The stake has wavered. Recent activity follows. There was a ~20% selling in Q2 2020 at prices between ~$1920 and ~$2880 while the next two quarters saw a stake doubling at prices between ~$3094 and ~$3504. There was a ~50% reduction last quarter at prices between ~$3188 and ~$3731. This quarter saw a ~24% stake increase at prices between ~$3190 and ~$3696. The stock is now at ~$3260 and it is now a at 3.95% of the portfolio.Kanzhun Limited (BZ): BZ is a fairly large 3.31% of the portfolio stake built last quarter at prices between ~$29.50 and ~$39 and the stock currently trades below that range at $24.91. There was a marginal increase this quarter.Note: They have a ~7% ownership stake in Kanzhun Ltd.Microsoft Corporation (MSFT): MSFT is a 2.94% of the portfolio stake purchased last quarter at prices between ~$277 and ~$305 and the stock currently trades at ~$308. There was a ~90% stake increase this quarter at prices between ~$283 and ~$343.Lam Research (LRCX) and Nvidia Corp (NVDA): The 2.74% of the portfolio LRCX stake saw a ~110% increase this quarter at prices between ~$544 and ~$727. The stock currently trades at ~$538. NVDA is a 1.54% position that saw a ~200% stake increase this quarter at prices between ~$197 and ~$334. The stock is now at ~$273.BioNTech SE (BNTX) and KE Holdings (KE): These small (less than ~1.25% of the portfolio each) stakes were increased during the quarter.Stake Decreases:Moderna (MRNA): A small 0.90% MRNA stake was purchased in Q1 2021 at prices between ~$109 and ~$186. There was a ~400% stake increase next quarter at prices between ~$130 and ~$235. This quarter saw a ~30% reduction at prices between ~$226 and ~$369. The stock currently trades at ~$172 and the stake is a top-three position at 4.83% of the portfolio.Walt Disney (DIS): DIS is a large (top five) ~4% of the portfolio stake. A huge position was built in Q2 2020 at prices between ~$94 and ~$125. The next two quarters also saw minor increases. Q1 2021 saw a ~45% selling at prices between ~$163 and ~$202. The stock currently trades at ~$137. Last few quarters have seen only minor adjustments.Meta Platforms (FB) previously Facebook: FB is a 3.53% of the portfolio position first purchased in Q3 2013 at prices between ~$24 and ~$51. The stake has wavered. Recent activity follows. H1 2020 saw a ~42% selling at prices between ~$150 and ~$240. Q3 2020 saw a ~15% stake increase while the next two quarters saw similar trimming. There was a one-third stake increase in Q2 2021 at prices between ~$295 and ~$356. Last quarter saw a ~15% selling and that was followed with a ~3% trimming this quarter. The stock currently trades at ~$222.Snowflake Inc. (SNOW): SNOW is a 3.15% of the portfolio stake. They had an IPO last September. Shares started trading at $229 and currently goes for around the same price. Coatue’s original stake goes back to a third-party tender offer that closed in March 2020. The valuation per the Series G funding round around at that time was ~$12.5B. This is compared to current market cap of ~$73B. There was a ~30% stake increase in Q1 2021 at prices between ~$209 and ~$314 while the last three quarters saw a ~60% selling at prices between ~$188 and ~$402.Endeavor Group Holdings (EDR): Endeavor Group Holdings had an IPO last April. Shares started trading at ~$25 and currently goes for $29.52. Coatue’s 2.76% of the portfolio stake was through a private placement prior to the IPO. There was a ~17% selling last quarter at prices between ~$23 and ~$29. That was followed with a ~15% trimming this quarter.Note: They have a ~7% ownership stake in the business.Marqeta Inc. (MQ) , JD.com (JD), and Confluent Inc. (CFLT): The MQ stake was built last quarter at prices between ~$22 and ~$30 and it is now well below that range at $11.04. This quarter saw the position reduced to a minutely small stake at prices between ~$16 and ~$33. JD.com is a 2.22% of the portfolio position purchased last quarter at prices between ~$62 and ~$83 and it currently trades at $57.87. This quarter saw a ~12% trimming. The 2.19% CFLT stake was built last quarter at prices between ~$39 and ~$73 and it now goes for ~$41. There was a ~10% trimming this quarter.Note: They have a 9.3% ownership stake in Confluent Inc.PayPal Holdings (PYPL): The 2.17% PYPL stake was built in H1 2016 at prices between ~$31 and ~$37. The stock has wavered. Recent activity follows. H1 2020 saw a ~130% stake increase at prices between ~$90 and ~$175 while in Q1 2021 there was a ~60% selling at prices between ~$227 and ~$305. That was followed with a ~27% stake increase next quarter at prices between ~$240 and ~$294. Last quarter saw a ~22% reduction at prices between ~$259 and ~$309. The stock is now at ~$116. This quarter also saw a ~10% trimming.Sea Limited (SE): SE is a 2.17% of the portfolio position built in H2 2019 at prices between ~$28 and ~$40. H1 2020 saw a ~45% selling at prices between ~$38 and ~$110. That was followed with another ~40% selling over the last two quarters at prices between ~$202 and ~$353. The stock currently trades at ~$120. There was a marginal trimming this quarter.Block Inc. (SQ) previously Square: SQ is a ~2% of the portfolio position built in Q2 & Q3 2019 at prices between ~$62 and ~$82. Next quarter saw a ~50% reduction at prices between ~$60 and ~$70. Next year saw consistent buying every quarter at prices between ~$40 and ~$240. There was a ~37% selling in Q1 2021 at prices between ~$202 and ~$277 while next quarter there was a ~18% stake increase at prices between ~$197 and ~$273. Last quarter saw a roughly one-third reduction at prices between ~$234 and ~$282. The stock currently trades at ~$136. This quarter also saw a ~13% trimming.DoorDash (DASH): DASH is now a 1.94% of the portfolio stake. They had an IPO in December 2020. Shares started trading at ~$165 and currently goes for ~$117. Coatue’s stake goes back to funding rounds from August 2018 when the valuation was ~$4B. This is compared to current market cap of ~$43B. There was a ~70% selling this quarter at prices between ~$144 and ~$246.Roblox Corp (RBLX): Roblox had an IPO last March. Shares started trading at ~$69.50 and currently goes for $46.24. The 2.25% stake was acquired at prices between ~$64 and ~$100. Last quarter saw a ~13% stake increase while this quarter there was a ~60% selling at prices between ~$70 and ~$135.Uber Technologies (UBER): UBER had an IPO in Q2 2019. Shares started trading at ~$42 and currently goes for $35.68. Coatue’s stake goes back to a funding round in 2018 when the valuation was at ~$60B. This is compared to the current market cap of ~$73B. Q4 2019 & Q1 2020 saw the stake sold down by ~90% at prices between ~$21 and ~$41. The stake was rebuilt in the Q2 to Q4 2020 period at prices between ~$23 and ~$55. Q1 2021 saw a roughly one-third selling at prices between ~$48 and ~$63. That was followed with a ~55% reduction this quarter at prices between ~$36 and ~$48. The stake is now at 1.10% of the portfolio.Zoom Video (ZM): ZM is now a small 0.78% of the portfolio position. A fairly large stake was built in H1 2020 at prices between ~$67 and ~$260. The stake was sold down by ~55% in Q1 2021 at prices between ~$311 and ~$445. Next quarter saw a ~22% stake increase at prices between ~$289 and ~$395. There was a ~35% stake increase last quarter at prices between ~$257 and ~$401. This quarter saw a ~50% reduction at prices between ~$182 and ~$286. The stock is now at ~$117.Zillow Group (Z): The 0.50% Zillow stake was built in H2 2020 at prices between ~$60 and ~$140. The stock is now at $49.29. This quarter saw a ~72% selling at prices between ~$53 and ~$104.Twilio Inc. (TWLO): TWLO is now a minutely small position. It was a 2.27% of the portfolio stake purchased in Q1 2021 at prices between ~$315 and ~$444. There was a ~350% stake increase next quarter at prices between ~$281 and ~$401. The position was almost sold out this quarter at prices between ~$248 and ~$369. The stock currently trades at ~$165.Agora Inc. (API), Crowdstrike Holdings (CRWD), Guardant Health (GH), Insulet Corp (PODD), Peloton Interactive (PTON), Pinterest Inc. (PINS), Shopify (SHOP), Sunrun Inc. (RUN), and XPeng Inc. (XPEV): These small (less than ~1.5% of the portfolio each) stakes were reduced during the quarter.Kept Steady:Netflix Inc. (NFLX): The 2.49% NFLX position is a very long term stake. It was established in 2012 at very low prices. The stake has wavered. Last major activity was in H1 2018 when there was a ~40% selling at prices between ~$210 and ~$410. The stock is now at ~$375.DiDi Global (DIDI): DIDI had an IPO last June. Shares started trading at ~$14 and currently goes for $2.50. Coatue’s 0.89% of the portfolio position goes back to funding rounds that started with a Series D in 2015 when the valuation was ~$9B. The current market capitalization is at ~$15B.Dingdong Cayman (DDL): The small 0.50% DDL stake was built last quarter at prices between ~$18 and ~$29 and it is now well below that range at $3.55.Anaplan Inc. (PLAN), Bath & Body Works (BBWI) previously L Brands, Blend Labs (BLND), Broadcom Ltd. (AVGO), and Global Payments (GPN): These small (less than ~1% of the portfolio each) positions were kept steady this quarter.Note: Regulatory filings since the quarter ended show them owning 8.99M shares (4.1% of the business) of Blend Labs. This is compared to 11.24M shares in the 13F report.The rest of the stakes in the portfolio are minutely small. They are Absci Corporation (ABSI), Activision Blizzard (ATVI), Affirm Holdings (AFRM), Alibaba Group Holdings (BABA), Appian Corp (APPN), Bill.com Holdings (BILL), Caribou Sciences (CRBU), Datadog Inc. (DDOG), Dexcom Inc. (DXCM), Fastly Inc. (FSLY), Futu Holdings (FUTU), HubSpot Inc. (HUBS), Intellia Therapeutics (NTLA), Li Auto (LI), Lightspeed (LSPD), MSD Acquisition (MSDA), Nikola Corp (NKLA), Oscar Health (OSCR), Pinduoduo (PDD), QuantumScape (QS), Remitly Global (RELY), Ribbit LEAP (LEAP), Singular Genomics (OMIC), Snap Inc. (SNAP), Stitch Fix Inc. (SFIX), Sunlight Financial Holdings (SUNL), Taiwan Semi (TSM), Toast Inc. (TOST), Trip.com (TRIP), Twitter Inc. (TWTR), ViacomCBS (VIAC), and Victoria’s Secret (VSCO).Below is a spreadsheet that shows the changes to Philippe Laffont's Coatue Management 13F long portfolio holdings as of Q4 2021:Source: John Vincent. Data constructed from Coatue Management’s 13F filings for Q3 2021 and Q4 2021.Regulatory filings from 8/24/2021 to 12/1/2021: 13G/A – 11/3 – Agora – API – 13.2M shares – 3.8% of business. 13G – 11/1 – TOST – Toast – 1.84M shares – 7.4% of business. 13G – 10/15 – Gitlab – GTLB – 1.24M shares – 9.99% of business."

"Tracking Philippe Laffont’s Coatue Management Portfolio – Q3 2021 Update"

"Philippe Laffont’s 13F portfolio value decreased from $25.82B to $24.58B this quarter.Coatue Management increased Kanzhun, Marqeta, JD.com, and Confluent while decreasing Amazon.com and dropping L Brands.The largest three positions are Moderna, DoorDash, and Snowflake 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 Coatue Management’s 13F stock portfolio on a quarterly basis. It is based on Coatue’s regulatory filed on 11/15/2021. The 13F portfolio value decreased ~5% from $25.82B to $24.58B this quarter. Recent 13F reports have shown a total of around 70 individual stock positions in the portfolio. The largest five stakes are Moderna, DoorDash, Snowflake, Walt Disney, and Tesla. They add up to ~30% of the entire portfolio. Please visit our series to get an idea of their investment philosophy and our previous for the fund’s moves during Q2 2021.Philippe Laffont was a telecom analyst at Tiger Management from 1996. He founded Coatue Management as a tech-focused long-short hedge fund in 1999 and is one of the most successful among the "tiger cubs". To know more about Julian Robertson and his legendary Tiger Management, check out .New Stakes:Microsoft Corporation (MSFT), and Blend Labs (BLND): These are the new positions this quarter. MSFT is a 1.19% of the portfolio stake purchased at prices between ~$277 and ~$305 and the stock currently trades well above that range at ~$336. BLND had an IPO in July. Shares started trading at ~$21 and currently goes for $7.34. Coatue’s stake goes back to a funding round in January 2021.Note: They have a ~5.4% ownership stake in Blend Labs.Stake Increases:Kanzhun Limited (BZ), Marqeta Inc. (MQ) , JD.com (JD), Confluent Inc. (CFLT), and Dingdong Cayman (DDL): These five stakes saw large increases this quarter. BZ is a fairly large 3.31% of the portfolio stake built this quarter at prices between ~$29.50 and ~$39 and the stock currently trades at $34.88. The 2.49% MQ stake was built at prices between ~$22 and ~$30 and it is now well below that range at $17.17. JD.com is a 2.39% of the portfolio position purchased at prices between ~$62 and ~$83 and it currently trades at $70.07. The 1.68% CFLT stake was established at prices between ~$39 and ~$73 and it now goes for $76.24. The small 0.65% DDL stake was purchased at prices between ~$18 and ~$29 and it is now below that range at $16.17.Roblox Corp (RBLX): Roblox had an IPO in March. Shares started trading at ~$69.50 and currently goes for ~$103. The 2.25% stake was acquired at prices between ~$64 and ~$100. This quarter saw a ~13% stake increase.Zoom Video (ZM): ZM is now a ~2% of the portfolio position. A fairly large stake was built in H1 2020 at prices between ~$67 and ~$260. The stake was sold down by ~55% in Q1 2021 at prices between ~$311 and ~$445. Last quarter saw a ~22% stake increase at prices between ~$289 and ~$395. There was a ~35% stake increase this quarter at prices between ~$257 and ~$401. The stock is now at ~$184.Guardant Health (GH): GH is a 1.43% of the portfolio position. The stake was first purchased in Q2 2019 at prices between ~$67 and ~$91. The position has wavered. Q4 2019 saw a ~150% stake increase at prices between ~$62 and ~$83 while Q2 & Q3 2020 saw a ~50% selling at prices between ~$60 and ~$112. Last two quarters had seen a ~140% stake increase at prices between ~$110 and ~$179. The stock currently trades at ~$100. This quarter also saw a minor ~5% increase.Stake Decreases:Moderna (MRNA): A small 0.90% MRNA stake was purchased in Q1 2021 at prices between ~$109 and ~$186. There was a ~400% stake increase last quarter at prices between ~$130 and ~$235. The stock currently trades at ~$254 and the stake is now the largest position at 9.47% of the portfolio. This quarter saw a minor ~2% trimming.DoorDash (DASH): DASH is a large (top three) 7.92% of the portfolio stake. They had an IPO last December. Shares started trading at ~$165 and currently goes for ~$149. Coatue’s stake goes back to funding rounds from August 2018 when the valuation was at $4B. This is compared to current market cap of ~$51B. There was a ~10% stake increase over the last two quarters while this quarter saw a minor ~2% trimming.Snowflake Inc. (SNOW): SNOW is a large 4.81% of the portfolio stake. They had an IPO last September. Shares started trading at $229 and currently goes for ~$339. Coatue’s original stake goes back to a third-party tender offer that closed in March 2020. The valuation per the Series G funding round around that time was ~$12.5B. This is compared to current market cap of ~$104B. There was a ~30% stake increase in Q1 2021 at prices between ~$209 and ~$314 while the last two quarters saw a ~25% selling at prices between ~$188 and ~$324.Walt Disney (DIS): DIS is a large (top five) ~4% of the portfolio stake. A huge position was built in Q2 2020 at prices between ~$94 and ~$125. The next two quarters also saw minor increases. Q1 2021 saw a ~45% selling at prices between ~$163 and ~$202. That was followed with a ~4% trimming last quarter. The stock currently trades at ~$155. There was marginal trimming this quarter.Tesla Inc. (TSLA): TSLA is a large (top five) 3.55% of the portfolio position. It was purchased in Q1 2020 at prices between ~$85 and ~$180. Next quarter saw a ~40% selling at prices between ~$95 and ~$200. There was a stake doubling in Q3 2020 at prices between ~$242 and ~$443. The two quarters through Q1 2021 had seen a ~50% selling at prices between ~$390 and ~$880. The stock currently trades at ~$1057. There was a one-third selling this quarter at prices between ~$643 and ~$791.Meta Platforms (FB) previously Facebook: FB is a 3.38% of the portfolio position first purchased in Q3 2013 at prices between ~$24 and ~$51. The stake has wavered. Recent activity follows. H1 2020 saw a ~42% selling at prices between ~$150 and ~$240. Q3 2020 saw a ~15% stake increase while the next two quarters saw similar trimming. There was a one-third stake increase last quarter at prices between ~$295 and ~$356. The stock currently trades at ~$336. This quarter saw a ~15% trimming.PayPal Holdings (PYPL): The ~3% PYPL stake was built in H1 2016 at prices between ~$31 and ~$37. The stock has wavered. Recent activity follows. H1 2020 saw a ~130% stake increase at prices between ~$90 and ~$175 while in Q1 2021 there was a ~60% selling at prices between ~$227 and ~$305. That was followed with a ~27% stake increase last quarter at prices between ~$240 and ~$294. This quarter saw a ~22% reduction at prices between ~$259 and ~$309. The stock is now at ~$189.Block Inc. (SQ) previously Square: SQ is a ~3% of the portfolio position built in Q2 & Q3 2019 at prices between ~$62 and ~$82. Next quarter saw a ~50% reduction at prices between ~$60 and ~$70. Last year saw consistent buying every quarter at prices between ~$40 and ~$240. There was a ~37% selling in Q1 2021 at prices between ~$202 and ~$277 while last quarter there was a ~18% stake increase at prices between ~$197 and ~$273. This quarter saw a roughly one-third reduction at prices between ~$234 and ~$282. The stock currently trades at ~$162.Amazon.com (AMZN): A large stake in AMZN was built in the 2009-2011 timeframe but was sold down next year. A similar stake build-up happened in H2 2013 at prices between ~$260 and ~$280. Next quarter saw a ~80% reduction at prices between ~$280 and ~$315. The stake has wavered. Recent activity follows. There was a ~20% selling in Q2 2020 at prices between ~$1920 and ~$2880 while the last two quarters saw a stake doubling at prices between ~$3094 and ~$3504. There was a ~50% reduction this quarter at prices between ~$3188 and ~$3731. The stock is now at ~$3334 and it is now a at 2.88% of the portfolio.Sea Limited (SE): SE is a 2.86% of the portfolio position built in H2 2019 at prices between ~$28 and ~$40. H1 2020 saw a ~45% selling at prices between ~$38 and ~$110. That was followed with another ~40% selling over the last two quarters at prices between ~$202 and ~$353. The stock currently trades at ~$224.Endeavor Group Holdings (EDR): Endeavor Group Holdings had an IPO in April. Shares started trading at ~$25 and currently goes for $34.89. Coatue’s 2.43% of the portfolio stake was through a private placement prior to the IPO. There was a ~17% selling this quarter at prices between ~$23 and ~$29.Uber Technologies (UBER): UBER had an IPO in Q2 2019. Shares started trading at ~$42 and currently goes for $41.93. Coatue’s stake goes back to a funding round in 2018 when the valuation was at ~$60B. This is compared to the current market cap of ~$78B. Q4 2019 & Q1 2020 saw the stake sold down by ~90% at prices between ~$21 and ~$41. The stake was rebuilt in the Q2 to Q4 2020 period at prices between ~$23 and ~$55. Q1 2021 saw a roughly one-third selling at prices between ~$48 and ~$63. The stake is now at 2.32% of the portfolio. This quarter saw a ~5% trimming.Netflix Inc. (NFLX): The 2.31% NFLX position is a very long term stake. It was established in 2012 at very low prices. The stake has wavered. Last major activity was in H1 2018 when there was a ~40% selling at prices between ~$210 and ~$410. The stock is now at ~$602. This quarter saw minor trimming.Twilio Inc. (TWLO): TWLO is a 2.27% of the portfolio stake purchased in Q1 2021 at prices between ~$315 and ~$444. There was a ~350% stake increase last quarter at prices between ~$281 and ~$401. The stock currently trades below those ranges at ~$263. This quarter saw a ~3% trimming.Zillow Group (Z): The 2.27% Zillow stake was built in H2 2020 at prices between ~$60 and ~$140. The stock is now near the low end of that range at $63.85. There was a ~12% trimming over the last three quarters.Anaplan Inc. (PLAN), BioNTech SE (BNTX), Crowdstrike Holdings (CRWD), Insulet Corp (PODD), Lam Research (LRCX), Nikola Corp (NKLA), Nuance Communications (NUAN), Nvidia Corp (NVDA), Oscar Health (OSCR), Peloton Interactive (PTON), Shopify (SHOP), Sunrun Inc. (RUN), and XPeng Inc. (XPEV): These small (less than ~2% of the portfolio each) stakes were reduced during the quarter.Kept Steady:UiPath (PATH): UiPath had an IPO in April. Shares started trading at ~$69 and currently goes for $43.13. Coatue’s 2.43% of the portfolio stake goes back to the Series D funding round in 2019 when the valuation reached ~$7B. The current valuation is ~$23B.DiDi Global (DIDI): DIDI had an IPO in June. Shares started trading at ~$14 and currently goes for $4.98. Coatue’s 1.23% of the portfolio position goes back to funding rounds that started with a Series D in 2015 when the valuation was ~$9B. The current market capitalization is at ~$24B.Agora Inc. (API): API is a 1.13% of the portfolio position built in Q4 2020 at prices between ~$35 and ~$48. There was a ~5% trimming next quarter. The stock currently trades at $16.21.Note: Regulatory filings since the quarter ended show them owning 13.2M shares (3.8% of business) of Agora. This is compared to 9.56M shares in the 13F report.Bath & Body Works (BBWI) previously L Brands, Broadcom Ltd. (AVGO), Global Payments (GPN), Pinterest Inc. (PINS), and RLX Technology (RLX): These small (less than ~1.2% of the portfolio each) stakes were kept steady this quarter.The rest of the stakes in the portfolio are minutely small. They are 3D Systems (DDD), Absci Corporation (ABSI), Bill.com Holdings (BILL), Boeing Company (BA), Caribou Sciences (CRBU), CCC Intelligent Solutions (CCCS), Curevac NV (CVAC), Dexcom Inc. (DXCM), Doximity (DOCS), GrafTech International (EAF), Intellia Therapeutics (NTLA), KE Holdings (KE), Li Auto (LI), Lightspeed (LSPD), Lucid Group (LCID), Macerich (MAC), MSD Acquisition (MSDA), QuantumScape (QS), Remitly Global (RELY), Ribbit LEAP (LEAP), Robinhood Markets (HOOD), Singular Genomics (OMIC), Snap Inc. (SNAP), Stitch Fix Inc. (SFIX), Stratasys (SSYS), Sunlight Financial Holdings (SUNL), ViacomCBS (VIAC), and Victoria’s Secret (VSCO).Note: Regulatory filings since the quarter ended show them owning 1.84M shares (7.4% of business) of Toast (TOST) and 1.24M shares (9.99% of business) of Gitlab (GTLB).Below is a spreadsheet that shows the changes to Philippe Laffont's Coatue Management 13F long portfolio holdings as of Q3 2021:Source: John Vincent. Data constructed from Coatue Management’s 13F filings for Q2 2021 and Q3 2021.Regulatory filings from 7/6/2021 thru 8/24/2021: 13G – 7/22 – Blend Labs – BLND – 11.29M shares – 5.41% of business."

"Tracking Philippe Laffont’s Coatue Management Portfolio – Q2 2021 Update"

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

"Tracking Philippe Laffont’s Coatue Management Portfolio – Q1 2021 Update"

"Philippe Laffont’s 13F portfolio value decreased from $26.73B to $18.24B this quarter.Coatue Management increased Snowflake, Amazon.com, XPeng, and Li Auto while decreasing Walt Disney, Tesla, Square, and Peloton Interactive.The largest three positions are DoorDash, Snowflake, & Walt Disney and they add up to ~19% of the portfolio.This article is first in a series that provides an ongoing analysis of the changes made to Coatue Management’s 13F stock portfolio on a quarterly basis. It is based on Coatue’s regulatory filed on 05/14/2021. The 13F portfolio value decreased ~32% from $26.73B and $18.24B this quarter as they reduced or dropped a majority of the largest positions. Recent 13F reports have shown a total of around 60 individual stock positions in the portfolio. The largest five stakes are DoorDash, Snowflake, Walt Disney, Tesla, and Sunrun. They add up to ~31% of the entire portfolio.Philippe Laffont was a telecom analyst at Tiger Management from 1996. H founded Coatue Management as a tech-focused long-short hedge fund in 1999 and is one of the most successful among the "tiger cubs". Coatue’s overall plan is to go long technological disruptors while simultaneously being short businesses facing disruption. The first years since inception saw the Nasdaq drop 80% but they managed to hold on without style-drift: the unwavering focus on “tech platforms and moonshots” paid off in the last twelve years - AUM increased over 20x from ~$2.2B in 2009 to ~$48B as of Q1 2021. To know more about Julian Robertson and his legendary Tiger Management, check out .New Stakes:Oscar Health (OSCR), Moderna (MRNA), RLX Technology (RLX), Farfetch Limited (FTCH), and Twilio Inc. (TWLO): These are the new 13F stakes this quarter. OSCR is a small 0.93% of the portfolio stake. They had an IPO this March. Shares started trading at ~$31 and currently goes for $19.77. Coatue’s stake goes back to funding rounds prior to the IPO in June & December of last year. The small 0.90% MRNA stake was purchased at prices between ~$109 and ~$186 and the stock currently trades well above that range at ~$233. RLX had an IPO in January. Shares started trading at ~$29.50 and currently goes for $7.78. Coatue’s stake is at 0.85% of the portfolio. The small 0.81% FTCH position was established at prices between ~$48 and ~$73 and the stock currently trades at the low end of that range at ~$48. TWLO is a 0.76% of the portfolio stake purchased at prices between ~$315 and ~$444 and it is now at ~$385.Stake Disposals:Lam Research (LRCX) and JD.com (JD): These two medium-sized stakes established in Q1 2020 were disposed this quarter. The 1.68% LRCX stake was built in H1 2020 at prices between ~$188 and ~$339. The disposal this quarter was at prices between ~$478 and ~$600. The stock is now at $606. JD was a 1.50% of the portfolio position purchased in Q1 2020 at prices between ~$37.50 and ~$42. Next quarter saw a ~50% selling at prices between ~$40 and ~$60. The elimination this quarter was at prices between ~$79 and ~$107. The stock currently trades at $70.89.Alibaba Group Holdings (BABA), Alteryx Inc. (AYX), Dynatrace Inc. (DT), and Nvidia Corp (NVDA): BABA was a large ~7% portfolio stake built during the four quarters from Q3 2016 to Q2 2017 at prices between ~$80 and ~$180. H1 2020 saw a ~70% selling at prices between ~$181 and ~$227. The disposal this quarter was at prices between ~$223 and ~$271. The stock is now at ~$200. The 1.41% of the portfolio stake in AYX was purchased last quarter at prices between ~$110 and ~$152 but disposed this quarter at prices between ~$80 and ~$140. The stock currently trades at $82.84. DT was a ~1% of the portfolio stake primarily built in Q4 2019 at prices between ~$18 and ~$27. Q2 2020 saw a ~40% reduction at prices between ~$20.50 and ~$42. That was followed with the elimination this quarter at prices between ~$40 and ~$56. The stock currently trades at $60.54. NVDA was a fairly large 5.44% of the portfolio stake built in H2 2016 at prices between ~$50 and ~$70. H1 2018 saw a ~75% selling at prices between ~$210 and ~$265. The stake was rebuilt in Q4 2019 at prices between ~$180 and ~$240. Next two quarters saw a ~63% reduction in H1 2020 at prices between ~$205 and ~$380. The elimination this quarter was at prices between ~$464 and ~$613. The stock is now at ~$796.Cree Inc. (CREE), Expedia Group (EXPE), Gap Inc. (GPS), Micron Technology, and Microsoft Corp (MSFT): These very small (less than ~1% of the portfolio each) stakes were disposed during the quarter.Stake Increases:DoorDash (DASH): DASH is the top position in the portfolio at 6.66%. They had an IPO last December. Shares started trading at ~$165 and currently goes for ~$179. Coatue’s stake goes back to funding rounds from August 2018 when the valuation was at $4B. This is compared to current market cap of ~$60B. There was a minor ~6% stake increase this quarter.Snowflake Inc. (SNOW): SNOW is a large (top three) stake at 6.59% of the portfolio. They had an IPO last September. Shares started trading at $229 and currently goes for ~$250. Coatue’s original stake goes back to a third-party tender offer that closed in March 2020. The valuation per the Series G funding round around that time was ~$12.5B. This is compared to current market cap of ~$70B. There was a ~30% stake increase this quarter at prices between ~$209 and ~$314.Amazon.com (AMZN): A large stake in AMZN was built in the 2009-2011 timeframe but was sold down next year. A similar stake build-up happened in H2 2013 at prices between ~$260 and ~$280. Next quarter saw a ~80% reduction at prices between ~$280 and ~$315. The stake has wavered. Recent activity follows. There was a ~20% selling in Q2 2020 at prices between ~$1920 and ~$2880 while this quarter there was a ~25% stake increase at prices between ~$2950 and ~$3380. The stock is now at ~$3731 and the stake is at 4.50% of the portfolio.Sea Limited (SE): SE is a ~4% of the portfolio position built in H2 2019 at prices between ~$28 and ~$40. H1 2020 saw a ~45% selling at prices between ~$38 and ~$110. Since then the activity has been minor. The stock currently trades at ~$267.XPeng Inc. (XPEV): XPEV is a 3.27% of the portfolio position built over the last two quarters at prices between ~$18 and ~$72. The stock is now at ~$40.Li Auto (LI): The 1.75% of the portfolio LI stake was primarily built this quarter at prices between ~$21 and ~$37. The stock currently trades at $31.79.Guardant Health (GH): GH is a 1.69% of the portfolio position that saw a ~80% stake increase this quarter at prices between ~$127 and ~$179. The stake was first purchased in Q2 2019 at prices between ~$67 and ~$91. The position has wavered. Q4 2019 saw a ~150% stake increase at prices between ~$62 and ~$83 while Q2 & Q3 2020 saw a ~50% selling at prices between ~$60 and ~$112. The stock currently trades at ~$121.Nikola Corp (NKLA): The small 0.74% NKLA stake was primarily built this quarter at prices between ~$14 and ~$29. The stock is now at $15.07.Stake Decreases:Walt Disney (DIS): DIS is a large (top three) 6.15% of the portfolio stake. A huge position was built in Q2 2020 at prices between ~$94 and ~$125. The next two quarters also saw minor increases. This quarter saw a ~45% selling at prices between ~$163 and ~$202. The stock currently trades at ~$173.Tesla Inc. (TSLA): TSLA is a large (top five) ~6% of the portfolio position. It was purchased in Q1 2020 at prices between ~$85 and ~$180. Next quarter saw a ~40% selling at prices between ~$95 and ~$200. There was a stake doubling in Q3 2020 at prices between ~$242 and ~$443. Last two quarters have seen a ~50% selling at prices between ~$390 and ~$880. The stock currently trades at ~$653.Sunrun Inc. (RUN): The large (top five) 5.64% RUN stake was established in Q3 2020 at prices between ~$28 and ~$77. Last quarter saw a ~125% stake increase at prices between ~$52 and ~$80. The stock currently trades at $52.70. There was a ~9% trimming this quarter.Note: Coatue has a ~8.2% ownership stake in Sunrun.Square Inc. (SQ): SQ is a 4.83% of the portfolio position built in Q2 & Q3 2019 at prices between ~$62 and ~$82. Next quarter saw a ~50% reduction at prices between ~$60 and ~$70. Last year saw consistent buying every quarter at prices between ~$40 and ~$240. There was a ~37% selling this quarter at prices between ~$202 and ~$277. The stock currently trades at ~$236.Zillow Group (Z): The fairly large 4.70% Zillow stake was built over the last two quarters at prices between ~$60 and ~$140. The stock is now at ~$114. There was a ~8% trimming this quarter.Uber Technologies (UBER): UBER had an IPO in Q2 2019. Shares started trading at ~$42 and currently goes for $47.55. Coatue’s stake goes back to a funding round in 2018 when the valuation was at ~$60B. This is compared to the current market cap of ~$100B. Q4 2019 & Q1 2020 saw the stake sold down by ~90% at prices between ~$21 and ~$41. The stake was rebuilt over the last three quarters at prices between ~$23 and ~$55. This quarter saw a roughly one-third selling at prices between ~$48 and ~$63.PayPal Holdings (PYPL): The 3.91% PYPL stake was built in H1 2016 at prices between ~$31 and ~$37. The stock has wavered. Recent activity follows. H1 2020 saw a ~130% stake increase at prices between ~$90 and ~$175 while this quarter there was a ~60% selling at prices between ~$227 and ~$305. The stock is now at $295.Facebook Inc. (FB): FB is a 3.44% of the portfolio position first purchased in Q3 2013 at prices between ~$24 and ~$51. The stake has wavered. Recent activity follows. H1 2020 saw a ~42% selling at prices between ~$150 and ~$240. Next quarter saw a ~15% stake increase while the last two quarters have seen similar trimming. The stock currently trades at ~$346.Nuance Communications (NUAN): NUAN is a 3.41% of the portfolio position built over the last two quarters at prices between ~$25.50 and ~$44. There was a ~15% trimming this quarter at prices between ~$40 and ~$50. The stock currently trades at $54.55.Note: Microsoft (MSFT) is acquiring Nuance in a $56 all-cash deal announced in April. Coatue has a ~5% ownership stake in the business.Netflix Inc. (NFLX): The 2.67% NFLX position is a very long term stake. It was established in 2012 at very low prices. The stake has wavered. Last major activity was in H1 2018 when there was a ~40% selling at prices between ~$210 and ~$410. The stock is now at ~$531.Agora Inc. (API): API is a 2.64% of the portfolio position built last quarter at prices between ~$35 and ~$48. There was a ~5% trimming this quarter. The stock currently trades near the low end of that rang eat $35.91.Note: Coatue has a ~12% ownership stake in the business.Zoom Video (ZM): ZM is now a ~2% of the portfolio position. A fairly large stake was built in H1 2020 at prices between ~$67 and ~$260. The stake was sold down by ~55% this quarter at prices between ~$311 and ~$445. The stock is now at ~$386.Anaplan Inc. (PLAN), Broadcom Ltd. (AVGO), Crowdstrike Holdings (CRWD), DocuSign Inc. (DOCU), Global Payments (GPN), Insulet Corp (PODD), L Brands (LB), Peloton Interactive (PTON), Pinterest Inc. (PINS), and Shopify (SHOP): These small (less than ~1.7% of the portfolio each) stakes were reduced this quarter.Note: Coatue has a ~4% ownership stake in Anaplan.Kept Steady:None.The rest of the stakes in the portfolio are minutely small. They are 3D Systems (DDD), Bill.com Holdings (BILL), BioNTech SE (BNTX), Boeing Company (BA), C3.ai (AI), Churchill Capital IV (CCIV), Coupa Software (COUP), Datadog (DDOG), Eastman Kodak (KODK), GrafTech International (EAF), Inovio Pharma (INO), Lemonade Inc. (LMND), Lightspeed (LSPD), Luminar Technologies (LAZR), Macerich (MAC), MSD Acquisition (MSDA) Units, Okta Inc. (OKTA), Opendoor Technologies (OPEN), QuantumScape (QS), Ribbit LEAP (LEAP), Root Inc. (ROOT), Snap Inc. (SNAP), Stitch Fix Inc. (SFIX), StoneCo (STNE), Stratasys (SSYS), TAL Education Group (TAL), Velodyne LIDAR (VLDR), ViacomCBS (VIAC), and Workhorse Group (WKHS).Below is a spreadsheet that shows the changes to Philippe Laffont's Coatue Management 13F long portfolio holdings as of Q1 2021:Source: John Vincent. Data constructed from Coatue Management’s 13F filings for Q4 2020 and Q1 2021."

"Tracking Philippe Laffont’s Coatue Management Portfolio – Q4 2020 Update"

"Philippe Laffont’s 13F portfolio value increased $19.05B to $26.73B this quarter.Coatue Management added DoorDash and increased Uber Technologies during the quarter.The largest three positions are Walt Disney, PayPal Holdings, and Tesla and they add up to ~19% of the portfolio.Philippe Laffont’s 13F portfolio value increased ~40% from $19.05B to $26.73B this quarter. Recent 13F reports have shown a total of around 45 individual stock positions in the portfolio. The largest five stakes are Walt Disney, PayPal Holdings, Tesla, Square, and Sunrun. They add up to around ~29% of the entire portfolio.Philippe Laffont is one of the most successful among the "tiger cubs". To know more about Julian Robertson and his legendary Tiger Management, check out .Below is a spreadsheet that shows the changes to Philippe Laffont's Coatue Management 13F long portfolio holdings as of Q4 2020. 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 Philippe Laffont’s Coatue Management Portfolio – Q3 2020 Update"

"Philippe Laffont’s 13F portfolio value increased $11.37B to $19.05B this quarter.Coatue Management increased Tesla and added Snowflake during the quarter.The largest three positions are PayPal Holdings, Tesla, and Walt Disney and they add up to ~20% of the portfolio.Philippe Laffont’s 13F portfolio value increased two-thirds from $11.37B to $19.05B this quarter. Recent 13F reports have shown a total of around 45 individual stock positions in the portfolio. The largest five stakes are PayPal Holdings, Tesla, Walt Disney, Zoom Video, and Snowflake. They add up to around ~32% of the entire portfolio.Philippe Laffont is one of the most successful among the "tiger cubs". To know more about Julian Robertson and his legendary Tiger Management, check out .Below is a spreadsheet that shows the changes to Philippe Laffont's Coatue Management 13F long portfolio holdings as of Q3 2020. 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 Philippe Laffont’s Coatue Management Portfolio – Q2 2020 Update"

"Philippe Laffont’s 13F portfolio value increased ~42% from $7.90B to $11.37B this quarter.Coatue Management added Boeing and increased Walt Disney, Zoom Video, and PayPal Holdings during the quarter.The largest three positions are PayPal Holdings, Walt Disney, and Zoom Video and they add up to ~25% of the portfolio.Philippe Laffont’s 13F portfolio value increased ~42% from $7.90B to $11.37B this quarter. Recent 13F reports have shown a total of around 45 individual stock positions in the portfolio. The largest five stakes are PayPal Holdings, Walt Disney, Zoom Video, Netflix, and, Amazon.com. They add up to around ~36% of the entire portfolio.Philippe Laffont is one of the most successful among the "tiger cubs". To know more about Julian Robertson and his legendary Tiger Management, check out .Below is a spreadsheet that shows the changes to Philippe Laffont's Coatue Management 13F long portfolio holdings as of Q2 2020. 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 Philippe Laffont’s Coatue Management Portfolio – Q1 2020 Update"

"Philippe Laffont’s 13F portfolio value decreased ~37% from $12.57B to $7.90B this quarter.Coatue Management added JD.com and Tesla during the quarrter.The largest three positions are Netflix, Liberty Broadband, and Amazon.com and they add up to ~22% of the portfolio.Philippe Laffont’s 13F portfolio value decreased ~37% from $12.57B to $7.90B this quarter. Recent 13F reports have shown a total of around 45 individual stock positions in the portfolio. The largest five stakes are Netflix, Liberty Broadband, Amazon.com, Alibaba Group Holdings, and Facebook Inc. They add up to around one-third of the entire portfolio.Philippe Laffont is one of the most successful among the "tiger cubs". To know more about Julian Robertson and his legendary Tiger Management, check out .Below is a spreadsheet that shows the changes to Philippe Laffont's Coatue Management 13F long portfolio holdings as of Q1 2020. 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 Philippe Laffont’s Coatue Management Portfolio – Q4 2019 Update"

"Philippe Laffont’s 13F portfolio value increased from $11.67B to $12.57B this quarter.Coatue Management increased Twitter (TWTR), Nvidia (NVDA), Insulet (PODD), Dynatrace (DT), and Smartsheet (SMAR) during the quarter.The largest three positions are Liberty Broadband (LBRDK), Alibaba Group Holdings (BABA), and ServiceNow (NOW) and they add up to ~21% of the portfolio.Philippe Laffont’s 13F portfolio value increased ~8% from $11.67B to $12.57B this quarter. Recent 13F reports have shown a total of around 50 individual stock positions in the portfolio. The largest five stakes are Liberty Broadband (LBRDK), Alibaba Group Holdings (BABA), ServiceNow (NOW), Facebook Inc. (FB), and Microsoft (MSFT) and they add up to around ~32% of the entire portfolio.Philippe Laffont is one of the most successful among the "tiger cubs". To know more about Julian Robertson and his legendary Tiger Management, check out .Below is a summary:Facebook Inc. (FB): FB is a large (top five) 5.74% of the portfolio position. The original stake is from Q3 2013 at prices between $24 and $51. The position has wavered. Recent activity follow. H1 2018 saw a ~30% increase at prices between $152 and $202 while next quarter there was a similar reduction at prices between $160 and $218. There was a ~10% stake increase in Q4 2018 while next quarter saw a ~18% selling. Last three quarters have seen only minor adjustments. The stock is now at $190.Liberty Broadband (LBRDK): LBRDK is currently the largest position at ~8% of the portfolio. It was established in Q2 2016 at prices between $55 and $60. The stock is now at $126.Below is a spreadsheet that shows the changes to Philippe Laffont's Coatue Management 13F long portfolio holdings as of Q4 2019. 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 Philippe Laffont’s Coatue Management Portfolio – Q3 2019 Update"

"Philippe Laffont’s 13F portfolio value decreased from $11.82B to $11.67B this quarter.Coatue Management increased Global Payments (GPN) and Alibaba Group Holdings (BABA) while decreasing Intuit (INTU) and Salesforce.com (CRM).The largest three positions are Liberty Broadband (LBRDK), ServiceNow (NOW), and Alibaba Group Holdings (BABA) and they add up to ~19% of the portfolio.Philippe Laffont’s 13F portfolio value decreased marginally from $11.82B to $11.67B this quarter. Recent 13F reports have shown a total of around 50 individual stock positions in the portfolio. The largest five stakes are Liberty Broadband (LBRDK), ServiceNow (NOW), Alibaba Group Holdings (BABA), Global Payments (GPN), and Facebook Inc. (FB) and they add up to around ~30% of the entire portfolio.Philippe Laffont is one of the most successful among the "tiger cubs". To know more about Julian Robertson and his legendary Tiger Management, check out .Below is a summary:Facebook Inc. (FB): FB is a large (top five) 5.36% of the portfolio position. The original stake is from Q3 2013 at prices between $24 and $51. The position has wavered. Recent activity follow. H1 2018 saw a ~30% increase at prices between $152 and $202 while next quarter there was a similar reduction at prices between $160 and $218. There was a ~10% stake increase in Q4 2018 while next quarter saw a ~18% selling. The stock is now at $211.Liberty Broadband (LBRDK): LBRDK is currently the largest position at ~7% of the portfolio. It was established in Q2 2016 at prices between $55 and $60. The stock is now at $128.Below is a spreadsheet that shows the changes to Philippe Laffont's Coatue Management 13F long portfolio holdings as of Q3 2019. 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 Philippe Laffont’s Coatue Management Portfolio – Q2 2019 Update"

"Philippe Laffont’s 13F portfolio value increased from $9.03B to $11.82B this quarter.Coatue Management increased Microsoft (MSFT) and Anaplan (PLAN) while decreasing Amazon.com (AMZN), Tableau Software (DATA), and Nvidia Corp (NVDA) during the quarter.The largest three positions are Liberty Broadband (LBRDK), ServiceNow (NOW), and Facebook (FB) and they add up to ~20% of the portfolio.Philippe Laffont’s 13F portfolio value increased ~30% from $9.03B to $11.82B this quarter. Recent 13F reports have shown a total of around 50 individual stock positions in the portfolio. The largest five stakes are Liberty Broadband (LBRDK), ServiceNow (NOW), Facebook Inc. (FB), Microsoft (MSFT), and Netflix (NFLX) and they add up to around ~31% of the entire portfolio.Philippe Laffont is one of the most successful among the "tiger cubs". To know more about Julian Robertson and his legendary Tiger Management, check out .Below is a summary:Facebook Inc. (FB): FB is a large (top five) ~6% of the portfolio position. The original stake is from Q3 2013 at prices between $24 and $51. The position has wavered. Recent activity follow. H1 2018 saw a ~30% increase at prices between $152 and $202 while next quarter there was a similar reduction at prices between $160 and $218. There was a ~10% stake increase in Q4 2018 while last quarter saw a ~18% selling. This quarter also saw marginal selling. The stock is now at $189.Liberty Broadband (LBRDK): LBRDK is currently the largest position at ~7% of the portfolio. It was established in Q2 2016 at prices between $55 and $60. The stock is now at $111.Below is a spreadsheet that shows the changes to Philippe Laffont's Coatue Management 13F long portfolio holdings as of Q2 2019. 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 Philippe Laffont’s Coatue Management Portfolio – Q1 2019 Update"

"Philippe Laffont’s 13F portfolio value increased from $8.43B to $9.03B this quarter.Coatue Management increased Adobe (ADBE), MasterCard (MA), Visa (V), and Intuit (INTU) while decreasing Shopify (SHOP) and dropping Twitter (TWTR), Spotify Technology (SPOT), and Qualcomm (QCOM).The largest three positions are Liberty Broadband (LBRDK), ServiceNow (NOW), and Amazon.com (AMZN) and they add up to ~23% of the portfolio.Philippe Laffont’s 13F portfolio value increased ~7% from $8.43B to $9.03B. Recent 13F reports have shown a total of around 50 individual stock positions in the portfolio. The largest five stakes are Liberty Broadband (LBRDK), ServiceNow (NOW), Amazon.com (AMZN), Facebook Inc. (FB), and Netflix (NFLX) and they add up to around ~37% of the entire portfolio.Philippe Laffont is one of the most successful among the "tiger cubs". To know more about Julian Robertson and his legendary Tiger Management, check out .Below is a summary:Broadcom Ltd. (AVGO): AVGO is currently a 2.38% of the portfolio position. The stake saw a ~30% increase in Q4 2017 at prices between $240 and $285. The original position was from Q2 2015 at prices between $120 and $148. The stock is now at $288. There was a ~16% trimming in Q1 2018 and another one-third selling next quarter at prices between $240 and $272. Last two quarters had seen minor trimming while this quarter saw a ~62% selling at prices between $231 and $299. Coatue harvested gains.Apple Inc. (AAPL): The original position was established in Q3 2016 at prices between $95 and $116. The position has wavered. Recent Activity follow: a ~2.6% portfolio stake was almost sold out in Q2 2018 at prices between $162 and $194. The position was rebuilt next quarter at prices between $184 and $232 but reduced by ~37% last quarter at prices between $147 and $232. The stock is currently trading at $198. This quarter saw the stake disposed at prices between $142 and $195.Note: Apple had a previous round-trip. A large ~7% long-term stake was disposed in Q1 2016 at prices between $93 and $110.Facebook Inc. (FB): FB is a large (top five) 7.01% of the portfolio position. The original stake is from Q3 2013 at prices between $24 and $51. The four quarters thru Q2 2016 had seen a ~50% combined reduction at prices between $86 and $120. There was an about turn in Q3 2016: ~50% increase at prices between $114 and $131. The stock currently trades at $193. There was a ~25% reduction in Q4 2017 at prices between $168 and $183. H1 2018 saw a ~30% increase at prices between $152 and $202 while next quarter there was a similar reduction at prices between $160 and $218. There was a ~10% stake increase last quarter while this quarter saw a ~18% selling.Liberty Broadband (LBRDK): LBRDK is currently the largest position at 8.17% of the portfoio. It was established in Q2 2016 at prices between $55 and $60. The stock is now at $104.Shopify (SHOP): SHOP was a ~4% of the portfolio stake established in Q2 2017 at prices between $85 and $123. The stake saw a whopping 170% increase in Q4 2017 at prices between $92 and $119. The stock is now at $300. Q2 2018 saw a ~28% selling at prices between $117 and $173 and that was followed with a ~50% reduction next quarter at prices between $133 and $174. The stake was disposed this quarter at prices between $130 and $208.Below is a spreadsheet that shows the changes to Philippe Laffont's Coatue Management 13F long portfolio holdings as of Q1 2019. 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 Philippe Laffont’s Coatue Management Portfolio – Q4 2018 Update"

"Philippe Laffont’s 13F portfolio value decreased from $9.54B to $8.43B this quarter.Coatue Management increased Alibaba Group Holdins and Amazon.com while decreasing PayPal & Qualcomm and dropping Roku.The largest three positions are Alibaba Group Holdings, Amazon.com, and Microsoft and they add up to ~24% of the portfolio.Philippe Laffont’s 13F portfolio value decreased ~12% from $9.54B to $8.43B. Recent 13F reports have shown a total of around 50 individual stock positions in the portfolio. The largest five stakes are Alibaba Group Holdigns (BABA), Amazon.com (AMZN), Microsoft Corporation (MSFT), Facebook Inc. (FB), and Liberty Broadband (LBRDK) and they add up to around ~38% of the entire portfolio.Philippe Laffont is one of the most successful among the "tiger cubs". To know more about Julian Robertson and his legendary Tiger Management, check out .Below is a summary:Broadcom Ltd. (AVGO): AVGO is currently a large 5.68% of the portfolio position. The stake saw a ~30% increase in Q4 2017 at prices between $240 and $285. The original position was from Q2 2015 at prices between $120 and $148. The stock is now at $271. There was a ~16% trimming in Q1 2018 and another one-third selling next quarter at prices between $240 and $272. Last two quarters have seen minor trimming.Apple Inc. (AAPL): The AAPL stake is now at ~1% of the portfolio. The original position was established in Q3 2016 at prices between $95 and $116. The position has wavered. Recent Activity follow: a ~2.6% portfolio stake was almost sold out in Q2 2018 at prices between $162 and $194. The position was rebuilt last quarter at prices between $184 and $232 but reduced by ~37% this quarter at prices between $147 and $232. The stock is currently trading at $182.Note: Apple had a previous round-trip. A large ~7% long-term stake was disposed in Q1 2016 at prices between $93 and $110.Facebook Inc. (FB): FB is a large (top five) 7.21% of the portfolio position. The original stake is from Q3 2013 at prices between $24 and $51. The four quarters thru Q2 2016 had seen a ~50% combined reduction at prices between $86 and $120. There was an about turn in Q3 2016: ~50% increase at prices between $114 and $131. The stock currently trades at $173. There was a ~25% reduction in Q4 2017 at prices between $168 and $183. H1 2018 saw a ~30% increase at prices between $152 and $202 while last quarter there was a similar reduction at prices between $160 and $218. There was a ~10% stake increase this quarter.Liberty Broadband (LBRDK): LBRDK is a top five 6.88% of the portfolio position. It was established in Q2 2016 at prices between $55 and $60. The stock is now at $90.81.Shopify (SHOP): SHOP is a ~4% of the portfolio stake established in Q2 2017 at prices between $85 and $123. The stake saw a whopping 170% increase in Q4 2017 at prices between $92 and $119. The stock is now at $206. Q2 2018 saw a ~28% selling at prices between $117 and $173 and that was followed with a ~50% reduction last quarter at prices between $133 and $174.Below is a spreadsheet that shows the changes to Philippe Laffont's Coatue Management 13F long portfolio holdings as of Q4 2018. 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 Philippe Laffont’s Coatue Management Portfolio – Q3 2018 Update"

"Philippe Laffont’s 13F portfolio value decreased from $11.90B to $9.54B this quarter.Coatue Management added Qualcomm while dropping JD.com and increasing ServiceNow and Apple.The largest three positions are Liberty Broadband, Activision Blizzard, and Microsoft and they add up to ~23% of the portfolio.Philippe Laffont’s 13F portfolio value decreased ~20% from $11.90B to $9.54B. Recent 13F reports have shown a total of around 50 individual stock positions in the portfolio. The largest five stakes are Liberty Broadband (LBRDK), Activision Blizzard (ATVI), Microsoft Corporation (MSFT), Facebook Inc. (FB), and Netflix and they add up to around ~37% of the entire portfolio.Philippe Laffont is one of the most successful among the "tiger cubs". To know more about Julian Robertson and his legendary Tiger Management, check out .Below is a summary:Broadcom Ltd. (AVGO): AVGO is currently a large ~5% of the portfolio position. The stake saw a ~30% increase in Q4 2017 at prices between $240 and $285. The original position was from Q2 2015 at prices between $120 and $148. The stock is now at $232. There was a ~16% trimming in Q1 2018 and another one-third selling last quarter at prices between $240 and $272.Note: Coatue also had a large position in Avago that was established in H1 2014.Apple Inc. (AAPL): The AAPL stake is now at ~2% of the portfolio. The original position was established in Q3 2016 at prices between $95 and $116. The following quarter saw a ~50% selling at prices between $106 and $118. Q3 2017 saw another ~150% stake increase at prices between $142 and $164. The stock is now at $177. There was a ~40% selling in Q4 2017 at prices between $153 and $178 and that was followed with a ~55% reduction next quarter at prices between $155 and $182. The remaining ~2.6% portfolio stake was almost sold out last quarter at prices between $162 and $194. The position was rebuilt this quarter at prices between $184 and $232.Note: Apple had a previous round-trip. A large ~7% long-term stake was disposed of in Q1 2016 at prices between $93 and $110.Facebook Inc. (FB): FB is a large (top five) 7.24% of the portfolio position. The original stake is from Q3 2013 at prices between $24 and $51. The four quarters thru Q2 2016 had seen a ~50% combined reduction at prices between $86 and $120. There was an about turn in Q3 2016: ~50% increase at prices between $114 and $131. The stock currently trades at $138. There was a ~25% reduction in Q4 2017 at prices between $168 and $183. H1 2018 saw a ~30% increase at prices between $152 and $202 while this quarter there was a similar reduction at prices between $160 and $218.Liberty Broadband (LBRDK): LBRDK is now the largest position at 7.64% of the portfolio. It was established in Q2 2016 at prices between $55 and $60. The stock is now at $81.91.Shopify (SHOP): SHOP is a 4.24% of the portfolio stake established in Q2 2017 at prices between $85 and $123. The stake saw a whopping 170% increase in Q4 2017 at prices between $92 and $119. The stock is now at $150. Last quarter saw a ~28% selling at prices between $117 and $173 and that was followed with a ~50% reduction this quarter at prices between $133 and $174.Below is a spreadsheet that shows the changes to Philippe Laffont's Coatue Management 13F long portfolio holdings as of Q3 2018. 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 Philippe Laffont’s Coatue Management Portfolio – Q2 2018 Update"

"Philippe Laffont’s 13F portfolio value decreased from $12.11B to $11.90B this quarter.Coatue Management dropped Snap Inc. while adding Spotify.The largest three positions are Facebook, Twitter, and Electronic Arts and they add up to ~27% of the portfolio.Philippe Laffont’s 13F portfolio value decreased ~2% from $12.11B to $11.90B. Recent 13F reports have shown a total of around 50 individual stock positions in the portfolio. The largest five stakes are Facebook Inc. (FB), Twitter (TWTR), Electronic Arts (EA), Activision Blizzard (ATVI), and Shopify (SHOP), and they add up to around ~40% of the entire portfolio.Philippe Laffont is one of the most successful among the "tiger cubs". To know more about Julian Robertson and his legendary Tiger Management, check out .Below is a summary:Broadcom Ltd. (AVGO): AVGO is currently a large 4.15% of the portfolio position. The stake saw a ~30% increase in Q4 2017 at prices between $240 and $285. The original position was from Q2 2015 at prices between $120 and $148. The stock is now at $233. There was a ~16% trimming last quarter and another one-third selling this quarter at prices between $240 and $272.Note: Coatue also had a large position in Avago that was established in H1 2014.Apple Inc. (AAPL): AAPL is now a minutely small portfolio stake. The original position was established in Q3 2016 at prices between $95 and $116. The following quarter saw a ~50% selling at prices between $106 and $118. Q3 2017 saw another ~150% stake increase at prices between $142 and $164. The stock is now at $217. There was a ~40% selling in Q4 2017 at prices between $153 and $178 and that was followed with a ~55% reduction last quarter at prices between $155 and $182. The remaining ~2.6% portfolio stake was almost sold out this quarter at prices between $162 and $194.Note: Apple had a previous round-trip. A large ~7% long-term stake was disposed of in Q1 2016 at prices between $93 and $110.Facebook Inc. (FB): FB is the largest position in the portfolio at 10.30%. The original stake is from Q3 2013 at prices between $24 and $51. The four quarters thru Q2 2016 had seen a ~50% combined reduction at prices between $86 and $120. There was an about turn in Q3 2016: ~50% increase at prices between $114 and $131. The stock currently trades at $154. There was a ~25% reduction in Q4 2017 at prices between $168 and $183. Last quarter saw a ~17% increase and that was followed with a ~11% increase this quarter at prices between $152 and $202.Liberty Broadband (LBRDK): LBRDK is a large ~6% portfolio stake established in Q2 2016 at prices between $55 and $60. The stock is now at $81.38.Shopify (SHOP): SHOP is a top-five ~6% of the portfolio stake established in Q2 2017 at prices between $85 and $123. The stake saw a whopping 170% increase in Q4 2017 at prices between $92 and $119. The stock is now at $136. This quarter saw a ~28% selling at prices between $117 and $173.Below is a spreadsheet that shows the changes to Philippe Laffont's Coatue Management 13F long portfolio holdings as of Q2 2018. 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 Philippe Laffont’s Coatue Management Portfolio – Q1 2018 Update"

"Philippe Laffont’s 13F portfolio value decreased from $12.78B to $12.11B this quarter.Coatue Management increased Twitter and Electronic Arts while adding Micron.The largest three positions are Twitter, Facebook, and Shopify and they add up to ~23% of the portfolio.Philippe Laffont’s 13F portfolio value decreased ~5% from $12.78B to $12.11B. Recent 13F reports have shown a total of around 50 individual stock positions in the portfolio. The largest five stakes are Twitter (TWTR), Facebook Inc. (FB), Shopify (SHOP), Electronic Arts (EA), and Broadcom Ltd. (AVGO), and they add up to around ~36% of the entire portfolio.Philippe Laffont is one of the most successful among the "tiger cubs". To know more about Julian Robertson and his legendary Tiger Management, check out .Below is a summary:Broadcom Ltd. (AVGO): AVGO is currently a large (top five) 6.32% of the portfolio position. The stake saw a ~30% increase last quarter at prices between $240 and $285. The original position was from Q2 2015 at prices between $120 and $148. The stock is now at $248. There was a ~16% trimming this quarter.Note: Coatue also had a large position in Avago that was established in H1 2014.Apple Inc. (AAPL): AAPL is a 2.59% of the portfolio stake. It was established in Q3 2016 at prices between $95 and $116. The following quarter saw a ~50% selling at prices between $106 and $118. Q3 2017 saw another ~150% stake increase at prices between $142 and $164. The stock is now at $188. There was a ~40% selling last quarter at prices between $153 and $178 and that was followed with a ~55% reduction this quarter at prices between $155 and $182.Note: Apple had a previous round-trip. A large ~7% long-term stake was disposed of in Q1 2016 at prices between $93 and $110.Facebook Inc. (FB): FB is the second-largest position in the portfolio at 7.52%. The original stake is from Q3 2013 at prices between $24 and $51. The four quarters thru Q2 2016 had seen a ~50% combined reduction at prices between $86 and $120. There was an about turn in Q3 2016: ~50% increase at prices between $114 and $131. The stock currently trades at $203. There was a ~25% reduction last quarter at prices between $168 and $183. This quarter saw a ~17% increase.Alphabet Inc. (GOOG): GOOG was a long-term ~4% portfolio stake. Recent activity follow: Q4 2015 saw a whopping ~330% stake increase at prices between $625 and $767. The following two quarters saw a reversal: ~45% reduction at prices between $668 and $767. There was another ~25% selling in Q1 2017 at prices between $786 and $852. The stock is now at $1140. The position was disposed this quarter at prices between $1000 and $1175. Coatue realized gains.Liberty Broadband (LBRDK): LBRDK is a large ~6% portfolio stake established in Q2 2016 at prices between $55 and $60. The stock is now at $78.67.Shopify (SHOP): SHOP is a top-three 7.21% of the portfolio stake established in Q2 2017 at prices between $85 and $123. The stake saw a whopping 170% increase last quarter at prices between $92 and $119. The stock is now at $157. There was a marginal increase this quarter.Below is a spreadsheet that shows the changes to Philippe Laffont's Coatue Management US long portfolio holdings as of Q1 2018. 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 3/18/2018: 13G/A – 11/3/2017 – SHOP – 7M shares – 8.2% of business."

"Tracking Philippe Laffont’s Coatue Management Portfolio – Q4 2017 Update"

"Philippe Laffont’s 13F portfolio value increased from $12.24B to $12.78B this quarter.Coatue Management increased Broadcom, Shopify, Amazon.com, and Twitter during the quarter.The largest three positions are Broadcom, Facebook, and Nvidia and they add up to ~21% of the portfolio.Philippe Laffont’s 13F portfolio value increased ~4% from $12.24B to $12.78B. Recent 13F reports have shown a total of around 50 individual stock positions in the portfolio. The largest five stakes are Broadcom Ltd. (AVGO), Facebook Inc. (FB), Nvidia (NVDA), Alibaba Group Holdings (BABA), and Liberty Broadband (LBRDK), and they add up to around one-third of the entire portfolio.Philippe Laffont is one of the most successful among the "tiger cubs". To know more about Julian Robertson and his legendary Tiger Management, check out .Below is a summary:Broadcom Ltd. (AVGO): AVGO is currently the largest position at 7.51% of the portfolio. The stake saw a ~30% increase this quarter at prices between $240 and $285. The original position was from Q2 2015 at prices between $120 and $148. The stock is now at $255.Note: Coatue also had a large position in Avago that was established in H1 2014.Apple Inc. (AAPL): AAPL is a ~6% of the portfolio stake. It was established in Q3 2016 at prices between $95 and $116. The following quarter saw a ~50% selling at prices between $106 and $118. Last quarter saw another ~150% stake increase at prices between $142 and $164. The stock is now at $178. There was a ~40% selling this quarter at prices between $153 and $178.Note: Apple had a previous round-trip. A large ~7% long-term stake was disposed of in Q1 2016 at prices between $93 and $110.Facebook Inc. (FB): FB is the second-largest position in the portfolio at ~7%. The original stake is from Q3 2013 at prices between $24 and $51. The four quarters thru Q2 2016 had seen a ~50% combined reduction at prices between $86 and $120. There was an about turn in Q3 2016: ~50% increase at prices between $114 and $131. The stock currently trades at $185. There was a ~25% reduction this quarter at prices between $168 and $183.Alphabet Inc. (GOOG): GOOG is a long-term ~4% portfolio stake. Recent activity follow: Q4 2015 saw a whopping ~330% stake increase at prices between $625 and $767. The following two quarters saw a reversal: ~45% reduction at prices between $668 and $767. There was another ~25% selling in Q1 2017 at prices between $786 and $852. The stock is now at $1136. The position saw a ~8% trimming this quarter.Liberty Broadband (LBRDK): LBRDK is a top-five ~6% portfolio stake established in Q2 2016 at prices between $55 and $60. The stock is now at $89.Symantec Corp. (SYMC): SYMC was a ~2% portfolio stake established in Q4 2016 at prices between $23 and $25 and increased by a whopping 280% in Q1 2017 at prices between $24 and $31. Last quarter saw an about turn: ~55% selling at prices between $27.50 and $34 and that was followed with the disposal this quarter at prices between $27.50 and $34. The stock is now at $27.37.Shopify (SHOP): Coatue has a ~6% of the portfolio stake in Shopify (SHOP) established in Q2 2017 at prices between $85 and $123. The stake saw a whopping 170% increase this quarter at prices between $92 and $119. The stock is now at $147.Below is a spreadsheet that shows the changes to Philippe Laffont's Coatue Management US long portfolio holdings as of Q4 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 ."

"Tracking Philippe Laffont’s Coatue Management Portfolio – Q3 2017 Update"

"Philippe Laffont’s 13F portfolio value increased from $11.09B to $12.24B this quarter.Coatue Management increased Apple while reducing Symantec & dropping Walt Disney Holdings.The largest three positions are Facebook, Apple, and Alibaba Group Holdings and they add up to ~27% of the portfolio.Philippe Laffont’s 13F portfolio value increased ~9% from $11.09B to $12.24B. Recent 13F reports have shown a total of around 50 individual stock positions in the portfolio. The largest five stakes are Facebook Inc. (FB), Apple Inc. (AAPL), Alibaba Group Holdings (BABA), Liberty Broadband (LBRDK), and Activision Blizzard (ATVI), and they add up to ~40% of the entire portfolio.Philippe Laffont is one of the most successful among the "tiger cubs". To know more about Julian Robertson and his legendary Tiger Management, check out .Below is a summary:Apple Inc. (AAPL): AAPL is a 9% of the portfolio stake. It was established in Q3 2016 at prices between $95 and $116. The following quarter saw a ~50% selling at prices between $106 and $118. This quarter saw another ~150% stake increase at prices between $142 and $164. The stock is now at $174. The aggressive build-up indicates a clear bullish bias.Note: Apple had a previous round-trip. A large ~7% long-term stake was disposed of in Q1 2016 at prices between $93 and $110.Facebook Inc. (FB): FB is the largest position in the portfolio at 9.22%. The original stake is from Q3 2013 at prices between $24 and $51. The four quarters thru Q2 2016 had seen a ~50% combined reduction at prices between $86 and $120. There was an about turn in Q3 2016: ~50% increase at prices between $114 and $131. The stock currently trades at $187. There was a ~9% increase in Q1 2017 and that was followed with marginal trimming last quarter.Alphabet Inc. (GOOG): GOOG is a long-term 4.32% portfolio stake. Recent activity follow: Q4 2015 saw a whopping ~330% stake increase at prices between $625 and $767. The following two quarters saw a reversal: ~45% reduction at prices between $668 and $767. There was another ~25% selling in Q1 2017 at prices between $786 and $852. The stock is now at $1164. The position was untouched this quarter.Liberty Broadband (LBRDK): LBRDK is a top-three 6.74% portfolio stake established in Q2 2016 at prices between $55 and $60. The stock is now at $95.80.Symantec Corp. (SYMC): SYMC is a ~2% portfolio stake established in Q4 2016 at prices between $23 and $25 and increased by a whopping 280% in Q1 2017 at prices between $24 and $31. This quarter saw an about turn: ~55% selling at prices between $27.50 and $34. The stock is now at $26.80.Shopify (SHOP): Coatue has a ~8% of the business stake in Shopify (SHOP) established last quarter at prices between $85 and $123 and the stock is now at $120.Below is a spreadsheet that shows the changes to Philippe Laffont's Coatue Management 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 ."

"Tracking Philippe Laffont’s Coatue Management Portfolio – Q2 2017 Update"

"Philippe Laffont’s 13F portfolio value increased from $10.38B to $11.09B this quarter.Coatue Management added Shopify & increased Alibaba while reducing Bank of America & dropping JPMorgan Chase.The largest three positions are Facebook, Liberty Broadband, and Alibaba Group Holdings and they add up to ~22% of the portfolio.Philippe Laffont’s 13F portfolio value increased ~7% from $10.38B to $11.09B. Recent 13F reports have shown a total of around 50 individual stock positions in the portfolio. The largest five stakes are Facebook Inc. (FB), Liberty Broadband (LBRDK), Alibaba Group Holdings (BABA), Activision Blizzard (ATVI), and Broadcom Ltd. (AVGO) and they add up to over one-third of the entire portfolio.Philippe Laffont is one of the most successful among the "tiger cubs". To know more about Julian Robertson and his legendary Tiger Management, check out .Below is a summary:Apple Inc. (AAPL): AAPL is a 3.76% of the portfolio stake. It was established in Q3 2016 at prices between $95 and $116. The following quarter saw a ~50% selling at prices between $106 and $118. The stock is now at $164. There was a ~8% trimming last quarter and that was followed with marginal trimming this quarter.Note: Apple had a previous round-trip. A large ~7% long-term stake was disposed of in Q1 2016 at prices between $93 and $110.Facebook Inc. (FB): FB is the largest position in the portfolio at ~9%. The original stake is from Q3 2013 at prices between $24 and $51. The four quarters thru Q2 2016 had seen a ~50% combined reduction at prices between $86 and $120. There was an about turn in Q3 2016: ~50% increase at prices between $114 and $131. The stock currently trades at $172. There was a ~9% increase last quarter and that was followed with marginal trimming this quarter.Alphabet Inc. (GOOG): GOOG is a long-term 4.52% portfolio stake. Recent activity follow: Q4 2015 saw a whopping ~330% stake increase at prices between $625 and $767. The following two quarters saw a reversal: ~45% reduction at prices between $668 and $767. There was another ~25% selling last quarter at prices between $786 and $852. The stock is now at $937. The position was untouched this quarter.Liberty Broadband (LBRDK): LBRDK is a top-three 6.77% portfolio stake established in Q2 2016 at prices between $55 and $60. The stock is now at $100. There was a marginal increase last quarter and was kept steady this quarter.Symantec Corp. (SYMC): SYMC is a 4.56% portfolio stake established in Q4 2016 at prices between $23 and $25 and increased by a whopping 280% last quarter at prices between $24 and $31. The stock is now at $29.86. There was a ~4% increase this quarter.Below is a spreadsheet that shows the changes to Philippe Laffont's Coatue Management 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: None."

"Tracking Philippe Laffont’s Coatue Management Portfolio - Q1 2017 Update"

"Philippe Laffont’s 13F portfolio value increased from $8.44B to $10.38B this quarter.Coatue Management added Snap and increased Brroadcom, Bank of America & Symantec.The largest three positions are Facebook, Liberty Broadband, and Broadcom and they add up to ~23% of the portfolio.Philippe Laffont’s 13F portfolio value increased ~23% from $8.44B to $10.38B. Recent 13F reports have shown a total of around 50 individual stock positions in the portfolio. The largest five stakes are Facebook Inc. (FB), Liberty Broadband (LBRDK), Broadcom Ltd. (AVGO), Activision Blizzard (ATVI), and Bank of America (BAC) and they add up to over one-third of the entire portfolio.Philippe Laffont is one of the most successful among the "tiger cubs". To know more about Julian Robertson and his legendary Tiger Management, check out .Below is a summary:Apple Inc. (AAPL): AAPL is a fairly large ~4% of the portfolio stake. It was established in Q3 2016 at prices between $95 and $116. Last quarter saw a ~50% selling at prices between $106 and $118. The stock is now at $146. There was a ~8% trimming this quarter.Note: Apple had a previous round-trip. A large ~7% long-term stake was disposed of in Q1 2016 at prices between $93 and $110.Facebook Inc. (FB): FB is the largest position in the portfolio at 9.11%. The original stake is from Q3 2013 at prices between $24 and $51. The four quarters thru Q2 2016 had seen a ~50% combined reduction at prices between $86 and $120. There was an about turn in Q3 2016: ~50% increase at prices between $114 and $131. The stock currently trades at $155. There was a ~9% increase this quarter.Alphabet Inc. (GOOG): GOOG is a long-term 4.41% portfolio stake. Recent activity follow: Q4 2015 saw a whopping ~330% stake increase at prices between $625 and $767. The following two quarters saw a reversal: ~45% reduction at prices between $668 and $767. There was another ~25% selling this quarter at prices between $786 and $852. The stock is now at $966.Liberty Broadband (LBRDK): LBRDK is a top-three 7.2% portfolio stake established in Q2 2016 at prices between $55 and $60. The stock is now at $85.72. There was a marginal increase this quarter.Symantec Corp. (SYMC): SYMC is a 4.55% portfolio stake established last quarter at prices between $23 and $25 and increased by a whopping 280% this quarter at prices between $24 and $31. The stock is now at $28.53.Below is a spreadsheet that shows the changes to Philippe Laffont's Coatue Management 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 3/9/2017: 13G/A - 2/13/2017 - BOX - 1.1M shares - 1.8%. 13G/A - 2/13/2017 - SQ - 0%."

"Tracking Philippe Laffont’s Coatue Management Portfolio - Q4 2016 Update"

"Philippe Laffont’s 13F portfolio increased from $8.15B to $8.44B this quarter.Coatue Management increased Nvidia & Alibaba while reducing Apple & Netflix.The largest three positions are Facebook, Liberty Broadband, and Alphabet and they add up to ~23% of the portfolio.Philippe Laffont’s 13F portfolio increased marginally from $8.15B to $8.44B. Recent 13F reports have shown a total of around 50 individual stock positions in the portfolio. The largest five stakes are Facebook Inc. (FB), Liberty Broadband (LBRDK), Alphabet Inc. (GOOG), Nvidia Inc. (NVDA), and Activision Blizzard (ATVI) and they add up to over one-third of the entire portfolio.Philippe Laffont is one of the most successful among the "tiger cubs". To know more about Julian Robertson and his legendary Tiger Management, check out .Below is a summary of the major moves this quarter:Apple Inc. (AAPL): AAPL is a fairly large 4.38% of the portfolio stake. It was established last quarter at prices between $95 and $116. This quarter saw a ~50% selling at prices between $106 and $118. The stock is now at $139.Note: Apple in back in the portfolio after a quarter’s gap. A large ~7% long-term stake was disposed of in Q1 2016 at prices between $93 and $110.Facebook Inc. (FB): FB is the largest position in the portfolio at ~8.3%. The original stake is from Q3 2013 at prices between $24 and $51. The four quarters thru Q2 2016 had seen a ~50% combined reduction at prices between $86 and $120. There was an about turn last quarter: ~50% increase at prices between $114 and $131. The stock currently trades at $138. There was minor trimming this quarter.Alphabet Inc. (GOOG): GOOG is a long-term top-three ~7% portfolio stake. Recent activity follow: Q4 2015 saw a whopping ~330% stake increase at prices between $625 and $767. The following two quarters saw a reversal: ~45% reduction at prices between $668 and $767. The stock is now at $835. There was marginal selling this quarter.Liberty Broadband (LBRDK): LBRDK is a top-three ~7.5% portfolio stake established in Q2 2016 at prices between $55 and $60. The stock is now at $84.55.PayPal Holdings (PYPL): PYPL is a ~2.4% portfolio position established in Q1 2016 at prices between $31.20 and $41.32 and more than doubled the following quarter at prices between $34.20 and $40.31. Last quarter saw an about turn: almost one-third selling at prices between $36 and $41 and that was followed with a ~15% reduction this quarter at prices between $38 and $44. The stock is now at $42.79.Below is a spreadsheet that shows the changes to Philippe Laffont's Coatue Management 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 Philippe Laffont’s Coatue Management Portfolio - Q3 2016 Update"

"Philippe Laffont’s 13F portfolio increased from $7.06B to $8.15B this quarter.Coatue Management added Apple while increasing Facebook.The largest three positions are Facebook, Apple, and Liberty Broadband and they add up to ~27% of the portfolio.Philippe Laffont’s 13F portfolio increased 15.58% from $7.06B to $8.15B. Recent 13F reports have shown a total of around 50 individual stock positions in the portfolio. The largest five stakes are Facebook Inc. (FB), Apple Inc. (AAPL), Liberty Broadband (LBRDK), Alphabet Inc. (GOOG), and Activision Blizzard (ATVI) and they add up to over ~40% of the entire portfolio.Philippe Laffont is one of the most successful among the "tiger cubs". To know more about Julian Robertson and his legendary Tiger Management, check out .Below is a summary of the major moves this quarter:Apple Inc. (AAPL): AAPL is currently the second-largest individual stock position at ~9% of the portfolio. It was established this quarter at prices between $95 and $116 and the stock is now at $117.Note: Apple in back in the portfolio after a quarter’s gap. A large ~7% long-term stake was disposed of in Q1 2016 at prices between $93 and $110.Facebook Inc. (FB): FB is the largest position in the portfolio at ~10%. The original stake is from Q3 2013 at prices between $24 and $51. Last four quarters had seen a ~50% combined reduction at prices between $86 and $120. There was an about turn this quarter: ~50% increase at prices between $114 and $131. The stock currently trades at $119.Alphabet Inc. (GOOG): GOOG is a long-term top-five ~7% portfolio stake. Recent activity follow: Q4 2015 saw a whopping ~330% stake increase at prices between $625 and $767. The following two quarters saw a reversal: ~45% reduction at prices between $668 and $767. This quarter saw a ~8% increase. The stock is now at $794.Liberty Broadband (LBRDK): LBRDK is a top-three 7.58% portfolio stake established last quarter at prices between $55 and $60. The stock is now at $74.36. There was a marginal reduction this quarter.PayPal Holdings (PYPL): PYPL is a ~3% portfolio position established in Q1 2016 at prices between $31.20 and $41.32 and more than doubled last quarter at prices between $34.20 and $40.31. This quarter saw an about turn: almost one-third selling at prices between $36 and $41. The stock is now at $39.44.Below is a spreadsheet that shows the changes to Philippe Laffont's Coatue Management 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 Philippe Laffont’s Coatue Management Portfolio - Q2 2016 Update"

"Philippe Laffont’s 13F portfolio decreased from $8.06B to $7.06B this quarter.Coatue Management added Liberty Broadband while dropping Charter Communications and doubling PayPal.The largest three positions are Activision Blizzard, Liberty Broadband, and Facebook and they add up to ~22% of the portfolio.Philippe Laffont’s 13F portfolio decreased 12.47% from $8.06B to $7.06B as several significant stakes were either reduced or eliminated during the quarter. Recent 13F reports have shown a total of around 45 individual stock positions in the portfolio. The largest five stakes are Activision Blizzard (ATVI), Liberty Broadband (LBRDK), Facebook Inc. (FB), Alphabet Inc. (GOOG), and Netflix Inc. (NFLX) and they add up to over one-third of the entire portfolio.Philippe Laffont is one of the most successful among the "tiger cubs". To know more about Julian Robertson and his legendary Tiger Management, check out .Below is a summary of the major moves this quarter:Charter Communications (CHTR): CHTR was a fairly large 4.69% stake as of last quarter. The bulk of the position was purchased in Q1 2013 at prices between $78 and $106. Q1 2015 also saw a ~47% increase at prices between $151 and $194. The disposal this quarter was at prices between $198 and $233. The stock is now at $268. Coatue realized huge gains.Liberty Broadband (LBRDK): LBRDK is a top-three 7.56% portfolio stake established this quarter at prices between $55 and $60. The stock is now at ~$70.PayPal Holdings (PYPL): PYPL is a fairly large 4.65% portfolio position established last quarter at prices between $31.20 and $41.32 and more than doubled this quarter at prices between $34.20 and $40.31. The stock is now at ~$38. For investors attempting to follow Coatue, PYPL is a good option to consider for further research.In addition, a number of other positions were reduced significantly: Adobe Systems (ADBE), Amazon.com (AMZN), American Tower (AMT), Electronic Arts (ERTS), Equinix Inc. (EQIX), Facebook Inc. (FB), Alphabet Inc. (GOOG), and Microsoft Corporation (MSFT).Below is a spreadsheet that shows the changes to Philippe Laffont's Coatue Management 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 Ray Dalio’s Bridgewater Associates 13F Portfolio – Q2 2023 Update"

"...….….This article is part of a series that provides an ongoing analysis of the changes made to Bridgewater Associates’ 13F portfolio on a quarterly basis. It is based on their regulatory filed on 8/11/2023. Please visit our to get an idea of their investment philosophy and our for the fund’s moves during Q1 2023.Assets Under Management (AUM) is at around $150B. The 13F portfolio is less than ~20% of their total AUM. This quarter, the 13F portfolio value decreased ~1% from ~$16.39B to ~$16.19B. The holdings are diversified with recent reports showing around 1000 different stakes. Around 45 of them are significantly large (more than ~0.5% of the 13F portfolio) and they are the focus of this article. The top three individual stock positions are at ~11% while the top five holdings are close to ~16% of the 13F assets: Procter & Gamble, Johnson & Johnson, Coca-Cola, PepsiCo, and Costco.Note 1: The firm uses asset class diversification among uncorrelated positions to achieve absolute returns. As such the stakes can be on or against debt, equity, and other markets around the world. To learn more about their unique investment philosophy, check out their and Ray Dalio’s .Note 2: Although Ray Dalio is a Sinophile whose fascination for China goes back to 1984, it is interesting that China exposure in the portfolio is de-minimis.Stake Disposals:SPDR Gold Trust ETF (GLD): The position was first built in 2017 at prices between ~$110 and ~$128. 2020 saw a ~25% selling at prices between ~$140 and ~$191. That was followed with a ~40% selling next quarter at prices between ~$159 and ~$178. Q3 2021 saw a similar increase at prices between ~$162 and ~$171. There was a ~40% reduction during Q2 2022 at prices between ~$168 and ~$185. That was followed with a ~30% selling last quarter at prices between ~$168 and ~$186. The disposal this quarter was at prices between ~$177 and ~$190. The stock currently trades at ~$175.Stake Increases:iShares Core S&P 500 ETF (IVV): A fairly large stake in IVV was built during the 2017-2018 timeframe at prices between ~$245 and ~$295. It was sold down during the two quarters through Q1 2021 at prices between ~$325 and ~$400. The seven quarters through Q4 2022 had seen the stake rebuilt at prices between ~$359 and ~$477. The stock is now at ~$439 and the stake is at 5.54% of the portfolio. There was a ~11% trimming last quarter and a similar increase this quarter.Note: a much smaller stake in IVV was part of the portfolio during the 2012-16 timeframe.iShares MSCI Core Emerging Market ETF (IEMG): The large 5.46% IEMG stake was first purchased in 2016. Recent activity follows. Q3 2021 saw a ~225% stake increase at prices between ~$61 and ~$67. That was followed with a stake doubling in Q1 2022 at prices between ~$51 and ~$62. The last quarter also saw a ~22% increase at prices between ~$46 and ~$52. IEMG currently trades at ~$48. There was a marginal further increase this quarter.Coca Cola (KO): The four quarters through Q2 2021 saw a ~8.2M shares KO stake built at prices between ~$45 and ~$56. That was followed with a ~40% stake increase in Q1 2022 at prices between ~$58 and ~$63. There was a ~25% selling during Q4 2022 at prices between ~$54 and ~$64. The stock currently trades at ~$61, and the stake is fairly large at ~3% of the portfolio. This quarter saw a marginal increase.Note: Much smaller stakes in these two positions were part of the portfolio during the decade through 2016.Starbucks Corp (SBUX): The 1.66% SBUX stake was built during the four quarters through Q2 2021 at prices between ~$74 and ~$118. The two quarters through Q1 2022 saw another ~45% stake increase at prices between ~$79 and ~$117. The stock currently trades at ~$97. There was a ~18% trimming over the last two quarters while this quarter saw a ~9% increase.Visa Inc. (V): The 1.36% Visa stake saw a ~18% increase last quarter at prices between ~$207 and ~$231 and it is now at ~$238. There was a minor ~3% increase this quarter.CVS Health (CVS), : CVS is a 1.12% of the portfolio stake primarily built during Q2 2022 at prices between ~$89 and ~$107 and the stock currently trades well below that range at $66.81. There was a ~20% trimming over the last two quarters. This quarter saw a ~9% stake increase.AbbVie Inc. (ABBV), Booking Holdings (BKNG), Comcast Corp (CMCSA), Dollar General (DGEN), Estee Lauder (EL), iShares iBOXX Inv. Grd. ETF (LQD), Kroger Company (KR), Monster Beverage (MNST), McKesson Corp (MCK), Merck Inc. (MRK), Mondelez International (MDLZ), PDD Holdings (PDD), and Veeva Systems (VEEV): These small (less than ~1% of the portfolio each) stakes were increased this quarter.Stake Decreases:Procter & Gamble (PG): PG is currently the largest individual stock position at 4.33% of the portfolio. It was established in H2 2020 at prices between ~$120 and ~$144. H1 2021 saw a ~80% stake increase at prices between ~$124 and ~$139. The two quarters through Q1 2022 also saw a ~45% increase at prices between ~$139 and ~$164. Q4 2022 saw a ~25% reduction at prices between ~$124 and ~$154. The stock currently trades at ~$153. The last two quarters saw minor trimming.Johnson & Johnson (JNJ): The 3.25% JNJ stake was a small position in their first 13F filing in Q4 2005. The stake has wavered. The current position was built during the four quarters through Q2 2021 at prices between ~$137 and ~$171. The two quarters through Q1 2022 had seen a ~55% stake increase at prices between ~$155 and ~$180. Q4 2022 saw a ~25% selling at prices between ~$160 and ~$180. That was followed by ~11% trimming this quarter. The stock currently trades at ~$174.PepsiCo (PEP): The four quarters through Q2 2021 saw a 2.7M shares stake built at prices between ~$129 and ~$148. That was followed with a ~55% stake increase over the two quarters through Q1 2022 at prices between ~$150 and ~$176. There was a ~25% reduction during Q4 2022 at prices between ~$160 and ~$186. The last two quarters also saw trimming. The stock is now at ~$178 and the stake is at ~3% of the portfolio.Note: Much smaller stakes in these two positions were part of the portfolio during the decade through 2016.SPDR S&P 500 ETF (SPY): A small position in SPY was first established in Q1 2006. An amended filing in Q4 2007 showed a huge 40% of the 13F portfolio stake (~12M shares) established in the high 140s price-range. The position size peaked at ~21M shares by 2011. The decade through 2020 had seen the position reduced to 3.7M shares through minor selling in most quarters. H1 2021 saw another ~45% reduction at prices between ~$370 and ~$430. That was followed with a ~20% selling during Q3 2022 at prices between ~$357 and ~$430. There was a further ~16% reduction this quarter at prices between ~$404 and ~$443. SPY now trades at ~$437 and the stake is at 2.84% of the portfolio.Costco Wholesale (COST), Target Corp (TGT), and Wal-Mart Stores (WMT): The 2.69% of the portfolio COST stake was built during the four quarters through Q2 2021 at prices between ~$305 and ~$395 and the stock currently trades at ~$545. There was a ~30% stake increase in Q1 2022 at prices between ~$477 and ~$577. Q4 2022 saw a ~22% reduction at prices between ~$453 and ~$540. That was followed with a ~15% trimming in the last two quarters. TGT is a small 0.48% of the portfolio stake established in H2 2020 at prices between ~$119 and ~$180. Q2 2021 saw a ~55% stake increase at prices between ~$200 and ~$245. That was followed with a ~50% increase during H1 2022 at prices between ~$139 and ~$249. The last four quarters saw a ~70% reduction at prices between ~$127 and ~$177. The stock currently trades at ~$131. The 2.49% WMT position was purchased during the four quarters through Q2 2021 at prices between ~$119 and ~$152. Q4 2021 saw the stake sold down by ~45% at prices between ~$135 and ~$151. H1 2022 had seen a two-thirds increase at prices between ~$118 and ~$160. The last four quarters saw a ~48% selling at prices between ~$123 and ~$157. The stock is now at ~$158.McDonald’s Corp (MCD): MCD is a 2.61% of the portfolio position first built during the four quarters through Q2 2021 at prices between ~$184 and ~$237. The two quarters through Q1 2022 saw another ~55% stake increase at prices between ~$222 and ~$270. There was a ~25% reduction during Q4 2022 at prices between ~$233 and ~$278. The last two quarters saw further trimming. The stock is now at ~$282.Vanguard FTSE Emerging Market ETF (VWO): VWO is a ~2% of the portfolio stake. It was first purchased in 2009. The position size peaked at over 115M shares in 2014. This is compared to 8.47M shares currently. Recent activity follows. 2020 saw a ~45% selling at prices between ~$31 and ~$50 while in Q3 2021 there was a stake doubling at prices between ~$49 and ~$53. Q2 2022 saw a one-third reduction at prices between ~$40.50 and ~$48. That was followed with a ~40% selling last quarter at prices between ~$38.50 and ~$43. VWO currently trades at ~$40. There was a ~7% trimming this quarter.Alphabet Inc. (GOOG), Meta Platforms (META), and PayPal Holdings (PYPL): The 1.45% stake in GOOG saw a ~210% increase last quarter at prices between ~$87 and ~$109. The stock currently trades at ~$128. There was a ~15% trimming this quarter. META is a ~1% position that saw a ~90% increase last quarter at prices between ~$125 and ~$213. It is now at ~$283. There was a ~45% reduction this quarter at prices between ~$207 and ~$289. PYPL is a small 0.62% position that saw a ~60% increase last quarter at prices between ~$73 and ~$87. It now goes for $59.42. There was a minor ~3% trimming this quarter.Abbot Laboratories (ABT), Becton Dickinson (BDX), Boston Scientific (BSX), Chipotle Mexican Grill (CMG), Colgate Palmolive (CL), Eli Lilly (LLY), General Mills (GIS), HCA Healthcare (HCA), iShares MBS ETF (MBB), Intuitive Surgical (ISRG), Kimberley Clark (KMB), MasterCard (MA), Microsoft Corp (MSFT), and Stryker Corp (SYK) : These small (less than ~1.25% of the portfolio each) stakes were reduced during the quarter.The spreadsheet below highlights changes to Bridgewater Associates’ 13F holdings in Q2 2023:Source: John Vincent. Data constructed from Bridgewater Associates’ 13F filings for Q1 2023 and Q2 2023.10/2022 - - Ray Dalio gives up Bridgewater Associates control as part of succession plan.Regulatory filings from 11/17/2022 to 3/23/2023: None."

"Tracking Ray Dalio’s Bridgewater Associates 13F Portfolio – Q4 2022 Update"

"Bridgewater Associates’ 13F portfolio value decreased from ~$19.75B to ~$18.32B this quarter.They increased Berkshire Hathaway and Estee Launder while reducing Procter & Gamble, Johnson & Johnson, PepsiCo, and Coca-Cola.The top three individual stock positions are Procter & Gamble, Johnson & Johnson, and PepsiCo and they add up to ~12% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Bridgewater Associates’ 13F portfolio on a quarterly basis. It is based on their regulatory filed on 2/13/2023. Please visit our to get an idea of their investment philosophy and our for the fund’s moves during Q3 2022.Assets Under Management (AUM) is at around $150B. The 13F portfolio is less than ~20% of their total AUM. This quarter, the 13F portfolio value decreased ~7% from ~$19.75B to ~$18.32B. The holdings are diversified with recent reports showing around 1000 different stakes. Around 44 of them are significantly large (more than ~0.5% of the 13F portfolio) and they are the focus of this article. The top three individual stock positions are at ~12% while the top five holdings are close to ~18% of the 13F assets: Procter & Gamble, Johnson & Johnson, PepsiCo, Coca-Cola, and Wal-Mart Stores.Note 1: The firm uses asset class diversification among uncorrelated positions to achieve absolute returns. As such the stakes can be on or against debt, equity, and other markets around the world. To learn more about their unique investment philosophy, check out their and Ray Dalio’s .Note 2: Although Ray Dalio is a Sinophile whose fascination for China goes back to 1984, it is interesting that only ~1% of Bridgewater’s AUM is invested in China.Stake Increases:iShares Core S&P 500 ETF (IVV): A fairly large stake in IVV was built during the 2017-2018 timeframe at prices between ~$245 and ~$295. It was sold down during the two quarters through Q1 2021 at prices between ~$325 and ~$400. The last seven quarters have seen the stake rebuilt at prices between ~$359 and ~$477. The stock is now at ~$411 and the stake is at 4.33% of the portfolio.Note: a much smaller stake in IVV was part of the portfolio during the 2012-16 timeframe.Berkshire Hathaway (BRK.B), Estee Lauder (EL), iShares MBS ETF (MBB), and McKesson Corp (MCK): These small (less than ~0.65% of the portfolio each) stakes were increased this quarter.Stake Decreases:Procter & Gamble (PG): PG is currently the largest individual stock position at 4.13% of the portfolio. It was established in H2 2020 at prices between ~$120 and ~$144. H1 2021 saw a ~80% stake increase at prices between ~$124 and ~$139. The two quarters through Q1 2022 also saw a ~45% increase at prices between ~$139 and ~$164. This quarter saw a ~25% reduction at prices between ~$124 and ~$154. The stock currently trades at ~$152.iShares MSCI Core Emerging Market ETF (IEMG): The 3.71% IEMG stake was first purchased in 2016. The position size peaked at over 15M shares in 2017. The stake had since been sold down. Recent activity follows. Q3 2021 saw a ~225% stake increase at prices between ~$61 and ~$67. That was followed with a stake doubling in Q1 2022 at prices between ~$51 and ~$62. IEMG currently trades at $48.76. There was minor trimming in the last three quarters.Johnson & Johnson (JNJ): The 3.44% JNJ stake was a small position in their first 13F filing in Q4 2005. The stake has wavered. The current position was built during the four quarters through Q2 2021 at prices between ~$137 and ~$171. The two quarters through Q1 2022 had seen a ~55% stake increase at prices between ~$155 and ~$180. The stock currently trades at ~$165. There was a ~9% stake increase last quarter while this quarter saw a ~25% selling at prices between ~$160 and ~$180.Coca Cola (KO) and PepsiCo (PEP): The four quarters through Q2 2021 saw a ~8.2M shares KO stake built at prices between ~$45 and ~$56. That was followed with a ~40% stake increase in Q1 2022 at prices between ~$58 and ~$63. The stock currently trades at ~$63, and the stake is fairly large at 2.92% of the portfolio. There was a ~25% selling this quarter at prices between ~$54 and ~$64. PEP built up occurred in a similar fashion. The four quarters through Q2 2021 saw a 2.7M shares stake built at prices between ~$129 and ~$148. That was followed with a ~55% stake increase over the two quarters through Q1 2022 at prices between ~$150 and ~$176. There was a ~25% reduction this quarter at prices between ~$160 and ~$186. The stock is now at ~$184 and the stake is at ~3% of the portfolio.Note: Much smaller stakes in these two positions were part of the portfolio during the decade through 2016.Vanguard FTSE Emerging Market ETF (VWO): VWO is a fairly large 2.94% of the portfolio stake. It was first purchased in 2009. The position size peaked at over 115M shares in 2014. This is compared to 13.83M shares currently. Recent activity follows. 2020 saw a ~45% selling at prices between ~$31 and ~$50 while in Q3 2021 there was a stake doubling at prices between ~$49 and ~$53. Next quarter saw a ~30% selling while in Q1 2022 there was a similar increase. The next quarter saw a one-third reduction at prices between ~$40.50 and ~$48. VWO currently trades at ~$40.50. The last two quarters have also seen minor trimming.SPDR S&P 500 ETF (SPY): A small position in SPY was first established in Q1 2006. An amended filing in Q4 2007 showed a huge 40% of the 13F portfolio stake (~12M shares) established in the high 140s price-range. The position size peaked at ~21M shares by 2011. The decade through 2020 had seen the position reduced to 3.7M shares through minor selling in most quarters. H1 2021 saw another ~45% reduction at prices between ~$370 and ~$430. That was followed with a ~20% selling last quarter at prices between ~$357 and ~$430. SPY now trades at ~$409 and the stake is at 2.87% of the portfolio. There was a ~6% trimming this quarter.CVS Health (CVS), Costco Wholesale (COST), Target Corp (TGT), and Wal-Mart Stores (WMT): CVS is a 1.39% of the portfolio stake primarily built during Q2 2022 at prices between ~$89 and ~$107 and the stock currently trades at ~$77.50. There was a ~11% trimming this quarter. The 2.34% of the portfolio COST stake was built during the four quarters through Q2 2021 at prices between ~$305 and ~$395 and the stock currently trades at ~$486. There was a ~30% stake increase in Q1 2022 at prices between ~$477 and ~$577. There was a ~22% reduction this quarter at prices between ~$453 and ~$540. TGT is a 0.75% of the portfolio stake established in H2 2020 at prices between ~$119 and ~$180. Q2 2021 saw a ~55% stake increase at prices between ~$200 and ~$245. That was followed with a ~50% increase during H1 2022 at prices between ~$139 and ~$249. The last two quarters saw a ~40% reduction at prices between ~$141 and ~$180. The stock currently trades at ~$166. The 2.63% WMT position was purchased during the four quarters through Q2 2021 at prices between ~$119 and ~$152. Q4 2021 saw the stake sold down by ~45% at prices between ~$135 and ~$151. H1 2022 had seen a two-thirds increase at prices between ~$118 and ~$160. The stock is now at ~$151. The last two quarters saw a ~28% selling at prices between ~$122 and ~$154.McDonald’s Corp (MCD): MCD is a 2.27% of the portfolio position first built during the four quarters through Q2 2021 at prices between ~$184 and ~$237. The two quarters through Q1 2022 saw another ~55% stake increase at prices between ~$222 and ~$270. The stock is now at ~$283. There was a ~25% reduction this quarter at prices between ~$233 and ~$278.Starbucks Corp (SBUX): The 1.41% SBUX stake was built during the four quarters through Q2 2021 at prices between ~$74 and ~$118. The two quarters through Q1 2022 saw another ~45% stake increase at prices between ~$79 and ~$117. The stock currently trades at ~$105. There was a ~13% trimming this quarter.SPDR Gold Trust ETF (GLD): The position was first built in 2017 at prices between ~$110 and ~$128. 2020 saw a ~25% selling at prices between ~$140 and ~$191. That was followed with a ~40% selling next quarter at prices between ~$159 and ~$178. Q3 2021 saw a similar increase at prices between ~$162 and ~$171. There was a ~40% reduction during Q2 2022 at prices between ~$168 and ~$185. The stock currently trades at ~$187, and the stake is at 1.14% of the portfolio. The last two quarters saw minor trimming.Abbot Laboratories (ABT), Alphabet Inc. (GOOG), Boston Scientific (BSX), Baidu Inc. (BIDU), Becton Dickinson (BDX), Chipotle Mexican Grill (CMG), Colgate Palmolive (CL), Dollar General (DG), Exxon Mobil (XOM), General Mills (GIS), Intuitive Surgical (ISRG), iShares iBOXX Inv. Grd. ETF (LQD), Kimberley Clark (KMB), Li Auto (LI), Meta Platforms (META), Merck Inc. (MRK), Mondelez International (MDLZ), MasterCard (MA), Monster Beverage (MNST), NIO Inc. (NIO), Pfizer Inc. (PFE), PDD Holdings (PDD), Stryker Corp (SYK), Sysco Corp (SYY), and Visa Inc. (V): These small (less than ~1% of the portfolio each) stakes were reduced during the quarter.The spreadsheet below highlights changes to Bridgewater Associates’ 13F holdings in Q4 2022:Source: John Vincent. Data constructed from Bridgewater Associates’ 13F filings for Q3 2022 and Q4 2022.Regulatory filings from 8/24/2022 to 11/17/2022: None."

"Tracking Ray Dalio’s Bridgewater Associates 13F Portfolio – Q3 2022 Update"

"Bridgewater Associates’ 13F portfolio value decreased from ~$23.60B to ~$19.75B this quarter.They increased Visa, Mondelez International, MasterCard, and Alphabet while decreasing Wal-Mart, Target, and Exxon Mobil. They also dropped Medtronic plc.The top three individual stock positions are Procter & Gamble, Johnson & Johnson, and PepsiCo and they add up to ~12% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Bridgewater Associates’ 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.Assets Under Management (AUM) is at around $140B. The 13F portfolio is less than ~20% of their total AUM. This quarter, the 13F portfolio value decreased ~16% from ~$23.60B to ~$19.75B. The holdings are diversified with recent reports showing around 1000 different stakes. Around 42 of them are significantly large (more than ~0.5% of the 13F portfolio) and they are the focus of this article. The top three individual stock positions are at ~12% while the top five holdings are close to ~18% of the 13F assets: Procter & Gamble, Johnson & Johnson, PepsiCo, Coca-Cola, and Costco Wholesale.Note 1: The firm uses asset class diversification among uncorrelated positions to achieve absolute returns. As such the stakes can be on or against debt, equity, and other markets around the world. To learn more about their unique investment philosophy, check out their and Ray Dalio’s .Note 2: It was in June that Bridgewater Associates had built a $10.5B bet against European businesses including ASML Holding, (ASML), TotalEnergies SE (TTE), Sanofi (SNY), and SAP SE (SAP).Note 3: Although Ray Dalio is a Sinophile whose fascination for China goes back to 1984, it is interesting that only ~1% of Bridgewater’s AUM is invested in China.Stake Disposals:Medtronic plc (MDT): MDT was a 0.95% of the portfolio position built over the last two quarters at prices between ~$87 and ~$113. This quarter saw the stake disposed at prices between ~$81 and ~$95. The stock currently trades at $79.94.Stake Increases:Johnson & Johnson (JNJ): The 3.90% JNJ stake was a small position in their first 13F filing in Q4 2005. The stake has wavered. The current position was built during the four quarters through Q2 2021 at prices between ~$137 and ~$171. The two quarters through Q1 2022 had seen a ~55% stake increase at prices between ~$155 and ~$180. The stock currently trades at ~$175. There was a ~9% stake increase this quarter.Coca Cola (KO) and PepsiCo (PEP): The four quarters through Q2 2021 saw a ~8.2M shares KO stake built at prices between ~$45 and ~$56. That was followed with a ~40% stake increase in Q1 2022 at prices between ~$58 and ~$63. The stock currently trades at ~$61, and the stake is fairly large at 3.25% of the portfolio. Last two quarters have seen only minor adjustments. PEP built up occurred in a similar fashion. The four quarters through Q2 2021 saw a 2.7M shares stake built at prices between ~$129 and ~$148. That was followed with a ~55% stake increase over the two quarters through Q1 2022 at prices between ~$150 and ~$176. The stock is now at ~$180 and the stake is at 3.32% of the portfolio. Last two quarters have seen only minor adjustments.Note: Much smaller stakes in these two positions were part of the portfolio during the decade through 2016.iShares Core S&P 500 ETF (IVV): A fairly large stake in IVV was built during the 2017-2018 timeframe at prices between ~$245 and ~$295. It was sold down during the two quarters through Q1 2021 at prices between ~$325 and ~$400. Last five quarters had seen the stake rebuilt at prices between ~$368 and ~$477. The stock is now at ~$396 and the stake is at 3.19% of the portfolio. There was a minor ~4% stake increase this quarter.Note: a much smaller stake in IVV was part of the portfolio during the 2012-16 timeframe.McDonald’s Corp (MCD): MCD is a 2.47% of the portfolio position first built during the four quarters through Q2 2021 at prices between ~$184 and ~$237. The two quarters through Q1 2022 saw another ~55% stake increase at prices between ~$222 and ~$270. The stock is now at ~$273. There was a ~10% trimming last quarter and a minor ~2% increase this quarter.Abbot Laboratories (ABT), Alphabet Inc. (GOOG), Boston Scientific (BSX), Colgate Palmolive (CL), Estee Lauder (EL), iShares MBS ETF (MBB), Intuitive Surgical (ISRG), Kimberley Clark (KMB), Li Auto (LI), Merck Inc. (MRK), Meta Platforms (META), MasterCard (MA), Mondelez International (MDLZ), NIO Inc. (NIO), Pinduoduo Inc. (PDD), Sysco Corp (SYY), and Visa Inc. (V): These small (less than ~1.60% of the portfolio each) stakes were increased this quarter.Stake Decreases:Procter & Gamble (PG): PG is currently the largest position at 4.23% of the portfolio. It was established in H2 2020 at prices between ~$120 and ~$144. H1 2021 saw a ~80% stake increase at prices between ~$124 and ~$139. The two quarters through Q1 2022 also saw a ~45% increase at prices between ~$139 and ~$164. The stock currently trades at ~$141. There was minor trimming in the last two quarters.iShares MSCI Core Emerging Market ETF (IEMG): The large (top five) 3.24% IEMG stake was first purchased in 2016. The position size peaked at over 15M shares in 2017. The stake had since been sold down. Recent activity follows. Q3 2021 saw a ~225% stake increase at prices between ~$61 and ~$67. That was followed with a stake doubling in Q1 2022 at prices between ~$51 and ~$62. IEMG currently trades at ~$47. There was minor trimming in the last two quarters.CVS Health (CVS), Costco Wholesale (COST), Target Corp (TGT), and Wal-Mart Stores (WMT): CVS is a 1.49% of the portfolio stake primarily built last quarter at prices between ~$89 and ~$107 and the stock currently trades at ~$95. There was a minor ~2% trimming this quarter. The 2.87% of the portfolio COST stake was built during the four quarters through Q2 2021 at prices between ~$305 and ~$395 and the stock currently trades at ~$521. There was a ~30% stake increase in Q1 2022 at prices between ~$477 and ~$577. Last two quarters have seen only minor adjustments. TGT is a 0.95% of the portfolio stake established in H2 2020 at prices between ~$119 and ~$180. Q2 2021 saw a ~55% stake increase at prices between ~$200 and ~$245. That was followed with a ~50% increase over the last two quarters at prices between ~$139 and ~$249. This quarter saw a ~20% reduction at prices between ~$141 and ~$180. The stock currently trades at ~$162. The 2.65% WMT position was purchased during the four quarters through Q2 2021 at prices between ~$119 and ~$152. Q4 2021 saw the stake sold down by ~45% at prices between ~$135 and ~$151. Last two quarters had seen a two-thirds increase at prices between ~$118 and ~$160. The stock is now at ~$148. This quarter saw a ~14% trimming.Vanguard FTSE Emerging Market ETF (VWO): VWO is a fairly large 2.73% of the portfolio stake. It was first purchased in 2009. The position size peaked at over 115M shares in 2014. This is compared to 14.76M shares currently. Recent activity follows. 2020 saw a ~45% selling at prices between ~$31 and ~$50 while in Q3 2021 there was a stake doubling at prices between ~$49 and ~$53. Next quarter saw a ~30% selling while in Q1 2022 there was a similar increase. Last quarter saw a one-third reduction at prices between ~$40.50 and ~$48. VWO currently trades at $39.25. This quarter also saw a ~4% trimming.SPDR S&P 500 ETF (SPY): A small position in SPY was first established in Q1 2006. An amended filing in Q4 2007 showed a huge 40% of the 13F portfolio stake (~12M shares) established in the high 140s price-range. The position size peaked at ~21M shares by 2011. The decade through 2020 had seen the position reduced to 3.7M shares through minor selling in most quarters. H1 2021 saw another ~45% reduction at prices between ~$370 and ~$430. That was followed with a ~20% selling this quarter at prices between ~$357 and ~$430. SPY now trades at ~$394 and the stake is at 2.65% of the portfolio.Starbucks Corp (SBUX): The 1.28% SBUX stake was built during the four quarters through Q2 2021 at prices between ~$74 and ~$118. The two quarters through Q1 2022 saw another ~45% stake increase at prices between ~$79 and ~$117. The stock currently trades at $96.97. Last two quarters have seen minor trimming.SPDR Gold Trust ETF (GLD): The position was first built in 2017 at prices between ~$110 and ~$128. 2020 saw a ~25% selling at prices between ~$140 and ~$191. That was followed with a ~40% selling next quarter at prices between ~$159 and ~$178. Q3 2021 saw a similar increase at prices between ~$162 and ~$171. There was a ~40% reduction last quarter at prices between ~$168 and ~$185. The stock currently trades at ~$164, and the stake is at ~1% of the portfolio. This quarter saw marginal trimming.Baidu Inc. (BIDU), Berkshire Hathaway (BRK.B), Chipotle Mexican Grill (CMG), Dollar General (DG), Exxon Mobil (XOM), General Mills (GIS), iShares iBOXX Inv. Grd. ETF (LQD), Monster Beverage (MNST), Pfizer Inc. (PFE), and Stryker Corp (SYK): These small (less than ~1% of the portfolio each) stakes were reduced during the quarter.The spreadsheet below highlights changes to Bridgewater Associates’ 13F holdings in Q3 2022:Source: John Vincent. Data constructed from Bridgewater Associates’ 13F filings for Q2 2022 and Q3 2022.8/9/2022 – only ~1% of AUM is invested in China – reference -Regulatory filings from 6/22/2022 to 8/24/2022: None."

"Tracking Ray Dalio’s Bridgewater Associates 13F Portfolio – Q2 2022 Update"

"Bridgewater Associates’ 13F portfolio value decreased from ~$24.81B to ~$23.60B this quarter.They increased Wal-Mart Stores and CVS Health while dropping Alibaba Group Holdings and JD.com.The top three individual stock positions are Procter & Gamble, Johnson & Johnson, and Coca-Cola and they add up to ~10% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Bridgewater Associates’ 13F portfolio on a quarterly basis. It is based on their regulatory filed on 8/11/2022. Please visit our to get an idea of their investment philosophy and the fund’s moves during Q1 2022.Assets Under Management (AUM) is at around $140B. The 13F portfolio is less than ~20% of their total AUM. This quarter, the 13F portfolio value decreased ~5% from $24.81B to $23.60B. The holdings are diversified with recent reports showing around 1000 different stakes. Around 40 of them are significantly large (more than ~0.5% of the 13F portfolio) and they are the focus of this article. The top three individual stock positions are at ~10% while the top five holdings are close to ~15% of the 13F assets: Procter & Gamble, Johnson & Johnson, Coca-Cola, PepsiCo, and Costco Wholesale.Note 1: The firm uses asset class diversification among uncorrelated positions to achieve absolute returns. As such the stakes can be on or against debt, equity, and other markets around the world. To learn more about their unique investment philosophy, check out their and Ray Dalio’s .Note 2: It was in June that Bridgewater Associates had built a $10.5B bet against European businesses including ASML Holding, (ASML), TotalEnergies SE (TTE), Sanofi (SNY), and SAP SE (SAP).Note 3: Although Ray Dalio is a Sinophile whose fascination for China goes back to 1984, it is interesting that only ~1% of Bridgewater’s AUM is invested in China.Stake Disposals:Alibaba Group Holdings (BABA) and JD.com (JD): The fairly large 3.28% BABA stake was established in the 2018-2020 timeframe at prices between ~$132 and ~$310. Q3 2021 saw a ~130% stake increase at prices between ~$145 and ~$220. Last two quarters had seen another similar increase at prices between ~$77 and ~$178. The disposal this quarter was at prices between ~$81 and ~$120. The stock currently trades at ~$94. The very small 0.50% of the portfolio stake in JD was also sold this quarter.Stake Increases:iShares Core S&P 500 ETF (IVV): A fairly large stake in IVV was built during the 2017-2018 timeframe at prices between ~$245 and ~$295. It was sold down during the two quarters through Q1 2021 at prices between ~$325 and ~$400. Last five quarters had seen the stake rebuilt at prices between ~$368 and ~$477. The stock is now at ~$399 and the stake is at 2.73% of the portfolio.Note: a much smaller stake in IVV was part of the portfolio during the 2012-16 timeframe.CVS Health (CVS), Costco Wholesale (COST), Target Corp (TGT), and Wal-Mart Stores (WMT): CVS is a 1.24% of the portfolio stake primarily built this quarter at prices between ~$89 and ~$107 and the stock currently trades at ~$100. The 2.46% of the portfolio COST stake was built during the four quarters through Q2 2021 at prices between ~$305 and ~$395 and the stock currently trades at ~$529. There was a ~30% stake increase last quarter at prices between ~$477 and ~$577. This quarter saw a minor ~2% increase. TGT is a 0.93% of the portfolio stake established in H2 2020 at prices between ~$119 and ~$180. Q2 2021 saw a ~55% stake increase at prices between ~$200 and ~$245. That was followed with a ~50% increase over the last two quarters at prices between ~$139 and ~$249. The stock currently trades at ~$165. The 2.42% WMT position was purchased during the four quarters through Q2 2021 at prices between ~$119 and ~$152. Q4 2021 saw the stake sold down by ~45% at prices between ~$135 and ~$151. Last two quarters have seen a two-thirds increase at prices between ~$118 and ~$160. The stock is now at ~$135.Medtronic plc (MDT): MDT is a 0.95% of the portfolio position built over the last two quarters at prices between ~$87 and ~$113 and the stock currently trades near the low end of that range at $88.53.Baidu Inc. (BIDU), Berkshire Hathaway (BRK.B), Chipotle Mexican Grill (CMG), Dollar General (DG), Exxon Mobil (XOM), General Mills (GIS), Intuitive Surgical (ISRG), MasterCard (MA), Merck Inc. (MRK), Monster Beverage (MNST), NIO Inc. (NIO), Stryker Corp (SYK), and Sysco Corp (SYY): These small (less than ~0.75% of the portfolio each) stakes were increased this quarter.Stake Decreases:Procter & Gamble (PG) and Johnson & Johnson (JNJ): PG is currently the largest position at 4.11% of the portfolio. It was established in H2 2020 at prices between ~$120 and ~$144. H1 2021 saw a ~80% stake increase at prices between ~$124 and ~$139. Last two quarters also saw a ~45% increase at prices between ~$139 and ~$164. The stock currently trades at ~$140. There was marginal trimming this quarter. The 3.26% JNJ stake was a small position in their first 13F filing in Q4 2005. The stake has wavered. The current position was built during the four quarters through Q2 2021 at prices between ~$137 and ~$171. Last two quarters had seen a ~55% stake increase at prices between ~$155 and ~$180. The stock currently trades at ~$165. There was marginal trimming this quarter.iShares MSCI Core Emerging Market ETF (IEMG) and iShares MSCI Emerging Market ETF (EEM): The large (top three) 3.18% IEMG stake was first purchased in 2016. The position size peaked at over 15M shares in 2017. The stake had since been sold down. Recent activity follows. Q3 2021 saw a ~225% stake increase at prices between ~$61 and ~$67. That was followed with a stake doubling last quarter at prices between ~$51 and ~$62. IEMG currently trades at ~$48. There was a ~4% trimming this quarter. The EEM position was a large long-term stake that has been in the portfolio since 2010. The sizing peaked at close to 80M shares by 2014. Since then, the stake has wavered. Recent activity follows. Q1 2021 saw the position sold down to a minutely small stake at prices between ~$52 and ~$58. Next two quarters saw the position rebuilt at prices between ~$50 and ~$56. Q4 2021 saw a ~55% selling at prices between ~$47 and ~$53 while last quarter there was a stake doubling at prices between ~$41.50 and ~$51. The position was sold down again this quarter at prices between ~$39 and ~$47. EEM is currently at ~$39.SPDR S&P 500 ETF (SPY): A small position in SPY was first established in Q1 2006. An amended filing in Q4 2007 showed a huge 40% of the 13F portfolio stake (~12M shares) established in the high 140s price-range. The position size peaked at ~21M shares by 2011. The decade through 2020 had seen the position reduced to 3.7M shares through minor selling in most quarters. H1 2021 saw another ~45% reduction at prices between ~$370 and ~$430. SPY now trades at ~$396 and it is still a top-five stake at 2.95% of the portfolio. Last four quarters have also seen minor trimming.Coca Cola (KO) and PepsiCo (PEP): The four quarters through Q2 2021 saw a ~8.2M shares KO stake built at prices between ~$45 and ~$56. That was followed with a ~40% stake increase last quarter at prices between ~$58 and ~$63. The stock currently trades at ~$62, and the stake is fairly large at 2.88% of the portfolio. There was a ~9% trimming this quarter. PEP built up occurred in a similar fashion. The four quarters through Q2 2021 saw a 2.7M shares stake built at prices between ~$129 and ~$148. That was followed with a ~55% stake increase over the last two quarters at prices between ~$150 and ~$176. The stock is now at ~$173 and the stake is at 2.69% of the portfolio. There was a ~9% trimming this quarter.Note: Much smaller stakes in these two positions were part of the portfolio during the decade through 2016.Vanguard FTSE Emerging Market ETF (VWO): VWO is a fairly large 2.72% of the portfolio stake. It was first purchased in 2009. The position size peaked at over 115M shares in 2014. This is compared to 15.43M shares currently. Recent activity follows. 2020 saw a ~45% selling at prices between ~$31 and ~$50 while in Q3 2021 there was a stake doubling at prices between ~$49 and ~$53. Next quarter saw a ~30% selling while last quarter there was a similar increase. There was a one-third reduction this quarter at prices between ~$40.50 and ~$48. VWO currently trades at ~$41.McDonald’s Corp (MCD) and Starbucks Corp (SBUX): MCD is a 2.17% of the portfolio position first built during the four quarters through Q2 2021 at prices between ~$184 and ~$237. Last two quarters saw another ~55% stake increase at prices between ~$222 and ~$270. The stock is now at ~$257. There was a ~10% trimming this quarter. The ~1% SBUX stake was built similarly at prices between ~$74 and ~$118. Last two quarters saw another ~45% stake increase at prices between ~$79 and ~$117. The stock currently trades at $85.40. There was a minor ~2% trimming this quarter.iShares Gold Trust (IAU) and SPDR Gold Trust ETF (GLD): These two positions were first built in 2017. A fairly large IAU stake was built in 2017 at an average price of ~$25 per share. There was a roughly one-third stake increase in 2020 at prices between ~$29 and ~$39. Last six quarters have seen the position sold down by ~85% at prices between ~$32 and ~$37. IAU now goes for ~$32 and the stake is now small at 0.34% of the portfolio. A larger stake in GLD was built in 2017 at prices between ~$110 and ~$128. 2020 saw a ~25% selling at prices between ~$140 and ~$191. That was followed with a ~40% selling next quarter at prices between ~$159 and ~$178. Q3 2021 saw a similar increase at prices between ~$162 and ~$171. The stock currently trades at ~$158, and the stake is at 0.93% of the portfolio. There was a ~40% reduction this quarter at prices between ~$168 and ~$185.Abbot Laboratories (ABT), Becton Dickinson (BDX), Colgate Palmolive (CL), Edwards Lifesciences (EW), Estee Lauder (EL), Li Auto (LI), Kimberley Clark (KMB), Pfizer Inc. (PFE), and Pinduoduo Inc. (PDD): These small (less than ~1.5% of the portfolio each) stakes were reduced during the quarter.The spreadsheet below highlights changes to Bridgewater Associates’ 13F holdings in Q2 2022:Source: John Vincent. Data constructed from Bridgewater Associates’ 13F filings for Q1 2022 and Q2 2022.Regulatory filings from 11/15/2021 to 6/22/2022: None."

"Tracking Ray Dalio’s Bridgewater Associates 13F Portfolio – Q1 2022 Update"

"Bridgewater Associates’ 13F portfolio value increased ~45% from ~$17.20B to ~$24.81B this quarter.They more than doubled their stakes in emerging market ETFs this quarter.The top three individual stock positions are Procter & Gamble, Alibaba Group Holdings, and Johnson & Johnson and they add up to ~11% of the portfolio.This article is first in a series that provides an ongoing analysis of the changes made to Bridgewater Associates’ 13F portfolio on a quarterly basis. It is based on their regulatory filed on 5/13/2022.Bridgewater Associates was founded by Ray Dalio in 1975. It is one of the largest hedge funds in the world and is focused on Global Macro as an investing theme. Over the years, they have pioneered several related strategies: absolute return, risk parity, alpha overlay, etc. One distinct factor that separates them from most other hedge funds is that they only accept institutional money rather than taking investments from accredited investors who can meet their minimums.Assets Under Management (AUM) is at around $140B. The 13F portfolio is less than ~20% of their total AUM. This quarter, the 13F portfolio value increased from $17.20B to $24.81B. The holdings are diversified with recent reports showing around 1000 different stakes. Around 37 of them are significantly large (more than ~0.5% of the 13F portfolio) and they are the focus of this article. The top three individual stock positions are at ~11% while the top five holdings are close to ~16% of the 13F assets: Procter & Gamble, Alibaba Group Holdings, Johnson & Johnson, Coca-Cola, and PepsiCo.Note 1: The firm uses asset class diversification among uncorrelated positions to achieve absolute returns. As such the stakes can be on or against debt, equity, and other markets around the world. To learn more about their unique investment philosophy, check out their and Ray Dalio’s .Note 2: It was last month that Bridgewater Associates had built a $10.5B bet against European businesses including ASML Holding, (ASML), TotalEnergies SE (TTE), Sanofi (SNY), and SAP SE (SAP).New Stakes:Medtronic plc (MDT): MDT is a 0.84% of the portfolio position established this quarter at prices between ~$101 and ~$112 and the stock currently trades below that range at $89.50.Stake Increases:Vanguard FTSE Emerging Market ETF (VWO): VWO is currently the largest 13F position at 4.22% of the portfolio. It was first purchased in 2009. The position size peaked at over 115M shares in 2014. This is compared to 22.72M shares currently. Recent activity follows. 2020 saw a ~45% selling at prices between ~$31 and ~$50 while in Q3 2021 there was a stake doubling at prices between ~$49 and ~$53. Last quarter saw a ~30% selling while this quarter there was a similar increase. VWO currently trades at $41.64.Procter & Gamble (PG) and Johnson & Johnson (JNJ): PG is a large (top three) 4.20% of the portfolio stake. It was established in H2 2020 at prices between ~$120 and ~$144. H1 2021 saw a ~80% stake increase at prices between ~$124 and ~$139. Last two quarters also saw a ~45% increase at prices between ~$139 and ~$164. The stock currently trades at ~$146. The 3.10% JNJ stake was a small position in their first 13F filing in Q4 2005. The stake has wavered. The current position was built during the four quarters through Q2 2021 at prices between ~$137 and ~$171. Last two quarters have seen a ~55% stake increase at prices between ~$155 and ~$180. The stock currently trades at ~$179.iShares MSCI Core Emerging Market ETF (IEMG) and iShares MSCI Emerging Market ETF (EEM): The large (top three) 3.57% IEMG stake was first purchased in 2016. The position size peaked at over 15M shares in 2017. The stake had since been sold down. Recent activity follows. Q3 2021 saw a ~225% stake increase at prices between ~$61 and ~$67. That was followed with a stake doubling this quarter at prices between ~$51 and ~$62. IEMG currently trades at ~$49. The large (top five) 3.57% EEM position is a long-term stake that has been in the portfolio since 2010. The sizing peaked at close to 80M shares by 2014. Since then, the stake has wavered. Recent activity follows. Q1 2021 saw the position sold down to a minutely small stake at prices between ~$52 and ~$58. Next two quarters saw the position rebuilt at prices between ~$50 and ~$56. Last quarter saw a ~55% selling at prices between ~$47 and ~$53 while this quarter there was a stake doubling at prices between ~$41.50 and ~$51. EEM is currently at ~$40.Alibaba Group Holdings (BABA): The fairly large 3.28% BABA stake was established in the 2018-2020 timeframe at prices between ~$132 and ~$310. Q3 2021 saw a ~130% stake increase at prices between ~$145 and ~$220. Last two quarters have seen another similar increase at prices between ~$77 and ~$178. The stock currently trades at ~$122.Coca Cola (KO) and PepsiCo (PEP): The four quarters through Q2 2021 saw a ~8.2M shares KO stake built at prices between ~$45 and ~$56. That was followed with a ~40% stake increase this quarter at prices between ~$58 and ~$63. The stock currently trades at $62.91, and the stake is fairly large at ~3% of the portfolio. PEP built up occurred in a similar fashion. The four quarters through Q2 2021 saw a 2.7M shares stake built at prices between ~$129 and ~$148. That was followed with a ~55% stake increase over the last two quarters at prices between ~$150 and ~$176. The stock is now at ~$170 and the stake is at 2.81% of the portfolio.Note: Much smaller stakes in these two positions were part of the portfolio during the decade through 2016.Costco Wholesale (COST), Target Corp (TGT), and Wal-Mart Stores (WMT): These three stakes were built from H2 2020. The 2.76% of the portfolio COST stake was built during the four quarters through Q2 2021 at prices between ~$305 and ~$395 and the stock currently trades at ~$495. There was a ~30% stake increase this quarter at prices between ~$477 and ~$577. TGT is a 1.13% of the portfolio stake established in H2 2020 at prices between ~$119 and ~$180. Q2 2021 saw a ~55% stake increase at prices between ~$200 and ~$245. That was followed with a ~25% increase this quarter at prices between ~$190 and ~$234. The stock currently trades at ~$150. The 2.42% WMT position was purchased during the four quarters through Q2 2021 at prices between ~$119 and ~$152. Q4 2021 saw the stake sold down by ~45% at prices between ~$135 and ~$151. This quarter saw a similar increase at around the same price range. The stock is now at ~$125.McDonald’s Corp (MCD) and Starbucks Corp (SBUX): MCD is a 2.30% of the portfolio position first built during the four quarters through Q2 2021 at prices between ~$184 and ~$237. Last two quarters saw another ~55% stake increase at prices between ~$222 and ~$270. The stock is now at ~$253. The 1.21% SBUX stake was built similarly at prices between ~$74 and ~$118. Last two quarters saw another ~45% stake increase at prices between ~$79 and ~$117. The stock currently trades at $79.24.iShares Core S&P 500 ETF (IVV): A fairly large stake in IVV was built during the 2017-2018 timeframe at prices between ~$245 and ~$295. It was sold down during the two quarters through Q1 2021 at prices between ~$325 and ~$400. Last four quarters have seen the stake rebuilt at prices between ~$400 and ~$480. The stock is now at ~$391 and the stake is at ~2% of the portfolio.Note: a much smaller stake in IVV was part of the portfolio during the 2012-16 timeframe.Abbot Laboratories (ABT), Baidu Inc. (BIDU), Becton Dickinson (BDX), Colgate Palmolive (CL), Dollar General (DG), Edwards Lifesciences (EW), Estee Lauder (EL), Pfizer Inc. (PFE), Pinduoduo Inc. (PDD), and Stryker Corp (SYK): These small (less than ~1.5% of the portfolio each) stakes were increased this quarter.Chipotle Mexican Grill (CMG), iShares IBOXX Investment Grade Corporate Bond ETF (LQD), iShares China Large Cap ETF (FXI), and Kimberley Clark (KMB), NIO Inc. (NIO): These very small (less than ~0.5% of the portfolio each) positions were increased this quarter.Stake Decreases:iShares Gold Trust (IAU) and SPDR Gold Trust ETF (GLD): These two positions were first built in 2017. A fairly large IAU stake was built in 2017 at an average price of ~$25 per share. There was a roughly one-third stake increase in 2020 at prices between ~$29 and ~$39. Last five quarters have seen the position sold down by ~80% at prices between ~$32 and ~$38. IAU now goes for ~$33 and the stake is now small at 0.50% of the portfolio. A larger stake in GLD was built in 2017 at prices between ~$110 and ~$128. 2020 saw a ~25% selling at prices between ~$140 and ~$191. That was followed with a ~40% selling next quarter at prices between ~$159 and ~$178. Q3 2021 saw a similar increase at prices between ~$162 and ~$171. The stock currently trades at $162, and the stake is at 1.54% of the portfolio. Last two quarters have seen minor trimming.Home Depot (HD), Intuitive Surgical (ISRG), iShares MSCI Taiwan ETF (EWT), and JD.com (JD): These very small (less than ~0.65% of the portfolio each) positions were reduced during the quarter.Kept Steady:SPDR S&P 500 ETF (SPY): A small position in SPY was first established in Q1 2006. An amended filing in Q4 2007 showed a huge 40% of the 13F portfolio stake (~12M shares) established in the high 140s price-range. The position size peaked at ~21M shares by 2011. The decade through 2020 had seen the position reduced to 3.7M shares through minor selling in most quarters. H1 2021 saw another ~45% reduction at prices between ~$370 and ~$430. SPY now trades at ~$389 and it is still a top-five stake at 3.43% of the portfolio. Last three quarters have also seen minor trimming.The spreadsheet below highlights changes to Bridgewater Associates’ 13F holdings in Q1 2022:Source: John Vincent. Data constructed from Bridgewater Associates’ 13F filings for Q4 2021 and Q1 2022."

"Tracking Stanley Druckenmiller's Duquesne Family Office Portfolio – Q2 2023 Update"

"….….….This article is part of a series that provides an ongoing analysis of the changes made to Duquesne Family Office’s 13F stock portfolio on a quarterly basis. It is based on Stanley Druckenmiller’s regulatory filed on 8/14/2023. The 13F portfolio value increased ~25% from $2.31B to $2.87B this quarter. The holdings are concentrated with recent 13F reports showing around 55 positions, many of which are very small. There are 30 securities that are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Nvidia, Coupang, Microsoft, Eli Lilly, and Lamb Weston Holdings. They add up to ~53% of the portfolio. Please visit our series to get an idea of their investment philosophy and our previous for the fund’s moves during Q1 2023.Stanley Druckenmiller started the family office in Q4 2011 after closing his hedge fund Duquesne Capital in 2010. Prior to that, he managed George Soros's Quantum Fund between 1988 and 2000. He follows a trend-following trading style that is similar to George Soros. To know more about Druckenmiller's trading style check out .New Stakes:General Electric (GE): GE is a 2.81% of the portfolio position purchased this quarter at prices between ~$94 and ~$110 and the stock currently trades just above that range at ~$114.Builders FirstSource (BLDR), Cameco (CCJ), Cadence Design (CDNS), Doordash (DASH), Ptc Inc. (PTC), Oracle (ORCL), Tempur Sealy Intl. (TPX), and Wesco International (WSC): These are very small (less than ~1.5% of the portfolio each) stakes established this quarter.Stake Disposals:Alphabet (GOOG), : GOOG was a fairly large ~4% of the portfolio position purchased last quarter at prices between ~$87 and ~$109. The disposal this quarter was at prices between ~$104 and ~$128. The stock currently trades at ~$137.Freeport McMorran (FCX): FCX was a 1.48% of the portfolio position purchased in Q4 2019 at prices between ~$10 and ~$13.50. Next quarter saw a ~70% selling at prices between ~$5.50 and ~$12.90. Q2 2020 saw the stake rebuilt at prices between ~$6.25 and ~$10.90. The two quarters through Q3 2021 had seen a ~25% selling at prices between ~$30 and ~$45. That was followed with a one-third reduction during Q2 2022 at prices between ~$29 and ~$51. The position was sold over the last three quarters at prices between ~$27 and ~$47. The stock currently trades at $39.91.Advanced Micro Devices (AMD), Barrick Gold (GOLD), and Palo Alto Networks (PANW): These small (less than ~1.5% of the portfolio each) stakes were dropped this quarter.Stake Increases:Nvidia Corp (NVDA): NVDA is currently the largest 13F stake at ~14% of the portfolio. It was established during Q4 2022 at prices between ~$112 and ~$181. There was a ~35% stake increase last quarter at prices between ~$143 and ~$280. That was followed by a ~20% further increase this quarter at prices between ~$262 and ~$438. The stock currently trades well above those ranges at ~$494.Coupang Inc. (CPNG): CPNG had an IPO last March. Shares started trading at ~$49 and currently goes for ~$19. Druckenmiller had a 10.5M share stake that went back to funding rounds prior to the IPO. There was a ~50% stake increase in Q3 2021 at prices between ~$28 and ~$44.50. Q4 2021 saw another ~15% stake increase at prices between ~$26 and ~$31. It is currently their second largest stake at ~13% of the portfolio. There was a minor ~3% increase this quarter.Microsoft Corp (MSFT): MSFT is a large (top three) ~10% of the portfolio position established last quarter at prices between ~$222 and ~$288 and the stock currently trades well above that range at ~$328. There was a ~14% stake increase this quarter.Lamb Weston Holdings (LW): The large (top five) ~9% LW position was built during H2 2022 at prices between ~$73 and ~$90 and it is now at $97.41. There was a ~20% increase last quarter at prices between ~$87 and ~$105. That was followed by a minor ~4% increase this quarter.T-Mobile US (TMUS) & rights: The ~6% TMUS stake was established in Q2 2020 at prices between ~$82 and ~$107. The position has wavered. Recent activity follows. Q4 2022 saw a ~37% selling at prices between ~$132 and ~$152 while this quarter there was a ~140% stake increase at prices between ~$127 and ~$151. The stock is now at $136.Teck Resources (TECK): TECK is a ~5% of the portfolio stake purchased in Q1 2022 at prices between ~$29 and ~$42. The next quarter saw a ~55% reduction at prices between ~$26 and ~$46. There was a ~200% stake increase in the last three quarters at prices between ~$26 and ~$44. The stock currently trades at $41.32. This quarter also saw a ~6% further increase.Note: TECK has seen a previous recent roundtrip. It was a 2.47% of the portfolio position built in Q4 2020 at prices between ~$12.25 and ~$18.85. The bulk of it was sold in Q3 2021 at prices between ~$19.50 and ~$26.80.Option Care Health (OPCH), : OPCH is a ~5% of the portfolio position established during Q4 2022 at prices between ~$28 and ~$35. There was a ~50% reduction last quarter at prices between ~$28 and ~$33 while this quarter saw the position rebuilt at prices between ~$27 and ~$33. The stock currently trades at ~$35.News Corp (NWS): The 3.57% NWS stake was purchased last quarter at prices between ~$16 and ~$22 and it is now at ~$22. There was a ~55% stake increase this quarter at prices between ~$17 and ~$20.Stake Decreases:Eli Lilly (LLY): LLY is a large (top five) ~9% of the portfolio position purchased during Q2 2022 at prices between ~$279 and ~$327. There was a ~150% stake increase during H2 2022 at prices between ~$296 and ~$375. The stock currently trades at ~$554. The last two quarters saw a ~27% reduction at prices between ~$311 and ~$469.Amazon.com (AMZN), Iqvia Holdings (IQV), and Taiwan Semi (TSM): The ~1% AMZN stake was established last quarter at prices between ~$83 and ~$113. There was a ~75% selling this quarter at prices between ~$98 and ~$130. The stock currently trades at $138. IQV is a 1.55% of the portfolio position established last quarter at prices between ~$188 and ~$241 and the stock currently trades at ~$223. There was a ~60% selling this quarter at prices between ~$184 and ~$225. TSM is a 1.71% of the portfolio position established last quarter at prices between ~$74 and ~$98 and it currently trades at ~$94. There was a ~16% trimming this quarter.KBR Inc. (KBR): The 1.14% KBR position saw a ~110% stake increase over the four quarters through Q3 2022 at prices between ~$40 and ~$57. The stake was sold down by ~70% this quarter at prices between ~$55 and ~$66. The stock is now at $61.52.Vertiv Holdings (VRT): VRT is a ~1% of the portfolio stake established during H2 2022 at prices between ~$8.25 and ~$15 and it now goes for ~$39. The last two quarters saw a ~80% reduction at prices between ~$12 and ~$25.Meta Platforms (META): A large META stake was built during Q4 2022 at prices between ~$89 and ~$140. The position was sold down by ~95% during the last two quarters at prices between ~$125 and ~$289. The stock is now at ~$296.Illumina Inc. (ILMN), Marvell Technology (MRVL), and Sketchers USA (SKX): These very small (less than ~1% of the portfolio each) stakes were reduced during the quarter.Kept Steady:Natera Inc. (NTRA): The 1.51% NTRA stake was established over the last three quarters at prices between ~$32 and ~$58 and it is now at $58.73.Chevron Inc. (CVX): A large CVX stake was purchased during the two quarters through Q1 2022 at prices between ~$102 and ~$171. There was a ~28% selling in the two quarters through Q3 2022 at prices between ~$136 and ~$181 while the next quarter saw a ~42% stake increase at prices between ~$144 and ~$188. The last quarter saw the position sold down by 75% to a small 1.22% portfolio stake at prices between ~$152 and ~$188. The stock currently trades at ~$161.Below is a spreadsheet that highlights the changes to Stanley Druckenmiller's Duquesne Family Office 13F stock portfolio as of Q2 2023:Source: John Vincent. Data constructed from Duquesne’s 13F filings for Q1 2023 and Q2 2023.Regulatory filings from 3/22/2023 to 5/24/2023: None."

"Tracking Stanley Druckenmiller's Duquesne Family Office Portfolio – Q1 2023 Update"

"Stanley Druckenmiller’s 13F portfolio value increased from $2.02B to $2.31B this quarter.Duquesne added Microsoft, Iqvia, Alphabet, and Amazon while decreasing Meta Platforms, Chevron, and Vertiv Holdings.The top three positions are at ~32% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Duquesne Family Office’s 13F stock portfolio on a quarterly basis. It is based on Stanley Druckenmiller’s regulatory filed on 5/15/2023. The 13F portfolio value increased ~14% from $2.02B to $2.31B this quarter. The holdings are concentrated with recent 13F reports showing around 55 positions, many of which are very small. There are 29 securities that are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Coupang, Nvidia, Microsoft, Eli Lilly, and Lamb Weston Holdings. They add up to ~50% of the portfolio. Please visit our series to get an idea of their investment philosophy and our previous for the fund’s moves during Q4 2022.Stanley Druckenmiller started the family office in Q4 2011 after closing his hedge fund Duquesne Capital in 2010. Prior to that, he managed George Soros's Quantum Fund between 1988 and 2000. He follows a trend following trading style that is similar to George Soros. To know more about Druckenmiller's trading style check out .New Stakes:Microsoft Corp (MSFT): MSFT is a large (top three) 9.11% of the portfolio position established this quarter at prices between ~$222 and ~$288 and the stock currently trades well above that range at ~$333.Note: MSFT is back in the portfolio after a quarter’s gap. It was a 2.56% of the portfolio position built in 2017 at prices between ~$60 and ~$90. Q1 2021 saw a ~20% stake increase at prices between ~$213 and ~$245. There was a ~63% reduction over the next two quarters at prices between ~$236 and ~$305. That was followed with a ~75% selling during Q3 2022 at prices between ~$233 and ~$294. The elimination last quarter was at prices between ~$214 and ~$257.Alphabet (GOOG), Amazon.com (AMZN), Iqvia Holdings (IQV), News Corp (NWS), and Taiwan Semi (TSM): GOOG is a ~4% of the portfolio position purchased this quarter at prices between ~$87 and ~$109 and the stock currently trades above that range at ~$124. The 3.62% AMZN stake was established at prices between ~$83 and ~$113 and the stock is now above that range at ~$123. IQV is a ~4% of the portfolio position established this quarter at prices between ~$188 and ~$241 and the stock currently trades at ~$199. The 2.53% NWS stake was purchased at prices between ~$16 and ~$22 and it is now at ~$19. TSM is a 2.33% of the portfolio position established at prices between ~$74 and ~$98 and it currently trades at ~$99.Note: AMZN is back in the portfolio after a quarter’s gap. It was a top three 5.81% of the portfolio stake established during Q3 2022 at prices between ~$106 and ~$145. The disposal last quarter was at prices between ~$82 and ~$121.Sketchers USA (SKX), Illumina Inc. (ILMN), Marvell Technology (MRVL), and Barrick Gold (GOLD): These very small (less than ~1.10% of the portfolio each) stakes were established during the quarter.Stake Disposals:Cenovus Energy (CVE): CVE was a 2.60% of the portfolio position that saw a ~220% stake increase last quarter at prices between ~$15.50 and ~$21.50. The disposal this quarter was at prices between ~$15.50 and ~$20.40. The stock currently trades at $16.50.Lennar Corp (LEN) and Deere & Co. (DE): The ~2% LEN stake was purchased last quarter at prices between ~$71 and ~$94. The elimination this quarter was at prices between ~$92 and ~$108. It is now at ~$108. DE was a 1.55% of the portfolio position established last quarter at prices between ~$334 and ~$446. The stake was sold this quarter at prices between ~$386 and ~$440. The stock currently trades at ~$353.DataDog (DDOG): The 1.21% DDOG stake was established during Q2 2022 at prices between ~$82 and ~$157. The next quarter saw a ~165% stake increase at prices between ~$86 and ~$118 while in the last quarter there was a ~58% selling at prices between ~$67 and ~$95. The disposal this quarter was at prices between ~$63.50 and ~$89. The stock is now at ~$95.Alnylam Pharma (ALNY), AT&T Inc. (T), Cameco Corp (CCJ), Caterpillar Inc. (CAT), D R Horton (DHI), Las Vegas Sands (LVS) Calls, Occidental Petroleum (OXY), Ovintiv Inc. (OVV), Parker-Hannifin (PH), Pioneer Natural Resources (PXD), Samsara Inc. (IOT), and Vale SA (VALE): These small (less than ~1.3% of the portfolio each) stakes were disposed during the quarter.Stake Increases:Nvidia Corp (NVDA): NVDA is a large (top three) 9.53% of the portfolio stake purchased last quarter at prices between ~$112 and ~$181. There was a ~35% stake increase this quarter at prices between ~$143 and ~$280. The stock currently trades well above those ranges at ~$398.Lamb Weston Holdings (LW): The large (top five) ~9% LW position was built during the last two quarters at prices between ~$73 and ~$90 and it is now at ~$112. There was a ~20% increase this quarter at prices between ~$87 and ~$105.Teck Resources (TECK): TECK is a 5.12% of the portfolio stake purchased in Q1 2022 at prices between ~$29 and ~$42. The next quarter saw a ~55% reduction at prices between ~$26 and ~$46. There was a ~200% stake increase in the last three quarters at prices between ~$26 and ~$44. The stock currently trades at $40.96.Note: TECK has seen a previous recent roundtrip. It was a 2.47% of the portfolio position built in Q4 2020 at prices between ~$12.25 and ~$18.85. The bulk of it was sold in Q3 2021 at prices between ~$19.50 and ~$26.80.KBR Inc. (KBR): The 4.29% KBR position saw a ~110% stake increase over the four quarters through Q3 2022 at prices between ~$40 and ~$57. The stock is now at $59.45. The last two quarters saw only minor adjustments.T-Mobile US (TMUS) & rights: The ~3% TMUS stake was established in Q2 2020 at prices between ~$82 and ~$107. Next quarter saw a ~20% stake increase while in Q4 2020 there was a similar reduction. There was a ~63% selling over the next three quarters at prices between ~$118 and ~$149. That was followed with a ~25% reduction during Q2 2022 at prices between ~$122 and ~$139. The last quarter saw another ~37% selling at prices between ~$132 and ~$152. The stock currently trades at ~$139. There was a ~10% increase this quarter.Natera Inc. (NTRA): The 2.15% NTRA stake was established over the last three quarters at prices between ~$32 and ~$58 and it is now at $49.29.Advanced Micro Devices (AMD): The small 1.40% AMD stake saw a minor ~7% stake increase this quarter.Stake Decreases:Eli Lilly (LLY): LLY is a large (top five) ~9% of the portfolio position purchased during Q2 2022 at prices between ~$279 and ~$327. There was a ~150% stake increase in the last two quarters at prices between ~$296 and ~$375. The stock currently trades at ~$437. This quarter saw a ~18% trimming.Meta Platforms (META): The 2.20% stake in META was primarily built last quarter at prices between ~$89 and ~$140. There was a ~75% reduction this quarter at prices between ~$125 and ~$213. The stock is now at ~$273.Chevron Inc. (CVX): A large CVX stake was purchased during the two quarters through Q1 2022 at prices between ~$102 and ~$171. There was a ~28% selling in the two quarters through Q3 2022 at prices between ~$136 and ~$181 while the last quarter saw a ~42% stake increase at prices between ~$144 and ~$188. This quarter saw the position sold down by 75% to a small 1.58% portfolio stake at prices between ~$152 and ~$188. The stock currently trades at ~$152.Vertiv Holdings (VRT): VRT is a 1.26% of the portfolio stake established during Q3 2022 at prices between ~$8.25 and ~$13.50 and it now goes for ~$19.40. There was a ~20% stake increase last quarter at prices between ~$10 and ~$15. This quarter saw a two-thirds reduction at prices between ~$13 and ~$16.50.Option Care Health (OPCH), : OPCH is a 1.11% of the portfolio position established last quarter at prices between ~$28 and ~$35 and the stock currently trades at $27.73. There was a ~50% reduction this quarter at prices between ~$28 and ~$33.Arch Resources (ARCH), Palo Alto Networks (PANW), Phillips 66 (PSX), and WilScot Mobile Mini (WSC): These small (less than ~1% of the portfolio each) stakes were reduced during the quarter.Kept Steady:Coupang Inc. (CPNG): CPNG had an IPO last March. Shares started trading at ~$49 and currently goes for $16.11. Druckenmiller had a 10.5M share stake that went back to funding rounds prior to the IPO. There was a ~50% stake increase in Q3 2021 at prices between ~$28 and ~$44.50. Q4 2021 saw another ~15% stake increase at prices between ~$26 and ~$31. It is currently their largest stake at ~13% of the portfolio.Freeport McMorran (FCX): FCX is a 1.48% of the portfolio position purchased in Q4 2019 at prices between ~$10 and ~$13.50. Next quarter saw a ~70% selling at prices between ~$5.50 and ~$12.90. Q2 2020 saw the stake rebuilt at prices between ~$6.25 and ~$10.90. The two quarters through Q3 2021 had seen a ~25% selling at prices between ~$30 and ~$45. That was followed with a one-third reduction during Q2 2022 at prices between ~$29 and ~$51. The last two quarters saw another ~75% selling at prices between ~$25 and ~$40. The stock currently trades at $35.47.Recursion Pharma (RXRX): The very small 0.40% stake in RXRX was kept steady this quarter.Below is a spreadsheet that highlights the changes to Stanley Druckenmiller's Duquesne Family Office 13F stock portfolio as of Q1 2023:Source: John Vincent. Data constructed from Duquesne’s 13F filings for Q4 2022 and Q1 2023.Regulatory filings from 12/1/2022 to 3/22/2023: None."

"Tracking Stanley Druckenmiller's Duquesne Family Office Portfolio – Q4 2022 Update"

"Stanley Druckenmiller’s 13F portfolio value increased from $1.76B to $2.02B this quarter.Duquesne added Nvidia and increased Eli Lilly, Chevron, Lamb Weston Holdings, and Meta Platforms while decreasing T-Mobile, DataDog, and WillScot Mobil. They also dropped Amazon, Workday, and Microsoft.The top three positions are at ~37% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Duquesne Family Office’s 13F stock portfolio on a quarterly basis. It is based on Stanley Druckenmiller’s regulatory filed on 2/14/2023. The 13F portfolio value increased ~15% from $1.76B to $2.02B this quarter. The holdings are concentrated with recent 13F reports showing around 60 positions, many of which are very small. There are 38 securities that are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Coupang, Eli Lilly, Chevron, Lamb Weston Holdings, and Meta Platforms. They add up to ~50% of the portfolio. Please visit our series to get an idea of their investment philosophy and our previous for the fund’s moves during Q3 2022.Stanley Druckenmiller started the family office in Q4 2011 after closing his hedge fund Duquesne Capital in 2010. Prior to that, he managed George Soros's Quantum Fund between 1988 and 2000. He follows a trend following trading style that is similar to George Soros. To know more about Druckenmiller's trading style check out .New Stakes:Nvidia Corp (NVDA): NVDA is a fairly large 4.22% of the portfolio stake purchased this quarter at prices between ~$112 and ~$181 and the stock currently trades at ~$274.Option Care Health (OPCH), Lennar Corp (LEN), and Deere & Co. (DE): OPCH is a 2.27% of the portfolio position established at prices between ~$28 and ~$35 and the stock currently trades at $31.46. The ~2% LEN stake was purchased at prices between ~$71 and ~$94 and it is now at ~$103. DE is a 1.55% of the portfolio position established at prices between ~$334 and ~$446 and it now goes for ~$404.Occidental Petroleum (OXY), AT&T Inc. (T), Ovintiv Inc. (OVV), Advanced Micro Devices (AMD), Parker-Hannifin (PH), Vale SA (VALE), Cameco Corp (CCJ), Caterpillar Inc. (CAT), Phillips 66 (PSX), D R Horton (DHI), and Samsara Inc. (IOT): These are small (less than ~1.5% of the portfolio each) new stakes established during the quarter.Stake Disposals:Amazon.com (AMZN), : AMZN was a top three 5.81% of the portfolio stake established last quarter at prices between ~$106 and ~$145. The disposal this quarter was at prices between ~$82 and ~$121. The stock is now at ~$102.Microsoft Corporation (MSFT): MSFT was a 2.56% of the portfolio position built in 2017 at prices between ~$60 and ~$90. Q1 2021 saw a ~20% stake increase at prices between ~$213 and ~$245. There was a ~63% reduction over the next two quarters at prices between ~$236 and ~$305. That was followed with a ~75% selling last quarter at prices between ~$233 and ~$294. The elimination this quarter was at prices between ~$214 and ~$257. The stock is now at ~$284.Coterra Energy (CTRA): The 1.65% of the portfolio stake in CTRA was established in Q1 2022 at prices between ~$19 and ~$29. There was a ~38% selling in the last two quarters at prices between ~$25 and ~$36. The position was sold out this quarter at prices between ~$24 and ~$31. The stock is now at ~$24.Crowdstrike (CRWD): The 1.43% of the portfolio CRWD stake was established during Q2 2022 at prices between ~$137 and ~$240 and it is now at ~$132. There was a one-third reduction last quarter at prices between ~$159 and ~$203. The disposal this quarter was at prices between ~$100 and ~$178.Builders FirstSource (BLDR), Cloudflare Inc. (NET), Edison International (EIX), GameStop (GME) Puts, New Fortress Energy (NFE), PPG Industries (PPG), Sea Limited (SE), Shopify Inc. (SHOP), and Workday Inc. (WDAY): These small (less than ~2.10% of the portfolio each) stakes were sold during the quarter.Stake Increases:Coupang Inc. (CPNG): CPNG had an IPO last March. Shares started trading at ~$49 and currently goes for $15.70. Druckenmiller had a 10.5M share stake that went back to funding rounds prior to the IPO. There was a ~50% stake increase in Q3 2021 at prices between ~$28 and ~$44.50. Q4 2021 saw another ~15% stake increase at prices between ~$26 and ~$31. The last few quarters have also seen minor increases. It is currently their largest stake at ~15% of the portfolio.Eli Lilly (LLY): LLY is a large (top three) 13.36% of the portfolio position purchased during Q2 2022 at prices between ~$279 and ~$327 and the stock currently trades at ~$341. There was a ~150% stake increase in the last two quarters at prices between ~$296 and ~$375.Chevron Inc. (CVX): CVX is a large (top three) 8.74% of the portfolio stake purchased during the two quarters through Q1 2022 at prices between ~$102 and ~$171 and the stock currently trades at ~$162. There was a ~28% selling in the last two quarters at prices between ~$136 and ~$181 while this quarter saw a ~42% stake increase at prices between ~$144 and ~$188.Lamb Weston Holdings (LW), and Vertiv Holdings (VRT): The large (top five) 7.33% LW position was built during the last two quarters at prices between ~$73 and ~$90 and it is now at ~$103. VRT is a ~4% of the portfolio stake established last quarter at prices between ~$8.25 and ~$13.50 and it now goes for ~$13.80. There was a ~20% stake increase this quarter at prices between ~$10 and ~$15.Meta Platforms (META): The 5.37% stake in META was primarily built this quarter at prices between ~$89 and ~$140. The stock is now at ~$208.Teck Resources (TECK): TECK is a 3.33% of the portfolio stake purchased in Q1 2022 at prices between ~$29 and ~$42. The next quarter saw a ~55% reduction at prices between ~$26 and ~$46. There was a ~75% stake increase in the last two quarters at prices between ~$25.75 and ~$39.40. The stock currently trades at $36.19.Note: TECK has seen a previous recent roundtrip. It was a 2.47% of the portfolio position built in Q4 2020 at prices between ~$12.25 and ~$18.85. The bulk of it was sold in Q3 2021 at prices between ~$19.50 and ~$26.80.Cenovus Energy (CVE): CVE is a 2.60% of the portfolio position that saw a ~220% stake increase this quarter at prices between ~$15.50 and ~$21.50. The stock currently trades at $17.33.Natera Inc. (NTRA): The very small 1.28% stake in NTRA was increased substantially during the quarter.Stake Decreases:KBR Inc. (KBR): The 4.41% KBR position saw a ~110% stake increase over the last four quarters at prices between ~$40 and ~$57. The stock is now at $54.38. This quarter saw a ~7% trimming.T-Mobile US (TMUS) & rights: The 3.15% TMUS stake was established in Q2 2020 at prices between ~$82 and ~$107. Next quarter saw a ~20% stake increase while in Q4 2020 there was a similar reduction. There was a ~63% selling over the next three quarters at prices between ~$118 and ~$149. That was followed with a ~25% reduction during Q2 2022 at prices between ~$122 and ~$139. This quarter saw another ~37% selling at prices between ~$132 and ~$152. The stock currently trades at ~$145.Freeport McMorran (FCX): FCX is a 1.58% of the portfolio position purchased in Q4 2019 at prices between ~$10 and ~$13.50. Next quarter saw a ~70% selling at prices between ~$5.50 and ~$12.90. Q2 2020 saw the stake rebuilt at prices between ~$6.25 and ~$10.90. The two quarters through Q3 2021 had seen a ~25% selling at prices between ~$30 and ~$45. That was followed with a one-third reduction during Q2 2022 at prices between ~$29 and ~$51. The last two quarters saw another ~75% selling at prices between ~$25 and ~$40. The stock currently trades at $40.20.DataDog (DDOG) and Palo Alto Networks (PANW): The 1.21% DDOG stake was established during Q2 2022 at prices between ~$82 and ~$157. The last quarter saw a ~165% stake increase at prices between ~$86 and ~$118 while this quarter there was a ~58% selling at prices between ~$67 and ~$95. The stock is now at $67.91. PANW is a 0.75% of the portfolio position purchased in Q2 2022 at prices between ~$147 and ~$210 and it now goes for ~$194. This quarter saw a ~30% reduction at prices between ~$137 and ~$178.Note: the prices quoted above for PANW is adjusted for the 3-for-1 stock split in September.WilScot Mobile Mini (WSC): WSC is a 0.69% stake established in the two quarters through Q1 2022 at prices between ~$32 and ~$41 and it currently goes for $46.29. The last three quarters saw a ~85% reduction at prices between ~$31 and ~$48.50.Palantir Technologies (PLTR): The 0.40% PLTR position saw a stake doubling in Q1 2022 at prices between ~$10.50 and ~$18.50. That was followed with a ~27% increase last quarter at prices between ~$6.70 and ~$14.65. The last two quarters saw a ~70% selling at prices between ~$6 and ~$11.50. The stock currently trades at ~$8.15.Alpha Metallurgical Resources I (AMR), Arch Resources (ARCH), and Pioneer Natural Resources (PXD): These small (less than ~1% of the portfolio each) stakes were reduced during the quarter.Kept Steady:Moderna (MRNA): MRNA stake was purchased during Q2 2022 at prices between ~$117 and ~$177. Last quarter saw the position reduced to a very small 0.20% stake at prices between ~$118 and ~$194. The stock currently trades at ~$147.Alnylam Pharma (ALNY), Las Vegas Sands (LVS) Calls, and Recursion Pharma (RXRX): These small (less than ~1% of the portfolio each) stakes were kept steady this quarter.Below is a spreadsheet that highlights the changes to Stanley Druckenmiller's Duquesne Family Office 13F stock portfolio as of Q4 2022:Source: John Vincent. Data constructed from Duquesne’s 13F filings for Q3 2022 and Q4 2022.Regulatory filings from 9/4/2022 to 12/1/2022: None."

"Tracking Stanley Druckenmiller's Duquesne Family Office Portfolio – Q3 2022 Update"

"Stanley Druckenmiller’s 13F portfolio value increased from $1.38B to $1.76B this quarter.Duquesne added Amazon.com and Lamb Weston Holdings while decreasing Microsoft and Freeport-McMoRan. They also increased DataDog and Workday substantially this quarter.The top three positions are at ~33% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Duquesne Family Office’s 13F stock portfolio on a quarterly basis. It is based on Stanley Druckenmiller’s regulatory filed on 11/14/2022. The 13F portfolio value increased ~28% from $1.38B to $1.76B this quarter. The holdings are concentrated with recent 13F reports showing around 60 positions, many of which are very small. There are 38 securities that are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Coupang, Eli Lilly, Amazon.com, Chevron, and T-Mobile US. They add up to ~44% of the portfolio. Please visit our series to get an idea of their investment philosophy and our previous for the fund’s moves during Q2 2022.Stanley Druckenmiller started the family office in Q4 2011 after closing his hedge fund Duquesne Capital in 2010. Prior to that, he managed George Soros's Quantum Fund between 1988 and 2000. He follows a trend following trading style that is similar to George Soros. To know more about Druckenmiller's trading style check out .New Stakes:Amazon.com (AMZN), Lamb Weston Holdings (LW), and Vertiv Holdings (VRT): AMZN is a top three 5.81% of the portfolio stake established this quarter at prices between ~$106 and ~$145 and the stock currently trades well below that range at $88.45. The 4.15% LW position was purchased at prices between ~$72 and ~$83 and it is now above that range at $86.15. VRT is a 2.72% of the portfolio stake established at prices between ~$8.25 and ~$13.50 and it now goes for $13.25.Sea Limited (SE), PPG Industries (PPG), Meta Platforms (META), Alpha Metallurgical Resources I (AMR), Natera Inc. (NTRA), and Alnylam Pharma (ALNY): These are small (less than ~2% of the portfolio each) new stakes established during the quarter.Arch Resources (ARCH), New Fortress Energy (NFE), GameStop (GME) Puts, Cloudflare Inc. (NET), Shopify Inc. (SHOP), and Builders FirstSource (BLDR): These are very small (less than ~1% of the portfolio each) new stakes established during the quarter.Stake Disposals:Booking Holdings (BKNG): BKNG was a small ~1% of the portfolio stake established in Q1 2021 at prices between ~$1886 and ~$2462. There was a ~45% stake increase in Q3 2021 at prices between ~$2068 and ~$2491. Last two quarters saw a ~80% selling at prices between ~$1749 and ~$2703. The disposal this quarter was at prices between ~$1643 and ~$2151. The stock is now at ~$1966.Procept BioRobotics (PRCT): PRCT had an IPO last September. Shares started trading at ~$37.50 and currently goes for $42.24. Druckenmiller’s stake was from funding rounds prior to the IPO. There was a ~175% stake increase in Q4 2021 at prices between ~$24.60 and ~$46.30. Next quarter saw a one-third selling at prices between ~$17 and ~$36. It was sold down to a minutely small stake last quarter at prices between ~$29 and ~$45. The remainder stake was disposed this quarter.Global-e Online (GLBE), Phillips 66 (PSX), and Westlake Corp (WLK): These small (less than ~1% of the portfolio each) stakes were dropped during the quarter.Stake Increases:Eli Lilly (LLY) and: LLY is a large (top three) ~9% of the portfolio position purchased last quarter at prices between ~$279 and ~$327 and the stock currently trades at ~$360. There was a ~63% stake increase this quarter at prices between ~$296 and ~$334.T-Mobile US (TMUS) & rights: The large (top five) 5.47% TMUS stake was established in Q2 2020 at prices between ~$82 and ~$107. Next quarter saw a ~20% stake increase while in Q4 2020 there was a similar reduction. There was a ~63% selling over the next three quarters at prices between ~$118 and ~$149. That was followed with a ~25% reduction last quarter at prices between ~$122 and ~$139. The stock currently trades at ~$140. There was a ~6% stake increase this quarter.KBR Inc. (KBR): The 4.45% KBR position saw a ~110% stake increase over the last four quarters at prices between ~$40 and ~$57. The stock is now at $50.68.DataDog (DDOG) and Palo Alto Networks (PANW): The ~4% DDOG stake was established last quarter at prices between ~$82 and ~$157 and it is now below that range at $78.31. This quarter saw a ~165% stake increase at prices between ~$86 and ~$118. PANW is a 1.44% of the portfolio position purchased last quarter at prices between ~$147 and ~$210 and it now goes for ~$153. There was a marginal increase this quarter.Note: the prices quoted above for PANW is adjusted for the 3-for-1 stock split in September.Teck Resources (TECK): TECK is a 2.36% of the portfolio stake purchased in Q1 2022 at prices between ~$29 and ~$42. Last quarter saw a ~55% reduction at prices between ~$26 and ~$46. There was a ~30% stake increase this quarter at prices between ~$25.75 and ~$36.75. The stock currently trades at $37.12.Note: TECK has seen a previous recent roundtrip. It was a 2.47% of the portfolio position built in Q4 2020 at prices between ~$12.25 and ~$18.85. The bulk of it was sold in Q3 2021 at prices between ~$19.50 and ~$26.80.Pioneer Natural Resources (PXD), Recursion Pharma (RXRX), and Workday Inc. (WDAY): These small (less than ~2.10% of the portfolio each) stakes were increased this quarter.Stake Decreases:Chevron Inc. (CVX) and WilScot Mobile Mini (WSC): CVX is a large (top five) 5.62% of the portfolio stake purchased during the two quarters through Q1 2022 at prices between ~$102 and ~$171 and the stock currently trades at ~$171. There was a ~28% selling in the last two quarters at prices between ~$136 and ~$181. WSC is a 2.24% stake established in the two quarters through Q1 2022 at prices between ~$32 and ~$41 and it currently goes for $46.05. Last two quarters saw a ~50% reduction at prices between ~$31 and ~$44.Microsoft Corporation (MSFT): MSFT is now a 2.56% of the portfolio position. It is a frequently traded stake and has seen previous roundtrips. The current position was built in 2017 at prices between ~$60 and ~$90. The stake has wavered. Recent activity follows. Q1 2021 saw a ~20% stake increase at prices between ~$213 and ~$245. There was a ~63% reduction over the next two quarters at prices between ~$236 and ~$305. That was followed with a ~75% selling this quarter at prices between ~$233 and ~$294. The stock is now at ~$249.Freeport McMorran (FCX): FCX is a 1.81% of the portfolio position purchased in Q4 2019 at prices between ~$10 and ~$13.50. Next quarter saw a ~70% selling at prices between ~$5.50 and ~$12.90. Q2 2020 saw the stake rebuilt at prices between ~$6.25 and ~$10.90. The two quarters through Q3 2021 had seen a ~25% selling at prices between ~$30 and ~$45. That was followed with a one-third reduction last quarter at prices between ~$29 and ~$51. This quarter saw another two-thirds selling at prices between ~$25 and ~$33. The stock currently trades at $38.15.Coterra Energy (CTRA): The 1.65% of the portfolio stake in CTRA was established in Q1 2022 at prices between ~$19 and ~$29. There was a ~38% selling in the last two quarters at prices between ~$25 and ~$36. The stock is now at $25.33.Crowdstrike (CRWD): The 1.43% of the portfolio CRWD stake was established last quarter at prices between ~$137 and ~$240 and it is now below that range at ~$115. There was a one-third reduction this quarter at prices between ~$159 and ~$203.Palantir Technologies (PLTR): The 1.12% PLTR position saw a stake doubling in Q1 2022 at prices between ~$10.50 and ~$18.50. That was followed with a ~27% increase last quarter at prices between ~$6.70 and ~$14.65. This quarter saw a ~43% selling at prices between ~$7.25 and ~$11.45. The stock currently trades at ~$7.Moderna (MRNA): MRNA stake was purchased last quarter at prices between ~$117 and ~$177. This quarter saw the position reduced to a very small 0.15% stake at prices between ~$118 and ~$194. The stock currently trades at ~$207.Antero Resources (AR) and Cenovus Energy (CVE): These small (less than ~1% of the portfolio each) stakes were reduced during the quarter.Kept Steady:Coupang Inc. (CPNG): CPNG had an IPO last March. Shares started trading at ~$49 and currently goes for $16.29. Druckenmiller had a 10.5M share stake that went back to funding rounds prior to the IPO. There was a ~50% stake increase in Q3 2021 at prices between ~$28 and ~$44.50. Q4 2021 saw another ~15% stake increase at prices between ~$26 and ~$31. Q1 2022 also saw a ~9% stake increase. It is currently their largest stake at ~18% of the portfolio.AbCellera Biologics (ABCL) and Las Vegas Sands (LVS) Calls: These small (less than ~1% of the portfolio each) stakes were kept steady this quarter.Below is a spreadsheet that highlights the changes to Stanley Druckenmiller's Duquesne Family Office 13F stock portfolio as of Q3 2022:Source: John Vincent. Data constructed from Duquesne’s 13F filings for Q2 2022 and Q3 2022.Regulatory filings from 6/25/2022 to 9/4/2022: None."

"Tracking Stanley Druckenmiller's Duquesne Family Office Portfolio – Q2 2022 Update"

"Stanley Druckenmiller’s 13F portfolio value decreased from $2.65B to $1.63B this quarter.Duquesne added Eli Lilly and Crowdstrike while reducing Microsoft, Freeport McMorran, and Teck Resources. They also dropped Amazon.com.The top three positions are at ~34% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Duquesne Family Office’s 13F stock portfolio on a quarterly basis. It is based on Stanley Druckenmiller’s regulatory filed on 8/15/2022. The 13F portfolio value decreased ~38% from $2.65B to $1.63B this quarter. The holdings are concentrated with recent 13F reports showing around 50 positions, many of which are very small. There are 28 securities that are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Coupang, Microsoft, Chevron, Eli Lilly, and Freeport McMoran. They add up to ~46% of the portfolio. Please visit our series to get an idea of their investment philosophy and our previous for the fund’s moves during Q1 2022.Stanley Druckenmiller started the family office in Q4 2011 after closing his hedge fund Duquesne Capital in 2010. Prior to that, he managed George Soros's Quantum Fund between 1988 and 2000. He follows a trend following trading style that is similar to George Soros. To know more about Druckenmiller's trading style check out .New Stakes:Eli Lilly (LLY) and Crowdstrike (CRWD): LLY is a large (top five) 5.91% of the portfolio position purchased this quarter at prices between ~$279 and ~$327 and the stock currently trades at ~$330. The 2.37% of the portfolio CRWD stake was established at prices between ~$137 and ~$240 and it is now at ~$166.Moderna (MRNA), DataDog (DDOG), and Palo Alto Networks (PANW): MRNA is a 1.82% of the portfolio position purchased at prices between ~$117 and ~$177 and the stock currently trades near the bottom of that range at ~$118. The 1.74% DDOG stake was established at prices between ~$82 and ~$157 and it is now at $87.45. PANW is a 1.56% of the portfolio position purchased at prices between ~$145 and ~$210 and it now goes for ~$166.Note: PANW is back in the portfolio after a quarter’s gap. It was a large 4.63% of the portfolio position established in H2 2020 at prices between ~$163 and ~$238. The disposal during the last two quarters was at prices between ~$470 and ~$625. The round-trip realized huge gains.Edison International (EIX) and Westlake Corp (WLK): These are small (less than ~1.20% of the portfolio each) new stakes established during the quarter.Stake Disposals:Amazon.com (AMZN): AMZN was a large (top-five) 8.62% of the portfolio position. The original stake was built in 2017 at prices between ~$38 and ~$60. Recent activity follows. There was a ~25% stake increase in Q2 2021 at prices between ~$158 and ~$175. Q4 2021 saw a ~42% reduction at prices between ~$160 and ~$185. The disposal this quarter was at prices between ~$102 and ~$168. The stock is now at ~$115.SPDR S&P 500 Index (SPY) Puts: The 4.69% of the portfolio short position through Puts was established as SPY traded between ~$416 and ~$478. It was eliminated this quarter as the underlying traded between ~$366 and ~$457. It currently trades at ~$363.New York Times (NYT), Option Care Health (OPCH), PNC Financial Services (PNC), and Zendesk Inc. (ZEN): These small (less than ~1.20% of the portfolio each) stakes were disposed during the quarter.Stake Increases:KBR Inc. (KBR) and Palantir Technologies (PLTR): The 3.87% KBR position saw a ~40% stake increase over the last two quarters at prices between ~$40 and ~$56. The stock is now at ~$43. This quarter also saw a ~9% stake increase. The 2.37% PLTR position saw a stake doubling last quarter at prices between ~$10.50 and ~$18.50. That was followed with a ~27% increase this quarter at prices between ~$6.70 and ~$14.65. The stock currently trades at $8.08.Antero Resources (AR): The ~2% of the portfolio stake in AR was built over the last two quarters at prices between ~$17 and ~$48 and the stock currently trades at $30.33.Stake Decreases:Microsoft Corporation (MSFT): MSFT is now a top-three ~12% of the portfolio position. It is a frequently traded stake and has seen previous roundtrips. The current position was built in 2017 at prices between ~$60 and ~$90. The stake has wavered. Recent activity follows. Q1 2021 saw a ~20% stake increase at prices between ~$213 and ~$245. There was a ~63% reduction over the next two quarters at prices between ~$236 and ~$305. Last quarter saw a ~28% stake increase while this quarter there was a similar reduction. The stock is now at ~$238.Chevron Inc. (CVX) and WilScot Mobile Mini (WSC): CVX is a 7.38% of the portfolio stake purchased during the last two quarters at prices between ~$102 and ~$171 and the stock currently trades at ~$145. There was a ~14% trimming this quarter. WSC is a 3.25% stake established in the last two quarters at prices between ~$32 and ~$41 and it currently goes for $39.83. This quarter saw a ~8% trimming.Freeport McMorran (FCX): FCX is a large (top five) 5.80% of the portfolio position purchased in Q4 2019 at prices between ~$10 and ~$13.50. Next quarter saw a ~70% selling at prices between ~$5.50 and ~$12.90. Q2 2020 saw the stake rebuilt at prices between ~$6.25 and ~$10.90. The two quarters through Q3 2021 had seen a ~25% selling at prices between ~$30 and ~$45. That was followed with a one-third reduction this quarter at prices between ~$29 and ~$51. The stock currently trades at $28.17.T-Mobile US (TMUS) & rights: The 5.59% TMUS stake was established in Q2 2020 at prices between ~$82 and ~$107. Next quarter saw a ~20% stake increase while in Q4 2020 there was a similar reduction. There was a ~63% selling over the next three quarters at prices between ~$118 and ~$149. That was followed with a ~25% reduction this quarter at prices between ~$122 and ~$139. The stock currently trades at ~$135.Coterra Energy (CTRA): The 2.20% of the portfolio stake in CTRA was established last quarter at prices between ~$19 and ~$29. There was a ~22% selling this quarter at prices between ~$26 and ~$36. The stock is now at ~$26.Teck Resources (TECK): TECK is a ~2% of the portfolio stake purchased last quarter at prices between ~$29 and ~$42. This quarter saw a ~55% reduction at prices between ~$26 and ~$46. The stock currently trades at $30.64.Note: TECK has seen a previous recent roundtrip. It was a 2.47% of the portfolio position built in Q4 2020 at prices between ~$12.25 and ~$18.85. The bulk of it was sold in Q3 2021 at prices between ~$19.50 and ~$26.80.Booking Holdings (BKNG): BKNG is a small 0.83% of the portfolio stake established in Q1 2021 at prices between ~$1886 and ~$2462. There was a ~45% stake increase in Q3 2021 at prices between ~$2068 and ~$2491. Last two quarters saw a ~80% selling at prices between ~$1749 and ~$2703. The stock is now at ~$1679.Smartsheet (SMAR): The 2.28% of the portfolio stake in SMAR was built over the last two quarters at prices between ~$43 and ~$80. The stock currently trades below that range at $34.30.Procept BioRobotics (PRCT): PRCT had an IPO last September. Shares started trading at ~$37.50 and currently goes for $40.49. Druckenmiller’s stake goes back to funding rounds prior to the IPO. There was a ~175% stake increase in Q4 2021 at prices between ~$24.60 and ~$46.30. Last quarter saw a one-third selling at prices between ~$17 and ~$36. It was sold down to a minutely small stake this quarter at prices between ~$29 and ~$45.Cenovus Energy (CVE), Global-e Online (GLBE), and Pioneer Natural Resources (PXD): These small (less than ~1.5% of the portfolio each) stakes were reduced during the quarter.Kept Steady:Coupang Inc. (CPNG): CPNG had an IPO last March. Shares started trading at ~$49 and currently goes for $16.30. Druckenmiller had a 10.5M share stake that went back to funding rounds prior to the IPO. There was a ~50% stake increase in Q3 2021 at prices between ~$28 and ~$44.50. Q4 2021 saw another ~15% stake increase at prices between ~$26 and ~$31. Last quarter also saw a ~9% stake increase. It is currently their largest stake at ~15% of the portfolio.AbCellera Biologics (ABCL), Las Vegas Sands (LVS) Calls, Workday Inc. (WDAY), : These small (less than ~1% of the portfolio each) stakes were kept steady this quarter.The rest of the stakes are minutely small (less than ~0.5% of the portfolio each). They are Acadia Pharma (ACAD), Caribou Biosciences (CRBU), Cazoo Group (CZOO), CCC Intelligent Solutions (CCCS), Compass Inc., Dish Network (DISH), EQT Corp (EQT), IHS Holding (IHS), Opendoor Tech. (OPEN), Oscar Health (OSCR), Reata Pharma (RETA), Recursion Pharma (RXRX), Samsara Inc. (IOT), Sensei Biotherapeutics (SNSE), and SolarEdge Technologies (SEDG).Below is a spreadsheet that highlights the changes to Stanley Druckenmiller's Duquesne Family Office 13F stock portfolio as of Q2 2022:Source: John Vincent. Data constructed from Duquesne’s 13F filings for Q1 2022 and Q2 2022.Regulatory filings from 3/8/2022 to 6/25/2022: None."

"Tracking Stanley Druckenmiller's Duquesne Family Office Portfolio – Q1 2022 Update"

"Stanley Druckenmiller’s 13F portfolio value decreased from $2.93B to $2.31B this quarter.Duquesne added Teck Resources and Coterra Energy while dropping Alphabet, Carvana, and Palo Alto Networks. They also added a large short position in S&P 500 index through Puts.The top three positions are at ~39% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Duquesne Family Office’s 13F stock portfolio on a quarterly basis. It is based on Stanley Druckenmiller’s regulatory filed on 5/16/2022. The 13F portfolio value decreased ~21% from $2.93B to $2.31B this quarter. The holdings are concentrated with recent 13F reports showing around 50 positions, many of which are very small. There are 29 securities that are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Coupang, Microsoft, Freeport McMoran, Amazon.com, and Chevron. They add up to ~54% of the portfolio. Please visit our series to get an idea of their investment philosophy and our previous for the fund’s moves during Q4 2021.Stanley Druckenmiller started the family office in Q4 2011 after closing his hedge fund Duquesne Capital in 2010. Prior to that, he managed George Soros's Quantum Fund between 1988 and 2000. He follows a trend following trading style that is similar to George Soros. To know more about Druckenmiller's trading style check out .New Stakes:SPDR S&P 500 Index (SPY) Puts: The 4.69% of the portfolio short position through Puts was established as SPY traded between ~$416 and ~$478. It currently trades at ~$390.Teck Resources (TECK): TECK is a fairly large 4.24% of the portfolio stake purchased this quarter at prices between ~$29 and ~$42 and the stock currently trades near the low end of that range at $31.69.Note: TECK is back in the portfolio after a quarter’s gap. It was a 2.47% of the portfolio position built in Q4 2020 at prices between ~$12.25 and ~$18.85. There was a ~40% stake increase next quarter at prices between ~$18 and ~$23.75. The position was sold down to a very small 0.84% of the portfolio stake in Q3 2021 at prices between ~$19.50 and ~$26.80. The remainder stake was sold last quarter.Coterra Energy (CTRA): The ~2% of the portfolio stake in CTRA was established at prices between ~$19 and ~$29 and the stock is now at $26.35.Antero Resources (AR), Cenovus Energy (CVE), Global-e Online (GLBE), New York Times (NYT), Pioneer Natural Resources (PXD), PNC Financial Services (PNC), Workday Inc. (WDAY), and Zendesk Inc. (ZEN): These small (less than ~1.5% of the portfolio each) stakes were established this quarter.Stake Disposals:Alphabet Inc. (GOOG): The large (top three) ~10% GOOG stake was established in Q4 2019 & Q1 2020 at prices between ~$1215 and ~$1521. The next three quarters had seen the position reduced by ~85% at prices between ~$1100 and ~$1830. The position was rebuilt over the three quarters through Q3 2021 at prices between ~$1735 and ~$2917. Last quarter saw a ~20% reduction at prices between ~$2665 and ~$3014. The disposal this quarter was at prices between ~$2529 and ~$2961. The stock currently trades at ~$2371.Carvana (CVNA): The 4.39% CVNA position saw a ~70% stake increase in H2 2021 at prices between ~$224 and ~$315. The position was sold down by ~60% next quarter at prices between ~$302 and ~$370. It was rebuilt last quarter at prices between ~$204 and ~$303. The elimination this quarter was at prices between ~$104 and ~$240. The stock is now at $31.52.Palo Alto Networks (PANW): PANW was a large 4.63% of the portfolio position established in H2 2020 at prices between ~$163 and ~$238. There was a ~15% trimming over the next three quarters. That was followed with a ~43% selling last quarter at prices between ~$470 and ~$568. The stake was sold this quarter at prices between ~$475 and ~$625. The stock is now at ~$511.Airbnb (ABNB): ABNB was a ~3% of the portfolio stake established in Q2 2021 at prices between ~$133 and ~$190. The position was sold this quarter at prices between ~$132 and ~$187. The stock is now at ~$104.Starbucks Corp (SBUX): SBUX was a 1.54% stake built in 2020 at prices between ~$63 and ~$107. Q1 2021 also saw a ~14% stake increase. Last quarter saw the position sold down by ~80% at prices between ~$106 and ~$117. The remainder stake was sold this quarter. The stock is now at $78.11.Coupa Software (COUP), Ingersoll Rand (IR) and Live Nation Entertainment (LYV): These small (less than ~1.3% of the portfolio each) stakes were disposed during the quarter.Stake Increases:Coupang Inc. (CPNG): CPNG had an IPO last March. Shares started trading at ~$49 and currently goes for $12.91. Druckenmiller had a 10.5M share stake that went back to funding rounds prior to the IPO. There was a ~50% stake increase in Q3 2021 at prices between ~$28 and ~$44.50. Last quarter saw another ~15% stake increase at prices between ~$26 and ~$31. This quarter also saw a ~9% stake increase. It is currently their largest stake at ~15% of the portfolio.Microsoft Corporation (MSFT): MSFT is now a top-three ~14% of the portfolio position. It is a frequently traded stake and has seen previous roundtrips. The current position was built in 2017 at prices between ~$60 and ~$90. The stake has wavered. Recent activity follows. Q1 2021 saw a ~20% stake increase at prices between ~$213 and ~$245. There was a ~63% reduction over the next two quarters at prices between ~$236 and ~$305. This quarter saw a ~28% stake increase at prices between ~$276 and ~$335. The stock is now at ~$268.Amazon.com (AMZN): AMZN is currently a top-five position at 8.62% of the portfolio. The original stake was built in 2017 at prices between ~$38 and ~$60. The stake has wavered. Recent activity follows. There was a ~25% stake increase in Q2 2021 at prices between ~$158 and ~$175. Last quarter saw a ~42% reduction at prices between ~$160 and ~$185. The stock is now at ~$117. There was a ~7% increase this quarter.Chevron Inc. (CVX) and WilScot Mobile Mini (WSC): These positions established last quarter were increased this quarter. CVX is a 6.81% of the portfolio stake purchased at prices between ~$102 and ~$171 and the stock currently trades at ~$145. WSC is a 3.27% stake purchased at prices between ~$32 and ~$41 and it currently goes for $34.50.T-Mobile US (TMUS) & rights: The ~5% TMUS stake was established in Q2 2020 at prices between ~$82 and ~$107. Next quarter saw a ~20% stake increase while in Q4 2020 there was a similar reduction. There was a ~63% selling over the next three quarters at prices between ~$118 and ~$149. The stock currently trades at ~$137. There was a ~7% trimming last quarter while this quarter there was a ~12% increase.Smartsheet (SMAR): The 2.28% of the portfolio stake in SMAR was built over the last two quarters at prices between ~$43 and ~$80. The stock currently trades below that range at $34.76.KBR Inc. (KBR) and Palantir Technologies (PLTR): The 2.85% KBR stake saw a ~40% stake increase over the last two quarters at prices between ~$40 and ~$56. The stock is now at $48.14. The ~2% PLTR position saw a stake doubling this quarter at prices between ~$10.50 and ~$18.50. The stock currently trades just below that range at $10.19.Stake Decreases:Procept BioRobotics (PRCT): PRCT had an IPO last September. Shares started trading at ~$37.50 and currently goes for $33.90. Druckenmiller’s 1.71% of the portfolio stake goes back to funding rounds prior to the IPO. There was a ~175% stake increase last quarter at prices between ~$24.60 and ~$46.30. This quarter saw a one-third selling at prices between ~$17 and ~$36.Booking Holdings (BKNG): BKNG is a 1.51% of the portfolio stake established in Q1 2021 at prices between ~$1886 and ~$2462. There was a ~45% stake increase in Q3 2021 at prices between ~$2068 and ~$2491. This quarter saw a roughly two-thirds selling at prices between ~$1817 and ~$2703. The stock is now at ~$1931.Dish Network (DISH), Expedia Inc. (EXPE), Flex Ltd. (FLEX), Option Care Health (OPCH), Sea Ltd. (SE), and Snap Inc. (SNAP): These small (less than ~1.1% of the portfolio each) stakes were reduced during the quarter.Kept Steady:Freeport McMorran (FCX): FCX is a large (top three) 10.43% of the portfolio position purchased in Q4 2019 at prices between ~$10 and ~$13.50. Next quarter saw a ~70% selling at prices between ~$5.50 and ~$12.90. Q2 2020 saw the stake rebuilt at prices between ~$6.25 and ~$10.90. The two quarters through Q3 2021 had seen a ~25% selling at prices between ~$30 and ~$45. The stock currently trades at ~$31.The rest of the stakes are minutely small (less than ~0.5% of the portfolio each). They are AbCellera Biologics (ABCL), Acadia Pharma (ACAD), Alnylam Pharmaceuticals (ALNY), Anaplan Inc., British American Tobacco (BTI), Caribou Biosciences (CRBU), Cazoo Group (CZOO), CCC Intelligent Solutions (CCCS), Compass Inc., IHS Holding (IHS), iShares MSCI Brazil ETF (EWZ), Las Vegas Sands (LVS) Calls, Mosaic Company (MOS), Netflix Inc. (NFLX), Opendoor Tech. (OPEN), Oscar Health (OSCR), Phillips 66 (PSX), Reata Pharma (RETA), Recursion Pharma (RXRX), Sea Ltd. (SE), Sensei Biotherapeutics (SNSE), SolarEdge Technologies (SDGE), and Sunrun Inc. (RUN).Below is a spreadsheet that highlights the changes to Stanley Druckenmiller's Duquesne Family Office 13F stock portfolio as of Q1 2022:Source: John Vincent. Data constructed from Duquesne’s 13F filings for Q4 2021 and Q1 2022.Regulatory filings from 12/1/2021 to 3/8/2022: None."

"Tracking Stanley Druckenmiller's Duquesne Family Office Portfolio – Q4 2021 Update"

"Stanley Druckenmiller’s 13F portfolio value decreased from $3.08B to $2.76B this quarter.Duquesne increased Coupang, Carvana, Kbr, Flex, Procept Bio, and Smartsheet while decreasing Alphabet, Amazon.com, Palo Alto Networks, Starbucks, and Expedia Group. They also dropped Meta Platforms, Intuit, Moderna, and Zoom Video.The top three positions are at ~39% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Duquesne Family Office’s 13F stock portfolio on a quarterly basis. It is based on Stanley Druckenmiller’s regulatory filed on 2/14/2022. The 13F portfolio value decreased ~11% from $3.08B to $2.76B this quarter. The holdings are concentrated with recent 13F reports showing around 50 positions, many of which are very small. There are 28 securities that are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Coupang, Alphabet, Microsoft, Freeport McMoran, and Amazon.com. They add up to ~53% of the portfolio. Please visit our series to get an idea of their investment philosophy and our previous for the fund’s moves during Q3 2021.Stanley Druckenmiller started the family office in Q4 2011 after closing his hedge fund Duquesne Capital in 2010. Prior to that, he managed George Soros's Quantum Fund between 1988 and 2000. He follows a trend following trading style that is similar to George Soros. To know more about Druckenmiller's trading style check out .New Stakes:Chevron Inc. (CVX), Snap Inc. (SNAP), WilScot Mobil Mini (WSC), and Ingersoll Rand (IR): These are the new positions this quarter. CVX is a 3.51% of the portfolio stake purchased at prices between ~$102 and ~$119 and the stock currently trades well above that range at ~$166. The 2.46% of the portfolio SNAP position was established at prices between ~$44.50 and ~$77 and it is now below the low end of that range at ~$37. WSC is a 2.22% stake purchased at prices between ~$31.50 and ~$41 and it currently goes for $39.46. IR is a very small 0.75% of the portfolio position established during the quarter.Stake Disposals:Meta Platforms (FB) previously Facebook: FB was a 1.17% of the portfolio stake built in H1 2021 at prices between ~$246 and ~$356. There was a ~60% selling last quarter at prices between ~$339 and ~$382. The disposal this quarter was at prices between ~$307 and ~$348. The stock currently trades at ~$220.Intuit Inc. (INTU): The 2.47% INTU position was purchased in Q1 2021 at prices between ~$361 and ~$422. The position was reduced by ~50% last quarter at prices between ~$495 and ~$577. The elimination this quarter was at prices between ~$525 and ~$695. The stock is now at ~$466.Zoom Video (ZM):. ZM was a ~1% of the portfolio position established last quarter at prices between ~$257 and ~$401. The position was sold this quarter at prices between ~$182 and ~$286. The stock currently trades at ~$118.Moderna (MRNA): The ~1% MRNA position was purchased in Q2 2021 at prices between ~$130 and ~$235. Last quarter saw a ~60% reduction at prices between ~$222 and ~$485. The elimination this quarter was at prices between ~$226 and ~$385. MRNA is now at ~$180.Teck Resources (TECK): TECK was a 2.47% of the portfolio position built in Q4 2020 at prices between ~$12.25 and ~$18.85. There was a ~40% stake increase next quarter at prices between ~$18 and ~$23.75. The position was sold down to a very small 0.84% of the portfolio stake last quarter at prices between ~$19.50 and ~$26.80. The remainder stake was sold during the quarter. The stock currently trades at $40.64.Farfetch (FTCH), Liberty Media Formula One (FWONK), Nektar Therapeutics (NKTR), and Penn National (PENN): These very small (less than ~1% of the portfolio each) positions were sold during the quarter.Stake Increases:Coupang Inc. (CPNG): CPNG had an IPO in March. Shares started trading at ~$49 and currently goes for $18.92. Druckenmiller had a 10.5M share stake that went back to funding rounds prior to the IPO. There was a ~50% stake increase last quarter at prices between ~$28 and ~$44.50. This quarter saw another ~15% stake increase at prices between ~$26 and ~$31. It is currently their largest stake at ~19% of the portfolio.Microsoft Corporation (MSFT): MSFT is now a top-three ~10% of the portfolio position. It is a frequently traded stake and has seen previous roundtrips. The current position was built in 2017 at prices between ~$60 and ~$90. The stake has wavered. Recent activity follows. The three quarters through Q1 2020 saw a ~80% selling at prices between ~$133 and ~$185. The next three quarters saw a ~140% stake increase at prices between ~$150 and ~$232. Q1 2021 also saw a ~20% stake increase at prices between ~$213 and ~$245. There was a ~63% reduction over the last two quarters at prices between ~$236 and ~$305. The stock is now at $304. This quarter saw a minor ~3% stake increase.Carvana (CVNA): The 4.39% CVNA position saw a ~70% stake increase in H2 2021 at prices between ~$224 and ~$315. The position was sold down by ~60% last quarter at prices between ~$302 and ~$370. It was rebuilt this quarter at prices between ~$204 and ~$303. The stock is now at ~$149.Procept BioRobotics (PRCT): PRCT had an IPO last September. Shares started trading at ~$37.50 and currently goes for $35.74. Druckenmiller’s small 0.74% of the portfolio stake goes back to funding rounds prior to the IPO. There was a ~175% stake increase this quarter at prices between ~$24.60 and ~$46.30.Smartsheet (SMAR): The small 1.105 of the portfolio stake in SMAR saw a ~500% stake increase this quarter at prices between ~$59.50 and ~$80. The stock currently trades below that range at $56.24.Dish Network (DISH),Flex Ltd. (FLEX), KBR Inc. (KBR), Option Care Health (OPCH), and Sea Ltd. (SE): These are very small (less than ~1% of the portfolio each) stakes that were increased this quarter.Stake Decreases:Alphabet Inc. (GOOG): The large (top three) ~10% GOOG stake was established in Q4 2019 & Q1 2020 at prices between ~$1215 and ~$1521. The next three quarters had seen the position reduced by ~85% at prices between ~$1100 and ~$1830. The position was rebuilt over the last three quarters at prices between ~$1735 and ~$2917. This quarter saw a ~20% reduction at prices between ~$2665 and ~$3014. The stock currently trades at ~$2826.Amazon.com (AMZN): AMZN is currently a top-five position at 6.88% of the portfolio. The original stake was built in 2017 at prices between ~$750 and ~$1190. The stake has wavered. Recent activity follows. Q4 2019 saw a ~85% reduction at prices between ~$1740 and ~$1870. The stake was rebuilt over the next two quarters at prices between ~$1780 and ~$2880. There was a ~25% stake increase in Q2 2021 at prices between ~$3152 and ~$3505. This quarter saw a ~42% reduction at prices between ~$3190 and ~$3696. The stock is now at ~$3273.Palo Alto Networks (PANW): PANW is a large 4.63% of the portfolio position established in H2 2020 at prices between ~$163 and ~$238. The stock is now well above that range at ~$622. There was a ~15% trimming over the last three quarters. That was followed with a ~43% selling this quarter at prices between ~$470 and ~$568.Booking Holdings (BKNG): BKNG is a 3.73% of the portfolio stake established in Q1 2021 at prices between ~$1886 and ~$2462 and the stock is now at ~$2262. There was a ~45% stake increase last quarter at prices between ~$2068 and ~$2491. This quarter saw marginal trimming.T-Mobile US (TMUS) & rights: The 3.35% TMUS stake was established in Q2 2020 at prices between ~$82 and ~$107. Next quarter saw a ~20% stake increase while in Q4 2020 there was a similar reduction. There was a ~63% selling over the last three quarters at prices between ~$118 and ~$149. The stock currently trades at ~$126. There was a ~7% trimming this quarter.Airbnb (ABNB): ABNB is a ~3% of the portfolio stake established in Q2 2021 at prices between ~$133 and ~$190 and it is now at ~$171. There was a ~10% trimming last quarter and a marginal reduction this quarter.Starbucks Corp (SBUX): SBUX is a 1.54% stake built in 2020 at prices between ~$63 and ~$107. Q1 2021 also saw a ~14% stake increase. This quarter saw the position sold down by ~80% at prices between ~$106 and ~$117. The stock is now at ~$87.Live Nation Entertainment (LYV): The 1.27% of the portfolio LYV stake was purchased last quarter at prices between ~$75 and ~$94 and the stock currently trades well above that range at ~$118. There was a ~43% selling this quarter at prices between ~$91 and ~$124.Expedia Inc. (EXPE): EXPE is a ~1% of the portfolio position first purchased in Q3 2020 at prices between ~$80 and ~$103. Next quarter saw a ~15% trimming while in Q1 2021 there was a two-thirds increase at prices between ~$123 and ~$185. Last two quarters had seen a stake doubling at prices between ~$138 and ~$178. This quarter saw the position sold down by ~80% at prices between ~$154 and ~$188. The stock currently trades at ~$195.Coupa Software (COUP) and Reata Pharma (RETA): These two small (less than ~0.75% of the portfolio each) stakes were reduced this quarter.Kept Steady:Freeport McMorran (FCX): FCX is a large (top five) 7.32% of the portfolio position purchased in Q4 2019 at prices between ~$10 and ~$13.50. Next quarter saw a ~70% selling at prices between ~$5.50 and ~$12.90. Q2 2020 saw the stake rebuilt at prices between ~$6.25 and ~$10.90. Last two quarters had seen a ~25% selling at prices between ~$30 and ~$45. The stock currently trades at $51.45.Oscar Health (OSCR) and Palantir Technologies (PLTR):These very small (less than ~1% of the portfolio each) stakes were kept steady this quarter.The rest of the stakes are minutely small (less than ~0.5% of the portfolio each). They are AbCellera Biologics (ABCL), Acadia Pharma (ACAD), British American Tobacco (BTI), Caribou Biosciences (CRBU), Cazoo Group (CZOO), CCC Intelligent Solutions (CCCS), Fastly Inc. (FSLY), Guidewire (GWRE), IHS Holding (IHS), Las Vegas Sands (LVS) Calls, Lithia Motors (LAD), Lockheed Martin (LMT), Ollie’s Bargain (OLLI), Opendoor Tech. (OPEN), OneMain Holdings (OMF), Overstock Inc. (OSTK), Recursion Pharma (RXRX), Samsara Inc. (IOT), Sensei Biotherapeutics (SNSE), SentinelOne (S), Sunrun Inc. (RUN), and TaskUs (TASK).Below is a spreadsheet that highlights the changes to Stanley Druckenmiller's Duquesne Family Office 13F stock portfolio as of Q4 2021:Source: John Vincent. Data constructed from Duquesne’s 13F filings for Q3 2021 and Q4 2021.Regulatory filings from 10/3/2021 to 12/1/2021: None."

"Tracking Stanley Druckenmiller's Duquesne Family Office Portfolio – Q3 2021 Update"

"Stanley Druckenmiller’s 13F portfolio value decreased from $4.04B to $3.08B this quarter.Duquesne increased Coupang, Alphabet, Expedia, and Booking Holdings while decreasing Microsoft, Intuit, Carvana, and Teck Resources. They also dropped Netflix and Affirm Holdings.The top three positions are at ~35% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Duquesne Family Office’s 13F stock portfolio on a quarterly basis. It is based on Stanley Druckenmiller’s regulatory filed on 11/15/2021. The 13F portfolio value decreased ~24% from $4.04B to $3.08B this quarter. The holdings are concentrated with recent 13F reports showing around 50 positions, many of which are very small. There are 33 securities that are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Coupang, Amazon.com, Alphabet, Starbucks, and Microsoft,. They add up to ~49% of the portfolio. Please visit our series to get an idea of their investment philosophy and for the fund’s moves during Q2 2021.Stanley Druckenmiller started the family office in Q4 2011 after closing his hedge fund Duquesne Capital in 2010. Prior to that, he managed George Soros's Quantum Fund between 1988 and 2000. He follows a trend following trading style that is similar to George Soros. To know more about Druckenmiller's trading style check out .New Stakes:Live Nation Entertainment (LYV), Zoom Video (ZM), and Procept BioRobotics (PRCT): These are the new positions this quarter. The 1.27% of the portfolio LYV stake was purchased at prices between ~$75 and ~$94 and the stock currently trades well above that range at ~$120. ZM is a ~1% of the portfolio position established at prices between ~$257 and ~$401 and it is now below that range at ~$191. PRCT had an IPO in September. Shares started trading at ~$37.50 and currently goes for $25.12. Druckenmiller’s small 0.74% of the portfolio stake goes back to funding rounds prior to the IPO.Stake Disposals:Netflix (NFLX): The 2.25% of the portfolio NFLX position was purchased last quarter at prices between ~$485 and ~$555 and the stock currently trades at ~$612. The disposal this quarter was at prices between ~$511 and ~$610.Affirm Holdings (AFRM): AFRM had an IPO in January. Shares started trading at ~$120 and currently goes for ~$104. Druckenmiller had a ~2% of the portfolio stake from funding rounds prior to the IPO. The position was sold this quarter at prices between ~$56 and ~$128.Cummins Inc. (CMI): The 2.27% of the portfolio CMI stake was purchased in Q4 2020 at prices between ~$207 and ~$237. There was a ~50% stake increase next quarter at prices between ~$222 and ~$276. The position was disposed this quarter at prices between ~$220 and ~$243. The stock is now at ~$218.Builders Firstsource (BLDR), Caterpillar (CAT), General Electric (GE), General Motors (GM), Marriott International (MAR), Mastercard (MA), On Semiconductor (ON), US Food Holding (USFD), and Visa Inc. (V): These small (less than ~1.50% of the portfolio each) stakes were eliminated this quarter.Stake Increases:Coupang Inc. (CPNG): CPNG had an IPO in March. Shares started trading at ~$49 and currently goes for $29.58. Druckenmiller had a 10.5M share stake that went back to funding rounds prior to the IPO. There was a ~50% stake increase this quarter at prices between ~$28 and ~$44.50. The stock currently trades at $29.58. It is currently their largest stake at ~14% of the portfolio.Amazon.com (AMZN): AMZN is currently the second-largest position at 10.41% of the portfolio. The original stake was built in 2017 at prices between ~$750 and ~$1190. The stake has wavered. Recent activity follows. Q4 2019 saw a ~85% reduction at prices between ~$1740 and ~$1870. The stake was rebuilt over the next two quarters at prices between ~$1780 and ~$2880. There was a ~25% stake increase last quarter at prices between ~$3152 and ~$3505. The stock is now at ~$3373. This quarter also saw a minor ~3% stake increase.Alphabet Inc. (GOOG): The large (top three) 10.16% GOOG stake was established in Q4 2019 & Q1 2020 at prices between ~$1215 and ~$1521. The next three quarters had seen the position reduced by ~85% at prices between ~$1100 and ~$1830. The position was rebuilt over the last three quarters at prices between ~$1735 and ~$2917. The stock currently trades at ~$2920.Expedia Inc. (EXPE): EXPE is a 4.87% of the portfolio position first purchased in Q3 2020 at prices between ~$80 and ~$103. Next quarter saw a ~15% trimming while in Q1 2021 there was a two-thirds increase at prices between ~$123 and ~$185. Last two quarters have seen a stake doubling at prices between ~$138 and ~$178. The stock currently trades at ~$182.Booking Holdings (BKNG): BKNG is a 3.35% of the portfolio stake established in Q1 2021 at prices between ~$1886 and ~$2462 and the stock is now at ~$2396. There was a ~45% stake increase this quarter at prices between ~$2068 and ~$2491.Reata Pharma (RETA): RETA is a 2.27% of the portfolio position built in Q4 2019 & Q1 2020 at prices between ~$80 and ~$225. Q4 2020 saw another ~40% stake increase at prices between ~$97 and ~$185. The stock is now at $26.38. There was a ~15% trimming last quarter while this quarter saw a ~9% stake increase.Coupa Software (COUP), Dish Network (DISH), Farfetch (FTCH), and Option Care Health (OPCH): These are very small (less than ~1% of the portfolio each) stakes that were increased this quarter.Stake Decreases:Starbucks Corp (SBUX): SBUX is a large (top five) 7.55% stake built last year at prices between ~$63 and ~$107. Q1 2021 also saw a ~14% stake increase. The stock is now at ~$116. There was a ~8% trimming this quarter.Microsoft Corporation (MSFT): MSFT is now a top-five 7.12% of the portfolio position. It is a frequently traded stake and has seen previous roundtrips. The current position was built in 2017 at prices between ~$60 and ~$90. The stake has wavered. Recent activity follows. The three quarters through Q1 2020 saw a ~80% selling at prices between ~$133 and ~$185. The next three quarters saw a ~140% stake increase at prices between ~$150 and ~$232. Q1 2021 also saw a ~20% stake increase at prices between ~$213 and ~$245. There was a ~63% reduction over the last two quarters at prices between ~$236 and ~$305. The stock is now at ~$339.Palo Alto Networks (PANW): PANW is a large 6.21% of the portfolio position established in H2 2020 at prices between ~$163 and ~$238. The stock is now well above that range at ~$561. There was a ~15% trimming over the last three quarters.Freeport McMorran (FCX): FCX is a ~5% of the portfolio position purchased in Q4 2019 at prices between ~$10 and ~$13.50. Next quarter saw a ~70% selling at prices between ~$5.50 and ~$12.90. Q2 2020 saw the stake rebuilt at prices between ~$6.25 and ~$10.90. The stock currently trades at $41.62. Last two quarters have seen a ~25% selling at prices between ~$30 and ~$45.T-Mobile US (TMUS) & rights: The 3.55% TMUS stake was established in Q2 2020 at prices between ~$82 and ~$107. Next quarter saw a ~20% stake increase while in Q4 2020 there was a similar reduction. There was a ~63% selling over the last three quarters at prices between ~$118 and ~$149. The stock currently trades at ~$117.Airbnb (ABNB), and Moderna (MRNA): These two stakes were established last quarter but reduced this quarter. ABNB is a 2.73% of the portfolio stake established at prices between ~$133 and ~$190 and it is now at ~$169. There was a ~10% trimming this quarter. The ~1% MRNA position was purchased at prices between ~$130 and ~$235 and it now goes for ~$252. This quarter saw a ~60% reduction at prices between ~$222 and ~$485.Intuit Inc. (INTU): The 2.47% INTU position was purchased in Q1 2021 at prices between ~$361 and ~$422 and it is now well above that range at ~$643. The position was reduced by ~50% this quarter at prices between ~$495 and ~$577.Carvana (CVNA) and Meta Platforms (FB) previously Facebook: These two positions saw large increases last quarter but were sold down this quarter. The 1.34% CVNA position saw a ~70% stake increase last quarter at prices between ~$224 and ~$315. The position was sold down by ~60% this quarter at prices between ~$302 and ~$370. The stock is now at ~$233. FB is a 1.17% of the portfolio stake built over the last two quarters at prices between ~$246 and ~$356 and the stock currently trades at ~$344. There was a ~60% selling this quarter at prices between ~$339 and ~$382.Teck Resources (TECK): TECK was a 2.47% of the portfolio position built in Q4 2020 at prices between ~$12.25 and ~$18.85. There was a ~40% stake increase next quarter at prices between ~$18 and ~$23.75. The stock currently trades at $28.43. The position was sold down to a very small 0.84% of the portfolio stake this quarter at prices between ~$19.50 and ~$26.80.Flex Ltd. (FLEX), KBR Inc. (KBR), Palantir Technologies (PLTR), Penn National (PENN), Sea Ltd. (SE), and Smartsheet (SMAR): These small (less than ~1.5% of the portfolio each) stakes were decreased this quarter.Kept Steady:Liberty Media Formula One (FWONK), Nektar Therapeutics (NKTR), and Oscar Health (OSCR): These very small (less than ~1% of the portfolio each) stakes were kept steady this quarter.The rest of the stakes are minutely small (less than ~0.5% of the portfolio each). They are AbCellera Biologics (ABCL), Acadia Pharma (ACAD), Caribou Biosciences (CRBU), CF Industries Holdings (CF), CCC Intelligent Solutions (CCCS), Confluent Inc. (CFLT), Decarbonization Plus II (DCRN), Fastly Inc. (FSLY), Las Vegas Sands (LVS) Calls, Lithia Motors (LAD), OneMain Holdings (OMF), Overstock Inc. (OSTK), Recursion Pharma (RXRX), Sensei Biotherapeutics (SNSE), SentinelOne (S), and StoneCo (STNE).Below is a spreadsheet that highlights the changes to Stanley Druckenmiller's Duquesne Family Office 13F stock portfolio as of Q3 2021:Source: John Vincent. Data constructed from Duquesne’s 13F filings for Q2 2021 and Q3 2021.Regulatory filings from 7/2/2021 thru 10/3/2021: None."

"Tracking Stanley Druckenmiller's Duquesne Family Office Portfolio – Q2 2021 Update"

"Stanley Druckenmiller’s 13F portfolio value decreased from $3.89B to $3.48B this quarter.Duquesne added Netflix & Airbnb and increased Alphabet & Carvana while reducing Sea Limited and dropping Citigroup.The top three positions are at ~29% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Duquesne Family Office’s 13F stock portfolio on a quarterly basis. It is based on Stanley Druckenmiller’s regulatory filed on 08/16/2021. The 13F portfolio value decreased ~10% from $3.89B to $3.48B this quarter. The holdings are concentrated with recent 13F reports showing around 50 positions, many of which are very small. There are 35 securities that 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, Amazon.com, Starbucks, Alphabet, and Freeport-McMoRan. They add up to ~41% of the portfolio. Please visit our series to get an idea of their investment philosophy and for the fund’s moves during Q1 2021.Stanley Druckenmiller started the family office in Q4 2011 after closing his hedge fund Duquesne Capital in 2010. Prior to that, he managed George Soros's Quantum Fund between 1988 and 2000. He follows a trend following trading style that is similar to George Soros. To know more about Druckenmiller's trading style check out .New Stakes:Netflix (NFLX), Airbnb (ABNB), and Moderna (MRNA): These are medium-sized new stakes established this quarter. The 2.61% of the portfolio NFLX position was purchased at prices between ~$485 and ~$555 and the stock currently trades at ~$613. ABNB is a 2.47% of the portfolio stake established at prices between ~$133 and ~$190 and it is now at ~$173. The 1.50% MRNA position was purchased at prices between ~$130 and ~$235 and it now goes for ~$341.Smartsheet (SMAR), General Motors (GM), Coupa Software (COUP), and Marriott International (MAR): These are small (less than ~1% of the portfolio each) new stakes established this quarter. Smartsheet is back in the portfolio after a quarter’s gap.Stake Disposals:Citigroup (C ): The large ~4% Citigroup stake was established last quarter at prices between ~$58 and ~$75 and the stock currently trades at $71.18. The entire stake was sold this quarter at prices between ~$68 and ~$80.Barrick Gold (GOLD): The 1.84% GOLD stake was purchased in Q2 2019 at prices between ~$12 and ~$16. Q4 2020 saw a ~25% selling at prices between ~$22.50 and ~$29. The disposal this quarter was at prices between ~$20.50 and ~$25.30. The stock currently trades at $17.99.Mercadolibre (MELI): MELI is a frequently traded stock in the portfolio and has seen previous roundtrips. The 1.64% position was purchased in Q2 & Q3 2020 at prices between ~$455 and ~$1200. Last two quarters saw a ~40% selling at prices between ~$1080 and ~$1985. The elimination this quarter was at prices between ~$1297 and ~$1622. The stock is now at $1668.Abcellera Biologics (ABCL), Alcoa Corp (AA), Cloudflare Inc. (NET), Coupang (CPNG), First Horizon Corp (FHN), Fidelity National Information Services (FIS), First Solar (FSLR), JP Morgan Chase (JPM), Liberty Media Formula One (FWONK), Linde plc (LIN), Nektar Therapeutics (NKTR), Nuance Communications (NUAN), Sunrun Inc. (RUN), Synchrony Financial (SYF), Taiwan Semi (TSM), Uber Technologies (UBER), and Vale SA (VALE): These small (less than ~1.25% of the portfolio each) stakes were disposed this quarter.Stake Increases:Amazon.com (AMZN): AMZN is currently the second-largest position at ~9% of the portfolio. The original stake was built in 2017 at prices between ~$750 and ~$1190. The stake has wavered. Recent activity follows. Q4 2019 saw a ~85% reduction at prices between ~$1740 and ~$1870. The stake was rebuilt over the next two quarters at prices between ~$1780 and ~$2880. There was a ~25% stake increase this quarter at prices between ~$3152 and ~$3505. The stock is now at ~$3283.Starbucks Corp (SBUX): SBUX is a large (top three) 7.40% stake built last year at prices between ~$63 and ~$107. Last quarter also saw a ~14% stake increase. The stock is now at ~$113. There was a minor ~2% increase this quarter.Alphabet Inc. (GOOG): The 6.38% GOOG stake was established in Q4 2019 & Q1 2020 at prices between ~$1215 and ~$1521. The next three quarters had seen the position reduced by ~85% at prices between ~$1100 and ~$1830. The position was rebuilt over the last two quarters at prices between ~$1735 and ~$2545. The stock currently trades at ~$2729.Carvana (CVNA) and Facebook Inc. (FB): These two positions saw large increases this quarter. The 3.14% CVNA position saw a ~70% stake increase this quarter at prices between ~$224 and ~$315. The stock is now at ~$303. FB is a 2.72% of the portfolio stake built over the last two quarters at prices between ~$246 and ~$356 and the stock currently trades at ~$343.Expedia Inc. (EXPE): EXPE is a 2.38% of the portfolio position first purchased in Q3 2020 at prices between ~$80 and ~$103. Next quarter saw a ~15% trimming while last quarter there was a two-thirds increase at prices between ~$123 and ~$185. The stock currently trades at ~$170. This quarter also saw a ~14% stake increase.KBR Inc. (KBR), Mastercard (MA), and Visa Inc. (V): These small (less than ~1.5% of the portfolio each) stakes were increased this quarter.Stake Decreases:Microsoft Corporation (MSFT): MSFT is by far the top position at ~12% of the portfolio. It is a frequently traded stake and has seen previous roundtrips. The current position was built in 2017 at prices between ~$60 and ~$90. The stake has wavered. Recent activity follows. The three quarters through Q1 2020 saw a ~80% selling at prices between ~$133 and ~$185. The next three quarters saw a ~140% stake increase at prices between ~$150 and ~$232. Last quarter also saw a ~20% stake increase at prices between ~$213 and ~$245. There was a ~30% reduction this quarter at prices between ~$239 and ~$272. The stock is now at ~$289.Freeport McMorran (FCX): FCX is a top-five ~6% of the portfolio position purchased in Q4 2019 at prices between ~$10 and ~$13.50. Next quarter saw a ~70% selling at prices between ~$5.50 and ~$12.90. Q2 2020 saw the stake rebuilt at prices between ~$6.25 and ~$10.90. The stock currently trades at $32.84. There was a ~11% trimming this quarter.T-Mobile US (TMUS) & rights: The large 5.36% TMUS stake was established in Q2 2020 at prices between ~$82 and ~$107. Next quarter saw a ~20% stake increase while in Q4 2020 there was a similar reduction. There was a ~45% selling over the last two quarters at prices between ~$118 and ~$147. The stock currently trades at ~$127.Palo Alto Networks (PANW): PANW is a medium-sized 4.38% of the portfolio position established in H2 2020 at prices between ~$163 and ~$238. The stock is now well above that range at ~$487. There was a ~11% trimming over the last two quarters.Palantir Technologies (PLTR): PLTR is a ~3% of the portfolio position purchased last quarter at prices between ~$22 and ~$39. There was a one-third selling this quarter at prices between ~$18.40 and ~$27.40. It is now at $24.33.Reata Pharma (RETA): RETA is a 2.59% of the portfolio position built in Q4 2019 & Q1 2020 at prices between ~$80 and ~$225. Q4 2020 saw another ~40% stake increase at prices between ~$97 and ~$185. The stock is now at ~$104. There was a ~15% trimming this quarter.Teck Resources (TCK): TCK is a 2.47% of the portfolio position built in Q4 2020 at prices between ~$12.25 and ~$18.85. There was a ~40% stake increase last quarter at prices between ~$18 and ~$23.75. The stock currently trades at $26.80. This quarter saw a ~18% trimming.Sea Ltd. (SE): The 1.13% SE stake was built in the first three quarters of 2019 at prices between ~$12 and ~$38. The next three quarters saw a ~50% selling at prices between ~$30 and ~$115. There was another ~85% reduction over the last three quarters at prices between ~$156 and ~$289. The stock is now at ~$320. They are harvesting gains.Builders Firstsource (BLDR), Flex Ltd. (FLEX), and On Semiconductor (ON): These very small (less than ~1% of the portfolio each) stakes were reduced during the quarter.Kept Steady:Booking Holdings (BKNG) and Intuit Inc. (INTU): These two medium-sized stakes established last quarter were kept steady this quarter. BKNG is a 1.88% of the portfolio stake established at prices between ~$1886 and ~$2462 and the stock is now at ~$2456. The 2.47% INTU position was purchased at prices between ~$361 and ~$422 and it is now well above that range at ~$544.Cummins Inc. (CMI): The 2.27% of the portfolio CMI stake was purchased in Q4 2020 at prices between ~$207 and ~$237. There was a ~50% stake increase last quarter at prices between ~$222 and ~$276. The stock is now at ~$228.Penn National (PENN): PENN is a ~2% of the portfolio purchased in Q2 & Q3 2020 at prices between ~$10 and ~$70. Next two quarters had seen a ~50% selling at prices between ~$55 and ~$130. The stock currently trades at $78.63.Caterpillar (CAT), General Electric (GE), Liberty Media Formula One (FWONK), and US Food Holding (USFD): These small (less than ~1.75% of the portfolio each) stakes were kept steady this quarter.The rest of the stakes are minutely small (less than ~0.5% of the portfolio each). They are Acadia Pharma (ACAD), CF Industries Holdings (CF), CCC Intelligent Solutions (CCCS), Decarbonization Plus II (DCRN), Dish Network (DISH), Farfetch (FTCH), Mosaic (MOS), OneMain Holdings (OMF), Option Care Health (OPCH), Roblox (RBLX), Sensei Biotherapeutics (SNSE), SentinelOne (S), and Snowflake Inc. (SNOW).Below is a spreadsheet that highlights the changes to Stanley Druckenmiller's Duquesne Family Office 13F stock portfolio as of Q2 2021:Source: John Vincent. Data constructed from Duquesne’s 13F filings for Q1 2021 and Q2 2021.Regulatory filings through 7/2/2021: None."

"Tracking Stanley Druckenmiller's Duquesne Family Office Portfolio – Q1 2021 Update"

"Stanley Druckenmiller’s 13F portfolio value increased from $3.71B to $3.89B this quarter.Duquesne added Citigroup and Palantir Technologies while dropping Walt Disney.The top three positions are at 25% of the portfolio.This article is first in a series that provides an ongoing analysis of the changes made to Duquesne Family Office’s 13F stock portfolio on a quarterly basis. It is based on Stanley Druckenmiller’s regulatory filed on 05/17/2021. The 13F portfolio value increased ~5% from $3.71B to $3.89B this quarter. The holdings are concentrated with recent 13F reports showing around 60 positions, many of which are very small. There are 47 securities that 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, Starbucks, Amazon.com, Freeport-McMoRan, and T-Mobile US. They add up to 36% of the portfolio.Stanley Druckenmiller started the family office in Q4 2011 after closing his hedge fund Duquesne Capital in 2010. Prior to that, he managed George Soros's Quantum Fund between 1988 and 2000. He follows a trend following trading style that is similar to George Soros. To know more about Druckenmiller's trading style check out .New Stakes:Citigroup (C ) and Palantir Technologies (PLTR): These two are large new positions purchased this quarter. The ~4% Citigroup stake was established at prices between ~$58 and ~$75 and the stock currently trades at $70.41. PLTR was a 3.59% of the portfolio position purchased at prices between ~$22 and ~$39 and it is now at $24.44.On Semiconductor (ON), Booking Holdings (BKNG), Intuit Inc. (INTU), and Builders Firstsource (BLDR): These are medium-sized new stakes established this quarter. The ~2% ON position was purchased at prices between ~$32.50 and ~$43 and it currently trades at $38.40. BKNG is a 1.79% of the portfolio stake established at prices between ~$1886 and ~$2462 and the stock is now at ~$2239. The 1.73% INTU position was purchased at prices between ~$361 and ~$422 and it is now well above that range at ~$498. BLDR is a 1.57% of the portfolio stake established at prices between ~$38 and ~$47.50 and the stock currently trades at $43.26.Facebook Inc. (FB), Taiwan Semi (TSM), JP Morgan Chase (JPM), Caterpillar (CAT), Coupang (CPNG), First Horizon Corp (FHN), Visa Inc. (V), Fidelity National Information Services (FIS), Mastercard (MA), Synchrony Financial (SYF), and Nektar Therapeutics (NKTR): These are very small (less than ~1% of the portfolio each) new positions established this quarter.Stake Disposals:Walt Disney (DIS): The 3.34% of the portfolio DIS stake was established in H1 2020 at prices between ~$85 and ~$145. Q4 2020 saw a ~300% stake increase at prices between ~$121 and ~$181. The disposal this quarter was at prices between ~$163 and ~$202. The stock currently trades at ~$177.NextEra Energy (NEE): NEE was a 1.62% of the portfolio position built in H2 2020 at prices between ~$61 and ~$77. The entire position was eliminated this quarter at prices between ~$71 and ~$87. The stock is now at $74.28.Carnival Corp (CCL): CCL was a 1.54% of the portfolio position purchased during Q2 & Q3 2020 at prices between ~$8.50 and ~$21.50. Last quarter saw the stake reduced by roughly one-third at prices between ~$12.30 and ~$23.60. The disposal this quarter was at prices between ~$18.70 and ~$29.80. The stock currently trades at $26.06.Analog Devices (ADI), Iqvia Holdings (IQV), Live Nation Entertainment (LYV), Smartsheet (SMAR), and Workday Inc. (WDAY): These very small (less than ~1% of the portfolio each) stakes were eliminated during the quarter.Stake Increases:Starbucks Corp (SBUX): SBUX is a large (top three) 6.35% stake built over the last three quarters at prices between ~$63 and ~$107. This quarter also saw a ~14% stake increase. The stock is now at ~$115.Teck Resources (TCK) and Cummins Inc. (CMI): These two stakes saw large increases in the last two quarters. TCK is a 2.25% of the portfolio position primarily built last quarter at prices between ~$12.25 and ~$18.85. There was a ~40% stake increase this quarter at prices between ~$18 and ~$23.75. The stock currently trades at $23.18. The 2.16% of the portfolio CMI stake was purchased last quarter at prices between ~$207 and ~$237. There was a ~50% stake increase this quarter at prices between ~$222 and ~$276. The stock is now at $242.Expedia Inc. (EXPE): EXPE is a ~2% of the portfolio position first purchased in Q3 2020 at prices between ~$80 and ~$103. Last quarter saw a ~15% trimming while this quarter there was a two-thirds increase at prices between ~$123 and ~$185. The stock currently trades at ~$167.Alphabet Inc. (GOOG): The 1.65% GOOG stake was established in Q4 2019 & Q1 2020 at prices between ~$1215 and ~$1521. The last three quarters had seen the position reduced by ~85% at prices between ~$1100 and ~$1830. The position was rebuilt this quarter at prices between ~$1736 and ~$2128. The stock currently trades at ~$2574.Flex Ltd. (FLEX), First Solar (FSLR), Linde plc (LIN), US Food Holding (USFD), Uber Technologies (UBER), and Vale SA (VALE): These small (less than ~1.5% of the portfolio each) stakes were increased this quarter.Stake Decreases:Microsoft Corporation (MSFT): MSFT is by far the top position at ~13% of the entire 13F portfolio. It is a frequently traded stake and has seen previous roundtrips. The current position was built in 2017 at prices between ~$60 and ~$90. The stake has wavered. Recent activity follows. The three quarters through Q1 2020 saw a ~80% selling at prices between ~$133 and ~$185. The next three quarters saw a ~140% stake increase at prices between ~$150 and ~$232. This quarter also saw a ~20% stake increase at prices between ~$213 and ~$245. The stock is now at ~$278.Amazon.com (AMZN): AMZN is currently the third largest position at ~6% of the portfolio. The original stake was built in 2017 at prices between ~$750 and ~$1190. The stake has wavered. Recent activity follows. Q4 2019 saw a ~85% reduction at prices between ~$1740 and ~$1870. The stake was rebuilt over the next two quarters at prices between ~$1780 and ~$2880. Last few quarters have seen only minor adjustments. The stock is now at ~$3511.Freeport McMoran (FCX): FCX is a top-five ~5% of the portfolio position purchased in Q4 2019 at prices between ~$10 and ~$13.50. Next quarter saw a ~70% selling at prices between ~$5.50 and ~$12.90. Q2 2020 saw the stake rebuilt at prices between ~$6.25 and ~$10.90. The stock currently trades at $37.14. Last few quarters have seen only minor adjustments.T-Mobile US (TMUS) & rights: The large (top five) ~5% TMUS stake was established in Q2 2020 at prices between ~$82 and ~$107. Next quarter saw a ~20% stake increase while last quarter there was a similar reduction. There was a one-third selling this quarter at prices between ~$118 and ~$135. The stock currently trades at ~$146.Palo Alto Networks (PANW): PANW is a medium-sized 3.46% of the portfolio position established in H2 2020 at prices between ~$163 and ~$238. The stock is now well above that range at ~$373. There was a ~9% trimming this quarter.Sea Ltd. (SE): The 3.35% SEA stake was built in the first three quarters of 2019 at prices between ~$12 and ~$38. The next three quarters saw a ~50% selling at prices between ~$30 and ~$115. There was another ~40% reduction over the last two quarters at prices between ~$155 and ~$280. The stock is now at ~$274. They are harvesting gains.Penn National (PENN): PENN is a 2.43% of the portfolio purchased in Q2 & Q3 2020 at prices between ~$10 and ~$70. Last two quarters have seen a ~50% selling at prices between ~$55 and ~$130. The stock currently trades at $74.71.Mercadolibre (MELI): MELI is a frequently traded stock in the portfolio and has seen previous roundtrips. The current 1.64% position was purchased in Q2 & Q3 2020 at prices between ~$455 and ~$1200. Last two quarters saw a ~40% selling at prices between ~$1080 and ~$1985. The stock is now at $1552.General Electric (GE), Carvana (CVNA), Nuance Communications (NUAN), and Cloudflare Inc. (NET): These small (less than ~1.5% of the portfolio each) stakes were reduced during the quarter.Kept Steady:Reata Pharma (RETA): RETA is a 2.50% of the portfolio position built in Q4 2019 & Q1 2020 at prices between ~$80 and ~$225. Last quarter saw another ~40% stake increase at prices between ~$97 and ~$185. The stock is now at ~$139.Barrick Gold (GOLD): The 1.84% GOLD stake was purchased in Q2 2019 at prices between ~$12 and ~$16. Since then, the activity had been minor. Last quarter saw a ~25% selling at prices between ~$22.50 and ~$29. The stock currently trades at $20.79.Sunrun Inc. (RUN), Alcoa Corp (AA), Abcellera Biologics (ABCL), and Liberty Media Formula One (FWONK): These very small (less than ~1% of the portfolio each) positions were kept steady this quarter.The rest of the stakes are minutely small (less than ~0.5% of the portfolio each). They are Array Technologies (ARRY), Canadian Pacific Railway (CP), Dish Network (DISH), Dragoneer Growth Opportunities (DGNR), Fisker Inc. (FSR), JD.com (JD), KBR Inc. (KBR), Micron Technology (MU), Option Care Health (OPCH), PayPal Holdings (PYPL), Sensei Biotherapeutics (SNSE), Snowflake Inc. (SNOW), Steel Dynamics (STLD), and UP Fintech Holding (TIGR).Below is a spreadsheet that highlights the changes to Stanley Druckenmiller's Duquesne Family Office 13F stock portfolio as of Q1 2021:Source: John Vincent. Data constructed from Duquesne’s 13F filings for Q4 2020 and Q1 2021."

"Tracking Stanley Druckenmiller's Duquesne Family Office Portfolio – Q4 2020 Update"

"Stanley Druckenmiller’s 13F portfolio value increased from $3.44B to $3.71B this quarter.Duquesne increased Palo Alto Networks, Walt Disney, and Carvana while dropping Alibaba Group Holdings & Netflix during the quarter.The top three positions are at 32% of the portfolio.Stanley Druckenmiller’s portfolio value increased 7.78% from $3.44B to $3.71B this quarter. The pattern of very high turnover QoQ continued - many positions were dropped, and new ones added. The nimble trading is typical of the trend-following style. To know more about Druckenmiller's trading style check out .Below is a spreadsheet that highlights the changes to Stanley Druckenmiller's Duquesne Family Office 13F stock portfolio as of Q4 2020. For a look at how his 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 Stanley Druckenmiller's Duquesne Family Office Portfolio – Q3 2020 Update"

"Stanley Druckenmiller’s 13F portfolio value increased from $3.27B to $3.44B this quarter.Duquesne increased Microsoft & Penn National while reducing PayPal & WorkDay during the quarter.The top three positions are at 31% of the portfolio.Stanley Druckenmiller’s portfolio value increased 5.41% from $3.27B to $3.44B this quarter. The pattern of very high turnover QoQ continued - many positions were dropped, and new ones added. The nimble trading is typical of the trend-following style. To know more about Druckenmiller's trading style check out .Below is a spreadsheet that highlights the changes to Stanley Druckenmiller's Duquesne Family Office 13F stock portfolio as of Q3 2020. For a look at how his 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 Stanley Druckenmiller's Duquesne Family Office Portfolio – Q2 2020 Update"

"Stanley Druckenmiller’s 13F portfolio value increased from $2.47B to $3.27B this quarter.Duquesne increased Microsoft and added T-Mobile US & JP Morgan Chase during the quarter.Duquesne Family Office portfolio has 69 positions with the top three accounting for around ~23% of the portfolio.Stanley Druckenmiller’s portfolio value increased ~32% from $2.47B to $3.27B this quarter. The pattern of very high turnover QoQ continued - many positions were dropped, and new ones added. The nimble trading is typical of the trend-following style. To know more about Druckenmiller's trading style check out .Below is a spreadsheet that highlights the changes to Stanley Druckenmiller's Duquesne Family Office 13F stock portfolio as of Q2 2020. For a look at how his 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 Stanley Druckenmiller's Duquesne Family Office Portfolio – Q4 2019 Update"

"Stanley Druckenmiller’s 13F portfolio value increased from $2.57B to $3.41B this quarter.Duquesne added iShares Russell 2K ETF as the largest position during the quarter.Duquesne Family Office portfolio has 60 positions with the top three accounting for around ~22% of the portfolio.Stanley Druckenmiller’s portfolio value increased by around one-third from $2.57B to $3.41B this quarter. The pattern of very high turnover QoQ continued - many positions were dropped and new ones added. The nimble trading is typical of the trend-following style. To know more about Druckenmiller's trading style check out .Below is a spreadsheet that highlights the changes to Stanley Druckenmiller's Duquesne Family Office 13F stock portfolio as of Q4 2019. For a look at how his 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 Stanley Druckenmiller's Duquesne Family Office Portfolio – Q3 2019 Update"

"Stanley Druckenmiller’s 13F portfolio value decreased from $3.37B to $2.57B this quarter.Duquesne increased General Electric (GE), ServiceNow (NOW), and Alteryx (AYX) while dropping Adobe Systems during the quarter.Duquesne Family Office portfolio has 42 positions with the top three accounting for around ~38% of the portfolio.Stanley Druckenmiller’s portfolio value decreased 24% from $3.37B to $2.57B this quarter. The pattern of very high turnover QoQ continued - many positions were dropped and new ones added. The nimble trading is typical of the trend-following style. To know more about Druckenmiller's trading style check out .Below is a spreadsheet that highlights the changes to Stanley Druckenmiller's Duquesne Family Office 13F stock portfolio as of Q3 2019. For a look at how his 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 Stanley Druckenmiller's Duquesne Family Office Portfolio – Q2 2019 Update"

"Stanley Druckenmiller’s 13F portfolio value decreased from $3.44B to $3.37B this quarter.Duquesne added Uber Technologies (UBER), Salesforce.com (CRM), and PG&E Corp (PCG) while dropping Alphabet (GOOG) and Intuitive Surgical (ISRG).Duquesne Family Office portfolio has 61 positions with the top three accounting for around ~34% of the portfolio.Stanley Druckenmiller’s portfolio value decreased marginally from $3.44B to $3.37B this quarter. The pattern of very high turnover QoQ continued - many positions were dropped and new ones added. The nimble trading is typical of the trend-following style. To know more about Druckenmiller's trading style check out .Below is a spreadsheet that highlights the changes to Stanley Druckenmiller's Duquesne Family Office 13F stock portfolio as of Q2 2019. For a look at how his 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 Stanley Druckenmiller's Duquesne Family Office Portfolio – Q1 2019 Update"

"Stanley Druckenmiller’s 13F portfolio value increased from $1.73B to $3.44B this quarter.Duquesne added T-Mobile US (TMUS) while increasing iShares MSCI Emerging Market ETF (EEM) & Netflix (NFLX) and dropping Salesforce.com (CRM).Duquesne Family Office portfolio has 61 positions with the top three accounting for around ~32% of the portfolio.Stanley Druckenmiller’s portfolio value doubled this quarter from $1.73B to $3.44B. The pattern of very high turnover QoQ continued - many positions were dropped and new ones added. The nimble trading is typical of the trend-following style. To know more about Druckenmiller's trading style check out .Below is a spreadsheet that highlights the changes to Stanley Druckenmiller's Duquesne Family Office 13F stock portfolio as of Q1 2019. For a look at how his 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 Stanley Druckenmiller's Duquesne Family Office Portfolio – Q4 2018 Update"

"Stanley Druckenmiller’s 13F portfolio value decreased ~18% from $2.10B to $1.73B this quarter.Duquesne increased Microsoft (MSFT), Abbott Labs (ABT), and Coupa Software (COUP) while initiating a fairly large shot stake in Tesla.Duquesne Family Office portfolio has 31 positions with the top three accounting for around ~44% of the portfolio.Stanley Druckenmiller’s portfolio value decreased ~18% this quarter from $2.10B to $1.73B. The pattern of very high turnover QoQ continued - many positions were dropped and new ones added. The nimble trading is typical of the trend-following style. To know more about Druckenmiller's trading style check out .Below is a spreadsheet that highlights the changes to Stanley Druckenmiller's Duquesne Family Office 13F stock portfolio as of Q4 2018. For a look at how his 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 Stanley Druckenmiller's Duquesne Family Office Portfolio – Q3 2018 Update"

"Stanley Druckenmiller’s 13F portfolio value increased ~2% from $2.07B to $2.10B this quarter.Duquesne decreased Alibaba (BABA), Splunk (SPLK), Facebook (FB), and Netflix (NFLX) during the quarter. Adobe Systems (ADBE) was doubled and iShares Biotech Index (IBB) was increased by four times during the quarter.Duquesne Family Office portfolio has 40 positions with the top three accounting for around ~42% of the portfolio.Stanley Druckenmiller’s portfolio increased ~2% this quarter from $2.07B to $2.210B. The pattern of very high turnover QoQ continued - many positions were dropped and new ones added. The nimble trading is typical of the trend-following style. To know more about Druckenmiller's trading style check out .Below is a spreadsheet that highlights the changes to Stanley Druckenmiller's Duquesne Family Office 13F stock portfolio as of Q3 2018. For a look at how his 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 Stanley Druckenmiller's Duquesne Family Office Portfolio – Q2 2018 Update"

"Stanley Druckenmiller’s 13F portfolio value increased ~15% from $1.81B to $2.07B this quarter.Duquesne added Facebook and Gilead while dropping Intel, Micron, and Nektar Therapeutics.Duquesne Family Office portfolio has 33 positions with the top three accounting for around ~38% of the portfolio.Stanley Druckenmiller’s portfolio increased ~15% this quarter from $1.81B to $2.07B. The pattern of very high turnover QoQ continued - many positions were dropped and new ones added. The nimble trading is typical of the trend-following style. To know more about Druckenmiller's trading style check out .Below is a spreadsheet that highlights the changes to Stanley Druckenmiller's Duquesne Family Office 13F stock portfolio as of Q2 2018. For a look at how his 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 Stanley Druckenmiller's Duquesne Family Office Portfolio – Q1 2018 Update"

"Stanley Druckenmiller’s 13F portfolio value decreased ~9% from $1.98B to $1.81B this quarter.Duquesne added Intel, Alibaba, and Micron while dropping Facebook.Duquesne Family Office portfolio has 22 positions with the top three accounting for around ~41% of the portfolio.Stanley Druckenmiller’s portfolio value decreased ~9% this quarter from $1.98B to $1.81B. The pattern of very high turnover QoQ continued - many positions were dropped and new ones added. The nimble trading is typical of the trend-following style. To know more about Druckenmiller's trading style check out .Below is a spreadsheet that highlights the changes to Stanley Druckenmiller's Duquesne Family Office US long stock portfolio as of Q1 2018. For a look at how his 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 3/20/2018: None."

"Tracking Stanley Druckenmiller's Duquesne Family Office Portfolio – Q4 2017 Update"

"Stanley Druckenmiller’s 13F portfolio value decreased from $2.20B to $1.98B this quarter.Duquesne added Workday while increasing Nektar Therapeutics.Duquesne Family Office portfolio has 30 positions with the top three accounting for around ~38% of the portfolio.Stanley Druckenmiller’s portfolio value decreased ~10% this quarter from $2.20B to $1.98B. The pattern of very high turnover QoQ continued - many positions were dropped and new ones added. The nimble trading is typical of the trend-following style. To know more about Druckenmiller's trading style check out .Below is a spreadsheet that highlights the changes to Stanley Druckenmiller's Duquesne Family Office US long stock portfolio as of Q4 2017. For a look at how his 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 1/27/2018: None."

"Tracking Stanley Druckenmiller's Duquesne Family Office Portfolio – Q3 2017 Update"

"Stanley Druckenmiller’s 13F portfolio value increased from $1.87B to $2.20B this quarter.Duquesne added Citigroup while also increasing the top positions. The stake in Comcast was dropped.Duquesne Family Office portfolio has 37 positions with the top three accounting for around ~29% of the portfolio.Stanley Druckenmiller’s portfolio increased ~18% this quarter from $1.87B to $2.20B. The pattern of very high turnover QoQ continued - many positions were dropped and news ones added. The nimble trading is typical of the trend-following style. To know more about Druckenmiller's trading style check out .Below is a spreadsheet that highlights the changes to Stanley Druckenmiller's Duquesne Family Office US long stock portfolio as of Q3 2017. For a look at how his 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 8/30/2017: None."

"Tracking Stanley Druckenmiller's Duquesne Family Office Portfolio – Q2 2017 Update"

"Stanley Druckenmiller’s 13F portfolio value increased from $1.52B to $1.87B this quarter.Duquesne added Alibaba Group Holdings while also increasing the top positions. The large stakes in Lyondellbasell & iShares MSCI Emerging ETF were both dropped.Duquesne Family Office portfolio has 34 positions with the top three accounting for around 27% of the portfolio.Stanley Druckenmiller’s portfolio increased ~22% this quarter from $1.52B to $1.87B. The pattern of very high turnover QoQ continued - many positions were dropped and news ones added. The nimble trading is typical of the trend-following style. To know more about Druckenmiller's trading style check out .Below is a spreadsheet that highlights the changes to Stanley Druckenmiller's Duquesne Family Office US long stock portfolio as of Q2 2017. For a look at how his 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 6/23/2017: None."

"Tracking Stanley Druckenmiller's Duquesne Family Office Portfolio - Q1 2017 Update"

"Stanley Druckenmiller’s 13F portfolio value increased from $1.03B to $1.52B this quarter.The huge ~13% of portfolio iShares Ruseell 2000 ETF stake was disposed of this quarter.Duquesne Family Office portfolio has 47 positions with the top three accounting for around 20% of the portfolio.Stanley Druckenmiller’s portfolio increased ~50% this quarter from $1.03B to $1.52B. The pattern of very high turnover QoQ continued - many positions were dropped and news ones added. The nimble trading is typical of the trend-following style. To know more about Druckenmiller's trading style check out .Below is a summary:AbbVie Inc. (ABBV): ABBV was a large (top three) 7.46% portfolio stake established in Q2 2016 at prices between $57 and $65. It was disposed of this quarter at prices between $60 and $67. The stock is now at $73.18.Facebook Inc. (FB): FB is a 3.78% portfolio stake established this quarter at prices between $116 and $143 and the stock is now at $153.Note: FB is a frequently traded stock in Druckenmiller’s portfolio.Halliburton Co. (HAL): A 5.49% stake was established last quarter at prices between $44.50 and $55. This quarter saw a ~70% selling at prices between $48 and $58. The stock currently trades at $41.90.Note: HAL has seen several previous roundtrips going back to Q3 2012.iShares Russell 2000 ETF (IWM): IWM stake was purchased last quarter at prices between $115 and $138 and disposed of this quarter at prices between $134 and $140. The stock is now at $140. It was the largest position last quarter at ~13% of the portfolio.Below is a spreadsheet that highlights the changes to Stanley Druckenmiller's Duquesne Family Office US long stock portfolio as of Q1 2017. For a look at how his 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 3/8/2017: 13G/A on 2/14/2017 - PSTG - 926K shares - 1.1%."

"Tracking Stanley Druckenmiller's Duquesne Family Office Portfolio - Q4 2016 Update"

"Stanley Druckenmiller’s 13F portfolio value decreased ~9% from $1.13B to $1.03B this quarter.The huge ~15% of portfolio iShares Emerging Market ETF stake was disposed of this quarter.Duquesne Family Office portfolio has 32 positions with the top three accounting for around 26% of the portfolio.Stanley Druckenmiller’s portfolio decreased 9.27% this quarter from $1.13B to $1.03B. The pattern of very high turnover QoQ continued - many positions were dropped and news ones added. The nimble trading is typical of the trend-following style. To know more about Druckenmiller's trading style check out .Below is a summary of the major stakes:AbbVie Inc. (ABBV): ABBV is a large (top three) 7.46% portfolio stake established in Q2 2016 at prices between $57 and $65. The stock is now at $63.69. ABBV is a 2013 spinoff from Abbot Labs (ABT). This quarter saw a ~8% trimming.Abbott Labs (ABT): Druckenmiller has had several previous roundtrips on ABT and he established a small position in Q2 2016. The stake was increased by over 170% last quarter at prices between $39 and $45. The ~4% portfolio stake was disposed of this quarter at prices between $37.50 and $43.50. The stock is now at $45.Facebook Inc. (FB): FB was the largest individual stock position at 12.24% of the portfolio as of Q2 2016. The stake was first purchased in Q4 2014. The position peaked at just over 4M shares in Q3 2015 with close to one-third of the portfolio in that single holding. Around 3.8M shares were purchased in Q2 & Q3 2015 at prices between $78 and $97. Last four quarters had seen a combined ~90% reduction at prices between $90 and $131 and the disposal of the remaining ~2% portfolio stake this quarter was at prices between $115 and $133. The stock is now at $137. Druckenmiller harvested gains.Note: FB has seen a previous roundtrip in the portfolio. A ~5% portfolio stake established in Q2 2014 was disposed of the following quarter.Halliburton Co. (HAL): The huge 11.33% HAL stake established in Q2 2016 at prices between $34 and $46 was disposed of last quarter at prices between $41 and $47. A 5.49% stake was re-established this quarter at prices between $44.50 and $55. The stock currently trades at $52.97.Note: HAL has seen several previous roundtrips going back to Q3 2012.iShares MSCI Emerging ETF (EEM): EEM was the largest position at ~15% of the portfolio as of last quarter. It was established in Q1 2016 at prices between $28 and $34. The following quarter saw a ~30% selling at prices between $32 and $35. There was a huge ~120% increase last quarter at prices between $33.50 and $38. The position was eliminated this quarter at prices between $34 and $38. The stock is now at $38.25.Note: EEM has seen a previous roundtrip in the portfolio: a small position established in Q3 2012 was eliminated in Q1 2013.iShares Russell 2000 ETF (IWM): IBB is currently the largest stake at ~13% of the portfolio. It was established this quarter at prices between $115 and $138 and the stock is now at $137.Below is a spreadsheet that highlights the changes to Stanley Druckenmiller's Duquesne Family Office US long stock portfolio as of Q4 2016. For a look at how his 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 Stanley Druckenmiller's Duquesne Family Office Portfolio - Q3 2016 Update"

"Stanley Druckenmiller’s 13F portfolio value increased ~30% from $870M to $1.13B this quarter.The huge ~11% of portfolio Halliburton stake was disposed of this quarter.Duquesne Family Office portfolio has 41 positions with the top three accounting for around 28% of the portfolio.Stanley Druckenmiller’s portfolio increased 29.88% this quarter from $870M to $1.13B. 12 of the 31 positions as of last quarter were dropped and 22 news one added during the quarter. The nimble trading is typical of the trend-following style. To know more about Druckenmiller's trading style check out .Below is a summary of the major stakes:AbbVie Inc. (ABBV): ABBV is a large (top three) 7.39% portfolio stake established last quarter at prices between $57 and $65. The stock is now at $62.22. ABBV is a 2013 spinoff from Abbot Labs (ABT).Abbott Labs (ABT): Druckenmiller has had several previous roundtrips on ABT and he established a small position last quarter as well. The stake was increased by over 170% this quarter at prices between $39.31 and $45.29 and the stock is now at $38.10. The stake is now fairly large at ~4%.Facebook Inc. (FB): FB was the largest individual stock position at 12.24% of the portfolio as of last quarter. The stake was first purchased in Q4 2014. The position peaked at just over 4M shares in Q3 2015 with close to one-third of the portfolio in that single holding. Around 3.8M shares were purchased in Q2 & Q3 2015 at prices between $78 and $97. Last three quarters had seen a combined ~77% reduction at prices between $90 and $121. There was another ~80% selling this quarter at prices between $114 and $131. The stock is now at $120. Druckenmiller is harvesting gains and the remaining stake is at ~2%.Note: FB has seen a previous roundtrip in the portfolio. A ~5% portfolio stake established in Q2 2014 was disposed of the following quarter.Halliburton Co. (HAL): The huge 11.33% HAL stake established last quarter at prices between $34 and $46 was disposed of this quarter at prices between $41 and $47. The stock currently trades at $54.Note: HAL has seen several previous roundtrips going back to Q3 2012. The latest was a ~5% portfolio stake purchased in Q2 2015 and eliminated the following quarter.iShares MSCI Emerging ETF (EEM): EEM is currently the largest position at ~15% of the portfolio. It was established in Q1 2016 at prices between $28 and $34. Last quarter saw a ~30% selling at prices between $32 and $35. There was a huge ~120% increase this quarter at prices between $33.50 and $38 and the stock is now at $35.15.Note: EEM has seen a previous roundtrip in the portfolio: a small position established in Q3 2012 was eliminated in Q1 2013.iShares Nasdaq Biotech ETF (IBB): IBB is a small 1.73% stake established this quarter. Druckenmiller has established several other stakes in the biotech area: AC Immune (ACMU), Juno Therapeutics (JUNO), Nektar Therapeutics (NKTR), and Merck (MRK).Below is a spreadsheet that highlights the changes to Stanley Druckenmiller's Duquesne Family Office US long stock portfolio as of Q3 2016. For a look at how his 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 Stanley Druckenmiller's Duquesne Family Office Portfolio - Q2 2016 Update"

"Stanley Druckenmiller’s 13F portfolio value decreased ~35% from $1.34B to $870M this quarter.Consistent with his trading style, the quarter-to-quarter portfolio turnover continues to be very high.Duquesne Family Office portfolio has 31 positions with the top three accounting for around one-third of the portfolio.Stanley Druckenmiller’s portfolio decreased 34.96% this quarter from $1.34B to $870M. 22 of the 33 positions as of last quarter were dropped and 20 news one added during the quarter. The nimble trading is typical of the trend-following style. To know more about Druckenmiller's trading style check out .Below is a summary of the major moves this quarter:AbbVie Inc. (ABBV): ABBV is a large (top three) 9.42% portfolio stake established this quarter at prices between $57 and $65. The stock is now at $64.12. ABBV is a 2013 spinoff from Abbot Labs (ABT). Druckenmiller has had several previous roundtrips on ABT and he established a small position this quarter as well.Facebook Inc. (FB): FB is currently the largest individual stock position at 12.24% of the portfolio. The stake was first purchased in Q4 2014. The position peaked at just over 4M shares in Q3 2015 with close to one-third of the portfolio in that single holding. Around 3.8M shares were purchased in Q2 & Q3 2015 at prices between $78 and $97. Last three quarters have seen a combined ~77% reduction at prices between $90 and $121. The stock is now at $127. Druckenmiller is harvesting gains.Note: FB has seen a previous roundtrip in the portfolio. A ~5% portfolio stake established in Q2 2014 was disposed of the following quarter.Halliburton Co. (HAL): HAL is the second-largest individual stock position at 11.33% of the portfolio. It was established this quarter at prices between $34 and $46 and the stock currently trades at $43.32.Note: HAL has seen several previous roundtrips going back to Q3 2012. The latest was a ~5% portfolio stake purchased in Q2 2015 and eliminated the following quarter.iShares MSCI Emerging ETF (EEM): EEM is a fairly large 8.26% portfolio stake established last quarter at prices between $28 and $34. This quarter saw a ~30% selling at prices between $32 and $35 and the stock is now at $37.41.Note: EEM has seen a previous roundtrip in the portfolio: a small position established in Q3 2012 was eliminated in Q1 2013.SPDR Gold (GLD) Call: GLD and the Gold Miner ETF (GDX) are a constant presence in the portfolio. The latest position (Calls) was a huge ~22% portfolio stake established in Q2 2015 when GLD traded between $112 and $118. It was reduced by ~30% last quarter and eliminated this quarter. GLD traded between $102 and $127 over the last two quarters. It currently trades at $127.Below is a spreadsheet that highlights the changes to Stanley Druckenmiller's Duquesne Family Office US long stock portfolio as of Q2 2016. For a look at how his portfolio has progressed, :To learn more about how to profit from a strategy of following the best hedge fund picks, check out our book .Excerpt from first OFB post on Duquesne - Q3 2012 UpdateSource:Stanley Druckenmiller started the family office in Q4 2011 after closing his hedge fund Duquesne Capital in 2010. Prior to that, he managed George Soros's Quantum Fund between 1988 and 2000. He follows a trend following trading style that is similar to George Soros. For the family office, he started out with 23 positions in Q4 2011 and currently holds 45 positions as of Q3 2012. In the latest quarter, major changes include new positions in Exxon Mobil (XOM) and Chevron (CVX). Significant stake increases include DR Horton (DHI), Lennar (LEN), Eli Lilly (LLY), Merck (MRK), and Pfizer (PFE). The fund also eliminated a huge 38% position in SPDR Gold (GLD) and a ~6% position in Altria (MO) in the quarter."

"Tracking Terry Smith’s Fundsmith 13F Portfolio – Q2 2023 Update"

"….….….This article is part of a series that provides an ongoing analysis of the changes made to Fundsmith’s 13F portfolio on a quarterly basis. It is based on their regulatory filed on 8/14/2023. Please visit our to get an idea of their investment philosophy and our last for the fund’s moves during Q1 2023.This quarter, Fundsmith’s 13F portfolio value increased ~3% from $23.17B to $23.83B. The number of holdings decreased from 40 to 39. The top three holdings are at ~26% while the top five are close to ~39% of the 13F assets: Microsoft, Stryker Corp, Meta Platforms, Philip Morris International, and IDEXX Labs.Note: Their flagship Fundsmith Equity Fund (2010 inception) has returned 15.6% annualized compared to 11.4% for the MSCI World Index. Last year was their first down year since inception – negative 13.8%.New Stakes:Exponent Inc. (EXPO): EXPO is a very small 0.43% of the portfolio position established this quarter.Stake Disposals:Amazon.com Inc. (AMZN): The ~3% AMZN stake was built in H2 2021 at prices between ~$160 and ~$186. Next quarter saw a ~20% selling at prices between ~$136 and ~$170. The disposal this quarter was at prices between ~$98 and ~$130. The stock is now at ~$133. They realized losses.Edwards Lifesciences (EW): The minutely small stake in EW was disposed during the quarter.Stake Increases:Stryker Corp (SYK): SYK is a ~7% of the portfolio position purchased during the last decade through consistent buying every quarter at prices between ~$50 and ~$275. There was a ~20% reduction in Q1 2022 at prices between ~$245 and ~$278. The stock currently trades at ~$278. The last five quarters have seen only minor adjustments.IDEXX Labs (IDXX): IDXX is a 6.24% of the portfolio position established during the 2015-16 timeframe at prices between ~$63 and ~$120. Since then, the position had remained relatively steady although adjustments were made in most quarters. There was a ~15% trimming in Q1 2022 at prices between ~$466 and ~$631. That was followed by a similar reduction last quarter at prices between ~$406 and ~$515. The stock currently trades at ~$493. There was a marginal increase this quarter.Note: They have a ~4.5% ownership stake in the business.Visa Inc. (V): Visa is a 5.74% of the portfolio position established over the last decade through consistent buying in most years. The build-up happened at prices between ~$30 and ~$245. Q1 2022 saw a ~18% selling at prices between ~$191 and ~$235. The stock currently trades at ~$243. The last few quarters have seen minor increases.Waters Corp (WAT): WAT is a 4.26% of the portfolio stake built during the 2015-2017 timeframe at prices between ~$115 and ~$200. Next two years also saw incremental buying. There was a ~23% selling in H1 2020 at prices between ~$175 and ~$240. Since then, the activity had been minor. There was a ~18% reduction in Q1 2022 at prices between ~$307 and ~$365. The stock currently trades at ~$273. The last few quarters have seen minor increases.Note: they have a ~7.8% ownership stake in Waters Corp.Mettler-Toledo (MTD): The 3.13% MTD stake was purchased during H1 2022 at prices between ~$1098 and ~$1675 and the stock currently trades at ~$1175. The last few quarters saw only minor adjustments.Procter & Gamble (PG): The 1.10% PG stake was built last quarter at prices between ~$137 and ~$154 and it now goes for ~$154. There was a ~180% stake increase this quarter at prices between ~$143 and ~$157.Otis Worldwide (OTIS): OTIS is a 2.41% of the portfolio stake established during Q3 2022 at prices between ~$64 and ~$82 and the stock currently trades at ~$84. The last few quarters saw minor increases.Graco Inc. (GGG), Idex Inc. (IEX), Marriott International (MAR), and Mastercard Inc. (MA): These very small (less than ~0.20% of the portfolio each) positions were increased this quarter.Stake Decreases:Microsoft Corp (MSFT): MSFT is currently the largest position at 12.88% of the portfolio. The stake was built during the five-year period from 2013 to 2018 at prices between ~$27 and ~$115. There was a ~23% selling in Q1 2022 at prices between ~$276 and ~$335. The stock currently trades at ~$323. The last several quarters have seen only minor adjustments.Meta Platforms (META): The 6.81% META stake was built in 2018 at prices between ~$125 and ~$210. The stake remained steady since, although adjustments were made in most quarters. There was a ~20% reduction in Q1 2022 at prices between ~$187 and ~$339. The stock currently trades at ~$286. The last five quarters have seen only minor adjustments.Philip Morris International (PM): The 6.47% PM stake was established during the last decade through consistent buying every quarter. Pricing ranged between ~$60 and ~$120. Q1 2022 saw a ~20% selling at prices between ~$89 and ~$112. The stock is now at ~$95. The last few quarters have seen minor trimming.McCormick Inc. (MKC): MKC is a large 5.66% of the portfolio position built during the 2018-19 timeframe at prices between ~$50 and ~$86. There was a ~18% reduction in Q1 2022 at prices between ~$92 and ~$104. The stock currently trades at ~$82. The last five quarters saw only minor adjustments.Note: they have a ~7.8% ownership stake in the business.PepsiCo (PEP): The 5.16% PEP stake was built over the last decade through consistent buying during most quarters. The buying happened at prices between ~$65 and ~$170. There was a ~25% reduction in Q1 2022 at prices between ~$154 and ~$176. The stock is now at ~$179. Q4 2022 saw a ~7% trimming while the last two quarters saw only minor adjustments.Automatic Data Processing (ADP): The 2013-19 timeframe saw consistent buying in ADP at prices between ~$52 and ~$173. Q1 2020 saw a ~40% selling at prices between ~$112 and ~$181 while in the next quarter there was a ~70% increase at prices between ~$128 and ~$160. Since then, the activity had been minor. Q1 2022 saw a ~22% reduction at prices between ~$196 and ~$245. The stock is now at ~$253 and the stake is at 5.10% of the portfolio. The last five quarters have seen only minor adjustments.Estee Lauder (EL): The 4.46% EL stake was established in 2016 at prices between ~$75 and ~$95. 2018 saw a two-thirds stake increase at prices between ~$125 and ~$158. Recent activity follows. There was a ~20% selling in Q1 2022 at prices between ~$250 and ~$372. The stock currently trades at ~$153. The last few quarters have seen minor trimming.Alphabet Inc. (GOOG) (GOOGL): GOOG is a 3.82% of the portfolio position purchased in Q4 2021 at prices between ~$133 and ~$151. There was a ~9% trimming next quarter. The stock currently trades just below their purchase price range at ~$130. The last five quarters saw only minor adjustments.Brown Forman (BF.B): BF.B is a 3.42% of the portfolio stake built in 2019 at prices between ~$45 and ~$68. 2021 saw a ~50% stake increase at prices between ~$67 and ~$81 while in Q1 2022 there was a ~28% selling at prices between ~$62 and ~$72. The stock is now at ~$68. The last few quarters saw only minor adjustments.Note: They have a ~5% ownership stake in the business.Nike Inc. (NKE): The 3.11% NKE stake was built in H1 2020 at prices between ~$67 and ~$105. There was minor buying in most quarters since. Q1 2022 saw a ~23% reduction at prices between ~$118 and ~$166. The stock is now at ~$99. The last several quarters saw only minor adjustments.Church & Dwight Inc. (CHD): The 2.80% CHD position was built during the three quarters through Q2 2021 at prices between ~$72 and ~$93. There was a ~28% selling in Q1 2022 at prices between ~$95 and ~$104. That was followed by a ~20% reduction this quarter at prices between ~$88 and ~$100. The stock currently trades at ~$93.Apple Inc. (AAPL): AAPL is a ~1% of the portfolio position built last quarter at prices between ~$125 and ~$166 and the stock currently trades above that range at ~$179. There was marginal trimming this quarter.Home Depot (HD), IPG Photonics (IPGP), Johnson & Johnson (JNJ), Masimo Inc. (MASI), and Zoetis Inc. (ZTS): These small (less than ~1% of the portfolio each) stakes were reduced during the quarter.Kept Steady:Cognex Inc. (CGNX), Equifax Inc. (EFX), Fortinet Inc. (FTNT), MSCI Inc. (MSCI), Paycom Software (PAYC), Qualys Inc. (QLYS), Rollins Inc. (ROL), Sabre Corp (SABR), Verisign Inc. (VRSN), and Verisk Analytics (VRSK): These small (less than ~1% of the portfolio each) stakes were kept steady this quarter.Note: they have a ~7% ownership stake in Sabre Corp.The spreadsheet below highlights changes to Fundsmith’s 13F holdings in Q2 2023:Source: John Vincent. Data constructed from Fundsmith’s 13F filings for Q1 2023 and Q2 2023.Regulatory filings from 3/23/2023 to 5/24/2023: None.Factsheet info: at - Performance: 16% since inception compared to 11.1% for MSCI. Non-US holdings: Novo Nordisk, L’Oreal, and LVMH."

"Tracking Terry Smith’s Fundsmith 13F Portfolio – Q1 2023 Update"

"Fundsmith’s 13F portfolio value increased from $21.90B to $23.17B this quarter.They increased Procter & Gamble and Apple while dropping Adobe during the quarter.The top three positions are Microsoft, Philip Morris International, and Stryker, 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 Fundsmith’s 13F portfolio on a quarterly basis. It is based on their regulatory filed on 5/15/2023. Please visit our to get an idea of their investment philosophy and our last for the fund’s moves during Q4 2022.This quarter, Fundsmith’s 13F portfolio value increased ~6% from $21.90B to $23.17B. The number of holdings increased from 38 to 40. The top three holdings are at ~25% while the top five are close to ~37% of the 13F assets: Microsoft, Philip Morris International, Stryker Corp, IDEXX Labs, and Estee Lauder.Note: Their flagship Fundsmith Equity Fund (2010 inception) has returned 16% annualized compared to 11.1% for the MSCI World Index. Last year was their first down year since inception – negative 13.8%.New Stakes:Graco Inc. (GGG), Marriott International (MAR), and Mastercard Inc. (MA): These three very small (less than ~0.20% of the portfolio each) stakes were established this quarter.Stake Disposals:Adobe Inc. (ADBE): ADBE was a 3.24% of the portfolio position purchased in Q1 2022 at prices between ~$412 and ~$564. The disposal this quarter was at prices between ~$321 and ~$392. The stock currently trades at ~$415. They realized losses.Stake Increases:Microsoft Corp (MSFT): MSFT is currently the largest position at 11.24% of the portfolio. The stake was built during the five-year period from 2013 to 2018 at prices between ~$27 and ~$115. There was a ~23% selling in Q1 2022 at prices between ~$276 and ~$335. The stock currently trades at ~$333. The last two quarters saw minor trimming while this quarter saw a marginal increase.McCormick Inc. (MKC): MKC is a large 5.56% of the portfolio position built during the 2018-19 timeframe at prices between ~$50 and ~$86. The time period since had also seen minor buying. There was a ~18% reduction in Q1 2022 at prices between ~$92 and ~$104. The stock currently trades at ~$87. The last four quarters saw only minor adjustments.Note: they have a ~7.8% ownership stake in the business.Visa Inc. (V): Visa is a 5.46% of the portfolio position established over the last decade through consistent buying in most years. The build-up happened at prices between ~$30 and ~$245. Q1 2022 saw a ~18% selling at prices between ~$191 and ~$235. The stock currently trades at ~$225. The last four quarters have seen only minor adjustments.Automatic Data Processing (ADP): The 2013-19 timeframe saw consistent buying in ADP at prices between ~$52 and ~$173. Q1 2020 saw a ~40% selling at prices between ~$112 and ~$181 while in the next quarter there was a ~70% increase at prices between ~$128 and ~$160. Since then, the activity had been minor. Q1 2022 saw a ~22% reduction at prices between ~$196 and ~$245. The stock is now at ~$212 and the stake is at ~5.32% of the portfolio. The last four quarters have seen only minor adjustments.PepsiCo (PEP): The 5.24% PEP stake was built over the last decade through consistent buying during most quarters. The buying happened at prices between ~$65 and ~$170. There was a ~25% reduction in Q1 2022 at prices between ~$154 and ~$176. The stock is now at ~$184. Last quarter saw a ~7% trimming while this quarter there was a marginal increase.Meta Platforms (META): The 5.18% META stake was built in 2018 at prices between ~$125 and ~$210. The stake remained steady since, although adjustments were made in most quarters. There was a ~20% reduction in Q1 2022 at prices between ~$187 and ~$339. The stock currently trades at ~$262. The last four quarters have seen only minor adjustments.Waters Corp (WAT): WAT is a ~5% of the portfolio stake built during the 2015-2017 timeframe at prices between ~$115 and ~$200. Next two years also saw incremental buying. There was a ~23% selling in H1 2020 at prices between ~$175 and ~$240. Since then, the activity had been minor. There was a ~18% reduction in Q1 2022 at prices between ~$307 and ~$365. The stock currently trades at ~$261. The last four quarters have seen only minor adjustments.Note: they have a ~7.6% ownership stake in Waters Corp.Mettler-Toledo (MTD): The 3.71% MTD stake was purchased during H1 2022 at prices between ~$1098 and ~$1675 and the stock currently trades at ~$1348. The last few quarters saw only minor adjustments.Alphabet Inc. (GOOG) (GOOGL): GOOG is a 3.41% of the portfolio position purchased in Q4 2021 at prices between ~$133 and ~$151. There was a ~9% trimming next quarter. The stock currently trades below their purchase price range at ~$125. The last four quarters saw only minor adjustments.Brown Forman (BF.B): BF.B is a 3.39% of the portfolio stake built in 2019 at prices between ~$45 and ~$68. 2021 saw a ~50% stake increase at prices between ~$67 and ~$81 while in Q1 2022 there was a ~28% selling at prices between ~$62 and ~$72. The stock is now at $61.58. The last few quarters saw only minor adjustments.Note: They have a ~5% ownership stake in the business.Church & Dwight Inc. (CHD): The 3.22% CHD position was built during the three quarters through Q2 2021 at prices between ~$72 and ~$93. There was a ~28% selling in Q1 2022 at prices between ~$95 and ~$104. The stock currently trades at ~$94. The last four quarters have seen only minor adjustments.Otis Worldwide (OTIS): OTIS is a 2.29% of the portfolio stake established during Q3 2022 at prices between ~$64 and ~$82 and the stock currently trades at the top of that range ~$82. The last two quarters saw only minor adjustments.Apple Inc. (AAPL) and Procter & Gamble (PG): AAPL is a ~1% of the portfolio position built this quarter at prices between ~$125 and ~$166 and the stock currently trades above that range at ~$175. The 1.10% PG stake was built at prices between ~$137 and ~$154 and it now goes for ~$145.Home Depot (HD), Johnson & Johnson (JNJ), and Zoetis Inc. (ZTS): These very small (less than ~0.20% of the portfolio each) positions were increased this quarter.Stake Decreases:Philip Morris International (PM): The 6.91% PM stake was established during the last decade through consistent buying every quarter. Pricing ranged between ~$60 and ~$120. Q1 2022 saw a ~20% selling at prices between ~$89 and ~$112. The stock is now at ~$91. The last four quarters have seen only minor adjustments.Stryker Corp (SYK): SYK is a 6.77% of the portfolio position purchased during the last decade through consistent buying every quarter at prices between ~$50 and ~$275. There was a ~20% reduction in Q1 2022 at prices between ~$245 and ~$278. The stock currently trades at ~$273. The last four quarters have seen only minor adjustments.IDEXX Labs (IDXX): IDXX is a 6.37% of the portfolio position established during the 2015-16 timeframe at prices between ~$63 and ~$120. Since then, the position had remained relatively steady although adjustments were made in most quarters. There was a ~15% trimming in Q1 2022 at prices between ~$466 and ~$631. That was followed with a similar reduction this quarter at prices between ~$406 and ~$515. The stock currently trades at ~$469.Note: They have a ~4.5% ownership stake in the business.Estee Lauder (EL): The 5.77% EL stake was established in 2016 at prices between ~$75 and ~$95. 2018 saw a two-thirds stake increase at prices between ~$125 and ~$158. Since then, the activity had been minor. There was a ~20% selling in Q1 2022 at prices between ~$250 and ~$372. The stock currently trades at ~$194. The last few quarters have seen minor trimming.Kept Steady:Nike Inc. (NKE): The 3.56% NKE stake was built in H1 2020 at prices between ~$67 and ~$105. There was minor buying in most quarters since. Q1 2022 saw a ~23% reduction at prices between ~$118 and ~$166. The stock is now at ~$108.Amazon.com Inc. (AMZN): The ~3% AMZN stake was built in H2 2021 at prices between ~$160 and ~$186. Next quarter saw a ~20% selling at prices between ~$136 and ~$170. The stock is now below their purchase price ranges at ~$120.Cognex Inc. (CGNX), Edwards Lifesciences (EW), Equifax Inc. (EFX), Fortinet Inc. (FTNT), Idex Inc. (IEX), IPG Photonics (IPGP), Masimo Inc. (MASI), MSCI Inc. (MSCI), Paycom Software (PAYC), Qualys Inc. (QLYS), Rollins Inc. (ROL), Sabre Corp (SABR), Verisign Inc. (VRSN), and Verisk Analytics (VRSK): These very small (less than ~0.70% of the portfolio each) stakes were kept steady this quarter.Note: they have a ~7% ownership stake in Sabre Corp.The spreadsheet below highlights changes to Fundsmith’s 13F holdings in Q1 2023:Source: John Vincent. Data constructed from Fundsmith’s 13F filings for Q4 2022 and Q1 2023.4/10/2023 – Exited Adobe per their March 2023 factsheet - .1/3/2023 – Sold PayPal and Intuit - . First negative return since inception: 2022 return was -13.8%.Nov 2022 Factsheet Info: Performance: 15.5% annualized compared to 11.6% for MSCI World.Regulatory filings from 12/31/2022 to 3/23/2023: 13G/As – 2/14 – IDXX – 4.45M shares – 5.37% of business, WAT – 4.52M shares – 7.62% of business, MKC – 19.57M shares – 7.81% of business, SABR – 22.71M shares – 6.92% of business, BF.B – 16.1M shares – 5.19% of business.Note for Q1 2023: Should add a Note about the top holdings not in the 13F report – this can be got from the current factsheet at ."

"Tracking Terry Smith’s Fundsmith 13F Portfolio – Q4 2022 Update"

"Fundsmith’s 13F portfolio value increased from $21.07B to $21.90B this quarter.They dropped Intuit and PayPal Holdings during the quarter.The top three positions are Microsoft, Philip Morris International, and Estee Lauder, 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 Fundsmith’s 13F portfolio on a quarterly basis. It is based on their regulatory filed on 2/14/2023. Please visit our to get an idea of their investment philosophy and our last for the fund’s moves during Q3 2022.This quarter, Fundsmith’s 13F portfolio value increased ~4% from $21.07B to $21.90B. The number of holdings decreased from 46 to 38. The top three holdings are at ~24% while the top five are close to ~37% of the 13F assets: Microsoft, Philip Morris International, Estee Lauder, IDEXX Labs, and Stryker Corp.Note: Their flagship Fundsmith Equity Fund (2010 inception) has returned 15.8% annualized compared to 11.2% for the MSCI World Index through 3/31/2023. However, last year they had the first negative return since inception – negative 13.8%.Stake Disposals:Intuit Inc. (INTU): INTU was a ~3% of the portfolio stake built during the 2017-18 timeframe at prices between ~$115 and ~$225. The last four quarters saw a ~63% reduction at prices between ~$353 and ~$692. The disposal this quarter was at prices between ~$361 and ~$432. The stock currently trades at ~$447.PayPal Holdings (PYPL): The bulk of the 2.29% PYPL position was built in the 2015-16 timeframe at prices between ~$32 and ~$44. The next two years saw incremental buying and since then the position had been kept relatively steady. There was a ~57% reduction in the last three quarters at prices between ~$70 and ~$195. The elimination this quarter was at prices between ~$68 and ~$91. The stock currently trades at ~$75.Ansys Inc. (ANSS), Genpact Ltd. (G), Mercadolibre (MELI), Taiwan Semi (TSM), WNS Holdings (WNS), and XP Class A: These minutely small (less than ~0.1% of the portfolio each) stakes were disposed this quarter.Stake Increases:Apple Inc. (AAPL), Home Depot (HD), Idex Inc. (IDX), Johnson & Johnson (JNJ), Procter & Gamble (PG), and Zoetis Inc. (ZTS): These very small (less than ~0.30% of the portfolio each) positions were increased this quarter.Stake Decreases:Microsoft Corp (MSFT): MSFT is currently the largest position at ~10% of the portfolio. The stake was built during the five-year period from 2013 to 2018 at prices between ~$27 and ~$115. Since then, the activity had been minor. There was a ~23% selling in Q1 2022 at prices between ~$276 and ~$335. The stock currently trades at ~$292. The last two quarters saw minor trimming.Philip Morris International (PM): The 7.62% PM stake was established during the last decade through consistent buying every quarter. Pricing ranged between ~$60 and ~$120. Q1 2022 saw a ~20% selling at prices between ~$89 and ~$112. The stock is now at ~$99. The last three quarters have seen only minor adjustments.Estee Lauder (EL): The top three 6.44% EL stake was established in 2016 at prices between ~$75 and ~$95. 2018 saw a two-thirds stake increase at prices between ~$125 and ~$158. Since then, the activity had been minor. There was a ~20% selling in Q1 2022 at prices between ~$250 and ~$372. The stock currently trades at ~$241. The last three quarters have seen only minor adjustments.IDEXX Labs (IDXX): IDXX is a 6.42% of the portfolio position established during the 2015-16 timeframe at prices between ~$63 and ~$120. Since then, the position had remained relatively steady although adjustments were made in most quarters. There was a ~15% trimming in Q1 2022 at prices between ~$466 and ~$631. The stock currently trades at ~$473. The last three quarters have seen only minor adjustments.Note: They have a ~5.3% ownership stake in the business.Stryker Corp (SYK): SYK is a 6.26% of the portfolio position purchased during the last decade through consistent buying every quarter at prices between ~$50 and ~$275. There was a ~20% reduction in Q1 2022 at prices between ~$245 and ~$278. The stock currently trades at ~$288. The last three quarters have seen only minor adjustments.Automatic Data Processing (ADP): The 2013-19 timeframe saw consistent buying in ADP at prices between ~$52 and ~$173. Q1 2020 saw a ~40% selling at prices between ~$112 and ~$181 while in the next quarter there was a ~70% increase at prices between ~$128 and ~$160. Since then, the activity had been minor. Q1 2022 saw a ~22% reduction at prices between ~$196 and ~$245. The stock is now at ~$216 and the stake is at ~6% of the portfolio. The last three quarters have seen only minor adjustments.McCormick Inc. (MKC): MKC is a large 5.87% of the portfolio position built during the 2018-19 timeframe at prices between ~$50 and ~$86. The time period since had also seen minor buying. There was a ~18% reduction in Q1 2022 at prices between ~$92 and ~$104. The stock currently trades at ~$85.80. The last three quarters saw only minor adjustments.Note: they have a ~7.8% ownership stake in the business.Waters Corp (WAT): WAT is a 5.77% of the portfolio stake built during the 2015-2017 timeframe at prices between ~$115 and ~$200. Next two years also saw incremental buying. There was a ~23% selling in H1 2020 at prices between ~$175 and ~$240. Since then, the activity had been minor. There was a ~18% reduction in Q1 2022 at prices between ~$307 and ~$365. The stock currently trades at ~$300. The last three quarters have seen only minor adjustments.Note: they have a ~7.6% ownership stake in Waters Corp.PepsiCo (PEP): The 5.49% PEP stake was built over the last decade through consistent buying during most quarters. The buying happened at prices between ~$65 and ~$170. There was a ~25% reduction in Q1 2022 at prices between ~$154 and ~$176. The stock is now at ~$184. This quarter saw a ~7% trimming.Visa Inc. (V): Visa is a 5.33% of the portfolio position established over the last decade through consistent buying in most years. The build-up happened at prices between ~$30 and ~$245. Q1 2022 saw a ~18% selling at prices between ~$191 and ~$235. The stock currently trades at ~$226. The last three quarters have seen only minor adjustments.Mettler-Toledo (MTD): The 3.70% MTD stake was purchased during H1 2022 at prices between ~$1098 and ~$1675 and the stock currently trades at ~$1501. Last quarter saw a ~4% further increase while this quarter saw marginal trimming.Brown Forman (BF.B): BF.B is a 3.64% of the portfolio stake built in 2019 at prices between ~$45 and ~$68. 2021 saw a ~50% stake increase at prices between ~$67 and ~$81 while in Q1 2022 there was a ~28% selling at prices between ~$62 and ~$72. The stock is now at $62.66. There was marginal trimming this quarter.Note: They have a ~5% ownership stake in the business.Nike Inc. (NKE): The 3.59% NKE stake was built in H1 2020 at prices between ~$67 and ~$105. There was minor buying in most quarters since. Q1 2022 saw a ~23% reduction at prices between ~$118 and ~$166. The stock is now at ~$120. The last three quarters saw only minor adjustments.Adobe Inc. (ADBE): ADBE is a 3.24% of the portfolio position purchased in Q1 2022 at prices between ~$412 and ~$564 and the stock currently trades below that range at ~$381. Q2 2022 saw a ~10% stake increase while this quarter saw marginal trimming.Church & Dwight Inc. (CHD): The 3.11% CHD position was built during the three quarters through Q2 2021 at prices between ~$72 and ~$93. There was a ~28% selling in Q1 2022 at prices between ~$95 and ~$104. The stock currently trades at $90.61. The last three quarters have seen only minor adjustments.Alphabet Inc. (GOOG) (GOOGL): GOOG is a 3.07% of the portfolio position purchased in Q4 2021 at prices between ~$133 and ~$151. There was a ~9% trimming next quarter. The stock currently trades well below their purchase price range at ~$109. The last three quarters saw only minor adjustments.Meta Platforms (META): The ~3% META stake was built in 2018 at prices between ~$125 and ~$210. The stake remained steady since, although adjustments were made in most quarters. There was a ~20% reduction in Q1 2022 at prices between ~$187 and ~$339. The stock currently trades at ~$216. The last three quarters have seen only minor adjustments.Amazon.com Inc. (AMZN): The 2.60% AMZN stake was built in H2 2021 at prices between ~$160 and ~$186. Next quarter saw a ~20% selling at prices between ~$136 and ~$170. The stock is now well below their purchase price range at ~$102. The last three quarters have seen only minor adjustments.Otis Worldwide (OTIS): OTIS is a 2.25% of the portfolio stake established last quarter at prices between ~$64 and ~$82 and the stock currently trades at $78.49. There was marginal trimming this quarter.Cognex Inc. (CGNX), Equifax Inc. (EFX), Fortinet Inc. (FTNT), IPG Photonics (IPGP), Masimo Inc. (MASI), MSCI Inc. (MSCI), Paycom Software (PAYC), Qualys Inc. (QLYS), Rollins Inc. (ROL), Sabre Corp (SABR), Verisign Inc. (VRSN), and Verisk Analytics (VRSK): These very small (less than ~0.50% of the portfolio each) positions were decreased this quarter.Note: they have a ~7% ownership stake in Sabre Corp.Kept Steady:Edwards Lifesciences (EW): The minutely small EW stake was kept steady this quarter.The spreadsheet below highlights changes to Fundsmith’s 13F holdings in Q4 2022:Source: John Vincent. Data constructed from Fundsmith’s 13F filings for Q3 2022 and Q4 2022.1/3/2023 – Sold PayPal and Intuit - . First negative return since inception: 2022 return was -13.8%.Nov 2022 Factsheet Info: Performance: 15.5% annualized compared to 11.6% for MSCI World.Regulatory filings from 8/25/2022 to 12/31/2022: None."

"Tracking Terry Smith’s Fundsmith 13F Portfolio – Q3 2022 Update"

"Fundsmith’s 13F portfolio value decreased from $23.45B to $21.07B this quarter.They added Otis Worldwide while decreasing Intuit and PayPal Holdings.The top three positions are Microsoft, Philip Morris International, and Estee Lauder, 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 Fundsmith’s 13F portfolio on a quarterly basis. It is based on their regulatory filed on 11/14/2022. Please visit our to get an idea of their investment philosophy and our last for the fund’s moves during Q2 2022.This quarter, Fundsmith’s 13F portfolio value decreased ~10% from $23.45B to $21.07B. The number of holdings increased from 43 to 46. The top three holdings are at ~23% while the top five are close to ~35% of the 13F assets: Microsoft, Philip Morris International, Estee Lauder, Automatic Data Processing, and IDEXX Labs.Note: Their flagship Fundsmith Equity Fund (2010 inception) has returned 15.5% annualized compared to 11.6% for the MSCI World Index through 11/30/2022. However, they have underperformed the index substantially this year: Negative 15.1% vs Negative 2.8% for the MSCI World Index.New Stakes:Otis Worldwide (OTIS): OTIS is a ~2% of the portfolio stake established this quarter at prices between ~$64 and ~$82 and the stock currently trades at $78.31.Apple Inc. (AAPL), Idex Inc. (IDX), and Edwards Lifesciences (EW): These are very small (less than ~0.30% of the portfolio each) new stakes established during the quarter.Stake Disposals:Wingstop Inc. (WING): The minutely small 0.26% stake in WING was dropped this quarter.Stake Increases:Philip Morris International (PM): The 6.50% PM stake was established during the last decade through consistent buying every quarter. Pricing ranged between ~$60 and ~$120. Q1 2022 saw a ~20% selling at prices between ~$89 and ~$112. The stock is now at ~$101. Last two quarters have seen only minor adjustments.Estee Lauder (EL): The top three 6.10% EL stake was established in 2016 at prices between ~$75 and ~$95. 2018 saw a two-thirds stake increase at prices between ~$125 and ~$158. Since then, the activity had been minor. There was a ~20% selling in Q1 2022 at prices between ~$250 and ~$372. The stock currently trades at ~$248. Last two quarters have seen minor increases.Automatic Data Processing (ADP): The 2013-19 timeframe saw consistent buying in ADP at prices between ~$52 and ~$173. Q1 2020 saw a ~40% selling at prices between ~$112 and ~$181 while in the next quarter there was a ~70% increase at prices between ~$128 and ~$160. Since then, the activity had been minor. Q1 2022 saw a ~22% reduction at prices between ~$196 and ~$245. The stock is now at ~$239 and the stake is at ~6% of the portfolio. Last two quarters saw a marginal increase.IDEXX Labs (IDXX): IDXX is a 5.60% of the portfolio position established during the 2015-16 timeframe at prices between ~$63 and ~$120. Since then, the position had remained relatively steady although adjustments were made in most quarters. There was a ~15% trimming in Q1 2022 at prices between ~$466 and ~$631. The stock currently trades at ~$408. There was a marginal increase in the last two quarters.PepsiCo (PEP): The 5.54% PEP stake was built over the last decade through consistent buying during most quarters. The buying happened at prices between ~$65 and ~$170. There was a ~25% reduction in Q1 2022 at prices between ~$154 and ~$176. The stock is now at ~$181. Last quarter saw a ~9% trimming while this quarter there was a marginal increase.McCormick Inc. (MKC): MKC is a large 5.25% of the portfolio position built during the 2018-19 timeframe at prices between ~$50 and ~$86. The time period since had also seen minor buying. There was a ~18% reduction in Q1 2022 at prices between ~$92 and ~$104. The stock currently trades at ~$83. Last two quarters saw a marginal increase.Note: they have a ~6.2% ownership stake in the business.Visa Inc. (V): Visa is a 4.75% of the portfolio position established over the last decade through consistent buying in most years. The build-up happened at prices between ~$30 and ~$245. Q1 2022 saw a ~18% selling at prices between ~$191 and ~$235. The stock currently trades at ~$208. Last two quarters saw a marginal increase.Waters Corp (WAT): WAT is a 4.73% of the portfolio stake built during the 2015-2017 timeframe at prices between ~$115 and ~$200. Next two years also saw incremental buying. There was a ~23% selling in H1 2020 at prices between ~$175 and ~$240. Since then, the activity had been minor. There was a ~18% reduction in Q1 2022 at prices between ~$307 and ~$365. The stock currently trades at ~$343. There was a marginal increase in the last two quarters.Note: they have a ~6% ownership stake in Waters Corp.Brown Forman (BF.B): BF.B is a 3.86% of the portfolio stake built in 2019 at prices between ~$45 and ~$68. 2021 saw a ~50% stake increase at prices between ~$67 and ~$81 while in Q1 2022 there was a ~28% selling at prices between ~$62 and ~$72. The stock is now at $65.68. There was a marginal increase in the last two quarters.Amazon.com Inc. (AMZN): The 3.64% AMZN stake was built in H2 2021 at prices between ~$160 and ~$186. Next quarter saw a ~20% selling at prices between ~$136 and ~$170. The stock is now at ~$84. There was a marginal increase in the las two quarters.Meta Platforms (META): The 3.53% META stake was built in 2018 at prices between ~$125 and ~$210. The stake had remained steady since although adjustments were made in most quarters. There was a ~20% reduction in Q1 2022 at prices between ~$187 and ~$339. The stock currently trades at ~$120. Last two quarters saw a marginal increase.Alphabet Inc. (GOOG) (GOOGL): GOOG is a 3.47% of the portfolio position purchased in Q4 2021 at prices between ~$133 and ~$151. There was a ~9% trimming next quarter. The stock currently trades well below their purchase price range at ~$88. Last two quarters saw a marginal increase.Mettler-Toledo (MTD): The 2.89% MTD stake was purchased over the last two quarters at prices between ~$1098 and ~$1675 and the stock currently trades at ~$1445. This quarter saw a minor ~4% further increase.Church & Dwight Inc. (CHD): The 2.87% CHD position was built during the three quarters through Q2 2021 at prices between ~$72 and ~$93. There was a ~28% selling in Q1 2022 at prices between ~$95 and ~$104. The stock currently trades at $80.61. There was a marginal increase in the last two quarters.Adobe Inc. (ADBE): ADBE is a 2.76% of the portfolio position purchased in Q1 2022 at prices between ~$412 and ~$564 and the stock currently trades below that range at ~$337. Last quarter saw a ~10% stake increase and that was followed with a marginal increase this quarter.Nike Inc. (NKE): The 2.66% NKE stake was built in H1 2020 at prices between ~$67 and ~$105. There had been minor buying in most quarters since. Q1 2022 saw a ~23% reduction at prices between ~$118 and ~$166. The stock is now at ~$117. Last two quarters saw a marginal increase.Cognex Inc. (CGNX), Equifax Inc. (EFX), Fortinet Inc. (FTNT), Home Depot (HD), IPG Photonics (IPGP), Masimo Inc. (MASI), MSCI Inc. (MSCI), Johnson & Johnson (JNJ), Procter & Gamble (PG), Sabre Corp (SABR), Verisk Analytics (VRSK), Verisign Inc. (VRSN), and Zoetis Inc. (ZTS): These very small (less than ~0.60% of the portfolio each) positions were increased this quarter.Note: they have a ~6% ownership stake in Sabre Corp.Stake Decreases:Microsoft Corp (MSFT): MSFT is currently the largest position at ~10% of the portfolio. The stake was built during the five-year period from 2013 to 2018 at prices between ~$27 and ~$115. Since then, the activity had been minor. There was a ~23% selling in Q1 2022 at prices between ~$276 and ~$335. The stock currently trades at ~$240. This quarter saw a ~7% trimming.Stryker Corp (SYK): SYK is a 5.13% of the portfolio position purchased during the last decade through consistent buying every quarter at prices between ~$50 and ~$275. There was a ~20% reduction in Q1 2022 at prices between ~$245 and ~$278. The stock currently trades at ~$245. Last quarter saw a minor ~4% increase while this quarter there was similar trimming.Intuit Inc. (INTU): INTU is a ~3% of the portfolio stake built during the 2017-18 timeframe at prices between ~$115 and ~$225. Since then, the position had remained relatively steady although adjustments were made in most quarters. Last four quarters have seen a ~63% reduction at prices between ~$353 and ~$692. The stock currently trades at ~$389.PayPal Holdings (PYPL): The bulk of the 2.29% PYPL position was built in the 2015-16 timeframe at prices between ~$32 and ~$44. The next two years saw incremental buying and since then the position had been kept relatively steady. There was a ~57% reduction in the last three quarters at prices between ~$70 and ~$195. The stock currently trades at ~$71.Ansys Inc. (ANSS), Paycom Software (PAYC), Qualys Inc. (QLYS), and Rollins Inc. (ROL): These very small (less than ~0.50% of the portfolio each) positions were decreased this quarter.Kept Steady:Genpact Ltd. (G), Mercadolibre (MELI), Taiwan Semi (TSM), WNS Holdings (WNS), and XP Class A: These minutely small (less than ~0.10% of the portfolio each) positions were kept steady this quarter.The spreadsheet below highlights changes to Fundsmith’s 13F holdings in Q3 2022:Source: John Vincent. Data constructed from Fundsmith’s 13F filings for Q2 2022 and Q3 2022.July 2022 Semi Annual Letter: Performance: 15.8% annualized compared to 11.2% for MSCI World.Regulatory filings from 6/22/2022 to 8/25/2022: None."

"Tracking Terry Smith’s Fundsmith 13F Portfolio – Q2 2022 Update"

"Fundsmith’s 13F portfolio value decreased from $29.12B to $23.45B this quarter.They increased Mettler-Toledo while decreasing Intuit, Verisk Analytics, Ansys, and Rollins Inc.The top three positions are Microsoft, Philip Morris International, and Estee Lauder, 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 Fundsmith’s 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, Fundsmith’s 13F portfolio value decreased ~20% from $29.12B to $23.45B. The number of holdings decreased from 44 to 43. The top three holdings are at ~25% while the top five are close to ~37% of the 13F assets: Microsoft, Philip Morris International, Estee Lauder, McCormick, and IDEXX Labs.Note: Their flagship Fundsmith Equity Fund (2010 inception) has returned 15.8% annualized compared to 11.2% for the MSCI World Index through 6/30/2022. However, they have underperformed the index substantially this year: Negative 17.8% vs Negative 11.3% for the MSCI World Index.New Stakes:None.Stake Disposals:Starbucks Inc. (SBUX): The 2.57% SBUX stake was built in 2020 at prices between ~$58 and ~$103. 2021 saw incremental buying while last quarter saw a ~30% reduction at prices between ~$79 and ~$117. The disposal this quarter was at prices between ~$70 and ~$92. The stock currently trades at $82.94.Stake Increases:Microsoft Corp (MSFT): MSFT is currently the largest position at ~11% of the portfolio. The stake was built during the five-year period from 2013 to 2018 at prices between ~$27 and ~$115. Since then, the activity had been minor. There was a ~23% selling last quarter at prices between ~$276 and ~$335. The stock currently trades at ~$256. This quarter saw a marginal increase.Philip Morris International (PM) and Stryker Corp (SYK): These two stakes were built during the last decade through consistent buying every quarter. The 6.94% PM stake was established at prices between ~$60 and ~$120. Last quarter saw a ~20% selling at prices between ~$89 and ~$112. The stock is now at ~$95. This quarter saw a marginal increase. SYK is a 5.13% of the portfolio position purchased at prices between ~$50 and ~$275. There was a ~20% reduction last quarter at prices between ~$245 and ~$278. The stock currently trades at ~$204. This quarter saw a minor ~4% increase.Estee Lauder (EL): The top three 6.46% EL stake was established in 2016 at prices between ~$75 and ~$95. 2018 saw a two-thirds stake increase at prices between ~$125 and ~$158. Since then, the activity had been minor. There was a ~20% selling last quarter at prices between ~$250 and ~$372. The stock currently trades at ~$248. This quarter saw a minor ~3% increase.McCormick Inc. (MKC): MKC is a large 5.50% of the portfolio position built during the 2018-19 timeframe at prices between ~$50 and ~$86. The time period since had also seen minor buying. There was a ~18% reduction last quarter at prices between ~$92 and ~$104. The stock currently trades at ~$80. This quarter saw a marginal increase.Note: they have a ~6.2% ownership stake in the business.IDEXX Labs (IDXX): IDXX is a 5.41% of the portfolio position established during the 2015-16 timeframe at prices between ~$63 and ~$120. Since then, the position had remained relatively steady although adjustments were made in most quarters. There was a ~15% trimming last quarter at prices between ~$466 and ~$631. The stock currently trades at ~$344. There was a marginal increase this quarter.Waters Corp (WAT): WAT is a 5.21% of the portfolio stake built during the 2015-2017 timeframe at prices between ~$115 and ~$200. Next two years also saw incremental buying. There was a ~23% selling in H1 2020 at prices between ~$175 and ~$240. Since then, the activity had been minor. There was a ~18% reduction last quarter at prices between ~$307 and ~$365. The stock currently trades at ~$298. This quarter saw a marginal increase.Note: they have a ~6% ownership stake in Waters Corp.Automatic Data Processing (ADP): The 2013-19 timeframe saw consistent buying in ADP at prices between ~$52 and ~$173. Q1 2020 saw a ~40% selling at prices between ~$112 and ~$181 while in the next quarter there was a ~70% increase at prices between ~$128 and ~$160. Since then, the activity had been minor. Last quarter saw a ~22% reduction at prices between ~$196 and ~$245. The stock is now at ~$239 and the stake is at ~5% of the portfolio. There was a marginal increase this quarter.Visa Inc. (V): Visa is a 4.73% of the portfolio position established over the last decade through consistent buying in most years. The build-up happened at prices between ~$30 and ~$245. Last quarter saw a ~18% selling at prices between ~$191 and ~$235. The stock currently trades at ~$198. This quarter saw a marginal increase.Meta Platforms (META): The 3.77% META stake was built in 2018 at prices between ~$125 and ~$210. The stake had remained steady since although adjustments were made in most quarters. There was a ~20% reduction last quarter at prices between ~$187 and ~$339. The stock currently trades at ~$160. This quarter saw a marginal increase.Brown Forman (BF.B): BF.B is a 3.65% of the portfolio stake built in 2019 at prices between ~$45 and ~$68. 2021 saw a ~50% stake increase at prices between ~$67 and ~$81 while last quarter there was a ~28% selling at prices between ~$62 and ~$72. The stock is now at $71.64. This quarter saw a minor ~4% increase.Alphabet Inc. (GOOG) (GOOGL): GOOG is a 3.54% of the portfolio position purchased in Q4 2021 at prices between ~$133 and ~$151. There was a ~9% trimming last quarter. The stock currently trades well below their purchase price range at ~$109. This quarter saw a marginal increase.Note: The prices quoted above are adjusted for the 20-for-1 stock split in July.Church & Dwight Inc. (CHD): The 3.34% CHD position was built during the three quarters through Q2 2021 at prices between ~$72 and ~$93. There was a ~28% selling last quarter at prices between ~$95 and ~$104. The stock currently trades at $84.18. There was a marginal increase this quarter.Adobe Inc. (ADBE): ADBE is a 3.29% of the portfolio position purchased last quarter at prices between ~$412 and ~$564 and the stock currently trades below that range at ~$368. This quarter saw a ~10% stake increase.Amazon.com Inc. (AMZN): The ~3% AMZN stake was built in H2 2021 at prices between ~$160 and ~$186. Last quarter saw a ~20% selling at prices between ~$136 and ~$170. The stock is now at ~$128. There was a marginal increase this quarter.Nike Inc. (NKE): The 2.93% NKE stake was built in H1 2020 at prices between ~$67 and ~$105. There had been minor buying in most quarters since. Last quarter saw a ~23% reduction at prices between ~$118 and ~$166. The stock is now at ~$106. This quarter saw a marginal increase.Mettler-Toledo (MTD): The 2.65% MTD stake was purchased over the last two quarters at prices between ~$1098 and ~$1675 and the stock currently trades at ~$1195.Cognex Inc. (CGNX), Home Depot (HD), Johnson & Johnson (JNJ), Procter & Gamble (PG), Taiwan Semi (TSM), and Verisign Inc. (VRSN): These very small (less than ~0.5% of the portfolio each) positions were increased this quarter.Stake Decreases:PepsiCo (PEP): The ~5% PEP stake was built over the last decade through consistent buying during most quarters. The buying happened at prices between ~$65 and ~$170. There was a ~25% reduction last quarter at prices between ~$154 and ~$176. The stock is now at ~$171. This quarter also saw a ~9% trimming.Intuit Inc. (INTU): INTU is a fairly large ~4% of the portfolio stake built during the 2017-18 timeframe at prices between ~$115 and ~$225. Since then, the position had remained relatively steady although adjustments were made in most quarters. Last three quarters have seen a ~50% reduction at prices between ~$353 and ~$695. The stock currently trades at ~$420.PayPal Holdings (PYPL): The bulk of the 2.87% PYPL position was built in the 2015-16 timeframe at prices between ~$32 and ~$44. The next two years saw incremental buying and since then the position had been kept relatively steady. There was a ~20% reduction last quarter at prices between ~$94 and ~$195. The stock currently trades at ~$91. This quarter also saw a ~8% trimming.Ansys Inc. (ANSS), Equifax Inc. (EFX), Fortinet Inc. (FTNT), IPG Photonics (IPGP), MSCI Inc. (MSCI), Masimo Inc. (MASI), Paycom Software (PAYC), Qualys Inc. (QLYS), Rollins Inc. (ROL), Sabre Corp (SABR), Verisk Analytics (VRSK), Wingstop Inc. (WING), and Zoetis Inc. (ZTS): These very small (less than ~0.6% of the portfolio each) positions were decreased this quarter.Note: they have a ~7% ownership stake in Sabre Corp.Kept Steady:Genpact Ltd. (G), Mercadolibre (MELI), WNS Holdings (WNS), and XP Class A: These minutely small (less than 0.1% of the portfolio each) positions were kept steady this quarter.The spreadsheet below highlights changes to Fundsmith’s 13F holdings in Q2 2022:Source: John Vincent. Data constructed from Fundsmith’s 13F filings for Q1 2022 and Q2 2022.Regulatory filings from 11/15/2021 to 6/22/2022: 13G – 2/14 – SABR – 22.67M shares – 7.01% of business. 13G – 2/11 – MCK – 18.91M shares – 7.58% of business. 13G – 2/11 – WAT – 4.51M shares – 7.35% of business."

"Tracking Terry Smith’s Fundsmith 13F Portfolio – Q1 2022 Update"

"Fundsmith’s 13F portfolio value decreased from $40.98B to $29.12B this quarter.They added Adobe and Mettler-Toledo while almost selling out Johnson & Johnson.The top three positions are Microsoft, IDEXX Labs, and Estee Lauder, and they add up to ~23% of the portfolio.This article is first in a series that provides an ongoing analysis of the changes made to Fundsmith’s 13F portfolio on a quarterly basis. It is based on their regulatory filed on 5/16/2022.Fundsmith was founded by Terry Smith in 2010. The flagship Fundsmith Equity Fund has returned 15.8% annualized compared to 11.2% for the MSCI World Index through 6/30/2022. The fund has underperformed in 2022: Negative 17.8% compared to Negative 11.3% for the MSCI World Index. Assets Under Management (AUM) is at around $53B. Their primary selection criterion is to choose securities that are estimated to have the ability to sustain high returns on operating capital employed. This has resulted in a concentrated portfolio of global stocks that has been held over the long-term. The setup has benefited from the magic of compounding.This quarter, Fundsmith’s 13F portfolio value decreased ~29% from $40.98B to $29.12B. The number of holdings remained steady at 44. The top three holdings are at ~23% while the top five are close to ~34% of the 13F assets: Microsoft, IDEXX Labs, Estee Lauder, Stryker Corp, and Philip Morris International.New Stakes:Adobe Inc. (ADBE): ADBE is a ~3% of the portfolio position purchased this quarter at prices between ~$412 and ~$564 and the stock currently trades below that range at ~$389.Mettler-Toledo (MTD): The ~2% MTD stake was purchased this quarter at prices between ~$1289 and ~$1675 and the stock currently trades below that rang eat ~$1221.Stake Disposals:A O Smith (AOS) and Colgate Palmolive (CL): These two minutely small (less than ~0.5% of the portfolio each) stakes were disposed this quarter.Stake Increases:Ansys Inc. (ANSS), Cognex Inc. (CGNX), and Sabre Corp (SABR): These very small (less than ~1% of the portfolio each) positions were increased this quarter.Note: they have a ~7% ownership stake in Sabre Corp.Masimo Inc. (MASI), Paycom Software (PAYC), and Wingstop Inc. (WING): These minutely small (less than ~0.50% of the portfolio each) stakes were increased during the quarter.Stake Decreases:Microsoft Corp (MSFT): MSFT is currently the largest position at 10.61% of the portfolio. The stake was built during the five-year period from 2013 to 2018 at prices between ~$27 and ~$115. Since then, the activity had been minor. There was a ~23% selling this quarter at prices between ~$276 and ~$335. The stock currently trades at ~$268.IDEXX Labs (IDXX): IDXX is the second largest position at 6.80% of the portfolio. It was established during the 2015-16 timeframe at prices between ~$63 and ~$120. Since then, the position had remained relatively steady although adjustments were made in most quarters. There was a ~15% trimming this quarter at prices between ~$466 and ~$631. The stock currently trades at ~$379.Estee Lauder (EL): The top three 5.42% EL stake was established in 2016 at prices between ~$75 and ~$95. 2018 saw a two-thirds stake increase at prices between ~$125 and ~$158. Since then, the activity had been minor. There was a ~20% selling this quarter at prices between ~$250 and ~$372. The stock currently trades at ~$252.Philip Morris International (PM) and Stryker Corp (SYK): These two top-five stakes were built during the last decade through consistent buying every quarter. Both positions saw selling this quarter. The 5.31% PM stake was established at prices between ~$60 and ~$120. This quarter saw a ~20% selling at prices between ~$89 and ~$112. The stock is now at ~$94. SYK is a 5.37% of the portfolio position purchased at prices between ~$50 and ~$275. There was a ~20% reduction this quarter at prices between ~$245 and ~$278. The stock currently trades at ~$201.McCormick Inc. (MCK): MCK is a large 5.31% of the portfolio position built during the 2018-19 timeframe at prices between ~$108 and ~$177. The time period since had also seen minor buying. There was a ~18% reduction this quarter at prices between ~$245 and ~$311. The stock currently trades at ~$331.Note: they have a ~6.2% ownership stake in the business.Intuit Inc. (INTU): INTU is a fairly large ~5% of the portfolio stake built during the 2017-18 timeframe at prices between ~$115 and ~$225. Since then, the position had remained relatively steady although adjustments were made in most quarters. Last two quarters have seen a ~35% reduction at prices between ~$425 and ~$695. The stock currently trades at ~$407.PepsiCo (PEP): The 4.49% PEP stake was built over the last decade through consistent buying during most quarters. The buying happened at prices between ~$65 and ~$170. There was a ~25% reduction this quarter at prices between ~$154 and ~$176. The stock is now at ~$172.Automatic Data Processing (ADP): The 2013-19 timeframe saw consistent buying in ADP at prices between ~$52 and ~$173. Q1 2020 saw a ~40% selling at prices between ~$112 and ~$181 while in the next quarter there was a ~70% increase at prices between ~$128 and ~$160. Since then, the activity had been minor. This quarter saw a ~22% reduction at prices between ~$196 and ~$245. The stock is now at ~$217.Visa Inc. (V): Visa is a 4.29% of the portfolio position built over the last decade through consistent buying in most years at prices between ~$30 and ~$245. This quarter saw a ~18% selling at prices between ~$191 and ~$235. The stock currently trades at ~$204.Meta Platforms (META) previously Facebook: The 4.18% META stake was built in 2018 at prices between ~$125 and ~$210. The stake had remained steady since although adjustments were made in most quarters. There was a ~20% reduction this quarter at prices between ~$187 and ~$339. The stock currently trades at ~$171.PayPal Holdings (PYPL): The bulk of the 4.16% PYPL position was built in the 2015-16 timeframe at prices between ~$32 and ~$44. The next two years saw incremental buying and since then the position had been kept relatively steady. There was a ~20% reduction this quarter at prices between ~$94 and ~$195. The stock currently trades at $73.43.Waters Corp (WAT): WAT is a ~4% of the portfolio stake built during the 2015-2017 timeframe at prices between ~$115 and ~$200. Next two years also saw incremental buying. There was a ~23% selling in H1 2020 at prices between ~$175 and ~$240. Since then, the activity had been minor. There was a ~18% reduction this quarter at prices between ~$307 and ~$365. The stock currently trades at ~$346.Note: they have a ~6% ownership stake in Waters Corp.Amazon.com Inc. (AMZN): The 3.79% AMZN stake was built during the last two quarters at prices between ~$160 and ~$186. This quarter saw a ~20% selling at prices between ~$136 and ~$170. The stock is now at ~$116.Alphabet Inc. (GOOG) (GOOGL): GOOG is a 3.63% of the portfolio position purchased last quarter at prices between ~$2665 and ~$3015. There was a ~9% trimming this quarter. The stock currently trades at ~$2403.Nike Inc. (NKE): The 3.11% NKE stake was built in H1 2020 at prices between ~$67 and ~$105. There had been minor buying in most quarters since. This quarter saw a ~23% reduction at prices between ~$118 and ~$166. The stock is now at ~$108.Church & Dwight Inc. (CHD): The 2.88% CHD position was built during the three quarters through Q2 2021 at prices between ~$72 and ~$93. There was a ~28% selling this quarter at prices between ~$95 and ~$104. The stock currently trades at $94.71.Brown Forman (BF.B): BF.B is a 2.71% of the portfolio stake built in 2019 at prices between ~$45 and ~$68. Last year saw a ~50% stake increase at prices between ~$67 and ~$81 while this quarter there was a ~28% selling at prices between ~$62 and ~$72. The stock is now at $70.16.Starbucks Inc. (SBUX): The 2.57% SBUX stake was built in 2020 at prices between ~$58 and ~$103. Last year saw incremental buying while in this quarter there was a ~30% reduction at prices between ~$79 and ~$117. The stock currently trades at $79.28.Equifax Inc. (EFX), Fortinet Inc. (FTNT), Home Depot (HD), Johnson & Johnson (JNJ), Procter & Gamble (PG), Qualys Inc. (QLYS), Rollins Inc. (ROL), Verisk Analytics (VRSK), Verisign Inc. (VRSN), and Zoetis Inc. (ZTS): These very small (less than ~0.55% of the portfolio each) stakes were reduced during the quarter.Kept Steady:Genpact Ltd. (G), IPG Photonics (IPGP), MSCI Inc. (MSCI), Mercadolibre (MELI), Taiwan Semi (TSM), WNS Holdings (WNS), and XP Class A: These minutely small (less than 0.5% of the portfolio each) positions were kept steady this quarter.The spreadsheet below highlights changes to Fundsmith’s 13F holdings in Q1 2022:Source: John Vincent. Data constructed from Fundsmith’s 13F filings for Q4 2021 and Q1 2022."

"Tracking William Nygren’s Harris Associates Portfolio – Q2 2023 Update"

"….….….This article is part of a series that provides an ongoing analysis of the changes made to Harris Associates 13F stock portfolio on a quarterly basis. It is based on Harris Associates’ regulatory filed on 5/15/2023. William Nygren’s 13F portfolio value increased from $52.56B to $55.60B this quarter. The portfolio is diversified with recent 13F reports showing around 200 positions. There are 59 securities that are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Alphabet, Amazon.com, Fiserv, Oracle, and Charter Communications. They add up to ~21% of the portfolio. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q4 2022.Harris Associates currently has ~$85B under management. Their flagship mutual funds are the Oakmark Fund (OAKMX) incepted in 1991 and the Oakmark International (OAKIX) incepted in 1992. Both funds have produced substantial alpha during their lifetimes: 12.55% annualized return compared to 10.16% for the S&P 500 index for OAKMX and 8.73% annualized return for OAKIX compared to 5.86% annualized return for the MSCI World ex-US Index. The other mutual funds in the group are Oakmark Select (OAKLX), Oakmark Equity and Income (OAKBX), Oakmark Global (OAKGX), Oakmark Global Select (OAKWX), and Oakmark International Small Cap (OAKEX).Note: The top holdings in the Oakmark International Fund are not in the 13F report as they are not 13F securities. The positions are Lloyds Banking Group (LYG), BNP Paribas (BNPQF), Mercedes-Benz Group (DDAIF), Intesa Sanpaolo (ISNPY), Bayer (BAYRY), Allianz (ALIZF), Continental (CTTAF), BMW (BMWYY), and Fresenius (FSNUY).Stake Increases:Capital One Financial (COF) and Intercontinental Exchange (ICE): COF is a 2.65% of the portfolio stake built during the last three quarters at prices between ~$88 and ~$122 and it is now at ~$106. The 2.31% ICE stake saw a whopping 170% increase last quarter at prices between ~$90 and ~$110. The stock currently trades at ~$110. This quarter also saw a ~30% increase at prices between ~$95 and ~$109.Charter Communications (CHTR): CHTR is a 2.77% of the portfolio stake. It was established in 2015 when around 2M shares were purchased at prices between ~$150 and ~$190. 2017 saw a stake doubling at prices between ~$298 and ~$395. 2018 also saw a ~55% stake increase at prices between ~$260 and ~$390. The two years through Q4 2020 had seen a ~58% selling at prices between ~$275 and ~$680. There was a ~20% stake increase in H1 2021 at prices between ~$597 and ~$722. That was followed with a ~30% increase in Q1 2022 at prices between ~$545 and ~$648. The stock currently trades at ~$337. There was a ~10% trimming last quarter while this quarter there was a similar increase.KKR & Company (KKR) and: KKR is a 2.52% of the portfolio stake that saw a ~115% increase last quarter at prices between ~$43 and ~$57.50. The stock currently trades at ~$53. The 3.21% ORCL position saw a ~90% increase last quarter at prices between ~$61 and ~$84. The stock currently trades at ~$117. Both stakes were increased marginally this quarter.CNH Industrial (CNHI): CNHI is a 2.61% of the portfolio position purchased in Q4 2020 at prices between $7.75 and $13 and the stock currently trades at ~$14. The five quarters through Q1 2022 saw a ~55% selling at prices between ~$11 and ~$17. The last several quarters have seen only minor adjustments.Note: They control ~7% of the business.ConocoPhillips (COP),Bank of America (BAC): BAC was a minutely small position in their first 13F filing in 1999. It became a significant part of the portfolio in 2011. The 2012 to 2015 timeframe saw the stake built from 9.8M shares to 138M shares at prices between ~$6 and ~$18. The next 3 years saw a ~40% reduction at prices between ~$12 and ~$33. 2019-2021 timeframe saw another ~40% selling at prices between ~$20 and ~$48. Q3 2022 saw a ~15% selling and that was followed with marginal trimming last quarter. There was a ~20% increase this quarter at prices between ~$27 and ~$37. The stock is now at ~$28, and the stake is at 2.60% of the portfolio.General Motors (GM): GM is a 2.53% of the portfolio position. It is a very long-term stake. The original position was small in 2007 and it was disposed the following year. In 2013, a huge ~70M share stake was established at prices between $27 and $41. The position size peaked at ~81M shares in 2015. The stake was sold down by ~25% in the 2016-2019 timeframe at prices between $28 and $46. That was followed with a ~45% reduction in the five quarters through Q2 2021 at prices between ~$18 and ~$64. There was a ~25% stake increase in Q1 2022 at prices between ~$40 and ~$66. The last four quarters have seen only minor adjustments. The stock currently trades at $36.70.CBRE Group (CBRE): The 1.76% CBRE stake saw a ~20% increase during H1 2022 at prices between ~$70 and ~$109. The stock currently trades at $75.56. The last two quarters also saw a similar increase at prices between ~$67.50 and ~$88. There was a minor ~2% trimming this quarter.Wells Fargo (WFC): The 1.53% WFC stake saw a ~45% increase during Q3 2022 at prices between ~$39 and ~$46. It now goes for $40.59. The last two quarters saw only minor adjustments.Warner Brothers Discovery (WBD): WBD is a 1.64% of the portfolio position purchased during Q3 2022 at prices between ~$11.30 and ~$17.50 and the stock currently trades at $11.78. Last quarter also saw a ~10% stake increase. There was marginal trimming this quarter.APA Corporation (APA), Ally Financial (ALLY), American International Group (AIG), American Express (AXP), Altria Group (MO), Bank of New York Mellon (BK), Carlisle Companies (CSL), Charles Schwab (SCHW), Comcast Corp (CMCSA), EOG Resources (EOG), First Citizens BancShares (FCNCA), Fortune Brands (FBIN), Kroger Company (KR), Liberty Broadband (LBRDK), Lithia Motors (LAD), Masco Corp (MAS), Moody’s Corp (MCO), State Street Corp (STT), and Truist Financial (TFC): These small (less than 2% of the portfolio each) positions were increased this quarter.Stake Decreases:Alphabet Inc. (GOOG) (GOOGL): GOOG is currently the largest 13F position by far at 7.35% of the portfolio. The bulk of the stake was purchased in 2014 at prices between ~$26 and ~$30. Next year also saw a ~20% stake increase at prices between ~$25 and ~$38. The two years through Q4 2020 saw a ~28% selling at prices between ~$53 and ~$91. The stock currently trades at ~$119. The last nine quarters have seen only minor adjustments.Amazon.com (AMZN): The top three 4.25% of the portfolio AMZN stake was built during the last five quarters at prices between ~$85 and ~$170. The stock currently trades at ~$127.Fiserv Inc. (FI): FI is a large (top three) 3.53% of the portfolio position primarily built during 2021 at prices between ~$96 and ~$111. The last four quarters saw a ~30% selling at prices between ~$89 and ~$122. The stock currently trades at ~$120.and Oracle Corp (ORCL): KKR is a 2.52% of the portfolio stake that saw a ~115% increase last quarter at prices between ~$43 and ~$57.50. The stock currently trades at ~$53. The 3.21% ORCL position saw a ~90% increase last quarter at prices between ~$61 and ~$84. The stock currently trades at ~$117. Both stakes were increased marginally this quarter.Salesforce.com (CRM): CRM is a 2.20% stake that saw a roughly two-thirds increase last quarter at prices between ~$128 and ~$191. It is now at ~$207. There was a minor ~5% trimming this quarter.HCA Healthcare (HCA): HCA is now at 2.34% of the portfolio stake. A large position was built over the 2016-2017 timeframe at prices between $64 and $89. Q4 2018 saw that original stake reduced by ~50% at prices between ~$120 and ~$144. Next quarter also saw a ~15% stake reduction. There was a one-third increase in Q2 2020 at prices between $82 and $118. That was followed with a ~15% stake increase next quarter at prices between ~$94 and ~$138. The last nine quarters saw a ~28% selling at prices between ~$122 and ~$267. That was followed with a similar reduction this quarter at prices between ~$243 and ~$264. The stock currently trades at ~$295.Adobe Systems (ADBE), Berkshire Hathaway (BRK.B), Blackrock Inc. (BLK), Booking Holdings (BKNG), Borg Warner (BWA), Citigroup Inc. (C), Equifax (EFX), Goldman Sachs (GS), Hilton Worldwide (HLT), Interpublic Group (IPG), Liberty Global (LBTYK), Meta Platforms (META) previously Facebook, Netflix Inc. (NFLX), Open Text Corp (OTEX), Parker-Hannifin (PH), Pinterest (PINS), Pulte Group (PHM), Reinsurance Group of America (RGA), Ryanair Holdings (RYAAY), TE Connectivity (TEL), Tenet Healthcare (THC), Thor Industries (THO), Visa Inc. (V), Willis Towers Watson (WLTW), and WorkDay Inc. (WDAY): These small (less than ~2% of the portfolio each) stakes were reduced during the quarter.Note: Although the position sizes relative to the total portfolio value are very small, they have significant ownership stakes in APA Corporation, Lear Corp, Liberty Global, and Reinsurance Group of America.Below is a spreadsheet that shows the changes to William Nygren’s Harris Associates 13F portfolio holdings as of Q2 2023:Source: John Vincent. Data constructed from Harris Associates' 13F filings for Q1 2023 and Q2 2023.Regulatory filings from 3/21/2023 to 6/26/2023: 13G/A – 6/12 – LBTYK – 22.5M shares – 13.2% of business."

"Tracking William Nygren’s Harris Associates Portfolio – Q1 2023 Update"

"Harris Associates’ 13F portfolio value increased from $52.56B to $55.60B this quarter.They increased Amazon, Capital One Financial, Bank of America, and Intercontinental Exchange while decreasing Fiserv, HCA Healthcare, and TE Connectivity.The top three positions are Alphabet, Amazon.com, and Fiserv, and they add up to ~15% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Harris Associates 13F stock portfolio on a quarterly basis. It is based on Harris Associates’ regulatory filed on 5/15/2023. William Nygren’s 13F portfolio value increased from $52.56B to $55.60B this quarter. The portfolio is diversified with recent 13F reports showing around 200 positions. There are 59 securities that are significantly large (more than ~0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Alphabet, Amazon.com, Fiserv, Oracle, and Charter Communications. They add up to ~21% of the portfolio. Please visit our series to get an idea of their investment philosophy and our for the fund’s moves during Q4 2022.Harris Associates currently has ~$90B under management. Their flagship mutual funds are the Oakmark Fund (OAKMX) incepted in 1991 and the Oakmark International (OAKIX) incepted in 1992. Both funds have produced substantial alpha during their lifetimes: 12.39% annualized return compared to 9.95% for the S&P 500 index for OAKMX and 8.69% annualized return for OAKIX compared to 5.81% annualized return for the MSCI World ex-US Index. The other mutual funds in the group are Oakmark Select (OAKLX), Oakmark Equity and Income (OAKBX), Oakmark Global (OAKGX), Oakmark Global Select (OAKWX), and Oakmark International Small Cap (OAKEX).Note: The top holdings in the Oakmark International Fund are not in the 13F report as they are not 13F securities. The positions are Mercedes-Benz Group (DDAIF), BNP Paribas (BNPQF), Intesa Sanpaolo (ISNPY), Lloyds Banking Group (LYG), BMW (BMWYY), Bayer (BAYRY), Continental (CTTAF), Allianz (ALIZF), and Prosus (PROSY).Stake Increases:Alphabet Inc. (GOOG) (GOOGL): GOOG is currently the largest 13F position by far at 7.35% of the portfolio. The bulk of the stake was purchased in 2014 at prices between ~$26 and ~$30. Next year also saw a ~20% stake increase at prices between ~$25 and ~$38. The two years through Q4 2020 saw a ~28% selling at prices between ~$53 and ~$91. The stock currently trades at ~$119. The last nine quarters have seen only minor adjustments.Amazon.com (AMZN): The top three 4.25% of the portfolio AMZN stake was built during the last five quarters at prices between ~$85 and ~$170. The stock currently trades at ~$127.KKR & Company (KKR) and Oracle Corp (ORCL): KKR is a 2.52% of the portfolio stake that saw a ~115% increase last quarter at prices between ~$43 and ~$57.50. The stock currently trades at ~$53. The 3.21% ORCL position saw a ~90% increase last quarter at prices between ~$61 and ~$84. The stock currently trades at ~$117. Both stakes were increased marginally this quarter.Charter Communications (CHTR): CHTR is a 2.77% of the portfolio stake. It was established in 2015 when around 2M shares were purchased at prices between ~$150 and ~$190. 2017 saw a stake doubling at prices between ~$298 and ~$395. 2018 also saw a ~55% stake increase at prices between ~$260 and ~$390. The two years through Q4 2020 had seen a ~58% selling at prices between ~$275 and ~$680. There was a ~20% stake increase in H1 2021 at prices between ~$597 and ~$722. That was followed with a ~30% increase in Q1 2022 at prices between ~$545 and ~$648. The stock currently trades at ~$337. There was a ~10% trimming last quarter while this quarter there was a similar increase.Capital One Financial (COF) and Intercontinental Exchange (ICE): COF is a 2.65% of the portfolio stake built during the last three quarters at prices between ~$88 and ~$122 and it is now at ~$106. The 2.31% ICE stake saw a whopping 170% increase last quarter at prices between ~$90 and ~$110. The stock currently trades at ~$110. This quarter also saw a ~30% increase at prices between ~$95 and ~$109.CNH Industrial (CNHI): CNHI is a 2.61% of the portfolio position purchased in Q4 2020 at prices between $7.75 and $13 and the stock currently trades at ~$14. The five quarters through Q1 2022 saw a ~55% selling at prices between ~$11 and ~$17. The last several quarters have seen only minor adjustments.Note: They control ~7% of the business.Bank of America (BAC): BAC was a minutely small position in their first 13F filing in 1999. It became a significant part of the portfolio in 2011. The 2012 to 2015 timeframe saw the stake built from 9.8M shares to 138M shares at prices between ~$6 and ~$18. The next 3 years saw a ~40% reduction at prices between ~$12 and ~$33. 2019-2021 timeframe saw another ~40% selling at prices between ~$20 and ~$48. Q3 2022 saw a ~15% selling and that was followed with marginal trimming last quarter. There was a ~20% increase this quarter at prices between ~$27 and ~$37. The stock is now at ~$28, and the stake is at 2.60% of the portfolio.Wells Fargo (WFC): The 1.53% WFC stake saw a ~45% increase during Q3 2022 at prices between ~$39 and ~$46. It now goes for $40.59. The last two quarters saw only minor adjustments.APA Corporation (APA), Adobe Systems (ADBE), American Express (AXP), Altria Group (MO), Bank of New York Mellon (BK), Charles Schwab (SCHW), Comcast Corp (CMCSA), ConocoPhillips (COP), EOG Resources (EOG), Equifax (EFX), First Citizens BancShares (FCNCA), Liberty Broadband (LBRDK), Lithia Motors (LAD), Masco Corp (MAS), and Moody’s Corp (MCO): These small (less than 1.5% of the portfolio each) positions were increased this quarter.Stake Decreases:Fiserv Inc. (FI): FI is a large (top three) 3.53% of the portfolio position primarily built during 2021 at prices between ~$96 and ~$111. The last four quarters saw a ~30% selling at prices between ~$89 and ~$122. The stock currently trades at ~$120.Salesforce.com (CRM): CRM is a 2.20% stake that saw a roughly two-thirds increase last quarter at prices between ~$128 and ~$191. It is now at ~$207. There was a minor ~5% trimming this quarter.General Motors (GM): GM is a 2.53% of the portfolio position. It is a very long-term stake. The original position was small in 2007 and it was disposed the following year. In 2013, a huge ~70M share stake was established at prices between $27 and $41. The position size peaked at ~81M shares in 2015. The stake was sold down by ~25% in the 2016-2019 timeframe at prices between $28 and $46. That was followed with a ~45% reduction in the five quarters through Q2 2021 at prices between ~$18 and ~$64. There was a ~25% stake increase in Q1 2022 at prices between ~$40 and ~$66. The last four quarters have seen only minor adjustments. The stock currently trades at $36.70.HCA Healthcare (HCA): HCA is now at 2.34% of the portfolio stake. A large position was built over the 2016-2017 timeframe at prices between $64 and $89. Q4 2018 saw that original stake reduced by ~50% at prices between ~$120 and ~$144. Next quarter also saw a ~15% stake reduction. There was a one-third increase in Q2 2020 at prices between $82 and $118. That was followed with a ~15% stake increase next quarter at prices between ~$94 and ~$138. The last nine quarters saw a ~28% selling at prices between ~$122 and ~$267. That was followed with a similar reduction this quarter at prices between ~$243 and ~$264. The stock currently trades at ~$295.CBRE Group (CBRE): The 1.76% CBRE stake saw a ~20% increase during H1 2022 at prices between ~$70 and ~$109. The stock currently trades at $75.56. The last two quarters also saw a similar increase at prices between ~$67.50 and ~$88. There was a minor ~2% trimming this quarter.Warner Brothers Discovery (WBD): WBD is a 1.64% of the portfolio position purchased during Q3 2022 at prices between ~$11.30 and ~$17.50 and the stock currently trades at $11.78. Last quarter also saw a ~10% stake increase. There was marginal trimming this quarter.TE Connectivity (TEL): TEL is a very long-term stake first purchased in 2011 in the high-20s price range. Recent activity follows. There was a 16% reduction in Q2 2020 at prices between ~$59 and ~$92. That was followed with a ~55% reduction over the nine quarters through Q3 2022 at prices between ~$79 and ~$165. The last quarter saw a ~13% stake increase while this quarter saw a ~18% reduction. The stock currently trades at ~$134 and the stake is at 1.62% of the portfolio.Booking Holdings (BKNG): BKNG is now a 1.21% of the portfolio position. It was a minutely small stake first purchased in 2016 and was increased substantially next year at prices between $1465 and $2035. H1 2019 saw the stake almost double at prices between $1665 and $1880. H2 2019 saw minor trimming. There was a ~25% stake increase in Q1 2020 at prices between ~$1152 and ~$2087. The four quarters through Q2 2021 had seen a ~20% trimming. That was followed with another ~23% selling in the last three quarters at prices between ~$1635 and ~$2372. This quarter saw another ~50% reduction at prices between ~$2032 and ~$2652. The stock is currently at ~$2616.American International Group (AIG), Ally Financial (ALLY), Berkshire Hathaway (BRK.B), Borg Warner (BWA), Blackrock Inc. (BLK), Citigroup Inc. (C), Goldman Sachs (GS), Hilton Worldwide (HLT), Interpublic Group (IPG), Liberty Global (LBTYK), MasterCard Inc. (MA), Meta Platforms (META) previously Facebook, Netflix Inc. (NFLX), Nov Inc. (NOV), Open Text Corp (OTEX), Parker-Hannifin (PH), Pinterest (PINS), Pulte Group (PHM), Ryanair Holdings (RYAAY), Reinsurance Group of America (RGA), State Street Corp (STT), Tenet Healthcare (THC), Visa Inc. (V), Vipshop Holdings (VIPS), WorkDay Inc. (WDAY), and Willis Towers Watson (WLTW): These small (less than ~2% of the portfolio each) stakes were reduced during the quarter.Note: Although the position sizes relative to the total portfolio value are very small, they have significant ownership stakes in APA Corporation, Grupo Televisa, Lear Corp, Liberty Global, and Reinsurance Group of America.Below is a spreadsheet that shows the changes to William Nygren’s Harris Associates 13F portfolio holdings as of Q1 2023:Source: John Vincent. Data constructed from Harris Associates' 13F filings for Q4 2022 and Q1 2023.Regulatory filings from 12/28/2022 to 3/21/2023: 13G/13GAs – 2/14 – VIPS – 3.8M shares – 3.6% of business, THO – Thor Inds – 2.86M shares – 5.3% of business, THC – 5.46M shares – 5.1% of business, RGA – Reinsurance Group – 2.65M shares – 4% of business, OPEN – 15.2M shares – 5.6% of business, LIVN – 2M shares – 3.8% of business, LBTYK – 32.1M shares – 18.7% of business, LEA – 1.62M shares – 2.7% of business, GOCO – GoHealth – zero, CNHI – 91.4M shares – 6.8% of business, APA – 10.13M shares – 3.1% of business, ALLY - ~26M shares – 8.7% of business, . 13G/A – 1/10 – CS – 201.4M shares – 5% of business."