ON - Coatue Management takes new stake in Oracle exits GameStop trims Tesla adds to Amazon

2023-08-15 15:06:54 ET

Billionaire investor Philippe Laffont's Coatue Management in Q2 2023 took news stakes in Eli Lilly ( NYSE: LLY ) and Oracle ( NYSE: ORCL ), exited GameStop ( NYSE: GME ) and Salesforce ( NYSE: CRM ), trimmed its positions in Tesla ( NASDAQ: TSLA ), Netflix ( NASDAQ: NFLX ), Alphabet ( NASDAQ: GOOG ) ( NASDAQ: GOOGL ) and Meta ( NASDAQ: META ), and raised its holdings in Amazon ( NASDAQ: AMZN ) and Microsoft ( NASDAQ: MSFT ).

Coatue disclosed the information in its latest 13F filing for the three months ended June 30, 2023, published on Monday.

The fund snapped up about 174K shares in healthcare major Lilly ( LLY ) and 4.36M shares in cloud services giant Oracle ( ORCL ).

Other notable new stakes include: ~40K American depositary shares in Chinese tech-firm Baidu ( BIDU ); 58K shares in shoe maker Crocs ( CROX ); nearly 4.1M shares in apparel retailer Gap ( GPS ); about 135K American depositary shares in Danish drugmaker Novo Nordisk ( OTCPK:NONOF ); almost 429K class A shares in streaming company Roku ( ROKU ); and around 127K shares in energy firm SolarEdge ( SEDG ).

Coatue in Q2 disposed off the 1.22M class A shares it held in videogame retailer GameStop ( GME ). Short interest on the stock stands at 19% of the total float.

Coatue also got rid of the nearly 280K shares it held in cloud software firm Salesforce ( CRM ). Some of the other exits by the fund in Q2 include: shedding 637K class A shares in cryptocurrency exchange Coinbase ( COIN ) and selling 2.17M class A shares in data analytics software company Palantir Technologies ( PLTR ).

Looking at the fund's reduced stakes in Q2, Coatue cut its position in electric vehicle leader Tesla ( TSLA ) to 4.67M shares from 4.85M in Q1 2023; in streaming giant Netflix ( NFLX ) to 2M shares from 2.73M; in Google-parent Alphabet ( GOOG ) ( GOOGL ) to 5.55M shares of class A capital stock from 5M shares of class A capital stock plus 1.21M shares of class C capital stock; and in Facebook-owner Meta ( META ) to 5.68M class A shares from 8.06M.

Coatue also cut its stake in the following semiconductor sector companies in Q2: to ~799K shares in Lam Research ( LRCX ) from 827K in Q1 2023; to 4.64M shares in NVIDIA ( NVDA ) from 4.98M; to 89K shares in NXP Semiconductors ( NXPI ) from around 447K; and to about 277K shares in ON Semiconductor ( ON ) from 767K.

Finally, turning to Coatue's increased stakes in Q2, the fund more than doubled its position in Amazon ( AMZN ) to 12.45M shares from 5.53M in Q1 2023. Its holding in Microsoft ( MSFT ) increased to 5.29M shares from 3.16M.

Coatue upped its position in several electric vehicle names in Q2: to 6.57M shares in Lucid Group ( LCID ) from 1.37M; to 5.26M shares in Nikola ( NKLA ) from 1.52M; and to 3.32M class A shares in Rivian ( RIVN ) from 2.71M.

In Q1 2023, Coatue had disclosed new stakes in Taiwan Semiconductor Manufacturing ( TSM ) and healthcare insurance giant UnitedHealth ( UNH ).

Philippe Laffont's Coatue has deployed total capital of $25B in private investments. According to Forbes, Laffont's real time net worth is $6.9B.

More on 13F filings

• Nelson Peltz's Trian Fund increases Disney stake in Q2, cuts position in Wendy's
• 3G Capital exits stake in NVIDIA in Q2, takes in new positions in Carvana, JD.com
• Bill Ackman's Pershing Square adds to Alphabet stake in Q2, trims Chipotle, Lowe's
• Saudi Arabia sovereign fund raises stakes in Alibaba, Lucid Group in Q2

For further details see: