DASH - Coatue Management trims stakes in five Magnificent 7 members adds Palantir Shopify

2023-11-15 15:54:50 ET

Billionaire investor Philippe Laffont's Coatue Management cut most of its stakes in members of the "Magnificent 7" club in Q3 2023, while taking new positions in data analytics software company Palantir Technologies ( NYSE: PLTR ) and Canadian e-commerce firm Shopify ( NYSE: SHOP ).

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

Moves in the Magnificent 7

Coatue trimmed its holdings in Microsoft ( MSFT ) by 27.6% to 3.83M shares in Q3 from 5.29M in Q2; in Amazon.com ( AMZN ) by 14.8% to 10.61M shares from 12.45M; in Tesla ( TSLA ) by 13.8% to 4.03M shares from 4.67M; in Nvidia ( NVDA ) by 2.2% to 4.54M shares from 4.64M; and in Netflix ( NFLX ) by 0.1% to about 2M shares.

The fund cuts its stake in Alphabet's ( GOOGL ) class A capital stock to 5.18M shares in Q3 from 5.55M shares. It also took in a new stake of 1.29M shares in Alphabet's ( GOOG ) class C capital stock.

Finally, the only raise among the megacap firms was in Facebook-parent Meta Platforms ( META ). Coatue upped its position by 8.7% to 6.17M class A shares in Q3 from 5.68M in Q2.

Other Moves

The fund took a new position in Q3 of 893.9K class A shares in Palantir ( PLTR ) and 5.62M class A shares in Shopify ( SHOP ).

Looking at the companies in which Coatue shed stakes, the fund disposed off the 1.04M shares it held in vaccine maker Novavax ( NVAX ), 428.8K class A shares in streaming devices seller Roku ( ROKU ), 933.5K class A shares in food delivery platform DoorDash ( DASH ), and 40.1K American depositary shares in Chinese internet giant Baidu ( BIDU ).

Among notable raises, Coatue more than tripled its holdings in Danish drugmaker Novo Nordisk ( NVO ) to 490.7K American depositary shares in Q3 from 135.3K in Q2; the fund also almost exactly doubled its holdings in Eli Lilly ( LLY ) to 349.7K shares from 173.9K shares.

Coatue raised its position by 171.3% in Chinese e-commerce major Alibaba ( BABA ) to 360.9K American depositary shares in Q3 from 133K in Q2; in footwear firm Crocs ( CROX ) by 89.4% to 109.9K shares from 58K; in creative software maker Adobe ( ADBE ) by 23.5% to 1.23M shares from 997.7K; and in medical insurance giant UnitedHealth ( UNH ) by 0.3% to about 637K shares from 634.9K.

Turning to stakes that Coatue trimmed in Q3, the fund cut its position in Square and Cash App-owner Block ( SQ ) by 90.2% to 833.4K class A shares from 8.49M in Q2; in Taiwan Semiconductor Manufacturing ( TSM ) by 64.9% to 2.37M American depositary shares from 6.76M; in cloud software firm Oracle ( ORCL ) by 48.8% to 2.24M shares from 4.36M; in electric vehicle maker Lucid Group ( LCID ) by 41.9% to 3.81M shares from 6.57M; and in biotech Moderna ( MRNA ) by 25% to 4.91M shares from 6.55M.

In Q2 2023, Coatue had disclosed a new stake in Oracle ( ORCL ), exited its position in GameStop ( GME ), trimmed its holdings in Tesla ( TSLA ) and upped its stake in Amazon ( AMZN ).

Philippe Laffont's Coatue has deployed total capital of $25B in private investments. According to Forbes, Laffont's real time net worth is $6.1B.

More on 13F filings

• Tudor Investment opens new Seagen, AbbVie bets; exits Immersion, Lennox
• Warren Buffett's Berkshire Hathaway exits GM, Activision bets in Q3
• Druckenmiller's Duquesne takes new stakes in Alibaba, Alphabet; exits Meta
• Ray Dalio's Bridgewater boosts stakes in 3M, Best Buy, exits Apple, Shopify
• Bill Ackman's Pershing Square raises stake in Alphabet in Q3, trims position in Lowe's

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