Insights from Coatue Management's Latest 13F Filing

Philippe Laffont (Trades, Portfolio), the founder of Coatue Management, has once again made significant adjustments to his investment portfolio in the third quarter of 2024. As a former protege of Julian Robertson at Tiger Management (Trades, Portfolio), Laffont established Coatue in 1999, focusing primarily on technology-driven investments. The firm, known for its rigorous fundamental analysis and a mix of long and short strategies, continues to influence the tech sector heavily, with major moves including a substantial reduction in Dell Technologies Inc.

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Summary of New Buys

During the third quarter, Philippe Laffont (Trades, Portfolio) initiated positions in 14 new stocks. Noteworthy additions include:

• Cadence Design Systems Inc (NASDAQ:CDNS), purchasing 1,326,099 shares valued at approximately $359.41 million, making up 1.34% of the portfolio.
• KKR & Co Inc (NYSE:KKR), with 2,719,255 shares worth around $355.08 million, accounting for 1.32% of the portfolio.
• DoorDash Inc (NASDAQ:DASH), acquiring 1,958,333 shares, which represent 1.04% of the portfolio, with a total investment of $279.51 million.

Key Position Increases

Laffont also significantly increased his stakes in several companies, including:

• Constellation Energy Corp (NASDAQ:CEG), adding 2,818,223 shares to bring his total to 7,726,108 shares. This increase represents a 57.42% rise in share count and a 2.72% impact on the portfolio, totaling $2.01 billion.
• JD.com Inc (NASDAQ:JD), with an additional 8,223,493 shares, bringing the total to 8,248,048 shares. This adjustment marks a staggering 33,490.1% increase in share count, valued at $329.92 million.

Summary of Sold Out Positions

In Q3 2024, Laffont exited several positions entirely, including:

• Salesforce Inc (NYSE:CRM), selling all 1,907,872 shares, impacting the portfolio by -1.91%.
• Amphenol Corp (NYSE:APH), liquidating all 6,211,919 shares, which had a -1.63% impact on the portfolio.

Key Position Reductions

Significant reductions were made in several holdings, notably:

• Dell Technologies Inc (NYSE:DELL), where Laffont cut his position by 6,543,956 shares, a -89.5% decrease, impacting the portfolio by -3.52%. Dell's stock traded at an average price of $116.48 during the quarter, with a 31.10% return over the past three months and 78.52% year-to-date.
• Qualcomm Inc (NASDAQ:QCOM), reducing his stake by 4,012,797 shares, a -76.53% cut, affecting the portfolio by -3.11%. Qualcomm traded at an average price of $176.57 during the quarter, with a -1.49% return over the past three months and 14.90% year-to-date.

Portfolio Overview

As of the third quarter of 2024, Philippe Laffont (Trades, Portfolio)'s portfolio comprised 81 stocks. The top holdings included 7.86% in Meta Platforms Inc (NASDAQ:META), 7.8% in Amazon.com Inc (NASDAQ:AMZN), 7.46% in Constellation Energy Corp (NASDAQ:CEG), 6.16% in Microsoft Corp (NASDAQ:MSFT), and 6.04% in Taiwan Semiconductor Manufacturing Co Ltd (NYSE:TSM). The investments are primarily concentrated across nine industries, with a significant focus on Technology and Consumer Cyclical sectors.

This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.

This article first appeared on GuruFocus.