Phillippe Laffont’s Coatue made a flurry of modifications to his portfolio within the fourth quarter, together with shifts inside the expertise sector within the midst of the fourth quarter’s huge rally. Laffont, one of many “Tiger Cub” fund managers who labored underneath the late Julian Robertson of Tiger Administration, lowered his publicity to Nvidia and Meta Platforms by greater than 4% and eight%, respectively, in response to regulatory fillings. Even after the strikes, the pair stay Coatue’s two largest holdings. That revenue taking got here on the tail finish of a robust 12 months for each names, with Nvidia rallying greater than 230% and Meta including greater than 190%. Nvidia and Meta are a part of a gaggle of mega-cap tech shares dubbed the ” Magnificent 7 ” which can be credited with pushing the market increased in in 2023 and early this 12 months. NVDA META,.SPX 1Y mountain Nvidia, Meta and the S & P 500 during the last 12 months Equally, Daniel Sundheim’s D1 Capital zeroed out its place in Nvidia after the substitute intelligence darling’s huge 12 months in 2023. Nvidia is already up one other 47% in 2024. Nvidia and Meta are solely two of many notable cutbacks made by Laffont within the fourth quarter. He additionally slashed his place in Taiwan Semiconductor by greater than 86% within the quarter, to simply over $32 million. The MIT alum chopped holding in Alphabet stake, decreasing his Class A shares place by 64% and the Class B’s by 74%. Additionally of word, he pulled again his Intuit and Uber holdings by greater than 40% every. Nonetheless, that does not essentially point out a flip in sentiment on the sector. Laffont opened new positions in Salesforce , Apple and ServiceNow . He additionally riased his Adobe stake by nearly 20%, making the inventory his ninth largest holding. Past Nvidia and Meta, Superior Micro Gadgets , Amazon , Microsoft , Netflix and Tesla are the following largest holdings within the fund. As of the fourth quarter, expertise accounts for greater than 59% of Coatue, in response to InsiderScore. Expertise has continued to rally within the new 12 months. The Nasdaq Composite has added greater than 5% in 2024, making it one of the best performer of the three main indexes. The Nasdaq completed 2023 up greater than 43%, helped by a achieve of greater than 13% within the fourth quarter alone. Exterior of tech, Laffont opened stakes in Domino’s Pizza and Ford Motor . He diminished his publicity to pharmaceutical names Moderna and Eli Lilly , whereas zeroing out what had been a $65-million place in Paramount World.
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