Philippe Laffont’s Coatue Management recently filed with the SEC its 13F for the second quarter of 2014, disclosing its long equity positions as of June 30. The fund declared an equity portfolio, worth more than $8 billion, with a strong focus on technology (53%) and consumer discretionary (40%) stocks. In this article we will take a look at Apple Inc. (NASDAQ:AAPL), Netflix, Inc. (NASDAQ:NFLX), and Micron Technology Inc (NASDAQ:MU), as Coatue’s most valuable equity positions for the second quarter of the year.
First off is Apple Inc. (NASDAQ:AAPL), the $611 billion market cap tech giant. After boosting its stake by more than 500%, Coatue Management owns over 10 million shares of the company, worth more than $938 million. This position accounts for roughly 11.6% of the fund’s equity portfolio’s total value.
Other big names with big stakes in Apple Inc. (NASDAQ:AAPL) are Carl Icahn of Icahn Capital LP, who owns 52.76 million shares, worth almost $5 billion, and D.E. Shaw, who last disclosed ownership of 11.88 million shares, worth about $1.1 billion.
Netflix, Inc. (NASDAQ:NFLX) came in second. The $28 billion market cap internet television network saw the fund acquire 539,692 shares over the quarter. Following this 35% increase in its position, Coatue owns more than 2 million shares, worth over $918 million. As Netflix, Inc. (NASDAQ:NFLX)’s stock traded at relatively low prices over the second quarter one can understand the fund’s purchase as an opportunistic one. Since the end of the quarter, the stock has already returned 8%, recuperating from a steep fall in July.
Mr. Laffont’s fund holdings make it the largest hedge fund shareholder at the company – amongst those we track. Once again – and in spite of a 22% reduction in its stake, Carl Icahn is among the largest hedge fund investors, with 1.76 million shares of Netflix, Inc. (NASDAQ:NFLX). Andreas Halvorsen of Viking Global also seems quite bullish on the company, as his fund started a position, with 1.31 million shares, between April 1 and June 30, inclusive.
Coatue’s third largest bet was placed on Micron Technology Inc (NASDAQ:MU), a $35 billion market cap semiconductor manufacturer. After adding about 36% to its holdings, the fund owns 16.17 million shares of the company, worth more than half a billion dollars. The stock has returned by almost 50% year-to-date, and 55% over the second quarter.
Seth Klarman’s Baupost Group is the largest hedge fund shareholder of record at Micron Technology Inc (NASDAQ:MU), with 51.65 million shares of the company, which have a market value of more than $1.7 billion. The fund is trailed by David Einhorn’s Greenlight Capital and Andreas Halvorsen’s Viking Global, which own 40.34 million shares and 17.69 million shares, respectively. However, both these funds trimmed their stakes in the company over the second quarter of 2014.
Disclosure: Javier Hasse holds no position in any stocks or funds mentioned.