Lee Ainslie is a pure long/short equity investor. He doesn’t trade bonds, currencies, commodities or options. He buys what he thinks will beat the market and he sells what he thinks will underperform. It’s as simple as that. He’s beaten the S&P 500 index on average by about 6-7 percentage points annually but with 50% less volatility. This leads us to think he has close to a 10% annual alpha, although we haven’t seen his monthly returns to calculate his actual alpha. During the last 10 years Maverick Capital returned 7.7% and this year it’s outperforming the S&P 500 by more than 4 percentage points.
Lee Ainslie is a pure long/short equity investor. He doesn’t trade bonds, currencies, commodities or options. He buys what he thinks will beat the market and he sells what he thinks will underperform. It’s as simple as that. He’s beaten the S&P 500 index on average by about 6-7 percentage points annually but with 50% less volatility. This leads us to think he has close to a 10% annual alpha, although we haven’t seen his monthly returns to calculate his actual alpha. During the last 10 years Maverick Capital returned 7.7% and this year it’s outperforming the S&P 500 by more than 4 percentage points.
Lee Ainslie underperformed 3 times in the past 10 years; in 2003, 2005 and 2009. In all three cases, his short positions hurt his performance. Last year, Maverick returned 23.6%, compared to 26.5% for the S&P 500 index.
Lee Ainslie, a graduate of UNC, met Julian Robertson when he was managing $700 million with seven other analysts. Ainslie joined Tiger in 1990, worked three years there and then launched Maverick in October 1993 at the behest and support of Sam Wyly. Ainslie was 29 years old.Maverick, on average, has a net market exposure of around 49%.
| Fund Name: | Maverick Capital |
| Manager | Lee Ainslie |
| Portfolio Value | $6,755,326,000 |
| Change This QTR | +0.89% |
| No. | Security | Ticker | Shares | Value (x$1000) | Activity | % Port |
|---|---|---|---|---|---|---|
| 1.) | M | 7,539,351 | $294,185 | +33% |
4.35% | |
| 2.) | AAPL | 544,333 | $289,679 | +1% |
4.28% | |
| 3.) | QCOM | 4,609,143 | $285,120 | -17% |
4.22% | |
| 4.) | ESRX | 5,059,061 | $273,189 | +58% |
4.04% | |
| 5.) | RL | 1,811,630 | $271,600 | +30% |
4.02% | |
| 6.) | FDO | 4,220,414 | $267,616 | +48% |
3.96% | |
| 7.) | NTAP | 7,864,559 | $263,856 | -12% |
3.9% | |
| 8.) | CTXS | 3,768,917 | $247,316 | +155% |
3.66% | |
| 9.) | DG | 5,118,538 | $225,676 | -5% |
3.34% | |
| 10.) | FNF | 8,956,105 | $210,916 | +39% |
3.12% |
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