Coatue Management is a New York City-based hedge fund that was launched back in 1999 by Philippe Laffont. The fund provides additional office in Menlo Park, California. At the end of 2016, it held around $10.25 billion in assets under management. Coatue Management looks for the stocks to invest in from the technology sector, utilizing long-short investment strategy. Prior to founding Coatue Management, Philippe Laffont honed his investment acumen at Julian Robertson's Tiger Management. He graduated with MS in Computer Science from MIT in 1989.
Insider Monkey’s flagship strategy identifies the best performing 100 hedge funds at the end of each quarter and invests in their consensus stock picks. This way it is always invested in the best ideas of the best performing hedge funds and is able to generate much higher returns than the market. Since its inception in May 2014, our flagship strategy generated a cumulative return of 103%, beating the S&P 500 ETF (SPY) by nearly 38 percentage points (see the details here). Our best performing hedge funds strategy also returned 26.4% year-to-date and outperformed the S&P 500 Index by nearly 12 percentage points. We take a closer look at hedge funds like Coatue Management in order to identify their best and worst ideas.
On March 31st, Coatue Management’s portfolio was valued at $9.03 billion, and it counted 116 holdings. Out of 39 quarterly additions the most valuable ones were Mallinckrodt plc (NYSE:MNK), Okta, Inc. (NASDAQ:OKTA), and Fitbit, Inc. (NYSE:FIT). Whereas the top boosted stakes included ServiceNow, Inc. (NYSE:NOW), Adobe Inc. (NASDAQ:ADBE), and Mastercard Incorporated (NYSE:MA).
During the quarter, the fund lost faith in 33 stocks and sold its entire positions. Among those dumped holdings were Spotify Technology S.A. (NYSE:SPOT), QUALCOMM Incorporated (NASDAQ:QCOM), and Twitter, Inc. (NYSE:TWTR). Coatue Management also showed a drop in enthusiasm for some of its holdings, trimming its stakes in Amazon.com, Inc. (NASDAQ:AMZN), Facebook, Inc. (NASDAQ:FB), and Netflix, Inc. (NASDAQ:NFLX).
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