Philippe Laffont’s Coatue Management ups Nvidia stake by nearly tenfold among top Q2 moves

Billionaire investor Philippe Laffont’s Coatue Management in Q2 picked up a new stake in UnitedHealth (NYSE:UNH), exited its position in General Motors (NYSE:GM), and massively piled into its Nvidia (NASDAQ:NVDA) holdings among other changes.

Coatue disclosed the information in its latest 13F filing for the three months ended June 30, 2024, published on Wednesday.

The fund took in 97.4K shares in health insurance giant UnitedHealth (UNH) in Q2.

Other new stakes in the quarter include: about 35K and 43.5K shares in clean energy providers First Solar (FSLR) and SolarEdge Technologies (SEDG), respectively; 3.33M shares in General Electric’s energy business spin-out GE Vernova (GEV); 3.68M class B shares in entertainment company Paramount Global (PARA); and 6.21M class A shares in Amphenol (APH), a maker of electrical and fiber optic connectors and coaxial cables.

Coatue pulled out of its stake in carmaker General Motors (GM) in Q2. Other exits include China’s largest search engine provider Baidu (BIDU), Square-parent Block (SQ), footwear manufacturer Crocs (CROX), online food delivery business DoorDash (DASH), sports betting firm DraftKings (DKNG), data analytics software company Palantir Technologies (PLTR) and workflow digitization platform ServiceNow (NOW).

Moves in Magnificent 7 Companies

Coatue increased its stake in chip giant Nvidia (NVDA) by nearly tenfold, to 13.75M shares in Q2 from 1.39M shares at the end of Q1.

The fund also marginally upped its holdings in tech behemoth Microsoft (MSFT) by 0.6% to 3.70M shares, and in e-commerce and cloud major Amazon (AMZN) by 7% to 10.77M shares.

Additionally, Coatue slashed its position in electric vehicle maker Tesla (TSLA) by about 36% to 1.64M shares, and in Facebook-parent Meta Platforms (META) by 3.1% to 4.18M class A shares.

Finally, the fund trimmed its stake in Google-owner Alphabet’s class A capital stock (GOOG) by 38.3% to 2.76M shares, and in its class C capital stock (GOOGL) by 47.4% to around 617K shares.

Moves in the Chip Space

Aside from its massive increase in Nvidia (NVDA), Coatue was active in other semiconductor companies as well.

The fund added to its position in chip designer Qualcomm (QCOM) by 43.1% to 5.24M shares in Q2. It also upped its holdings in the world’s largest contract chipmaker, Taiwan Semiconductor Manufacturing (TSM), by 10.2% to 11.39M American depositary shares.

The stake in Lam Research (LRCX) saw a small bump by 2.9% to 457.4K shares.

Turning to cuts, Coatue trimmed its position in the world’s second-largest maker of personal computer processors, Advanced Micro Devices (AMD), by 7.4% to 6.28M shares in Q2. It also slashed its holdings in Broadcom (AVGO) by 31.9% to 283.4K shares, and in Dutch chip giant ASML (ASML) by 38.7% to 113.4K New York registry shares.

Finally, the fund exited its stakes in NXP Semiconductors (NXPI) and onsemi (ON).

Moves in Other Companies

Coatue significantly decreased its stake in streaming leader Netflix (NFLX) by 42.1% to 612.3K shares in Q2.

The fund also cut its position in: Chinese e-commerce major Alibaba (BABA) by 10.4% to 272.7K American depositary shares; the world’s largest pizza chain Domino’s Pizza (DPZ) by 43.9% to 356.6K shares; and e-signature firm Docusign (DOCU) by 68.6% to 1.42M shares.

Among health care companies, Coatue in Q2 reduced its holdings in weight loss drug leaders Novo Nordisk (NVO) and Eli Lilly (LLY) by 89.3% and 15.2%, respectively, to 32.9K American depositary shares and 207K shares.

Looking at stake increases, the fund raised its position in: creative software firm Adobe (ADBE) by 28.8% to 1.84M shares in Q2; vaccine developer Novavax (NVAX) by 72.7% to 2.62M shares; and PC maker Dell Technologies (DELL) by 73.2% to 7.31M class C shares.

Philippe Laffont’s Coatue has deployed total capital of $25B in private investments. According to Forbes, Laffont’s real time net worth is $6.1B.

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