Billionaire investor Philippe Laffont’s Coatue Management in the third quarter picked up a new stake in Applied Materials (AMAT), significantly reduced its position in CoreWeave (CRWV), while exiting Philip Morris International (PM), among other changes.
Coatue disclosed the information in its latest 13F filing, which was published on Friday.
The fund exited its stake in Philip Morris International (PM), selling 1.29M shares, while it sold 117,415 shares of pharma giant Eli Lilly (LLY). Other exits include Yum China (YUMC), Generac Holdings (GNRC) and LexinFintech Holdings (LX).
Some new stakes in the quarter include 1.8M shares in Synopsys (SNPS), 3.34M shares in Applied Materials (AMAT), 1.95M shares of Snowflake (SNOW), 2.09M Class C shares of Alphabet (GOOG) and 3.23M shares of Figma (FIG).
The fund raised its stake in Oracle (ORCL) to 4.79M shares from 3.02M shares. Another stock where it significantly raised from 2.01M to 7.22M shares is Alphabet Class A holdings (GOOGL). The fund also raised its stake in Microsoft (MSFT), AppLovin (APP) and Taiwan Semiconductor Manufacturing Company (TSM).
Coatue, known for its investment in tech-heavy companies, slashed its position in Amazon (AMZN) from 10.1M shares to 8.74M shares, while it cut its stake in Arm Holdings (ARM) by 2.37M shares to 2.25M shares.
The most noticeable reduction in stake was in AI infrastructure provider CoreWeave (CRWV), where the position was reduced from 17.8M Class A shares to 6.72M shares.