Great investors · Philippe Laffont · Q1 2025
What Philippe Laffont bought and sold in Q1 2025
Coatue Management 13F portfolio as of Mar 31, 2025: 70 positions worth $22.7 bn. Largest: META, AMZN, TSM, CEG. Filed with the SEC on May 15, 2025.
The 13F is filed by Coatue Management, not by Philippe Laffont personally: these are the whole firm's positions. A “position” is a distinct security in the filing (by CUSIP); share classes of the same company are shown added together.
Buys in Q1 2025
- IncreasedAlibaba Group HoldingBABA+1.6 pp
- IncreasedLam ResearchLRCX+1.0 pp
- NewPhilip Morris InternationalPM+0.8 pp
- IncreasedSpotify TechnologySPOT+0.5 pp
Sells in Q1 2025
- Sold outVertiv HoldingsVRT−2.4 pp
- ReducedAdobeADBE−1.4 pp
- Sold outVistra OperationsVST−1.4 pp
- Sold outServiceNowNOW−1.3 pp
- Sold outCharles SchwabSCHW−1.1 pp
- ReducedTaiwan Semiconductor ManufacturingTSM−1.1 pp
- Sold outShopifySHOP−0.9 pp
- Sold outHubSpotHUBS−0.9 pp
- ReducedNu HoldingsNU−0.8 pp
- ReducedAlphabetGOOGL−0.6 pp
- Sold outQualcommQCOM−0.6 pp
- ReducedRedditRDDT−0.6 pp
21 companies with material moves, out of 82 positions with a change. Only moves of 0.5 points of the portfolio or more are listed, measured as “traded weight” (what was bought or sold, excluding price effects). Smaller changes exist and are not listed: a position may have gone up or down without appearing above.
The full 13F, line by line
Coatue Management's Q1 2025 13F lists 70 lines of US-listed securities worth $22.7 bn; the largest is META at 9.55% of the portfolio. It was accepted by the SEC on May 15, 2025 at 12:56 PM ET.
Against the previous quarter, it opened 24 positions (CRWV, PM, MPWR and CVNA and 20 more), closed 21 (VRT, VST, NOW and SCHW and 17 more), added to 16 (BABA, LRCX, SPOT and KKR and 12 more) and trimmed 22 (TSM, NU, ADBE and RDDT and 18 more). 8 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Meta Platforms META | 3.8 M | $2.2 bn | 9.55% | +1.9% |
| 2 | Amazon.com AMZN | 10.8 M | $2.0 bn | 9.02% | no change |
| 3 | Taiwan Semiconductor Manufacturing TSM | 8.0 M | $1.3 bn | 5.83% | −20% |
| 4 | Constellation Energy CEG | 6.2 M | $1.2 bn | 5.48% | −7.1% |
| 5 | Microsoft MSFT | 3.3 M | $1.2 bn | 5.41% | −7.3% |
| 6 | Eaton ETN | 4.5 M | $1.2 bn | 5.35% | no change |
| 7 | GE Vernova GEV | 3.8 M | $1.1 bn | 5.06% | −2.7% |
| 8 | NVIDIA NVDA | 8.5 M | $926M | 4.08% | −15% |
| 9 | Spotify Technology SPOT | 1.5 M | $848M | 3.74% | +22% |
| 10 | Atlassian TEAM | 3.3 M | $694M | 3.06% | −7.5% |
| 11 | Broadcom AVGO | 3.6 M | $598M | 2.64% | +1.3% |
| 12 | Lam Research LRCX | 8.2 M | $597M | 2.63% | +103% |
| 13 | Netflix NFLX | 618,735 | $577M | 2.54% | −11% |
| 14 | Nu Holdings NU | 55.8 M | $571M | 2.52% | −30% |
| 15 | AppLovin APP | 2.1 M | $555M | 2.45% | −8.8% |
| 16 | CoreWeave CRWV | 14.4 M | $534M | 2.35% | new |
| 17 | Alibaba Group Holding BABA | 3.8 M | $503M | 2.22% | ×20 |
| 18 | Reddit RDDT | 4.7 M | $498M | 2.19% | −27% |
| 19 | Tesla TSLA | 1.6 M | $425M | 1.87% | −24% |
| 20 | First Citizens Bancshares FCNCA | 221,219 | $410M | 1.81% | +1% |
| 21 | Intuit INTU | 658,864 | $405M | 1.78% | +20% |
| 22 | KKR KKR | 3.5 M | $404M | 1.78% | +31% |
| 23 | Intuitive Surgical ISRG | 698,067 | $346M | 1.52% | −28% |
| 24 | PayPal Holdings PYPL | 5.2 M | $342M | 1.51% | −34% |
| 25 | Advanced Micro Devices AMD | 3.2 M | $333M | 1.47% | −24% |
| 26 | Alphabet GOOGL | 2.0 M | $311M | 1.37% | −38% |
| 27 | Super Micro Computer SMCI | 8.9 M | $304M | 1.34% | no change |
| 28 | DoorDash DASH | 1.7 M | $302M | 1.33% | −36% |
| 29 | Adobe ADBE | 694,032 | $266M | 1.17% | −61% |
| 30 | Philip Morris International PM | 1.6 M | $247M | 1.09% | new |
| 31 | Cadence Design Systems CDNS | 970,777 | $247M | 1.09% | +21% |
| 32 | Eli Lilly LLY | 183,721 | $152M | 0.67% | −14% |
| 33 | Monolithic Power Systems MPWR | 193,432 | $112M | 0.49% | new |
| 34 | Carvana CVNA | 535,333 | $112M | 0.49% | new |
| 35 | Sea SE | 696,609 | $90.9M | 0.40% | +2.7% |
| 36 | Skyworks Solutions SWKS | 1.3 M | $82.3M | 0.36% | new |
| 37 | ServiceTitan TTAN | 631,258 | $60.0M | 0.26% | no change |
| 38 | Pinterest PINS | 1.7 M | $52.0M | 0.23% | new |
| 39 | Zillow Group Z | 739,700 | $50.7M | 0.22% | +100% |
| 40 | Tempus AI TEM | 935,562 | $45.1M | 0.20% | new |
| 41 | Astera Labs ALAB | 676,586 | $40.4M | 0.18% | new |
| 42 | Upstart Holdings UPST | 870,947 | $40.1M | 0.18% | +150% |
| 43 | Zillow Group ZG | 482,271 | $32.2M | 0.14% | +52% |
| 44 | UiPath PATH | 2.4 M | $25.1M | 0.11% | no change |
| 45 | Novavax NVAX | 3.8 M | $24.6M | 0.11% | new |
| 46 | Medical Properties Trust MPT | 3.3 M | $20.0M | 0.09% | new |
| 47 | Quantumscape QS | 4.3 M | $17.9M | 0.08% | new |
| 48 | Peloton Interactive PTON | 2.5 M | $15.8M | 0.07% | new |
| 49 | Generac Holdings GNRC | 119,628 | $15.2M | 0.07% | new |
| 50 | Trip.com Group TCOM | 222,892 | $14.2M | 0.06% | new |
| 51 | NovoCure NVCR | 608,672 | $10.8M | 0.05% | no change |
| 52 | RingCentral RNG | 411,351 | $10.2M | 0.04% | new |
| 53 | Lucid Group LCID | 3.0 M | $7.1M | 0.03% | new |
| 54 | PLUG Power PLUG | 4.1 M | $5.5M | 0.02% | new |
| 55 | KE Holdings BEKE | 272,205 | $5.5M | 0.02% | −78% |
| 56 | Futu Holdings FUTU | 37,421 | $3.8M | 0.02% | −71% |
| 57 | Coupang CPNG | 171,553 | $3.8M | 0.02% | +14% |
| 58 | JD.com JD | 87,778 | $3.6M | 0.02% | −86% |
| 59 | Qfin Holdings QFIN | 79,124 | $3.6M | 0.02% | +74% |
| 60 | LexinFintech Holdings LX | 340,639 | $3.4M | 0.02% | −73% |
| 61 | Mobileye Global MBLY | 226,558 | $3.3M | 0.01% | new |
| 62 | Stitch FIX SFIX | 790,167 | $2.6M | 0.01% | new |
| 63 | ChargePoint Holdings | 3.1 M | $1.9M | 0.01% | new |
| 64 | Agora API | 435,510 | $1.8M | 0.01% | no change |
| 65 | Olaplex Holdings | 1.3 M | $1.6M | 0.01% | new |
| 66 | Hertz Global Holdings HTZWW | 644,294 | $1.5M | 0.01% | +267% |
| 67 | Beyond Meat BYND | 343,393 | $1.0M | 0.00% | new |
| 68 | Solaredge Technologies SEDG | 43,500 | $704K | 0.00% | no change |
| 69 | AMC Entertainment Holdings AMC | 228,136 | $655K | 0.00% | new |
| 70 | Hertz Global Holdings HTZ | 106,823 | $421K | 0.00% | new |
Positions it closed (21)
- Vertiv Holdings VRTwas 2.44% · 6.4 M shares
- Vistra Operations VSTwas 1.38% · 3.0 M shares
- ServiceNow NOWwas 1.32% · 369,342 shares
- Charles Schwab SCHWwas 1.12% · 4.5 M shares
- Shopify SHOPwas 0.91% · 2.5 M shares
- HubSpot HUBSwas 0.88% · 373,280 shares
- Qualcomm QCOMwas 0.64% · 1.2 M shares
- UBER Technologies UBERwas 0.59% · 2.9 M shares
- Affirm Holdings AFRMwas 0.54% · 2.6 M shares
- Domino’s Pizza DPZwas 0.46% · 322,621 shares
- Docusign DOCUwas 0.41% · 1.3 M shares
- Okta OKTAwas 0.33% · 1.3 M shares
- Datadog DDOGwas 0.32% · 669,972 shares
- Dell Technologies DELLwas 0.30% · 767,896 shares
- Alphabet GOOGwas 0.26% · 403,298 shares
- monday.com MNDYwas 0.23% · 293,474 shares
- Quanta Services PWRwas 0.14% · 134,911 shares
- Paramount Skydance was 0.09% · 2.7 M shares
- PDD Holdings PDDwas 0.06% · 184,628 shares
- Kraneshares Trust KWEBwas 0.03% · 301,743 shares
- Moderna MRNAwas 0.03% · 191,074 shares
One row per line of the filing (by CUSIP): share classes of the same company are listed separately here. “Change in shares” compares the count with the previous quarter, split-adjusted; the value is the one reported in the 13F at quarter end, not today's price.
Original documents: Coatue Management's 13F filings on EDGAR (SEC) ↗
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Source: 13F filings with the SEC. A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions. Not investment advice.