Great investors · Philippe Laffont · Q4 2025
What Philippe Laffont bought and sold in Q4 2025
Coatue Management 13F portfolio as of Dec 31, 2025: 52 positions worth $40.0 bn. Largest: TSM, MSFT, META, AMZN. Filed with the SEC on May 15, 2026.
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 Q4 2025
- IncreasedApplied MaterialsAMAT+1.7 pp
- IncreasedNateraNTRA+1.4 pp
- IncreasedNetflixNFLX+1.1 pp
- IncreasedDoorDashDASH+1.1 pp
- IncreasedSpotify TechnologySPOT+0.9 pp
- IncreasedAmazon.comAMZN+0.7 pp
- IncreasedMicrosoftMSFT+0.6 pp
Sells in Q4 2025
- Sold outCoreWeaveCRWV−2.3 pp
- Sold outIntuitINTU−1.4 pp
- Sold outAlibaba Group HoldingBABA−0.9 pp
- Sold outAtlassianTEAM−0.8 pp
- Sold outKKRKKR−0.7 pp
- Sold outHinge HealthHNGE−0.6 pp
- ReducedPayPal HoldingsPYPL−0.5 pp
14 companies with material moves, out of 84 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 Q4 2025 13F lists 52 lines of US-listed securities worth $40.0 bn; the largest is TSM at 6.56% of the portfolio. It was accepted by the SEC on May 15, 2026 at 3:31 PM ET.
Against the previous quarter, it opened 13 positions (MTZ, VRT, RKT and AXON and 9 more), closed 35 (CRWV, INTU, BABA and TEAM and 31 more), added to 13 (NTRA, AMAT, DASH and NFLX and 9 more) and trimmed 24 (GEV, META, NVDA and GOOGL and 20 more). 2 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Taiwan Semiconductor Manufacturing TSM | 8.6 M | $2.6 bn | 6.56% | +6.9% |
| 2 | Microsoft MSFT | 5.2 M | $2.5 bn | 6.26% | +11% |
| 3 | Meta Platforms META | 3.8 M | $2.5 bn | 6.25% | −6.3% |
| 4 | Amazon.com AMZN | 9.9 M | $2.3 bn | 5.74% | +14% |
| 5 | GE Vernova GEV | 3.4 M | $2.2 bn | 5.51% | −7.3% |
| 6 | Alphabet GOOGL | 6.8 M | $2.1 bn | 5.36% | −5.3% |
| 7 | Constellation Energy CEG | 5.9 M | $2.1 bn | 5.22% | +3.2% |
| 8 | Broadcom AVGO | 5.5 M | $1.9 bn | 4.77% | −4.5% |
| 9 | NVIDIA NVDA | 9.2 M | $1.7 bn | 4.30% | −6.8% |
| 10 | Lam Research LRCX | 9.8 M | $1.7 bn | 4.20% | −1.5% |
| 11 | Applied Materials AMAT | 6.0 M | $1.5 bn | 3.85% | +79% |
| 12 | Eaton ETN | 4.7 M | $1.5 bn | 3.76% | −1.5% |
| 13 | AppLovin APP | 2.2 M | $1.5 bn | 3.69% | −3.6% |
| 14 | Spotify Technology SPOT | 2.5 M | $1.4 bn | 3.56% | +36% |
| 15 | Reddit RDDT | 5.6 M | $1.3 bn | 3.19% | −5.9% |
| 16 | Netflix NFLX | 10.9 M | $1.0 bn | 2.55% | +76% |
| 17 | DoorDash DASH | 4.4 M | $989M | 2.47% | +78% |
| 18 | Oracle ORCL | 4.4 M | $865M | 2.17% | −7.4% |
| 19 | Carvana CVNA | 2.0 M | $826M | 2.07% | −2.2% |
| 20 | Synopsys SNPS | 1.7 M | $778M | 1.95% | −8.4% |
| 21 | Nu Holdings NU | 45.8 M | $766M | 1.92% | −3.3% |
| 22 | Tesla TSLA | 1.6 M | $738M | 1.85% | −5.1% |
| 23 | Alphabet GOOG | 2.0 M | $628M | 1.57% | −4.4% |
| 24 | Natera NTRA | 2.6 M | $603M | 1.51% | ×15 |
| 25 | Snowflake SNOW | 2.5 M | $544M | 1.36% | +27% |
| 26 | Intuitive Surgical ISRG | 807,234 | $457M | 1.14% | +14% |
| 27 | Adobe ADBE | 874,150 | $306M | 0.77% | +43% |
| 28 | First Citizens Bancshares FCNCA | 139,498 | $299M | 0.75% | −31% |
| 29 | Advanced Micro Devices AMD | 1.2 M | $265M | 0.66% | no change |
| 30 | Caris Life Sciences CAI | 9.8 M | $265M | 0.66% | −3.2% |
| 31 | Chime Financial CHYM | 10.1 M | $254M | 0.63% | −6% |
| 32 | ARM Holdings ARM | 2.3 M | $251M | 0.63% | +1.8% |
| 33 | Marvell Technology MRVL | 2.1 M | $177M | 0.44% | no change |
| 34 | MasTec MTZ | 677,909 | $147M | 0.37% | new |
| 35 | Vertiv Holdings VRT | 828,947 | $134M | 0.34% | new |
| 36 | Rocket Companies RKT | 6.7 M | $131M | 0.33% | new |
| 37 | PayPal Holdings PYPL | 1.7 M | $99.1M | 0.25% | −68% |
| 38 | AXON Enterprise AXON | 155,387 | $88.2M | 0.22% | new |
| 39 | Infosys INFY | 4.6 M | $81.5M | 0.20% | new |
| 40 | C.h. Robinson Worldwide CHRW | 341,024 | $54.8M | 0.14% | new |
| 41 | Expeditors International of Washington EXPD | 365,987 | $54.5M | 0.14% | new |
| 42 | Generac Holdings GNRC | 369,210 | $50.3M | 0.13% | new |
| 43 | Sprouts Farmers Market SFM | 601,886 | $48.0M | 0.12% | new |
| 44 | Quantumscape QS | 3.7 M | $38.5M | 0.10% | −14% |
| 45 | Chagee Holdings CHA | 3.2 M | $36.9M | 0.09% | −49% |
| 46 | S&P Global SPGI | 63,451 | $33.2M | 0.08% | new |
| 47 | Moody's MCO | 64,260 | $32.8M | 0.08% | new |
| 48 | Medical Properties Trust MPT | 4.5 M | $22.6M | 0.06% | −50% |
| 49 | Navan NAVN | 599,280 | $10.2M | 0.03% | new |
| 50 | Moderna MRNA | 200,000 | $5.9M | 0.01% | new |
| 51 | Ishares Bitcoin Trust ETF IBIT | 67,226 | $3.3M | 0.01% | −49% |
| 52 | Webull BULL | 74,334 | $578K | 0.00% | −99% |
Positions it closed (35)
- CoreWeave CRWVwas 2.26% · 6.7 M shares
- Intuit INTUwas 1.41% · 839,460 shares
- Alibaba Group Holding BABAwas 0.87% · 2.0 M shares
- Atlassian TEAMwas 0.81% · 2.1 M shares
- KKR KKRwas 0.71% · 2.2 M shares
- Hinge Health HNGEwas 0.57% · 4.7 M shares
- Figma FIGwas 0.41% · 3.2 M shares
- Cadence Design Systems CDNSwas 0.41% · 472,212 shares
- Sea SEwas 0.29% · 666,305 shares
- Vistra Operations VSTwas 0.25% · 512,811 shares
- Skyworks Solutions SWKSwas 0.24% · 1.3 M shares
- The Trade Desk TTDwas 0.17% · 1.4 M shares
- Enphase Energy ENPHwas 0.14% · 1.6 M shares
- Zillow Group Zwas 0.14% · 739,700 shares
- Pinterest PINSwas 0.13% · 1.7 M shares
- Upstart Holdings UPSTwas 0.11% · 870,947 shares
- Novavax NVAXwas 0.08% · 3.8 M shares
- UiPath PATHwas 0.07% · 2.3 M shares
- Zillow Group ZGwas 0.06% · 328,189 shares
- Peloton Interactive PTONwas 0.06% · 2.5 M shares
- Klarna Group KLARwas 0.03% · 330,000 shares
- RingCentral RNGwas 0.03% · 411,351 shares
- PLUG Power PLUGwas 0.02% · 4.1 M shares
- JOYY JOYYwas 0.02% · 155,705 shares
- Lucid Group LCIDwas 0.02% · 295,393 shares
- Futu Holdings FUTUwas 0.01% · 24,105 shares
- Stitch FIX SFIXwas 0.01% · 790,167 shares
- Mobileye Global MBLYwas 0.01% · 226,558 shares
- Hertz Global Holdings HTZWWwas 0.00% · 468,814 shares
- ChargePoint Holdings CHPTwas 0.00% · 154,086 shares
- Olaplex Hldgs was 0.00% · 1.3 M shares
- Hertz Global Holdings HTZwas 0.00% · 106,823 shares
- AMC Entertainment Holdings AMCwas 0.00% · 228,136 shares
- Beyond Meat BYNDwas 0.00% · 343,393 shares
- Agora APIwas 0.00% · 93,700 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.