Coatue Management (Laffont)
famous-pm, tech, growth, active
Quarter Analysis
13F change notes for Coatue Management (Laffont) in 2026-03-31.
Coatue's book contracted sharply ($40B → $29B in disclosed value, 52 → 62 names) but concentration ROSE (top-3 weight 19% → 26%) as Laffont doubled down on the AI-infrastructure thesis. TSMC nearly doubled in weight to 10.8% — now the largest single position. GE Vernova, Applied Materials, and Broadcom all scaled up; Microsoft cut -52%, Oracle exited after 6 quarters held, Reddit cut in half. Equinix is the headline new position (3.7%, datacenters). This reads as Coatue rotating from broad mega-cap tech into picks-and-shovels semis + power + datacenter.
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★ HELD
TAIWAN SEMICONDUCTOR MANUFAC TSM
Top weight now at 10.8%, almost double last quarter's 6.6%. The semi-cap thesis is now the largest single bet in the book.
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★ HELD
GE VERNOVA INC GEV
8 quarters, weight 7.7%, +390% unrealized — the power/AI build-out story compressed into one ticker.
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▼ REDUCED
MICROSOFT CORP MSFT
Cut by 52% — Coatue paring the mega-cap-cloud bet just as Ackman is initiating his MSFT position in the same quarter.
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× EXIT
ORACLE CORP ORCL
Fully exited after 6 quarters — interestingly Situational Awareness (Leopold) is initiating ORCL the same quarter; opposite views.
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+ NEW
EQUINIX INC EQIX
New 3.7% position — explicit datacenter REIT exposure to ride the AI infrastructure capex cycle.
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+ NEW
ASML HLDG NV ASML
New 2.3% position — alongside the TSMC scale-up, completes a clean lithography + foundry pair-trade.
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▼ REDUCED
APPLOVIN CORP APP
Cut by 41% even at +147% unrealized — taking profit on the AdTech winner.
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◐ CONCENTRATION
Top-3 weight jumped 19% → 26% (+7pp) — a real concentration step-up unusual for Coatue, which usually runs more diversified.