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Lee Ainslie’s Maverick Capital bolstered its positions final quarter in quite a lot of shares which have been hit exhausting, together with Carvana , Uber and Snowflake . The hedge fund added to its wager on Uber by 15% to a stake price $133 million on the finish of March, based on a regulatory submitting. The ride-hailing firm, Maverick’s eighth-largest holding, has fallen greater than 40% this 12 months. Maverick additionally elevated its Carvana place by a 3rd to greater than $75 million on the finish of the primary quarter, the submitting confirmed. It Snowflake stake elevated to just about $44 million. The duo has offered off drastically this 12 months — with Carvana down greater than 80% and Snowflake off by 58%. Ainslie based Maverick in 1993 after working underneath Julian Robertson at Tiger Administration. The so-called Tiger Cub is a price investor identified for his stakes in know-how. Maverick, like different large tech-focused hedge funds corresponding to Chase Coleman’s Tiger World and Brad Gerstner’s Altimeter, might have suffered steep losses final quarter, as there was nearly nowhere to cover within the know-how sector. Tech, particularly unprofitable corporations and richly valued software program names, has been hit the toughest recently within the face of rising charges. These sharp declines in tech have pushed the Nasdaq Composite down 24% 12 months thus far and off practically 27% from its all-time excessive. South Korean e-commerce firm Coupang remained Maverick’s largest holding on the finish of March. The inventory was down 56% this 12 months. Megacap tech names had been distinguished in Maverick’s prime holdings, together with Amazon, Microsoft, Netflix and Meta Platforms . Even with a lot stronger fundamentals, these large tech names additionally felt the ache from this 12 months’s market correction, all down double digits in 2022.
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