Lee Ainslie

Last Update: 05-16-2016

Number of Stocks: 132
Number of New Stocks: 36

Total Value: $6,320 Mil
Q/Q Turnover: 32%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

Lee Ainslie' s Profile & Performance

Profile

Founder and CEO of Dallas based Maverick Capital. Lee Ainslie started Maverick Capital back in 1993 with $38 million. Nowadays, the fund is worth $10 billion. Also learned from legendary great Julian Robertson at Tiger Management, Ainslie has averaged more than 13% a year since from 1995 to 2009. In the market crash of 2008, his fund lost about 30%.

Web Page:http://www.maverickcap.com/

Investing Philosophy

Maverick has six industry sector heads, most of whom are more or less the same age as Mr. Ainslie. They are the experts in their respective industries: consumer, health care, cyclical, retail, financial, and telecommunications, media, and technology. Mr. Ainslie talks to them throughout the day about new and current stocks in the portfolio. With that input, he ultimately makes the final decision.

Total Holding History

Performance of Maverick Fund

YearReturn (%)S&P500 (%)Excess Gain (%)
201011.215.06-3.9

Top Ranked Articles

Lee Ainslie Raises Priceline Group Stake by More Than 20,000% Company reported $55.5 billion in gross bookings in 2015 and is also trading below its intrinsic value with no debt
Lee Ainslie (Trades, Portfolio), founder and managing partner at Maverick Capital, added 261,323 shares of The Priceline Group (NASDAQ:PCLN) at an average price of $1,194.56 during the first quarter. Read more...
Ainslie Buys Stake in Newell Rubbermaid, UnitedHealth Maverick Capital founder adds to top-represented sectors in portfolio
Lee Ainslie (Trades, Portfolio), founder and CEO of Dallas-based Maverick Capital, made 23 new investments during the last quarter of 2015, according to data reported by GuruFocus' Real Time Picks. Read more...
Lee Ainslie Gains From Liberty Global But Loses From Axiall The guru also gains from Acuity Brands and UnitedHealth Group
Lee Ainslie (Trades, Portfolio) had some big gains and big losses after selling some holdings in the third quarter. His biggest gains were 33% and 23% from Liberty Global PLC (LBTYA) and Acuity Brands Inc. (AYI) while his biggest losses were 33% and 30% from Axiall Corp. (AXLL) and Rackspace Hosting Inc. (RAX). Read more...
Gurus Trim Positions in Tobacco Companies Reductions precede poll showing sharp decline in smoking rate among young Americans
It is certainly no secret that demographics play key roles in companies’ marketing strategies. Read more...
Lee Ainslie Sells Out Charter Communications, Baidu A closer look at the divestitures
Lee Ainslie (Trades, Portfolio), founder and managing partner at Maverick Capital has sold out two holdings: Charter Communications Inc. (NASDAQ:CHTR) and Baidu Inc. (NASDAQ:BIDU) . Read more...
» More Lee Ainslie Articles

Maverick Capital is a hedge fund located in GuruFocus’s own Dallas metroplex. Led by Lee Ainslie, this fund has been in operation since its inception in 1993. Lee Ainslie earned his bachelor’s degree in system engineering from The University of Virginia, and his MBA from the University of North Carolina. Ainslie was recruited at UNC to work for legendary hedge fund manager Julian Robertson in 1990. In addition to his hedge fund duties, Ainslie serves as the vice-chairman of the Robin Hood Foundation, and on the board of trustees for several organizations such as the Green Vale School.

“I was deciding whether to return to management consulting (my first career) or to go into investment banking; Julian gave me an opportunity to come to New York to work for Tiger”

Lee Ainslie worked for Julian Robertson’s Tiger Management, one of the earliest hedge funds to be founded. Utilizing a value-oriented approach to investments, his success launched the explosion of the hedge fund industry. As referenced in a previous article (http://www.gurufocus.com/news.php?id=126342), many of these analysts would go on to launch their own hedge funds after training and tutorage from Robertson. These new fund managers became a generation known as “tiger-cubs”, so eloquently referring to the roots of their training. Ainslie served as a managing director for Tiger Management and as a technological analyst for 3 years.

“….Evaluating management teams (of companies you were considering investing in) is critically important.”

Maverick Capital at its very core is a long/short equities fund. They invest in companies utilizing a fundamental bottoms-up approach to analyze equities. Ainslie operates with a long term view on value, much like his mentor, and this can be seen in their capital funding requirement. For the most part, his fund is widely closed to most investors, as he prefers dedicated and sophisticated investors. They prefer capital from investors with ties and influence on corporate boards across several spectrums of industry, in order to maintain and grow their business network. Furthermore, he typically has investors commit to a three year period, in order to achieve long term maximum value. Each position comprises no more then 5-8% of the overall portfolio, and is analyzed not upon quarterly earnings, but on a large annualized view with an optimal investment holding of 1-3 years out.

In terms of shorting equities, Lee Ainslie stated that: “Our short exposure is achieved by shorting individual stocks, which I think is increasingly unusual these days. But to us, it’s critical, because we want to add value on both the long side and the short side. If you use market-related indexes to create your short exposure, by definition it’s not going to add value.”

In terms of performance, Maverick Capital returned 11.2% vs. the S&P benchmark of 15.1% in 2010. Much of this loss was attributed to their short holdings, as is stated in their 2010 shareholder letter (http://neoalpha.blogspot.com/2011/02/maverick-capital-2010-annual-letter.html), “nine of our ten largest losses on the year were in short investments”. Since 1995 however, Maverick Capital had an annualized return of 14% vs. the S&P 8.1%.

Maverick Capital’s portfolio composition for the two most recent quarters of 2010 is shown in the following table. Comparatively speaking, Lee Ainslie increased his holdings in technology and financials by 3.40% and 3.90% respectively. Furthermore, he initiated a minor position in the basic materials sector. Conversely, he reduced his holdings in consumer services, health care, consumer goods, and industrials by a relatively modest amount.

 

Commentaries and Stories

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Lee Ainslie Raises Priceline Group Stake by More Than 20,000% Company reported $55.5 billion in gross bookings in 2015 and is also trading below its intrinsic value with no debt Lee Ainslie - Lee Ainslie Raises Priceline Group Stake By More Than 20,000%
Lee Ainslie (Trades, Portfolio), founder and managing partner at Maverick Capital, added 261,323 shares of The Priceline Group (NASDAQ:PCLN) at an average price of $1,194.56 during the first quarter. More...

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High Quality Stocks: Gap, PepsiCo Guru stocks with high business predictability rating Eric Mindich, Lee Ainslie, Ray Dalio - High Quality Stocks: Gap, PepsiCo
According to GuruFocus’ All-in-One Screener, the following stocks have a high business predictability rating and at least five gurus are shareholders in the companies. More...

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Ainslie Buys Stake in Newell Rubbermaid, UnitedHealth Maverick Capital founder adds to top-represented sectors in portfolio Lee Ainslie,Julian Robertson - Ainslie Buys Stake In Newell Rubbermaid, UnitedHealth
Lee Ainslie (Trades, Portfolio), founder and CEO of Dallas-based Maverick Capital, made 23 new investments during the last quarter of 2015, according to data reported by GuruFocus' Real Time Picks. More...

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Lee Ainslie Gains From Liberty Global But Loses From Axiall The guru also gains from Acuity Brands and UnitedHealth Group Lee Ainslie,Andreas Halvorsen,Louis Moore Bacon,Ro - Lee Ainslie Gains From Liberty Global But Loses From Axiall
Lee Ainslie (Trades, Portfolio) had some big gains and big losses after selling some holdings in the third quarter. His biggest gains were 33% and 23% from Liberty Global PLC (LBTYA) and Acuity Brands Inc. (AYI) while his biggest losses were 33% and 30% from Axiall Corp. (AXLL) and Rackspace Hosting Inc. (RAX). More...

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Gurus Trim Positions in Tobacco Companies Reductions precede poll showing sharp decline in smoking rate among young Americans Lee Ainslie, Joel Greenblatt, David Dreman, Ray Da - Gurus Trim Positions In Tobacco Companies
It is certainly no secret that demographics play key roles in companies’ marketing strategies. More...

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Lee Ainslie Sells Out Charter Communications, Baidu A closer look at the divestitures Lee Ainslie - Lee Ainslie Sells Out Charter Communications, Baidu
Lee Ainslie (Trades, Portfolio), founder and managing partner at Maverick Capital has sold out two holdings: Charter Communications Inc. (NASDAQ:CHTR) and Baidu Inc. (NASDAQ:BIDU) . More...

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Lee Ainslie Continues to Buy Liberty Global, Texas Instruments Stocks Ainslie has bought for the past 2 quarters Lee Ainslie - Lee Ainslie Continues To Buy Liberty Global, Texas Instruments
Lee Ainslie (Trades, Portfolio) started Maverick Capital back in 1993 with $38 million. Today the fund is worth $10 billion.  More...

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Lee Ainslie Sells Kraft Heinz, Cuts Priceline Holding Maverick Capital's largest trades in the 3rd quarter Lee Ainslie - Lee Ainslie Sells Kraft Heinz, Cuts Priceline Holding
Founder and CEO of Maverick Capital Lee Ainslie (Trades, Portfolio) started the firm in 1993, as a registered investment adviser managing private investment funds exclusively for qualified investors. More...

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Lee Ainslie Drastically Reduces Priceline, Allergan Holdings Maverick Capital founder cuts stakes by more than half Lee Ainslie - Lee Ainslie Drastically Reduces Priceline, Allergan Holdings
Lee Ainslie (Trades, Portfolio), founder and managing partner at Maverick Capital, has drastically reduced his holdings in two companies during the third quarter of 2015. Ainslie sold 301,737 shares in Priceline Group Inc. (NASDAQ:PCLN), and has also reduced his holdings in Allergan PLC (NYSE:AGN), selling 879,142 shares for a 60.23% reduction. More...

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Lee Ainslie Buys Pfizer, Pinnacle Foods in 3rd Quarter Dallas-based Maverick Capital's most notable trades Lee Ainslie - Lee Ainslie Buys Pfizer, Pinnacle Foods In 3rd Quarter
Founder and CEO of Dallas-based Maverick Capital Lee Ainslie (Trades, Portfolio) started the firm back in 1993 with $38 million. The following are a few of his notable trades during the third quarter. More...

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Pinnacle Foods Agrees to Acquire Boulder Brands After Its Acquisition of Hillshire Pinnacle has a new merger that will give it greater presence in the health and wellness categories Lee Ainslie,RS Investment Management,Pioneer Inves - Pinnacle Foods Agrees To Acquire Boulder Brands After Its Acquisition Of Hillshire
Boulder Brands Inc. (BDBD) has been working to improve lives, and Pinnacle Foods Inc. (PF) recently entered into a definitive agreement to acquire Boulder Brands for $11.00 per share. What are the benefits for both companies? More...

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What's Lee Ainslie's Angle to Buy Into a Pharmaceutical Stalwart Yielding 3%? Exploring guru's motive to take a position in a slow-growing stalwart that is returning quite a bit of cash to shareholders Lee Ainslie,Julian Robertson,Leon Cooperman,John B - What's Lee Ainslie's Angle To Buy Into A Pharmaceutical Stalwart Yielding 3%?
Lee Ainslie (Trades, Portfolio) is the founder and CEO of Maverick Capital, unsurprisingly located in Dallas. Ainslie started Maverick Capital in 1993 with just $38 million. Today the fund is worth many billions of dollars. More...

LONG, HEALTHCARE, BIOTECH


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McKesson Officer Sells 101,835 Shares of Company Company announced in September plans to acquire pharmaceutical distribution division of UDG Healthcare Daniel Loeb,Lee Ainslie - McKesson Officer Sells 101,835 Shares Of Company
McKesson Corp. (MCK) CEO, President and Chairman John Hammergren (Insider Trades) sold 101,835 shares of the company on Oct. 12. The average price per share was $190.51. McKesson is a healthcare service and information technology company dedicated to making the business of healthcare run well. The company has a market cap of $44.11 billion and a P/S ratio of 0.24. More...

JOHN HAMMERGREN, INSIDER TRADES, MCKESSON CORP


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Lee Ainslie Adds to Stake in Allergan Kansas City Southern, Charter Communications lead list of new stakes in portfolio Lee Ainslie - Lee Ainslie Adds To Stake In Allergan
Lee Ainslie (Trades, Portfolio), founder and CEO of Dallas-based Maverick Capital Ltd., consults Maverick’s six industry sector heads before reaching conclusions on stocks. Their insights have helped Maverick Capital grow from $38 million when it was founded in 1993 to $10 billion today. More...

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Hedge Fund Managers Lee Ainslie, Marc Lasry and Josh Freeman Discuss Portfolio Construction
Question: When doing investment analysis, do you consider how long a company will be in bankruptcy? More...

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Delta Air Lines: A Nice Bet for the Remainder of 2015
Delta Air Lines Inc. (NYSE:DAL) reported Q2 2015 earnings (on an adjusted basis) of $1.27 per share, beating analyst´s estimates of $1.23. Further, higher-than-expected revenues contributed to that earning´s beat. The company reported quarterly revenues of $10.71 billion, beating estimates of $10.63 billion, with growth of 0.75% year-over-year. More...

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Southwest Airlines Looks Attractive Despite Recent Investigation
In this article, let's take a look at Southwest Airlines Co. (NYSE:LUV), a $21.73 billion market cap company, which is a major passenger airline that provides scheduled air transportation in the U.S. Some of the largest publically traded companies in the industry include Delta Air Lines (NYSE:DAL), United Continental Holdings (NYSE:UAL), US Airways Group (NYSE:LCC), JetBlue Airways (NASDAQ:JBLU), and SkyWest (NASDAQ:SKYW). More...

Southwest Airlines


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Why I Still Consider Kroger as a Buy Recommendation
In this article, let's take a look at the supermarket operator Kroger Co (NYSE:KR) and try to explain if this is an appealing investment opportunity or not, when shares of the company are trading nearly its 52-week high. Shares of the firm closed yesterday at $73.11, amassing a year-to-date return of 13.6%, which I consider attractive when compared to a market benchmark such as the SPDR S&P 500 ETF (SPY). Further, the past September I wrote an article recommending the stock, and I think it has done pretty good, with a 42% return in the period. More...

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Lee Ainslie's Undervalued Stocks With Growing Earnings
Lee Ainslie (Trades, Portfolio) is founder and CEO of Dallas-based Maverick Capital. He started Maverick Capital back in 1993 with $38 million. During the last quarter he bought 90 new stocks reaching a total of 119 stock and a total value of $6,214 Mil. More...

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Lee Ainslie's Most Heavily Weighted Trades in Q1 2015
Founder and CEO of Dallas based Maverick Capital, Lee Ainslie (Trades, Portfolio) started Maverick Capital back in 1993 with $38 million. Today, the portfolio is worth $6,214 Mil. More...

Lee Ainslie


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