Ainslie’s Maverick Bulked Up on Priceline, Facebook, Allergan

  • Owns $338 million Priceline stake, $182 million Facebook stake
  • Maverick took new positions in Lam Research, Northrop Grumman

Lee Ainslie’s Maverick Capital plowed capital into previously small stakes in online travel company Priceline Group Inc. and social media giant Facebook Inc. in the first quarter.

The firm amassed a stake in Priceline worth $338 million as of March 31, comprising 5.4 percent of its total disclosed U.S. equities portfolio, according to a regulatory filing on Monday. It purchased 1.59 million shares of Facebook to bring its stake to 1.6 million shares, worth $182 million, and roughly doubled its holdings of pharmaceutical company Allergan Plc during the quarter.

Facebook’s shares have climbed more than 13 percent this year as the company continued to deliver on strong earnings. Allergan dropped 28 percent in 2016 as plans for a $160 billion merger with Pfizer fell apart.

Maverick also took new stakes in semiconductor manufacturer Lam Research Corp. and defense company Northrop Grumman Corp., according to the filing.

Money managers who oversee more than $100 million in U.S. equities must file a Form 13F within 45 days of the end of each quarter. The filings list their holdings in stocks that trade on U.S. exchanges, as well as options and convertible debt, but don’t show non-U.S. traded securities or wagers against stocks.

Ainslie co-founded the New York-based firm in 1993 and took responsibility for the entire portfolio in 1995. Since 2011, he’s been handing off day-to-day management of the main fund to Andrew Warford, who is now head of the investment committee and managing partner.

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