Lee Ainslie’s Maverick Capital increased its positions in a number of hard-hit stocks including Carvana, Uber and Snowflake last quarter. The hedge fund increased its bet on Uber by 15% to a stake worth $133 million in late March, according to a regulatory filing. The ride-sharing company, Maverick’s eighth-largest holding, is down more than 40% this year. Maverick also increased its Carvana position by a third to more than $75 million at the end of the first quarter, the filing showed. Snowflake’s stake rose to nearly $44 million. The duo has sold off dramatically this year – with Carvana down more than 80% and Snowflake down 58%. Ainslie founded Maverick in 1993 after working at Tiger Management under Julian Robertson. The so-called Tiger Cub is a value investor known for its investments in technology. Maverick, like other big tech-focused hedge funds like Chase Coleman’s Tiger Global and Brad Gerstner’s Altimeter, could have suffered precipitous losses last quarter as there was virtually nowhere to hide in the tech sector. Tech companies, particularly unprofitable firms and highly valued software names, have been hit the hardest of late as interest rates rise. Those sharp declines in the tech space have pushed the Nasdaq Composite down 24% year-to-date and nearly 27% from its all-time high. South Korean e-commerce company Coupang remained Maverick’s largest holding at the end of March. The stock is down 56% this year. Megacap tech names have been prominent in Maverick’s top holdings, including Amazon, Microsoft, Netflix and Meta Platforms. Even with much stronger fundamentals, these big tech names also felt the pain of this year’s market correction, all of which declined by double digits in 2022.
https://www.cnbc.com/2022/05/17/maverick-capital-increases-bets-on-carvana-uber-and-snowflake-in-the-first-quarter.html Maverick Capital is increasing bets on Carvana, Uber and Snowflake in the first quarter