Investor: Philippe Laffont
Number of Assets: 74
Reporting Period: Q3 - 2025
Holdings at Report: $40,788,469,402
Return Since Report: -$1,529,464,776
Return Since Report: -3.75%
Company | Position | Activity | Shares | Port. % | Rep. Price | Curr. Price | Rep. Value | Curr. Value | Return Value | Return % |
|---|---|---|---|---|---|---|---|---|---|---|
| Alphabet Inc. (GOOG) | Equity | +100% | 2,091,574 | 1.25% | $243.55 | $309.05 | $509,402,849 | $646,400,945 | +$136,998,096 | +26.89% |
| Arm Holdings PLC (ARM) | Equity | -51.23% | 2,259,826 | 0.78% | $141.49 | $125.69 | $319,742,781 | $284,037,530 | -$35,705,251 | -11.17% |
| Figma INC | Equity | +100% | 3,232,969 | 0.41% | $51.87 | N/A | $167,694,102 | N/A | N/A | N/A |
| First Citizens Bancshares Inc. (FCNCA) | Equity | -4.15% | 202,258 | 0.89% | $1,789.16 | $2,073.24 | $361,871,923 | $419,329,376 | +$57,457,453 | +15.88% |
| Marvell Technology Inc. (MRVL) | Equity | +245.13% | 2,079,046 | 0.43% | $84.07 | $84.81 | $174,785,397 | $176,313,496 | +$1,528,099 | +0.87% |
| Paypal Holdings Inc. (PYPL) | Equity | -24.86% | 5,237,984 | 0.86% | $67.06 | $60.96 | $351,259,207 | $319,307,505 | -$31,951,702 | -9.10% |
| Plug Power Inc. (PLUG) | Equity | 0% | 4,098,713 | 0.02% | $2.33 | $2.30 | $9,550,001 | $9,427,040 | -$122,961 | -1.29% |
| Alphabet Inc. (GOOGL) | Equity | +259.14% | 7,221,115 | 4.30% | $243.10 | $307.83 | $1,755,453,057 | $2,222,875,830 | +$467,422,773 | +26.63% |
| Chargepoint Holdings INC | Equity | +100% | 154,086 | 0.00% | $10.92 | N/A | $1,682,619 | N/A | N/A | N/A |
| Applovin Corp. (APP) | Equity | +24.89% | 2,267,855 | 4.00% | $718.54 | $686.82 | $1,629,544,531 | $1,557,608,171 | -$71,936,360 | -4.41% |
| Futu Holdings Limited (FUTU) | Equity | +100% | 24,105 | 0.01% | $173.91 | $162.99 | $4,192,101 | $3,928,874 | -$263,227 | -6.28% |
| Enphase Energy Inc. (ENPH) | Equity | +95.26% | 1,647,893 | 0.14% | $35.39 | $37.42 | $58,318,933 | $61,664,156 | +$3,345,223 | +5.74% |
| Adobe Inc. (ADBE) | Equity | 0% | 610,621 | 0.53% | $352.75 | $349.70 | $215,396,558 | $213,534,164 | -$1,862,394 | -0.86% |
| Broadcom Inc. (AVGO) | Equity | +2.13% | 5,767,559 | 4.67% | $329.91 | $340.74 | $1,902,775,389 | $1,965,238,054 | +$62,462,665 | +3.28% |
| Carvana Co. (CVNA) | Equity | +11.29% | 2,003,208 | 1.85% | $377.24 | $454.60 | $755,690,186 | $910,658,357 | +$154,968,171 | +20.51% |
| Hertz Global Holdings Inc. (HTZ) | Equity | 0% | 106,823 | 0.00% | $6.80 | $5.13 | $726,396 | $548,002 | -$178,394 | -24.56% |
| Joyy Inc. (YY) | Equity | +100% | 155,705 | 0.02% | $58.61 | $64.31 | $9,125,870 | $10,013,389 | +$887,519 | +9.73% |
| Mobileye Global Inc. (MBLY) | Equity | 0% | 226,558 | 0.01% | $14.12 | $10.63 | $3,198,999 | $2,408,312 | -$790,687 | -24.72% |
| Novavax Inc. (NVAX) | Equity | 0% | 3,836,986 | 0.08% | $8.67 | $6.58 | $33,266,669 | $25,228,183 | -$8,038,486 | -24.16% |
| Upstart Holdings Inc. (UPST) | Equity | 0% | 870,947 | 0.11% | $50.80 | $47.12 | $44,244,108 | $41,039,023 | -$3,205,085 | -7.24% |
| Advanced Micro Devices Inc. (AMD) | Equity | -19.03% | 1,239,043 | 0.49% | $161.79 | $210.78 | $200,464,767 | $261,165,484 | +$60,700,717 | +30.28% |
| Amc Entertainment Holdings Inc. (AMC) | Equity | 0% | 228,136 | 0.00% | $2.90 | $1.99 | $661,594 | $453,991 | -$207,603 | -31.38% |
| Eaton Corp. PLC (ETN) | Equity | +2.28% | 4,794,777 | 4.40% | $374.25 | $333.45 | $1,794,445,294 | $1,598,808,801 | -$195,636,493 | -10.90% |
| Intuitive Surgical Inc. (ISRG) | Equity | -3.65% | 710,649 | 0.78% | $447.23 | $555.87 | $317,823,553 | $395,028,460 | +$77,204,907 | +24.29% |
| Nu Holdings Ltd. (NU) | Equity | -2.36% | 47,298,775 | 1.86% | $16.01 | $16.78 | $757,253,388 | $793,862,640 | +$36,609,252 | +4.83% |
| Reddit Inc. (RDDT) | Equity | -5.02% | 5,897,540 | 3.33% | $229.99 | $224.37 | $1,356,375,225 | $1,323,231,050 | -$33,144,175 | -2.44% |
| Skyworks Solutions Inc. (SWKS) | Equity | 0% | 1,272,952 | 0.24% | $76.98 | $66.91 | $97,991,845 | $85,173,218 | -$12,818,627 | -13.08% |
| Vistra Corp. (VST) | Equity | +7.70% | 512,811 | 0.25% | $195.92 | $168.66 | $100,469,931 | $86,490,703 | -$13,979,228 | -13.91% |
| Zillow Group Inc. (ZG) | Equity | 0% | 328,189 | 0.06% | $74.44 | $65.64 | $24,430,389 | $21,542,326 | -$2,888,063 | -11.82% |
| Agora Inc. (API) | Equity | 0% | 93,700 | 0.00% | $3.82 | $3.89 | $357,934 | $364,493 | +$6,559 | +1.83% |
| Applied Materials Inc. (AMAT) | Equity | +100% | 3,349,048 | 1.68% | $204.74 | $262.39 | $685,684,087 | $878,756,705 | +$193,072,618 | +28.16% |
| Atlassian Corp. (TEAM) | Equity | -9.99% | 2,077,303 | 0.81% | $159.70 | $158.83 | $331,745,289 | $329,938,035 | -$1,807,254 | -0.54% |
| Caris Life Sciences INC | Equity | 0% | 10,142,198 | 0.75% | $30.25 | $0.00 | $306,801,490 | $0 | -$306,801,490 | -100% |
| Chagee Hldgs LTD | Equity | 0% | 6,174,115 | 0.25% | $16.55 | $0.00 | $102,181,603 | $0 | -$102,181,603 | -100% |
| Chime Financial Inc. (CHYM) | Equity | -0.98% | 10,716,284 | 0.53% | $20.17 | $24.49 | $216,147,449 | $262,388,214 | +$46,240,765 | +21.39% |
| Constellation Energy Corp. (CEG) | Equity | -3.35% | 5,725,963 | 4.62% | $329.07 | $358.35 | $1,884,242,645 | $2,051,898,841 | +$167,656,196 | +8.90% |
| Doordash Inc. (DASH) | Equity | +12.26% | 2,454,877 | 1.64% | $271.99 | $229.30 | $667,701,995 | $562,891,022 | -$104,810,973 | -15.70% |
| Hinge Health Inc. (HNGE) | Equity | 0% | 4,702,208 | 0.57% | $49.08 | $48.72 | $230,784,369 | $229,091,574 | -$1,692,795 | -0.73% |
| Klarna Group PLC | Equity | +100% | 330,000 | 0.03% | $36.65 | N/A | $12,094,501 | N/A | N/A | N/A |
| Microsoft Corp. (MSFT) | Equity | +18.07% | 4,643,050 | 5.90% | $517.95 | $474.26 | $2,404,867,748 | $2,202,012,893 | -$202,854,855 | -8.44% |
| Tesla Inc. (TSLA) | Equity | -15.11% | 1,729,211 | 1.89% | $444.72 | $477.22 | $769,014,716 | $825,220,990 | +$56,206,274 | +7.31% |
| The Trade Desk Inc. (TTD) | Equity | +38.85% | 1,387,089 | 0.17% | $49.01 | $39.57 | $67,981,232 | $54,880,176 | -$13,101,056 | -19.27% |
| Beyond Meat Inc. (BYND) | Equity | 0% | 343,393 | 0.00% | $1.89 | $1.06 | $649,013 | $362,280 | -$286,733 | -44.18% |
| Cadence Design Systems Inc. (CDNS) | Equity | -33.30% | 472,212 | 0.41% | $351.26 | $320.63 | $165,869,187 | $151,402,973 | -$14,466,214 | -8.72% |
| Nvidia Corp. (NVDA) | Equity | -14.08% | 9,870,743 | 4.52% | $186.58 | $177.18 | $1,841,683,229 | $1,748,848,891 | -$92,834,338 | -5.04% |
| Snowflake Inc. (SNOW) | Equity | +100% | 1,956,448 | 1.08% | $225.55 | $214.61 | $441,276,848 | $419,869,392 | -$21,407,456 | -4.85% |
| Spotify Technology S.A. (SPOT) | Equity | +13.32% | 1,803,173 | 3.09% | $698.00 | $577.30 | $1,258,614,754 | $1,040,962,757 | -$217,651,997 | -17.29% |
| Alibaba Group Holding Limited (BABA) | Equity | +130.08% | 1,996,593 | 0.87% | $178.73 | $151.12 | $356,851,067 | $301,715,151 | -$55,135,916 | -15.45% |
| Amazon.com Inc. (AMZN) | Equity | -13.93% | 8,743,095 | 4.71% | $219.57 | $223.03 | $1,919,721,370 | $1,949,972,478 | +$30,251,108 | +1.58% |
| CoreWeave Inc. (CRWV) | Equity | -62.22% | 6,724,615 | 2.26% | $136.85 | $73.86 | $920,263,564 | $496,680,064 | -$423,583,500 | -46.03% |
| Intuit Inc. (INTU) | Equity | -19.75% | 839,460 | 1.41% | $682.91 | $654.02 | $573,275,629 | $549,023,629 | -$24,252,000 | -4.23% |
| Ishares Bitcoin Trust ETF (IBIT) | Equity | +134.73% | 132,640 | 0.02% | $65.00 | $48.85 | $8,621,600 | $6,478,801 | -$2,142,799 | -24.85% |
| Lam Research Corp. (LRCX) | Equity | -5.26% | 9,954,492 | 3.27% | $133.90 | $165.30 | $1,332,906,480 | $1,645,457,619 | +$312,551,139 | +23.45% |
| Netflix Inc. (NFLX) | Equity | 0% | 618,735 | 1.82% | $1,198.92 | $93.92 | $741,813,766 | $58,108,498 | -$683,705,268 | -92.17% |
| Ringcentral Inc. (RNG) | Equity | 0% | 411,351 | 0.03% | $28.34 | $29.36 | $11,657,687 | $12,077,265 | +$419,578 | +3.60% |
| Taiwan Semiconductor Manufacturing Company Limited (TSM) | Equity | +0.05% | 8,072,536 | 5.53% | $279.29 | $290.41 | $2,254,578,579 | $2,344,345,180 | +$89,766,601 | +3.98% |
| Uipath Inc. (PATH) | Equity | 0% | 2,269,557 | 0.07% | $13.38 | $16.31 | $30,366,673 | $37,005,127 | +$6,638,454 | +21.86% |
| Webull corp | Equity | +0.65% | 11,522,483 | 0.42% | $14.79 | $0.00 | $170,417,524 | $0 | -$170,417,524 | -100% |
| GE Vernova Inc. (GEV) | Equity | -3.22% | 3,634,166 | 5.48% | $614.90 | $685.84 | $2,234,648,675 | $2,492,438,239 | +$257,789,564 | +11.54% |
| Meta Platforms Inc. (META) | Equity | +9.65% | 4,035,717 | 7.27% | $734.38 | $652.04 | $2,963,749,850 | $2,631,448,913 | -$332,300,937 | -11.21% |
| Oracle Corp. (ORCL) | Equity | +24.34% | 4,796,157 | 3.31% | $281.24 | $185.87 | $1,348,871,196 | $891,466,498 | -$457,404,698 | -33.91% |
| Peloton Interactive Inc. (PTON) | Equity | 0% | 2,500,000 | 0.06% | $9.00 | $6.38 | $22,500,000 | $15,950,000 | -$6,550,000 | -29.11% |
| Stitch Fix Inc. (SFIX) | Equity | 0% | 790,167 | 0.01% | $4.35 | $5.53 | $3,437,226 | $4,365,673 | +$928,447 | +27.01% |
| Hertz Global Holdings Inc. (HTZWW) | Warrant | +100% | 468,814 | N/A | $3.72 | N/A | $1,743,988 | N/A | N/A | N/A |
| KKR & Co. Inc. (KKR) | Equity | -40.59% | 2,230,946 | 0.71% | $129.95 | $134.23 | $289,911,433 | $299,448,727 | +$9,537,294 | +3.29% |
| Lucid Group INC | Equity | +100% | 295,393 | 0.02% | $23.79 | N/A | $7,027,399 | N/A | N/A | N/A |
| Natera Inc. (NTRA) | Equity | +100% | 170,326 | 0.07% | $160.97 | $229.07 | $27,417,376 | $39,015,725 | +$11,598,349 | +42.30% |
| Pinterest Inc. (PINS) | Equity | 0% | 1,678,764 | 0.13% | $32.17 | $26.01 | $54,005,838 | $43,664,652 | -$10,341,186 | -19.15% |
| Synopsys Inc. (SNPS) | Equity | +100% | 1,809,127 | 2.19% | $493.39 | $458.42 | $892,605,171 | $829,330,954 | -$63,274,217 | -7.09% |
| Medical Properties Trust Inc. (MPW) | Equity | 0% | 9,050,796 | 0.11% | $5.07 | $5.00 | $45,887,536 | $45,253,980 | -$633,556 | -1.38% |
| Olaplex Holdings Inc. (OLPX) | Equity | 0% | 1,264,968 | 0.00% | $1.31 | $1.29 | $1,657,108 | $1,625,484 | -$31,624 | -1.91% |
| Quantumscape Corp. (QS) | Equity | 0% | 4,294,995 | 0.13% | $12.32 | $10.99 | $52,914,338 | $47,193,405 | -$5,720,933 | -10.81% |
| Sea Limited (SE) | Equity | 0% | 666,305 | 0.29% | $178.73 | $123.08 | $119,088,693 | $82,008,819 | -$37,079,874 | -31.14% |
| Zillow Group Inc. (Z) | Equity | 0% | 739,700 | 0.14% | $77.05 | $68.25 | $56,993,885 | $50,480,827 | -$6,513,059 | -11.43% |