Investor: Philippe Laffont
Number of Assets: 52
Reporting Period: Q4 - 2025
Holdings at Report: $39,962,643,007
Return Since Report: -$2,958,785,011
Return Since Report: -7.40%
Company | Position | Activity | Shares | Port. % | Rep. Price | Curr. Price | Rep. Value | Curr. Value | Return Value | Return % |
|---|---|---|---|---|---|---|---|---|---|---|
| Medical Properties Trust Inc. (MPW) | Equity | -50.00% | 4,525,398 | 0.06% | $5.00 | $4.56 | $22,626,990 | $20,635,815 | -$1,991,175 | -8.80% |
| Lam Research Corp. (LRCX) | Equity | -1.50% | 9,805,565 | 4.20% | $171.18 | $212.51 | $1,678,516,617 | $2,083,731,590 | +$405,214,973 | +24.14% |
| Applovin Corp. (APP) | Equity | -3.62% | 2,185,747 | 3.69% | $673.82 | $398.48 | $1,472,800,044 | $870,976,465 | -$601,823,579 | -40.86% |
| Adobe Inc. (ADBE) | Equity | +43.16% | 874,150 | 0.77% | $349.99 | $243.40 | $305,943,759 | $212,768,110 | -$93,175,649 | -30.46% |
| Advanced Micro Devices Inc. (AMD) | Equity | 0% | 1,239,043 | 0.66% | $214.16 | $203.43 | $265,353,449 | $252,058,517 | -$13,294,932 | -5.01% |
| GE Vernova Inc. (GEV) | Equity | -7.26% | 3,370,174 | 5.51% | $653.57 | $872.33 | $2,202,644,620 | $2,939,903,885 | +$737,259,265 | +33.47% |
| Generac Holdings Inc. (GNRC) | Equity | +100% | 369,210 | 0.13% | $136.37 | $195.38 | $50,349,168 | $72,136,250 | +$21,787,082 | +43.27% |
| Infosys Limited (INFY) | Equity | +100% | 4,574,706 | 0.20% | $17.82 | $13.52 | $81,521,261 | $61,863,749 | -$19,657,512 | -24.11% |
| Arm Holdings PLC (ARM) | Equity | +1.78% | 2,300,000 | 0.63% | $109.31 | $151.30 | $251,413,000 | $347,990,000 | +$96,577,000 | +38.41% |
| Carvana Co. (CVNA) | Equity | -2.25% | 1,958,229 | 2.07% | $422.02 | $314.62 | $826,411,802 | $616,088,217 | -$210,323,585 | -25.45% |
| Chagee Hldgs LTD | Equity | -48.59% | 3,174,115 | 0.09% | $11.63 | $0.00 | $36,914,957 | $0 | -$36,914,957 | -100% |
| Chime Financial Inc. (CHYM) | Equity | -6.01% | 10,071,992 | 0.63% | $25.17 | $18.73 | $253,512,039 | $188,648,410 | -$64,863,629 | -25.59% |
| Alphabet Inc. (GOOGL) | Equity | -5.26% | 6,841,436 | 5.36% | $313.00 | $287.22 | $2,141,369,468 | $1,964,997,248 | -$176,372,220 | -8.24% |
| Alphabet Inc. (GOOG) | Equity | -4.35% | 2,000,536 | 1.57% | $313.80 | $286.39 | $627,768,196 | $572,933,505 | -$54,834,691 | -8.73% |
| Axon Enterprise Inc. (AXON) | Equity | +100% | 155,387 | 0.22% | $567.93 | $424.69 | $88,248,939 | $65,991,305 | -$22,257,634 | -25.22% |
| Eaton Corp. PLC (ETN) | Equity | -1.53% | 4,721,223 | 3.76% | $318.51 | $357.62 | $1,503,756,739 | $1,688,380,163 | +$184,623,424 | +12.28% |
| Marvell Technology Inc. (MRVL) | Equity | 0% | 2,079,046 | 0.44% | $84.98 | $99.09 | $176,677,329 | $206,012,668 | +$29,335,339 | +16.60% |
| Amazon.com Inc. (AMZN) | Equity | +13.60% | 9,932,265 | 5.74% | $230.82 | $208.30 | $2,292,565,408 | $2,068,890,800 | -$223,674,609 | -9.76% |
| Constellation Energy Corp. (CEG) | Equity | +3.16% | 5,907,174 | 5.22% | $353.27 | $278.72 | $2,086,827,360 | $1,646,447,537 | -$440,379,823 | -21.10% |
| Broadcom Inc. (AVGO) | Equity | -4.46% | 5,510,227 | 4.77% | $346.10 | $309.45 | $1,907,089,565 | $1,705,112,194 | -$201,977,371 | -10.59% |
| Applied Materials Inc. (AMAT) | Equity | +78.69% | 5,984,332 | 3.85% | $256.99 | $341.79 | $1,537,913,481 | $2,045,384,834 | +$507,471,353 | +33.00% |
| Expeditors International Of Washington Inc. (EXPD) | Equity | +100% | 365,987 | 0.14% | $149.01 | $143.42 | $54,535,723 | $52,489,856 | -$2,045,867 | -3.75% |
| First Citizens Bancshares Inc. (FCNCA) | Equity | -31.03% | 139,498 | 0.75% | $2,146.18 | $1,893.97 | $299,387,818 | $264,204,330 | -$35,183,488 | -11.75% |
| Intuitive Surgical Inc. (ISRG) | Equity | +13.59% | 807,234 | 1.14% | $566.36 | $462.57 | $457,185,049 | $373,398,195 | -$83,786,854 | -18.33% |
| C.H. Robinson Worldwide Inc. (CHRW) | Equity | +100% | 341,024 | 0.14% | $160.76 | $166.24 | $54,823,018 | $56,690,125 | +$1,867,107 | +3.41% |
| Caris Life Sciences Inc. (CAI) | Equity | -3.18% | 9,819,992 | 0.66% | $26.98 | $17.88 | $264,943,384 | $175,581,457 | -$89,361,927 | -33.73% |
| Doordash Inc. (DASH) | Equity | +77.82% | 4,365,365 | 2.47% | $226.48 | $150.82 | $988,667,865 | $658,384,349 | -$330,283,516 | -33.41% |
| Ishares Bitcoin Trust ETF (IBIT) | Equity | -49.32% | 67,226 | 0.01% | $49.65 | $38.39 | $3,337,771 | $2,580,470 | -$757,301 | -22.69% |
| Netflix Inc. (NFLX) | Equity | +1655.41% | 10,861,355 | 2.55% | $93.76 | $96.12 | $1,018,360,645 | $1,043,993,443 | +$25,632,798 | +2.52% |
| Natera Inc. (NTRA) | Equity | +1446.06% | 2,633,334 | 1.51% | $229.09 | $199.53 | $603,270,486 | $525,429,133 | -$77,841,353 | -12.90% |
| Navan INC | Equity | +100% | 599,280 | 0.03% | $17.08 | N/A | $10,235,702 | N/A | N/A | N/A |
| Microsoft Corp. (MSFT) | Equity | +11.39% | 5,171,976 | 6.26% | $483.62 | $370.17 | $2,501,271,034 | $1,914,510,356 | -$586,760,678 | -23.46% |
| Meta Platforms Inc. (META) | Equity | -6.29% | 3,781,949 | 6.25% | $660.09 | $570.25 | $2,496,426,714 | $2,156,656,417 | -$339,770,297 | -13.61% |
| Mastec Inc. (MTZ) | Equity | +100% | 677,909 | 0.37% | $217.37 | $321.74 | $147,357,080 | $218,110,442 | +$70,753,362 | +48.01% |
| Moody's Corp. (MCO) | Equity | +100% | 64,260 | 0.08% | $510.85 | $438.19 | $32,827,221 | $28,158,089 | -$4,669,132 | -14.22% |
| Moderna Inc. (MRNA) | Equity | +100% | 200,000 | 0.01% | $29.49 | $51.08 | $5,898,000 | $10,216,000 | +$4,318,000 | +73.21% |
| Nu Holdings Ltd. (NU) | Equity | -3.27% | 45,750,363 | 1.92% | $16.74 | $14.39 | $765,861,077 | $658,347,724 | -$107,513,353 | -14.04% |
| Nvidia Corp. (NVDA) | Equity | -6.76% | 9,203,338 | 4.30% | $186.50 | $174.21 | $1,716,422,538 | $1,603,313,513 | -$113,109,025 | -6.59% |
| Paypal Holdings Inc. (PYPL) | Equity | -67.59% | 1,697,505 | 0.25% | $58.38 | $45.19 | $99,100,342 | $76,701,763 | -$22,398,579 | -22.60% |
| Oracle Corp. (ORCL) | Equity | -7.43% | 4,440,008 | 2.17% | $194.91 | $146.96 | $865,401,960 | $652,481,376 | -$212,920,584 | -24.60% |
| Quantumscape Corp. (QS) | Equity | -13.97% | 3,694,995 | 0.10% | $10.42 | $6.38 | $38,501,848 | $23,574,068 | -$14,927,780 | -38.77% |
| Reddit Inc. (RDDT) | Equity | -5.89% | 5,550,241 | 3.19% | $229.87 | $134.67 | $1,275,833,901 | $747,450,955 | -$528,382,946 | -41.41% |
| Rocket Companies Inc. (RKT) | Equity | +100% | 6,747,052 | 0.33% | $19.36 | $14.24 | $130,622,928 | $96,078,020 | -$34,544,908 | -26.45% |
| S&P Global Inc. (SPGI) | Equity | +100% | 63,451 | 0.08% | $522.59 | $426.27 | $33,158,858 | $27,047,258 | -$6,111,600 | -18.43% |
| Snowflake Inc. (SNOW) | Equity | +26.81% | 2,480,963 | 1.36% | $219.36 | $150.42 | $544,224,044 | $373,174,050 | -$171,049,994 | -31.43% |
| Spotify Technology S.A. (SPOT) | Equity | +35.92% | 2,450,881 | 3.56% | $580.71 | $485.45 | $1,423,251,105 | $1,189,780,181 | -$233,470,924 | -16.40% |
| Sprouts Farmers Market Inc. (SFM) | Equity | +100% | 601,886 | 0.12% | $79.67 | $77.13 | $47,952,258 | $46,423,467 | -$1,528,791 | -3.19% |
| Synopsys Inc. (SNPS) | Equity | -8.44% | 1,656,489 | 1.95% | $469.72 | $396.88 | $778,086,013 | $657,427,354 | -$120,658,659 | -15.51% |
| Taiwan Semiconductor Manufacturing Company Limited (TSM) | Equity | +6.90% | 8,629,524 | 6.56% | $303.89 | $337.70 | $2,622,426,049 | $2,914,190,255 | +$291,764,206 | +11.13% |
| Tesla Inc. (TSLA) | Equity | -5.08% | 1,641,406 | 1.85% | $449.72 | $371.18 | $738,173,107 | $609,248,872 | -$128,924,235 | -17.47% |
| Vertiv Holdings Co (VRT) | Equity | +100% | 828,947 | 0.34% | $162.01 | $249.75 | $134,297,703 | $207,029,513 | +$72,731,810 | +54.16% |
| Webull corp | Equity | -99.35% | 74,334 | 0.00% | $7.77 | $0.00 | $577,575 | $0 | -$577,575 | -100% |