Lee Ainslie - Maverick Capital Portfolio Q2'2025: Top Holdings & Recent Changes
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Lee Ainslie, founder of Maverick Capital, continues to showcase his reputation as a nimble and data-driven hedge fund manager. His Q2’2025 portfolio reveals a dynamic approach, with bold moves into AI and semiconductor leaders, substantial position increases in global tech, and a willingness to rotate capital aggressively—reflected in a 51.8% turnover rate across 251 positions.
The Big Picture: Tactical Concentration Meets High Turnover
Portfolio Highlights (Q2’2025): - Market Value: $6,659.7M - Top 10 Holdings: 47.4% - Portfolio Size: 251 +0 - Average Holding Period: 4 quarters - Turnover: 51.8%
Maverick Capital’s Q2’2025 portfolio is a study in balancing conviction with adaptability. With nearly half of assets concentrated in the top 10 holdings, Ainslie demonstrates a willingness to bet big on his highest-conviction ideas. Yet, the fund’s 51.8% turnover and a holding period averaging just one year reflect a readiness to pivot as market conditions and company fundamentals evolve.
This blend of concentration and high turnover is rare among hedge funds of Maverick’s scale. The portfolio’s 251 positions provide diversification, but the real drivers of performance are the outsized allocations to technology and select consumer and financial names. The allocation image above underscores the dominance of tech and the fund’s tactical sector shifts.
Top Holdings Analysis: Tech Titans and Tactical Additions
The portfolio’s core is anchored by aggressive moves into technology and global growth franchises. NVIDIA Corporation 7.0% saw a 4.61% addition, underscoring Ainslie’s conviction in AI infrastructure. Amazon.com, Inc. 6.8% was also increased by 5.52%, reflecting confidence in e-commerce and cloud tailwinds.
A standout move is the 20.70% addition to Taiwan Semiconductor Manufacturing Company Limited 6.0%, a key supplier in the global chip supply chain. Microsoft Corporation 5.6% received a massive 80.89% boost, signaling a strong bet on enterprise AI and cloud growth.
Emerging market fintech is represented by Nu Holdings Ltd. 4.5%, up 30.21%, while Philip Morris International Inc. 4.1% was trimmed by 3.46%, showing selectivity in consumer staples. Natera, Inc. 3.8% was reduced by 8.87%, indicating a tactical approach to healthcare exposure.
A striking move is the 134.71% increase in CAPITAL ONE FINL CORP 3.6%, highlighting opportunistic financial sector positioning. Kenvue Inc. 3.3% was added to by 22.93%, and The Walt Disney Company 2.8% saw a dramatic 16,784.79% increase, suggesting a new or re-established conviction in media and entertainment.
Supplementing these, the top 10 also includes significant allocations to global tech and consumer franchises, with each position reflecting a blend of growth, innovation, and tactical capital rotation.
What the Portfolio Reveals About Current Strategy
- Aggressive Tech Allocation: The largest increases are in AI, semiconductors, and cloud—NVIDIA, Microsoft, TSM, and Amazon dominate the top slots.
- Global Diversification: Exposure to Taiwan Semiconductor and Nu Holdings signals a willingness to seek growth beyond U.S. borders.
- Opportunistic Financials: The outsized addition to CAPITAL ONE FINL CORP points to tactical bets in financials, possibly in response to sector volatility or valuation resets.
- Dynamic Risk Management: High turnover and frequent position changes indicate a hands-on approach to risk, with Ainslie quick to adjust exposures as market narratives shift.
- Selective Consumer and Healthcare: Trims in Philip Morris and Natera show a willingness to reduce exposure where risk/reward skews less favorably.
Portfolio Concentration Analysis
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| NVIDIA Corporation (NVDA) | $467.8M | 7.0% | Add 4.61% |
| Amazon.com, Inc. (AMZN) | $452.0M | 6.8% | Add 5.52% |
| Taiwan Semiconductor Manufacturing (TSM) | $398.6M | 6.0% | Add 20.70% |
| Microsoft Corporation (MSFT) | $374.8M | 5.6% | Add 80.89% |
| Nu Holdings Ltd. (NU) | $298.2M | 4.5% | Add 30.21% |
| Philip Morris International Inc. (PM) | $269.8M | 4.1% | Reduce 3.46% |
| Natera, Inc. (NTRA) | $251.7M | 3.8% | Reduce 8.87% |
| CAPITAL ONE FINL CORP | $237.2M | 3.6% | Add 134.71% |
| Kenvue Inc. (KVUE) | $217.8M | 3.3% | Add 22.93% |
| The Walt Disney Company (DIS) | $187.1M | 2.8% | Add 16,784.79% |
Nearly half of Maverick’s assets are concentrated in these top 10 positions, with technology accounting for the lion’s share. The table highlights a pattern of aggressive additions—especially in Microsoft, TSM, and Capital One—while reductions are selective and measured. This approach amplifies both upside potential and risk, making portfolio monitoring essential for investors seeking to follow Ainslie’s moves.
Investment Lessons from Lee Ainslie’s Maverick Capital
- Conviction Drives Returns: Concentrated bets in high-conviction names like NVIDIA and Microsoft can meaningfully impact performance.
- Adaptability Is Key: High turnover and tactical reallocations show the importance of staying flexible in fast-moving markets.
- Global Perspective Matters: Exposure to companies like TSM and Nu Holdings demonstrates the value of looking beyond domestic markets for growth.
- Risk Management Requires Action: Willingness to trim or exit positions (e.g., Philip Morris, Natera) reflects disciplined risk control.
- Sector Rotation Can Unlock Value: Timely moves into financials and consumer names highlight the benefits of rotating capital as opportunities arise.
Looking Ahead: What Comes Next?
With a significant portion of assets in cash or liquid equities, Maverick Capital is well-positioned to capitalize on market dislocations or emerging trends. The fund’s aggressive tech and global bets suggest continued optimism in AI, semiconductors, and digital platforms. Investors should watch for further tactical shifts, especially as macro conditions evolve and new opportunities arise in underappreciated sectors.
FAQ about Lee Ainslie’s Maverick Capital Portfolio
Q: What were the most significant changes in Maverick Capital’s Q2 2025 portfolio?
A: The most notable moves were large additions to Microsoft +80.89%, Taiwan Semiconductor +20.70%, and CAPITAL ONE FINL CORP +134.71%, as well as a dramatic increase in Disney +16,784.79%.
Q: How concentrated is Maverick Capital’s portfolio?
A: The top 10 holdings account for 47.4% of total assets, with a strong tilt toward technology and global growth franchises.
Q: What is Lee Ainslie’s approach to risk management?
A: Ainslie manages risk through high turnover, frequent position reviews, and selective trimming of positions where risk/reward deteriorates.
Q: Which sectors does Maverick Capital favor?
A: Technology, global semiconductors, fintech, and select consumer and financial names dominate the portfolio.
Q: How can I track Lee Ainslie’s portfolio changes?
A: Use ValueSense’s Maverick Capital superinvestor page for real-time tracking and analysis of 13F filings. Note that 13F data is reported with a 45-day lag, so recent moves may not be immediately reflected.
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