Philippe Laffont - Coatue Management Llc Portfolio Q2’2025: Top Holdings & Recent Changes
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Philippe Laffont, founder of Coatue Management, continues to showcase his reputation as a forward-thinking technology investor. His Q2’2025 portfolio reflects a dynamic approach, with $35.9 billion allocated across 70 positions and a notable tilt toward AI infrastructure and platform leaders. This quarter’s moves highlight Laffont’s willingness to size up high-conviction bets while tactically trimming legacy tech holdings.
Portfolio Overview: Strategic Concentration in Innovation
Portfolio Highlights (Q2’2025): - Market Value: $35.9B - Top 10 Holdings: 57.3% - Portfolio Size: 70 -1 - Average Holding Period: 10 quarters - Turnover: 35.7%
Coatue’s Q2’2025 portfolio remains highly concentrated, with over half of assets in the top ten positions. This reflects Laffont’s conviction in select technology and AI-driven companies, balancing aggressive growth bets with established platform leaders. The average holding period of 10 quarters signals a blend of tactical repositioning and long-term conviction, while a 35.7% turnover rate underscores Coatue’s willingness to adapt quickly in fast-evolving sectors.
The portfolio’s size—70 positions, down by one from last quarter—suggests ongoing refinement, with capital increasingly funneled into high-impact opportunities. Laffont’s strategy favors scalable businesses with strong competitive moats, particularly those at the intersection of cloud, AI, and semiconductor innovation.
Top Holdings Analysis: AI Infrastructure and Platform Leaders
The portfolio is anchored by a bold move into CoreWeave (CRWV), now at 8.1% of assets after a substantial 23.57% increase. This signals Coatue’s conviction in AI infrastructure as a foundational growth theme. Meta Platforms (META) 7.6% remains a core holding, though Laffont trimmed exposure by 2.05%, likely reflecting profit-taking after strong performance.
Amazon (AMZN) 6.2% saw a 5.54% reduction, indicating a tactical shift away from legacy cloud and e-commerce in favor of next-gen platforms. GE Vernova (GEV) 5.5% was slightly reduced, while Microsoft (MSFT) 5.4% received a significant 20.28% addition, reinforcing Coatue’s bullish stance on cloud and AI monetization.
Energy exposure remains notable, with Constellation Energy (CEG) 5.3% trimmed by 3.96%. Semiconductor leadership is evident in Taiwan Semiconductor (TSM) (5.1%, Add 1.36%) and a major increase in NVIDIA (NVDA) (5.1%, Add 34.43%), reflecting Laffont’s belief in the sector’s secular tailwinds.
Industrial and electrification themes are present via Eaton (ETN) (4.7%, Add 4.96%). Broadcom (AVGO) rounds out the top changes with a dramatic 58.09% increase, now representing 4.3% of assets.
Other notable positions include: - CoreWeave (Add 23.57%) - Meta Platforms (Reduce 2.05%) - Amazon (Reduce 5.54%) - GE Vernova (Reduce 0.13%) - Microsoft (Add 20.28%) - Constellation Energy (Reduce 3.96%) - Taiwan Semiconductor (Add 1.36%) - NVIDIA (Add 34.43%) - Eaton (Add 4.96%) - Broadcom (Add 58.09%)
This blend of aggressive additions and selective reductions demonstrates Coatue’s active management style, with a clear preference for companies driving the next wave of digital transformation.
What the Portfolio Reveals About Current Strategy
- AI Infrastructure Focus: Large increases in CoreWeave, NVIDIA, and Broadcom highlight a strategic bet on the backbone of AI computing.
- Platform Leadership: Continued exposure to Meta, Microsoft, and Amazon underscores belief in scalable digital ecosystems.
- Sector Diversification: While tech dominates, positions in energy (Constellation), industrials (Eaton), and semiconductors (TSMC) provide thematic balance.
- Active Risk Management: The 35.7% turnover and selective reductions suggest ongoing risk calibration, especially in volatile sectors.
- Global Reach: Holdings like TSMC reflect geographic diversification and exposure to global supply chains.
Portfolio Concentration Analysis
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| CoreWeave, Inc. Class A Common Stock | $2,902.1M | 8.1% | Add 23.57% |
| Meta Platforms, Inc. | $2,716.6M | 7.6% | Reduce 2.05% |
| Amazon.com, Inc. | $2,228.5M | 6.2% | Reduce 5.54% |
| GE Vernova Inc. | $1,987.1M | 5.5% | Reduce 0.13% |
| Microsoft Corporation | $1,956.0M | 5.4% | Add 20.28% |
| Constellation Energy Corporation | $1,912.1M | 5.3% | Reduce 3.96% |
| Taiwan Semiconductor Manufacturing Company Limited | $1,827.4M | 5.1% | Add 1.36% |
| NVIDIA Corporation | $1,815.1M | 5.1% | Add 34.43% |
| Eaton Corporation plc | $1,673.5M | 4.7% | Add 4.96% |
| Broadcom Inc. | $1,556.7M | 4.3% | Add 58.09% |
The top ten holdings account for 57.3% of total assets, illustrating Coatue’s willingness to concentrate capital in high-conviction ideas. Notably, the largest increases—CoreWeave, NVIDIA, Broadcom, and Microsoft—signal a decisive pivot toward AI and cloud infrastructure. The table also highlights tactical reductions in legacy platform leaders, balancing growth with risk management.
Investment Lessons from Philippe Laffont and Coatue’s Approach
- Concentrate on Conviction: Laffont’s portfolio demonstrates that meaningful outperformance often comes from sizing up the best ideas, not spreading bets thinly.
- Embrace Innovation: Strategic additions to AI and semiconductor leaders show the importance of identifying and riding secular growth trends.
- Active Management Matters: High turnover and tactical trims reflect the need to adapt quickly in fast-moving markets.
- Global Diversification: Exposure to international leaders like TSMC helps mitigate single-region risk.
- Blend Growth with Quality: Coatue balances emerging disruptors with established platform businesses, maintaining a robust risk-reward profile.
Looking Ahead: What Comes Next?
With $35.9B in assets and a streamlined portfolio, Coatue is well-positioned to capitalize on the next wave of technology innovation. The sizable allocations to AI infrastructure suggest further upside if secular trends persist. Cash reserves and tactical reductions in legacy holdings may enable opportunistic buys should market volatility present attractive entry points. Watch for continued focus on cloud, semiconductors, and electrification themes as Laffont adapts to shifting market dynamics.
FAQ about Philippe Laffont’s Coatue Portfolio
Q: What were the biggest changes in Coatue’s portfolio this quarter?
The largest increases were in CoreWeave (Add 23.57%), NVIDIA (Add 34.43%), Microsoft (Add 20.28%), and Broadcom (Add 58.09%). Major reductions included Amazon and Meta Platforms.
Q: How concentrated is Coatue’s portfolio?
The top ten holdings represent 57.3% of assets, reflecting a high-conviction, focused approach.
Q: What is Philippe Laffont’s investment philosophy?
Laffont favors scalable technology businesses, with a willingness to size up bets in sectors driving secular change, such as AI, cloud, and semiconductors.
Q: Which sectors does Coatue emphasize?
Technology, AI infrastructure, cloud platforms, semiconductors, energy, and industrials are prominent themes.
Q: How can I track Coatue’s portfolio changes?
ValueSense provides real-time tracking of Coatue’s portfolio using quarterly 13F filings. Note that 13F data is reported with a 45-day lag, so recent moves may not be immediately visible.
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