Each week, we unpack the latest high-conviction trades from legendary investors — revealing what they’re doubling down on, cutting loose, or quietly walking away from.
In the most recent quarter, Lee Ainslie — founder of Maverick Capital made significant reductions in his equity portfolio. Known for his long/short equity strategy and focus on growth-at-a-reasonable-price (GARP), these cuts highlight a strategic reallocation away from underperforming or lower-conviction positions.
Here are the top five reductions by percentage change in common stocks:
1. Starbucks Corp (SBUX) – ↓98.66% (Restaurants / Consumer Discretionary)
Ainslie slashed over 1 million shares of this global coffee chain. The drastic reduction suggests waning confidence in Starbucks’ near-term growth prospects, possibly due to macroeconomic pressures, labor challenges, or competitive headwinds in the coffee market.
2. Pinterest Inc (PINS) – ↓98.54% (Digital Advertising / Social Media)
Over 1.5 million shares of this social media platform were sold. Pinterest has faced volatility in user growth and ad revenue, and Ainslie’s exit may reflect concerns about its ability to monetize its user base effectively amid rising competition.
3. ZoomInfo Technologies Inc (ZI) – ↓97.77% (Software / Data Analytics)
Ainslie trimmed over 4 million shares of this B2B data provider. The sell-down could indicate skepticism about ZoomInfo’s growth sustainability or valuation, especially as the SaaS sector faces tighter scrutiny on profitability.
4. Western Digital Corp (WDC) – ↓96.93% (Data Storage / Technology Hardware)
A reduction of over 450,000 shares signals a retreat from this storage solutions provider. The move may reflect cyclical risks in the semiconductor industry or concerns about Western Digital’s competitive positioning in a rapidly evolving market.
5. National Vision Holdings Inc (EYE) – ↓87.13% (Optical Retail / Healthcare)
Nearly 200,000 shares of this eyewear retailer were sold. The cut suggests doubts about National Vision’s ability to navigate inflationary pressures or execute its expansion strategy in a crowded retail landscape.
Our Interpretation of the Sales Strategy
Lee Ainslie’s recent sales span consumer discretionary, tech, and healthcare sectors, indicating a broad-based reassessment of risk-reward dynamics. The near-total exits from SBUX and PINS stand out as particularly decisive, likely driven by deteriorating fundamentals or better opportunities elsewhere. Meanwhile, the reductions in ZI and WDC align with a cautious stance on tech hardware and SaaS amid rising rates and slowing demand. The sales may also hint at a broader shift toward sectors with stronger visibility or more attractive valuations in the current macro environment.
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