In the most recent quarter, Lee Ainslie of Maverick Capital made a series of significant reductions across his equity portfolio. Known for running a concentrated, high-conviction strategy with a strong emphasis on fundamental research, Ainslie appears to be exiting or dramatically trimming several positions where conviction may have waned or valuations no longer justified the exposure.
Below are the top five reductions by percentage change in common stock holdings:
1. Lam Research Corp (LRCX) – ↓97.64% (Semiconductor Equipment)
Ainslie sold 679,011 shares, leaving just 16,438 shares remaining. The near-elimination of this semiconductor equipment name suggests a decisive shift away from the sector or a view that cyclical pressures outweigh long-term demand drivers.
2. Rentokil Initial PLC-SP ADR (RTO) – ↓97.34% (Business Services)
The fund sold 846,993 shares, leaving a modest 23,112. The drastic reduction in this pest control and hygiene services firm could reflect concerns over debt, integration of recent acquisitions, or slowing growth in key markets.
3. Dollar Tree Inc (DLTR) – ↓97.08% (Discount Retail)
Maverick cut 903,814 shares, retaining only 27,183. With persistent margin pressure and integration challenges from Family Dollar, the sharp trim indicates reduced confidence in Dollar Tree’s ability to drive profitable growth.
4. DoorDash Inc – A (DASH) – ↓96.41% (Food Delivery/Logistics)
A 357,362-share cut leaves just 13,288 shares. DoorDash remains a growth story but faces profitability challenges and intensifying competition, likely prompting Ainslie to exit most of the position.
5. Boot Barn Holdings Inc (BOOT) – ↓90.49% (Specialty Retail)
Maverick trimmed 49,941 shares, leaving 5,251. While Boot Barn has shown strong brand growth, the move indicates concern about consumer spending headwinds or taking profits after a strong run.
Exits
Ainslie also executed a series of high-profile full exits this quarter, closing positions entirely in several well-known companies. Notably, the fund sold out of Meta Platforms (META), where it had previously held over 174,000 shares worth more than $100 million, and Nvidia (NVDA), exiting call options with a combined prior value exceeding $63 million.
Other significant departures included Netflix (NFLX), Cisco Systems (CSCO), and Monster Beverage (MNST), each once meaningful holdings in the portfolio. The sweeping nature of these exits underscores a decisive repositioning, suggesting Maverick is locking in gains from high-flying tech and consumer names while potentially reallocating capital toward fresh opportunities.
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