The latest 13F from Maverick Capital shows a highly active and conviction-driven quarter for Lee Ainslie. Known for his Tiger Cub lineage and deep fundamental research style, Ainslie continues to run a portfolio tilted toward secular growth, capital-efficient franchises, and select contrarian opportunities. The top holdings reveal where Maverick is pressing its highest-confidence ideas — and where it’s pulling back.
Below is a breakdown of the most important positions.
1. Amazon (AMZN): 2,236,598 shares — $491M (6.56%)
Amazon remains Maverick’s largest holding, and Ainslie increased the position by 176,155 shares (+8.55%). This reflects Maverick’s conviction that Amazon’s multi-engine model — AWS, retail, and advertising — continues to strengthen.
Key drivers Ainslie is likely betting on:
- AWS re-acceleration as AI workloads scale
- Rapidly expanding ad business with high incremental margins
- Margin expansion from fulfillment and logistics optimization
Amazon remains one of the purest compounders in the mega-cap universe.
2. Microsoft (MSFT): 931,856 shares — $482M (6.45%)
Ainslie added 178,452 shares (+23.69%) to Microsoft, pushing it solidly into the fund’s top tier. This mirrors a broader institutional trend toward AI infrastructure leaders.
Why this matters:
- Microsoft is the cleanest enterprise AI monetization story
- Copilot adoption creates a long-duration revenue tail
- Azure continues to gain share vs peers
This is classic Maverick behavior — overweight the highest-confidence secular growers.
3. Nvidia (NVDA): 2,143,330 shares — $399M (5.34%)
Despite being a top holding, Ainslie trimmed Nvidia sharply (-817,666 shares, -27.6%). With the stock’s massive run-up, this appears to be:
- Valuation risk management
- Position-size control
- Locking in outsized gains while retaining meaningful exposure
Maverick still clearly believes in the long-term AI hardware cycle — but with more balance.
4. Nu Holdings (NU): 20,909,656 shares — $336M (4.49%)
Nu is one of Maverick’s most distinctive and high-conviction positions. Ainslie reduced the stake slightly (-747k shares), but NU remains a major bet on:
- Digital banking dominance across Latin America
- Explosive user growth
- Expanding monetization as the ecosystem deepens
Even after the trim, NU remains a signature Maverick pick.
5. Taiwan Semiconductor (TSM): 1,019,472 shares — $284M (3.81%)
Ainslie reduced TSM by 740k shares (-42%), likely due to geopolitical and valuation considerations. Still, the remaining stake reflects:
- TSM’s unmatched dominance in advanced process technology
- Beneficiary of AI-driven wafer demand
- Long-term structural leadership despite near-term uncertainty
Big Picture Takeaways
1. Maverick is leaning harder into AI mega-caps.
Large adds to Microsoft and Amazon reflect a strong push into the AI-enabled cloud ecosystem.
2. Ainslie is trimming cyclicals and high-beta names.
Cuts to Nvidia, TSM, and Nu indicate a shift toward risk-balanced compounding.
3. The portfolio mixes Tiger Cub growth DNA with valuation discipline.
Ainslie is pressing winners — but still tactically trimming around the edges.
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