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Lee Ainslie

Maverick Capital’s Top Holdings: How Lee Ainslie Is Positioning for 2026

Wednesday, December 3, 2025 · Johnny Hopkins

 

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.