We break down the stocks Brad Gerstner (Altimeter) bought, sold, and held in Q3 2024, including their holdings at the end of the quarter. All data sourced from Altimeter's 13F filed on November 14, 2024.
Who are Brad Gerstner and Altimeter?
Altimeter is a technology-focused investment firm founded by Brad Gerstner in 2008. The firm manages both private and public equity investments with an emphasis on high-growth technology sectors. Altimeter has built its reputation through prescient early investments in transformative tech companies like Uber and Snowflake, employing a strategy that bridges venture capital insights with public market discipline.
Altimeter.com
Wikipedia on Altimeter
Portfolio Changes in Q3 2024
New positions
Altimeter established eight new positions in Q3 2024, with the largest being China Internet (KWEB) at $193M and Tesla (TSLA) at $173M. Other notable new holdings include Taiwan Semiconductor (TSM) at $90M, Broadcom (AVGO) at $68M, and several mid-sized positions in Futu (FUTU), Zillow Group (Z), Duolingo (DUOL), and Lineage Cell Therapeutics (LINE).
Bought
Altimeter significantly increased several existing positions, most notably Rubrik (RBRK) with an 888% return by adding 1.47M shares, and Samsara (IOT) with a 154% return by adding 637K shares. The firm also added meaningfully to Coupang (CPNG), MercadoLibre (MELI), and Salesforce (CRM), while maintaining positions in Meta (META) and Uber (UBER) with modest positive returns.
Sold
Altimeter completely liquidated five positions worth $492M, including PDD Holdings (PDD) at $228M, Amphenol (APH) at $136M, and Apple (AAPL) at $57M. The firm also significantly trimmed Amazon (AMZN) by 532K shares for a -39% return, reduced Snowflake (SNOW) by 903K shares, and made smaller cuts to Nvidia (NVDA), Microsoft (MSFT), and Alphabet (GOOGL).
New Investments in Q3 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| KWEB | China Internet | 26.8% | NEW | $192.93M |
| TSLA | Tesla | 24.1% | NEW | $173.3M |
| TSM | Taiwan Semiconductor | 12.5% | NEW | $90.19M |
| AVGO | Broadcom | 9.5% | NEW | $68.46M |
| FUTU | Futu | 7.6% | NEW | $55.07M |
| Z | Zillow Group | 7.6% | NEW | $54.63M |
| DUOL | Duolingo | 7.5% | NEW | $54.04M |
| LINE | Lineage Cell Therapeutics | 4.4% | NEW | $31.35M |
China Internet KWEB
Brad Gerstner bought $192.93M of China Internet in Q3 2024. KraneShares CSI China Internet ETF (KWEB) delivered strong performance in Q1 2025, surging 18.42% and significantly outpacing the S&P 500's -4.28% decline. The ETF's gains were driven by AI innovation from top holdings like Alibaba and Tencent, which are fueling cloud computing demand and enhancing digital experiences. Eight of KWEB's top ten holdings beat Q4 2024 earnings estimates, underscoring fundamental strength in China's internet sector.
- Returned +18.42% in Q1 2025, outperforming the S&P 500 by 22.7 percentage points.
- 80% of top holdings exceeded Q4 2024 EPS estimates, signaling strong earnings momentum.
- Gained 5.69% as of May 23, 2025, reflecting continued growth momentum.
Tesla TSLA
Brad Gerstner bought $173.3M of Tesla in Q3 2024. Tesla reported a significant miss in Q1 2025 earnings with $0.27 per share (non-GAAP) versus expectations of $0.41, alongside revenue of $19.335 billion (below the $21.345 billion consensus). The company’s automotive revenue fell 20% YoY, driven by lower volumes and pricing pressures, though regulatory credit sales of $595 million prevented a net loss. Shares rose 5% post-announcement amid CEO Elon Musk’s reaffirmed commitment to Tesla despite macroeconomic and political headwinds.
- Q1 2025 EPS declined 40% YoY from $0.45 to $0.27.
- Automotive revenue dropped 20% YoY to $14 billion, with total revenue down 9%.
- Shares surged 5% after hours despite earnings miss, driven by Musk’s reaffirmed leadership.
Taiwan Semiconductor TSM
Brad Gerstner bought $90.19M of Taiwan Semiconductor in Q3 2024. Taiwan Semiconductor Manufacturing Co. (TSMC) reported 41.6% year-over-year revenue growth in Q1 2025 to NT$839.25 billion ($25.53B USD), though sequential revenue declined 3.4% from Q4 2024. The company guided for 11-14% quarterly revenue growth in Q2 2025 ($28.4-29.2B) driven by advanced 3nm/5nm nodes now comprising 58% of wafer revenue. While maintaining 58.8% gross margins, TSMC faces headwinds from U.S.-China trade tensions and a 24% stock decline year-to-date despite $15B in new capacity investments.
- Q1 diluted EPS surged 60.4% YoY to NT$13.94 ($2.12 ADR) despite 3.5% sequential decline.
- 73% of wafer revenue now comes from 7nm or more advanced process technologies.
- 24% stock price decline in 2025 contrasts with projected 24% FY2025 EPS growth.
Broadcom AVGO
Brad Gerstner bought $68.46M of Broadcom in Q3 2024. Broadcom delivered robust performance in Q1 FY2025 with revenue of $14.9B, up 25% YoY, driven by AI semiconductor demand and VMware integration. Adjusted EBITDA margins expanded to 68% as software revenue mix improved. The stock surged 9% post-earnings on strong guidance of $14.9B Q2 revenue (+19% YoY), reflecting enterprise adoption of its AI infrastructure solutions.
- AI-related semiconductor revenue jumped 77% YoY to $4.1B, now representing 28% of total sales.
- Infrastructure software revenue grew 47% YoY to $6.7B, with 70% of top customers adopting VMware Cloud Foundation.
- Shares have gained 27% YTD through March 2025, outperforming the SOX semiconductor index by 18 percentage points.
Futu FUTU
Brad Gerstner bought $55.07M of Futu in Q3 2024. Futu Holdings has demonstrated robust growth in client acquisition and product innovation, with Q1 2025 poised to reflect continued momentum from market volatility and strategic expansions. The firm maintains a disciplined balance between scaling its user base and improving margins through high-value offerings like margin financing and structured wealth products. Recent initiatives, including cryptocurrency integration and a focus on high-net-worth clients, position it to capitalize on evolving investor preferences.
- 41% YoY growth in paying clients to 2.4 million in 2024, with a record 215,000 net additions in Q4.
- Trading at 26.7x P/E ratio, below historical highs of 30x+, offering valuation upside potential.
- 98.5% total return over the past six months, outperforming broader fintech sector benchmarks.
Zillow Group Z
Brad Gerstner bought $54.63M of Zillow Group in Q3 2024. Zillow Group delivered strong Q1 2025 results with 13% YoY revenue growth to $598 million, outperforming the residential real estate industry's 3-6% transaction growth. Despite beating EPS estimates by 10.8% ($0.41 vs $0.37 forecast), shares fell 4.71% post-earnings. The company's rentals segment hit an all-time revenue high with 33% YoY growth, supporting its housing super app strategy.
- Q1 revenue surpassed outlook midpoint by $15 million (13% YoY growth vs industry's 3-6%).
- EPS of $0.41 beat estimates by 10.8% despite stock declining 4.71% post-earnings.
- Rentals revenue grew 33% YoY to record levels, driven by multifamily property expansion.
Duolingo DUOL
Brad Gerstner bought $54.04M of Duolingo in Q3 2024. Duolingo reported robust Q1 2025 results with 38% YoY revenue growth to $230.7 million, surpassing expectations and driving a 9.41% stock surge post-announcement. The company added a record number of daily active users and surpassed 10 million paid subscribers, fueled by international expansion and new course offerings in math and music. AI-driven operational efficiencies and strong gross margins of 72.78% position it for sustained growth in the edtech sector.
- 38% YoY revenue growth in Q1 2025 ($230.7M vs. $223.15M expected).
- EPS of $0.72 outperformed analyst estimates by 38% ($0.72 vs. $0.52 expected).
- Stock surged 9.41% after earnings, with 40.84% revenue growth over the last twelve months.
Lineage Cell Therapeutics LINE
Brad Gerstner bought $31.35M of Lineage Cell Therapeutics in Q3 2024. Lineage Cell Therapeutics reported $1.5 million in Q1 2025 revenue, a 7.1% YoY increase driven by collaboration revenue from Roche, though missing analyst estimates by $0.37 million. The company reduced its net loss to $4.1 million (-$0.02 EPS), beating expectations and improving from a $6.5 million loss in Q1 2024. With $47.9 million in cash reserves (projected runway into Q1 2027), Lineage maintains financial stability while advancing preclinical programs.
- EPS improved 50% YoY (-$0.02 vs -$0.04) despite revenue shortfall.
- Cash position grew 14.6% QoQ to $47.9 million through strategic financing.
- R&D investment increased 3.3% YoY to $3.1 million for pipeline development.
Holdings at the end of Q3 2024
| Ticker | Company | Weight | Change | Value |
|---|---|---|---|---|
| META | Meta | 19.2% | Trimmed (-1%) | $1.3B |
| UBER | Uber | 14.8% | Trimmed (-1%) | $1B |
| SNOW | Snowflake | 14.7% | Trimmed (-9%) | $993.3M |
| NVDA | Nvidia | 14.0% | Added (+1%) | $946.82M |
| MSFT | Microsoft | 10.1% | Trimmed (-2%) | $682.41M |
| CFLT | Confluent | 4.1% | Added (+6%) | $277.71M |
| KWEB | China Internet | 2.9% | NEW | $192.93M |
| TSLA | Tesla | 2.6% | NEW | $173.3M |
| AMZN | Amazon | 2.5% | Trimmed (-37%) | $168.12M |
| CPNG | Coupang | 2.4% | Added (+24%) | $161.04M |
| MELI | MercadoLibre | 1.9% | Added (+19%) | $126.11M |
| CRM | Salesforce | 1.9% | Added (+26%) | $125.29M |
| GOOGL | Alphabet | 1.6% | Trimmed (-2%) | $109.73M |
| TSM | Taiwan Semiconductor | 1.3% | NEW | $90.19M |
| IOT | Samsara | 1.0% | Added (+78%) | $69.92M |
| AVGO | Broadcom | 1.0% | NEW | $68.46M |
| FUTU | Futu | 0.8% | NEW | $55.07M |
| Z | Zillow Group | 0.8% | NEW | $54.63M |
| DUOL | Duolingo | 0.8% | NEW | $54.04M |
| RBRK | Rubrik | 0.8% | Added (+842%) | $53M |
| LINE | Lineage Cell Therapeutics | 0.5% | NEW | $31.35M |
| ALAB | Astera Labs | 0.3% | $20.96M | |
| Grab | 0.0% | $849.24K | ||
| PDD | PDD Holdings | 0.0% | Exited | $0 |
| APH | Amphenol | 0.0% | Exited | $0 |
| DELL | Dell Technologies | 0.0% | Exited | $0 |
| AAPL | Apple | 0.0% | Exited | $0 |
| WBTN | Webtoon Entertainment | 0.0% | Exited | $0 |
Disclaimer: All posts on Scout are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.
