Philippe Laffont's Trades and Holdings in Q3 2025

Breaking down the stocks Philippe Laffont (Coatue) bought, sold, and held in Q3 2025, including their holdings at the end of the quarter. All data sourced from Coatue's 13F filed on November 14, 2025.

Who are Philippe Laffont and Coatue?

Philippe Laffont is the founder and managing partner of Coatue Management LLC (commonly referred to as Coatue). The fund is known for its concentrated public equity portfolio, typically consisting of around 70 stocks, with the top 10 holdings comprising approximately 57% of assets, and variable cash holdings deployed tactically into high-conviction opportunities across public and private markets. His investment strategy is a growth-oriented crossover approach inspired by Julian Robertson's Tiger Management, emphasizing investments in innovative companies across lifecycles from early-stage ventures to public equities, with a focus on technology disruption and active management. Laffont focuses on high-potential companies in sectors like AI infrastructure, cloud computing, semiconductors, and digital platforms that can achieve massive scale, with strong qualitative factors like network effects, high margins, rapid innovation, deep moats, strong leadership, and alignment with secular trends such as artificial intelligence and digital transformation.

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Coatue on X
Philippe Laffont on X
Q3 '25 13F filed with SEC

Holdings in Q3 2025

Current Investment Strategy

Philippe Laffont's Coatue Management maintained its technology-focused crossover strategy in Q3 2025, concentrating its $40.8 billion public portfolio in AI infrastructure and digital platforms with top holdings including Netflix, Alphabet, and emerging healthcare technology play Caris Life Sciences. The Tiger Cub veteran pivoted toward semiconductor design enablers by initiating positions in Synopsys, Applied Materials, and cloud data platform Snowflake while exiting non-tech positions including Philip Morris and Eli Lilly, reinforcing his conviction in companies powering artificial intelligence and digital transformation despite a concentrated portfolio structure where the top 10 holdings comprised approximately 51% of assets.

New Investments

Synopsys SNPS

Philippe Laffont bought $892.61M of Synopsys in Q3 2025. Synopsys showed mixed performance in Q3 2025, with revenue growing 14% year-over-year to $1.74 billion but missing analyst expectations of $1.80 billion, while the company's Design IP business underperformed and major customer foundry issues pressured results. The non-GAAP EPS of $3.39 reflected sequential decline from Q2's $3.40, with management taking a conservative view for Q4 despite the transformational Ansys acquisition closing in July 2025. Following an initial sharp sell-off exceeding 36%, the stock has shown modest recovery, though investors remain cautious about the company's ability to navigate geopolitical challenges and execute the IP business turnaround.

• Q3 2025 revenue reached $1.74 billion, up 14% year-over-year but representing a 3.3% miss versus the $1.80 billion estimate.
• Non-GAAP EPS declined sequentially from $3.40 in Q2 to $3.39 in Q3, indicating potential margin compression amid challenging conditions.
• Stock experienced sharp volatility following Q3 earnings, down over 36% from peaks before recovering approximately 13% as investors reassess the Ansys integration strategy.

Applied Materials AMAT

Philippe Laffont bought $685.68M of Applied Materials in Q3 2025. Applied Materials delivered record quarterly performance in Q3 FY2025 with revenue of $7.30 billion, though Q4 FY2025 results showed sequential decline to $6.80 billion driven by China capacity digestion and export licensing uncertainty, which represents a significant near-term headwind despite underlying strength in AI-driven semiconductor demand. The company maintained strong profitability with non-GAAP gross margins expanding to 48.8% for the full fiscal year and return on equity of 40.96%, indicating efficient capital deployment. While macroeconomic and geopolitical pressures have created near-term visibility challenges, management remains confident in long-term growth driven by leading-edge foundry logic, DRAM, and advanced packaging technologies.

• Q3 revenue $7.30 billion (+8% YoY); Q4 declined to $6.80 billion (-3.5% YoY) amid China headwinds and export licensing delays.
• Q4 EPS of $2.17 beat consensus of $2.11 by $0.06, up from $2.09 prior year.
• Non-GAAP gross margins expanded 120 basis points to 48.8% in FY2025; ROE of 40.96% demonstrates strong operational efficiency.

Snowflake SNOW

Philippe Laffont bought $441.28M of Snowflake in Q3 2025. Snowflake has demonstrated exceptional momentum over the last two quarters, with earnings beats accelerating in magnitude each period. EPS surged 46% quarter-over-quarter in Q2 2026 to $0.35, beating consensus estimates by 29.63%, while product revenue accelerated to 32% year-over-year growth—demonstrating the company's expanding footprint in cloud data warehousing and AI capabilities. Strong unit economics, evidenced by 127% net revenue retention and 25% year-over-year growth in million-dollar customers, combined with analyst price targets indicating 21.7% upside potential, underscore confidence in the company's path to profitability with projected annual EPS of $1.22.

• EPS accelerated 46% sequentially from $0.24 in Q1 2026 to $0.35 in Q2 2026, consistently beating analyst expectations.
• Product revenue grew 32% year-over-year to $1.14B in Q2 2026, exceeding consensus by $50M amid expanding AI adoption.
• Net revenue retention of 127% with 542 million-dollar customers, up 25% year-over-year, demonstrates strong land-and-expand dynamics.

Figma FIG

Philippe Laffont bought $167.69M of Figma in Q3 2025. Figma delivered strong Q3 2025 results with 38% year-over-year revenue growth to a quarterly record of $274.2 million, while beating earnings expectations with $0.10 EPS. The company's decision to raise full-year guidance reflects management confidence in sustained growth momentum powered by its AI-enabled design platform. The market responded positively, with shares appreciating 4.5% on the earnings announcement date.

• Q3 revenue grew 38% year-over-year to a quarterly record of $274.2 million.
• EPS of $0.10 exceeded expectations in Q3 2025.
• Stock price increased 4.5% on November 6 following earnings announcement.

Natera NTRA

Philippe Laffont bought $27.42M of Natera in Q3 2025. Natera delivered exceptional Q3 2025 revenue growth of 34.7% year-over-year to $592.2 million, significantly surpassing analyst expectations and driving the raised full-year 2025 guidance to $2.18-$2.26 billion. The company's genetic testing platform is gaining strong momentum, particularly in the high-margin oncology segment where test volumes surged 53.9%, while gross margins improved to 64.9% reflecting operational efficiencies. However, aggressive R&D and operational investments increased net losses with an EPS miss of $0.25, indicating management is prioritizing growth initiatives over near-term profitability—a strategic trade-off supported by robust positive cash generation of $26.4 million in Q3.

• Revenue grew 34.7% year-over-year to $592.2 million in Q3 2025, significantly exceeding consensus expectations and driving raised full-year guidance up $160 million at midpoint.
• Oncology segment test volumes surged 53.9% with record sequential Signatera MRD test growth, demonstrating strong traction in high-value molecular residual disease diagnostics.
• Gross margin expanded to 64.9% from 61.8% year-over-year; however, operating expenses rose 54.9% to $482 million, resulting in widened net losses despite strong top-line performance.

Klarna KLAR

Philippe Laffont bought $12.09M of Klarna in Q3 2025. Klarna, following its September 2025 NYSE listing, is positioned for strong near-term growth with 26% year-over-year revenue growth projected in Q3 2025 to $889 million, driven by resilient consumer spending and expanding merchant adoption. The company is successfully diversifying revenue streams with interest income surging 51% to $263 million as it leans into higher-margin lending products amid intensifying competition from Affirm and Block's Afterpay. User engagement metrics remain robust with active users expected to grow 30% to 114 million and gross merchandise value increasing 21% to $31.7 billion, signaling strong market demand for its pay-later offerings.

• Q3 2025 revenue projected at $889 million, representing 26% YoY growth driven by transaction volume expansion and lending momentum.
• Interest income forecast to surge 51% to $263 million, reflecting higher lending volumes and improved monetization of pay-later loans.
• Active users expected to reach 114 million, up 30% YoY, with 'Pay Later' segment GMV projected to grow 22% to $25 billion.

Joyy YY

Philippe Laffont bought $9.13M of Joyy in Q3 2025. JOYY has demonstrated exceptional value creation for shareholders in recent quarters, highlighted by a 21% stock surge following the acceleration of Q3 2025 buybacks, with the security now trading at an extraordinarily compressed 1.78 P/E ratio compared to a more reasonable forward P/E of 14.53. The company's aggressive capital return strategy—including $135 million in combined dividends and buybacks during H1 2025—reflects robust cash generation and disciplined shareholder-focused capital allocation. While the trailing twelve-month results benefited from a $1.4B one-off gain, the forward-looking valuation and accelerating buyback activity suggest the market is repricing the business higher following the recent quarterly announcement.

• Stock gained 21% in two days on Q3 2025 buyback acceleration announcement, with trailing 52-week appreciation of approximately 70% from the $33.00 low.
• Trading at 1.78 P/E ratio versus forward P/E of 14.53, indicating substantial valuation disconnect and repricing opportunity as market reassesses normalized earnings power.
• Returned $135 million in dividends and buybacks during H1 2025 with 6.67% dividend yield, demonstrating sustainable cash generation and shareholder-aligned capital allocation strategy.

Futu FUTU

Philippe Laffont bought $4.19M of Futu in Q3 2025. Futu has demonstrated exceptional performance this year with a 132.8% year-to-date return, significantly outperforming the Business Services sector which declined 8.3% and outpacing the Technology Services industry which gained 25.7%. The company is positioned for strong Q3 2025 results with expected revenue growth of 57.04% year-over-year and earnings per share growth of 92.26% year-over-year. Recent analyst sentiment has strengthened, with the Zacks Consensus Estimate for full-year earnings increasing by 11.1% over the past 90 days, reflecting growing confidence in the company's digital brokerage and wealth management platforms.

• Year-to-date stock return of 132.8%, outperforming Business Services sector by 141.1 percentage points.
• Expected Q3 2025 revenue growth of 57.04% YoY with EPS growth of 92.26% YoY.
• Analyst sentiment strengthening with full-year earnings estimates up 11.1% over the past 90 days.

Added, Trimmed, and Exited

Added

Philippe Laffont significantly increased positions in mega-cap technology leaders, most notably adding 5.2 million shares to Alphabet (GOOGL) (+395% return), 1.5 million shares to Marvell Technology (MRVL) (+275% return), and 1.1 million shares to Alibaba (BABA) (+263% return), while also expanding stakes in Oracle (ORCL), Microsoft (MSFT), AppLovin (APP), Enphase Energy (ENPH), and Meta (META).
What it means: The aggressive rotation into established mega-cap technology companies and AI infrastructure plays like Oracle and Marvell signals a strategic shift toward lower-risk, high-conviction winners in the AI ecosystem. The massive percentage gains on these additions suggest Laffont is capitalizing on market volatility to accumulate quality assets at attractive entry points, while the diversification across cloud computing (Oracle, Microsoft), semiconductors (Marvell), digital advertising (Alphabet, Meta), and mobile gaming monetization (AppLovin) indicates conviction in multiple AI-driven secular growth vectors. The substantial Alibaba addition stands out as a contrarian bet on Chinese tech recovery, suggesting Coatue sees compelling value despite geopolitical headwinds.

Trimmed

Coatue dramatically reduced its CoreWeave (CRWV) position by 11.1 million shares (-68% of holdings), while also significantly trimming Arm Holdings (ARM) by 2.4 million shares, PayPal (PYPL) by 1.7 million shares, Nvidia (NVDA) by 1.6 million shares, Amazon (AMZN) by 1.4 million shares, and KKR (KKR) by 1.5 million shares, alongside smaller reductions in Reddit (RDDT), Tesla (TSLA), Nu Holdings (NU), and AMD (AMD).
What it means: The massive CoreWeave reduction—once Coatue's largest position—represents a major profit-taking event and likely reflects concerns about valuation stretched by the AI infrastructure boom or capital redeployment needs. The concurrent trimming of Nvidia, Arm, and AMD suggests tactical derisking of the semiconductor supply chain after extraordinary runs, while maintaining meaningful exposure to benefit from continued AI spending. The Amazon and PayPal cuts indicate weakening conviction in e-commerce and digital payments relative to other opportunities, while the Reddit, Tesla, and Nu Holdings trims appear to be portfolio rebalancing after strong performance rather than thesis changes. The KKR reduction stands out as the only significant financial services trim, possibly indicating concerns about private equity valuations or deal activity.

Exited

Philippe Laffont completely liquidated positions in Philip Morris (PM) ($236.5M), Eli Lilly (LLY) ($91.5M), Generac (GNRC) ($31.0M), Yum China (YUMC) ($10.3M), and LexinFintech (LX) ($10.1M).
What it means: The complete exit from these positions reveals a decisive strategic pivot away from defensive consumer staples, healthcare, and China consumer exposure in favor of concentrated technology and AI investments. Philip Morris and Eli Lilly represented rare non-tech holdings that likely served as portfolio ballast, suggesting Coatue is abandoning defensive positioning and embracing higher portfolio concentration and technology sector risk. The Generac exit indicates abandoned conviction in the residential power generation thesis despite recent hurricane activity, while the Yum China and LexinFintech liquidations—both Chinese consumer plays—contrast sharply with the aggressive Alibaba accumulation, suggesting Coatue is now exclusively focused on large-cap Chinese internet platforms rather than smaller consumer-facing businesses. These exits freed up approximately $379 million in capital that appears to have been redeployed primarily into semiconductor tooling companies (Synopsys, Applied Materials) and cloud infrastructure (Snowflake).

Disclaimer: All posts 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.