Profil et philosophie d'investissement

Coatue Management, le fonds de Philippe Laffont, s'est orienté vers les équipements de fabrication de semi-conducteurs au premier trimestre 2026, en constituant une importante nouvelle position dans ASML. Le fonds a également renforcé ses participations dans GE Vernova et Lam Research. L'accent mis par Laffont sur le « super-cycle du calcul » lié à l'IA demeure la thèse centrale, privilégiant les entreprises qui fournissent les outils essentiels à la prochaine génération d'informatique.

Track Record

Philippe Laffont, born in France and educated at MIT, founded Coatue Management in 1999 after working for Julian Robertson at Tiger Management. Coatue operates a hybrid public-and-private model, with hedge fund vehicles complemented by sizeable venture and growth-equity pools — assets across the platform are in the tens of billions. Public-equity performance has historically tracked the Nasdaq with concentrated technology exposure, capturing the secular software, internet and semiconductor waves. The firm took meaningful losses during the 2022 tech reset and has since rebuilt around AI infrastructure. Benchmark: Nasdaq 100. The Coatue thesis has always been technology as the dominant secular force; the discipline question is sizing through cycles.

Trades emblématiques

Stratégie actuelle (2026)

Coatue's 2026 13F is the cleanest pure-play AI-infrastructure book among the Tiger Cubs. TSMC leads at 10.8%, GE Vernova at 7.7%, Lam Research at 7.4% and Applied Materials at 6.2% — together more than 32% of the public portfolio concentrated in the picks-and-shovels of accelerated computing. The selection is notable for what it includes (semi-cap equipment, power infrastructure) and what it does not (the headline hyperscalers are smaller positions). Laffont appears to be making a layered bet: the foundry that prints the chips, the equipment that builds the foundry, the grid build-out that powers the data centres. It is the most thoroughly thought-through AI portfolio on the 13F leaderboard and reflects a view that the bottleneck of the cycle is physical capacity, not model performance.

Of the three Tiger Cubs in this group, Coatue is the most intellectually coherent in its current positioning. The book is not a list of AI-adjacent ticker symbols — it is a structural map of the build-out, weighted by where the constraints actually bind. The risk is the inverse of the conviction: if AI capex disappoints by even one quarter, the names that have driven the recovery will reprice hard together. Laffont is making a focused bet, and we respect focused bets. Just size accordingly and do not mistake a heavily concentrated thematic portfolio for a diversified one.

Dernière déclaration SEC Form 13F. Valeur totale du portefeuille: 25,3 Md €. Positions: 62 positions.