The portfolio remains highly concentrated. The top 10 holdings represent 63.7% of total disclosed portfolio value; the top 20 account for 87.4%.² With 62 total positions, the remaining 42 collectively account for only 12.6% — and 26 of those 42 are newly opened this quarter, many at negligible sizes. The portfolio functions operationally as a high-conviction 20-name book with a tail of exploratory and speculative entries.

Ticker	Company	Value	Weight	Avg Holding (Q)
TSM	Taiwan Semiconductor	$3,143M	10.80%	>4 (ongoing)
GEV	GE Vernova	$2,247M	7.73%	>4 (ongoing)
LRCX	Lam Research	$2,148M	7.39%	>4 (ongoing)
AMAT	Applied Materials	$1,795M	6.17%	3 (since Q3 2025)
AVGO	Broadcom Inc.	$1,703M	5.86%	>4 (ongoing)
ETN	Eaton Corp.	$1,703M	5.85%	>4 (ongoing)
AMZN	Amazon.com Inc.	$1,651M	5.68%	>4 (ongoing)
META	Meta Platforms	$1,611M	5.54%	>4 (trimming)
CEG	Constellation Energy	$1,294M	4.45%	>4 (volatile)
GOOGL	Alphabet Inc. (Class A)	$1,244M	4.27%	>4 (trimming)

Portfolio turnover was 37.1% for the quarter — meaningful but not extreme for a fund that has historically operated with an 11-quarter average holding period.² The top 10 average holding period of 19 quarters (~4.75 years) confirms the core book is managed with a long time horizon; the high turnover in Q1 2026 is concentrated in positions outside the top tier.

One element of the Q1 2026 portfolio warrants specific mention: among the 26 new positions, approximately 9 are anomalous relative to the rest of the book. Positions in AMC Entertainment ($224K), Beyond Meat ($241K), Hertz Global ($492K–$1.1M), ChargePoint ($749K), Plug Power ($5.8M), Lucid Group ($2.8M), Peloton ($10.7M), and Olaplex ($2.6M) collectively total approximately $24M — less than 0.1% of the portfolio. These are predominantly distressed or highly speculative names with no clear connection to Coatue's core technology and infrastructure thesis. Their presence at sub-$1M sizes in a $29B portfolio is unusual and may reflect event-driven activity, research positions, or hedging instruments not fully captured in 13F disclosures.¹

Q1 2026: Coatue Pivots to Semiconductor Equipment, Exits Software Leaders

The Power Delivery Gap