Maverick Q1 2026: A Tiger Cub Rotates Beyond Semis

Maverick Capital, the long-short firm founded by Tiger cub Lee Ainslie, reported an $8.67B U.S. long equity book for the quarter ended March 31, 2026 (Form 13F-HR, accession 0000947871-26-000553, filed 2026-05-15). The quarter shows a Tiger-cub manager rotating within and beyond technology: trimming semiconductors while adding to medical devices, an emerging-market fintech, defense, and power infrastructure.

The book is still anchored in megacap tech — Nvidia (NVDA) at 6.39%, Amazon (AMZN) at 5.57%, and Taiwan Semiconductor (TSM) at 4.82% — but the quarter's moves point outward. Maverick cut Taiwan Semiconductor 25%, Applied Materials (AMAT) 23%, and Microsoft (MSFT) 37%, while adding 76% to Boston Scientific (BSX) and 92% to Brazilian neobank Nu Holdings.

It also opened new positions in defense contractor RTX (RTX) and power-infrastructure builder Argan (AGX) — the latter a play on the electricity demand driving the AI build-out.

A Tiger-cub growth book, broadening out

After the megacap-tech core and ASML, Maverick's top holdings include Boston Scientific, Nu Holdings, Applied Materials, Microsoft, RTX, and Argan. With 239 positions, Maverick is more diversified than the most concentrated activists, but its top names still carry real weight.

The composition reflects a classic Tiger-cub approach — fundamental, growth-oriented stock picking — now reaching beyond pure semiconductors into medical technology (Boston Scientific), emerging-market fintech (Nu Holdings), aerospace and defense (RTX), and the power-and-construction names tied to AI data-center demand (Argan).

Rotating out of semis, into new themes

The quarter's clearest signal is the rotation. Maverick reduced its semiconductor and software exposure — Taiwan Semiconductor (-25%), Applied Materials (-23%), and Microsoft (-37%) — and redeployed into faster-growing or differently-exposed names. The 92% increase in Nu Holdings and 76% in Boston Scientific were the largest adds.

Adding a defense name (RTX) and a power-infrastructure builder (Argan) while trimming chips suggests Maverick is diversifying its growth exposure across themes — AI-adjacent infrastructure, healthcare innovation, and emerging-market financials — rather than doubling down on the most crowded semiconductor trades.

What it means for 13F readers

Maverick offers a clean read on a Tiger-cub growth book in transition. The long side remains tech-anchored, but the quarter's adds — Nu Holdings, Boston Scientific, RTX, Argan — show where the manager is finding fresh growth beyond the megacap-semiconductor core. As a long-short fund, its 13F shows only the long side, so the visible book is one half of a hedged strategy. Track the firm's quarter-over-quarter holdings on the Maverick Capital filer page.

FAQ

What is Maverick Capital?

Maverick Capital is a long-short hedge fund founded by Lee Ainslie, a "Tiger cub" who trained under Julian Robertson. It reported an $8.67B U.S. long equity 13F book for the quarter ended March 31, 2026, across about 239 positions.

What were Maverick's biggest moves in Q1 2026?

Maverick raised Nu Holdings by 92% and Boston Scientific by 76%, opened new positions in RTX and Argan, and trimmed Microsoft (-37%), Taiwan Semiconductor (-25%), and Applied Materials (-23%).

What are Maverick's largest holdings?

Its largest positions are Nvidia (6.39%), Amazon (5.57%), Taiwan Semiconductor (4.82%), ASML (3.94%), and Boston Scientific (3.76%) — a tech-anchored growth book broadening into other themes.

Does Maverick's 13F show its full strategy?

No. Maverick is a long-short fund, and a 13F discloses only long positions. The visible book is one side of a hedged strategy whose short positions are not shown.