As we’ve written before, Abdiel Capital is all about focus. Managing partners Colin Moran and Geoffrey Gentile don’t spread their bets around much — they run a concentrated long book. Abdiel’s 13F portfolio, disclosed last Friday, showed that the fund’s $2.14B in long holdings was invested in only 13 positions at Q1’s close. $1.91B of those assets were in the fund’s top 10 positions.
If you invested in an equity index fund on Feb. 18, 2020 you had unfortunate timing. The S&P 500 imploded by 32% over the next month as the coronavirus pandemic rocked markets. Even after the massive April bounce, you’d still be down 10%. But if you had bought equal weightings of Abdiel’s 11 holdings on Feb. 18, you’d be up nearly 16%. Cloning Abdiel’s Q1 2019 portfolio last Feb., and rebalancing with new 13F filings, would have resulted in a 71.24% one year return.
The fund added four new positions in Q1: Slack Technologies (WORK), which offers workflow management software. Floor and Decor Holdings (FND), a multi-channel retailer of wood and stone flooring. Carvana (CVNA), which operates a platform for buying used cars. And internet infrastructure developer Twilio (TWLO).
Abdiel’s top holding continues to be information technology company Alteryx (AYX), representing 16.41% of the fund’s portfolio. Enterprise software company Appian Corp (APPN) is the #2 holding and Shopify (SHOP) is #3.
Q1 portfolio details can be found here.
Abdiel’s current equal weight 13F portfolio for Q1, established on May 18.
| Stock Name | Total Return | Original Purchase Date |
| AYX Alteryx Inc | 163.90% | 8/15/17 |
| APPN Appian Corp | 71.67% | 8/15/17 |
| SHOP Shopify Inc | 1344.88% | 5/16/16 |
| AAXN Axon Enterprise Inc. (TASER International Inc.) | 106.27% | 8/15/17 |
| FSLY Fastly Inc | 269.65% | 8/15/19 |
| WORK Slack Technologies Inc | new | 5/18/20 |
| ZM Zoom Video Communications Inc | 194.61% | 8/15/19 |
| SMAR Smartsheet Inc | 21.08% | 8/15/19 |
| FND Floor & Decor Holdings Inc | new | 5/18/20 |
| CVNA Carvana Co | new | 5/18/20 |
| BILL Bill.com Holdings, Inc. | 45.35% | 2/18/20 |
| MIME Mimecast Ltd | 20.64% | 5/16/16 |
| TWLO Twilio Inc | new | 5/18/20 |
You can follow 13Fs, insider buying and other SEC filings at WhaleWisdom.com.
Contact Mark about investing based on SEC filings and smart money disclosures.
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