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.
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