Abdiel’s 13F portfolio gained 15.65% during a tumultuous Q1. One year return has been 71.24%.

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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.

Abdiel Capital Advisors, LP 13F performance since inception (Q1 2016) vs S&P 500 total return index.

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 NameTotal ReturnOriginal Purchase Date
AYX Alteryx Inc163.90%8/15/17
APPN Appian Corp71.67%8/15/17
SHOP Shopify Inc1344.88%5/16/16
AAXN Axon Enterprise Inc. (TASER International Inc.)106.27%8/15/17
FSLY Fastly Inc269.65%8/15/19
WORK Slack Technologies Incnew5/18/20
ZM Zoom Video Communications Inc194.61%8/15/19
SMAR Smartsheet Inc21.08%8/15/19
FND Floor & Decor Holdings Incnew5/18/20
CVNA Carvana Conew5/18/20
BILL Bill.com Holdings, Inc.45.35%2/18/20
MIME Mimecast Ltd20.64%5/16/16
TWLO Twilio Incnew5/18/20

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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