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Valiant Capital Management is a global long/short equity hedge fund founded by Christopher R. Hansen in March 2008. Prior to that, Christopher Hansen was a Managing Director of Blue Ridge Capital from 2001 to January 2008. Mr. Hansen is the president and portfolio manager of Valiant and is supported by six junior partners who serve as senior analysts.

Valiant Capital Management released its fourth quarter 2011 portfolio holdings on February 6th. Here is Valiant Capital Management's Q4 portfolio.

Company

Ticker

Value (x$1000)

Shares

Activity

Apple Inc.

AAPL

118,657

292,980

-6.96%

Google Inc.

GOOG

83,003

128,507

-10.32%

Liberty Global Inc.

LBTYA

63,718

1,552,967

-6.51%

Verisign Inc.

VRSN

60,338

1,689,193

0.00%

Health Net Inc.

HNT

47,255

1,553,405

0.00%

Qualcomm Inc.

QCOM

45,596

833,570

New

Fomento Economico Mexicano SAB (ADR)

FMX

43,251

620,445

-9.24%

Visa Inc.

V

42,023

413,901

0.00%

Opentable Inc.

OPEN

41,189

1,052,625

48.92%

Yum Brands Inc.

YUM

41,094

696,382

0.00%

Nordion Inc.

NDZ

35,578

4,255,796

0.00%

Baidu (ADR)

BIDU

35,480

304,630

-16.78%

Priceline Inc.

PCLN

35,078

75,000

New

Citrix Systems Inc.

CTXS

29,290

482,384

-10.92%

Express Scripts Inc.

ESRX

25,473

570,000

New

Adobe Systems Inc.

ADBE

25,284

894,367

0.00%

Directv

DTV

24,844

581,008

0.00%

Dineequity

DIN

17,088

404,828

0.00%

Charles Schwab

SCHW

9,635

855,705

-79.03%

Broadcom Corp

BRCM

7,052

240,200

-83.88%

Vermillion Inc.

VRML

284

243,151

0.00%

The largest position in Valiant Capital Management's portfolio is Apple. The firm slightly decreased its position by 7% and leaving nearly 293,000 shares of AAPL in its portfolio. We are quite bullish about AAPL, and hedge funds are too. The number of hedge funds that invested in AAPL significantly increased from 110 to 125 during the third quarter.

Valiant Capital Management initiated a position in Opentable Inc. during the second quarter 2011. The firm doubled its OPEN position in Q3, and boosted it by 49% during Q4. OPEN was trading at above $90 during Q2, but now the stock is trading at about $50. So it's possible that Valiant Capital Management lost more than 40% in this deal. Besides, it seems Chase Coleman, Ken Griffin and Jim Simons were all bullish about OPEN as they either initiated new positions or largely boosted their existing positions. Despite hedge funds' growing optimism, investors should be careful about OPEN as the company may have a cautious outlook in 2012, expecting slower growth in seated-diner numbers in North America.

Two smart picks from Valiant Capital Management are Qualcomm Inc. and Express Scripts, Inc. The firm initiated brand new positions of 833,000 shares in QCOM and 570,000 shares of ESRX during the fourth quarter. Valiant Capital Management might have bought QCOM at around $52, and bought ESRX at below $45. So it's possible that the firm has gained more than 15% in each stock.

Valiant Capital Management largely decreased its positions in Charles Schwab and Broadcom Corp. Valiant picked both stocks during the second quarter when SCHW was trading at $16-$19 and BRCM was trading at $32-$40. However, SCHW dropped to $12 while BRCM fell below $30 at the year-end. Valiant decreased each position by about 80%. Currently, SCHW is still wavering around $12.5, but BRCM rallied and is approaching $38.

Overall, Valiant Capital Management's total 13F portfolio value increased from $779 million at the end of September to $831 million at the end of December. The number of stocks in the portfolio also increased, going from 19 to 21. We are bullish about several stocks picked by Valiant, including AAPL, GOOG, Visa, YUM and DTV, and we believe investors can use Valiant Capital Management's stock picks as a starting point to choose their own investments.

Source: Valiant Capital Management's Q4 Stock Picks