Key Takeaways
- • Maverick Capital's Maverick Fund gained more than 5 percent in the third quarter of 2026, lifting its year-to-date return to 16.17 percent, according to a hedge fund database.
- • Maverick Long rose about 4 percent in the quarter (up 20.46 percent year to date), and Maverick Long Enhanced added roughly 4.5 percent (up 24.54 percent year to date).
- • The Maverick Neutral Fund, launched in April 2026, is up 9.94 percent in 2026 and targets 125 percent long and 125 percent short exposure.
- • The fund's four largest long positions are semiconductor companies that together make up nearly 20 percent of U.S. assets, with Nvidia the largest U.S.-listed long all year.
- • Maverick's performance contrasted with most other Tiger Cubs, which lost money in the quarter despite September gains after steep losses in July and, in some cases, August.
Summary
Maverick Capital, the hedge fund firm led by Lee Ainslie III, posted a profitable third quarter in 2026 while most of its Tiger Cub peers lost money, according to Institutional Investor. The firm reported a gain of more than 5 percent in the third quarter in its main long-short vehicle, Maverick Fund, bringing its 2026 return to 16.17 percent, per a hedge fund database. The Tiger Cub group as a whole had a difficult quarter, especially those emphasizing technology and AI-related stocks, after heavy declines in July and in some cases August, with partial recovery in September.
The firm's other strategies also gained. Maverick Long rose about 4 percent for the period and is up 20.46 percent for the year, while Maverick Long Enhanced added approximately 4.5 percent in the quarter and is up 24.54 percent year to date. The Maverick Neutral Fund, which launched in April, has returned 9.94 percent in 2026 and targets 125 percent long and 125 percent short exposure. Maverick Fund roughly broke even on its shorts in the third quarter but lost a small amount on them for the year. The fund is on track for its fourth straight double-digit annual gain and its fifth in the past six years; it lost 30 percent in 2022.
Maverick's portfolio has carried significant exposure to Magnificent Seven and AI-beneficiary stocks all year. Its four largest long positions are all semiconductor companies, which together account for nearly 20 percent of U.S. assets. Nvidia has been the largest U.S.-listed long all year, representing more than 5 percent of U.S. assets at the end of the second quarter. The other top positions include Advanced Micro Devices, Astera Labs, and Intel. In the second quarter, Maverick boosted its AMD stake by 44 percent and increased its Astera and Intel positions by smaller percentages. Astera designs products for cloud and AI data center infrastructure.
Five Magnificent Seven stocks appear among Maverick's 13 largest U.S. long positions. Alphabet became the sixth-largest position in the second quarter after Maverick raised its stake by roughly two-thirds, following a cut of nearly 25 percent in the first quarter. Maverick also initiated a position in Meta Platforms in the second quarter, making it the eighth-largest long immediately. Amazon and Microsoft, the other two Mag Seven holdings, were top-seven positions in the first quarter.
In the second quarter, Maverick also made sharp reductions in three of its six-largest longs from the prior period. It sold more than 99 percent of its positions in semiconductor equipment makers Applied Materials and ASML Holding, leaving only a handful of shares in each, and cut its stake in Taiwan Semiconductor Manufacturing by more than 42 percent.
The firm's other strategies also gained. Maverick Long rose about 4 percent for the period and is up 20.46 percent for the year, while Maverick Long Enhanced added approximately 4.5 percent in the quarter and is up 24.54 percent year to date. The Maverick Neutral Fund, which launched in April, has returned 9.94 percent in 2026 and targets 125 percent long and 125 percent short exposure. Maverick Fund roughly broke even on its shorts in the third quarter but lost a small amount on them for the year. The fund is on track for its fourth straight double-digit annual gain and its fifth in the past six years; it lost 30 percent in 2022.
Maverick's portfolio has carried significant exposure to Magnificent Seven and AI-beneficiary stocks all year. Its four largest long positions are all semiconductor companies, which together account for nearly 20 percent of U.S. assets. Nvidia has been the largest U.S.-listed long all year, representing more than 5 percent of U.S. assets at the end of the second quarter. The other top positions include Advanced Micro Devices, Astera Labs, and Intel. In the second quarter, Maverick boosted its AMD stake by 44 percent and increased its Astera and Intel positions by smaller percentages. Astera designs products for cloud and AI data center infrastructure.
Five Magnificent Seven stocks appear among Maverick's 13 largest U.S. long positions. Alphabet became the sixth-largest position in the second quarter after Maverick raised its stake by roughly two-thirds, following a cut of nearly 25 percent in the first quarter. Maverick also initiated a position in Meta Platforms in the second quarter, making it the eighth-largest long immediately. Amazon and Microsoft, the other two Mag Seven holdings, were top-seven positions in the first quarter.
In the second quarter, Maverick also made sharp reductions in three of its six-largest longs from the prior period. It sold more than 99 percent of its positions in semiconductor equipment makers Applied Materials and ASML Holding, leaving only a handful of shares in each, and cut its stake in Taiwan Semiconductor Manufacturing by more than 42 percent.
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