Lone Pine Capital Portfolio holdings
Lone Pine Capital is a fundamental equity investment firm, named after a Dartmouth College pine tree that survived a lightning strike in 1887. Stephen Mandel started it in 1997 after working as a managing director at Tiger Management, the hedge fund founded by Julian Robertson, and stepped back from day-to-day investing in January 2019. Its flagship Lone Cypress hedge fund, launched in 1998, holds both long and short positions, while the Lone Cascade strategy is long-only. The firm builds concentrated portfolios of select ideas from research across sectors and regions. Investors in its funds include high net worth individuals, foundations, endowments and other institutional investors.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Yum! Brands
YUM
|
+$693M |
| 2 |
SHPG
Shire pic
SHPG
|
+$457M |
| 3 |
Monster Beverage
MNST
|
+$438M |
| 4 |
Booking.com
BKNG
|
+$427M |
| 5 |
ATVI
Activision Blizzard
ATVI
|
+$378M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
JD.com
JD
|
+$585M |
| 2 |
AGN
Allergan plc
AGN
|
+$480M |
| 3 |
Microsoft
MSFT
|
+$440M |
| 4 |
BXLT
BAXALTA INC COM STK (DE)
BXLT
|
+$428M |
| 5 |
Alphabet (Google) Class A
GOOGL
|
+$353M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 28.22% |
| 2 | Consumer Staples | 16.52% |
| 3 | Communication Services | 15.43% |
| 4 | Technology | 13.03% |
| 5 | Financials | 8.16% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Booking.com
BKNG
$122B
| $1.4B | 6.46% |
28,018,950
+8,228,025
| +42% | +$427M |
2013 Q2
12 quarters
|
|
2
Dollar Tree
DLTR
$25.7B
| $1.26B | 5.81% |
13,362,151
+1,755,667
| +15% | +$149M |
2015 Q3
3 quarters
|
|
3
Meta Platforms (Facebook)
META
$1.64T
| $1.25B | 5.77% |
10,941,237
-472,271
| -4% | -$54.4M |
2014 Q3
7 quarters
|
|
4
Amazon
AMZN
$2.89T
| $1.18B | 5.43% |
32,877,360
-6,850,000
| -17% | -$232M |
2015 Q3
3 quarters
|
|
5
Constellation Brands
STZ
$24.6B
| $1.1B | 5.09% |
6,666,012
+769,791
| +13% | +$121M |
2015 Q3
3 quarters
|
|
6
Charter Communications
CHTR
$13.9B
| $1.1B | 5.06% |
4,792,408
+203,530
| +4% | +$43.7M |
2014 Q3
7 quarters
|
|
7
Nike
NKE
$59.2B
| $1.01B | 4.66% |
18,305,703
+6,309,324
| +53% | +$359M |
2015 Q1
5 quarters
|
|
|
8
Microsoft
MSFT
$4.05T
| $885M | 4.08% |
17,298,996
-8,472,553
| -33% | -$440M |
2013 Q4
10 quarters
|
|
9
Equinix
EQIX
$104B
| $830M | 3.83% |
2,140,962
-183,368
| -8% | -$64M |
2014 Q1
9 quarters
|
|
|
10
Yum! Brands
YUM
$43.3B
| $827M | 3.82% |
13,871,407
+11,767,424
| +559% | +$693M |
2016 Q1
1 quarter
|
|
11
Corpay
CPAY
$29.3B
| $823M | 3.8% |
5,750,503
-153,900
| -3% | -$22.9M |
2013 Q2
12 quarters
|
|
12
Ulta Beauty
ULTA
$28.4B
| $812M | 3.75% |
3,332,886
-30,082
| -0.9% | -$6.55M |
2013 Q2
12 quarters
|
|
|
13
Monster Beverage
MNST
$89.3B
| $666M | 3.07% |
49,698,900
+36,324,168
| +272% | +$438M |
2016 Q1
1 quarter
|
|
14
TransDigm Group
TDG
$67.4B
| $628M | 2.9% |
2,380,420
+262,561
| +12% | +$64.1M |
2013 Q2
12 quarters
|
|
15
Alphabet (Google) Class C
GOOG
$3.52T
| $612M | 2.82% |
17,677,760
+2,100,000
| +13% | +$75.4M |
2015 Q4
2 quarters
|
|
16
Northrop Grumman
NOC
$76.6B
| $588M | 2.71% |
2,647,065
-602,724
| -19% | -$127M |
2015 Q4
2 quarters
|
|
17
AB InBev
BUD
$168B
| $554M | 2.56% |
4,207,607
+2,329,803
| +124% | +$293M |
2015 Q4
2 quarters
|
|
18
lululemon athletica
LULU
$13B
| $547M | 2.53% |
7,410,304
+2,224,220
| +43% | +$148M |
2015 Q4
2 quarters
|
|
19
Visa
V
$788B
| $535M | 2.47% |
7,207,771
-277,581
| -4% | -$21.7M |
2014 Q4
6 quarters
|
|
20
Cheniere Energy
LNG
$58.2B
| $484M | 2.23% |
12,884,676
| – | – |
2014 Q2
8 quarters
|
|
21
Adobe
ADBE
$92.4B
| $479M | 2.21% |
4,998,438
-74,670
| -1% | -$7.17M |
2014 Q1
9 quarters
|
|
|
SHPG
22
DELISTED
Shire pic
SHPG
| $466M | 2.15% |
+2,529,148
| New | +$457M |
2016 Q2
0 quarters
|
|
23
Vulcan Materials
VMC
$37.1B
| $454M | 2.1% |
3,772,719
+525,937
| +16% | +$59.6M |
2015 Q1
5 quarters
|
|
24
Mastercard
MA
$571B
| $438M | 2.02% |
4,968,587
-108,000
| -2% | -$10.3M |
2013 Q3
11 quarters
|
|
|
ATVI
25
DELISTED
Activision Blizzard
ATVI
| $408M | 1.88% |
+10,293,113
| New | +$378M |
2016 Q2
0 quarters
|
|
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Lone Pine Capital's Q2 2016 Portfolio in Review
As of Q2 2016, Lone Pine Capital held 44 positions worth $21.7B, up 7.8% from $20.1B the previous quarter. Its ten largest holdings account for 50% of the portfolio.
Lone Pine Capital deployed $924M of net new capital in Q2 2016, opening 3 new positions and adding to 16 existing holdings. Its largest new stake was Shire pic: 2,529,148 shares worth $466M.
By sector, the portfolio is most concentrated in Consumer Discretionary at 28% of assets, up from 25% a quarter earlier, followed by Consumer Staples and Communication Services.
On the sell side, the largest reduction was Microsoft, an estimated $440M trimmed.
- Lone Pine Capital's largest Q2 2016 buy was Shire pic: 2,529,148 shares worth $466M.
- Lone Pine Capital added most to Yum! Brands in Q2 2016, an estimated $693M increase.
- Lone Pine Capital's biggest Q2 2016 reduction was Microsoft, cutting an estimated $440M.
- Lone Pine Capital fully exited JD.com in Q2 2016, selling an estimated $585M.
- Lone Pine Capital's ten largest holdings make up 50% of its $21.7B portfolio in Q2 2016.
- Lone Pine Capital opened 3 new positions and closed 7 in Q2 2016.
- Lone Pine Capital's portfolio value rose 7.8% quarter-over-quarter to $21.7B.
Based on Lone Pine Capital's 13F filing for Q2 2016, filed 15 Aug 2016.