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 |
eBay
EBAY
|
+$1B |
| 2 |
Expedia Group
EXPE
|
+$808M |
| 3 |
Alibaba
BABA
|
+$477M |
| 4 |
Televisa
TV
|
+$477M |
| 5 |
Hilton Worldwide Holdings Inc. Common Stock
HLT
|
+$461M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Booking.com
BKNG
|
+$761M |
| 2 |
Northrop Grumman
NOC
|
+$588M |
| 3 |
Meta Platforms (Facebook)
META
|
+$583M |
| 4 |
AB InBev
BUD
|
+$554M |
| 5 |
Mastercard
MA
|
+$438M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 34% |
| 2 | Communication Services | 18.19% |
| 3 | Technology | 15.69% |
| 4 | Consumer Staples | 12.28% |
| 5 | Energy | 4.63% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Charter Communications
CHTR
$15.8B
| $1.42B | 6.33% |
5,250,106
+457,698
| +10% | +$116M |
2014 Q3
8 quarters
|
|
2
Dollar Tree
DLTR
$25.9B
| $1.21B | 5.42% |
15,392,747
+2,030,596
| +15% | +$183M |
2015 Q3
4 quarters
|
|
|
3
eBay
EBAY
$53.1B
| $1.09B | 4.87% |
+33,164,569
| New | +$1B |
2016 Q3
0 quarters
|
|
4
Amazon
AMZN
$2.88T
| $1.08B | 4.83% |
25,854,560
-7,022,800
| -21% | -$269M |
2015 Q3
4 quarters
|
|
5
Constellation Brands
STZ
$24.6B
| $927M | 4.14% |
5,566,692
-1,099,320
| -16% | -$181M |
2015 Q3
4 quarters
|
|
6
Nike
NKE
$56.4B
| $919M | 4.1% |
17,452,774
-852,929
| -5% | -$48.2M |
2015 Q1
6 quarters
|
|
7
Corpay
CPAY
$29.6B
| $847M | 3.78% |
4,877,583
-872,920
| -15% | -$140M |
2013 Q2
13 quarters
|
|
|
8
Booking.com
BKNG
$119B
| $846M | 3.78% |
14,367,075
-13,651,875
| -49% | -$761M |
2013 Q2
13 quarters
|
|
9
Microsoft
MSFT
$3.89T
| $836M | 3.73% |
14,513,996
-2,785,000
| -16% | -$157M |
2013 Q4
11 quarters
|
|
|
10
Expedia Group
EXPE
$30.6B
| $834M | 3.72% |
+7,143,331
| New | +$808M |
2016 Q3
0 quarters
|
|
|
11
Meta Platforms (Facebook)
META
$1.64T
| $801M | 3.58% |
6,246,441
-4,694,796
| -43% | -$583M |
2014 Q3
8 quarters
|
|
|
ATVI
12
DELISTED
Activision Blizzard
ATVI
| $766M | 3.42% |
17,289,564
+6,996,451
| +68% | +$293M |
2016 Q2
1 quarter
|
|
13
DELISTED
Electronic Arts
EA
| $736M | 3.29% |
8,619,020
+5,063,664
| +142% | +$405M |
2015 Q2
5 quarters
|
|
14
Ulta Beauty
ULTA
$28.2B
| $702M | 3.14% |
2,950,670
-382,216
| -11% | -$96.6M |
2013 Q2
13 quarters
|
|
15
Alphabet (Google) Class C
GOOG
$3.6T
| $656M | 2.93% |
16,868,980
-808,780
| -5% | -$30.7M |
2015 Q4
3 quarters
|
|
16
TransDigm Group
TDG
$66.5B
| $651M | 2.91% |
2,250,775
-129,645
| -5% | -$36.4M |
2013 Q2
13 quarters
|
|
17
Equinix
EQIX
$104B
| $648M | 2.89% |
1,799,578
-341,384
| -16% | -$127M |
2014 Q1
10 quarters
|
|
18
Monster Beverage
MNST
$90.9B
| $609M | 2.72% |
49,793,916
+95,016
| +0.2% | +$1.23M |
2016 Q1
2 quarters
|
|
19
Yum! Brands
YUM
$43.3B
| $569M | 2.54% |
8,715,733
-5,155,674
| -37% | -$329M |
2016 Q1
2 quarters
|
|
20
Vulcan Materials
VMC
$35.8B
| $569M | 2.54% |
5,000,113
+1,227,394
| +33% | +$145M |
2015 Q1
6 quarters
|
|
|
21
Alibaba
BABA
$235B
| $545M | 2.43% |
+5,151,461
| New | +$477M |
2016 Q3
0 quarters
|
|
22
Adobe
ADBE
$94.6B
| $501M | 2.24% |
4,617,977
-380,461
| -8% | -$38.2M |
2014 Q1
10 quarters
|
|
23
Cheniere Energy
LNG
$63B
| $468M | 2.09% |
10,741,417
-2,143,259
| -17% | -$90.4M |
2014 Q2
9 quarters
|
|
|
24
Televisa
TV
$2.35B
| $464M | 2.07% |
+18,077,811
| New | +$477M |
2016 Q3
0 quarters
|
|
25
Broadcom
AVGO
$1.66T
| $450M | 2.01% |
+26,065,930
| New | +$436M |
2016 Q3
0 quarters
|
|
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Lone Pine Capital's Q3 2016 Portfolio in Review
As of Q3 2016, Lone Pine Capital held 49 positions worth $22.4B, up 3.3% from $21.7B the previous quarter. Its ten largest holdings account for 45% of the portfolio.
Lone Pine Capital's Q3 2016 filing shows 11 new, 8 increased, 19 reduced and 9 closed positions. Its largest new stake was eBay: 33,164,569 shares worth $1.09B. The largest sale was Booking.com, an estimated $761M.
By sector, the portfolio is most concentrated in Consumer Discretionary at 34% of assets, up from 28% a quarter earlier, followed by Communication Services and Technology.
- Lone Pine Capital's largest Q3 2016 buy was eBay: 33,164,569 shares worth $1.09B.
- Lone Pine Capital added most to Electronic Arts in Q3 2016, an estimated $405M increase.
- Lone Pine Capital's biggest Q3 2016 reduction was Booking.com, cutting an estimated $761M.
- Lone Pine Capital fully exited Northrop Grumman in Q3 2016, selling an estimated $588M.
- Lone Pine Capital's ten largest holdings make up 45% of its $22.4B portfolio in Q3 2016.
- Lone Pine Capital opened 11 new positions and closed 9 in Q3 2016.
- Lone Pine Capital's portfolio value rose 3.3% quarter-over-quarter to $22.4B.
Based on Lone Pine Capital's 13F filing for Q3 2016, filed 14 Nov 2016.