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 |
O'Reilly Automotive
ORLY
|
+$696M |
| 2 |
Microsoft
MSFT
|
+$665M |
| 3 |
Mastercard
MA
|
+$551M |
| 4 |
Intercontinental Exchange
ICE
|
+$390M |
| 5 |
TransUnion
TRU
|
+$369M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Nike
NKE
|
+$1.07B |
| 2 |
Electronic Arts
EA
|
+$696M |
| 3 |
Visa
V
|
+$548M |
| 4 |
Booking.com
BKNG
|
+$529M |
| 5 |
Dollar Tree
DLTR
|
+$513M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 30.96% |
| 2 | Communication Services | 23.56% |
| 3 | Consumer Discretionary | 18.26% |
| 4 | Financials | 6.96% |
| 5 | Consumer Staples | 6.48% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Alibaba
BABA
$235B
| $1.64B | 8.36% |
11,666,798
+1,770,085
| +18% | +$219M |
2016 Q3
3 quarters
|
|
2
Charter Communications
CHTR
$15.8B
| $1.47B | 7.45% |
4,353,832
-1,316,402
| -23% | -$439M |
2014 Q3
11 quarters
|
|
3
Constellation Brands
STZ
$24.6B
| $1.27B | 6.48% |
6,576,776
-684,941
| -9% | -$122M |
2015 Q3
7 quarters
|
|
|
ATVI
4
DELISTED
Activision Blizzard
ATVI
| $1.24B | 6.3% |
21,535,165
-3,265,525
| -13% | -$180M |
2016 Q2
4 quarters
|
|
5
Broadcom
AVGO
$1.66T
| $1.24B | 6.3% |
53,195,910
| – | – |
2016 Q3
3 quarters
|
|
6
Corpay
CPAY
$29.6B
| $945M | 4.81% |
6,555,504
+2,053,731
| +46% | +$293M |
2013 Q2
16 quarters
|
|
7
Meta Platforms (Facebook)
META
$1.64T
| $931M | 4.73% |
6,168,049
+1,061,741
| +21% | +$158M |
2014 Q3
11 quarters
|
|
8
IQVIA
IQV
$43.7B
| $900M | 4.57% |
10,055,780
+4,079,739
| +68% | +$344M |
2017 Q1
1 quarter
|
|
9
Comcast
CMCSA
$89.3B
| $795M | 4.04% |
20,438,394
+6,698,312
| +49% | +$264M |
2017 Q1
1 quarter
|
|
10
Expedia Group
EXPE
$30.6B
| $674M | 3.43% |
4,523,614
+2,401,713
| +113% | +$337M |
2016 Q3
3 quarters
|
|
|
11
Microsoft
MSFT
$3.89T
| $668M | 3.39% |
+9,687,742
| New | +$665M |
2017 Q2
0 quarters
|
|
|
12
O'Reilly Automotive
ORLY
$73.9B
| $621M | 3.16% |
+42,617,550
| New | +$696M |
2017 Q2
0 quarters
|
|
13
Gen Digital
GEN
$18B
| $596M | 3.03% |
21,085,032
-5,365,985
| -20% | -$162M |
2016 Q4
2 quarters
|
|
|
14
Mastercard
MA
$576B
| $564M | 2.87% |
+4,641,369
| New | +$551M |
2017 Q2
0 quarters
|
|
15
CSX Corp
CSX
$95.9B
| $563M | 2.86% |
30,944,604
-12,190,665
| -28% | -$209M |
2017 Q1
1 quarter
|
|
16
Adobe
ADBE
$94.6B
| $556M | 2.83% |
3,931,896
-882,700
| -18% | -$121M |
2014 Q1
13 quarters
|
|
17
Equinix
EQIX
$104B
| $547M | 2.78% |
1,273,652
-157,809
| -11% | -$66.9M |
2014 Q1
13 quarters
|
|
18
Televisa
TV
$2.35B
| $500M | 2.54% |
20,535,367
+2,096,700
| +11% | +$52.1M |
2016 Q3
3 quarters
|
|
19
T-Mobile US
TMUS
$180B
| $432M | 2.2% |
7,123,517
+1,145,298
| +19% | +$74.6M |
2017 Q1
1 quarter
|
|
|
20
Intercontinental Exchange
ICE
$100B
| $419M | 2.13% |
+6,356,905
| New | +$390M |
2017 Q2
0 quarters
|
|
21
Ulta Beauty
ULTA
$28.2B
| $413M | 2.1% |
1,438,673
-85,262
| -6% | -$24.9M |
2013 Q2
16 quarters
|
|
|
22
TransUnion
TRU
$15.5B
| $386M | 1.96% |
+8,905,062
| New | +$369M |
2017 Q2
0 quarters
|
|
23
ServiceNow
NOW
$106B
| $341M | 1.74% |
+16,104,700
| New | +$316M |
2017 Q2
0 quarters
|
|
24
UnitedHealth
UNH
$365B
| $316M | 1.61% |
+1,705,353
| New | +$299M |
2017 Q2
0 quarters
|
|
25
Arista Networks
ANET
$249B
| $276M | 1.41% |
29,530,208
+9,243,232
| +46% | +$83.7M |
2017 Q1
1 quarter
|
|
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Lone Pine Capital's Q2 2017 Portfolio in Review
As of Q2 2017, Lone Pine Capital held 45 positions worth $19.7B, up 3.5% from $19B the previous quarter. Its ten largest holdings account for 56% of the portfolio.
Lone Pine Capital's Q2 2017 filing shows 11 new, 11 increased, 9 reduced and 12 closed positions. Its largest new stake was O'Reilly Automotive: 42,617,550 shares worth $621M. The largest sale was Nike, an estimated $1.07B.
By sector, the portfolio is most concentrated in Technology at 31% of assets, up from 26% a quarter earlier, followed by Communication Services and Consumer Discretionary.
- Lone Pine Capital's largest Q2 2017 buy was O'Reilly Automotive: 42,617,550 shares worth $621M.
- Lone Pine Capital added most to IQVIA in Q2 2017, an estimated $344M increase.
- Lone Pine Capital's biggest Q2 2017 reduction was Charter Communications, cutting an estimated $439M.
- Lone Pine Capital fully exited Nike in Q2 2017, selling an estimated $1.07B.
- Lone Pine Capital's ten largest holdings make up 56% of its $19.7B portfolio in Q2 2017.
- Lone Pine Capital opened 11 new positions and closed 12 in Q2 2017.
- Lone Pine Capital's portfolio value rose 3.5% quarter-over-quarter to $19.7B.
Based on Lone Pine Capital's 13F filing for Q2 2017, filed 14 Aug 2017.