Stephen Mandel Lone Pine Capital
Stephen Mandel founded Lone Pine Capital, a long/short equity firm that became one of the most influential Tiger Cub franchises. Lone Pine is known for fundamental research and growth-oriented equity investing with risk management through shorting and portfolio construction. Even as the firm’s structure has evolved over time, Mandel’s name remains closely associated with institutional growth investing.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Microsoft
MSFT
|
+$925M |
| 2 |
SBA Communications
SBAC
|
+$469M |
| 3 |
Intercontinental Exchange
ICE
|
+$453M |
| 4 |
MHFI
MCGRAW-HILL FINANCIAL INC COM
MHFI
|
+$389M |
| 5 |
Crown Castle
CCI
|
+$298M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
eBay
EBAY
|
+$609M |
| 2 |
Equinix
EQIX
|
+$398M |
| 3 |
Kinder Morgan
KMI
|
+$388M |
| 4 |
MON
Monsanto Co
MON
|
+$385M |
| 5 |
Alphabet (Google) Class C
GOOG
|
+$357M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 18.75% |
| 2 | Consumer Discretionary | 17.88% |
| 3 | Communication Services | 12.92% |
| 4 | Financials | 10.3% |
| 5 | Consumer Staples | 8.16% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
American Express
AXP
$227B
| $399M | 1.71% |
4,392,879
-1,851,640
| -30% | -$152M |
|
27
Liberty Global Class A
LBTYA
$3.63B
| $397M | 1.71% |
10,814,104
+3,044,825
| +39% | +$102M |
|
|
BEAV
28
DELISTED
B/E Aerospace Inc
BEAV
| $385M | 1.65% |
6,101,513
-446,627
| -7% | -$26.7M |
|
29
VeriSign
VRSN
$25.5B
| $379M | 1.63% |
6,344,858
+1,456,228
| +30% | +$80.2M |
|
30
Tapestry
TPR
$26B
| $364M | 1.57% |
6,481,247
| – | – |
|
31
PUT
United States Natural Gas Fund
UNG
$506M
| $341M | 1.47% |
1,031,250
| – | – |
|
|
MJN
32
DELISTED
Mead Johnson Nutrition Company
MJN
| $298M | 1.28% |
3,560,693
-3,069,166
| -46% | -$250M |
|
33
Designer Brands
DBI
$292M
| $293M | 1.26% |
6,861,538
+904,096
| +15% | +$39.2M |
|
|
ENDP
34
DELISTED
Endo International plc
ENDP
| $293M | 1.26% |
+4,340,000
| New | +$248M |
|
|
KMI.WS
35
DELISTED
Kinder Morgan Inc
KMI.WS
| $284M | 1.22% |
69,913,434
-2,365,961
| -3% | -$10.2M |
|
36
CME Group
CME
$98.9B
| $284M | 1.22% |
3,614,948
-2,008,352
| -36% | -$157M |
|
37
Workday
WDAY
$49.4B
| $257M | 1.1% |
3,085,065
-437,220
| -12% | -$34.5M |
|
|
SEMG
38
DELISTED
SEMGROUP CORPORATION
SEMG
| $255M | 1.1% |
3,906,318
| – | – |
|
|
SWI
39
DELISTED
SOLARWINDS INC COM STK (DE)
SWI
| $253M | 1.09% |
6,698,396
+996,923
| +17% | +$34.8M |
|
40
Oceaneering
OII
$5.28B
| $247M | 1.06% |
3,125,494
+55,996
| +2% | +$4.55M |
|
41
Liberty Media Series A
FWONA
$24.2B
| $223M | 0.96% |
8,566,070
-505,803
| -6% | -$13.4M |
|
42
Meta Platforms (Facebook)
META
$1.4T
| $164M | 0.71% |
3,000,441
-4,635,554
| -61% | -$233M |
|
|
43
CALL
CME Group
CME
$98.9B
| $157M | 0.68% |
2,000,000
| – | – |
|
|
44
CALL
American Express
AXP
$227B
| $152M | 0.65% |
1,670,000
| – | – |
|
|
TW
45
DELISTED
TOWERS WATSON & CO COM STK CL A (DE)
TW
| $140M | 0.6% |
+1,098,124
| New | +$128M |
|
46
CALL
Qualcomm
QCOM
$169B
| $128M | 0.55% |
1,722,000
-575,000
| -25% | -$40.6M |
|
47
ASML
ASML
$677B
| $113M | 0.48% |
1,201,866
+169,400
| +16% | +$15.7M |
|
|
SHLD
48
PUT
DELISTED
Sears Holding Corporation
SHLD
| $111M | 0.48% |
3,012,214
| – | – |
|
49
Charter Communications
CHTR
$17.9B
| $106M | 0.46% |
774,527
-1,176,925
| -60% | -$156M |
|
50
Lowe's Companies
LOW
$121B
| $105M | 0.45% |
2,114,588
| – | – |
|
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Stephen Mandel's Q4 2013 Portfolio in Review
As of Q4 2013, Stephen Mandel held 67 positions worth $23.2B, up 3.8% from $22.4B the previous quarter. Its ten largest holdings account for 40% of the portfolio.
Stephen Mandel withdrew a net $716M in Q4 2013, closing 12 positions and reducing 18 holdings. Its most notable exit was eBay, an estimated $609M position sold in full.
By sector, the portfolio is most concentrated in Technology at 19% of assets, up from 14% a quarter earlier, followed by Consumer Discretionary and Communication Services.
Against the trend, Stephen Mandel opened a new position in Microsoft worth $953M.
- Stephen Mandel's largest Q4 2013 buy was Microsoft: 25,474,910 shares worth $953M.
- Stephen Mandel added most to Crown Castle in Q4 2013, an estimated $298M increase.
- Stephen Mandel's biggest Q4 2013 reduction was Monsanto Co, cutting an estimated $385M.
- Stephen Mandel fully exited eBay in Q4 2013, selling an estimated $609M.
- Stephen Mandel's ten largest holdings make up 40% of its $23.2B portfolio in Q4 2013.
- Stephen Mandel opened 10 new positions and closed 12 in Q4 2013.
- Stephen Mandel's portfolio value rose 3.8% quarter-over-quarter to $23.2B.
Based on Lone Pine Capital's 13F filing for Q4 2013, filed 14 Feb 2014.