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 |
AGN
Allergan plc
AGN
|
+$471M |
| 2 |
Liberty Global Class C
LBTYK
|
+$450M |
| 3 |
LPL Financial
LPLA
|
+$450M |
| 4 |
MHFI
MCGRAW-HILL FINANCIAL INC COM
MHFI
|
+$436M |
| 5 |
Adobe
ADBE
|
+$423M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Booking.com
BKNG
|
+$734M |
| 2 |
Dollar General
DG
|
+$498M |
| 3 |
Dollar Tree
DLTR
|
+$459M |
| 4 |
American Express
AXP
|
+$399M |
| 5 |
VeriSign
VRSN
|
+$379M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 21.11% |
| 2 | Consumer Discretionary | 18.48% |
| 3 | Communication Services | 13.63% |
| 4 | Real Estate | 12.01% |
| 5 | Financials | 11.91% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
26
Booking.com
BKNG
$158B
| $346M | 1.5% |
7,251,800
-14,867,100
| -67% | -$734M |
|
27
Jazz Pharmaceuticals
JAZZ
$16.5B
| $325M | 1.41% |
+2,344,486
| New | +$353M |
|
|
SFUN
28
DELISTED
Fang Holdings Limited American Depositary Shares (each representing ten Class A Ordinary Shares)
SFUN
| $303M | 1.32% |
+442,643
| New | +$362M |
|
|
BEAV
29
DELISTED
B/E Aerospace Inc
BEAV
| $295M | 1.28% |
4,701,813
-1,399,700
| -23% | -$84.7M |
|
30
Liberty Global Class A
LBTYA
$3.63B
| $290M | 1.26% |
8,465,939
-2,348,165
| -22% | -$82.6M |
|
|
ENDP
31
DELISTED
Endo International plc
ENDP
| $287M | 1.25% |
4,178,703
-161,297
| -4% | -$11.4M |
|
|
SWI
32
DELISTED
SOLARWINDS INC COM STK (DE)
SWI
| $278M | 1.21% |
6,516,396
-182,000
| -3% | -$7.76M |
|
33
Oceaneering
OII
$5.28B
| $274M | 1.19% |
3,809,894
+684,400
| +22% | +$49M |
|
34
Workday
WDAY
$49.4B
| $273M | 1.19% |
2,986,060
-99,005
| -3% | -$9.43M |
|
35
Wynn Resorts
WYNN
$10.3B
| $263M | 1.14% |
+1,184,878
| New | +$261M |
|
36
DaVita
DVA
$11.1B
| $252M | 1.09% |
3,655,739
-4,815,038
| -57% | -$320M |
|
37
ICICI Bank
IBN
$107B
| $251M | 1.09% |
+31,522,216
| New | +$210M |
|
38
Designer Brands
DBI
$292M
| $249M | 1.08% |
6,953,238
+91,700
| +1% | +$3.54M |
|
|
LL
39
DELISTED
LL Flooring Holdings, Inc.
LL
| $246M | 1.07% |
2,619,839
+2,124,981
| +429% | +$212M |
|
|
TIF
40
DELISTED
Tiffany & Co.
TIF
| $228M | 0.99% |
+2,647,047
| New | +$235M |
|
41
AutoNation
AN
$6.6B
| $212M | 0.92% |
+3,991,755
| New | +$203M |
|
42
TransDigm Group
TDG
$66.4B
| $191M | 0.83% |
1,033,918
-1,734,711
| -63% | -$303M |
|
43
CALL
Qualcomm
QCOM
$169B
| $136M | 0.59% |
1,722,000
| – | – |
|
44
ASML
ASML
$677B
| $127M | 0.55% |
1,356,218
+154,352
| +13% | +$13.7M |
|
45
Meta Platforms (Facebook)
META
$1.4T
| $120M | 0.52% |
2,000,000
-1,000,441
| -33% | -$63.4M |
|
|
SHLD
46
PUT
DELISTED
Sears Holding Corporation
SHLD
| $100M | 0.43% |
3,424,133
+411,919
| +14% | +$13M |
|
47
CALL
Microsoft
MSFT
$3.59T
| $82.8M | 0.36% |
2,020,800
+370,800
| +22% | +$13.9M |
|
48
Tapestry
TPR
$26B
| $77.9M | 0.34% |
1,569,635
-4,911,612
| -76% | -$245M |
|
49
United Parks & Resorts
PRKS
$2.06B
| $63.9M | 0.28% |
2,114,123
-944,137
| -31% | -$30.4M |
|
50
Trip.com Group
TCOM
$29B
| $58.4M | 0.25% |
+2,317,826
| New | +$53.2M |
|
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Stephen Mandel's Q1 2014 Portfolio in Review
As of Q1 2014, Stephen Mandel held 67 positions worth $23B, down 1.1% from $23.2B the previous quarter. Its ten largest holdings account for 43% of the portfolio.
Stephen Mandel's Q1 2014 filing shows 12 new, 18 increased, 19 reduced and 15 closed positions. Its largest new stake was Allergan plc: 2,378,308 shares worth $490M. The largest sale was Booking.com, an estimated $734M.
By sector, the portfolio is most concentrated in Technology at 21% of assets, up from 19% a quarter earlier, followed by Consumer Discretionary and Communication Services.
- Stephen Mandel's largest Q1 2014 buy was Allergan plc: 2,378,308 shares worth $490M.
- Stephen Mandel added most to Liberty Global Class C in Q1 2014, an estimated $450M increase.
- Stephen Mandel's biggest Q1 2014 reduction was Booking.com, cutting an estimated $734M.
- Stephen Mandel fully exited Dollar Tree in Q1 2014, selling an estimated $459M.
- Stephen Mandel's ten largest holdings make up 43% of its $23B portfolio in Q1 2014.
- Stephen Mandel opened 12 new positions and closed 15 in Q1 2014.
- Stephen Mandel's portfolio value fell 1.1% quarter-over-quarter to $23B.
Based on Lone Pine Capital's 13F filing for Q1 2014, filed 15 May 2014.