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 |
Comcast
CMCSA
|
+$625M |
| 2 |
Canadian Pacific Kansas City
CP
|
+$575M |
| 3 |
Booking.com
BKNG
|
+$482M |
| 4 |
Adobe
ADBE
|
+$341M |
| 5 |
Mastercard
MA
|
+$332M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
MON
Monsanto Co
MON
|
+$656M |
| 2 |
Qualcomm
QCOM
|
+$515M |
| 3 |
Travel + Leisure Co
TNL
|
+$357M |
| 4 |
BEAV
B/E Aerospace Inc
BEAV
|
+$295M |
| 5 |
ENDP
Endo International plc
ENDP
|
+$287M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 21.46% |
| 2 | Technology | 19.4% |
| 3 | Communication Services | 15.52% |
| 4 | Financials | 12.14% |
| 5 | Real Estate | 11.16% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Dollar General
DG
$27.2B
| $408M | 1.65% |
7,109,343
-3,231,269
| -31% | -$185M |
|
27
Workday
WDAY
$49.4B
| $316M | 1.28% |
3,516,060
+530,000
| +18% | +$41.7M |
|
28
Jazz Pharmaceuticals
JAZZ
$16.5B
| $307M | 1.24% |
2,087,127
-257,359
| -11% | -$35.7M |
|
29
AutoNation
AN
$6.6B
| $302M | 1.22% |
5,067,310
+1,075,555
| +27% | +$59.5M |
|
30
Oceaneering
OII
$5.28B
| $298M | 1.2% |
3,809,894
| – | – |
|
31
Liberty Global Class A
LBTYA
$3.63B
| $288M | 1.17% |
7,904,952
-560,987
| -7% | -$19.7M |
|
32
Williams Companies
WMB
$86.2B
| $285M | 1.15% |
+4,895,000
| New | +$227M |
|
33
Under Armour
UAA
$2.32B
| $283M | 1.14% |
+9,497,928
| New | +$249M |
|
|
SWI
34
DELISTED
SOLARWINDS INC COM STK (DE)
SWI
| $252M | 1.02% |
6,516,396
| – | – |
|
|
SFUN
35
DELISTED
Fang Holdings Limited American Depositary Shares (each representing ten Class A Ordinary Shares)
SFUN
| $248M | 1% |
507,239
+64,596
| +15% | +$37.9M |
|
36
JD.com
JD
$39.7B
| $240M | 0.97% |
+8,405,200
| New | +$219M |
|
|
SAVE
37
DELISTED
Spirit Airlines, Inc.
SAVE
| $221M | 0.89% |
+3,500,760
| New | +$207M |
|
|
LL
38
DELISTED
LL Flooring Holdings, Inc.
LL
| $199M | 0.8% |
2,619,839
| – | – |
|
|
VXX
39
PUT
DELISTED
iPath S&P 500 VIX Short-Term Futures ETN due 1/30/2019
VXX
| $180M | 0.73% |
393,750
-230,625
| -37% | -$134M |
|
40
TransDigm Group
TDG
$66.4B
| $164M | 0.66% |
979,395
-54,523
| -5% | -$9.83M |
|
41
CALL
Baidu
BIDU
$31.6B
| $146M | 0.59% |
+780,000
| New | +$128M |
|
42
TripAdvisor
TRIP
$1.17B
| $119M | 0.48% |
+1,094,087
| New | +$101M |
|
43
American Airlines Group
AAL
$9.15B
| $115M | 0.47% |
+2,684,674
| New | +$105M |
|
44
Williams-Sonoma
WSM
$28B
| $106M | 0.43% |
+2,966,358
| New | +$97.5M |
|
|
SHLD
45
PUT
DELISTED
Sears Holding Corporation
SHLD
| $100M | 0.4% |
2,688,929
-735,204
| -21% | -$27.2M |
|
|
46
CALL
Comcast
CMCSA
$95.3B
| $98.2M | 0.4% |
+3,660,000
| New | +$94.1M |
|
47
Trip.com Group
TCOM
$29B
| $74.2M | 0.3% |
2,317,826
| – | – |
|
|
GAP
48
CALL
The Gap Inc
GAP
$7.13B
| $72.4M | 0.29% |
+1,741,200
| New | +$70.5M |
|
49
PUT
Intel
INTC
$476B
| $71.7M | 0.29% |
+2,320,000
| New | +$63.6M |
|
50
CALL
Microsoft
MSFT
$3.59T
| $58.4M | 0.24% |
1,400,000
-620,800
| -31% | -$25.1M |
|
Similar funds
Stephen Mandel's Q2 2014 Portfolio in Review
As of Q2 2014, Stephen Mandel held 67 positions worth $24.7B, up 7.5% from $23B the previous quarter. Its ten largest holdings account for 44% of the portfolio.
Stephen Mandel deployed $952M of net new capital in Q2 2014, opening 15 new positions and adding to 18 existing holdings. Its largest new stake was Comcast: 24,302,578 shares worth $652M.
By sector, the portfolio is most concentrated in Consumer Discretionary at 21% of assets, up from 18% a quarter earlier, followed by Technology and Communication Services.
On the sell side, the largest reduction was ICICI Bank, an estimated $240M trimmed.
- Stephen Mandel's largest Q2 2014 buy was Comcast: 24,302,578 shares worth $652M.
- Stephen Mandel added most to Booking.com in Q2 2014, an estimated $482M increase.
- Stephen Mandel's biggest Q2 2014 reduction was ICICI Bank, cutting an estimated $240M.
- Stephen Mandel fully exited Monsanto Co in Q2 2014, selling an estimated $656M.
- Stephen Mandel's ten largest holdings make up 44% of its $24.7B portfolio in Q2 2014.
- Stephen Mandel opened 15 new positions and closed 14 in Q2 2014.
- Stephen Mandel's portfolio value rose 7.5% quarter-over-quarter to $24.7B.
Based on Lone Pine Capital's 13F filing for Q2 2014, filed 14 Aug 2014.