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 |
Booking.com
BKNG
|
+$755M |
| 2 |
Autodesk
ADSK
|
+$582M |
| 3 |
Visa
V
|
+$427M |
| 4 |
HCA Healthcare
HCA
|
+$410M |
| 5 |
Mastercard
MA
|
+$404M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
GAP
The Gap Inc
GAP
|
+$803M |
| 2 |
Microsoft
MSFT
|
+$793M |
| 3 |
Comcast
CMCSA
|
+$741M |
| 4 |
Crown Castle
CCI
|
+$632M |
| 5 |
AGN
Allergan plc
AGN
|
+$598M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 20.06% |
| 2 | Technology | 17.44% |
| 3 | Communication Services | 14.54% |
| 4 | Financials | 12.98% |
| 5 | Healthcare | 12.77% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
DaVita
DVA
$11.1B
| $298M | 1.25% |
+3,940,169
| New | +$297M |
|
27
Cooper Companies
COO
$14.9B
| $284M | 1.19% |
+7,001,132
| New | +$281M |
|
|
GRA
28
DELISTED
W.R. Grace & Co.
GRA
| $277M | 1.16% |
+2,902,557
| New | +$270M |
|
29
Humana
HUM
$45.5B
| $275M | 1.15% |
1,911,536
-262,586
| -12% | -$35.9M |
|
30
Vipshop
VIPS
$6.98B
| $272M | 1.14% |
+13,935,727
| New | +$294M |
|
|
WBA
31
DELISTED
Walgreens Boots Alliance
WBA
| $271M | 1.14% |
+3,553,779
| New | +$238M |
|
32
Netflix
NFLX
$331B
| $266M | 1.12% |
+54,575,290
| New | +$293M |
|
|
33
Microsoft
MSFT
$3.59T
| $253M | 1.06% |
5,449,944
-16,885,746
| -76% | -$793M |
|
34
Intercontinental Exchange
ICE
$90.5B
| $251M | 1.05% |
5,713,945
-860,895
| -13% | -$36.9M |
|
35
Apple
AAPL
$4.51T
| $241M | 1.01% |
+8,736,488
| New | +$238M |
|
36
JD.com
JD
$39.7B
| $204M | 0.86% |
+8,817,652
| New | +$217M |
|
|
VXX
37
PUT
DELISTED
iPath S&P 500 VIX Short-Term Futures ETN due 1/30/2019
VXX
| $199M | 0.83% |
393,750
| – | – |
|
|
SWI
38
DELISTED
SOLARWINDS INC COM STK (DE)
SWI
| $119M | 0.5% |
2,386,428
-4,129,968
| -63% | -$197M |
|
|
CDK
39
DELISTED
CDK Global, Inc.
CDK
| $118M | 0.49% |
+2,894,255
| New | +$103M |
|
40
Under Armour
UAA
$2.32B
| $106M | 0.44% |
3,120,228
-5,916,712
| -65% | -$199M |
|
41
PUT
Intel
INTC
$476B
| $84.2M | 0.35% |
2,320,000
| – | – |
|
42
Arista Networks
ANET
$238B
| $80.5M | 0.34% |
21,210,336
+9,653,824
| +84% | +$44.8M |
|
|
SHLD
43
PUT
DELISTED
Sears Holding Corporation
SHLD
| $71.3M | 0.3% |
2,163,100
-1,044,525
| -33% | -$34.2M |
|
44
Commault Systems
CVLT
$5.55B
| $68.3M | 0.29% |
+1,321,288
| New | +$63.5M |
|
|
45
CALL
Intercontinental Exchange
ICE
$90.5B
| $52.6M | 0.22% |
1,200,000
| – | – |
|
|
WBA
46
CALL
DELISTED
Walgreens Boots Alliance
WBA
| $45.7M | 0.19% |
+600,000
| New | +$40.1M |
|
47
Workday
WDAY
$49.4B
| $43M | 0.18% |
527,482
-2,988,578
| -85% | -$258M |
|
48
Wynn Resorts
WYNN
$10.3B
| $42.4M | 0.18% |
285,023
-2,519,966
| -90% | -$433M |
|
49
AbbVie
ABBV
$468B
| – | – |
-5,247,201
| Closed | -$303M |
|
|
50
Crown Castle
CCI
$32.1B
| – | – |
-7,845,871
| Closed | -$632M |
|
Similar funds
Stephen Mandel's Q4 2014 Portfolio in Review
As of Q4 2014, Stephen Mandel held 61 positions worth $23.9B, down 6.8% from $25.6B the previous quarter. Its ten largest holdings account for 49% of the portfolio.
Stephen Mandel withdrew a net $3.01B in Q4 2014, closing 13 positions and reducing 19 holdings. Its most notable exit was The Gap Inc, an estimated $803M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 20% of assets, down from 23% a quarter earlier, followed by Technology and Communication Services.
Against the trend, Stephen Mandel opened a new position in Visa worth $464M.
- Stephen Mandel's largest Q4 2014 buy was Visa: 7,086,076 shares worth $464M.
- Stephen Mandel added most to Booking.com in Q4 2014, an estimated $755M increase.
- Stephen Mandel's biggest Q4 2014 reduction was Microsoft, cutting an estimated $793M.
- Stephen Mandel fully exited The Gap Inc in Q4 2014, selling an estimated $803M.
- Stephen Mandel's ten largest holdings make up 49% of its $23.9B portfolio in Q4 2014.
- Stephen Mandel opened 13 new positions and closed 13 in Q4 2014.
- Stephen Mandel's portfolio value fell 6.8% quarter-over-quarter to $23.9B.
Based on Lone Pine Capital's 13F filing for Q4 2014, filed 17 Feb 2015.