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 |
JD.com
JD
|
+$798M |
| 2 |
Apple
AAPL
|
+$562M |
| 3 |
Illumina
ILMN
|
+$560M |
| 4 |
Williams Companies
WMB
|
+$557M |
| 5 |
Nike
NKE
|
+$543M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Dollar General
DG
|
+$913M |
| 2 |
Cognizant
CTSH
|
+$657M |
| 3 |
TIF
Tiffany & Co.
TIF
|
+$646M |
| 4 |
Mastercard
MA
|
+$612M |
| 5 |
Bausch Health
BHC
|
+$476M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 21.85% |
| 2 | Technology | 15.88% |
| 3 | Healthcare | 13.73% |
| 4 | Financials | 10.38% |
| 5 | Communication Services | 10.18% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
MHFI
26
DELISTED
MCGRAW-HILL FINANCIAL INC COM
MHFI
| $473M | 1.79% |
4,574,980
-2,794,162
| -38% | -$274M |
|
27
DaVita
DVA
$11.1B
| $443M | 1.68% |
5,455,774
+1,515,605
| +38% | +$116M |
|
28
Lowe's Companies
LOW
$121B
| $440M | 1.67% |
+5,916,304
| New | +$424M |
|
29
HCA Healthcare
HCA
$92.9B
| $439M | 1.66% |
5,836,872
| – | – |
|
30
Ulta Beauty
ULTA
$22.4B
| $373M | 1.41% |
2,473,942
-871,049
| -26% | -$121M |
|
31
Mohawk Industries
MHK
$9.23B
| $364M | 1.38% |
1,958,565
-507,917
| -21% | -$87.9M |
|
32
Vipshop
VIPS
$6.98B
| $322M | 1.22% |
10,943,918
-2,991,809
| -21% | -$72.6M |
|
|
VXX
33
PUT
DELISTED
iPath S&P 500 VIX Short-Term Futures ETN due 1/30/2019
VXX
| $298M | 1.13% |
727,125
+333,375
| +85% | +$162M |
|
|
ENDP
34
DELISTED
Endo International plc
ENDP
| $293M | 1.11% |
+3,270,117
| New | +$274M |
|
35
Fidelity National Financial
FNF
$12.7B
| $289M | 1.09% |
+11,314,912
| New | +$285M |
|
|
GRA
36
DELISTED
W.R. Grace & Co.
GRA
| $287M | 1.09% |
2,902,557
| – | – |
|
|
SUNE
37
DELISTED
SUNEDISON, INC COM
SUNE
| $269M | 1.02% |
+11,212,785
| New | +$241M |
|
|
WBA
38
DELISTED
Walgreens Boots Alliance
WBA
| $219M | 0.83% |
2,584,527
-969,252
| -27% | -$77.2M |
|
39
PUT
ProShares Ultra VIX Short-Term Futures ETF
UVXY
$268M
| $181M | 0.68% |
+2
| New | +$279M |
|
40
Liberty Media Series C
FWONK
$26.3B
| $172M | 0.65% |
+6,378,150
| New | +$167M |
|
|
CDK
41
DELISTED
CDK Global, Inc.
CDK
| $123M | 0.47% |
2,636,255
-258,000
| -9% | -$11.8M |
|
|
SWI
42
DELISTED
SOLARWINDS INC COM STK (DE)
SWI
| $122M | 0.46% |
2,386,428
| – | – |
|
43
Vulcan Materials
VMC
$35.8B
| $120M | 0.45% |
+1,420,997
| New | +$110M |
|
44
MGIC Investment
MTG
$6.34B
| $119M | 0.45% |
+12,403,003
| New | +$113M |
|
45
HDFC Bank
HDB
$121B
| $119M | 0.45% |
+8,058,480
| New | +$118M |
|
46
CALL
Microsoft
MSFT
$3.59T
| $115M | 0.44% |
+2,828,800
| New | +$123M |
|
47
Liberty Media Series A
FWONA
$24.2B
| $106M | 0.4% |
+4,107,215
| New | +$103M |
|
48
Arista Networks
ANET
$238B
| $105M | 0.4% |
23,853,200
+2,642,864
| +12% | +$11M |
|
|
49
CALL
Williams Companies
WMB
$86.2B
| $90.3M | 0.34% |
+1,785,900
| New | +$82.8M |
|
|
SHLD
50
PUT
DELISTED
Sears Holding Corporation
SHLD
| $89.5M | 0.34% |
2,163,100
| – | – |
|
Similar funds
Stephen Mandel's Q1 2015 Portfolio in Review
As of Q1 2015, Stephen Mandel held 67 positions worth $26.4B, up 11% from $23.9B the previous quarter. Its ten largest holdings account for 43% of the portfolio.
Stephen Mandel deployed $1.49B of net new capital in Q1 2015, opening 19 new positions and adding to 10 existing holdings. Its largest new stake was Illumina: 2,971,026 shares worth $537M.
By sector, the portfolio is most concentrated in Consumer Discretionary at 22% of assets, up from 20% a quarter earlier, followed by Technology and Healthcare.
On the sell side, the largest reduction was Cognizant, an estimated $657M trimmed.
- Stephen Mandel's largest Q1 2015 buy was Illumina: 2,971,026 shares worth $537M.
- Stephen Mandel added most to JD.com in Q1 2015, an estimated $798M increase.
- Stephen Mandel's biggest Q1 2015 reduction was Cognizant, cutting an estimated $657M.
- Stephen Mandel fully exited Dollar General in Q1 2015, selling an estimated $913M.
- Stephen Mandel's ten largest holdings make up 43% of its $26.4B portfolio in Q1 2015.
- Stephen Mandel opened 19 new positions and closed 13 in Q1 2015.
- Stephen Mandel's portfolio value rose 11% quarter-over-quarter to $26.4B.
Based on Lone Pine Capital's 13F filing for Q1 2015, filed 15 May 2015.