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
|
+$512M |
| 2 |
BXLT
BAXALTA INC COM STK (DE)
BXLT
|
+$419M |
| 3 |
PayPal
PYPL
|
+$377M |
| 4 |
Alphabet (Google) Class C
GOOG
|
+$262M |
| 5 |
Northrop Grumman
NOC
|
+$211M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Williams Companies
WMB
|
+$744M |
| 2 |
Bausch Health
BHC
|
+$593M |
| 3 |
WBA
Walgreens Boots Alliance
WBA
|
+$578M |
| 4 |
ATVI
Activision Blizzard
ATVI
|
+$436M |
| 5 |
Visa
V
|
+$384M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 24.86% |
| 2 | Communication Services | 17.07% |
| 3 | Technology | 14.53% |
| 4 | Consumer Staples | 11.1% |
| 5 | Financials | 9.05% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Mohawk Industries
MHK
$9.23B
| $347M | 1.73% |
1,818,269
-68,481
| -4% | -$11.9M |
|
27
Vulcan Materials
VMC
$35.8B
| $343M | 1.71% |
3,246,782
+344,435
| +12% | +$32.6M |
|
28
CALL
Diageo
DEO
$52.6B
| $307M | 1.53% |
2,850,000
| – | – |
|
29
Illumina
ILMN
$33.1B
| $272M | 1.35% |
1,722,062
-1,988,848
| -54% | -$304M |
|
30
AB InBev
BUD
$155B
| $234M | 1.16% |
1,877,804
+390,412
| +26% | +$46.3M |
|
|
HZNP
31
DELISTED
Horizon Therapeutics Public Limited Company Ordinary Shares
HZNP
| $232M | 1.15% |
13,997,232
-1,603,756
| -10% | -$28.1M |
|
|
PXD
32
DELISTED
Pioneer Natural Resource Co.
PXD
| $187M | 0.93% |
1,329,480
-1,065,781
| -44% | -$132M |
|
33
Monster Beverage
MNST
$93.6B
| $149M | 0.74% |
+13,374,732
| New | +$149M |
|
|
EA
34
DELISTED
Electronic Arts
EA
| $126M | 0.63% |
1,910,643
-4,532,970
| -70% | -$289M |
|
35
Yum! Brands
YUM
$41.8B
| $124M | 0.62% |
+2,103,983
| New | +$110M |
|
36
Arista Networks
ANET
$238B
| $118M | 0.59% |
29,943,440
-4,871,360
| -14% | -$19.1M |
|
37
PUT
ProShares Ultra VIX Short-Term Futures ETF
UVXY
$268M
| $58M | 0.29% |
2
-3
| -60% | -$138M |
|
|
VXX
38
PUT
DELISTED
iPath S&P 500 VIX Short-Term Futures ETN due 1/30/2019
VXX
| $52.9M | 0.26% |
187,500
| – | – |
|
|
SHLD
39
PUT
DELISTED
Sears Holding Corporation
SHLD
| $30.8M | 0.15% |
2,010,000
| – | – |
|
|
VISN
40
Vistance Networks Inc
VISN
$2.59B
| $23.8M | 0.12% |
+852,986
| New | +$20.7M |
|
41
American Express
AXP
$227B
| $1.53M | 0.01% |
25,000
+23,719
| +1,852% | +$1.38M |
|
42
Autodesk
ADSK
$53.6B
| – | – |
-5,732,050
| Closed | -$349M |
|
|
43
CALL
American Express
AXP
$227B
| – | – |
-4,300,000
| Closed | -$299M |
|
|
44
Bausch Health
BHC
$2.41B
| – | – |
-5,829,079
| Closed | -$593M |
|
45
CALL
CSX Corp
CSX
$95.6B
| – | – |
-1,602,900
| Closed | -$13.9M |
|
|
46
Diageo
DEO
$52.6B
| – | – |
-1,281
| Closed | -$136K |
|
47
CALL
Fidelity National Financial
FNF
$12.7B
| – | – |
-2,520,700
| Closed | -$60.7M |
|
|
HBI
48
DELISTED
Hanesbrands
HBI
| – | – |
-9,336,411
| Closed | -$275M |
|
49
Molson Coors Class B
TAP
$8.01B
| – | – |
-2,354,601
| Closed | -$221M |
|
|
WBA
50
DELISTED
Walgreens Boots Alliance
WBA
| – | – |
-6,787,816
| Closed | -$578M |
|
Similar funds
Stephen Mandel's Q1 2016 Portfolio in Review
As of Q1 2016, Stephen Mandel held 53 positions worth $20.1B, down 14% from $23.4B the previous quarter. Its ten largest holdings account for 50% of the portfolio.
Stephen Mandel withdrew a net $3.2B in Q1 2016, closing 12 positions and reducing 19 holdings. Its most notable exit was Williams Companies, an estimated $744M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 25% of assets, up from 25% a quarter earlier, followed by Communication Services and Technology.
Against the trend, Stephen Mandel opened a new position in Allergan plc worth $480M.
- Stephen Mandel's largest Q1 2016 buy was Allergan plc: 1,789,239 shares worth $480M.
- Stephen Mandel added most to Alphabet (Google) Class C in Q1 2016, an estimated $262M increase.
- Stephen Mandel's biggest Q1 2016 reduction was Visa, cutting an estimated $384M.
- Stephen Mandel fully exited Williams Companies in Q1 2016, selling an estimated $744M.
- Stephen Mandel's ten largest holdings make up 50% of its $20.1B portfolio in Q1 2016.
- Stephen Mandel opened 6 new positions and closed 12 in Q1 2016.
- Stephen Mandel's portfolio value fell 14% quarter-over-quarter to $20.1B.
Based on Lone Pine Capital's 13F filing for Q1 2016, filed 16 May 2016.