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 |
eBay
EBAY
|
+$1B |
| 2 |
Expedia Group
EXPE
|
+$808M |
| 3 |
Alibaba
BABA
|
+$477M |
| 4 |
Televisa
TV
|
+$477M |
| 5 |
Hilton Worldwide
HLT
|
+$461M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Booking.com
BKNG
|
+$761M |
| 2 |
Northrop Grumman
NOC
|
+$588M |
| 3 |
Meta Platforms (Facebook)
META
|
+$583M |
| 4 |
AB InBev
BUD
|
+$554M |
| 5 |
Mastercard
MA
|
+$438M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 34% |
| 2 | Communication Services | 18.19% |
| 3 | Technology | 15.69% |
| 4 | Consumer Staples | 12.28% |
| 5 | Energy | 4.63% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
26
Hilton Worldwide
HLT
$73.5B
| $449M | 2.01% |
+6,532,610
| New | +$461M |
|
27
lululemon athletica
LULU
$13.7B
| $341M | 1.52% |
5,586,042
-1,824,262
| -25% | -$135M |
|
|
SHPG
28
DELISTED
Shire pic
SHPG
| $329M | 1.47% |
1,694,675
-834,473
| -33% | -$163M |
|
29
Intercontinental Exchange
ICE
$90.5B
| $325M | 1.45% |
+6,036,145
| New | +$329M |
|
30
HDFC Bank
HDB
$121B
| $290M | 1.3% |
16,139,292
-7,373,080
| -31% | -$130M |
|
31
Kinder Morgan
KMI
$69B
| $285M | 1.27% |
+12,334,772
| New | +$261M |
|
32
Williams Companies
WMB
$86.2B
| $284M | 1.27% |
+9,247,247
| New | +$245M |
|
33
Mohawk Industries
MHK
$9.23B
| $236M | 1.05% |
1,176,827
-641,442
| -35% | -$132M |
|
34
Align Technology
ALGN
$11.5B
| $228M | 1.02% |
+2,436,920
| New | +$220M |
|
35
Visa
V
$693B
| $193M | 0.86% |
2,337,675
-4,870,096
| -68% | -$390M |
|
36
HCA Healthcare
HCA
$92.9B
| $126M | 0.56% |
+1,669,543
| New | +$128M |
|
|
VISN
37
Vistance Networks Inc
VISN
$2.59B
| $114M | 0.51% |
3,792,871
+300,000
| +9% | +$9.05M |
|
|
SHLD
38
PUT
DELISTED
Sears Holding Corporation
SHLD
| $40.1M | 0.18% |
3,500,000
| – | – |
|
|
VXX
39
PUT
DELISTED
iPath S&P 500 VIX Short-Term Futures ETN due 1/30/2019
VXX
| $3.41M | 0.02% |
25,000
+18,750
| +300% | +$3M |
|
40
PUT
ProShares Ultra VIX Short-Term Futures ETF
UVXY
$268M
| – | – |
0
| – | – |
|
41
Arista Networks
ANET
$238B
| – | – |
-29,943,440
| Closed | -$120M |
|
42
American Express
AXP
$227B
| – | – |
-25,000
| Closed | -$1.52M |
|
|
43
AB InBev
BUD
$155B
| – | – |
-4,207,607
| Closed | -$554M |
|
44
Alphabet (Google) Class A
GOOGL
$4.22T
| – | – |
-3,300,160
| Closed | -$116M |
|
|
45
Mastercard
MA
$509B
| – | – |
-4,968,587
| Closed | -$438M |
|
|
46
Northrop Grumman
NOC
$78.3B
| – | – |
-2,647,065
| Closed | -$588M |
|
47
PayPal
PYPL
$52.7B
| – | – |
-11,080,118
| Closed | -$405M |
|
48
Sherwin-Williams
SHW
$84.1B
| – | – |
-3,431,004
| Closed | -$336M |
|
|
PXD
49
DELISTED
Pioneer Natural Resource Co.
PXD
| – | – |
-1,329,480
| Closed | -$201M |
|
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Stephen Mandel's Q3 2016 Portfolio in Review
As of Q3 2016, Stephen Mandel held 49 positions worth $22.4B, up 3.3% from $21.7B the previous quarter. Its ten largest holdings account for 45% of the portfolio.
Stephen Mandel's Q3 2016 filing shows 11 new, 8 increased, 19 reduced and 9 closed positions. Its largest new stake was eBay: 33,164,569 shares worth $1.09B. The largest sale was Booking.com, an estimated $761M.
By sector, the portfolio is most concentrated in Consumer Discretionary at 34% of assets, up from 28% a quarter earlier, followed by Communication Services and Technology.
- Stephen Mandel's largest Q3 2016 buy was eBay: 33,164,569 shares worth $1.09B.
- Stephen Mandel added most to Electronic Arts in Q3 2016, an estimated $405M increase.
- Stephen Mandel's biggest Q3 2016 reduction was Booking.com, cutting an estimated $761M.
- Stephen Mandel fully exited Northrop Grumman in Q3 2016, selling an estimated $588M.
- Stephen Mandel's ten largest holdings make up 45% of its $22.4B portfolio in Q3 2016.
- Stephen Mandel opened 11 new positions and closed 9 in Q3 2016.
- Stephen Mandel's portfolio value rose 3.3% quarter-over-quarter to $22.4B.
Based on Lone Pine Capital's 13F filing for Q3 2016, filed 14 Nov 2016.