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 |
CSX Corp
CSX
|
+$657M |
| 2 |
Comcast
CMCSA
|
+$510M |
| 3 |
IQVIA
IQV
|
+$466M |
| 4 |
Gen Digital
GEN
|
+$374M |
| 5 |
T-Mobile US
TMUS
|
+$367M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Amazon
AMZN
|
+$969M |
| 2 |
Microsoft
MSFT
|
+$945M |
| 3 |
Williams Companies
WMB
|
+$508M |
| 4 |
TransDigm Group
TDG
|
+$505M |
| 5 |
PayPal
PYPL
|
+$493M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 26.29% |
| 2 | Communication Services | 24.69% |
| 3 | Consumer Discretionary | 17.71% |
| 4 | Consumer Staples | 8.89% |
| 5 | Healthcare | 6.88% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Ovintiv
OVV
$18.5B
| $275M | 1.45% |
4,693,165
+515,478
| +12% | +$30.9M |
|
27
Expedia Group
EXPE
$38.6B
| $268M | 1.41% |
2,121,901
-2,195,631
| -51% | -$268M |
|
28
Cheniere Energy
LNG
$57.3B
| $245M | 1.29% |
5,186,332
| – | – |
|
29
Humana
HUM
$45.5B
| $244M | 1.28% |
+1,184,119
| New | +$245M |
|
30
Albemarle
ALB
$16.9B
| $208M | 1.1% |
+1,972,767
| New | +$192M |
|
31
Arista Networks
ANET
$238B
| $168M | 0.88% |
+20,286,976
| New | +$140M |
|
32
HDFC Bank
HDB
$121B
| $98.7M | 0.52% |
5,248,996
| – | – |
|
33
Snap
SNAP
$8.86B
| $34.9M | 0.18% |
+1,790,364
| New | +$39.7M |
|
|
VXX
34
DELISTED
iPath S&P 500 VIX Short-Term Futures ETN due 1/30/2019
VXX
| $12.6M | 0.07% |
200,000
+75,000
| +60% | +$5.56M |
|
|
35
Amazon
AMZN
$2.79T
| – | – |
-25,854,560
| Closed | -$969M |
|
36
Bank of America
BAC
$431B
| – | – |
-21,671,362
| Closed | -$479M |
|
37
eBay
EBAY
$46.3B
| – | – |
-9,605,806
| Closed | -$285M |
|
38
Alphabet (Google) Class C
GOOG
$4.18T
| – | – |
-12,558,060
| Closed | -$485M |
|
39
Intercontinental Exchange
ICE
$90.5B
| – | – |
-4,225,637
| Closed | -$238M |
|
40
lululemon athletica
LULU
$13.7B
| – | – |
-4,504,208
| Closed | -$293M |
|
|
41
Microsoft
MSFT
$3.59T
| – | – |
-15,213,996
| Closed | -$945M |
|
42
PNC Financial Services
PNC
$97B
| – | – |
-4,196,144
| Closed | -$491M |
|
|
43
PayPal
PYPL
$52.7B
| – | – |
-12,499,315
| Closed | -$493M |
|
|
44
TransDigm Group
TDG
$66.4B
| – | – |
-2,028,392
| Closed | -$505M |
|
45
PUT
ProShares Ultra VIX Short-Term Futures ETF
UVXY
$268M
| – | – |
0
| – | -$4.38M |
|
46
Vulcan Materials
VMC
$35.8B
| – | – |
-3,738,010
| Closed | -$468M |
|
|
47
Williams Companies
WMB
$86.2B
| – | – |
-16,327,936
| Closed | -$508M |
|
|
SHLD
48
PUT
DELISTED
Sears Holding Corporation
SHLD
| – | – |
-3,500,000
| Closed | -$32.5M |
|
|
VXX
49
PUT
DELISTED
iPath S&P 500 VIX Short-Term Futures ETN due 1/30/2019
VXX
| – | – |
-25,000
| Closed | -$2.55M |
|
Similar funds
Stephen Mandel's Q1 2017 Portfolio in Review
As of Q1 2017, Stephen Mandel held 49 positions worth $19B, down 0.78% from $19.2B the previous quarter. Its ten largest holdings account for 55% of the portfolio.
Stephen Mandel withdrew a net $2.35B in Q1 2017, closing 14 positions and reducing 11 holdings. Its most notable exit was Amazon, an estimated $969M position sold in full.
By sector, the portfolio is most concentrated in Technology at 26% of assets, up from 21% a quarter earlier, followed by Communication Services and Consumer Discretionary.
Against the trend, Stephen Mandel opened a new position in CSX Corp worth $669M.
- Stephen Mandel's largest Q1 2017 buy was CSX Corp: 43,135,269 shares worth $669M.
- Stephen Mandel added most to Gen Digital in Q1 2017, an estimated $374M increase.
- Stephen Mandel's biggest Q1 2017 reduction was Expedia Group, cutting an estimated $268M.
- Stephen Mandel fully exited Amazon in Q1 2017, selling an estimated $969M.
- Stephen Mandel's ten largest holdings make up 55% of its $19B portfolio in Q1 2017.
- Stephen Mandel opened 8 new positions and closed 14 in Q1 2017.
- Stephen Mandel's portfolio value fell 0.78% quarter-over-quarter to $19B.
Based on Lone Pine Capital's 13F filing for Q1 2017, filed 15 May 2017.