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
|
+$773M |
| 2 |
UnitedHealth
UNH
|
+$521M |
| 3 |
EA
Electronic Arts
EA
|
+$490M |
| 4 |
Comcast
CMCSA
|
+$479M |
| 5 |
Mercado Libre
MELI
|
+$432M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Corpay
CPAY
|
+$845M |
| 2 |
O'Reilly Automotive
ORLY
|
+$621M |
| 3 |
Gen Digital
GEN
|
+$596M |
| 4 |
CSX Corp
CSX
|
+$563M |
| 5 |
Alibaba
BABA
|
+$462M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 26.43% |
| 2 | Communication Services | 23.05% |
| 3 | Consumer Discretionary | 19.42% |
| 4 | Financials | 10.93% |
| 5 | Healthcare | 8.84% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
CALL
Charter Communications
CHTR
$17.9B
| $254M | 1.24% |
+700,000
| New | +$261M |
|
27
Advance Auto Parts
AAP
$2.57B
| $234M | 1.14% |
2,358,917
+310,065
| +15% | +$31.3M |
|
|
WP
28
DELISTED
Worldpay, Inc.
WP
| $161M | 0.79% |
+2,291,437
| New | +$156M |
|
|
29
Corpay
CPAY
$27.4B
| $124M | 0.6% |
801,482
-5,754,022
| -88% | -$845M |
|
30
AB InBev
BUD
$155B
| $85.4M | 0.42% |
+715,551
| New | +$83.8M |
|
|
VXX
31
DELISTED
iPath S&P 500 VIX Short-Term Futures ETN due 1/30/2019
VXX
| $9.8M | 0.05% |
250,000
| – | – |
|
32
Albemarle
ALB
$16.9B
| – | – |
-1,158,452
| Closed | -$122M |
|
33
Arista Networks
ANET
$238B
| – | – |
-29,530,208
| Closed | -$276M |
|
|
OPTU
34
Optimum Communications Inc
OPTU
$323M
| – | – |
-8,395,511
| Closed | -$271M |
|
|
35
CSX Corp
CSX
$95.6B
| – | – |
-30,944,604
| Closed | -$563M |
|
36
Liberty Media Series C
FWONK
$26.3B
| – | – |
-3,019,935
| Closed | -$107M |
|
|
37
Gen Digital
GEN
$17.3B
| – | – |
-21,085,032
| Closed | -$596M |
|
38
Cheniere Energy
LNG
$57.3B
| – | – |
-5,186,332
| Closed | -$253M |
|
|
39
O'Reilly Automotive
ORLY
$72.1B
| – | – |
-42,617,550
| Closed | -$621M |
|
40
Snap
SNAP
$8.86B
| – | – |
-7,599,408
| Closed | -$130M |
|
41
Ulta Beauty
ULTA
$22.4B
| – | – |
-1,438,673
| Closed | -$413M |
|
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Stephen Mandel's Q3 2017 Portfolio in Review
As of Q3 2017, Stephen Mandel held 41 positions worth $20.6B, up 4.5% from $19.7B the previous quarter. Its ten largest holdings account for 56% of the portfolio.
Stephen Mandel's Q3 2017 filing shows 8 new, 11 increased, 8 reduced and 10 closed positions. Its largest new stake was Booking.com: 10,185,225 shares worth $746M. The largest sale was Corpay, an estimated $845M.
By sector, the portfolio is most concentrated in Technology at 26% of assets, down from 31% a quarter earlier, followed by Communication Services and Consumer Discretionary.
- Stephen Mandel's largest Q3 2017 buy was Booking.com: 10,185,225 shares worth $746M.
- Stephen Mandel added most to UnitedHealth in Q3 2017, an estimated $521M increase.
- Stephen Mandel's biggest Q3 2017 reduction was Corpay, cutting an estimated $845M.
- Stephen Mandel fully exited O'Reilly Automotive in Q3 2017, selling an estimated $621M.
- Stephen Mandel's ten largest holdings make up 56% of its $20.6B portfolio in Q3 2017.
- Stephen Mandel opened 8 new positions and closed 10 in Q3 2017.
- Stephen Mandel's portfolio value rose 4.5% quarter-over-quarter to $20.6B.
Based on Lone Pine Capital's 13F filing for Q3 2017, filed 14 Nov 2017.