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 |
Amazon
AMZN
|
+$847M |
| 2 |
Alphabet (Google) Class C
GOOG
|
+$608M |
| 3 |
CSX Corp
CSX
|
+$605M |
| 4 |
Blackrock
BLK
|
+$537M |
| 5 |
AB InBev
BUD
|
+$534M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Comcast
CMCSA
|
+$1.25B |
| 2 |
Broadcom
AVGO
|
+$683M |
| 3 |
Expedia Group
EXPE
|
+$670M |
| 4 |
Charter Communications
CHTR
|
+$657M |
| 5 |
Intercontinental Exchange
ICE
|
+$601M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 24.75% |
| 2 | Consumer Discretionary | 19.29% |
| 3 | Communication Services | 16.31% |
| 4 | Financials | 12.3% |
| 5 | Healthcare | 10.5% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Televisa
TV
$1.47B
| $375M | 1.96% |
20,091,736
-751,731
| -4% | -$15.6M |
|
27
Agilent Technologies
A
$44.9B
| $242M | 1.26% |
+3,607,622
| New | +$243M |
|
28
Wynn Resorts
WYNN
$10.3B
| $214M | 1.12% |
1,270,051
-1,410,076
| -53% | -$217M |
|
29
Corpay
CPAY
$27.4B
| $154M | 0.81% |
801,482
| – | – |
|
30
Sea Limited
SE
$72B
| $43M | 0.22% |
+3,223,222
| New | +$44.1M |
|
|
VXX
31
DELISTED
iPath S&P 500 VIX Short-Term Futures ETN due 1/30/2019
VXX
| $6.98M | 0.04% |
250,000
| – | – |
|
32
Advance Auto Parts
AAP
$2.57B
| – | – |
-2,358,917
| Closed | -$234M |
|
|
33
CALL
Charter Communications
CHTR
$17.9B
| – | – |
-700,000
| Closed | -$254M |
|
|
34
Comcast
CMCSA
$95.3B
| – | – |
-32,595,590
| Closed | -$1.25B |
|
|
35
Expedia Group
EXPE
$38.6B
| – | – |
-4,656,018
| Closed | -$670M |
|
|
36
Intercontinental Exchange
ICE
$90.5B
| – | – |
-8,749,665
| Closed | -$601M |
|
37
T-Mobile US
TMUS
$196B
| – | – |
-4,561,573
| Closed | -$281M |
|
|
WP
38
DELISTED
Worldpay, Inc.
WP
| – | – |
-2,291,437
| Closed | -$161M |
|
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Stephen Mandel's Q4 2017 Portfolio in Review
As of Q4 2017, Stephen Mandel held 38 positions worth $19.2B, down 6.9% from $20.6B the previous quarter. Its ten largest holdings account for 50% of the portfolio.
Stephen Mandel withdrew a net $2.27B in Q4 2017, closing 7 positions and reducing 17 holdings. Its most notable exit was Comcast, an estimated $1.25B position sold in full.
By sector, the portfolio is most concentrated in Technology at 25% of assets, down from 26% a quarter earlier, followed by Consumer Discretionary and Communication Services.
Against the trend, Stephen Mandel opened a new position in Amazon worth $900M.
- Stephen Mandel's largest Q4 2017 buy was Amazon: 15,399,920 shares worth $900M.
- Stephen Mandel added most to AB InBev in Q4 2017, an estimated $534M increase.
- Stephen Mandel's biggest Q4 2017 reduction was Broadcom, cutting an estimated $683M.
- Stephen Mandel fully exited Comcast in Q4 2017, selling an estimated $1.25B.
- Stephen Mandel's ten largest holdings make up 50% of its $19.2B portfolio in Q4 2017.
- Stephen Mandel opened 7 new positions and closed 7 in Q4 2017.
- Stephen Mandel's portfolio value fell 6.9% quarter-over-quarter to $19.2B.
Based on Lone Pine Capital's 13F filing for Q4 2017, filed 14 Feb 2018.