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 |
ATVI
Activision Blizzard
ATVI
|
+$474M |
| 2 |
Shopify
SHOP
|
+$381M |
| 3 |
Domino's
DPZ
|
+$341M |
| 4 |
Union Pacific
UNP
|
+$277M |
| 5 |
D.R. Horton
DHI
|
+$260M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Constellation Brands
STZ
|
+$865M |
| 2 |
CSX Corp
CSX
|
+$598M |
| 3 |
Alphabet (Google) Class C
GOOG
|
+$521M |
| 4 |
TransUnion
TRU
|
+$430M |
| 5 |
Amazon
AMZN
|
+$345M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 32.71% |
| 2 | Technology | 31.18% |
| 3 | Industrials | 13.91% |
| 4 | Healthcare | 11.91% |
| 5 | Financials | 5.48% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
WWE
26
DELISTED
World Wrestling Entertainment
WWE
| $194M | 1.21% |
2,692,308
+2,535,217
| +1,614% | +$208M |
|
27
Uber
UBER
$161B
| $125M | 0.78% |
+3,001,420
| New | +$127M |
|
28
Chewy
CHWY
$9.83B
| $115M | 0.72% |
+3,292,923
| New | +$111M |
|
|
COUP
29
DELISTED
Coupa Software Incorporated
COUP
| $82.7M | 0.51% |
+652,824
| New | +$70M |
|
30
StoneCo
STNE
$2.16B
| $74.8M | 0.47% |
2,528,303
+450,000
| +22% | +$13.2M |
|
31
Atlassian
TEAM
$43.5B
| $4.96M | 0.03% |
+37,900
| New | +$4.57M |
|
|
32
CSX Corp
CSX
$95.6B
| – | – |
-23,996,058
| Closed | -$598M |
|
|
33
Alphabet (Google) Class C
GOOG
$4.18T
| – | – |
-8,888,380
| Closed | -$521M |
|
|
34
Constellation Brands
STZ
$23.2B
| – | – |
-4,932,455
| Closed | -$865M |
|
|
35
TransUnion
TRU
$16.2B
| – | – |
-6,435,350
| Closed | -$430M |
|
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Stephen Mandel's Q2 2019 Portfolio in Review
As of Q2 2019, Stephen Mandel held 35 positions worth $16.1B, down 6% from $17.1B the previous quarter. Its ten largest holdings account for 55% of the portfolio.
Stephen Mandel withdrew a net $1.93B in Q2 2019, closing 4 positions and reducing 14 holdings. Its most notable exit was Constellation Brands, an estimated $865M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 33% of assets, up from 29% a quarter earlier, followed by Technology and Industrials.
Against the trend, Stephen Mandel opened a new position in Activision Blizzard worth $487M.
- Stephen Mandel's largest Q2 2019 buy was Activision Blizzard: 10,324,534 shares worth $487M.
- Stephen Mandel added most to Shopify in Q2 2019, an estimated $381M increase.
- Stephen Mandel's biggest Q2 2019 reduction was Amazon, cutting an estimated $345M.
- Stephen Mandel fully exited Constellation Brands in Q2 2019, selling an estimated $865M.
- Stephen Mandel's ten largest holdings make up 55% of its $16.1B portfolio in Q2 2019.
- Stephen Mandel opened 6 new positions and closed 4 in Q2 2019.
- Stephen Mandel's portfolio value fell 6% quarter-over-quarter to $16.1B.
Based on Lone Pine Capital's 13F filing for Q2 2019, filed 14 Aug 2019.