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 |
Netflix
NFLX
|
+$737M |
| 2 |
Global Payments
GPN
|
+$597M |
| 3 |
Humana
HUM
|
+$445M |
| 4 |
Equifax
EFX
|
+$432M |
| 5 |
Salesforce
CRM
|
+$329M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Wynn Resorts
WYNN
|
+$670M |
| 2 |
D.R. Horton
DHI
|
+$434M |
| 3 |
IQVIA
IQV
|
+$410M |
| 4 |
Union Pacific
UNP
|
+$397M |
| 5 |
Booking.com
BKNG
|
+$213M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 33.81% |
| 2 | Consumer Discretionary | 27.48% |
| 3 | Industrials | 14.79% |
| 4 | Healthcare | 11.3% |
| 5 | Communication Services | 7.11% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Mercado Libre
MELI
$97.5B
| $320M | 1.88% |
580,417
+104,044
| +22% | +$63.1M |
|
27
Atlassian
TEAM
$43.5B
| $261M | 1.54% |
2,081,512
+2,043,612
| +5,392% | +$278M |
|
28
Sea Limited
SE
$72B
| $212M | 1.25% |
6,862,222
+728,100
| +12% | +$24.4M |
|
|
WWE
29
DELISTED
World Wrestling Entertainment
WWE
| $211M | 1.24% |
2,959,183
+266,875
| +10% | +$19.1M |
|
|
COUP
30
DELISTED
Coupa Software Incorporated
COUP
| $181M | 1.06% |
1,396,116
+743,292
| +114% | +$103M |
|
|
31
D.R. Horton
DHI
$41.5B
| $176M | 1.03% |
3,333,812
-9,096,601
| -73% | -$434M |
|
32
Chewy
CHWY
$9.83B
| $125M | 0.73% |
5,071,531
+1,778,608
| +54% | +$56.1M |
|
33
Uber
UBER
$161B
| $84.8M | 0.5% |
3,001,420
| – | – |
|
34
Herbalife
HLF
$1.33B
| $79.6M | 0.47% |
+2,101,639
| New | +$82M |
|
|
MDLA
35
DELISTED
Medallia, Inc.
MDLA
| $20.2M | 0.12% |
+737,593
| New | +$26.2M |
|
|
SMAR
36
DELISTED
Smartsheet Inc.
SMAR
| $18.2M | 0.11% |
+506,100
| New | +$24.1M |
|
37
Twilio
TWLO
$34.6B
| $1.74M | 0.01% |
+15,835
| New | +$2.05M |
|
38
StoneCo
STNE
$2.16B
| – | – |
-2,528,303
| Closed | -$74.8M |
|
|
39
Wynn Resorts
WYNN
$10.3B
| – | – |
-5,406,697
| Closed | -$670M |
|
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Stephen Mandel's Q3 2019 Portfolio in Review
As of Q3 2019, Stephen Mandel held 39 positions worth $17B, up 5.7% from $16.1B the previous quarter. Its ten largest holdings account for 50% of the portfolio.
Stephen Mandel deployed $1.6B of net new capital in Q3 2019, opening 8 new positions and adding to 15 existing holdings. Its largest new stake was Netflix: 23,550,380 shares worth $630M.
By sector, the portfolio is most concentrated in Technology at 34% of assets, up from 31% a quarter earlier, followed by Consumer Discretionary and Industrials.
On the sell side, the largest reduction was D.R. Horton, an estimated $434M trimmed.
- Stephen Mandel's largest Q3 2019 buy was Netflix: 23,550,380 shares worth $630M.
- Stephen Mandel added most to Salesforce in Q3 2019, an estimated $329M increase.
- Stephen Mandel's biggest Q3 2019 reduction was D.R. Horton, cutting an estimated $434M.
- Stephen Mandel fully exited Wynn Resorts in Q3 2019, selling an estimated $670M.
- Stephen Mandel's ten largest holdings make up 50% of its $17B portfolio in Q3 2019.
- Stephen Mandel opened 8 new positions and closed 2 in Q3 2019.
- Stephen Mandel's portfolio value rose 5.7% quarter-over-quarter to $17B.
Based on Lone Pine Capital's 13F filing for Q3 2019, filed 14 Nov 2019.