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 |
PayPal
PYPL
|
+$351M |
| 2 |
Meta Platforms (Facebook)
META
|
+$286M |
| 3 |
Match Group
MTCH
|
+$221M |
| 4 |
Mastercard
MA
|
+$220M |
| 5 |
Mercado Libre
MELI
|
+$216M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
ATVI
Activision Blizzard
ATVI
|
+$595M |
| 2 |
TIF
Tiffany & Co.
TIF
|
+$591M |
| 3 |
S&P Global
SPGI
|
+$422M |
| 4 |
Booking.com
BKNG
|
+$415M |
| 5 |
WWE
World Wrestling Entertainment
WWE
|
+$211M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 29.31% |
| 2 | Consumer Discretionary | 22.59% |
| 3 | Industrials | 15.06% |
| 4 | Healthcare | 14.14% |
| 5 | Communication Services | 9.97% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
26
Match Group
MTCH
$9.38B
| $249M | 1.32% |
+3,037,131
| New | +$221M |
|
27
Sea Limited
SE
$72B
| $248M | 1.31% |
6,165,422
-696,800
| -10% | -$23.5M |
|
|
LK
28
DELISTED
Luckin Coffee Inc. American Depositary Shares
LK
| $239M | 1.27% |
+6,067,357
| New | +$153M |
|
29
DexCom
DXCM
$34.8B
| $232M | 1.23% |
+4,235,580
| New | +$201M |
|
30
Under Armour
UAA
$2.32B
| $194M | 1.03% |
+8,979,557
| New | +$174M |
|
31
Herbalife
HLF
$1.33B
| $186M | 0.98% |
3,892,688
+1,791,049
| +85% | +$77.6M |
|
32
Altria Group
MO
$110B
| $177M | 0.94% |
+3,536,654
| New | +$167M |
|
33
Illumina
ILMN
$33.1B
| $172M | 0.91% |
+534,363
| New | +$162M |
|
34
Chewy
CHWY
$9.83B
| $147M | 0.78% |
5,071,531
| – | – |
|
35
CALL
Union Pacific
UNP
$183B
| $102M | 0.54% |
+565,300
| New | +$96.8M |
|
|
PPLI
36
People Inc
PPLI
$2.86B
| $99.1M | 0.53% |
+2,225,512
| New | +$89.7M |
|
37
CALL
CSX Corp
CSX
$95.6B
| $97.5M | 0.52% |
+4,044,000
| New | +$95.7M |
|
38
Carvana
CVNA
$76.9B
| $92.3M | 0.49% |
+5,014,550
| New | +$83.9M |
|
39
Uber
UBER
$161B
| $91.7M | 0.49% |
3,084,950
+83,530
| +3% | +$2.48M |
|
40
XP
XP
$8.53B
| $46.2M | 0.25% |
+1,200,000
| New | +$45M |
|
41
HubSpot
HUBS
$12B
| $35.8M | 0.19% |
+225,647
| New | +$34.5M |
|
|
MDLA
42
DELISTED
Medallia, Inc.
MDLA
| $22.9M | 0.12% |
737,593
| – | – |
|
|
43
CSX Corp
CSX
$95.6B
| $868K | ﹤0.01% |
+36,000
| New | +$852K |
|
|
44
Booking.com
BKNG
$158B
| – | – |
-5,281,425
| Closed | -$415M |
|
45
D.R. Horton
DHI
$41.5B
| – | – |
-3,333,812
| Closed | -$176M |
|
|
46
S&P Global
SPGI
$127B
| – | – |
-1,724,511
| Closed | -$422M |
|
47
Twilio
TWLO
$34.6B
| – | – |
-15,835
| Closed | -$1.74M |
|
|
SMAR
48
DELISTED
Smartsheet Inc.
SMAR
| – | – |
-506,100
| Closed | -$18.2M |
|
|
WWE
49
DELISTED
World Wrestling Entertainment
WWE
| – | – |
-2,959,183
| Closed | -$211M |
|
|
TIF
50
DELISTED
Tiffany & Co.
TIF
| – | – |
-6,381,880
| Closed | -$591M |
|
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Stephen Mandel's Q4 2019 Portfolio in Review
As of Q4 2019, Stephen Mandel held 51 positions worth $18.9B, up 11% from $17B the previous quarter. Its ten largest holdings account for 47% of the portfolio.
Stephen Mandel withdrew a net $668M in Q4 2019, closing 8 positions and reducing 14 holdings. Its most notable exit was Activision Blizzard, an estimated $595M position sold in full.
By sector, the portfolio is most concentrated in Technology at 29% of assets, down from 34% a quarter earlier, followed by Consumer Discretionary and Industrials.
Against the trend, Stephen Mandel opened a new position in PayPal worth $364M.
- Stephen Mandel's largest Q4 2019 buy was PayPal: 3,364,320 shares worth $364M.
- Stephen Mandel added most to Meta Platforms (Facebook) in Q4 2019, an estimated $286M increase.
- Stephen Mandel's biggest Q4 2019 reduction was Adobe, cutting an estimated $208M.
- Stephen Mandel fully exited Activision Blizzard in Q4 2019, selling an estimated $595M.
- Stephen Mandel's ten largest holdings make up 47% of its $18.9B portfolio in Q4 2019.
- Stephen Mandel opened 14 new positions and closed 8 in Q4 2019.
- Stephen Mandel's portfolio value rose 11% quarter-over-quarter to $18.9B.
Based on Lone Pine Capital's 13F filing for Q4 2019, filed 14 Feb 2020.