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Stephen Mandel Lone Pine Capital

AUM $16.4B
1-Year Est. Return 99.7%
 

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.

This Fund
S&P 500
This Quarter Est. Return
+49.67%
1 Year Est. Return
+99.7%
3 Year Est. Return
+351.82%
5 Year Est. Return
+339.1%
10 Year Est. Return
+2,106.14%
AUM
$19.8B
AUM Growth
+$2.94B
Cap. Flow
-$2.44B
Cap. Flow %
-12.33%
Top 10 Hldgs %
55.51%
Holding
46
New
7
Increased
9
Reduced
11
Closed
17

Top Buys

Rank Stock Value
1
BKNG icon
Booking.com
BKNG
+$907M
2
COF icon
Capital One
COF
+$640M
3
CRM icon
Salesforce
CRM
+$513M
4
DDOG icon
Datadog
DDOG
+$416M
5
TDG icon
TransDigm Group
TDG
+$369M

Top Sells

Rank Stock Value
1
BABA icon
Alibaba
BABA
+$1.23B
2
CP icon
Canadian Pacific Kansas City
CP
+$500M
3
UNH icon
UnitedHealth
UNH
+$456M
4
CVNA icon
Carvana
CVNA
+$398M
5
ADSK icon
Autodesk
ADSK
+$380M

Sector Composition

Rank Sector Weight
1 Technology 37.95%
2 Financials 15.91%
3 Consumer Discretionary 13.68%
4 Communication Services 12.24%
5 Healthcare 9.95%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
DXCM icon
26
DexCom
DXCM
$34.8B
$138M 0.7%
+1,358,184
New +$121M
HWM icon
27
Howmet Aerospace
HWM
$108B
$125M 0.63%
7,888,593
-19,052,273
-71% -$250M
CVNA icon
28
Carvana
CVNA
$76.9B
$102M 0.52%
4,248,325
-21,252,550
-83% -$398M
DFS
29
DELISTED
Discover Financial Services
DFS
$102M 0.52%
+2,035,812
New +$89.6M
BABA icon
30
Alibaba
BABA
$286B
– –
-6,336,587
Closed -$1.23B
CDNS icon
31
Cadence Design Systems
CDNS
$87.9B
– –
-1,288,594
Closed -$85.1M
CHWY icon
32
Chewy
CHWY
$9.83B
– –
-1,299,749
Closed -$48.7M
CP icon
33
Canadian Pacific Kansas City
CP
$85B
– –
-11,395,290
Closed -$500M
EFX icon
34
Equifax
EFX
$22.6B
– –
-3,171,575
Closed -$379M
HLT icon
35
Hilton Worldwide
HLT
$73.5B
– –
-2,952,652
Closed -$201M
HUBS icon
36
HubSpot
HUBS
$12B
– –
-776,490
Closed -$103M
PPLI
37
People Inc
PPLI
$2.86B
– –
-4,543,566
Closed -$146M
LYV icon
38
Live Nation Entertainment
LYV
$42.4B
– –
-3,046,095
Closed -$138M
SE icon
39
Sea Limited
SE
$72B
– –
-27,000
Closed -$1.2M
TEAM icon
40
Atlassian
TEAM
$43.5B
– –
-1,388,586
Closed -$191M
UA icon
41
Under Armour Class C
UA
$2.25B
– –
-9,890,481
Closed -$79.7M
UAA icon
42
Under Armour
UAA
$2.32B
– –
-17,431,613
Closed -$161M
XYZ
43
Block Inc
XYZ
$49.4B
– –
-6,698,049
Closed -$351M
PLAN
44
DELISTED
Anaplan, Inc.
PLAN
– –
-2,200,000
Closed -$66.6M
MDLA
45
DELISTED
Medallia, Inc.
MDLA
– –
-1,853,183
Closed -$37.1M
LK
46
DELISTED
Luckin Coffee Inc. American Depositary Shares
LK
– –
-13,522,973
Closed -$368M
1
2

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Stephen Mandel's Q2 2020 Portfolio in Review

As of Q2 2020, Stephen Mandel held 46 positions worth $19.8B, up 17% from $16.9B the previous quarter. Its ten largest holdings account for 56% of the portfolio.

Stephen Mandel withdrew a net $2.44B in Q2 2020, closing 17 positions and reducing 11 holdings. Its most notable exit was Alibaba, an estimated $1.23B position sold in full.

By sector, the portfolio is most concentrated in Technology at 38% of assets, up from 28% a quarter earlier, followed by Financials and Consumer Discretionary.

Against the trend, Stephen Mandel opened a new position in Booking.com worth $949M.

  • Stephen Mandel's largest Q2 2020 buy was Booking.com: 14,903,325 shares worth $949M.
  • Stephen Mandel added most to TransDigm Group in Q2 2020, an estimated $369M increase.
  • Stephen Mandel's biggest Q2 2020 reduction was UnitedHealth, cutting an estimated $456M.
  • Stephen Mandel fully exited Alibaba in Q2 2020, selling an estimated $1.23B.
  • Stephen Mandel's ten largest holdings make up 56% of its $19.8B portfolio in Q2 2020.
  • Stephen Mandel opened 7 new positions and closed 17 in Q2 2020.
  • Stephen Mandel's portfolio value rose 17% quarter-over-quarter to $19.8B.

Based on Lone Pine Capital's 13F filing for Q2 2020, filed 14 Aug 2020.