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 |
DOCU
DocuSign
DOCU
|
+$858M |
| 2 |
XYZ
Block Inc
XYZ
|
+$758M |
| 3 |
COUP
Coupa Software Incorporated
COUP
|
+$643M |
| 4 |
Atlassian
TEAM
|
+$587M |
| 5 |
StoneCo
STNE
|
+$396M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Booking.com
BKNG
|
+$943M |
| 2 |
Salesforce
CRM
|
+$570M |
| 3 |
TransDigm Group
TDG
|
+$468M |
| 4 |
Visa
V
|
+$466M |
| 5 |
DAY
Dayforce
DAY
|
+$456M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 46.78% |
| 2 | Communication Services | 15.14% |
| 3 | Financials | 10.81% |
| 4 | Healthcare | 10.44% |
| 5 | Consumer Discretionary | 9.58% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Mercado Libre
MELI
$97.5B
| $231M | 0.99% |
+213,602
| New | +$232M |
|
27
BILL Holdings
BILL
$4.76B
| $222M | 0.95% |
+2,216,266
| New | +$202M |
|
28
DexCom
DXCM
$34.8B
| $191M | 0.82% |
1,852,348
+494,164
| +36% | +$51.6M |
|
29
Howmet Aerospace
HWM
$108B
| $132M | 0.57% |
7,888,593
| – | – |
|
30
Insulet
PODD
$10.3B
| $109M | 0.47% |
+462,209
| New | +$97.3M |
|
|
31
Booking.com
BKNG
$158B
| $101M | 0.43% |
1,473,000
-13,430,325
| -90% | -$943M |
|
32
KE Holdings
BEKE
$19.6B
| $61.3M | 0.26% |
+1,000,000
| New | +$49.9M |
|
|
33
Salesforce
CRM
$171B
| – | – |
-3,045,252
| Closed | -$570M |
|
34
Carvana
CVNA
$76.9B
| – | – |
-4,248,325
| Closed | -$102M |
|
|
DFS
35
DELISTED
Discover Financial Services
DFS
| – | – |
-2,035,812
| Closed | -$102M |
|
|
36
Visa
V
$693B
| – | – |
-2,411,124
| Closed | -$466M |
|
37
PUT
iPath Series B S&P 500 VIX Short-Term Futures ETN
VXX
$137M
| – | – |
-148,438
| Closed | -$323M |
|
38
Zoom
ZM
$31.5B
| – | – |
-1,687,453
| Closed | -$428M |
|
|
DAY
39
DELISTED
Dayforce
DAY
| – | – |
-5,758,477
| Closed | -$456M |
|
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Stephen Mandel's Q3 2020 Portfolio in Review
As of Q3 2020, Stephen Mandel held 39 positions worth $23.3B, up 18% from $19.8B the previous quarter. Its ten largest holdings account for 54% of the portfolio.
Stephen Mandel deployed $1.19B of net new capital in Q3 2020, opening 10 new positions and adding to 10 existing holdings. Its largest new stake was DocuSign: 4,135,353 shares worth $890M.
By sector, the portfolio is most concentrated in Technology at 47% of assets, up from 38% a quarter earlier, followed by Communication Services and Financials.
On the sell side, the largest reduction was Booking.com, an estimated $943M trimmed.
- Stephen Mandel's largest Q3 2020 buy was DocuSign: 4,135,353 shares worth $890M.
- Stephen Mandel added most to Coupa Software Incorporated in Q3 2020, an estimated $643M increase.
- Stephen Mandel's biggest Q3 2020 reduction was Booking.com, cutting an estimated $943M.
- Stephen Mandel fully exited Salesforce in Q3 2020, selling an estimated $570M.
- Stephen Mandel's ten largest holdings make up 54% of its $23.3B portfolio in Q3 2020.
- Stephen Mandel opened 10 new positions and closed 7 in Q3 2020.
- Stephen Mandel's portfolio value rose 18% quarter-over-quarter to $23.3B.
Based on Lone Pine Capital's 13F filing for Q3 2020, filed 16 Nov 2020.