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 |
TWTR
Twitter, Inc.
TWTR
|
+$764M |
| 2 |
Bilibili
BILI
|
+$737M |
| 3 |
VSXY
Victoria's Secret
VSXY
|
+$523M |
| 4 |
KE Holdings
BEKE
|
+$418M |
| 5 |
Workday
WDAY
|
+$383M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Global Payments
GPN
|
+$1.04B |
| 2 |
Meta Platforms (Facebook)
META
|
+$688M |
| 3 |
Mastercard
MA
|
+$659M |
| 4 |
Bath & Body Works
BBWI
|
+$521M |
| 5 |
Amazon
AMZN
|
+$427M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 36.45% |
| 2 | Consumer Discretionary | 22.47% |
| 3 | Communication Services | 19.86% |
| 4 | Healthcare | 12.28% |
| 5 | Industrials | 4.55% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
TransDigm Group
TDG
$66.4B
| $490M | 1.65% |
784,342
+66,879
| +9% | +$41.8M |
|
|
VSXY
27
Victoria's Secret
VSXY
$6.79B
| $476M | 1.6% |
+8,609,543
| New | +$523M |
|
28
PVH
PVH
$3.62B
| $339M | 1.14% |
3,297,609
+577,900
| +21% | +$62.2M |
|
29
Ascendis Pharma A/S
ASND
$16.6B
| $229M | 0.77% |
1,436,981
| – | – |
|
30
Fate Therapeutics
FATE
$279M
| $130M | 0.44% |
2,199,284
+450,000
| +26% | +$35.3M |
|
31
VTEX
VTEX
$603M
| $109M | 0.37% |
+5,274,887
| New | +$132M |
|
32
FIGS
FIGS
$2.44B
| $92.3M | 0.31% |
2,485,894
-1,788,683
| -42% | -$72.1M |
|
33
Amplitude
AMPL
$1.66B
| $88.4M | 0.3% |
+1,627,000
| New | +$88.5M |
|
34
NetEase
NTES
$82.1B
| $86.7M | 0.29% |
+1,015,388
| New | +$95.9M |
|
|
CFLT
35
DELISTED
Confluent
CFLT
| $83.2M | 0.28% |
1,394,644
+744,644
| +115% | +$38.7M |
|
36
Marqeta
MQ
$1.7B
| $58M | 0.2% |
+655,380
| New | +$70.1M |
|
37
Zymeworks
ZYME
$2.05B
| $28.4M | 0.1% |
976,735
| – | – |
|
|
FMTX
38
DELISTED
Forma Therapeutics Holdings, Inc. Common Stock
FMTX
| $18.6M | 0.06% |
800,000
| – | – |
|
39
Freshworks
FRSH
$3.39B
| $11.7M | 0.04% |
+275,000
| New | +$12.3M |
|
|
40
Global Payments
GPN
$24.7B
| – | – |
-5,542,294
| Closed | -$1.04B |
|
|
41
Mastercard
MA
$509B
| – | – |
-1,803,798
| Closed | -$659M |
|
42
SentinelOne
S
$7.26B
| – | – |
-175,000
| Closed | -$7.44M |
|
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Stephen Mandel's Q3 2021 Portfolio in Review
As of Q3 2021, Stephen Mandel held 42 positions worth $29.7B, down 4.4% from $31B the previous quarter. Its ten largest holdings account for 49% of the portfolio.
Stephen Mandel withdrew a net $1.06B in Q3 2021, closing 3 positions and reducing 15 holdings. Its most notable exit was Global Payments, an estimated $1.04B position sold in full.
By sector, the portfolio is most concentrated in Technology at 36% of assets, up from 36% a quarter earlier, followed by Consumer Discretionary and Communication Services.
Against the trend, Stephen Mandel opened a new position in Bilibili worth $570M.
- Stephen Mandel's largest Q3 2021 buy was Bilibili: 8,612,782 shares worth $570M.
- Stephen Mandel added most to Twitter, Inc. in Q3 2021, an estimated $764M increase.
- Stephen Mandel's biggest Q3 2021 reduction was Meta Platforms (Facebook), cutting an estimated $688M.
- Stephen Mandel fully exited Global Payments in Q3 2021, selling an estimated $1.04B.
- Stephen Mandel's ten largest holdings make up 49% of its $29.7B portfolio in Q3 2021.
- Stephen Mandel opened 7 new positions and closed 3 in Q3 2021.
- Stephen Mandel's portfolio value fell 4.4% quarter-over-quarter to $29.7B.
Based on Lone Pine Capital's 13F filing for Q3 2021, filed 15 Nov 2021.