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 |
Mastercard
MA
|
+$1.67B |
| 2 |
Visa
V
|
+$1.04B |
| 3 |
Amazon
AMZN
|
+$877M |
| 4 |
Snap
SNAP
|
+$610M |
| 5 |
Snowflake
SNOW
|
+$574M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
TWTR
Twitter, Inc.
TWTR
|
+$1.3B |
| 2 |
Moderna
MRNA
|
+$1.28B |
| 3 |
XYZ
Block Inc
XYZ
|
+$1.11B |
| 4 |
Meta Platforms (Facebook)
META
|
+$1.04B |
| 5 |
COUP
Coupa Software Incorporated
COUP
|
+$1B |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 37.13% |
| 2 | Consumer Discretionary | 27.74% |
| 3 | Communication Services | 13.11% |
| 4 | Financials | 11.39% |
| 5 | Healthcare | 4.72% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
AVDX
26
DELISTED
AvidXchange
AVDX
| $76.5M | 0.31% |
+5,080,632
| New | +$106M |
|
27
VTEX
VTEX
$603M
| $56.5M | 0.23% |
5,274,887
| – | – |
|
|
XYZ
28
Block Inc
XYZ
$49.4B
| $44.8M | 0.18% |
277,372
-5,103,492
| -95% | -$1.11B |
|
29
Freshworks
FRSH
$3.39B
| $7.22M | 0.03% |
275,000
| – | – |
|
30
Ascendis Pharma A/S
ASND
$16.6B
| – | – |
-1,436,981
| Closed | -$229M |
|
31
Bilibili
BILI
$7.14B
| – | – |
-8,612,782
| Closed | -$570M |
|
32
Carvana
CVNA
$76.9B
| – | – |
-10,711,545
| Closed | -$646M |
|
33
DexCom
DXCM
$34.8B
| – | – |
-5,764,908
| Closed | -$788M |
|
34
Fate Therapeutics
FATE
$279M
| – | – |
-2,199,284
| Closed | -$130M |
|
35
FIGS
FIGS
$2.44B
| – | – |
-2,485,894
| Closed | -$92.3M |
|
36
ICICI Bank
IBN
$107B
| – | – |
-39,750,227
| Closed | -$750M |
|
|
37
Meta Platforms (Facebook)
META
$1.4T
| – | – |
-3,074,926
| Closed | -$1.04B |
|
|
38
Moderna
MRNA
$57.9B
| – | – |
-3,316,199
| Closed | -$1.28B |
|
39
StoneCo
STNE
$2.16B
| – | – |
-15,093,113
| Closed | -$524M |
|
40
TransDigm Group
TDG
$66.4B
| – | – |
-784,342
| Closed | -$490M |
|
41
Zymeworks
ZYME
$2.05B
| – | – |
-976,735
| Closed | -$28.4M |
|
|
COUP
42
DELISTED
Coupa Software Incorporated
COUP
| – | – |
-4,566,251
| Closed | -$1B |
|
|
TWTR
43
DELISTED
Twitter, Inc.
TWTR
| – | – |
-21,533,828
| Closed | -$1.3B |
|
|
FMTX
44
DELISTED
Forma Therapeutics Holdings, Inc. Common Stock
FMTX
| – | – |
-800,000
| Closed | -$18.6M |
|
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Stephen Mandel's Q4 2021 Portfolio in Review
As of Q4 2021, Stephen Mandel held 44 positions worth $24.4B, down 18% from $29.7B the previous quarter. Its ten largest holdings account for 65% of the portfolio.
Stephen Mandel withdrew a net $4.57B in Q4 2021, closing 15 positions and reducing 8 holdings. Its most notable exit was Twitter, Inc., an estimated $1.3B position sold in full.
By sector, the portfolio is most concentrated in Technology at 37% 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 Mastercard worth $1.73B.
- Stephen Mandel's largest Q4 2021 buy was Mastercard: 4,822,796 shares worth $1.73B.
- Stephen Mandel added most to Amazon in Q4 2021, an estimated $877M increase.
- Stephen Mandel's biggest Q4 2021 reduction was Block Inc, cutting an estimated $1.11B.
- Stephen Mandel fully exited Twitter, Inc. in Q4 2021, selling an estimated $1.3B.
- Stephen Mandel's ten largest holdings make up 65% of its $24.4B portfolio in Q4 2021.
- Stephen Mandel opened 5 new positions and closed 15 in Q4 2021.
- Stephen Mandel's portfolio value fell 18% quarter-over-quarter to $24.4B.
Based on Lone Pine Capital's 13F filing for Q4 2021, filed 14 Feb 2022.