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 |
TSMC
TSM
|
+$933M |
| 2 |
Meta Platforms (Facebook)
META
|
+$915M |
| 3 |
Atlassian
TEAM
|
+$419M |
| 4 |
Dick's Sporting Goods
DKS
|
+$410M |
| 5 |
XYZ
Block Inc
XYZ
|
+$328M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Mastercard
MA
|
+$864M |
| 2 |
UnitedHealth
UNH
|
+$690M |
| 3 |
KE Holdings
BEKE
|
+$623M |
| 4 |
Adobe
ADBE
|
+$620M |
| 5 |
Snowflake
SNOW
|
+$558M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 44.29% |
| 2 | Consumer Discretionary | 26.8% |
| 3 | Communication Services | 12.81% |
| 4 | Financials | 10.05% |
| 5 | Healthcare | 4.46% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Sweetgreen
SG
$832M
| $146M | 0.87% |
4,556,503
| – | – |
|
27
First Citizens BancShares
FCNCA
$24.7B
| $61M | 0.36% |
+91,634
| New | +$71.3M |
|
|
AVDX
28
DELISTED
AvidXchange
AVDX
| $40.9M | 0.24% |
5,080,632
| – | – |
|
29
VTEX
VTEX
$603M
| $32.4M | 0.19% |
5,274,887
| – | – |
|
30
PUT
ProShares VIX Short-Term Futures ETF
VIXY
$200M
| $8.29M | 0.05% |
+25,000
| New | +$9.03M |
|
|
31
Adobe
ADBE
$109B
| – | – |
-1,093,713
| Closed | -$620M |
|
32
Amplitude
AMPL
$1.66B
| – | – |
-1,877,000
| Closed | -$99.4M |
|
|
33
KE Holdings
BEKE
$19.6B
| – | – |
-30,957,063
| Closed | -$623M |
|
|
CFLT
34
DELISTED
Confluent
CFLT
| – | – |
-4,398,572
| Closed | -$335M |
|
35
Freshworks
FRSH
$3.39B
| – | – |
-275,000
| Closed | -$7.22M |
|
36
NetEase
NTES
$82.1B
| – | – |
-4,452,541
| Closed | -$453M |
|
37
PVH
PVH
$3.62B
| – | – |
-3,065,646
| Closed | -$327M |
|
|
38
Snowflake
SNOW
$115B
| – | – |
-1,646,640
| Closed | -$558M |
|
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Stephen Mandel's Q1 2022 Portfolio in Review
As of Q1 2022, Stephen Mandel held 38 positions worth $16.8B, down 31% from $24.4B the previous quarter. Its ten largest holdings account for 62% of the portfolio.
Stephen Mandel withdrew a net $3.45B in Q1 2022, closing 8 positions and reducing 15 holdings. Its most notable exit was KE Holdings, an estimated $623M position sold in full.
By sector, the portfolio is most concentrated in Technology at 44% of assets, up from 37% a quarter earlier, followed by Consumer Discretionary and Communication Services.
Against the trend, Stephen Mandel opened a new position in TSMC worth $832M.
- Stephen Mandel's largest Q1 2022 buy was TSMC: 7,981,414 shares worth $832M.
- Stephen Mandel added most to Block Inc in Q1 2022, an estimated $328M increase.
- Stephen Mandel's biggest Q1 2022 reduction was Mastercard, cutting an estimated $864M.
- Stephen Mandel fully exited KE Holdings in Q1 2022, selling an estimated $623M.
- Stephen Mandel's ten largest holdings make up 62% of its $16.8B portfolio in Q1 2022.
- Stephen Mandel opened 9 new positions and closed 8 in Q1 2022.
- Stephen Mandel's portfolio value fell 31% quarter-over-quarter to $16.8B.
Based on Lone Pine Capital's 13F filing for Q1 2022, filed 16 May 2022.