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 |
Booking.com
BKNG
|
+$506M |
| 2 |
LPL Financial
LPLA
|
+$435M |
| 3 |
Alphabet (Google) Class A
GOOGL
|
+$405M |
| 4 |
EPAM Systems
EPAM
|
+$387M |
| 5 |
PayPal
PYPL
|
+$372M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Match Group
MTCH
|
+$674M |
| 2 |
Snap
SNAP
|
+$664M |
| 3 |
DoorDash
DASH
|
+$534M |
| 4 |
Datadog
DDOG
|
+$449M |
| 5 |
Shopify
SHOP
|
+$441M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 35.99% |
| 2 | Consumer Discretionary | 26.15% |
| 3 | Financials | 15.97% |
| 4 | Communication Services | 11.15% |
| 5 | Healthcare | 8.65% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
VTEX
VTEX
$603M
| $16.2M | 0.15% |
5,274,887
| – | – |
|
27
Grove Collaborative
GROV
$41.9M
| $2.31M | 0.02% |
+100,000
| New | +$4.58M |
|
28
PUT
ProShares VIX Short-Term Futures ETF
VIXY
$200M
| $1.82M | 0.02% |
5,000
-20,000
| -80% | -$7.32M |
|
|
XYZ
29
Block Inc
XYZ
$49.4B
| $1.46M | 0.01% |
23,787
-2,960,328
| -99% | -$270M |
|
|
30
Shopify
SHOP
$192B
| $781K | 0.01% |
25,000
-10,318,030
| -100% | -$441M |
|
31
BILL Holdings
BILL
$4.76B
| – | – |
-1,365,353
| Closed | -$310M |
|
|
32
DoorDash
DASH
$96.8B
| – | – |
-4,554,779
| Closed | -$534M |
|
|
33
Datadog
DDOG
$84.6B
| – | – |
-2,965,288
| Closed | -$449M |
|
34
HubSpot
HUBS
$12B
| – | – |
-446,951
| Closed | -$212M |
|
|
35
Match Group
MTCH
$9.38B
| – | – |
-6,201,440
| Closed | -$674M |
|
|
36
Snap
SNAP
$8.86B
| – | – |
-18,461,748
| Closed | -$664M |
|
|
VSXY
37
Victoria's Secret
VSXY
$6.79B
| – | – |
-7,396,702
| Closed | -$380M |
|
|
FTCH
38
DELISTED
Farfetch Limited Class A Ordinary Shares
FTCH
| – | – |
-17,201,243
| Closed | -$260M |
|
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Stephen Mandel's Q2 2022 Portfolio in Review
As of Q2 2022, Stephen Mandel held 38 positions worth $10.6B, down 37% from $16.8B the previous quarter. Its ten largest holdings account for 63% of the portfolio.
Stephen Mandel withdrew a net $2.41B in Q2 2022, closing 8 positions and reducing 9 holdings. Its most notable exit was Match Group, an estimated $674M position sold in full.
By sector, the portfolio is most concentrated in Technology at 36% of assets, down from 44% a quarter earlier, followed by Consumer Discretionary and Financials.
Against the trend, Stephen Mandel opened a new position in Booking.com worth $415M.
- Stephen Mandel's largest Q2 2022 buy was Booking.com: 5,929,025 shares worth $415M.
- Stephen Mandel added most to Meta Platforms (Facebook) in Q2 2022, an estimated $260M increase.
- Stephen Mandel's biggest Q2 2022 reduction was Shopify, cutting an estimated $441M.
- Stephen Mandel fully exited Match Group in Q2 2022, selling an estimated $674M.
- Stephen Mandel's ten largest holdings make up 63% of its $10.6B portfolio in Q2 2022.
- Stephen Mandel opened 8 new positions and closed 8 in Q2 2022.
- Stephen Mandel's portfolio value fell 37% quarter-over-quarter to $10.6B.
Based on Lone Pine Capital's 13F filing for Q2 2022, filed 15 Aug 2022.