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Stephen Mandel Lone Pine Capital

AUM $16.4B
1-Year Est. Return 99.7%
 

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.

This Fund
S&P 500
This Quarter Est. Return
+13.11%
1 Year Est. Return
+99.7%
3 Year Est. Return
+351.82%
5 Year Est. Return
+339.1%
10 Year Est. Return
+2,106.14%
AUM
$10.8B
AUM Growth
+$326M
Cap. Flow
-$669M
Cap. Flow %
-6.2%
Top 10 Hldgs %
58.99%
Holding
32
New
2
Increased
8
Reduced
14
Closed
3

Top Buys

Rank Stock Value
1
KKR icon
KKR & Co
KKR
+$352M
2
CRM icon
Salesforce
CRM
+$251M
3
BILL icon
BILL Holdings
BILL
+$169M
4
ASML icon
ASML
ASML
+$144M
5
EPAM icon
EPAM Systems
EPAM
+$117M

Top Sells

Rank Stock Value
1
TMO icon
Thermo Fisher Scientific
TMO
+$324M
2
AMZN icon
Amazon
AMZN
+$293M
3
MSFT icon
Microsoft
MSFT
+$208M
4
TSM icon
TSMC
TSM
+$198M
5
V icon
Visa
V
+$134M

Sector Composition

Rank Sector Weight
1 Technology 39.4%
2 Consumer Discretionary 31.04%
3 Financials 17.55%
4 Healthcare 6.07%
5 Industrials 4.77%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AVDX
26
DELISTED
AvidXchange
AVDX
$39.6M 0.37%
5,080,632
– –
SG icon
27
Sweetgreen
SG
$832M
$35.7M 0.33%
4,556,503
– –
MQ icon
28
Marqeta
MQ
$1.7B
$22.4M 0.21%
1,225,548
-2,926,909
-70% -$65.3M
LNG icon
29
Cheniere Energy
LNG
$57.3B
$1.31M 0.01%
8,338
– –
EFX icon
30
Equifax
EFX
$22.6B
– –
-7,278
Closed -$1.41M
FCNCA icon
31
First Citizens BancShares
FCNCA
$24.7B
– –
-175,642
Closed -$133M
TMO icon
32
Thermo Fisher Scientific
TMO
$233B
– –
-587,696
Closed -$324M
1
2

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Stephen Mandel's Q1 2023 Portfolio in Review

As of Q1 2023, Stephen Mandel held 32 positions worth $10.8B, up 3.1% from $10.5B the previous quarter. Its ten largest holdings account for 59% of the portfolio.

Stephen Mandel withdrew a net $669M in Q1 2023, closing 3 positions and reducing 14 holdings. Its most notable exit was Thermo Fisher Scientific, an estimated $324M position sold in full.

By sector, the portfolio is most concentrated in Technology at 39% of assets, up from 34% a quarter earlier, followed by Consumer Discretionary and Financials.

Against the trend, Stephen Mandel opened a new position in KKR & Co worth $345M.

  • Stephen Mandel's largest Q1 2023 buy was KKR & Co: 6,564,382 shares worth $345M.
  • Stephen Mandel added most to Salesforce in Q1 2023, an estimated $251M increase.
  • Stephen Mandel's biggest Q1 2023 reduction was Amazon, cutting an estimated $293M.
  • Stephen Mandel fully exited Thermo Fisher Scientific in Q1 2023, selling an estimated $324M.
  • Stephen Mandel's ten largest holdings make up 59% of its $10.8B portfolio in Q1 2023.
  • Stephen Mandel opened 2 new positions and closed 3 in Q1 2023.
  • Stephen Mandel's portfolio value rose 3.1% quarter-over-quarter to $10.8B.

Based on Lone Pine Capital's 13F filing for Q1 2023, filed 15 May 2023.