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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
+11.71%
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
$13.5B
AUM Growth
+$60.3M
Cap. Flow
-$1.17B
Cap. Flow %
-8.7%
Top 10 Hldgs %
55.93%
Holding
33
New
4
Increased
5
Reduced
19
Closed
3

Top Buys

Rank Stock Value
1
LLY icon
Eli Lilly
LLY
+$648M
2
COF icon
Capital One
COF
+$560M
3
FLUT icon
Flutter Entertainment
FLUT
+$483M
4
PM icon
Philip Morris
PM
+$251M
5
SBUX icon
Starbucks
SBUX
+$235M

Top Sells

Rank Stock Value
1
UNH icon
UnitedHealth
UNH
+$481M
2
AMZN icon
Amazon
AMZN
+$346M
3
APP icon
Applovin
APP
+$325M
4
BKNG icon
Booking.com
BKNG
+$322M
5
XYZ
Block Inc
XYZ
+$320M

Sector Composition

Rank Sector Weight
1 Technology 30.96%
2 Consumer Discretionary 15.97%
3 Financials 15.82%
4 Communication Services 14.5%
5 Utilities 10%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BTDR icon
26
Bitdeer Technologies
BTDR
$3.09B
$21.4M 0.16%
986,717
-311,248
-24% -$3.96M
HUT
27
Hut 8
HUT
$9.97B
$14.2M 0.11%
692,839
-539,913
-44% -$11M
CIFR icon
28
Cipher Digital
CIFR
$6.55B
$10.9M 0.08%
+2,344,380
New +$13.3M
WULF icon
29
TeraWulf
WULF
$7.8B
$8.38M 0.06%
1,480,928
-1,586,868
-52% -$10.2M
IREN icon
30
Iris Energy
IREN
$15B
$6.99M 0.05%
711,839
– –
BKNG icon
31
Booking.com
BKNG
$158B
– –
-1,910,350
Closed -$322M
UNH icon
32
UnitedHealth
UNH
$350B
– –
-821,880
Closed -$481M
GEV icon
33
GE Vernova
GEV
$255B
– –
-1,156,011
Closed -$295M
1
2

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Stephen Mandel's Q4 2024 Portfolio in Review

As of Q4 2024, Stephen Mandel held 33 positions worth $13.5B, up 0.45% from $13.4B the previous quarter. Its ten largest holdings account for 56% of the portfolio.

Stephen Mandel withdrew a net $1.17B in Q4 2024, closing 3 positions and reducing 19 holdings. Its most notable exit was UnitedHealth, an estimated $481M position sold in full.

By sector, the portfolio is most concentrated in Technology at 31% of assets, down from 34% a quarter earlier, followed by Consumer Discretionary and Financials.

Against the trend, Stephen Mandel opened a new position in Eli Lilly worth $604M.

  • Stephen Mandel's largest Q4 2024 buy was Eli Lilly: 782,860 shares worth $604M.
  • Stephen Mandel added most to Philip Morris in Q4 2024, an estimated $251M increase.
  • Stephen Mandel's biggest Q4 2024 reduction was Amazon, cutting an estimated $346M.
  • Stephen Mandel fully exited UnitedHealth in Q4 2024, selling an estimated $481M.
  • Stephen Mandel's ten largest holdings make up 56% of its $13.5B portfolio in Q4 2024.
  • Stephen Mandel opened 4 new positions and closed 3 in Q4 2024.
  • Stephen Mandel's portfolio value rose 0.45% quarter-over-quarter to $13.5B.

Based on Lone Pine Capital's 13F filing for Q4 2024, filed 14 Feb 2025.