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 |
Microsoft
MSFT
|
+$925M |
| 2 |
SBA Communications
SBAC
|
+$469M |
| 3 |
Intercontinental Exchange
ICE
|
+$453M |
| 4 |
MHFI
MCGRAW-HILL FINANCIAL INC COM
MHFI
|
+$389M |
| 5 |
Crown Castle
CCI
|
+$298M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
eBay
EBAY
|
+$609M |
| 2 |
Equinix
EQIX
|
+$398M |
| 3 |
Kinder Morgan
KMI
|
+$388M |
| 4 |
MON
Monsanto Co
MON
|
+$385M |
| 5 |
Alphabet (Google) Class C
GOOG
|
+$357M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 18.75% |
| 2 | Consumer Discretionary | 17.88% |
| 3 | Communication Services | 12.92% |
| 4 | Financials | 10.3% |
| 5 | Consumer Staples | 8.16% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
United Parks & Resorts
PRKS
$2.06B
| $88M | 0.38% |
3,058,260
+1,322,067
| +76% | +$39.3M |
|
|
52
CALL
Microsoft
MSFT
$3.59T
| $61.7M | 0.27% |
+1,650,000
| New | +$59.9M |
|
|
LL
53
DELISTED
LL Flooring Holdings, Inc.
LL
| $50.9M | 0.22% |
+494,858
| New | +$52.6M |
|
|
54
CALL
Intercontinental Exchange
ICE
$90.5B
| $13.6M | 0.06% |
+303,000
| New | +$12.5M |
|
|
SFUN
55
CALL
DELISTED
Fang Holdings Limited American Depositary Shares (each representing ten Class A Ordinary Shares)
SFUN
| $3.71M | 0.02% |
+4,500
| New | +$2.83M |
|
56
Amazon
AMZN
$2.79T
| – | – |
-15,474,740
| Closed | -$242M |
|
57
PUT
BlackBerry
BB
$4.71B
| – | – |
-25,000
| Closed | -$199K |
|
58
Canadian Pacific Kansas City
CP
$85B
| – | – |
-805,660
| Closed | -$19.9M |
|
|
59
eBay
EBAY
$46.3B
| – | – |
-25,952,561
| Closed | -$609M |
|
|
60
Equinix
EQIX
$105B
| – | – |
-2,167,116
| Closed | -$398M |
|
|
61
Alphabet (Google) Class C
GOOG
$4.18T
| – | – |
-16,372,499
| Closed | -$357M |
|
|
GRFS
62
Grifois
GRFS
$5.44B
| – | – |
-8,907,000
| Closed | -$134M |
|
63
H&R Block
HRB
$6.62B
| – | – |
-2,303,844
| Closed | -$61.4M |
|
|
64
Kinder Morgan
KMI
$69B
| – | – |
-10,913,487
| Closed | -$388M |
|
65
Visa
V
$693B
| – | – |
-4,974,060
| Closed | -$238M |
|
|
ONIT
66
Onity Group
ONIT
$301M
| – | – |
-351,818
| Closed | -$294M |
|
|
P
67
DELISTED
Pandora Media Inc
P
| – | – |
-10,085,216
| Closed | -$253M |
|
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Stephen Mandel's Q4 2013 Portfolio in Review
As of Q4 2013, Stephen Mandel held 67 positions worth $23.2B, up 3.8% from $22.4B the previous quarter. Its ten largest holdings account for 40% of the portfolio.
Stephen Mandel withdrew a net $716M in Q4 2013, closing 12 positions and reducing 18 holdings. Its most notable exit was eBay, an estimated $609M position sold in full.
By sector, the portfolio is most concentrated in Technology at 19% of assets, up from 14% a quarter earlier, followed by Consumer Discretionary and Communication Services.
Against the trend, Stephen Mandel opened a new position in Microsoft worth $953M.
- Stephen Mandel's largest Q4 2013 buy was Microsoft: 25,474,910 shares worth $953M.
- Stephen Mandel added most to Crown Castle in Q4 2013, an estimated $298M increase.
- Stephen Mandel's biggest Q4 2013 reduction was Monsanto Co, cutting an estimated $385M.
- Stephen Mandel fully exited eBay in Q4 2013, selling an estimated $609M.
- Stephen Mandel's ten largest holdings make up 40% of its $23.2B portfolio in Q4 2013.
- Stephen Mandel opened 10 new positions and closed 12 in Q4 2013.
- Stephen Mandel's portfolio value rose 3.8% quarter-over-quarter to $23.2B.
Based on Lone Pine Capital's 13F filing for Q4 2013, filed 14 Feb 2014.