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
|
+$755M |
| 2 |
Autodesk
ADSK
|
+$582M |
| 3 |
Visa
V
|
+$427M |
| 4 |
HCA Healthcare
HCA
|
+$410M |
| 5 |
Mastercard
MA
|
+$404M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
GAP
The Gap Inc
GAP
|
+$803M |
| 2 |
Microsoft
MSFT
|
+$793M |
| 3 |
Comcast
CMCSA
|
+$741M |
| 4 |
Crown Castle
CCI
|
+$632M |
| 5 |
AGN
Allergan plc
AGN
|
+$598M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 20.06% |
| 2 | Technology | 17.44% |
| 3 | Communication Services | 14.54% |
| 4 | Financials | 12.98% |
| 5 | Healthcare | 12.77% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
51
CALL
Comcast
CMCSA
$95.3B
| – | – |
-3,660,000
| Closed | -$98.4M |
|
|
52
Comcast
CMCSA
$95.3B
| – | – |
-27,544,918
| Closed | -$741M |
|
53
Liberty Global Class C
LBTYK
$3.55B
| – | – |
-5,513,767
| Closed | -$183M |
|
54
LPL Financial
LPLA
$28.5B
| – | – |
-8,518,366
| Closed | -$392M |
|
55
TripAdvisor
TRIP
$1.17B
| – | – |
-2,771,438
| Closed | -$253M |
|
56
Williams-Sonoma
WSM
$28B
| – | – |
-8,781,154
| Closed | -$292M |
|
|
GAP
57
CALL
The Gap Inc
GAP
$7.13B
| – | – |
-1,741,200
| Closed | -$72.6M |
|
|
GAP
58
The Gap Inc
GAP
$7.13B
| – | – |
-19,265,265
| Closed | -$803M |
|
|
SAVE
59
DELISTED
Spirit Airlines, Inc.
SAVE
| – | – |
-4,262,432
| Closed | -$295M |
|
|
AGN
60
DELISTED
Allergan plc
AGN
| – | – |
-2,478,628
| Closed | -$598M |
|
|
TWX
61
DELISTED
Time Warner Inc
TWX
| – | – |
-1,716,105
| Closed | -$129M |
|
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Stephen Mandel's Q4 2014 Portfolio in Review
As of Q4 2014, Stephen Mandel held 61 positions worth $23.9B, down 6.8% from $25.6B the previous quarter. Its ten largest holdings account for 49% of the portfolio.
Stephen Mandel withdrew a net $3.01B in Q4 2014, closing 13 positions and reducing 19 holdings. Its most notable exit was The Gap Inc, an estimated $803M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 20% of assets, down from 23% a quarter earlier, followed by Technology and Communication Services.
Against the trend, Stephen Mandel opened a new position in Visa worth $464M.
- Stephen Mandel's largest Q4 2014 buy was Visa: 7,086,076 shares worth $464M.
- Stephen Mandel added most to Booking.com in Q4 2014, an estimated $755M increase.
- Stephen Mandel's biggest Q4 2014 reduction was Microsoft, cutting an estimated $793M.
- Stephen Mandel fully exited The Gap Inc in Q4 2014, selling an estimated $803M.
- Stephen Mandel's ten largest holdings make up 49% of its $23.9B portfolio in Q4 2014.
- Stephen Mandel opened 13 new positions and closed 13 in Q4 2014.
- Stephen Mandel's portfolio value fell 6.8% quarter-over-quarter to $23.9B.
Based on Lone Pine Capital's 13F filing for Q4 2014, filed 17 Feb 2015.