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 |
Amazon
AMZN
|
+$979M |
| 2 |
Constellation Brands
STZ
|
+$578M |
| 3 |
EA
Electronic Arts
EA
|
+$560M |
| 4 |
Bausch Health
BHC
|
+$502M |
| 5 |
SCHW
Charles Schwab
SCHW
|
+$406M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Lowe's Companies
LOW
|
+$472M |
| 2 |
HCA Healthcare
HCA
|
+$454M |
| 3 |
Illumina
ILMN
|
+$430M |
| 4 |
HOUS
Anywhere Real Estate
HOUS
|
+$411M |
| 5 |
MHFI
MCGRAW-HILL FINANCIAL INC COM
MHFI
|
+$364M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 22.09% |
| 2 | Healthcare | 17.87% |
| 3 | Technology | 13.15% |
| 4 | Communication Services | 11.03% |
| 5 | Financials | 9.66% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
Diageo
DEO
$52.6B
| $108K | ﹤0.01% |
+1,000
| New | +$111K |
|
52
American Express
AXP
$227B
| $74K | ﹤0.01% |
+1,000
| New | +$76.9K |
|
53
Advance Auto Parts
AAP
$2.57B
| – | – |
-1,217,455
| Closed | -$194M |
|
54
Autodesk
ADSK
$53.6B
| – | – |
-6,158,948
| Closed | -$308M |
|
55
CSX Corp
CSX
$95.6B
| – | – |
-6,264,900
| Closed | -$61.5M |
|
56
Liberty Media Series A
FWONA
$24.2B
| – | – |
-4,481,355
| Closed | -$109M |
|
57
Liberty Media Series C
FWONK
$26.3B
| – | – |
-6,458,077
| Closed | -$164M |
|
58
PUT
Invesco CurrencyShares Euro Currency Trust
FXE
$345M
| – | – |
-20,000,000
| Closed | -$2.19B |
|
|
59
HCA Healthcare
HCA
$92.9B
| – | – |
-5,007,242
| Closed | -$454M |
|
|
60
Lowe's Companies
LOW
$121B
| – | – |
-7,053,887
| Closed | -$472M |
|
61
MGIC Investment
MTG
$6.34B
| – | – |
-12,403,003
| Closed | -$141M |
|
62
Perrigo
PRGO
$1.98B
| – | – |
-375,924
| Closed | -$69.5M |
|
63
CALL
Williams Companies
WMB
$86.2B
| – | – |
-3,285,900
| Closed | -$189M |
|
|
MHFI
64
DELISTED
MCGRAW-HILL FINANCIAL INC COM
MHFI
| – | – |
-3,625,834
| Closed | -$364M |
|
|
SUNE
65
DELISTED
SUNEDISON, INC COM
SUNE
| – | – |
-9,663,802
| Closed | -$289M |
|
|
SWI
66
DELISTED
SOLARWINDS INC COM STK (DE)
SWI
| – | – |
-2,518,528
| Closed | -$116M |
|
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Stephen Mandel's Q3 2015 Portfolio in Review
As of Q3 2015, Stephen Mandel held 66 positions worth $24.6B, down 8.1% from $26.7B the previous quarter. Its ten largest holdings account for 42% of the portfolio.
Stephen Mandel's Q3 2015 filing shows 10 new, 22 increased, 15 reduced and 14 closed positions. Its largest new stake was Amazon: 38,740,040 shares worth $992M. The largest sale was Lowe's Companies, an estimated $472M.
By sector, the portfolio is most concentrated in Consumer Discretionary at 22% of assets, up from 20% a quarter earlier, followed by Healthcare and Technology.
- Stephen Mandel's largest Q3 2015 buy was Amazon: 38,740,040 shares worth $992M.
- Stephen Mandel added most to Electronic Arts in Q3 2015, an estimated $560M increase.
- Stephen Mandel's biggest Q3 2015 reduction was Illumina, cutting an estimated $430M.
- Stephen Mandel fully exited Lowe's Companies in Q3 2015, selling an estimated $472M.
- Stephen Mandel's ten largest holdings make up 42% of its $24.6B portfolio in Q3 2015.
- Stephen Mandel opened 10 new positions and closed 14 in Q3 2015.
- Stephen Mandel's portfolio value fell 8.1% quarter-over-quarter to $24.6B.
Based on Lone Pine Capital's 13F filing for Q3 2015, filed 16 Nov 2015.