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 |
Dollar Tree
DLTR
|
+$563M |
| 2 |
Williams Companies
WMB
|
+$394M |
| 3 |
Northrop Grumman
NOC
|
+$391M |
| 4 |
Autodesk
ADSK
|
+$333M |
| 5 |
PXD
Pioneer Natural Resource Co.
PXD
|
+$329M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
AGN
Allergan plc
AGN
|
+$709M |
| 2 |
DaVita
DVA
|
+$573M |
| 3 |
JD.com
JD
|
+$487M |
| 4 |
SCHW
Charles Schwab
SCHW
|
+$383M |
| 5 |
Charter Communications
CHTR
|
+$337M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 24.67% |
| 2 | Technology | 16.09% |
| 3 | Communication Services | 12.65% |
| 4 | Healthcare | 10.6% |
| 5 | Consumer Staples | 9.35% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
Fidelity National Financial
FNF
$12.7B
| – | – |
-9,380,048
| Closed | -$229M |
|
|
HOUS
52
DELISTED
Anywhere Real Estate
HOUS
| – | – |
-979,197
| Closed | -$36.8M |
|
53
CALL
Microsoft
MSFT
$3.59T
| – | – |
-775,600
| Closed | -$34.3M |
|
54
SBA Communications
SBAC
$19.4B
| – | – |
-2,801,753
| Closed | -$293M |
|
|
SCHW
55
Charles Schwab
SCHW
$194B
| – | – |
-13,396,145
| Closed | -$383M |
|
|
ENDP
56
DELISTED
Endo International plc
ENDP
| – | – |
-3,859,641
| Closed | -$267M |
|
|
KSU
57
DELISTED
Kansas City Southern
KSU
| – | – |
-1,398,480
| Closed | -$127M |
|
|
AGN
58
DELISTED
Allergan plc
AGN
| – | – |
-2,607,655
| Closed | -$709M |
|
|
MBLY
59
DELISTED
Mobileye N.V.
MBLY
| – | – |
-6,394,066
| Closed | -$291M |
|
|
GRA
60
DELISTED
W.R. Grace & Co.
GRA
| – | – |
-1,351,301
| Closed | -$126M |
|
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Stephen Mandel's Q4 2015 Portfolio in Review
As of Q4 2015, Stephen Mandel held 60 positions worth $23.4B, down 4.7% from $24.6B the previous quarter. Its ten largest holdings account for 45% of the portfolio.
Stephen Mandel withdrew a net $1.87B in Q4 2015, closing 13 positions and reducing 16 holdings. Its most notable exit was Allergan plc, an estimated $709M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 25% of assets, up from 22% a quarter earlier, followed by Technology and Communication Services.
Against the trend, Stephen Mandel opened a new position in Northrop Grumman worth $403M.
- Stephen Mandel's largest Q4 2015 buy was Northrop Grumman: 2,132,094 shares worth $403M.
- Stephen Mandel added most to Dollar Tree in Q4 2015, an estimated $563M increase.
- Stephen Mandel's biggest Q4 2015 reduction was JD.com, cutting an estimated $487M.
- Stephen Mandel fully exited Allergan plc in Q4 2015, selling an estimated $709M.
- Stephen Mandel's ten largest holdings make up 45% of its $23.4B portfolio in Q4 2015.
- Stephen Mandel opened 8 new positions and closed 13 in Q4 2015.
- Stephen Mandel's portfolio value fell 4.7% quarter-over-quarter to $23.4B.
Based on Lone Pine Capital's 13F filing for Q4 2015, filed 16 Feb 2016.