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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
+0.87%
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
$23B
AUM Growth
-$244M
Cap. Flow
-$36.6M
Cap. Flow %
-0.16%
Top 10 Hldgs %
42.53%
Holding
67
New
12
Increased
18
Reduced
19
Closed
15

Top Buys

Rank Stock Value
1
AGN
Allergan plc
AGN
+$471M
2
LBTYK icon
Liberty Global Class C
LBTYK
+$450M
3
LPLA icon
LPL Financial
LPLA
+$450M
4
MHFI
MCGRAW-HILL FINANCIAL INC COM
MHFI
+$436M
5
ADBE icon
Adobe
ADBE
+$423M

Top Sells

Rank Stock Value
1
BKNG icon
Booking.com
BKNG
+$734M
2
DG icon
Dollar General
DG
+$498M
3
DLTR icon
Dollar Tree
DLTR
+$459M
4
AXP icon
American Express
AXP
+$399M
5
VRSN icon
VeriSign
VRSN
+$379M

Sector Composition

Rank Sector Weight
1 Technology 21.11%
2 Consumer Discretionary 18.48%
3 Communication Services 13.63%
4 Real Estate 12.01%
5 Financials 11.91%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CTSH icon
1
Cognizant
CTSH
$27.9B
$1.45B 6.32%
28,722,348
+7,237,058
+34% +$362M
BIDU icon
2
Baidu
BIDU
$31.6B
$1.19B 5.17%
7,813,332
+2,419,744
+45% +$405M
BHC icon
3
Bausch Health
BHC
$2.41B
$1.16B 5.05%
8,816,702
+1,060,217
+14% +$145M
MSFT icon
4
Microsoft
MSFT
$3.59T
$1.15B 5%
28,064,888
+2,589,978
+10% +$97.2M
LBTYK icon
5
Liberty Global Class C
LBTYK
$3.55B
$866M 3.76%
26,280,314
+13,462,567
+105% +$450M
CPRI icon
6
Capri Holdings
CPRI
$1.55B
$844M 3.67%
9,043,926
+2,932,495
+48% +$265M
MHFI
7
DELISTED
MCGRAW-HILL FINANCIAL INC COM
MHFI
$839M 3.65%
10,998,735
+5,575,404
+103% +$436M
SBAC icon
8
SBA Communications
SBAC
$19.4B
$814M 3.54%
8,943,844
+3,487,296
+64% +$323M
GAP
9
The Gap Inc
GAP
$7.13B
$798M 3.47%
19,924,198
-645,973
-3% -$26.1M
CCI icon
10
Crown Castle
CCI
$32.1B
$668M 2.9%
9,054,737
-1,312,526
-13% -$96.3M
ICE icon
11
Intercontinental Exchange
ICE
$90.5B
$656M 2.85%
16,590,655
+5,593,535
+51% +$236M
MON
12
DELISTED
Monsanto Co
MON
$656M 2.85%
5,767,733
-62,674
-1% -$6.98M
TFCFA
13
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
$640M 2.78%
20,006,725
-399,510
-2% -$13.1M
CPAY icon
14
Corpay
CPAY
$27.4B
$626M 2.72%
5,442,543
+1,084,947
+25% +$126M
DG icon
15
Dollar General
DG
$27.2B
$574M 2.49%
10,340,612
-8,564,020
-45% -$498M
HOUS
16
DELISTED
Anywhere Real Estate
HOUS
$561M 2.44%
12,900,198
+470,000
+4% +$21.9M
MA icon
17
Mastercard
MA
$509B
$545M 2.37%
7,294,819
-2,211,141
-23% -$173M
QCOM icon
18
Qualcomm
QCOM
$169B
$515M 2.24%
6,530,923
-4,355,675
-40% -$328M
ULTA icon
19
Ulta Beauty
ULTA
$22.4B
$507M 2.2%
5,202,611
+393,485
+8% +$35.4M
AGN
20
DELISTED
Allergan plc
AGN
$490M 2.13%
+2,378,308
New +$471M
LPLA icon
21
LPL Financial
LPLA
$28.5B
$448M 1.95%
+8,518,366
New +$450M
ADBE icon
22
Adobe
ADBE
$109B
$434M 1.89%
+6,600,334
New +$423M
VXX
23
PUT
DELISTED
iPath S&P 500 VIX Short-Term Futures ETN due 1/30/2019
VXX
$421M 1.83%
624,375
– –
EQIX icon
24
Equinix
EQIX
$105B
$417M 1.81%
+2,254,694
New +$416M
TNL icon
25
Travel + Leisure Co
TNL
$4.39B
$357M 1.55%
10,806,360
-3,109,136
-22% -$102M
1
2 3

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Stephen Mandel's Q1 2014 Portfolio in Review

As of Q1 2014, Stephen Mandel held 67 positions worth $23B, down 1.1% from $23.2B the previous quarter. Its ten largest holdings account for 43% of the portfolio.

Stephen Mandel's Q1 2014 filing shows 12 new, 18 increased, 19 reduced and 15 closed positions. Its largest new stake was Allergan plc: 2,378,308 shares worth $490M. The largest sale was Booking.com, an estimated $734M.

By sector, the portfolio is most concentrated in Technology at 21% of assets, up from 19% a quarter earlier, followed by Consumer Discretionary and Communication Services.

  • Stephen Mandel's largest Q1 2014 buy was Allergan plc: 2,378,308 shares worth $490M.
  • Stephen Mandel added most to Liberty Global Class C in Q1 2014, an estimated $450M increase.
  • Stephen Mandel's biggest Q1 2014 reduction was Booking.com, cutting an estimated $734M.
  • Stephen Mandel fully exited Dollar Tree in Q1 2014, selling an estimated $459M.
  • Stephen Mandel's ten largest holdings make up 43% of its $23B portfolio in Q1 2014.
  • Stephen Mandel opened 12 new positions and closed 15 in Q1 2014.
  • Stephen Mandel's portfolio value fell 1.1% quarter-over-quarter to $23B.

Based on Lone Pine Capital's 13F filing for Q1 2014, filed 15 May 2014.