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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
+5.12%
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
$24.7B
AUM Growth
+$1.74B
Cap. Flow
+$952M
Cap. Flow %
3.85%
Top 10 Hldgs %
44.42%
Holding
67
New
15
Increased
18
Reduced
14
Closed
14

Top Buys

Rank Stock Value
1
CMCSA icon
Comcast
CMCSA
+$625M
2
CP icon
Canadian Pacific Kansas City
CP
+$575M
3
BKNG icon
Booking.com
BKNG
+$482M
4
ADBE icon
Adobe
ADBE
+$341M
5
MA icon
Mastercard
MA
+$332M

Top Sells

Rank Stock Value
1
MON
Monsanto Co
MON
+$656M
2
QCOM icon
Qualcomm
QCOM
+$515M
3
TNL icon
Travel + Leisure Co
TNL
+$357M
4
BEAV
B/E Aerospace Inc
BEAV
+$295M
5
ENDP
Endo International plc
ENDP
+$287M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 21.46%
2 Technology 19.4%
3 Communication Services 15.52%
4 Financials 12.14%
5 Real Estate 11.16%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BIDU icon
1
Baidu
BIDU
$31.6B
$1.67B 6.74%
8,923,393
+1,110,061
+14% +$182M
CTSH icon
2
Cognizant
CTSH
$27.9B
$1.44B 5.83%
29,509,835
+787,487
+3% +$38.4M
BHC icon
3
Bausch Health
BHC
$2.41B
$1.27B 5.14%
10,089,450
+1,272,748
+14% +$162M
MSFT icon
4
Microsoft
MSFT
$3.59T
$1.1B 4.44%
26,347,204
-1,717,684
-6% -$69.5M
MHFI
5
DELISTED
MCGRAW-HILL FINANCIAL INC COM
MHFI
$1.04B 4.2%
12,503,547
+1,504,812
+14% +$119M
CPRI icon
6
Capri Holdings
CPRI
$1.55B
$1.02B 4.13%
11,525,497
+2,481,571
+27% +$228M
SBAC icon
7
SBA Communications
SBAC
$19.4B
$890M 3.6%
8,700,738
-243,106
-3% -$23.3M
MA icon
8
Mastercard
MA
$509B
$864M 3.49%
11,766,312
+4,471,493
+61% +$332M
ADBE icon
9
Adobe
ADBE
$109B
$860M 3.48%
11,889,484
+5,289,150
+80% +$341M
BKNG icon
10
Booking.com
BKNG
$158B
$832M 3.36%
17,291,150
+10,039,350
+138% +$482M
GAP
11
The Gap Inc
GAP
$7.13B
$801M 3.24%
19,265,265
-658,933
-3% -$26.7M
CPAY icon
12
Corpay
CPAY
$27.4B
$796M 3.22%
6,038,616
+596,073
+11% +$72.9M
LBTYK icon
13
Liberty Global Class C
LBTYK
$3.55B
$669M 2.7%
19,538,366
-6,741,948
-26% -$223M
CMCSA icon
14
Comcast
CMCSA
$95.3B
$652M 2.64%
+24,302,578
New +$625M
ICE icon
15
Intercontinental Exchange
ICE
$90.5B
$643M 2.6%
17,018,565
+427,910
+3% +$16.7M
CP icon
16
Canadian Pacific Kansas City
CP
$85B
$636M 2.57%
+17,546,345
New +$575M
CCI icon
17
Crown Castle
CCI
$32.1B
$626M 2.53%
8,425,071
-629,666
-7% -$47.2M
TFCFA
18
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
$564M 2.28%
16,045,522
-3,961,203
-20% -$135M
AGN
19
DELISTED
Allergan plc
AGN
$553M 2.23%
2,478,628
+100,320
+4% +$20.8M
HOUS
20
DELISTED
Anywhere Real Estate
HOUS
$515M 2.08%
13,652,898
+752,700
+6% +$29.2M
EQIX icon
21
Equinix
EQIX
$105B
$483M 1.95%
2,299,216
+44,522
+2% +$8.58M
ULTA icon
22
Ulta Beauty
ULTA
$22.4B
$476M 1.92%
5,202,611
– –
WYNN icon
23
Wynn Resorts
WYNN
$10.3B
$430M 1.74%
2,071,053
+886,175
+75% +$184M
TIF
24
DELISTED
Tiffany & Co.
TIF
$425M 1.72%
4,238,872
+1,591,825
+60% +$148M
LPLA icon
25
LPL Financial
LPLA
$28.5B
$424M 1.71%
8,518,366
– –
1
2 3

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Stephen Mandel's Q2 2014 Portfolio in Review

As of Q2 2014, Stephen Mandel held 67 positions worth $24.7B, up 7.5% from $23B the previous quarter. Its ten largest holdings account for 44% of the portfolio.

Stephen Mandel deployed $952M of net new capital in Q2 2014, opening 15 new positions and adding to 18 existing holdings. Its largest new stake was Comcast: 24,302,578 shares worth $652M.

By sector, the portfolio is most concentrated in Consumer Discretionary at 21% of assets, up from 18% a quarter earlier, followed by Technology and Communication Services.

On the sell side, the largest reduction was ICICI Bank, an estimated $240M trimmed.

  • Stephen Mandel's largest Q2 2014 buy was Comcast: 24,302,578 shares worth $652M.
  • Stephen Mandel added most to Booking.com in Q2 2014, an estimated $482M increase.
  • Stephen Mandel's biggest Q2 2014 reduction was ICICI Bank, cutting an estimated $240M.
  • Stephen Mandel fully exited Monsanto Co in Q2 2014, selling an estimated $656M.
  • Stephen Mandel's ten largest holdings make up 44% of its $24.7B portfolio in Q2 2014.
  • Stephen Mandel opened 15 new positions and closed 14 in Q2 2014.
  • Stephen Mandel's portfolio value rose 7.5% quarter-over-quarter to $24.7B.

Based on Lone Pine Capital's 13F filing for Q2 2014, filed 14 Aug 2014.