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Stephen Mandel Lone Pine Capital
AUM
$16.4B
Turnover
57.14%
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
+351.81%
5 Year Est. Return
+339.1%
10 Year Est. Return
+2,106.13%
AUM
$24.7B
AUM Growth
+$1.74B
(+7.5%)
Cap. Flow
+$931M
Cap. Flow % of AUM
Cap. Flow %
3.76%
Top 10 Holdings %
Top 10 Hldgs %
44.42%
Holding
67
New
15
Increased
18
Reduced
14
Closed
14
Avg Time Held
Equity + Options
0.5
years
Top 10 Avg Time Held
Equity + Options
0.4
years
Top 20 Avg Time Held
Equity + Options
0.6
years
Avg Time Held Equity only
0.5
years
Top 10 Avg Time Held Equity only
0.4
years
Top 20 Avg Time Held Equity only
0.6
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Comcast
CMCSA
|
+$625M |
| 2 |
Canadian Pacific Kansas City
CP
|
+$575M |
| 3 |
Booking.com
BKNG
|
+$482M |
| 4 |
Adobe
ADBE
|
+$341M |
| 5 |
Mastercard
MA
|
+$332M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
MON
Monsanto Co
MON
|
+$656M |
| 2 |
Qualcomm
QCOM
|
+$515M |
| 3 |
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 | Held Since | |
|---|---|---|---|---|---|---|---|
1
Baidu
BIDU
$26.8B
| $1.67B | 6.74% |
8,923,393
+1,110,061
| +14% | +$182M |
2013 Q3
3 quarters
|
|
2
Cognizant
CTSH
$28.2B
| $1.44B | 5.83% |
29,509,835
+787,487
| +3% | +$38.4M |
2013 Q2
4 quarters
|
|
3
Bausch Health
BHC
$3.33B
| $1.27B | 5.14% |
10,089,450
+1,272,748
| +14% | +$162M |
2013 Q2
4 quarters
|
|
4
Microsoft
MSFT
$3.94T
| $1.1B | 4.44% |
26,347,204
-1,717,684
| -6% | -$69.5M |
2013 Q4
2 quarters
|
|
|
MHFI
5
DELISTED
MCGRAW-HILL FINANCIAL INC COM
MHFI
| $1.04B | 4.2% |
12,503,547
+1,504,812
| +14% | +$119M |
2013 Q4
2 quarters
|
|
6
Capri Holdings
CPRI
$1.83B
| $1.02B | 4.13% |
11,525,497
+2,481,571
| +27% | +$228M |
2013 Q2
4 quarters
|
|
7
SBA Communications
SBAC
$19.6B
| $890M | 3.6% |
8,700,738
-243,106
| -3% | -$23.3M |
2013 Q4
2 quarters
|
|
|
8
Mastercard
MA
$557B
| $864M | 3.49% |
11,766,312
+4,471,493
| +61% | +$332M |
2013 Q3
3 quarters
|
|
|
9
Adobe
ADBE
$96.6B
| $860M | 3.48% |
11,889,484
+5,289,150
| +80% | +$341M |
2014 Q1
1 quarter
|
|
|
10
Booking.com
BKNG
$113B
| $832M | 3.36% |
17,291,150
+10,039,350
| +138% | +$482M |
2013 Q2
4 quarters
|
|
11
The Gap Inc
GAP
$8.04B
| $801M | 3.24% |
19,265,265
-658,933
| -3% | -$26.7M |
2013 Q2
4 quarters
|
|
12
Corpay
CPAY
$26.1B
| $796M | 3.22% |
6,038,616
+596,073
| +11% | +$72.9M |
2013 Q2
4 quarters
|
|
13
Liberty Global Class C
LBTYK
$2.59B
| $669M | 2.7% |
19,538,366
-6,741,948
| -26% | -$223M |
2013 Q2
4 quarters
|
|
|
14
Comcast
CMCSA
$79.1B
| $652M | 2.64% |
+24,302,578
| New | +$625M |
2014 Q2
0 quarters
|
|
15
Intercontinental Exchange
ICE
$91.5B
| $643M | 2.6% |
17,018,565
+427,910
| +3% | +$16.7M |
2013 Q4
2 quarters
|
|
|
16
Canadian Pacific Kansas City
CP
$77.7B
| $636M | 2.57% |
+17,546,345
| New | +$575M |
2014 Q2
0 quarters
|
|
17
Crown Castle
CCI
$37.8B
| $626M | 2.53% |
8,425,071
-629,666
| -7% | -$47.2M |
2013 Q2
4 quarters
|
|
|
TFCFA
18
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
| $564M | 2.28% |
16,045,522
-3,961,203
| -20% | -$135M |
2013 Q3
3 quarters
|
|
|
AGN
19
DELISTED
Allergan plc
AGN
| $553M | 2.23% |
2,478,628
+100,320
| +4% | +$20.8M |
2014 Q1
1 quarter
|
|
20
DELISTED
Anywhere Real Estate
HOUS
| $515M | 2.08% |
13,652,898
+752,700
| +6% | +$29.2M |
2013 Q2
4 quarters
|
|
21
Equinix
EQIX
$102B
| $483M | 1.95% |
2,299,216
+44,522
| +2% | +$8.58M |
2014 Q1
1 quarter
|
|
22
Ulta Beauty
ULTA
$27.7B
| $476M | 1.92% |
5,202,611
| – | – |
2013 Q2
4 quarters
|
|
23
Wynn Resorts
WYNN
$7.64B
| $430M | 1.74% |
2,071,053
+886,175
| +75% | +$184M |
2014 Q1
1 quarter
|
|
|
TIF
24
DELISTED
Tiffany & Co.
TIF
| $425M | 1.72% |
4,238,872
+1,591,825
| +60% | +$148M |
2014 Q1
1 quarter
|
|
25
LPL Financial
LPLA
$21.9B
| $424M | 1.71% |
8,518,366
| – | – |
2014 Q1
1 quarter
|
|
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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 $931M 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.