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 |
JD.com
JD
|
+$798M |
| 2 |
Apple
AAPL
|
+$562M |
| 3 |
Illumina
ILMN
|
+$560M |
| 4 |
Williams Companies
WMB
|
+$557M |
| 5 |
Nike
NKE
|
+$543M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Dollar General
DG
|
+$913M |
| 2 |
Cognizant
CTSH
|
+$657M |
| 3 |
TIF
Tiffany & Co.
TIF
|
+$646M |
| 4 |
Mastercard
MA
|
+$612M |
| 5 |
Bausch Health
BHC
|
+$476M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 21.85% |
| 2 | Technology | 15.88% |
| 3 | Healthcare | 13.73% |
| 4 | Financials | 10.38% |
| 5 | Communication Services | 10.18% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
PUT
Invesco CurrencyShares Euro Currency Trust
FXE
$345M
| $2.11B | 8% |
+20,000,000
| New | +$2.21B |
|
2
Booking.com
BKNG
$158B
| $1.55B | 5.86% |
33,244,375
-1,711,450
| -5% | -$76.6M |
|
|
3
JD.com
JD
$39.7B
| $1.13B | 4.28% |
38,527,260
+29,709,608
| +337% | +$798M |
|
|
4
Mastercard
MA
$509B
| $1.12B | 4.24% |
12,973,653
-7,056,807
| -35% | -$612M |
|
|
5
Bausch Health
BHC
$2.41B
| $1.11B | 4.19% |
5,569,460
-2,681,426
| -32% | -$476M |
|
6
Baidu
BIDU
$31.6B
| $1.1B | 4.17% |
5,281,484
-1,749,096
| -25% | -$375M |
|
7
Adobe
ADBE
$109B
| $891M | 3.37% |
12,045,393
-133,854
| -1% | -$9.98M |
|
|
8
Apple
AAPL
$4.51T
| $851M | 3.22% |
27,354,088
+18,617,600
| +213% | +$562M |
|
9
Corpay
CPAY
$27.4B
| $827M | 3.13% |
5,478,615
-957,005
| -15% | -$142M |
|
10
SBA Communications
SBAC
$19.4B
| $757M | 2.86% |
6,460,678
-832,524
| -11% | -$98.3M |
|
11
Capri Holdings
CPRI
$1.55B
| $738M | 2.79% |
11,225,155
+149,600
| +1% | +$10.3M |
|
12
Meta Platforms (Facebook)
META
$1.4T
| $667M | 2.52% |
8,106,922
-5,395,693
| -40% | -$423M |
|
13
Charter Communications
CHTR
$17.9B
| $643M | 2.43% |
3,327,979
+58,947
| +2% | +$10.2M |
|
14
Equinix
EQIX
$105B
| $636M | 2.41% |
2,729,378
-1,161,111
| -30% | -$263M |
|
15
Visa
V
$693B
| $622M | 2.35% |
9,510,268
+2,424,192
| +34% | +$160M |
|
16
Cheniere Energy
LNG
$57.3B
| $621M | 2.35% |
8,018,486
-800,436
| -9% | -$59.7M |
|
|
17
Williams Companies
WMB
$86.2B
| $608M | 2.3% |
+12,015,299
| New | +$557M |
|
18
Microsoft
MSFT
$3.59T
| $589M | 2.23% |
14,486,109
+9,036,165
| +166% | +$393M |
|
19
Canadian Pacific Kansas City
CP
$85B
| $575M | 2.18% |
15,736,325
-2,192,005
| -12% | -$80.9M |
|
|
20
Nike
NKE
$60.5B
| $570M | 2.16% |
+11,357,320
| New | +$543M |
|
|
AGN
21
DELISTED
Allergan plc
AGN
| $545M | 2.06% |
+1,832,314
| New | +$522M |
|
|
22
Illumina
ILMN
$33.1B
| $537M | 2.03% |
+2,971,026
| New | +$560M |
|
23
TransDigm Group
TDG
$66.4B
| $485M | 1.83% |
2,215,423
+428,587
| +24% | +$90.3M |
|
24
Autodesk
ADSK
$53.6B
| $475M | 1.8% |
8,103,986
-6,359,350
| -44% | -$377M |
|
|
HOUS
25
DELISTED
Anywhere Real Estate
HOUS
| $473M | 1.79% |
10,406,478
| – | – |
|
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Stephen Mandel's Q1 2015 Portfolio in Review
As of Q1 2015, Stephen Mandel held 67 positions worth $26.4B, up 11% from $23.9B the previous quarter. Its ten largest holdings account for 43% of the portfolio.
Stephen Mandel deployed $1.49B of net new capital in Q1 2015, opening 19 new positions and adding to 10 existing holdings. Its largest new stake was Illumina: 2,971,026 shares worth $537M.
By sector, the portfolio is most concentrated in Consumer Discretionary at 22% of assets, up from 20% a quarter earlier, followed by Technology and Healthcare.
On the sell side, the largest reduction was Cognizant, an estimated $657M trimmed.
- Stephen Mandel's largest Q1 2015 buy was Illumina: 2,971,026 shares worth $537M.
- Stephen Mandel added most to JD.com in Q1 2015, an estimated $798M increase.
- Stephen Mandel's biggest Q1 2015 reduction was Cognizant, cutting an estimated $657M.
- Stephen Mandel fully exited Dollar General in Q1 2015, selling an estimated $913M.
- Stephen Mandel's ten largest holdings make up 43% of its $26.4B portfolio in Q1 2015.
- Stephen Mandel opened 19 new positions and closed 13 in Q1 2015.
- Stephen Mandel's portfolio value rose 11% quarter-over-quarter to $26.4B.
Based on Lone Pine Capital's 13F filing for Q1 2015, filed 15 May 2015.