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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
+5.04%
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
$26.7B
AUM Growth
+$303M
(+1.1%)
Cap. Flow
-$1.75B
Cap. Flow % of AUM
Cap. Flow %
-6.54%
Top 10 Holdings %
Top 10 Hldgs %
45.3%
Holding
65
New
11
Increased
20
Reduced
14
Closed
9
Avg Time Held
Equity + Options
0.7
years
Top 10 Avg Time Held
Equity + Options
0.5
years
Top 20 Avg Time Held
Equity + Options
0.7
years
Avg Time Held Equity only
0.7
years
Top 10 Avg Time Held Equity only
0.5
years
Top 20 Avg Time Held Equity only
0.7
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Illumina
ILMN
|
+$560M |
| 2 |
Microsoft
MSFT
|
+$553M |
| 3 |
Charter Communications
CHTR
|
+$369M |
| 4 |
Hanesbrands
HBI
|
+$248M |
| 5 |
Walgreens Boots Alliance
WBA
|
+$225M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Baidu
BIDU
|
+$1.1B |
| 2 |
Apple
AAPL
|
+$851M |
| 3 |
Capri Holdings
CPRI
|
+$738M |
| 4 |
Canadian Pacific Kansas City
CP
|
+$575M |
| 5 |
Vipshop
VIPS
|
+$322M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 20.01% |
| 2 | Healthcare | 18.37% |
| 3 | Miscellaneous | 15.78% |
| 4 | Technology | 13.65% |
| 5 | Financials | 9.42% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
PUT
Invesco CurrencyShares Euro Currency Trust
FXE
$330M
| $2.19B | 8.19% |
20,000,000
| – | – |
2015 Q1
1 quarter
|
|
2
JD.com
JD
$34.7B
| $1.43B | 5.34% |
41,890,558
+3,363,298
| +9% | +$114M |
2014 Q4
2 quarters
|
|
3
Booking.com
BKNG
$111B
| $1.37B | 5.13% |
29,794,850
-3,449,525
| -10% | -$165M |
2013 Q2
8 quarters
|
|
|
4
Illumina
ILMN
$35.6B
| $1.24B | 4.64% |
5,837,536
+2,866,510
| +96% | +$560M |
2015 Q1
1 quarter
|
|
5
Bausch Health
BHC
$3.07B
| $1.18B | 4.41% |
5,310,143
-259,317
| -5% | -$57.5M |
2013 Q2
8 quarters
|
|
|
6
Microsoft
MSFT
$3.88T
| $1.17B | 4.39% |
26,598,524
+12,112,415
| +84% | +$553M |
2013 Q4
6 quarters
|
|
|
7
Charter Communications
CHTR
$12.8B
| $921M | 3.45% |
5,377,312
+2,049,333
| +62% | +$369M |
2014 Q3
3 quarters
|
|
8
Mastercard
MA
$556B
| $909M | 3.4% |
9,726,632
-3,247,021
| -25% | -$298M |
2013 Q3
7 quarters
|
|
9
Corpay
CPAY
$26.3B
| $855M | 3.2% |
5,478,615
| – | – |
2013 Q2
8 quarters
|
|
10
Meta Platforms (Facebook)
META
$1.6T
| $837M | 3.13% |
9,761,722
+1,654,800
| +20% | +$135M |
2014 Q3
3 quarters
|
|
11
Williams Companies
WMB
$90.9B
| $800M | 2.99% |
13,943,148
+1,927,849
| +16% | +$99.3M |
2015 Q1
1 quarter
|
|
12
Nike
NKE
$57.4B
| $773M | 2.89% |
14,311,720
+2,954,400
| +26% | +$151M |
2015 Q1
1 quarter
|
|
13
Equinix
EQIX
$100B
| $764M | 2.86% |
3,005,944
+276,566
| +10% | +$70.5M |
2014 Q1
5 quarters
|
|
14
Adobe
ADBE
$97.4B
| $751M | 2.81% |
9,264,439
-2,780,954
| -23% | -$217M |
2014 Q1
5 quarters
|
|
|
AGN
15
DELISTED
Allergan plc
AGN
| $697M | 2.61% |
2,297,966
+465,652
| +25% | +$139M |
2015 Q1
1 quarter
|
|
16
Visa
V
$773B
| $598M | 2.24% |
8,900,538
-609,730
| -6% | -$41.3M |
2014 Q4
2 quarters
|
|
17
Cheniere Energy
LNG
$67.5B
| $550M | 2.06% |
7,943,511
-74,975
| -0.9% | -$5.62M |
2014 Q2
4 quarters
|
|
18
PUT
ProShares Ultra VIX Short-Term Futures ETF
UVXY
$234M
| $528M | 1.97% |
10
+8
| +400% | +$471M |
2015 Q1
1 quarter
|
|
19
SBA Communications
SBAC
$19.9B
| $527M | 1.97% |
4,584,339
-1,876,339
| -29% | -$220M |
2013 Q4
6 quarters
|
|
|
20
CALL
Charter Communications
CHTR
$12.8B
| $522M | 1.95% |
+3,050,000
| New | +$549M |
2015 Q2
0 quarters
|
|
21
TransDigm Group
TDG
$63.4B
| $498M | 1.86% |
2,215,423
| – | – |
2013 Q2
8 quarters
|
|
22
DELISTED
Anywhere Real Estate
HOUS
| $486M | 1.82% |
10,406,478
| – | – |
2013 Q2
8 quarters
|
|
23
Lowe's Companies
LOW
$117B
| $472M | 1.77% |
7,053,887
+1,137,583
| +19% | +$81.1M |
2015 Q1
1 quarter
|
|
24
HCA Healthcare
HCA
$98.8B
| $454M | 1.7% |
5,007,242
-829,630
| -14% | -$66.5M |
2014 Q4
2 quarters
|
|
|
25
DELISTED
Walgreens Boots Alliance
WBA
| $439M | 1.64% |
5,198,204
+2,613,677
| +101% | +$225M |
2014 Q4
2 quarters
|
|
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Stephen Mandel's Q2 2015 Portfolio in Review
As of Q2 2015, Stephen Mandel held 65 positions worth $26.7B, up 1.1% from $26.4B the previous quarter. Its ten largest holdings account for 45% of the portfolio.
Stephen Mandel withdrew a net $1.75B in Q2 2015, closing 9 positions and reducing 14 holdings. Its most notable exit was Baidu, an estimated $1.1B position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 20% of assets, down from 22% a quarter earlier, followed by Healthcare and Miscellaneous.
Against the trend, Stephen Mandel opened a new position in Hanesbrands worth $253M.
- Stephen Mandel's largest Q2 2015 buy was Hanesbrands: 7,588,105 shares worth $253M.
- Stephen Mandel added most to Illumina in Q2 2015, an estimated $560M increase.
- Stephen Mandel's biggest Q2 2015 reduction was Mastercard, cutting an estimated $298M.
- Stephen Mandel fully exited Baidu in Q2 2015, selling an estimated $1.1B.
- Stephen Mandel's ten largest holdings make up 45% of its $26.7B portfolio in Q2 2015.
- Stephen Mandel opened 11 new positions and closed 9 in Q2 2015.
- Stephen Mandel's portfolio value rose 1.1% quarter-over-quarter to $26.7B.
Based on Lone Pine Capital's 13F filing for Q2 2015, filed 14 Aug 2015.