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 |
PayPal
PYPL
|
+$502M |
| 2 |
PNC Financial Services
PNC
|
+$436M |
| 3 |
Bank of America
BAC
|
+$417M |
| 4 |
Visa
V
|
+$339M |
| 5 |
Gen Digital
GEN
|
+$326M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
eBay
EBAY
|
+$696M |
| 2 |
Monster Beverage
MNST
|
+$609M |
| 3 |
Yum! Brands
YUM
|
+$569M |
| 4 |
Dollar Tree
DLTR
|
+$489M |
| 5 |
Hilton Worldwide
HLT
|
+$449M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 22.66% |
| 2 | Technology | 20.67% |
| 3 | Communication Services | 18.52% |
| 4 | Financials | 11.96% |
| 5 | Consumer Staples | 8.86% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Charter Communications
CHTR
$17.9B
| $1.36B | 7.09% |
4,715,772
-534,334
| -10% | -$144M |
|
2
Constellation Brands
STZ
$23.2B
| $978M | 5.11% |
6,380,317
+813,625
| +15% | +$129M |
|
3
Amazon
AMZN
$2.79T
| $969M | 5.06% |
25,854,560
| – | – |
|
4
Microsoft
MSFT
$3.59T
| $945M | 4.93% |
15,213,996
+700,000
| +5% | +$42.1M |
|
|
ATVI
5
DELISTED
Activision Blizzard
ATVI
| $746M | 3.89% |
20,648,534
+3,358,970
| +19% | +$134M |
|
|
EA
6
DELISTED
Electronic Arts
EA
| $742M | 3.87% |
9,422,175
+803,155
| +9% | +$64.6M |
|
7
Nike
NKE
$60.5B
| $732M | 3.82% |
14,396,950
-3,055,824
| -18% | -$157M |
|
|
8
Dollar Tree
DLTR
$25.3B
| $719M | 3.75% |
9,316,134
-6,076,613
| -39% | -$489M |
|
9
Equinix
EQIX
$105B
| $684M | 3.57% |
1,912,684
+113,106
| +6% | +$39.5M |
|
10
Meta Platforms (Facebook)
META
$1.4T
| $682M | 3.56% |
5,927,908
-318,533
| -5% | -$39.1M |
|
11
Alibaba
BABA
$286B
| $669M | 3.49% |
7,619,109
+2,467,648
| +48% | +$238M |
|
12
Corpay
CPAY
$27.4B
| $664M | 3.46% |
4,688,835
-188,748
| -4% | -$29.6M |
|
13
Broadcom
AVGO
$1.75T
| $630M | 3.29% |
35,634,650
+9,568,720
| +37% | +$166M |
|
14
Adobe
ADBE
$109B
| $518M | 2.7% |
5,027,599
+409,622
| +9% | +$43.4M |
|
|
15
Visa
V
$693B
| $511M | 2.67% |
6,551,477
+4,213,802
| +180% | +$339M |
|
16
Williams Companies
WMB
$86.2B
| $508M | 2.65% |
16,327,936
+7,080,689
| +77% | +$213M |
|
17
TransDigm Group
TDG
$66.4B
| $505M | 2.64% |
2,028,392
-222,383
| -10% | -$58.4M |
|
|
18
PayPal
PYPL
$52.7B
| $493M | 2.57% |
+12,499,315
| New | +$502M |
|
|
19
PNC Financial Services
PNC
$97B
| $491M | 2.56% |
+4,196,144
| New | +$436M |
|
20
Expedia Group
EXPE
$38.6B
| $489M | 2.55% |
4,317,532
-2,825,799
| -40% | -$345M |
|
21
Alphabet (Google) Class C
GOOG
$4.18T
| $485M | 2.53% |
12,558,060
-4,310,920
| -26% | -$168M |
|
|
22
Bank of America
BAC
$431B
| $479M | 2.5% |
+21,671,362
| New | +$417M |
|
23
Vulcan Materials
VMC
$35.8B
| $468M | 2.44% |
3,738,010
-1,262,103
| -25% | -$153M |
|
24
Ulta Beauty
ULTA
$22.4B
| $458M | 2.39% |
1,797,638
-1,153,032
| -39% | -$288M |
|
25
Booking.com
BKNG
$158B
| $446M | 2.33% |
7,611,775
-6,755,300
| -47% | -$403M |
|
Similar funds
Stephen Mandel's Q4 2016 Portfolio in Review
As of Q4 2016, Stephen Mandel held 47 positions worth $19.2B, down 14% from $22.4B the previous quarter. Its ten largest holdings account for 45% of the portfolio.
Stephen Mandel withdrew a net $2.45B in Q4 2016, closing 6 positions and reducing 17 holdings. Its most notable exit was Monster Beverage, an estimated $609M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 23% of assets, down from 34% a quarter earlier, followed by Technology and Communication Services.
Against the trend, Stephen Mandel opened a new position in PayPal worth $493M.
- Stephen Mandel's largest Q4 2016 buy was PayPal: 12,499,315 shares worth $493M.
- Stephen Mandel added most to Visa in Q4 2016, an estimated $339M increase.
- Stephen Mandel's biggest Q4 2016 reduction was eBay, cutting an estimated $696M.
- Stephen Mandel fully exited Monster Beverage in Q4 2016, selling an estimated $609M.
- Stephen Mandel's ten largest holdings make up 45% of its $19.2B portfolio in Q4 2016.
- Stephen Mandel opened 7 new positions and closed 6 in Q4 2016.
- Stephen Mandel's portfolio value fell 14% quarter-over-quarter to $19.2B.
Based on Lone Pine Capital's 13F filing for Q4 2016, filed 14 Feb 2017.