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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
+16.86%
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
$19B
AUM Growth
-$149M
(-0.78%)
Cap. Flow
-$2.31B
Cap. Flow % of AUM
Cap. Flow %
-12.15%
Top 10 Holdings %
Top 10 Hldgs %
55.15%
Holding
49
New
8
Increased
12
Reduced
11
Closed
15
Avg Time Held
Equity + Options
1.2
years
Top 10 Avg Time Held
Equity + Options
0.5
years
Top 20 Avg Time Held
Equity + Options
0.9
years
Avg Time Held Equity only
1.2
years
Top 10 Avg Time Held Equity only
0.5
years
Top 20 Avg Time Held Equity only
0.9
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
CSX Corp
CSX
|
+$657M |
| 2 |
Comcast
CMCSA
|
+$510M |
| 3 |
IQVIA
IQV
|
+$466M |
| 4 |
Gen Digital
GEN
|
+$374M |
| 5 |
T-Mobile US
TMUS
|
+$367M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Amazon
AMZN
|
+$969M |
| 2 |
Microsoft
MSFT
|
+$945M |
| 3 |
Williams Companies
WMB
|
+$508M |
| 4 |
TransDigm Group
TDG
|
+$505M |
| 5 |
PayPal
PYPL
|
+$493M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 26.29% |
| 2 | Communication Services | 24.69% |
| 3 | Consumer Discretionary | 17.71% |
| 4 | Consumer Staples | 8.89% |
| 5 | Healthcare | 6.88% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Charter Communications
CHTR
$15.8B
| $1.86B | 9.76% |
5,670,234
+954,462
| +20% | +$304M |
2014 Q3
10 quarters
|
|
|
ATVI
2
DELISTED
Activision Blizzard
ATVI
| $1.24B | 6.5% |
24,800,690
+4,152,156
| +20% | +$182M |
2016 Q2
3 quarters
|
|
3
Constellation Brands
STZ
$24.6B
| $1.18B | 6.19% |
7,261,717
+881,400
| +14% | +$137M |
2015 Q3
6 quarters
|
|
4
Broadcom
AVGO
$1.66T
| $1.16B | 6.13% |
53,195,910
+17,561,260
| +49% | +$362M |
2016 Q3
2 quarters
|
|
5
Nike
NKE
$56.3B
| $1.07B | 5.62% |
19,159,688
+4,762,738
| +33% | +$263M |
2015 Q1
8 quarters
|
|
6
Alibaba
BABA
$235B
| $1.07B | 5.61% |
9,896,713
+2,277,604
| +30% | +$232M |
2016 Q3
2 quarters
|
|
|
7
Gen Digital
GEN
$18B
| $812M | 4.27% |
26,451,017
+13,179,109
| +99% | +$374M |
2016 Q4
1 quarter
|
|
8
Meta Platforms (Facebook)
META
$1.64T
| $725M | 3.82% |
5,106,308
-821,600
| -14% | -$110M |
2014 Q3
10 quarters
|
|
9
DELISTED
Electronic Arts
EA
| $696M | 3.66% |
7,779,975
-1,642,200
| -17% | -$140M |
2015 Q2
7 quarters
|
|
10
Corpay
CPAY
$29.6B
| $682M | 3.59% |
4,501,773
-187,062
| -4% | -$29.3M |
2013 Q2
15 quarters
|
|
|
11
CSX Corp
CSX
$96B
| $669M | 3.52% |
+43,135,269
| New | +$657M |
2017 Q1
0 quarters
|
|
12
Adobe
ADBE
$94.6B
| $627M | 3.3% |
4,814,596
-213,003
| -4% | -$25M |
2014 Q1
12 quarters
|
|
13
Equinix
EQIX
$104B
| $573M | 3.01% |
1,431,461
-481,223
| -25% | -$183M |
2014 Q1
12 quarters
|
|
14
Visa
V
$794B
| $548M | 2.88% |
6,165,815
-385,662
| -6% | -$33.2M |
2014 Q4
9 quarters
|
|
15
Booking.com
BKNG
$119B
| $529M | 2.78% |
7,427,250
-184,525
| -2% | -$12.2M |
2013 Q2
15 quarters
|
|
|
16
Comcast
CMCSA
$89.4B
| $516M | 2.72% |
+13,740,082
| New | +$510M |
2017 Q1
0 quarters
|
|
17
Dollar Tree
DLTR
$25.9B
| $513M | 2.7% |
6,544,364
-2,771,770
| -30% | -$213M |
2015 Q3
6 quarters
|
|
|
18
IQVIA
IQV
$43.8B
| $481M | 2.53% |
+5,976,041
| New | +$466M |
2017 Q1
0 quarters
|
|
19
Televisa
TV
$2.34B
| $478M | 2.52% |
18,438,667
+4,905,570
| +36% | +$116M |
2016 Q3
2 quarters
|
|
20
Ulta Beauty
ULTA
$28.3B
| $435M | 2.29% |
1,523,935
-273,703
| -15% | -$74.9M |
2013 Q2
15 quarters
|
|
|
21
T-Mobile US
TMUS
$180B
| $386M | 2.03% |
+5,978,219
| New | +$367M |
2017 Q1
0 quarters
|
|
|
RICE
22
DELISTED
Rice Energy Inc.
RICE
| $325M | 1.71% |
13,704,768
+9,969,733
| +267% | +$207M |
2016 Q4
1 quarter
|
|
23
Vistance Networks Inc
VISN
$857M
| $310M | 1.63% |
7,427,085
+3,634,214
| +96% | +$140M |
2016 Q1
4 quarters
|
|
|
SHPG
24
DELISTED
Shire pic
SHPG
| $299M | 1.57% |
1,714,306
-190,000
| -10% | -$33.2M |
2016 Q2
3 quarters
|
|
25
Align Technology
ALGN
$11.8B
| $284M | 1.49% |
2,476,534
| – | – |
2016 Q3
2 quarters
|
|
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Stephen Mandel's Q1 2017 Portfolio in Review
As of Q1 2017, Stephen Mandel held 49 positions worth $19B, down 0.78% from $19.2B the previous quarter. Its ten largest holdings account for 55% of the portfolio.
Stephen Mandel withdrew a net $2.31B in Q1 2017, closing 15 positions and reducing 11 holdings. Its most notable exit was Amazon, an estimated $969M position sold in full.
By sector, the portfolio is most concentrated in Technology at 26% of assets, up from 21% a quarter earlier, followed by Communication Services and Consumer Discretionary.
Against the trend, Stephen Mandel opened a new position in CSX Corp worth $669M.
- Stephen Mandel's largest Q1 2017 buy was CSX Corp: 43,135,269 shares worth $669M.
- Stephen Mandel added most to Gen Digital in Q1 2017, an estimated $374M increase.
- Stephen Mandel's biggest Q1 2017 reduction was Expedia Group, cutting an estimated $268M.
- Stephen Mandel fully exited Amazon in Q1 2017, selling an estimated $969M.
- Stephen Mandel's ten largest holdings make up 55% of its $19B portfolio in Q1 2017.
- Stephen Mandel opened 8 new positions and closed 15 in Q1 2017.
- Stephen Mandel's portfolio value fell 0.78% quarter-over-quarter to $19B.
Based on Lone Pine Capital's 13F filing for Q1 2017, filed 15 May 2017.