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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
+7.33%
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
$20.6B
AUM Growth
+$892M
(+4.5%)
Cap. Flow
-$595M
Cap. Flow % of AUM
Cap. Flow %
-2.89%
Top 10 Holdings %
Top 10 Hldgs %
56.19%
Holding
41
New
8
Increased
11
Reduced
8
Closed
10
Avg Time Held
Equity + Options
0.9
years
Top 10 Avg Time Held
Equity + Options
0.7
years
Top 20 Avg Time Held
Equity + Options
0.8
years
Avg Time Held Equity only
1
year
Top 10 Avg Time Held Equity only
0.7
years
Top 20 Avg Time Held Equity only
0.8
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Booking.com
BKNG
|
+$773M |
| 2 |
UnitedHealth
UNH
|
+$521M |
| 3 |
Electronic Arts
EA
|
+$490M |
| 4 |
Comcast
CMCSA
|
+$479M |
| 5 |
Mercado Libre
MELI
|
+$432M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Corpay
CPAY
|
+$845M |
| 2 |
O'Reilly Automotive
ORLY
|
+$621M |
| 3 |
Gen Digital
GEN
|
+$596M |
| 4 |
CSX Corp
CSX
|
+$563M |
| 5 |
Alibaba
BABA
|
+$462M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 26.43% |
| 2 | Communication Services | 23.05% |
| 3 | Consumer Discretionary | 19.42% |
| 4 | Financials | 10.93% |
| 5 | Healthcare | 8.84% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Alibaba
BABA
$250B
| $1.52B | 7.4% |
8,815,009
-2,851,789
| -24% | -$462M |
2016 Q3
4 quarters
|
|
2
Constellation Brands
STZ
$23.2B
| $1.41B | 6.86% |
7,076,082
+499,306
| +8% | +$98.8M |
2015 Q3
8 quarters
|
|
3
Charter Communications
CHTR
$13.1B
| $1.33B | 6.47% |
3,660,652
-693,180
| -16% | -$258M |
2014 Q3
12 quarters
|
|
|
ATVI
4
DELISTED
Activision Blizzard
ATVI
| $1.28B | 6.22% |
19,839,465
-1,695,700
| -8% | -$106M |
2016 Q2
5 quarters
|
|
|
5
Comcast
CMCSA
$83.9B
| $1.25B | 6.1% |
32,595,590
+12,157,196
| +59% | +$479M |
2017 Q1
2 quarters
|
|
6
Broadcom
AVGO
$1.59T
| $1.23B | 6% |
50,903,600
-2,292,310
| -4% | -$56.7M |
2016 Q3
4 quarters
|
|
7
IQVIA
IQV
$42.3B
| $956M | 4.65% |
10,055,780
| – | – |
2017 Q1
2 quarters
|
|
|
8
UnitedHealth
UNH
$360B
| $862M | 4.19% |
4,402,726
+2,697,373
| +158% | +$521M |
2017 Q2
1 quarter
|
|
9
Meta Platforms (Facebook)
META
$1.59T
| $860M | 4.18% |
5,032,256
-1,135,793
| -18% | -$190M |
2014 Q3
12 quarters
|
|
10
Microsoft
MSFT
$3.78T
| $844M | 4.1% |
11,329,847
+1,642,105
| +17% | +$120M |
2017 Q2
1 quarter
|
|
|
11
Booking.com
BKNG
$115B
| $746M | 3.63% |
+10,185,225
| New | +$773M |
2017 Q3
0 quarters
|
|
12
Expedia Group
EXPE
$35.2B
| $670M | 3.26% |
4,656,018
+132,404
| +3% | +$19.6M |
2016 Q3
4 quarters
|
|
13
Mastercard
MA
$565B
| $634M | 3.08% |
4,487,369
-154,000
| -3% | -$20.4M |
2017 Q2
1 quarter
|
|
14
ServiceNow
NOW
$108B
| $620M | 3.01% |
26,358,105
+10,253,405
| +64% | +$228M |
2017 Q2
1 quarter
|
|
15
Intercontinental Exchange
ICE
$94.7B
| $601M | 2.92% |
8,749,665
+2,392,760
| +38% | +$158M |
2017 Q2
1 quarter
|
|
16
Adobe
ADBE
$94.2B
| $587M | 2.85% |
3,931,896
| – | – |
2014 Q1
14 quarters
|
|
17
Salesforce
CRM
$177B
| $586M | 2.85% |
6,270,806
+3,622,378
| +137% | +$333M |
2017 Q2
1 quarter
|
|
18
TransUnion
TRU
$14.8B
| $583M | 2.84% |
12,345,757
+3,440,695
| +39% | +$157M |
2017 Q2
1 quarter
|
|
19
Equinix
EQIX
$100B
| $568M | 2.76% |
1,273,652
| – | – |
2014 Q1
14 quarters
|
|
20
Televisa
TV
$2.24B
| $514M | 2.5% |
20,843,467
+308,100
| +2% | +$7.92M |
2016 Q3
4 quarters
|
|
|
21
DELISTED
Electronic Arts
EA
| $500M | 2.43% |
+4,234,102
| New | +$490M |
2017 Q3
0 quarters
|
|
22
PayPal
PYPL
$48.6B
| $430M | 2.09% |
+6,713,230
| New | +$402M |
2017 Q3
0 quarters
|
|
|
23
Mercado Libre
MELI
$84.3B
| $422M | 2.05% |
+1,630,524
| New | +$432M |
2017 Q3
0 quarters
|
|
24
Wynn Resorts
WYNN
$7.99B
| $399M | 1.94% |
+2,680,127
| New | +$365M |
2017 Q3
0 quarters
|
|
25
T-Mobile US
TMUS
$167B
| $281M | 1.37% |
4,561,573
-2,561,944
| -36% | -$161M |
2017 Q1
2 quarters
|
|
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Stephen Mandel's Q3 2017 Portfolio in Review
As of Q3 2017, Stephen Mandel held 41 positions worth $20.6B, up 4.5% from $19.7B the previous quarter. Its ten largest holdings account for 56% of the portfolio.
Stephen Mandel's Q3 2017 filing shows 8 new, 11 increased, 8 reduced and 10 closed positions. Its largest new stake was Booking.com: 10,185,225 shares worth $746M. The largest sale was Corpay, an estimated $845M.
By sector, the portfolio is most concentrated in Technology at 26% of assets, down from 31% a quarter earlier, followed by Communication Services and Consumer Discretionary.
- Stephen Mandel's largest Q3 2017 buy was Booking.com: 10,185,225 shares worth $746M.
- Stephen Mandel added most to UnitedHealth in Q3 2017, an estimated $521M increase.
- Stephen Mandel's biggest Q3 2017 reduction was Corpay, cutting an estimated $845M.
- Stephen Mandel fully exited O'Reilly Automotive in Q3 2017, selling an estimated $621M.
- Stephen Mandel's ten largest holdings make up 56% of its $20.6B portfolio in Q3 2017.
- Stephen Mandel opened 8 new positions and closed 10 in Q3 2017.
- Stephen Mandel's portfolio value rose 4.5% quarter-over-quarter to $20.6B.
Based on Lone Pine Capital's 13F filing for Q3 2017, filed 14 Nov 2017.