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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
+6.67%
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
$18.9B
AUM Growth
-$836M
(-4.2%)
Cap. Flow
-$1.99B
Cap. Flow % of AUM
Cap. Flow %
-10.55%
Top 10 Holdings %
Top 10 Hldgs %
54.33%
Holding
33
New
3
Increased
12
Reduced
11
Closed
5
Avg Time Held
1.1
years
Top 10 Avg Time Held
0.9
years
Top 20 Avg Time Held
1
year
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Canadian Pacific Kansas City
CP
|
+$526M |
| 2 |
NVIDIA
NVDA
|
+$519M |
| 3 |
Wynn Resorts
WYNN
|
+$284M |
| 4 |
Mercado Libre
MELI
|
+$173M |
| 5 |
TransDigm Group
TDG
|
+$115M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Meta Platforms (Facebook)
META
|
+$776M |
| 2 |
Broadcom
AVGO
|
+$645M |
| 3 |
TSMC
TSM
|
+$540M |
| 4 |
Blackrock
BLK
|
+$498M |
| 5 |
PayPal
PYPL
|
+$346M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 25.92% |
| 2 | Consumer Discretionary | 23.44% |
| 3 | Communication Services | 12.09% |
| 4 | Healthcare | 10.69% |
| 5 | Industrials | 10.44% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Microsoft
MSFT
$3.86T
| $1.23B | 6.52% |
12,504,471
+428,000
| +4% | +$41.5M |
2017 Q2
4 quarters
|
|
2
Alibaba
BABA
$252B
| $1.19B | 6.27% |
6,394,697
+412,538
| +7% | +$78.6M |
2016 Q3
7 quarters
|
|
|
ATVI
3
DELISTED
Activision Blizzard
ATVI
| $1.09B | 5.75% |
14,257,637
-298,316
| -2% | -$21.1M |
2016 Q2
8 quarters
|
|
4
Adobe
ADBE
$92.7B
| $1.09B | 5.75% |
4,456,362
-1,192,966
| -21% | -$282M |
2014 Q1
17 quarters
|
|
5
Booking.com
BKNG
$117B
| $1.08B | 5.69% |
13,276,500
+580,325
| +5% | +$48.9M |
2017 Q3
3 quarters
|
|
6
UnitedHealth
UNH
$358B
| $1.01B | 5.35% |
4,121,415
-133,000
| -3% | -$31.9M |
2017 Q2
4 quarters
|
|
7
IQVIA
IQV
$45.8B
| $1.01B | 5.34% |
10,120,122
+229,190
| +2% | +$22.9M |
2017 Q1
5 quarters
|
|
8
DELISTED
Electronic Arts
EA
| $891M | 4.71% |
6,317,420
-820,596
| -11% | -$107M |
2017 Q3
3 quarters
|
|
9
Constellation Brands
STZ
$24.3B
| $849M | 4.49% |
3,877,836
-971,254
| -20% | -$219M |
2015 Q3
11 quarters
|
|
10
CSX Corp
CSX
$95.4B
| $841M | 4.45% |
39,576,705
-534,216
| -1% | -$11M |
2017 Q4
2 quarters
|
|
11
Alphabet (Google) Class C
GOOG
$3.56T
| $734M | 3.88% |
13,156,060
+156,000
| +1% | +$8.43M |
2017 Q4
2 quarters
|
|
12
TransUnion
TRU
$15.4B
| $726M | 3.84% |
10,129,801
-1,611,666
| -14% | -$107M |
2017 Q2
4 quarters
|
|
13
Amazon
AMZN
$2.89T
| $722M | 3.82% |
8,494,080
-3,061,840
| -26% | -$243M |
2017 Q4
2 quarters
|
|
|
14
Meta Platforms (Facebook)
META
$1.64T
| $662M | 3.5% |
3,404,550
-4,296,692
| -56% | -$776M |
2014 Q3
15 quarters
|
|
|
15
Mercado Libre
MELI
$75.8B
| $649M | 3.43% |
2,172,531
+548,373
| +34% | +$173M |
2017 Q3
3 quarters
|
|
|
16
Wynn Resorts
WYNN
$8.81B
| $636M | 3.36% |
3,798,454
+1,537,705
| +68% | +$284M |
2017 Q3
3 quarters
|
|
17
Dollar Tree
DLTR
$26.6B
| $615M | 3.25% |
7,233,575
+889,190
| +14% | +$82M |
2018 Q1
1 quarter
|
|
|
18
TransDigm Group
TDG
$68.1B
| $608M | 3.22% |
1,761,813
+351,411
| +25% | +$115M |
2017 Q4
2 quarters
|
|
19
SBA Communications
SBAC
$19.9B
| $579M | 3.06% |
3,508,194
+123,042
| +4% | +$19.9M |
2018 Q1
1 quarter
|
|
|
20
PayPal
PYPL
$48.9B
| $526M | 2.78% |
6,320,681
-4,339,053
| -41% | -$346M |
2017 Q3
3 quarters
|
|
|
21
Canadian Pacific Kansas City
CP
$81.4B
| $524M | 2.77% |
+14,307,890
| New | +$526M |
2018 Q2
0 quarters
|
|
22
ServiceNow
NOW
$106B
| $520M | 2.75% |
15,071,265
+1,685,675
| +13% | +$58.4M |
2017 Q2
4 quarters
|
|
|
23
NVIDIA
NVDA
$4.23T
| $506M | 2.67% |
+85,390,720
| New | +$519M |
2018 Q2
0 quarters
|
|
24
Corpay
CPAY
$29.4B
| $213M | 1.13% |
1,012,996
-138,597
| -12% | -$28.4M |
2013 Q2
20 quarters
|
|
25
Block Inc
XYZ
$52.3B
| $166M | 0.88% |
2,694,573
| – | – |
2018 Q1
1 quarter
|
|
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Stephen Mandel's Q2 2018 Portfolio in Review
As of Q2 2018, Stephen Mandel held 33 positions worth $18.9B, down 4.2% from $19.7B the previous quarter. Its ten largest holdings account for 54% of the portfolio.
Stephen Mandel withdrew a net $1.99B in Q2 2018, closing 5 positions and reducing 11 holdings. Its most notable exit was Broadcom, an estimated $645M position sold in full.
By sector, the portfolio is most concentrated in Technology at 26% of assets, down from 27% a quarter earlier, followed by Consumer Discretionary and Communication Services.
Against the trend, Stephen Mandel opened a new position in Canadian Pacific Kansas City worth $524M.
- Stephen Mandel's largest Q2 2018 buy was Canadian Pacific Kansas City: 14,307,890 shares worth $524M.
- Stephen Mandel added most to Wynn Resorts in Q2 2018, an estimated $284M increase.
- Stephen Mandel's biggest Q2 2018 reduction was Meta Platforms (Facebook), cutting an estimated $776M.
- Stephen Mandel fully exited Broadcom in Q2 2018, selling an estimated $645M.
- Stephen Mandel's ten largest holdings make up 54% of its $18.9B portfolio in Q2 2018.
- Stephen Mandel opened 3 new positions and closed 5 in Q2 2018.
- Stephen Mandel's portfolio value fell 4.2% quarter-over-quarter to $18.9B.
Based on Lone Pine Capital's 13F filing for Q2 2018, filed 14 Aug 2018.