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 |
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 | |
|---|---|---|---|---|---|---|
1
Microsoft
MSFT
$3.59T
| $1.23B | 6.52% |
12,504,471
+428,000
| +4% | +$41.5M |
|
2
Alibaba
BABA
$286B
| $1.19B | 6.27% |
6,394,697
+412,538
| +7% | +$78.6M |
|
|
ATVI
3
DELISTED
Activision Blizzard
ATVI
| $1.09B | 5.75% |
14,257,637
-298,316
| -2% | -$21.1M |
|
4
Adobe
ADBE
$109B
| $1.09B | 5.75% |
4,456,362
-1,192,966
| -21% | -$282M |
|
5
Booking.com
BKNG
$158B
| $1.08B | 5.69% |
13,276,500
+580,325
| +5% | +$48.9M |
|
6
UnitedHealth
UNH
$350B
| $1.01B | 5.35% |
4,121,415
-133,000
| -3% | -$31.9M |
|
7
IQVIA
IQV
$42.8B
| $1.01B | 5.34% |
10,120,122
+229,190
| +2% | +$22.9M |
|
|
EA
8
DELISTED
Electronic Arts
EA
| $891M | 4.71% |
6,317,420
-820,596
| -11% | -$107M |
|
9
Constellation Brands
STZ
$23.2B
| $849M | 4.49% |
3,877,836
-971,254
| -20% | -$219M |
|
10
CSX Corp
CSX
$95.6B
| $841M | 4.45% |
39,576,705
-534,216
| -1% | -$11M |
|
11
Alphabet (Google) Class C
GOOG
$4.18T
| $734M | 3.88% |
13,156,060
+156,000
| +1% | +$8.43M |
|
12
TransUnion
TRU
$16.2B
| $726M | 3.84% |
10,129,801
-1,611,666
| -14% | -$107M |
|
13
Amazon
AMZN
$2.79T
| $722M | 3.82% |
8,494,080
-3,061,840
| -26% | -$243M |
|
|
14
Meta Platforms (Facebook)
META
$1.4T
| $662M | 3.5% |
3,404,550
-4,296,692
| -56% | -$776M |
|
|
15
Mercado Libre
MELI
$97.5B
| $649M | 3.43% |
2,172,531
+548,373
| +34% | +$173M |
|
|
16
Wynn Resorts
WYNN
$10.3B
| $636M | 3.36% |
3,798,454
+1,537,705
| +68% | +$284M |
|
17
Dollar Tree
DLTR
$25.3B
| $615M | 3.25% |
7,233,575
+889,190
| +14% | +$82M |
|
|
18
TransDigm Group
TDG
$66.4B
| $608M | 3.22% |
1,761,813
+351,411
| +25% | +$115M |
|
19
SBA Communications
SBAC
$19.4B
| $579M | 3.06% |
3,508,194
+123,042
| +4% | +$19.9M |
|
|
20
PayPal
PYPL
$52.7B
| $526M | 2.78% |
6,320,681
-4,339,053
| -41% | -$346M |
|
|
21
Canadian Pacific Kansas City
CP
$85B
| $524M | 2.77% |
+14,307,890
| New | +$526M |
|
22
ServiceNow
NOW
$133B
| $520M | 2.75% |
15,071,265
+1,685,675
| +13% | +$58.4M |
|
|
23
NVIDIA
NVDA
$5.2T
| $506M | 2.67% |
+85,390,720
| New | +$519M |
|
24
Corpay
CPAY
$27.4B
| $213M | 1.13% |
1,012,996
-138,597
| -12% | -$28.4M |
|
|
XYZ
25
Block Inc
XYZ
$49.4B
| $166M | 0.88% |
2,694,573
| – | – |
|
Similar funds
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.