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 |
S&P Global
SPGI
|
+$599M |
| 2 |
Union Pacific
UNP
|
+$533M |
| 3 |
Alphabet (Google) Class C
GOOG
|
+$499M |
| 4 |
D.R. Horton
DHI
|
+$257M |
| 5 |
Salesforce
CRM
|
+$202M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
ATVI
Activision Blizzard
ATVI
|
+$730M |
| 2 |
PayPal
PYPL
|
+$485M |
| 3 |
Meta Platforms (Facebook)
META
|
+$291M |
| 4 |
TransUnion
TRU
|
+$228M |
| 5 |
ServiceNow
NOW
|
+$206M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 28.98% |
| 2 | Technology | 21.29% |
| 3 | Industrials | 15.02% |
| 4 | Healthcare | 11.65% |
| 5 | Financials | 10.16% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Adobe
ADBE
$109B
| $1.21B | 7.05% |
4,528,199
-599,600
| -12% | -$151M |
|
2
Amazon
AMZN
$2.79T
| $1.16B | 6.78% |
13,033,220
-1,800,000
| -12% | -$150M |
|
3
IQVIA
IQV
$42.8B
| $1.11B | 6.48% |
7,708,139
| – | – |
|
4
Microsoft
MSFT
$3.59T
| $1.07B | 6.23% |
9,035,031
-1,062,033
| -11% | -$116M |
|
5
Alibaba
BABA
$286B
| $1.03B | 6.02% |
5,640,334
-570,000
| -9% | -$95.9M |
|
6
UnitedHealth
UNH
$350B
| $884M | 5.17% |
3,574,718
| – | – |
|
7
Constellation Brands
STZ
$23.2B
| $865M | 5.06% |
4,932,455
-227,699
| -4% | -$38.3M |
|
|
8
Meta Platforms (Facebook)
META
$1.4T
| $807M | 4.72% |
4,840,683
-1,829,084
| -27% | -$291M |
|
9
TransDigm Group
TDG
$66.4B
| $754M | 4.41% |
1,661,253
+138,733
| +9% | +$56.3M |
|
|
TIF
10
DELISTED
Tiffany & Co.
TIF
| $715M | 4.18% |
6,776,002
| – | – |
|
11
Wynn Resorts
WYNN
$10.3B
| $711M | 4.15% |
5,955,497
| – | – |
|
12
Canadian Pacific Kansas City
CP
$85B
| $663M | 3.88% |
16,097,180
-1,232,180
| -7% | -$49.4M |
|
13
Mastercard
MA
$509B
| $657M | 3.84% |
2,791,487
-153,100
| -5% | -$32.9M |
|
|
14
S&P Global
SPGI
$127B
| $651M | 3.8% |
+3,091,361
| New | +$599M |
|
15
CSX Corp
CSX
$95.6B
| $598M | 3.5% |
23,996,058
-4,940,367
| -17% | -$114M |
|
16
Booking.com
BKNG
$158B
| $561M | 3.28% |
8,034,900
-802,500
| -9% | -$57.3M |
|
|
17
Union Pacific
UNP
$183B
| $554M | 3.24% |
+3,313,454
| New | +$533M |
|
18
Autodesk
ADSK
$53.6B
| $536M | 3.13% |
3,440,100
-396,107
| -10% | -$59.2M |
|
|
19
Alphabet (Google) Class C
GOOG
$4.18T
| $521M | 3.05% |
+8,888,380
| New | +$499M |
|
|
20
TransUnion
TRU
$16.2B
| $430M | 2.51% |
6,435,350
-3,689,421
| -36% | -$228M |
|
|
21
ServiceNow
NOW
$133B
| $420M | 2.46% |
8,529,470
-4,681,115
| -35% | -$206M |
|
22
Mercado Libre
MELI
$97.5B
| $339M | 1.98% |
667,206
+216,422
| +48% | +$86.3M |
|
|
23
Salesforce
CRM
$171B
| $310M | 1.81% |
1,960,213
+1,302,213
| +198% | +$202M |
|
|
24
D.R. Horton
DHI
$41.5B
| $272M | 1.59% |
+6,567,812
| New | +$257M |
|
25
Sea Limited
SE
$72B
| $171M | 1% |
7,263,222
+3,300,000
| +83% | +$57.8M |
|
Similar funds
Stephen Mandel's Q1 2019 Portfolio in Review
As of Q1 2019, Stephen Mandel held 32 positions worth $17.1B, up 16% from $14.8B the previous quarter. Its ten largest holdings account for 56% of the portfolio.
Stephen Mandel withdrew a net $533M in Q1 2019, closing 3 positions and reducing 14 holdings. Its most notable exit was Activision Blizzard, an estimated $730M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 29% of assets, up from 26% a quarter earlier, followed by Technology and Industrials.
Against the trend, Stephen Mandel opened a new position in S&P Global worth $651M.
- Stephen Mandel's largest Q1 2019 buy was S&P Global: 3,091,361 shares worth $651M.
- Stephen Mandel added most to Salesforce in Q1 2019, an estimated $202M increase.
- Stephen Mandel's biggest Q1 2019 reduction was Meta Platforms (Facebook), cutting an estimated $291M.
- Stephen Mandel fully exited Activision Blizzard in Q1 2019, selling an estimated $730M.
- Stephen Mandel's ten largest holdings make up 56% of its $17.1B portfolio in Q1 2019.
- Stephen Mandel opened 7 new positions and closed 3 in Q1 2019.
- Stephen Mandel's portfolio value rose 16% quarter-over-quarter to $17.1B.
Based on Lone Pine Capital's 13F filing for Q1 2019, filed 15 May 2019.