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 |
ATVI
Activision Blizzard
ATVI
|
+$474M |
| 2 |
Shopify
SHOP
|
+$381M |
| 3 |
Domino's
DPZ
|
+$341M |
| 4 |
Union Pacific
UNP
|
+$277M |
| 5 |
D.R. Horton
DHI
|
+$260M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Constellation Brands
STZ
|
+$865M |
| 2 |
CSX Corp
CSX
|
+$598M |
| 3 |
Alphabet (Google) Class C
GOOG
|
+$521M |
| 4 |
TransUnion
TRU
|
+$430M |
| 5 |
Amazon
AMZN
|
+$345M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 32.71% |
| 2 | Technology | 31.18% |
| 3 | Industrials | 13.91% |
| 4 | Healthcare | 11.91% |
| 5 | Financials | 5.48% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Adobe
ADBE
$109B
| $1.1B | 6.86% |
3,743,938
-784,261
| -17% | -$218M |
|
2
Alibaba
BABA
$286B
| $996M | 6.19% |
5,875,662
+235,328
| +4% | +$40.6M |
|
3
IQVIA
IQV
$42.8B
| $995M | 6.19% |
6,185,907
-1,522,232
| -20% | -$214M |
|
4
Microsoft
MSFT
$3.59T
| $989M | 6.15% |
7,384,511
-1,650,520
| -18% | -$210M |
|
5
UnitedHealth
UNH
$350B
| $920M | 5.72% |
3,772,254
+197,536
| +6% | +$47.5M |
|
|
6
Amazon
AMZN
$2.79T
| $883M | 5.49% |
9,330,220
-3,703,000
| -28% | -$345M |
|
|
7
Union Pacific
UNP
$183B
| $834M | 5.18% |
4,930,899
+1,617,445
| +49% | +$277M |
|
8
TransDigm Group
TDG
$66.4B
| $767M | 4.77% |
1,585,504
-75,749
| -5% | -$35.4M |
|
9
Wynn Resorts
WYNN
$10.3B
| $670M | 4.17% |
5,406,697
-548,800
| -9% | -$70.6M |
|
10
Autodesk
ADSK
$53.6B
| $650M | 4.04% |
3,989,892
+549,792
| +16% | +$92.4M |
|
11
Canadian Pacific Kansas City
CP
$85B
| $637M | 3.96% |
13,530,030
-2,567,150
| -16% | -$115M |
|
|
TIF
12
DELISTED
Tiffany & Co.
TIF
| $615M | 3.82% |
6,570,002
-206,000
| -3% | -$20.5M |
|
13
Booking.com
BKNG
$158B
| $603M | 3.75% |
8,034,900
| – | – |
|
14
Meta Platforms (Facebook)
META
$1.4T
| $579M | 3.6% |
3,002,136
-1,838,547
| -38% | -$336M |
|
|
15
D.R. Horton
DHI
$41.5B
| $536M | 3.33% |
12,430,413
+5,862,601
| +89% | +$260M |
|
|
ATVI
16
DELISTED
Activision Blizzard
ATVI
| $487M | 3.03% |
+10,324,534
| New | +$474M |
|
|
17
Shopify
SHOP
$192B
| $451M | 2.8% |
15,027,710
+14,627,710
| +3,657% | +$381M |
|
18
Salesforce
CRM
$171B
| $446M | 2.78% |
2,941,733
+981,520
| +50% | +$154M |
|
19
Mastercard
MA
$509B
| $442M | 2.75% |
1,670,957
-1,120,530
| -40% | -$280M |
|
20
S&P Global
SPGI
$127B
| $440M | 2.73% |
1,930,511
-1,160,850
| -38% | -$254M |
|
21
ServiceNow
NOW
$133B
| $360M | 2.24% |
6,557,625
-1,971,845
| -23% | -$104M |
|
|
22
Domino's
DPZ
$11.3B
| $347M | 2.16% |
+1,247,255
| New | +$341M |
|
23
Mercado Libre
MELI
$97.5B
| $291M | 1.81% |
476,373
-190,833
| -29% | -$106M |
|
|
XYZ
24
Block Inc
XYZ
$49.4B
| $240M | 1.49% |
3,314,831
+3,194,831
| +2,662% | +$223M |
|
25
Sea Limited
SE
$72B
| $204M | 1.27% |
6,134,122
-1,129,100
| -16% | -$30.6M |
|
Similar funds
Stephen Mandel's Q2 2019 Portfolio in Review
As of Q2 2019, Stephen Mandel held 35 positions worth $16.1B, down 6% from $17.1B the previous quarter. Its ten largest holdings account for 55% of the portfolio.
Stephen Mandel withdrew a net $1.93B in Q2 2019, closing 4 positions and reducing 14 holdings. Its most notable exit was Constellation Brands, an estimated $865M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 33% of assets, up from 29% a quarter earlier, followed by Technology and Industrials.
Against the trend, Stephen Mandel opened a new position in Activision Blizzard worth $487M.
- Stephen Mandel's largest Q2 2019 buy was Activision Blizzard: 10,324,534 shares worth $487M.
- Stephen Mandel added most to Shopify in Q2 2019, an estimated $381M increase.
- Stephen Mandel's biggest Q2 2019 reduction was Amazon, cutting an estimated $345M.
- Stephen Mandel fully exited Constellation Brands in Q2 2019, selling an estimated $865M.
- Stephen Mandel's ten largest holdings make up 55% of its $16.1B portfolio in Q2 2019.
- Stephen Mandel opened 6 new positions and closed 4 in Q2 2019.
- Stephen Mandel's portfolio value fell 6% quarter-over-quarter to $16.1B.
Based on Lone Pine Capital's 13F filing for Q2 2019, filed 14 Aug 2019.