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Stephen Mandel Lone Pine Capital

AUM $16.4B
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
-3.97%
1 Year Est. Return
+99.7%
3 Year Est. Return
+351.82%
5 Year Est. Return
+339.1%
10 Year Est. Return
+2,106.14%
AUM
$17B
AUM Growth
+$912M
Cap. Flow
+$1.6B
Cap. Flow %
9.39%
Top 10 Hldgs %
49.57%
Holding
39
New
8
Increased
15
Reduced
13
Closed
2

Top Buys

Rank Stock Value
1
NFLX icon
Netflix
NFLX
+$737M
2
GPN icon
Global Payments
GPN
+$597M
3
HUM icon
Humana
HUM
+$445M
4
EFX icon
Equifax
EFX
+$432M
5
CRM icon
Salesforce
CRM
+$329M

Top Sells

Rank Stock Value
1
WYNN icon
Wynn Resorts
WYNN
+$670M
2
DHI icon
D.R. Horton
DHI
+$434M
3
IQV icon
IQVIA
IQV
+$410M
4
UNP icon
Union Pacific
UNP
+$397M
5
BKNG icon
Booking.com
BKNG
+$213M

Sector Composition

Rank Sector Weight
1 Technology 33.81%
2 Consumer Discretionary 27.48%
3 Industrials 14.79%
4 Healthcare 11.3%
5 Communication Services 7.11%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BABA icon
1
Alibaba
BABA
$286B
$1.22B 7.17%
7,292,562
+1,416,900
+24% +$243M
AMZN icon
2
Amazon
AMZN
$2.79T
$1.08B 6.35%
12,439,580
+3,109,360
+33% +$288M
UNH icon
3
UnitedHealth
UNH
$350B
$984M 5.79%
4,528,854
+756,600
+20% +$183M
ADBE icon
4
Adobe
ADBE
$109B
$982M 5.78%
3,553,638
-190,300
-5% -$55.6M
MSFT icon
5
Microsoft
MSFT
$3.59T
$842M 4.96%
6,059,549
-1,324,962
-18% -$182M
CRM icon
6
Salesforce
CRM
$171B
$758M 4.46%
5,104,760
+2,163,027
+74% +$329M
TDG icon
7
TransDigm Group
TDG
$66.4B
$669M 3.93%
1,284,058
-301,446
-19% -$155M
ADSK icon
8
Autodesk
ADSK
$53.6B
$666M 3.92%
4,507,799
+517,907
+13% +$80.6M
NFLX icon
9
Netflix
NFLX
$331B
$630M 3.71%
+23,550,380
New +$737M
ATVI
10
DELISTED
Activision Blizzard
ATVI
$595M 3.5%
11,244,387
+919,853
+9% +$45.9M
TIF
11
DELISTED
Tiffany & Co.
TIF
$591M 3.48%
6,381,880
-188,122
-3% -$17M
GPN icon
12
Global Payments
GPN
$24.7B
$581M 3.42%
+3,655,380
New +$597M
DPZ icon
13
Domino's
DPZ
$11.3B
$533M 3.13%
2,177,742
+930,487
+75% +$230M
IQV icon
14
IQVIA
IQV
$42.8B
$530M 3.12%
3,549,209
-2,636,698
-43% -$410M
XYZ
15
Block Inc
XYZ
$49.4B
$496M 2.92%
8,010,127
+4,695,296
+142% +$319M
MA icon
16
Mastercard
MA
$509B
$436M 2.57%
1,607,257
-63,700
-4% -$17.6M
EFX icon
17
Equifax
EFX
$22.6B
$432M 2.54%
+3,068,747
New +$432M
NOW icon
18
ServiceNow
NOW
$133B
$431M 2.54%
8,489,125
+1,931,500
+29% +$105M
SHOP icon
19
Shopify
SHOP
$192B
$429M 2.53%
13,771,710
-1,256,000
-8% -$43M
SPGI icon
20
S&P Global
SPGI
$127B
$422M 2.49%
1,724,511
-206,000
-11% -$51.5M
UNP icon
21
Union Pacific
UNP
$183B
$416M 2.45%
2,569,779
-2,361,120
-48% -$397M
CP icon
22
Canadian Pacific Kansas City
CP
$85B
$416M 2.45%
9,350,425
-4,179,605
-31% -$197M
BKNG icon
23
Booking.com
BKNG
$158B
$415M 2.44%
5,281,425
-2,753,475
-34% -$213M
HUM icon
24
Humana
HUM
$45.5B
$406M 2.39%
+1,588,743
New +$445M
META icon
25
Meta Platforms (Facebook)
META
$1.4T
$347M 2.04%
1,948,388
-1,053,748
-35% -$200M
1
2

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Stephen Mandel's Q3 2019 Portfolio in Review

As of Q3 2019, Stephen Mandel held 39 positions worth $17B, up 5.7% from $16.1B the previous quarter. Its ten largest holdings account for 50% of the portfolio.

Stephen Mandel deployed $1.6B of net new capital in Q3 2019, opening 8 new positions and adding to 15 existing holdings. Its largest new stake was Netflix: 23,550,380 shares worth $630M.

By sector, the portfolio is most concentrated in Technology at 34% of assets, up from 31% a quarter earlier, followed by Consumer Discretionary and Industrials.

On the sell side, the largest reduction was D.R. Horton, an estimated $434M trimmed.

  • Stephen Mandel's largest Q3 2019 buy was Netflix: 23,550,380 shares worth $630M.
  • Stephen Mandel added most to Salesforce in Q3 2019, an estimated $329M increase.
  • Stephen Mandel's biggest Q3 2019 reduction was D.R. Horton, cutting an estimated $434M.
  • Stephen Mandel fully exited Wynn Resorts in Q3 2019, selling an estimated $670M.
  • Stephen Mandel's ten largest holdings make up 50% of its $17B portfolio in Q3 2019.
  • Stephen Mandel opened 8 new positions and closed 2 in Q3 2019.
  • Stephen Mandel's portfolio value rose 5.7% quarter-over-quarter to $17B.

Based on Lone Pine Capital's 13F filing for Q3 2019, filed 14 Nov 2019.