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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
+49.67%
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
$19.8B
AUM Growth
+$2.94B
Cap. Flow
-$2.44B
Cap. Flow %
-12.33%
Top 10 Hldgs %
55.51%
Holding
46
New
7
Increased
9
Reduced
11
Closed
17

Top Buys

Rank Stock Value
1
BKNG icon
Booking.com
BKNG
+$907M
2
COF icon
Capital One
COF
+$640M
3
CRM icon
Salesforce
CRM
+$513M
4
DDOG icon
Datadog
DDOG
+$416M
5
TDG icon
TransDigm Group
TDG
+$369M

Top Sells

Rank Stock Value
1
BABA icon
Alibaba
BABA
+$1.23B
2
CP icon
Canadian Pacific Kansas City
CP
+$500M
3
UNH icon
UnitedHealth
UNH
+$456M
4
CVNA icon
Carvana
CVNA
+$398M
5
ADSK icon
Autodesk
ADSK
+$380M

Sector Composition

Rank Sector Weight
1 Technology 37.95%
2 Financials 15.91%
3 Consumer Discretionary 13.68%
4 Communication Services 12.24%
5 Healthcare 9.95%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SHOP icon
1
Shopify
SHOP
$192B
$1.59B 8.03%
16,737,420
+36,090
+0.2% +$2.51M
PYPL icon
2
PayPal
PYPL
$52.7B
$1.29B 6.49%
7,377,343
+2,111,863
+40% +$292M
MSFT icon
3
Microsoft
MSFT
$3.59T
$1.27B 6.41%
6,234,794
+310,868
+5% +$56.4M
AMZN icon
4
Amazon
AMZN
$2.79T
$1.26B 6.38%
9,150,820
-2,508,600
-22% -$303M
META icon
5
Meta Platforms (Facebook)
META
$1.4T
$1.2B 6.04%
5,266,975
+1,734,964
+49% +$362M
BKNG icon
6
Booking.com
BKNG
$158B
$949M 4.8%
+14,903,325
New +$907M
HUM icon
7
Humana
HUM
$45.5B
$940M 4.75%
2,424,024
+259,953
+12% +$97.3M
UNH icon
8
UnitedHealth
UNH
$350B
$892M 4.51%
3,024,039
-1,589,932
-34% -$456M
GPN icon
9
Global Payments
GPN
$24.7B
$812M 4.1%
4,789,516
-165,056
-3% -$27.5M
ADBE icon
10
Adobe
ADBE
$109B
$792M 4%
1,818,713
-834,737
-31% -$309M
TDG icon
11
TransDigm Group
TDG
$66.4B
$774M 3.91%
1,750,708
+974,755
+126% +$369M
NFLX icon
12
Netflix
NFLX
$331B
$731M 3.69%
16,062,020
-8,051,360
-33% -$343M
NOW icon
13
ServiceNow
NOW
$133B
$725M 3.66%
8,945,175
+2,101,735
+31% +$148M
MA icon
14
Mastercard
MA
$509B
$652M 3.29%
2,204,271
-107,200
-5% -$30.2M
COF icon
15
Capital One
COF
$134B
$643M 3.25%
+10,278,292
New +$640M
DDOG icon
16
Datadog
DDOG
$84.6B
$594M 3%
+6,832,849
New +$416M
COUP
17
DELISTED
Coupa Software Incorporated
COUP
$589M 2.97%
2,124,340
– –
CRM icon
18
Salesforce
CRM
$171B
$570M 2.88%
+3,045,252
New +$513M
ADSK icon
19
Autodesk
ADSK
$53.6B
$500M 2.53%
2,091,892
-1,931,517
-48% -$380M
MTCH icon
20
Match Group
MTCH
$9.38B
$495M 2.5%
4,623,794
-2,221,940
-32% -$186M
V icon
21
Visa
V
$693B
$466M 2.35%
2,411,124
-918,851
-28% -$168M
DAY
22
DELISTED
Dayforce
DAY
$456M 2.31%
5,758,477
+2,513,797
+77% +$161M
ZM icon
23
Zoom
ZM
$31.5B
$428M 2.16%
+1,687,453
New +$304M
BBWI icon
24
Bath & Body Works
BBWI
$3.92B
$393M 1.99%
32,489,921
– –
VXX icon
25
PUT
iPath Series B S&P 500 VIX Short-Term Futures ETN
VXX
$137M
$323M 1.63%
148,438
+7,813
+6% +$18.8M
1
2

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Stephen Mandel's Q2 2020 Portfolio in Review

As of Q2 2020, Stephen Mandel held 46 positions worth $19.8B, up 17% from $16.9B the previous quarter. Its ten largest holdings account for 56% of the portfolio.

Stephen Mandel withdrew a net $2.44B in Q2 2020, closing 17 positions and reducing 11 holdings. Its most notable exit was Alibaba, an estimated $1.23B position sold in full.

By sector, the portfolio is most concentrated in Technology at 38% of assets, up from 28% a quarter earlier, followed by Financials and Consumer Discretionary.

Against the trend, Stephen Mandel opened a new position in Booking.com worth $949M.

  • Stephen Mandel's largest Q2 2020 buy was Booking.com: 14,903,325 shares worth $949M.
  • Stephen Mandel added most to TransDigm Group in Q2 2020, an estimated $369M increase.
  • Stephen Mandel's biggest Q2 2020 reduction was UnitedHealth, cutting an estimated $456M.
  • Stephen Mandel fully exited Alibaba in Q2 2020, selling an estimated $1.23B.
  • Stephen Mandel's ten largest holdings make up 56% of its $19.8B portfolio in Q2 2020.
  • Stephen Mandel opened 7 new positions and closed 17 in Q2 2020.
  • Stephen Mandel's portfolio value rose 17% quarter-over-quarter to $19.8B.

Based on Lone Pine Capital's 13F filing for Q2 2020, filed 14 Aug 2020.