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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
+15.66%
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
$23.3B
AUM Growth
+$3.49B
Cap. Flow
+$1.19B
Cap. Flow %
5.1%
Top 10 Hldgs %
53.57%
Holding
39
New
10
Increased
10
Reduced
9
Closed
7

Top Buys

Rank Stock Value
1
DOCU
DocuSign
DOCU
+$858M
2
XYZ
Block Inc
XYZ
+$758M
3
COUP
Coupa Software Incorporated
COUP
+$643M
4
TEAM icon
Atlassian
TEAM
+$587M
5
STNE icon
StoneCo
STNE
+$396M

Top Sells

Rank Stock Value
1
BKNG icon
Booking.com
BKNG
+$943M
2
CRM icon
Salesforce
CRM
+$570M
3
TDG icon
TransDigm Group
TDG
+$468M
4
V icon
Visa
V
+$466M
5
DAY
Dayforce
DAY
+$456M

Sector Composition

Rank Sector Weight
1 Technology 46.78%
2 Communication Services 15.14%
3 Financials 10.81%
4 Healthcare 10.44%
5 Consumer Discretionary 9.58%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
SHOP icon
1
Shopify
SHOP
$192B
$1.76B 7.57%
17,225,480
+488,060
+3% +$48.5M
META icon
2
Meta Platforms (Facebook)
META
$1.4T
$1.53B 6.58%
5,849,522
+582,547
+11% +$150M
MSFT icon
3
Microsoft
MSFT
$3.59T
$1.35B 5.82%
6,440,494
+205,700
+3% +$43.2M
UNH icon
4
UnitedHealth
UNH
$350B
$1.23B 5.29%
3,946,431
+922,392
+31% +$283M
COUP
5
DELISTED
Coupa Software Incorporated
COUP
$1.19B 5.1%
4,329,269
+2,204,929
+104% +$643M
PYPL icon
6
PayPal
PYPL
$52.7B
$1.18B 5.08%
6,000,915
-1,376,428
-19% -$259M
GPN icon
7
Global Payments
GPN
$24.7B
$1.14B 4.88%
6,395,026
+1,605,510
+34% +$278M
NFLX icon
8
Netflix
NFLX
$331B
$1.13B 4.84%
22,512,230
+6,450,210
+40% +$321M
AMZN icon
9
Amazon
AMZN
$2.79T
$1.06B 4.56%
6,746,160
-2,404,660
-26% -$379M
HUM icon
10
Humana
HUM
$45.5B
$900M 3.86%
2,173,844
-250,180
-10% -$101M
DOCU
11
DocuSign
DOCU
$11.8B
$890M 3.82%
+4,135,353
New +$858M
XYZ
12
Block Inc
XYZ
$49.4B
$873M 3.75%
+5,368,133
New +$758M
MTCH icon
13
Match Group
MTCH
$9.38B
$867M 3.72%
7,833,531
+3,209,737
+69% +$340M
NOW icon
14
ServiceNow
NOW
$133B
$859M 3.69%
8,854,505
-90,670
-1% -$8.1M
BBWI icon
15
Bath & Body Works
BBWI
$3.92B
$835M 3.59%
32,489,921
– –
ADBE icon
16
Adobe
ADBE
$109B
$829M 3.56%
1,689,613
-129,100
-7% -$60.1M
COF icon
17
Capital One
COF
$134B
$739M 3.17%
10,278,292
– –
ADSK icon
18
Autodesk
ADSK
$53.6B
$676M 2.91%
2,927,671
+835,779
+40% +$199M
DDOG icon
19
Datadog
DDOG
$84.6B
$669M 2.87%
6,548,876
-283,973
-4% -$24.7M
TEAM icon
20
Atlassian
TEAM
$43.5B
$598M 2.57%
+3,289,546
New +$587M
MA icon
21
Mastercard
MA
$509B
$596M 2.56%
1,763,571
-440,700
-20% -$143M
STNE icon
22
StoneCo
STNE
$2.16B
$439M 1.88%
+8,296,213
New +$396M
TDG icon
23
TransDigm Group
TDG
$66.4B
$358M 1.54%
754,410
-996,298
-57% -$468M
NUAN
24
DELISTED
Nuance Communications, Inc.
NUAN
$281M 1.21%
+8,480,618
New +$246M
SNOW icon
25
Snowflake
SNOW
$115B
$252M 1.08%
+1,002,060
New +$239M
1
2

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Stephen Mandel's Q3 2020 Portfolio in Review

As of Q3 2020, Stephen Mandel held 39 positions worth $23.3B, up 18% from $19.8B the previous quarter. Its ten largest holdings account for 54% of the portfolio.

Stephen Mandel deployed $1.19B of net new capital in Q3 2020, opening 10 new positions and adding to 10 existing holdings. Its largest new stake was DocuSign: 4,135,353 shares worth $890M.

By sector, the portfolio is most concentrated in Technology at 47% of assets, up from 38% a quarter earlier, followed by Communication Services and Financials.

On the sell side, the largest reduction was Booking.com, an estimated $943M trimmed.

  • Stephen Mandel's largest Q3 2020 buy was DocuSign: 4,135,353 shares worth $890M.
  • Stephen Mandel added most to Coupa Software Incorporated in Q3 2020, an estimated $643M increase.
  • Stephen Mandel's biggest Q3 2020 reduction was Booking.com, cutting an estimated $943M.
  • Stephen Mandel fully exited Salesforce in Q3 2020, selling an estimated $570M.
  • Stephen Mandel's ten largest holdings make up 54% of its $23.3B portfolio in Q3 2020.
  • Stephen Mandel opened 10 new positions and closed 7 in Q3 2020.
  • Stephen Mandel's portfolio value rose 18% quarter-over-quarter to $23.3B.

Based on Lone Pine Capital's 13F filing for Q3 2020, filed 16 Nov 2020.