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 |
Snap
SNAP
|
+$810M |
| 2 |
DexCom
DXCM
|
+$645M |
| 3 |
Carvana
CVNA
|
+$560M |
| 4 |
Mercado Libre
MELI
|
+$541M |
| 5 |
Fidelity National Information Services
FIS
|
+$400M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
PayPal
PYPL
|
+$1.18B |
| 2 |
Capital One
COF
|
+$739M |
| 3 |
Meta Platforms (Facebook)
META
|
+$623M |
| 4 |
TransDigm Group
TDG
|
+$358M |
| 5 |
Match Group
MTCH
|
+$339M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 45.94% |
| 2 | Communication Services | 16.69% |
| 3 | Consumer Discretionary | 13.53% |
| 4 | Healthcare | 12.69% |
| 5 | Industrials | 7.61% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Shopify
SHOP
$192B
| $2.03B | 7.39% |
17,952,900
+727,420
| +4% | +$76.4M |
|
|
COUP
2
DELISTED
Coupa Software Incorporated
COUP
| $1.43B | 5.2% |
4,220,706
-108,563
| -3% | -$33.6M |
|
3
Microsoft
MSFT
$3.59T
| $1.4B | 5.1% |
6,312,495
-127,999
| -2% | -$27.5M |
|
4
Global Payments
GPN
$24.7B
| $1.36B | 4.96% |
6,331,020
-64,006
| -1% | -$11.9M |
|
5
Netflix
NFLX
$331B
| $1.33B | 4.82% |
24,521,200
+2,008,970
| +9% | +$102M |
|
6
UnitedHealth
UNH
$350B
| $1.12B | 4.05% |
3,180,020
-766,411
| -19% | -$257M |
|
7
Adobe
ADBE
$109B
| $1.01B | 3.67% |
2,020,738
+331,125
| +20% | +$160M |
|
|
8
Mercado Libre
MELI
$97.5B
| $1B | 3.64% |
597,111
+383,509
| +180% | +$541M |
|
|
9
Snap
SNAP
$8.86B
| $977M | 3.55% |
+19,510,587
| New | +$810M |
|
10
Bath & Body Works
BBWI
$3.92B
| $977M | 3.55% |
32,489,921
| – | – |
|
|
11
Meta Platforms (Facebook)
META
$1.4T
| $977M | 3.55% |
3,575,546
-2,273,976
| -39% | -$623M |
|
12
Mastercard
MA
$509B
| $971M | 3.53% |
2,719,397
+955,826
| +54% | +$318M |
|
|
XYZ
13
Block Inc
XYZ
$49.4B
| $914M | 3.32% |
4,199,424
-1,168,709
| -22% | -$228M |
|
|
DOCU
14
DocuSign
DOCU
$11.8B
| $902M | 3.28% |
4,056,072
-79,281
| -2% | -$17.8M |
|
|
15
DexCom
DXCM
$34.8B
| $838M | 3.05% |
9,071,236
+7,218,888
| +390% | +$645M |
|
16
Amazon
AMZN
$2.79T
| $837M | 3.04% |
5,142,520
-1,603,640
| -24% | -$256M |
|
17
Atlassian
TEAM
$43.5B
| $801M | 2.91% |
3,423,119
+133,573
| +4% | +$28.2M |
|
|
18
Match Group
MTCH
$9.38B
| $796M | 2.89% |
5,267,083
-2,566,448
| -33% | -$339M |
|
19
Datadog
DDOG
$84.6B
| $698M | 2.54% |
7,090,101
+541,225
| +8% | +$54M |
|
20
Autodesk
ADSK
$53.6B
| $676M | 2.46% |
2,212,480
-715,191
| -24% | -$188M |
|
21
ServiceNow
NOW
$133B
| $666M | 2.42% |
6,052,930
-2,801,575
| -32% | -$291M |
|
22
Humana
HUM
$45.5B
| $619M | 2.25% |
1,508,296
-665,548
| -31% | -$277M |
|
|
23
Carvana
CVNA
$76.9B
| $586M | 2.13% |
+12,241,325
| New | +$560M |
|
24
StoneCo
STNE
$2.16B
| $534M | 1.94% |
6,368,457
-1,927,756
| -23% | -$129M |
|
25
Bilibili
BILI
$7.14B
| $515M | 1.87% |
+6,004,127
| New | +$352M |
|
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Stephen Mandel's Q4 2020 Portfolio in Review
As of Q4 2020, Stephen Mandel held 47 positions worth $27.5B, up 18% from $23.3B the previous quarter. Its ten largest holdings account for 46% of the portfolio.
Stephen Mandel's Q4 2020 filing shows 15 new, 10 increased, 15 reduced and 6 closed positions. Its largest new stake was Snap: 19,510,587 shares worth $977M. The largest sale was PayPal, an estimated $1.18B.
By sector, the portfolio is most concentrated in Technology at 46% of assets, down from 47% a quarter earlier, followed by Communication Services and Consumer Discretionary.
- Stephen Mandel's largest Q4 2020 buy was Snap: 19,510,587 shares worth $977M.
- Stephen Mandel added most to DexCom in Q4 2020, an estimated $645M increase.
- Stephen Mandel's biggest Q4 2020 reduction was Meta Platforms (Facebook), cutting an estimated $623M.
- Stephen Mandel fully exited PayPal in Q4 2020, selling an estimated $1.18B.
- Stephen Mandel's ten largest holdings make up 46% of its $27.5B portfolio in Q4 2020.
- Stephen Mandel opened 15 new positions and closed 6 in Q4 2020.
- Stephen Mandel's portfolio value rose 18% quarter-over-quarter to $27.5B.
Based on Lone Pine Capital's 13F filing for Q4 2020, filed 16 Feb 2021.