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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
+0.11%
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
$24.4B
AUM Growth
-$5.27B
Cap. Flow
-$4.57B
Cap. Flow %
-18.72%
Top 10 Hldgs %
64.92%
Holding
44
New
5
Increased
12
Reduced
8
Closed
15

Top Buys

Rank Stock Value
1
MA icon
Mastercard
MA
+$1.67B
2
V icon
Visa
V
+$1.04B
3
AMZN icon
Amazon
AMZN
+$877M
4
SNAP icon
Snap
SNAP
+$610M
5
SNOW icon
Snowflake
SNOW
+$574M

Top Sells

Rank Stock Value
1
TWTR
Twitter, Inc.
TWTR
+$1.3B
2
MRNA icon
Moderna
MRNA
+$1.28B
3
XYZ
Block Inc
XYZ
+$1.11B
4
META icon
Meta Platforms (Facebook)
META
+$1.04B
5
COUP
Coupa Software Incorporated
COUP
+$1B

Sector Composition

Rank Sector Weight
1 Technology 37.13%
2 Consumer Discretionary 27.74%
3 Communication Services 13.11%
4 Financials 11.39%
5 Healthcare 4.72%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AMZN icon
1
Amazon
AMZN
$2.79T
$2.06B 8.43%
12,346,420
+5,124,180
+71% +$877M
SHOP icon
2
Shopify
SHOP
$192B
$1.91B 7.84%
13,896,350
-405,000
-3% -$59.2M
MA icon
3
Mastercard
MA
$509B
$1.73B 7.1%
+4,822,796
New +$1.67B
BBWI icon
4
Bath & Body Works
BBWI
$3.92B
$1.7B 6.95%
24,300,268
– –
WDAY icon
5
Workday
WDAY
$49.4B
$1.59B 6.51%
5,814,667
+840,799
+17% +$233M
MSFT icon
6
Microsoft
MSFT
$3.59T
$1.58B 6.47%
4,694,472
– –
SNAP icon
7
Snap
SNAP
$8.86B
$1.57B 6.45%
33,478,637
+10,839,980
+48% +$610M
NOW icon
8
ServiceNow
NOW
$133B
$1.3B 5.33%
10,027,930
-941,775
-9% -$124M
DASH icon
9
DoorDash
DASH
$96.8B
$1.23B 5.03%
8,252,069
+791,912
+11% +$150M
MTCH icon
10
Match Group
MTCH
$9.38B
$1.17B 4.81%
8,872,280
+1,098,413
+14% +$159M
UNH icon
11
UnitedHealth
UNH
$350B
$1.15B 4.72%
2,296,087
-709,903
-24% -$321M
V icon
12
Visa
V
$693B
$1.05B 4.29%
+4,833,625
New +$1.04B
RH icon
13
RH
RH
$2.9B
$860M 3.52%
1,603,888
+313,268
+24% +$193M
FTCH
14
DELISTED
Farfetch Limited Class A Ordinary Shares
FTCH
$817M 3.35%
24,439,933
+1,494,801
+7% +$54.9M
BEKE icon
15
KE Holdings
BEKE
$19.6B
$623M 2.55%
30,957,063
+755,277
+3% +$15.5M
ADBE icon
16
Adobe
ADBE
$109B
$620M 2.54%
1,093,713
-861,474
-44% -$538M
DDOG icon
17
Datadog
DDOG
$84.6B
$583M 2.39%
3,272,681
-1,374,036
-30% -$233M
SNOW icon
18
Snowflake
SNOW
$115B
$558M 2.29%
+1,646,640
New +$574M
VSXY
19
Victoria's Secret
VSXY
$6.79B
$455M 1.86%
8,195,810
-413,733
-5% -$21.6M
NTES icon
20
NetEase
NTES
$82.1B
$453M 1.86%
4,452,541
+3,437,153
+339% +$349M
CFLT
21
DELISTED
Confluent
CFLT
$335M 1.37%
4,398,572
+3,003,928
+215% +$217M
PVH icon
22
PVH
PVH
$3.62B
$327M 1.34%
3,065,646
-231,963
-7% -$25.4M
MQ icon
23
Marqeta
MQ
$1.7B
$300M 1.23%
4,369,199
+3,713,819
+567% +$332M
SG icon
24
Sweetgreen
SG
$832M
$146M 0.6%
+4,556,503
New +$154M
AMPL icon
25
Amplitude
AMPL
$1.66B
$99.4M 0.41%
1,877,000
+250,000
+15% +$15.8M
1
2

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Stephen Mandel's Q4 2021 Portfolio in Review

As of Q4 2021, Stephen Mandel held 44 positions worth $24.4B, down 18% from $29.7B the previous quarter. Its ten largest holdings account for 65% of the portfolio.

Stephen Mandel withdrew a net $4.57B in Q4 2021, closing 15 positions and reducing 8 holdings. Its most notable exit was Twitter, Inc., an estimated $1.3B position sold in full.

By sector, the portfolio is most concentrated in Technology at 37% of assets, up from 36% a quarter earlier, followed by Consumer Discretionary and Communication Services.

Against the trend, Stephen Mandel opened a new position in Mastercard worth $1.73B.

  • Stephen Mandel's largest Q4 2021 buy was Mastercard: 4,822,796 shares worth $1.73B.
  • Stephen Mandel added most to Amazon in Q4 2021, an estimated $877M increase.
  • Stephen Mandel's biggest Q4 2021 reduction was Block Inc, cutting an estimated $1.11B.
  • Stephen Mandel fully exited Twitter, Inc. in Q4 2021, selling an estimated $1.3B.
  • Stephen Mandel's ten largest holdings make up 65% of its $24.4B portfolio in Q4 2021.
  • Stephen Mandel opened 5 new positions and closed 15 in Q4 2021.
  • Stephen Mandel's portfolio value fell 18% quarter-over-quarter to $24.4B.

Based on Lone Pine Capital's 13F filing for Q4 2021, filed 14 Feb 2022.