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 |
Booking.com
BKNG
|
+$506M |
| 2 |
LPL Financial
LPLA
|
+$435M |
| 3 |
Alphabet (Google) Class A
GOOGL
|
+$405M |
| 4 |
EPAM Systems
EPAM
|
+$387M |
| 5 |
PayPal
PYPL
|
+$372M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Match Group
MTCH
|
+$674M |
| 2 |
Snap
SNAP
|
+$664M |
| 3 |
DoorDash
DASH
|
+$534M |
| 4 |
Datadog
DDOG
|
+$449M |
| 5 |
Shopify
SHOP
|
+$441M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 35.99% |
| 2 | Consumer Discretionary | 26.15% |
| 3 | Financials | 15.97% |
| 4 | Communication Services | 11.15% |
| 5 | Healthcare | 8.65% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Amazon
AMZN
$2.79T
| $954M | 8.99% |
8,977,525
+61,565
| +0.7% | +$7.7M |
|
2
Microsoft
MSFT
$3.59T
| $894M | 8.43% |
3,481,673
-1,515,416
| -30% | -$411M |
|
3
Meta Platforms (Facebook)
META
$1.4T
| $808M | 7.61% |
5,009,631
+1,347,566
| +37% | +$260M |
|
4
TSMC
TSM
$2.17T
| $730M | 6.88% |
8,934,961
+953,547
| +12% | +$88.2M |
|
5
Workday
WDAY
$49.4B
| $701M | 6.6% |
5,019,190
-103,322
| -2% | -$18.8M |
|
6
ServiceNow
NOW
$133B
| $615M | 5.79% |
6,461,995
-3,433,745
| -35% | -$327M |
|
7
Bath & Body Works
BBWI
$3.92B
| $598M | 5.64% |
22,221,713
| – | – |
|
8
Thermo Fisher Scientific
TMO
$233B
| $506M | 4.77% |
932,292
+411,583
| +79% | +$227M |
|
9
Mastercard
MA
$509B
| $487M | 4.59% |
1,544,912
-874,248
| -36% | -$301M |
|
10
Visa
V
$693B
| $425M | 4.01% |
2,161,028
-1,281,353
| -37% | -$265M |
|
|
11
LPL Financial
LPLA
$28.5B
| $422M | 3.98% |
+2,289,151
| New | +$435M |
|
|
12
Booking.com
BKNG
$158B
| $415M | 3.91% |
+5,929,025
| New | +$506M |
|
13
UnitedHealth
UNH
$350B
| $411M | 3.87% |
800,312
-65,266
| -8% | -$32.8M |
|
14
Dick's Sporting Goods
DKS
$16.4B
| $378M | 3.56% |
5,015,154
+1,283,498
| +34% | +$114M |
|
15
RH
RH
$2.9B
| $376M | 3.55% |
1,773,069
+63,876
| +4% | +$19M |
|
|
16
Alphabet (Google) Class A
GOOGL
$4.22T
| $375M | 3.53% |
+3,439,820
| New | +$405M |
|
|
17
EPAM Systems
EPAM
$5.69B
| $373M | 3.52% |
+1,266,683
| New | +$387M |
|
18
Atlassian
TEAM
$43.5B
| $303M | 2.86% |
1,619,172
+218,148
| +16% | +$46.6M |
|
|
19
PayPal
PYPL
$52.7B
| $300M | 2.82% |
+4,289,025
| New | +$372M |
|
20
EQT Corp
EQT
$33.6B
| $219M | 2.06% |
+6,352,146
| New | +$262M |
|
21
Marqeta
MQ
$1.7B
| $135M | 1.27% |
4,152,457
| – | – |
|
22
First Citizens BancShares
FCNCA
$24.7B
| $59.9M | 0.56% |
91,634
| – | – |
|
23
Sweetgreen
SG
$832M
| $53.1M | 0.5% |
4,556,503
| – | – |
|
|
AVDX
24
DELISTED
AvidXchange
AVDX
| $31.2M | 0.29% |
5,080,632
| – | – |
|
25
Fair Isaac
FICO
$25.3B
| $17.1M | 0.16% |
+42,616
| New | +$16.8M |
|
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Stephen Mandel's Q2 2022 Portfolio in Review
As of Q2 2022, Stephen Mandel held 38 positions worth $10.6B, down 37% from $16.8B the previous quarter. Its ten largest holdings account for 63% of the portfolio.
Stephen Mandel withdrew a net $2.41B in Q2 2022, closing 8 positions and reducing 9 holdings. Its most notable exit was Match Group, an estimated $674M position sold in full.
By sector, the portfolio is most concentrated in Technology at 36% of assets, down from 44% a quarter earlier, followed by Consumer Discretionary and Financials.
Against the trend, Stephen Mandel opened a new position in Booking.com worth $415M.
- Stephen Mandel's largest Q2 2022 buy was Booking.com: 5,929,025 shares worth $415M.
- Stephen Mandel added most to Meta Platforms (Facebook) in Q2 2022, an estimated $260M increase.
- Stephen Mandel's biggest Q2 2022 reduction was Shopify, cutting an estimated $441M.
- Stephen Mandel fully exited Match Group in Q2 2022, selling an estimated $674M.
- Stephen Mandel's ten largest holdings make up 63% of its $10.6B portfolio in Q2 2022.
- Stephen Mandel opened 8 new positions and closed 8 in Q2 2022.
- Stephen Mandel's portfolio value fell 37% quarter-over-quarter to $10.6B.
Based on Lone Pine Capital's 13F filing for Q2 2022, filed 15 Aug 2022.