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 |
Autodesk
ADSK
|
+$449M |
| 2 |
TransDigm Group
TDG
|
+$440M |
| 3 |
PayPal
PYPL
|
+$355M |
| 4 |
PTC
PTC
|
+$288M |
| 5 |
ICICI Bank
IBN
|
+$247M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
ServiceNow
NOW
|
+$615M |
| 2 |
Alphabet (Google) Class A
GOOGL
|
+$375M |
| 3 |
Meta Platforms (Facebook)
META
|
+$340M |
| 4 |
Atlassian
TEAM
|
+$303M |
| 5 |
Amazon
AMZN
|
+$290M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 31.79% |
| 2 | Consumer Discretionary | 27.23% |
| 3 | Financials | 22.58% |
| 4 | Healthcare | 8.7% |
| 5 | Communication Services | 3.73% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Workday
WDAY
$49.4B
| $764M | 7.2% |
5,019,190
| – | – |
|
|
2
Amazon
AMZN
$2.79T
| $756M | 7.12% |
6,686,898
-2,290,627
| -26% | -$290M |
|
|
3
PayPal
PYPL
$52.7B
| $714M | 6.73% |
8,294,340
+4,005,315
| +93% | +$355M |
|
4
Bath & Body Works
BBWI
$3.92B
| $673M | 6.34% |
20,630,231
-1,591,482
| -7% | -$56.1M |
|
5
Microsoft
MSFT
$3.59T
| $660M | 6.22% |
2,832,272
-649,401
| -19% | -$171M |
|
6
TSMC
TSM
$2.17T
| $659M | 6.21% |
9,608,670
+673,709
| +8% | +$55.7M |
|
7
Dick's Sporting Goods
DKS
$16.4B
| $525M | 4.94% |
5,015,154
| – | – |
|
8
UnitedHealth
UNH
$350B
| $474M | 4.47% |
939,456
+139,144
| +17% | +$73.2M |
|
9
EPAM Systems
EPAM
$5.69B
| $450M | 4.24% |
1,243,044
-23,639
| -2% | -$9.04M |
|
10
Thermo Fisher Scientific
TMO
$233B
| $449M | 4.23% |
885,326
-46,966
| -5% | -$26.3M |
|
11
Mastercard
MA
$509B
| $439M | 4.14% |
1,544,912
| – | – |
|
12
RH
RH
$2.9B
| $436M | 4.11% |
1,773,069
| – | – |
|
13
LPL Financial
LPLA
$28.5B
| $433M | 4.08% |
1,980,362
-308,789
| -13% | -$65.7M |
|
14
Booking.com
BKNG
$158B
| $417M | 3.93% |
6,339,250
+410,225
| +7% | +$30.8M |
|
|
15
Autodesk
ADSK
$53.6B
| $415M | 3.91% |
+2,221,479
| New | +$449M |
|
|
16
Meta Platforms (Facebook)
META
$1.4T
| $395M | 3.73% |
2,913,821
-2,095,810
| -42% | -$340M |
|
|
17
TransDigm Group
TDG
$66.4B
| $387M | 3.65% |
+737,523
| New | +$440M |
|
18
Visa
V
$693B
| $384M | 3.62% |
2,161,028
| – | – |
|
|
19
PTC
PTC
$16.8B
| $264M | 2.48% |
+2,519,988
| New | +$288M |
|
|
20
ICICI Bank
IBN
$107B
| $245M | 2.31% |
+11,692,652
| New | +$247M |
|
21
EQT Corp
EQT
$33.6B
| $242M | 2.28% |
5,935,782
-416,364
| -7% | -$18.1M |
|
22
HDFC Bank
HDB
$121B
| $130M | 1.22% |
+4,446,020
| New | +$137M |
|
23
Marqeta
MQ
$1.7B
| $118M | 1.11% |
4,152,457
| – | – |
|
24
Sweetgreen
SG
$832M
| $84.3M | 0.79% |
4,556,503
| – | – |
|
25
First Citizens BancShares
FCNCA
$24.7B
| $51.5M | 0.49% |
64,553
-27,081
| -30% | -$21.2M |
|
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Stephen Mandel's Q3 2022 Portfolio in Review
As of Q3 2022, Stephen Mandel held 37 positions worth $10.6B, up 0.03% from $10.6B the previous quarter. Its ten largest holdings account for 58% of the portfolio.
Stephen Mandel's Q3 2022 filing shows 7 new, 4 increased, 10 reduced and 6 closed positions. Its largest new stake was Autodesk: 2,221,479 shares worth $415M. The largest sale was ServiceNow, an estimated $615M.
By sector, the portfolio is most concentrated in Technology at 32% of assets, down from 36% a quarter earlier, followed by Consumer Discretionary and Financials.
- Stephen Mandel's largest Q3 2022 buy was Autodesk: 2,221,479 shares worth $415M.
- Stephen Mandel added most to PayPal in Q3 2022, an estimated $355M increase.
- Stephen Mandel's biggest Q3 2022 reduction was Meta Platforms (Facebook), cutting an estimated $340M.
- Stephen Mandel fully exited ServiceNow in Q3 2022, selling an estimated $615M.
- Stephen Mandel's ten largest holdings make up 58% of its $10.6B portfolio in Q3 2022.
- Stephen Mandel opened 7 new positions and closed 6 in Q3 2022.
- Stephen Mandel's portfolio value rose 0.03% quarter-over-quarter to $10.6B.
Based on Lone Pine Capital's 13F filing for Q3 2022, filed 14 Nov 2022.