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 |
Amazon
AMZN
|
+$292M |
| 2 |
Advanced Micro Devices
AMD
|
+$258M |
| 3 |
Moderna
MRNA
|
+$221M |
| 4 |
Microsoft
MSFT
|
+$159M |
| 5 |
Floor & Decor
FND
|
+$133M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
PayPal
PYPL
|
+$714M |
| 2 |
Autodesk
ADSK
|
+$415M |
| 3 |
Meta Platforms (Facebook)
META
|
+$395M |
| 4 |
EQT Corp
EQT
|
+$242M |
| 5 |
EPAM Systems
EPAM
|
+$218M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 33.61% |
| 2 | Consumer Discretionary | 32.14% |
| 3 | Financials | 18.36% |
| 4 | Healthcare | 10.79% |
| 5 | Industrials | 4.68% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Bath & Body Works
BBWI
$3.92B
| $869M | 8.3% |
20,630,231
| – | – |
|
|
2
Microsoft
MSFT
$3.59T
| $838M | 8% |
3,495,275
+663,003
| +23% | +$159M |
|
|
3
Amazon
AMZN
$2.79T
| $810M | 7.73% |
9,642,597
+2,955,699
| +44% | +$292M |
|
4
Workday
WDAY
$49.4B
| $781M | 7.46% |
4,670,402
-348,788
| -7% | -$54.4M |
|
5
TSMC
TSM
$2.17T
| $774M | 7.39% |
10,391,400
+782,730
| +8% | +$56.6M |
|
6
Dick's Sporting Goods
DKS
$16.4B
| $603M | 5.76% |
5,015,154
| – | – |
|
7
UnitedHealth
UNH
$350B
| $564M | 5.38% |
1,063,600
+124,144
| +13% | +$65.8M |
|
8
TransDigm Group
TDG
$66.4B
| $488M | 4.66% |
775,690
+38,167
| +5% | +$22.5M |
|
9
RH
RH
$2.9B
| $474M | 4.52% |
1,773,069
| – | – |
|
10
Mastercard
MA
$509B
| $468M | 4.47% |
1,346,712
-198,200
| -13% | -$65.2M |
|
11
Booking.com
BKNG
$158B
| $444M | 4.24% |
5,509,375
-829,875
| -13% | -$63M |
|
12
LPL Financial
LPLA
$28.5B
| $434M | 4.14% |
2,007,322
+26,960
| +1% | +$6.3M |
|
13
Visa
V
$693B
| $433M | 4.13% |
2,083,747
-77,281
| -4% | -$15.6M |
|
14
Thermo Fisher Scientific
TMO
$233B
| $324M | 3.09% |
587,696
-297,630
| -34% | -$158M |
|
15
PTC
PTC
$16.8B
| $322M | 3.07% |
2,681,447
+161,459
| +6% | +$19.3M |
|
16
ICICI Bank
IBN
$107B
| $256M | 2.44% |
11,692,652
| – | – |
|
|
17
Advanced Micro Devices
AMD
$773B
| $253M | 2.42% |
+3,910,268
| New | +$258M |
|
|
18
Moderna
MRNA
$57.9B
| $243M | 2.32% |
+1,352,518
| New | +$221M |
|
19
HDFC Bank
HDB
$121B
| $199M | 1.9% |
5,805,172
+1,359,152
| +31% | +$44.1M |
|
|
20
EPAM Systems
EPAM
$5.69B
| $198M | 1.89% |
602,860
-640,184
| -52% | -$218M |
|
21
First Citizens BancShares
FCNCA
$24.7B
| $133M | 1.27% |
175,642
+111,089
| +172% | +$89.5M |
|
22
ASML
ASML
$677B
| $129M | 1.23% |
+236,190
| New | +$124M |
|
|
23
Floor & Decor
FND
$5.78B
| $127M | 1.21% |
+1,826,188
| New | +$133M |
|
24
Marqeta
MQ
$1.7B
| $101M | 0.97% |
4,152,457
| – | – |
|
25
Salesforce
CRM
$171B
| $72.8M | 0.69% |
+549,003
| New | +$80.1M |
|
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Stephen Mandel's Q4 2022 Portfolio in Review
As of Q4 2022, Stephen Mandel held 38 positions worth $10.5B, down 1.3% from $10.6B the previous quarter. Its ten largest holdings account for 64% of the portfolio.
Stephen Mandel withdrew a net $732M in Q4 2022, closing 8 positions and reducing 7 holdings. Its most notable exit was PayPal, an estimated $714M position sold in full.
By sector, the portfolio is most concentrated in Technology at 34% of assets, up from 32% a quarter earlier, followed by Consumer Discretionary and Financials.
Against the trend, Stephen Mandel opened a new position in Advanced Micro Devices worth $253M.
- Stephen Mandel's largest Q4 2022 buy was Advanced Micro Devices: 3,910,268 shares worth $253M.
- Stephen Mandel added most to Amazon in Q4 2022, an estimated $292M increase.
- Stephen Mandel's biggest Q4 2022 reduction was EPAM Systems, cutting an estimated $218M.
- Stephen Mandel fully exited PayPal in Q4 2022, selling an estimated $714M.
- Stephen Mandel's ten largest holdings make up 64% of its $10.5B portfolio in Q4 2022.
- Stephen Mandel opened 7 new positions and closed 8 in Q4 2022.
- Stephen Mandel's portfolio value fell 1.3% quarter-over-quarter to $10.5B.
Based on Lone Pine Capital's 13F filing for Q4 2022, filed 14 Feb 2023.