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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
+12.08%
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
$10.9B
AUM Growth
+$108M
Cap. Flow
-$844M
Cap. Flow %
-7.73%
Top 10 Hldgs %
54.27%
Holding
31
New
2
Increased
6
Reduced
9
Closed
2

Top Buys

Rank Stock Value
1
LYV icon
Live Nation Entertainment
LYV
+$310M
2
NVDA icon
NVIDIA
NVDA
+$213M
3
HDB icon
HDFC Bank
HDB
+$73.5M
4
FND icon
Floor & Decor
FND
+$70.1M
5
PTC icon
PTC
PTC
+$64.4M

Top Sells

Rank Stock Value
1
WDAY icon
Workday
WDAY
+$338M
2
AMD icon
Advanced Micro Devices
AMD
+$278M
3
AMZN icon
Amazon
AMZN
+$195M
4
DKS icon
Dick's Sporting Goods
DKS
+$178M
5
TSM icon
TSMC
TSM
+$165M

Sector Composition

Rank Sector Weight
1 Technology 36.69%
2 Consumer Discretionary 30.11%
3 Financials 19.46%
4 Healthcare 5.63%
5 Industrials 4.78%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
MSFT icon
1
Microsoft
MSFT
$3.59T
$852M 7.81%
2,502,085
-177,147
-7% -$55.5M
TSM icon
2
TSMC
TSM
$2.17T
$647M 5.93%
6,410,367
-1,773,563
-22% -$165M
AMZN icon
3
Amazon
AMZN
$2.79T
$638M 5.85%
4,895,544
-1,709,767
-26% -$195M
BBWI icon
4
Bath & Body Works
BBWI
$3.92B
$613M 5.62%
16,356,915
-3,209,020
-16% -$117M
RH icon
5
RH
RH
$2.9B
$584M 5.36%
1,773,069
– –
WDAY icon
6
Workday
WDAY
$49.4B
$583M 5.34%
2,579,619
-1,687,141
-40% -$338M
BKNG icon
7
Booking.com
BKNG
$158B
$569M 5.21%
5,263,750
+148,750
+3% +$15.7M
TDG icon
8
TransDigm Group
TDG
$66.4B
$521M 4.78%
582,986
-115,862
-17% -$91.6M
MA icon
9
Mastercard
MA
$509B
$463M 4.24%
1,176,808
+127,799
+12% +$48M
PTC icon
10
PTC
PTC
$16.8B
$451M 4.13%
3,167,520
+486,073
+18% +$64.4M
LPLA icon
11
LPL Financial
LPLA
$28.5B
$436M 3.99%
2,003,058
+143,417
+8% +$28.7M
DKS icon
12
Dick's Sporting Goods
DKS
$16.4B
$432M 3.96%
3,266,348
-1,299,678
-28% -$178M
UNH icon
13
UnitedHealth
UNH
$350B
$428M 3.93%
891,167
– –
FND icon
14
Floor & Decor
FND
$5.78B
$391M 3.58%
3,757,299
+732,562
+24% +$70.1M
KKR icon
15
KKR & Co
KKR
$97.4B
$368M 3.37%
6,564,382
– –
LYV icon
16
Live Nation Entertainment
LYV
$42.4B
$362M 3.32%
+3,973,262
New +$310M
CRM icon
17
Salesforce
CRM
$171B
$358M 3.28%
1,694,996
-340,300
-17% -$69.5M
ASML icon
18
ASML
ASML
$677B
$334M 3.06%
461,133
– –
V icon
19
Visa
V
$693B
$295M 2.7%
1,241,941
-241,029
-16% -$55.2M
HDB icon
20
HDFC Bank
HDB
$121B
$284M 2.61%
8,159,950
+2,178,852
+36% +$73.5M
IBN icon
21
ICICI Bank
IBN
$107B
$278M 2.55%
12,042,263
– –
NVDA icon
22
NVIDIA
NVDA
$5.2T
$271M 2.49%
+6,416,490
New +$213M
EPAM icon
23
EPAM Systems
EPAM
$5.69B
$217M 1.99%
965,588
– –
BILL icon
24
BILL Holdings
BILL
$4.76B
$213M 1.95%
1,823,538
– –
MRNA icon
25
Moderna
MRNA
$57.9B
$186M 1.7%
1,529,618
– –
1
2

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Stephen Mandel's Q2 2023 Portfolio in Review

As of Q2 2023, Stephen Mandel held 31 positions worth $10.9B, up 1% from $10.8B the previous quarter. Its ten largest holdings account for 54% of the portfolio.

Stephen Mandel withdrew a net $844M in Q2 2023, closing 2 positions and reducing 9 holdings. Its most notable exit was Advanced Micro Devices, an estimated $278M position sold in full.

By sector, the portfolio is most concentrated in Technology at 37% of assets, down from 39% a quarter earlier, followed by Consumer Discretionary and Financials.

Against the trend, Stephen Mandel opened a new position in Live Nation Entertainment worth $362M.

  • Stephen Mandel's largest Q2 2023 buy was Live Nation Entertainment: 3,973,262 shares worth $362M.
  • Stephen Mandel added most to HDFC Bank in Q2 2023, an estimated $73.5M increase.
  • Stephen Mandel's biggest Q2 2023 reduction was Workday, cutting an estimated $338M.
  • Stephen Mandel fully exited Advanced Micro Devices in Q2 2023, selling an estimated $278M.
  • Stephen Mandel's ten largest holdings make up 54% of its $10.9B portfolio in Q2 2023.
  • Stephen Mandel opened 2 new positions and closed 2 in Q2 2023.
  • Stephen Mandel's portfolio value rose 1% quarter-over-quarter to $10.9B.

Based on Lone Pine Capital's 13F filing for Q2 2023, filed 14 Aug 2023.