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 |
Meta Platforms (Facebook)
META
|
+$837M |
| 2 |
Alphabet (Google) Class A
GOOGL
|
+$403M |
| 3 |
XYZ
Block Inc
XYZ
|
+$241M |
| 4 |
Mastercard
MA
|
+$229M |
| 5 |
SGI
Somnigroup International
SGI
|
+$212M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
RH
RH
|
+$584M |
| 2 |
Visa
V
|
+$295M |
| 3 |
Bath & Body Works
BBWI
|
+$278M |
| 4 |
NVIDIA
NVDA
|
+$271M |
| 5 |
Microsoft
MSFT
|
+$228M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 36.15% |
| 2 | Consumer Discretionary | 20.92% |
| 3 | Financials | 20.11% |
| 4 | Communication Services | 14.94% |
| 5 | Healthcare | 4.33% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Meta Platforms (Facebook)
META
$1.4T
| $834M | 8.04% |
+2,779,103
| New | +$837M |
|
2
Amazon
AMZN
$2.79T
| $695M | 6.7% |
5,464,789
+569,245
| +12% | +$76.3M |
|
|
3
Mastercard
MA
$509B
| $691M | 6.67% |
1,746,342
+569,534
| +48% | +$229M |
|
4
TSMC
TSM
$2.17T
| $678M | 6.53% |
7,800,152
+1,389,785
| +22% | +$131M |
|
|
5
Microsoft
MSFT
$3.59T
| $572M | 5.52% |
1,811,809
-690,276
| -28% | -$228M |
|
6
Workday
WDAY
$49.4B
| $554M | 5.34% |
2,579,619
| – | – |
|
7
Salesforce
CRM
$171B
| $507M | 4.89% |
2,499,630
+804,634
| +47% | +$174M |
|
8
Booking.com
BKNG
$158B
| $461M | 4.44% |
3,736,225
-1,527,525
| -29% | -$185M |
|
9
UnitedHealth
UNH
$350B
| $449M | 4.33% |
891,167
| – | – |
|
10
PTC
PTC
$16.8B
| $449M | 4.33% |
3,166,463
-1,057
| -0% | -$151K |
|
11
LPL Financial
LPLA
$28.5B
| $437M | 4.22% |
1,840,114
-162,944
| -8% | -$37.8M |
|
|
12
Alphabet (Google) Class A
GOOGL
$4.22T
| $407M | 3.93% |
+3,113,001
| New | +$403M |
|
13
KKR & Co
KKR
$97.4B
| $404M | 3.9% |
6,564,382
| – | – |
|
14
TransDigm Group
TDG
$66.4B
| $368M | 3.55% |
436,740
-146,246
| -25% | -$128M |
|
15
Dick's Sporting Goods
DKS
$16.4B
| $317M | 3.06% |
2,922,460
-343,888
| -11% | -$43.5M |
|
16
Live Nation Entertainment
LYV
$42.4B
| $308M | 2.97% |
3,713,477
-259,785
| -7% | -$22.6M |
|
|
17
Bath & Body Works
BBWI
$3.92B
| $294M | 2.84% |
8,706,401
-7,650,514
| -47% | -$278M |
|
18
ICICI Bank
IBN
$107B
| $278M | 2.68% |
12,042,263
| – | – |
|
19
BILL Holdings
BILL
$4.76B
| $276M | 2.67% |
2,546,689
+723,151
| +40% | +$82.3M |
|
20
HDFC Bank
HDB
$121B
| $274M | 2.64% |
9,287,082
+1,127,132
| +14% | +$36.7M |
|
21
EPAM Systems
EPAM
$5.69B
| $270M | 2.6% |
1,054,229
+88,641
| +9% | +$21.9M |
|
22
ASML
ASML
$677B
| $224M | 2.16% |
380,480
-80,653
| -17% | -$53.6M |
|
|
SGI
23
Somnigroup International
SGI
$13.6B
| $207M | 1.99% |
+4,771,772
| New | +$212M |
|
24
Floor & Decor
FND
$5.78B
| $196M | 1.89% |
2,160,808
-1,596,491
| -42% | -$163M |
|
|
XYZ
25
Block Inc
XYZ
$49.4B
| $172M | 1.66% |
+3,886,146
| New | +$241M |
|
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Stephen Mandel's Q3 2023 Portfolio in Review
As of Q3 2023, Stephen Mandel held 33 positions worth $10.4B, down 4.9% from $10.9B the previous quarter. Its ten largest holdings account for 57% of the portfolio.
Stephen Mandel's Q3 2023 filing shows 4 new, 7 increased, 10 reduced and 7 closed positions. Its largest new stake was Meta Platforms (Facebook): 2,779,103 shares worth $834M. The largest sale was RH, an estimated $584M.
By sector, the portfolio is most concentrated in Technology at 36% of assets, down from 37% a quarter earlier, followed by Consumer Discretionary and Financials.
- Stephen Mandel's largest Q3 2023 buy was Meta Platforms (Facebook): 2,779,103 shares worth $834M.
- Stephen Mandel added most to Mastercard in Q3 2023, an estimated $229M increase.
- Stephen Mandel's biggest Q3 2023 reduction was Bath & Body Works, cutting an estimated $278M.
- Stephen Mandel fully exited RH in Q3 2023, selling an estimated $584M.
- Stephen Mandel's ten largest holdings make up 57% of its $10.4B portfolio in Q3 2023.
- Stephen Mandel opened 4 new positions and closed 7 in Q3 2023.
- Stephen Mandel's portfolio value fell 4.9% quarter-over-quarter to $10.4B.
Based on Lone Pine Capital's 13F filing for Q3 2023, filed 14 Nov 2023.