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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
+21.47%
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
$11.6B
AUM Growth
+$1.19B
Cap. Flow
-$687M
Cap. Flow %
-5.95%
Top 10 Hldgs %
56.24%
Holding
30
New
4
Increased
6
Reduced
6
Closed
5

Top Buys

Rank Stock Value
1
INTU icon
Intuit
INTU
+$413M
2
PM icon
Philip Morris
PM
+$277M
3
GE icon
GE Aerospace
GE
+$244M
4
BX icon
Blackstone
BX
+$240M
5
XYZ
Block Inc
XYZ
+$154M

Top Sells

Rank Stock Value
1
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$407M
2
TDG icon
TransDigm Group
TDG
+$368M
3
BILL icon
BILL Holdings
BILL
+$276M
4
MA icon
Mastercard
MA
+$259M
5
WDAY icon
Workday
WDAY
+$246M

Sector Composition

Rank Sector Weight
1 Technology 40.34%
2 Financials 19.84%
3 Consumer Discretionary 19.48%
4 Communication Services 11.51%
5 Healthcare 4.06%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
META icon
1
Meta Platforms (Facebook)
META
$1.4T
$1.02B 8.8%
2,873,728
+94,625
+3% +$30.8M
AMZN icon
2
Amazon
AMZN
$2.79T
$830M 7.18%
5,464,789
– –
TSM icon
3
TSMC
TSM
$2.17T
$723M 6.25%
6,947,924
-852,228
-11% -$81.3M
MSFT icon
4
Microsoft
MSFT
$3.59T
$681M 5.89%
1,811,809
– –
CRM icon
5
Salesforce
CRM
$171B
$658M 5.69%
2,499,630
– –
PTC icon
6
PTC
PTC
$16.8B
$554M 4.79%
3,166,463
– –
BKNG icon
7
Booking.com
BKNG
$158B
$541M 4.68%
3,812,525
+76,300
+2% +$9.52M
KKR icon
8
KKR & Co
KKR
$97.4B
$516M 4.46%
6,226,064
-338,318
-5% -$22.9M
XYZ
9
Block Inc
XYZ
$49.4B
$511M 4.42%
6,606,269
+2,720,123
+70% +$154M
MA icon
10
Mastercard
MA
$509B
$469M 4.06%
1,100,790
-645,552
-37% -$259M
UNH icon
11
UnitedHealth
UNH
$350B
$469M 4.06%
891,167
– –
INTU icon
12
Intuit
INTU
$100B
$468M 4.05%
+748,527
New +$413M
BBWI icon
13
Bath & Body Works
BBWI
$3.92B
$451M 3.9%
10,448,872
+1,742,471
+20% +$58.9M
DKS icon
14
Dick's Sporting Goods
DKS
$16.4B
$430M 3.72%
2,922,910
+450
+0% +$54.7K
WDAY icon
15
Workday
WDAY
$49.4B
$427M 3.7%
1,547,870
-1,031,749
-40% -$246M
LPLA icon
16
LPL Financial
LPLA
$28.5B
$419M 3.62%
1,840,114
– –
ASML icon
17
ASML
ASML
$677B
$325M 2.81%
429,798
+49,318
+13% +$32.6M
LYV icon
18
Live Nation Entertainment
LYV
$42.4B
$313M 2.71%
3,345,296
-368,181
-10% -$31.7M
HDB icon
19
HDFC Bank
HDB
$121B
$312M 2.7%
9,287,082
– –
BX icon
20
Blackstone
BX
$108B
$291M 2.51%
+2,219,023
New +$240M
IBN icon
21
ICICI Bank
IBN
$107B
$287M 2.48%
12,042,263
– –
PM icon
22
Philip Morris
PM
$293B
$283M 2.45%
+3,005,791
New +$277M
GE icon
23
GE Aerospace
GE
$361B
$269M 2.32%
+2,636,168
New +$244M
EPAM icon
24
EPAM Systems
EPAM
$5.69B
$253M 2.19%
850,260
-203,969
-19% -$51.8M
AVDX
25
DELISTED
AvidXchange
AVDX
$62.9M 0.54%
5,080,632
– –
1
2

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Stephen Mandel's Q4 2023 Portfolio in Review

As of Q4 2023, Stephen Mandel held 30 positions worth $11.6B, up 11% from $10.4B the previous quarter. Its ten largest holdings account for 56% of the portfolio.

Stephen Mandel withdrew a net $687M in Q4 2023, closing 5 positions and reducing 6 holdings. Its most notable exit was Alphabet (Google) Class A, an estimated $407M position sold in full.

By sector, the portfolio is most concentrated in Technology at 40% of assets, up from 36% a quarter earlier, followed by Financials and Consumer Discretionary.

Against the trend, Stephen Mandel opened a new position in Intuit worth $468M.

  • Stephen Mandel's largest Q4 2023 buy was Intuit: 748,527 shares worth $468M.
  • Stephen Mandel added most to Block Inc in Q4 2023, an estimated $154M increase.
  • Stephen Mandel's biggest Q4 2023 reduction was Mastercard, cutting an estimated $259M.
  • Stephen Mandel fully exited Alphabet (Google) Class A in Q4 2023, selling an estimated $407M.
  • Stephen Mandel's ten largest holdings make up 56% of its $11.6B portfolio in Q4 2023.
  • Stephen Mandel opened 4 new positions and closed 5 in Q4 2023.
  • Stephen Mandel's portfolio value rose 11% quarter-over-quarter to $11.6B.

Based on Lone Pine Capital's 13F filing for Q4 2023, filed 14 Feb 2024.