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 |
Spotify
SPOT
|
+$396M |
| 2 |
Philip Morris
PM
|
+$338M |
| 3 |
Vistra
VST
|
+$317M |
| 4 |
McKesson
MCK
|
+$285M |
| 5 |
Applovin
APP
|
+$282M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
UnitedHealth
UNH
|
+$469M |
| 2 |
Meta Platforms (Facebook)
META
|
+$328M |
| 3 |
HDFC Bank
HDB
|
+$312M |
| 4 |
Dick's Sporting Goods
DKS
|
+$294M |
| 5 |
Blackstone
BX
|
+$291M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 41.67% |
| 2 | Communication Services | 17.3% |
| 3 | Consumer Discretionary | 15.37% |
| 4 | Financials | 13.66% |
| 5 | Consumer Staples | 4.82% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Meta Platforms (Facebook)
META
$1.4T
| $1.04B | 8.19% |
2,137,817
-735,911
| -26% | -$328M |
|
2
TSMC
TSM
$2.17T
| $840M | 6.63% |
6,172,524
-775,400
| -11% | -$96.3M |
|
3
Microsoft
MSFT
$3.59T
| $812M | 6.41% |
1,929,918
+118,109
| +7% | +$47.8M |
|
4
Amazon
AMZN
$2.79T
| $811M | 6.4% |
4,493,481
-971,308
| -18% | -$162M |
|
5
Salesforce
CRM
$171B
| $723M | 5.71% |
2,400,267
-99,363
| -4% | -$28.7M |
|
6
KKR & Co
KKR
$97.4B
| $703M | 5.55% |
6,992,120
+766,056
| +12% | +$70.5M |
|
|
7
Philip Morris
PM
$293B
| $611M | 4.82% |
6,671,129
+3,665,338
| +122% | +$338M |
|
8
Intuit
INTU
$100B
| $587M | 4.63% |
902,450
+153,923
| +21% | +$98.3M |
|
|
XYZ
9
Block Inc
XYZ
$49.4B
| $570M | 4.5% |
6,735,935
+129,666
| +2% | +$9.38M |
|
10
PTC
PTC
$16.8B
| $561M | 4.43% |
2,967,958
-198,505
| -6% | -$35.8M |
|
11
Bath & Body Works
BBWI
$3.92B
| $489M | 3.86% |
9,768,116
-680,756
| -7% | -$30.6M |
|
12
ASML
ASML
$677B
| $479M | 3.78% |
494,040
+64,242
| +15% | +$57M |
|
|
13
Vistra
VST
$45.7B
| $447M | 3.52% |
+6,412,881
| New | +$317M |
|
|
14
Spotify
SPOT
$110B
| $445M | 3.51% |
+1,687,415
| New | +$396M |
|
15
LPL Financial
LPLA
$28.5B
| $445M | 3.51% |
1,685,070
-155,044
| -8% | -$39.1M |
|
16
Workday
WDAY
$49.4B
| $386M | 3.05% |
1,414,824
-133,046
| -9% | -$37.9M |
|
17
Booking.com
BKNG
$158B
| $378M | 2.99% |
2,607,350
-1,205,175
| -32% | -$172M |
|
|
18
Applovin
APP
$102B
| $368M | 2.91% |
+5,319,671
| New | +$282M |
|
19
Live Nation Entertainment
LYV
$42.4B
| $340M | 2.69% |
3,217,551
-127,745
| -4% | -$12.1M |
|
20
Mastercard
MA
$509B
| $328M | 2.59% |
680,424
-420,366
| -38% | -$192M |
|
|
21
McKesson
MCK
$100B
| $301M | 2.38% |
+560,936
| New | +$285M |
|
|
22
Dick's Sporting Goods
DKS
$16.4B
| $270M | 2.13% |
1,198,897
-1,724,013
| -59% | -$294M |
|
23
EPAM Systems
EPAM
$5.69B
| $257M | 2.03% |
929,917
+79,657
| +9% | +$23.4M |
|
24
ICICI Bank
IBN
$107B
| $255M | 2.01% |
9,642,665
-2,399,598
| -20% | -$59.9M |
|
25
Constellation Energy
CEG
$96.7B
| $162M | 1.28% |
+875,961
| New | +$124M |
|
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Stephen Mandel's Q1 2024 Portfolio in Review
As of Q1 2024, Stephen Mandel held 30 positions worth $12.7B, up 9.6% from $11.6B the previous quarter. Its ten largest holdings account for 57% of the portfolio.
Stephen Mandel withdrew a net $780M in Q1 2024, closing 4 positions and reducing 13 holdings. Its most notable exit was UnitedHealth, an estimated $469M position sold in full.
By sector, the portfolio is most concentrated in Technology at 42% of assets, up from 40% a quarter earlier, followed by Communication Services and Consumer Discretionary.
Against the trend, Stephen Mandel opened a new position in Spotify worth $445M.
- Stephen Mandel's largest Q1 2024 buy was Spotify: 1,687,415 shares worth $445M.
- Stephen Mandel added most to Philip Morris in Q1 2024, an estimated $338M increase.
- Stephen Mandel's biggest Q1 2024 reduction was Meta Platforms (Facebook), cutting an estimated $328M.
- Stephen Mandel fully exited UnitedHealth in Q1 2024, selling an estimated $469M.
- Stephen Mandel's ten largest holdings make up 57% of its $12.7B portfolio in Q1 2024.
- Stephen Mandel opened 5 new positions and closed 4 in Q1 2024.
- Stephen Mandel's portfolio value rose 9.6% quarter-over-quarter to $12.7B.
Based on Lone Pine Capital's 13F filing for Q1 2024, filed 15 May 2024.