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 |
UnitedHealth
UNH
|
+$463M |
| 2 |
Howmet Aerospace
HWM
|
+$278M |
| 3 |
GE Vernova
GEV
|
+$234M |
| 4 |
Ares Management
ARES
|
+$215M |
| 5 |
Mastercard
MA
|
+$165M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Salesforce
CRM
|
+$723M |
| 2 |
Workday
WDAY
|
+$386M |
| 3 |
Meta Platforms (Facebook)
META
|
+$361M |
| 4 |
Live Nation Entertainment
LYV
|
+$340M |
| 5 |
Dick's Sporting Goods
DKS
|
+$270M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 33.74% |
| 2 | Financials | 14.7% |
| 3 | Consumer Discretionary | 13.94% |
| 4 | Communication Services | 13.85% |
| 5 | Utilities | 7.38% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
TSMC
TSM
$2.17T
| $1.04B | 8.46% |
6,002,198
-170,326
| -3% | -$25.8M |
|
2
Microsoft
MSFT
$3.59T
| $903M | 7.32% |
2,020,205
+90,287
| +5% | +$38.1M |
|
3
Amazon
AMZN
$2.79T
| $860M | 6.97% |
4,448,280
-45,201
| -1% | -$8.3M |
|
|
4
Meta Platforms (Facebook)
META
$1.4T
| $703M | 5.7% |
1,394,437
-743,380
| -35% | -$361M |
|
5
Philip Morris
PM
$293B
| $676M | 5.48% |
6,671,129
| – | – |
|
6
KKR & Co
KKR
$97.4B
| $672M | 5.45% |
6,385,506
-606,614
| -9% | -$61.8M |
|
7
ASML
ASML
$677B
| $601M | 4.88% |
587,891
+93,851
| +19% | +$90.2M |
|
8
Intuit
INTU
$100B
| $593M | 4.81% |
902,450
| – | – |
|
9
Vistra
VST
$45.7B
| $588M | 4.77% |
6,838,007
+425,126
| +7% | +$35.6M |
|
10
Spotify
SPOT
$110B
| $529M | 4.29% |
1,687,415
| – | – |
|
|
XYZ
11
Block Inc
XYZ
$49.4B
| $495M | 4.01% |
7,670,523
+934,588
| +14% | +$65.4M |
|
|
12
UnitedHealth
UNH
$350B
| $481M | 3.9% |
+944,317
| New | +$463M |
|
13
Applovin
APP
$102B
| $475M | 3.85% |
5,702,438
+382,767
| +7% | +$29.7M |
|
14
LPL Financial
LPLA
$28.5B
| $471M | 3.82% |
1,685,070
| – | – |
|
15
PTC
PTC
$16.8B
| $463M | 3.75% |
2,548,199
-419,759
| -14% | -$75.1M |
|
|
16
Mastercard
MA
$509B
| $460M | 3.73% |
1,043,557
+363,133
| +53% | +$165M |
|
17
Bath & Body Works
BBWI
$3.92B
| $442M | 3.58% |
11,315,515
+1,547,399
| +16% | +$71M |
|
18
Booking.com
BKNG
$158B
| $417M | 3.38% |
2,629,425
+22,075
| +0.8% | +$3.27M |
|
19
McKesson
MCK
$100B
| $328M | 2.66% |
560,936
| – | – |
|
20
Constellation Energy
CEG
$96.7B
| $321M | 2.61% |
1,604,953
+728,992
| +83% | +$149M |
|
|
21
Howmet Aerospace
HWM
$108B
| $285M | 2.31% |
+3,665,321
| New | +$278M |
|
|
22
GE Vernova
GEV
$255B
| $253M | 2.05% |
+1,477,008
| New | +$234M |
|
|
23
Ares Management
ARES
$31.9B
| $210M | 1.7% |
+1,574,763
| New | +$215M |
|
|
AVDX
24
DELISTED
AvidXchange
AVDX
| $61.2M | 0.5% |
5,078,341
-2,291
| -0% | -$26.2K |
|
|
25
Salesforce
CRM
$171B
| – | – |
-2,400,267
| Closed | -$723M |
|
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Stephen Mandel's Q2 2024 Portfolio in Review
As of Q2 2024, Stephen Mandel held 30 positions worth $12.3B, down 2.7% from $12.7B the previous quarter. Its ten largest holdings account for 58% of the portfolio.
Stephen Mandel withdrew a net $926M in Q2 2024, closing 6 positions and reducing 6 holdings. Its most notable exit was Salesforce, an estimated $723M position sold in full.
By sector, the portfolio is most concentrated in Technology at 34% of assets, down from 42% a quarter earlier, followed by Financials and Consumer Discretionary.
Against the trend, Stephen Mandel opened a new position in UnitedHealth worth $481M.
- Stephen Mandel's largest Q2 2024 buy was UnitedHealth: 944,317 shares worth $481M.
- Stephen Mandel added most to Mastercard in Q2 2024, an estimated $165M increase.
- Stephen Mandel's biggest Q2 2024 reduction was Meta Platforms (Facebook), cutting an estimated $361M.
- Stephen Mandel fully exited Salesforce in Q2 2024, selling an estimated $723M.
- Stephen Mandel's ten largest holdings make up 58% of its $12.3B portfolio in Q2 2024.
- Stephen Mandel opened 4 new positions and closed 6 in Q2 2024.
- Stephen Mandel's portfolio value fell 2.7% quarter-over-quarter to $12.3B.
Based on Lone Pine Capital's 13F filing for Q2 2024, filed 14 Aug 2024.