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 |
Salesforce
CRM
|
+$599M |
| 2 |
Lennar Class A
LEN
|
+$507M |
| 3 |
Workday
WDAY
|
+$379M |
| 4 |
Starbucks
SBUX
|
+$348M |
| 5 |
Meta Platforms (Facebook)
META
|
+$256M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Mastercard
MA
|
+$460M |
| 2 |
Bath & Body Works
BBWI
|
+$442M |
| 3 |
McKesson
MCK
|
+$328M |
| 4 |
TSMC
TSM
|
+$305M |
| 5 |
Applovin
APP
|
+$304M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 33.52% |
| 2 | Consumer Discretionary | 17.06% |
| 3 | Communication Services | 14.65% |
| 4 | Utilities | 11.8% |
| 5 | Financials | 10.84% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Meta Platforms (Facebook)
META
$1.4T
| $1.08B | 8.08% |
1,891,337
+496,900
| +36% | +$256M |
|
2
Amazon
AMZN
$2.79T
| $1.02B | 7.62% |
5,482,267
+1,033,987
| +23% | +$189M |
|
3
Vistra
VST
$45.7B
| $807M | 6.02% |
6,806,291
-31,716
| -0.5% | -$2.69M |
|
|
4
TSMC
TSM
$2.17T
| $732M | 5.46% |
4,212,861
-1,789,337
| -30% | -$305M |
|
5
Microsoft
MSFT
$3.59T
| $712M | 5.31% |
1,655,779
-364,426
| -18% | -$156M |
|
|
6
Salesforce
CRM
$171B
| $640M | 4.77% |
+2,337,830
| New | +$599M |
|
7
Constellation Energy
CEG
$96.7B
| $623M | 4.64% |
2,394,231
+789,278
| +49% | +$157M |
|
8
KKR & Co
KKR
$97.4B
| $591M | 4.41% |
4,522,730
-1,862,776
| -29% | -$220M |
|
9
Intuit
INTU
$100B
| $572M | 4.27% |
921,361
+18,911
| +2% | +$12.1M |
|
10
Spotify
SPOT
$110B
| $572M | 4.27% |
1,552,529
-134,886
| -8% | -$44.8M |
|
|
11
Lennar Class A
LEN
$21B
| $549M | 4.09% |
+3,024,267
| New | +$507M |
|
12
Philip Morris
PM
$293B
| $544M | 4.06% |
4,480,656
-2,190,473
| -33% | -$255M |
|
|
XYZ
13
Block Inc
XYZ
$49.4B
| $515M | 3.84% |
7,670,523
| – | – |
|
14
LPL Financial
LPLA
$28.5B
| $507M | 3.78% |
2,180,137
+495,067
| +29% | +$112M |
|
15
UnitedHealth
UNH
$350B
| $481M | 3.58% |
821,880
-122,437
| -13% | -$69.3M |
|
16
PTC
PTC
$16.8B
| $460M | 3.43% |
2,548,199
| – | – |
|
17
ASML
ASML
$677B
| $459M | 3.43% |
551,313
-36,578
| -6% | -$32.7M |
|
|
18
Starbucks
SBUX
$122B
| $395M | 2.95% |
+4,050,850
| New | +$348M |
|
|
19
Workday
WDAY
$49.4B
| $392M | 2.93% |
+1,604,385
| New | +$379M |
|
20
Booking.com
BKNG
$158B
| $322M | 2.4% |
1,910,350
-719,075
| -27% | -$110M |
|
21
Ares Management
ARES
$31.9B
| $320M | 2.39% |
2,051,816
+477,053
| +30% | +$69.2M |
|
|
22
Applovin
APP
$102B
| $309M | 2.31% |
2,369,866
-3,332,572
| -58% | -$304M |
|
23
Howmet Aerospace
HWM
$108B
| $307M | 2.29% |
3,061,707
-603,614
| -16% | -$54.5M |
|
24
GE Vernova
GEV
$255B
| $295M | 2.2% |
1,156,011
-320,997
| -22% | -$61.6M |
|
|
TLN
25
Talen Energy Corp
TLN
$15.1B
| $153M | 1.14% |
+856,215
| New | +$121M |
|
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Stephen Mandel's Q3 2024 Portfolio in Review
As of Q3 2024, Stephen Mandel held 33 positions worth $13.4B, up 8.7% from $12.3B the previous quarter. Its ten largest holdings account for 55% of the portfolio.
Stephen Mandel's Q3 2024 filing shows 9 new, 6 increased, 12 reduced and 4 closed positions. Its largest new stake was Salesforce: 2,337,830 shares worth $640M. The largest sale was Mastercard, an estimated $460M.
By sector, the portfolio is most concentrated in Technology at 34% of assets, down from 34% a quarter earlier, followed by Consumer Discretionary and Communication Services.
- Stephen Mandel's largest Q3 2024 buy was Salesforce: 2,337,830 shares worth $640M.
- Stephen Mandel added most to Meta Platforms (Facebook) in Q3 2024, an estimated $256M increase.
- Stephen Mandel's biggest Q3 2024 reduction was TSMC, cutting an estimated $305M.
- Stephen Mandel fully exited Mastercard in Q3 2024, selling an estimated $460M.
- Stephen Mandel's ten largest holdings make up 55% of its $13.4B portfolio in Q3 2024.
- Stephen Mandel opened 9 new positions and closed 4 in Q3 2024.
- Stephen Mandel's portfolio value rose 8.7% quarter-over-quarter to $13.4B.
Based on Lone Pine Capital's 13F filing for Q3 2024, filed 14 Nov 2024.