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 |
Eli Lilly
LLY
|
+$648M |
| 2 |
Capital One
COF
|
+$560M |
| 3 |
Flutter Entertainment
FLUT
|
+$483M |
| 4 |
Philip Morris
PM
|
+$251M |
| 5 |
Starbucks
SBUX
|
+$235M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
UnitedHealth
UNH
|
+$481M |
| 2 |
Amazon
AMZN
|
+$346M |
| 3 |
Applovin
APP
|
+$325M |
| 4 |
Booking.com
BKNG
|
+$322M |
| 5 |
XYZ
Block Inc
XYZ
|
+$320M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 30.96% |
| 2 | Consumer Discretionary | 15.97% |
| 3 | Financials | 15.82% |
| 4 | Communication Services | 14.5% |
| 5 | Utilities | 10% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Meta Platforms (Facebook)
META
$1.4T
| $1.19B | 8.86% |
2,036,930
+145,593
| +8% | +$85.5M |
|
|
2
Amazon
AMZN
$2.79T
| $831M | 6.17% |
3,789,034
-1,693,233
| -31% | -$346M |
|
|
3
Philip Morris
PM
$293B
| $778M | 5.78% |
6,468,372
+1,987,716
| +44% | +$251M |
|
4
TSMC
TSM
$2.17T
| $743M | 5.52% |
3,760,444
-452,417
| -11% | -$87.6M |
|
5
Vistra
VST
$45.7B
| $738M | 5.48% |
5,352,965
-1,453,326
| -21% | -$202M |
|
6
Intuit
INTU
$100B
| $727M | 5.4% |
1,156,762
+235,401
| +26% | +$150M |
|
7
Microsoft
MSFT
$3.59T
| $691M | 5.13% |
1,639,697
-16,082
| -1% | -$6.85M |
|
8
LPL Financial
LPLA
$28.5B
| $628M | 4.66% |
1,922,748
-257,389
| -12% | -$76.1M |
|
|
9
Eli Lilly
LLY
$1.12T
| $604M | 4.49% |
+782,860
| New | +$648M |
|
10
KKR & Co
KKR
$97.4B
| $599M | 4.45% |
4,048,143
-474,587
| -10% | -$69.6M |
|
|
11
Starbucks
SBUX
$122B
| $591M | 4.39% |
6,475,057
+2,424,207
| +60% | +$235M |
|
|
12
Capital One
COF
$134B
| $577M | 4.29% |
+3,235,823
| New | +$560M |
|
13
Salesforce
CRM
$171B
| $523M | 3.89% |
1,565,193
-772,637
| -33% | -$247M |
|
|
14
Flutter Entertainment
FLUT
$17.8B
| $494M | 3.67% |
+1,912,519
| New | +$483M |
|
15
PTC
PTC
$16.8B
| $428M | 3.18% |
2,326,231
-221,968
| -9% | -$42.1M |
|
16
Spotify
SPOT
$110B
| $409M | 3.04% |
913,564
-638,965
| -41% | -$274M |
|
17
Workday
WDAY
$49.4B
| $398M | 2.96% |
1,543,464
-60,921
| -4% | -$15.6M |
|
18
Constellation Energy
CEG
$96.7B
| $389M | 2.89% |
1,737,526
-656,705
| -27% | -$164M |
|
|
19
Applovin
APP
$102B
| $351M | 2.61% |
1,085,113
-1,284,753
| -54% | -$325M |
|
20
Howmet Aerospace
HWM
$108B
| $335M | 2.49% |
3,061,707
| – | – |
|
|
XYZ
21
Block Inc
XYZ
$49.4B
| $320M | 2.38% |
3,765,793
-3,904,730
| -51% | -$320M |
|
22
ASML
ASML
$677B
| $306M | 2.27% |
441,766
-109,547
| -20% | -$78.7M |
|
23
Ares Management
ARES
$31.9B
| $297M | 2.2% |
1,677,043
-374,773
| -18% | -$63.9M |
|
24
Lennar Class A
LEN
$21B
| $234M | 1.74% |
1,774,594
-1,249,673
| -41% | -$203M |
|
|
TLN
25
Talen Energy Corp
TLN
$15.1B
| $219M | 1.63% |
1,089,380
+233,165
| +27% | +$45.5M |
|
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Stephen Mandel's Q4 2024 Portfolio in Review
As of Q4 2024, Stephen Mandel held 33 positions worth $13.5B, up 0.45% from $13.4B the previous quarter. Its ten largest holdings account for 56% of the portfolio.
Stephen Mandel withdrew a net $1.17B in Q4 2024, closing 3 positions and reducing 19 holdings. Its most notable exit was UnitedHealth, an estimated $481M position sold in full.
By sector, the portfolio is most concentrated in Technology at 31% of assets, down from 34% a quarter earlier, followed by Consumer Discretionary and Financials.
Against the trend, Stephen Mandel opened a new position in Eli Lilly worth $604M.
- Stephen Mandel's largest Q4 2024 buy was Eli Lilly: 782,860 shares worth $604M.
- Stephen Mandel added most to Philip Morris in Q4 2024, an estimated $251M increase.
- Stephen Mandel's biggest Q4 2024 reduction was Amazon, cutting an estimated $346M.
- Stephen Mandel fully exited UnitedHealth in Q4 2024, selling an estimated $481M.
- Stephen Mandel's ten largest holdings make up 56% of its $13.5B portfolio in Q4 2024.
- Stephen Mandel opened 4 new positions and closed 3 in Q4 2024.
- Stephen Mandel's portfolio value rose 0.45% quarter-over-quarter to $13.5B.
Based on Lone Pine Capital's 13F filing for Q4 2024, filed 14 Feb 2025.