This article is part of a series that provides an ongoing analysis of the changes made to Lone Pine Capital’s 13F portfolio on a quarterly basis. It is based on their regulatory 13F Form filed on 2/14/2024. Please visit our Tracking Stephen Mandel’s Lone Pine Capital Portfolio article for an idea on their investment philosophy and our previous update for the fund’s moves during Q3 2023.
This quarter, Lone Pine’s 13F portfolio value increased from $10.37B to $11.56B. The number of holdings decreased from 26 to 25. The top three positions are at ~22% while the top five are ~34% of the 13F assets: Meta Platforms, Amazon, Taiwan Semi, Microsoft, and Salesforce.
Note: Stephen Mandel stepped down from managing investments at Lone Pine Capital in January 2019 in a previously announced (September 2017) move. He is currently a managing director at the firm. Stephen Mandel worked at Tiger Management under Julian Robertson for eight years starting in the late 1980s, making him a bona fide tiger cub. To know more about Julian Robertson and his legendary Tiger Management, check out Julian Robertson: A Tiger in the Land of Bulls and Bears.
New Stakes:
Intuit Inc. (INTU): INTU is a ~4% of the portfolio stake established this quarter at prices between ~$479 and ~$629 and the stock currently trades above that range at ~$640.
Blackstone (BX), Philip Morris Intl. (PM), and General Electric (GE): BX is a 2.51% of the portfolio stake purchased this quarter at prices between ~$90 and ~$133 and the stock currently trades at ~$128. The 2.45% PM position was established at prices between ~$87 and ~$96 and it is now at $90.38. GE is a 2.32% of the portfolio stake purchased this quarter at prices between ~$106 and ~$128 and the stock is now well above that range at ~$174.
Stake Disposals:
Alphabet (GOOG): The ~4% GOOG position was purchased in the last quarter at prices between ~$117 and ~$139. The elimination this quarter was at prices between ~$123 and ~$143. The stock currently trades at ~$152.
TransDigm Group (TDG): The 3.55% TDG position was purchased during Q3 2022 at prices between ~$525 and ~$677. The stake was decreased by 25% in the last quarter at prices between ~$813 and ~$882. The disposal this quarter was at prices between ~$812 and ~$1013. The stock is now at ~$1223.
BILL Holdings (BILL): The 2.67% BILL stake was established during Q1 2023 at prices between ~$68 and ~$129. The position was increased by 40% in the last quarter at prices between ~$98 and ~$136. The stake was sold this quarter at prices between ~$56 and ~$116. It now goes for $66.43.
Tempur Sealy (TPX): TPX is a small ~2% of the portfolio position established in the last quarter at prices between ~$39 and ~$47. It was disposed this quarter at prices between ~$36.50 and ~$51.50. It is now at $56.07.
Floor & Decor Holdings (FND): The 1.89% FND stake was purchased during the three quarters through Q2 2023 at prices between ~$65 and ~$104. The stake was decreased by 42% in the last quarter at prices between ~$90 and ~$115. The elimination this quarter was at prices between ~$77 and ~$116. It is now at ~$128.
Stake Increases:
Meta Platforms (META): META is the largest 13F position in the portfolio at 8.8%. It was established in the last quarter at prices between ~$283 and ~$326 and the stock currently trades well above that range at ~$496. There was a minor ~3% stake increase this quarter.
Booking Holdings (BKNG): The 4.68% BKNG position was purchased in Q2 2022 at prices between ~$1749 and ~$2375. The two quarters through Q1 2023 saw a ~20% trimming while the next quarter saw a minor ~3% increase. The stake was decreased by 29% in the last quarter at prices between ~$2633 and ~$3243. The stock is now at ~$3661. There was a minor ~2% stake increase this quarter.
Block Inc. (SQ): The 4.42% SQ stake was purchased in the last quarter at prices between ~$44 and ~$81. There was a ~70% stake increase this quarter at prices between ~$39 and ~$80. The stock currently trades just above their purchase price ranges at $83.80.
Bath & Body Works (BBWI): BBWI is currently at 3.90% of the portfolio. It was purchased in Q1 2020 at prices between ~$9 and ~$25. There was a ~26% selling in the five quarters through Q2 2023. That was followed by a ~47% reduction in the last quarter at prices between ~$31.50 and ~$39. This quarter saw a ~20% stake increase at prices between ~$28 and ~$45. It is now at ~$48.
Note 1: Their implied cost-basis is understated in the prices above as ~$14 per share in value came back to them with the Victoria’s Secret spinoff transaction (one share of VSCO for every three shares held) in July 2021.
Note 2: They have a ~4.6% ownership stake in the business.
DICK’S Sporting Goods (DKS): The 3.72% DKS stake was purchased during H1 2022 at prices between ~$71 and ~$118. There was a ~30% reduction during Q2 2023 at prices between ~$122 and ~$149. That was followed by a ~11% trimming in the last quarter. The stock currently trades at ~$219. There was a marginal increase this quarter.
Note: They have a ~5% ownership stake in the business.
ASML Holding NV (ASML): ASML is a 2.81% of the portfolio position established during H1 2023 at prices between ~$379 and ~$697 and it currently trades at ~$971. There was a ~17% trimming in the last quarter while this quarter saw a ~13% stake increase.
Stake Decreases:
Taiwan Semi (TSM): TSM is a large (top five) 6.25% of the portfolio position purchased in Q1 2022 at prices between ~$99 and ~$141. The three quarters through Q4 2022 saw a ~30% stake increase at prices between ~$60 and ~$105. H1 2023 saw a ~40% selling at prices between ~$74 and ~$107 while in the last quarter there was a ~22% stake increase at prices between ~$84 and ~$105. The stock currently trades at ~$139. This quarter saw a ~11% trimming.
KKR & Company (KKR): KKR is a 4.46% of the portfolio position purchased during Q1 2023 at prices between $46.70 and $59.10 and the stock currently trades at ~$101. There was a ~5% trimming this quarter.
Mastercard (MA): MA is a ~4% of the portfolio position purchased during Q4 2021 at prices between ~$306 and ~$370. The position was reduced by ~70% during H1 2022 at prices between ~$309 and ~$397. That was followed by a one-third reduction during H1 2023 at prices between ~$283 and ~$382. The last quarter saw a ~50% stake increase at prices between ~$388 and ~$417 while this quarter saw the position sold down by ~35% at prices between ~$365 and ~$426. The stock currently trades at ~$477.
Workday Inc. (WDAY): WDAY is currently at 3.70% of the portfolio. It was established in 2021 at prices between ~$221 and ~$301. The six quarters through Q2 2023 saw a ~55% reduction at prices between ~$133 and ~$244. That was followed by a ~40% selling this quarter at prices between ~$205 and ~$279. The stock is now at ~$277.
Live Nation (LYV): LYV is a 2.71% of the portfolio position purchased during Q2 2023 at prices between ~$65 and ~$92. The stock currently trades at ~$104. There was a ~18% trimming in the last two quarters.
EPAM Systems (EPAM): The 2.19% EPAM stake saw a ~20% reduction this quarter.
Kept Steady:
Amazon (AMZN): AMZN is currently the second largest position at 7.18% of the portfolio. It was established in Q4 2017 at prices between ~$48 and ~$60. The position has wavered. Recent activity follows. The position was reduced by ~30% in Q1 2022 at prices between ~$136 and ~$170. That was followed with a ~25% selling during Q3 2022 at prices between ~$106 and ~$145. The next quarter saw a ~45% stake increase at prices between ~$82 and ~$121 while H1 2023 saw a ~50% reduction at prices between ~$83 and ~$130. The stock is now at ~$178. The last quarter saw a ~12% stake increase.
Microsoft Corporation (MSFT): MSFT is now at 5.89% of the portfolio. It was established in Q2 2017 at prices between $65 and $72.50. The stake has wavered. Recent activity follows. The two quarters through Q3 2022 saw a ~43% reduction at prices between ~$233 and ~$315. The next quarter saw a ~23% stake increase while in Q1 2023 there was a similar reduction. The stake was decreased by 28% in the last quarter at prices between ~$312 and ~$358. The stock is now at ~$422.
Salesforce (CRM): CRM is a 5.69% of the portfolio stake established during the two quarters through Q1 2023 at prices between ~$128 and ~$200. The next quarter saw a ~17% trimming while in the last quarter there was a ~47% stake increase at prices between ~$203 and ~$234. The stock currently trades at ~$306.
PTC Inc. (PTC): PTC is a 4.79% of the portfolio position purchased during Q3 2022 at prices between ~$100 and ~$126 and the stock currently trades at ~$190.
UnitedHealth Group (UNH): The ~4% UNH stake was established in Q2 2017 at prices between $164 and $187 and increased by ~160% the following quarter at prices between $185 and $200. The position has wavered. Recent activity follows. H2 2022 saw a one-third stake increase at prices between ~$500 and ~$555 while the next quarter saw a ~16% selling. The stock is now at ~$492.
LPL Financial Holdings (LPLA): LPL is a 3.62% of the portfolio stake established during Q2 2022 at prices between ~$168 and ~$219 and the stock currently trades at ~$260. There was a ~8% trimming last quarter.
HDFC Bank (HDB): HDB is a 2.70% of the portfolio position purchased during H2 2022 at prices between ~$55 and ~$71. There was a ~35% stake increase during Q2 2023 at prices between ~$64 and ~$71. That was followed by a ~14% increase in the last quarter. It now goes for $54.53.
ICICI Bank (IBN): The 2.48% of the portfolio IBN stake was established during Q3 2022 at prices between ~$18 and ~$23 and it is now at $25.90.
AvidXchange Holdings (AVDX): The very small 0.54% stake in AVDX was kept steady this quarter.
The spreadsheet below highlights changes to Mandel’s 13F stock holdings in Q4 2023:
Stephen Mandel – Lone Pine Capital – Q4 2023 13F Report Q/Q Comparison (John Vincent (author))
Source: John Vincent. Data constructed from Lone Pine Capital’s 13F filings for Q3 2023 and Q4 2023.
Editor’s Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.
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