"Tracking Stephen Mandel’s Lone Pine Capital Portfolio – Q4 2017 Update"
"Stephen Mandel’s 13F portfolio value decreased from $20.57B to $19.16B. The number of positions increased from 30 to 31.Lone Pine Capital added Amazon.com, CSX, and Alphabet while dropping Comcast & Intercontinental Exchange.The top positions are Constellation Brands, Alibaba Group Holdings, and Activision Blizzard and they add up to ~17% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Stephen Mandel’s 13F portfolio on a quarterly basis. It is based on Mandel’s regulatory  filed on 02/14/2018. Please visit our  article for an idea on his investment philosophy and our  for the fund’s moves during Q3 2017.This quarter, Mandel’s 13F portfolio value decreased ~7% from $20.57B to $19.16B. The number of holdings increased from 30 to 31. The top three positions are at ~17% while the top five are at ~27% of the 13F assets: Constellation Brands, Alibaba Group Holdings, Activision Blizzard, Adobe Systems, and Iqvia Holdings.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 .New Stakes:Amazon.com (AMZN): AMZN is a fairly large ~5% of the portfolio stake established this quarter at prices between $957 and $1196. The stock is now well above that range at $1500.CSX Corporation (CSX), Alphabet Inc. (GOOG), Blackrock Inc. (BLK), and Transdigm Group (TDG): These are medium-sized positions purchased this quarter. The 3.27% CSX stake was established at prices between $48.50 and $58 and the stock currently trades at $55.84. GOOG is a 3.26% portfolio position purchased at prices between $952 and $1077 and it is now at $1127. The ~3% BLK stake was established at prices between $447 and $519 and it currently goes for $550. The ~2% TDG position was purchased at prices between $256 and $285 and it is now at $298.Note: CSX is back in the portfolio after a quarter’s gap. A 2.86% CSX stake was purchased in Q1 2017 at prices between $36 and $50. The following quarter saw a ~28% reduction at prices between $46 and $55. It was eliminated last quarter was at prices between $48 and $55.Agilent Technologies (A) and Sea Limited ADR (SE): These are very small (less than ~1% of the portfolio each) stakes established this quarter.Stake Disposals:Comcast Corporation (CMCSA): CMCSA was a large ~6% portfolio position as of last quarter. It was established in Q1 2017 at prices between $34.50 and $38.50 and increased by ~50% the following quarter at prices between $37 and $42. There was another ~60% increase last quarter at prices between $37 and $42. The disposal this quarter was at prices between $35 and $41. The stock is currently at $39.50.Expedia Inc. (EXPE): EXPE was a 3.26% position established in Q3 2016 at prices between $106 and $119 and reduced by ~40% the following quarter at prices between $113 and $132. There was another ~50% selling in Q1 2017 at prices between $112 and $131. There was an about turn in Q2 2017: stake doubled at prices between $125 and $154. This quarter saw the position sold out at prices between $117 and $153. The stock is now at $106.Intercontinental Exchange (ICE): ICE was a ~3% of the portfolio stake purchased in Q2 2017 at prices between $58 and $66 and increased by ~38% last quarter at prices between $64 and $69. The disposal this quarter was at prices between $65 and $72. The stock is currently at $72.48.T-Mobile US (TMUS): TMUS was a small 1.37% position established in Q1 2017 at prices between $56.50 and $65 and increased by ~20% the following quarter at prices between $60 and $68. There was a ~36% reduction last quarter at prices between $59.50 and $65.50 and elimination this quarter was at prices between $55 and $64.50. It is now at $60.06.Advance Auto Parts (AAP) and Vantiv Inc. (VNTV): These two very small (less than ~1% of the portfolio each) stakes were disposed this quarter.Stake Decreases:Constellation Brands (STZ): STZ is a top-three ~6% stake established in Q3 2015 at prices between $115 and $131. The following three quarters had seen a combined ~40% increase at prices between $125 and $164. Q3 2016 saw an about turn: ~17% sold at prices between $161 and $168. The next two quarters saw a one-third increase at prices between $145 and $171. The stock is now at ~$217. There was a roughly one-third reduction this quarter at prices between $199 and $229.Alibaba Group Holdings (BABA): The large (top three) 5.71% BABA stake was established in Q3 2016 at prices between $78.50 and $110 and increased by ~50% the following quarter at prices between $86.50 and $108. There was another ~30% increase in Q1 2017 at prices between $88.50 and $110. Q2 2017 also saw a ~18% increase at prices between $107 and $144. There was a ~25% reduction last quarter at prices between $141 and $180 and that was followed with a similar reduction this quarter at prices between $169 and $191. The stock is now at $193. Mandel is harvesting gains.Activision Blizzard (ATVI): The top three 5.66% ATVI position was purchased in Q2 2016 at prices between $33 and $39 and built over the next three quarters at prices between $35.50 and $50. The stock is now at $72.07. There was a ~30% reduction over the last three quarters at prices between $48.50 and $67.Note: ATVI had a previous round-trip: a ~2% position was established in H2 2015 and disposed in Q1 2016.Iqvia Holdings (IQV) previously Quintiles IMS: The ~5% Q stake was purchased in Q1 2017 at prices between $75 and $82.50 and increased by ~70% the following quarter at prices between $78 and $91. The stock is now at $99.78. There was marginal trimming this quarter.Microsoft Corporation (MSFT): MSFT is a ~4% portfolio stake established in Q2 2017 at prices between $65 and $72.50 and increased by ~17% last quarter. The stock is now at $94.06. There was a ~15% trimming this quarter at prices between $74 and $87.Note: MSFT has had a previous round-trip: It was a large (top five) 4.93% of the portfolio position in Q4 2016. The bulk of the position was from H1 2015 at prices between $40 and $48. The five quarters thru Q3 2016 had seen a combined ~50% selling at prices between $43 and $58. The elimination in Q1 2017 happened at prices between $62 and $66.UnitedHealth Group (UNH): The ~4% UNH stake was established in Q2 2017 at prices between $164 and $187 and increased by ~160% last quarter at prices between $185 and $200. The stock is now above those ranges at $230. There was a ~17% trimming this quarter at prices between $192 and $228.Facebook Inc. (FB): The ~4% FB stake was purchased in Q3 2014 at prices between $66 and $79. Q1 2015 saw the original stake reduced by ~40% at prices between $74 and $84. There was a ~45% selling in Q3 2016 at prices between $114 and $131 and that was followed with a ~14% trimming in Q1 2017 at prices between $117 and $143. The following quarter saw a ~20% stake increase at prices between $139 and $155 while last quarter there was a similar reduction at prices between $148 and $174. The stock currently trades at ~$183. There was another ~13% selling this quarter.Note: FB has seen a previous presence in the portfolio. Around 11M shares were purchased in Q4 2012 at prices between $19 and $29. The stake was disposed of in 2013 and early 2014 at much higher prices realizing huge gains.Broadcom Ltd (AVGO): The 3.30% AVGO stake was purchased in Q3 2016 at prices between $150 and $178 and increased by just over one-third the following quarter at prices between $163 and $182. There was a ~50% stake increase in Q1 2017 at prices between $174 and $227. This quarter saw an about turn: ~50% selling at prices between $239 and $285. The stock currently trades at $254.Charter Communications (CHTR) & Calls: The ~3% CHTR position is the largest stake in the portfolio. It was first purchased in Q3 2014 at prices between $152 and $164. Q2 2015 saw a whopping ~150% increase at prices between $168 and $193. Q4 2015 saw an about turn: ~50% reduction at prices between $175 and $193. The stock is currently at $365. Q1 2017 saw a ~20% increase at prices between $286 and $333 while the following quarter saw a similar reduction at prices between $313 and $353. There was another ~60% selling this quarter at prices between $316 and $371. Mandel is harvesting gains.TransUnion (TRU), ServiceNow Inc. (NOW), and Salesforce.com (CRM): These positions established in Q2 2017 saw substantial increases last quarter but were reduced this quarter. The ~3% TRU position was purchased at prices between $38 and $49.50. The stock is now at $58.45. There was a ~14% trimming this quarter. NOW is a ~3% stake established at prices between $84.50 and $118. This quarter saw a ~22% reduction at prices between $113 and $131. It now goes for $160. The 2.60% CRM position was purchased at prices between $82 and $98 and reduced by ~22% this quarter at prices between $93 and $109. The stock currently trades at $115.Note: Lone Pine Capital has a 5.8% ownership stake in TransUnion.MasterCard Inc. (MA): MA is a 2.66% of the portfolio stake established in Q2 2017 at prices between $111 and $126 and it is now at $176. There was a ~25% reduction this quarter at prices between $141 and $154.Note: MA has seen a previous roundtrip: a ~2% stake was established in Q3 2013 at prices between $59 and $69 and increased by ~30% the following quarter at prices between $67 and $83. The last three quarters of 2014 saw a huge ~200% increase at prices between $69 and $89. 2015 saw a combined ~70% reduction at prices between $82 and $102. Q1 2016 saw a ~18% further reduction at prices between $80.50 and $97.50 and the disposal in Q3 2016 was at prices between $87 and $102.Equinix Inc. (EQIX): EQIX is a 2.66% portfolio stake. It is a long-term position first purchased in 2010. The position has wavered. Recent activity follows: there was a ~25% further selling in Q1 2017 at prices between $359 and $400. The stock is now at ~$395. There was a ~11% trimming in Q2 2017 and a similar reduction this quarter. Mandel is periodically harvesting huge long-term gains.Mercadolibre Inc. (MELI) and Wynn Resorts (WYNN): These two positions purchased last quarter were reduced this quarter. The 2.53% MELI position was purchased at prices between $233 and $292 and the stock is now at $387. There was a ~6% trimming this quarter. WYNN is a 1.12% position purchased at prices between $125 and $149 and reduced by ~50% this quarter at prices between $140 and $170. The stock is now at $167.Grupo Televisa (TV): The ~2% TV position was established in Q3 2016 at prices between $24 and $28. There was a ~36% increase in Q1 2017 at prices between $20 and $27. The stock is now well below those ranges at $18.07. There was a ~4% trimming this quarter.Note: Lone Pine Capital has a 4.1% ownership stake in Grupo Televisa.Stake Increases:Adobe Systems (ADBE): ADBE is a large (top five) 5.30% of the US long portfolio position. It was first purchased in Q1 2014 and almost doubled the following quarter at prices between $60 and $73. 2015 saw that original stake reduced by two-thirds at prices between $73 and $96. Q1 2016 saw an about turn: ~26% increase at prices between $74 and $94. The stock currently trades at ~$210. There was a ~20% reduction in Q2 2017 at prices between $129 and $145. This quarter saw an about turn: ~50% increase at prices between $148 and $185.Priceline Group (PCLN): PCLN is a large ~5% portfolio position established last quarter at prices between $1790 and $2049 and increased by roughly one-third this quarter at prices between $1646 and $1942. The stock currently trades at $1907.Anheuser Busch Inbev (BUD), Electronic Arts (EA), and PayPal Holdings (PYPL): These three positions established last quarter saw large increases this quarter. BUD was a very small stake purchased last quarter and built up to a ~3% portfolio position this quarter at prices between $110 and $126. The stock is now just below that range at $107. The ~4% EA position was purchased at prices between $105 and $122 and increased by ~75% this quarter at prices between $101 and $120. It is now at $127. PYPL is a 3.65% position established at prices between $53 and $65 and increased by ~40% this quarter at prices between $64 and $79. it currently goes for $79.69.Kept Steady:FleetCor Technologies (FLT): The FLT stake is from 2013 and the cost-basis is much lower compared to the current price. Last year had seen a roughly one-third reduction at prices between $117 and $174 while last quarter saw a ~46% increase at prices between $131 and $151. There was another about turn this quarter: ~90% reduction at prices between $139 and $155. It currently trades at ~$206 and the stake is now very small at 0.81% of the portfolio.iPath S&P 500 VIX ETN (VXX): The minutely small 0.04% stake was kept steady this quarter.The spreadsheet below highlights changes to Mandel’s US stock holdings in Q4 2017:Regulatory Filings thru 11/22/2017: 13G – 11/6 – TV – 5.5M shares – 6.4% of business."