"Tracking Lone Pine Capital Portfolio – Q2 2023 Update"
"….….….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  filed on 8/14/2023. Please visit our  article for an idea on their investment philosophy and our  for the fund’s moves during Q1 2023.This quarter, Lone Pine’s 13F portfolio value increased from $10.80B to $10.91B. The number of holdings remained steady at 29. The top three positions are at ~19% while the top five are ~30% of the 13F assets: Microsoft, Taiwan Semi, Amazon, Bath & Body Works, and RH Inc.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 .New Stakes:Live Nation (LYV) and Nvidia Corp (NVDA): LYV is a 3.32% of the portfolio position purchased this quarter at prices between $x and $x and the stock currently trades at $x. The 2.49% NVDA stake was purchased at prices between $x and $x and it is now at $x.Stake Disposals:Advanced Micro Devices (AMD): AMD was a 2.57% of the portfolio stake established during Q4 2022 at prices between ~$56 and ~$78 and the stock currently trades at ~$x. There was a ~28% selling last quarter at prices between ~$62 and ~$100. The disposal this quarter was at prices between $x and $x.Valaris Limited (VAL): The 1.15% VAL stake was established in the last two quarters at prices between ~$49 and ~$79 and it is now at $x. The elimination this quarter was at prices between $x and $x.Stake Decreases:Microsoft Corporation (MSFT): MSFT is now a large (top three) position at 7.81% 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 ~$315. The next quarter saw a ~23% stake increase while last quarter there was a similar reduction. The stock is now at ~$x. There was a minor ~7% trimming this quarter.Taiwan Semi (TSM): TSM is a large (top three) ~6% of the portfolio position purchased in Q1 2022 at prices between ~$99 and ~$141 and the stock currently trades at ~$x. The three quarters through Q4 2022 saw a ~30% stake increase at prices between ~$60 and ~$105. The last two quarters saw a ~$x% selling at prices between ~$x and ~$x.Amazon.com (AMZN): AMZN is currently at 5.85% 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 the last two quarters saw a $x% reduction at prices between ~$x and ~$x. The stock is now at ~$x.Bath & Body Works (BBWI) previously L Brands: BBWI is currently at 5.62% of the portfolio. It was purchased in Q1 2020 at prices between ~$9 and ~$25 and it is now at $x. There was a ~$x% selling in the last five quarters.Note: Lone Pine Capital has a ~9% ownership stake in Bath & Body Works. 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) last July.Workday Inc. (WDAY): WDAY is currently at 5.34% of the portfolio. It was established in 2021 at prices between ~$221 and ~$301 and it is now at ~$x. The last six quarters saw a ~$x% reduction at prices between ~$x and ~$x.TransDigm Group (TDG): The 4.78% TDG position was purchased during Q3 2022 at prices between ~$525 and ~$677 and it is now at ~$x. There was a ~17% trimming this quarter.Dick’s Sporting Goods (DKS): The ~4% DKS stake was purchased during H1 2022 at prices between ~$71 and ~$118 and the stock currently trades at ~$x. There was a ~30% reduction this quarter at prices between $x and $x.Note: They have a ~5.3% ownership stake in the business.Salesforce.com (CRM): CRM is a 3.28% of the portfolio stake established during the last two quarters at prices between ~$128 and ~$200. The stock currently trades at ~$x. This quarter saw a ~17% trimming.Visa (V): The 2.70% of the portfolio V position was established during Q4 2021 at prices between ~$190 and ~$234 and it is now at ~$x. The stake was reduced by ~55% during H1 2022 at prices between ~$189 and ~$235. That was followed with a ~30% selling last quarter at prices between ~$207 and ~$231. There was a ~16% trimming this quarter.Stake Increases:Booking Holdings (BKNG): The 5.21% BKNG position was purchased in Q2 2022 at prices between ~$1749 and ~$2375 and it is now at ~$x. The last two quarters saw a ~20% trimming while this quarter saw a minor ~3% increase.Mastercard (MA): MA is a 4.24% of the portfolio position purchased during Q4 2021 at prices between ~$306 and ~$370 and the stock currently trades at ~$x. The position was reduced by ~70% during H1 2022 at prices between ~$309 and ~$397. That was followed with a one-third reduction in the last two quarters at prices between ~$283 and ~$382. There was a ~12% increase this quarter.PTC Inc. (PTC): PTC is a ~4% of the portfolio position purchased during Q3 2022 at prices between ~$100 and ~$126 and the stock currently trades at ~$x.LPL Financial Holdings (LPLA),: LPL is a ~4% of the portfolio stake established during Q2 2022 at prices between ~$168 and ~$219 and the stock currently trades at ~$x. The last four quarters have seen only minor adjustments.Floor & Décor Holdings (FND): The 3.58% FND stake was purchased during the last three quarters at prices between ~$x and ~$x and it is now at ~$x.HDFC Bank (HDB): HDB is a 2.61% of the portfolio position purchased during H2 2022 at prices between ~$55 and ~$71 and it now goes for ~$x. There was a ~35% increase this quarter at prices between $x and $x.Kept Steady:RH Inc. (RH): The 5.36% of the portfolio RH stake was purchased in Q2 2021 at prices between ~$588 and ~$720. Next quarter saw a ~25% stake increase at prices between ~$652 and ~$739. Q4 2021 saw a similar increase at prices between ~$527 and ~$690. H1 2022 also saw a ~12% further increase. The stock is now at ~$x.Note: Lone Pine Capital has a ~7.4% ownership interest in RH Inc.UnitedHealth Group (UNH): The 3.93% 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 last quarter saw a ~16% selling. The stock is now at ~$477.KKR & Company (KKR) and Bill Holdings (BILL): KKR is a 3.37% of the portfolio position purchased last quarter at prices between $46.70 and $59.10 and the stock currently trades at $x. The 1.95% BILL stake was established last quarter at prices between ~$68 and ~$129 and it now goes for ~$x.ASML Holding NV (ASML): ASML is a 2.91% of the portfolio position established during the last two quarters at prices between ~$379 and ~$697 and it currently trades at ~$x.ICICI Bank (IBN): The 2.55% of the portfolio IBN stake was established during Q3 2022 at prices between ~$18 and ~$23 and it is now at $x.AvidXchange Holdings (AVDX), Cheniere Energy (LNG), EPAM Systems (EPAM), Marqeta Inc. (MQ), Moderna (MRNA), and Sweetgreen Inc. (SG): These small (less than ~2% of the portfolio each) positions were kept steady this quarter.The spreadsheet below highlights changes to Mandel’s 13F stock holdings in Q2 2023:Source: John Vincent. Data constructed from Lone Pine Capital’s 13F filings for Q1 2023 and Q2 2023.Regulatory filings from 3/13/2023 to 5/25/2023: None."