"Tracking Stephen Mandel’s Lone Pine Capital Portfolio – Q1 2019 Update"
"Stephen Mandel’s 13F portfolio value increased ~16% from $14.77B to $17.11B. The number of positions increased from 25 to 29.Lone Pine Capital added S&P Global, Union Pacific, and Alphabet while dropping Activision Blizzard and PayPal Holdings.The top three positions are Adobe Systems, Amazon.com, and Iqvia Holdings. They add up to ~20% 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 05/15/2019. Please visit our  article for an idea on his investment philosophy and our  for the fund’s moves during Q4 2018.This quarter, Mandel’s 13F portfolio value increased ~16% from $14.77B to $17.11B. The number of holdings increased from 25 to 29. The top three positions are at ~20% while the top five are at one-third of the 13F assets: Adobe Systems, Amazon.com, Iqvia Holdings, Microsoft, and Alibaba Group 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:S&P Global Inc. (SPGI): SPGI is a medium-sized 3.80% of the portfolio position established this quarter at prices between $164 and $210. The stock currently trades well above that range at ~$225.Union Pacific (UNP): The 3.24% UNP stake was purchased at prices between $133 and $171 and it is now just above that range at ~$172.Note: UNP is back in the portfolio after a quarter’s gap. A 2.70% of the portfolio position was purchased in Q3 2018 at prices between $138 and $165 and eliminated last quarter at prices between $128 and $165.Alphabet Inc. (GOOG): GOOG is a ~3% of the portfolio position established this quarter at prices between $1016 and $1232 and the stock is now at ~$1066.Note: GOOG is back in the portfolio after a quarter’s gap. It was a 5.47% portfolio position purchased in Q4 2017 at prices between $952 and $1077. The stake was increased by ~36% next quarter at prices between $1100 and $1270.  The position was sold last quarter at prices between $976 and $1203.D R Horton Inc. (DHI): DHI is a small 1.59% of the portfolio position purchased this quarter at prices between $35 and $42.50.  The stock currently trades above that range at $45.60.World Wrestling Entertainment (WWE), Square Inc. (SQ), and Shopify Inc. (SHOP): These minutely small (less than ~0.1% of the portfolio each) stakes were established during the quarter.Note: Regulatory filings since the quarter ended show them owning 2.26M shares (5.1% of business) of World Wrestling Entertainment. This is compared to 157K shares in the 13F Report.Stake Disposals:Activision Blizzard (ATVI): The fairly large 4.94% 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 entire stake was disposed this quarter at prices between $40 and $51.  The stock is now at $45.38.Note: ATVI had a previous round-trip: a ~2% position was established in H2 2015 and disposed in Q1 2016.PayPal Holdings (PYPL): PYPL was a 3.28% position established in Q3 2017 at prices between $53 and $65 and increased by ~40% the following quarter at prices between $64 and $79. Q2 2018 saw an about turn: ~40% selling at prices between $71.50 and $86. Last two quarters had also seen minor selling. The elimination this quarter was at prices between $82 and $104. The stock is now at ~$114.Nio Inc. (NIO): NIO was a minutely small 0.14% of the portfolio stake disposed during the quarter.Stake Decreases:Adobe Systems (ADBE): ADBE is currently the largest 13F position at ~7% of the portfolio. 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. The position has since wavered. Recent activity follow: Q4 2017 saw a ~50% increase at prices between $148 and $185 while next quarter there was a ~20% reduction at prices between $212 and $258. Q3 2018 saw a similar increase at prices between $242 and $275. The stock currently trades at ~$278. There was a ~5% trimming last quarter and that was followed with a ~12% selling this quarter.Amazon.com (AMZN): AMZN is now a top three 6.78% of the portfolio stake. It was established in Q4 2017 at prices between $957 and $1196. There was a ~25% selling in Q1 2018 at prices between $1189 and $1598 and that was followed with a ~40% reduction over the next two quarters at prices between $1372 and $1751. Last quarter saw the position doubled at prices between $1344 and $2004. The stock is now at ~$1804. There was a ~12% trimming this quarter.Microsoft Corporation (MSFT): MSFT is currently the fourth-largest 13F position at 6.23% of the portfolio. It was established in Q2 2017 at prices between $65 and $72.50. There was a ~15% trimming in Q4 2017 at prices between $74 and $87 while next quarter saw a ~26% increase at prices between $85 and $97. The stock is now at ~$131. Last two quarters have seen a one-third selling at prices between $94 and $120.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.Alibaba Group Holdings (BABA): BABA is a large (top five) ~6% of the portfolio stake 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 ~50% increase in H1 2017 at prices between $88.50 and $144. Next quarter saw a reversal: ~45% selling at prices between $141 and $191. The stock is now at ~$154. Q3 2018 saw a ~50% increase at prices between $156 and $198 while last quarter there was a ~36% selling at prices between $131 and $164. This quarter also saw a ~9% trimming.Constellation Brands (STZ): STZ is a large ~5% 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. The position has wavered. Recent activity follow: Last quarter saw a ~20% increase at prices between $157 and $229 while this quarter there was a ~4% trimming. The stock is now at ~$188.Facebook Inc. (FB): The 4.72% FB stake was first purchased in Q3 2014 at prices between $66 and $79. The position has wavered. Recent activity follow: Q1 2018 saw a~75% stake increase at prices between $152 and $193 while next quarter there was a ~56% reduction at prices between $155 and $202. Last two quarters had seen a stake doubling at prices between $124 and $218 while this quarter there was a ~27% selling at prices between $131 and $173. The stock is now at ~$173.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 in 2013 and early 2014 at much higher prices realizing huge gains.Canadian Pacific Railway (CP): The 4.25% CP stake was established in Q2 2018 at prices between $173 and $195 and increased by ~35% next quarter at prices between $178 and $216. It currently trades at ~$234. Last two quarters have seen a combined ~20% selling at prices between $168 and $223.Booking Holdings (BKNG), MasterCard (MA), and Autodesk Inc. (ADSK): These medium-sized positions established last quarter were reduced this quarter. BKNG is a 3.28% of the portfolio stake purchased at prices between $1617 and $1998 and the stock currently trades at $1778. There was a ~9% trimming this quarter. The 3.84% MA position was established at prices between $175 and $224 and it is now well above that range at ~$266. This quarter saw a ~5% trimming. ADSK is a 3.13% portfolio stake purchased at prices between $118 and $156 and it currently trades above that at ~$165. There was a ~10% trimming this quarter.Note: Booking Holdings has seen a previous roundtrip. It was a large 5.69% portfolio position established in Q3 2017 at prices between $1790 and $2049 and increased by roughly one-third the following quarter at prices between $1646 and $1942. The position was disposed in Q3 2018 at prices between $1825 and $2087.CSX Corporation (CSX): The 3.50% CSX stake was established in Q4 2017 at prices between $48.50 and $58 and increased by ~17% next quarter at prices between $50.50 and $59.50. The stock is now at ~$78.  Q3 2018 saw a ~30% selling at prices between $64 and $76 while last quarter there was a marginal increase. This quarter saw a ~17% reduction at prices between $61 and $77.Note: CSX has had a previous roundtrip. 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. The remaining stake was eliminated next quarter at prices between $48 and $55.TransUnion (TRU): The 2.51% TRU position was purchased in Q2 2017 at prices between $38 and $49.50. The stock is now well above that range at $69.58. Q2 2018 saw a ~14% selling at prices between $55.50 and $73 and that was followed with a ~36% reduction this quarter at prices between $54 and $67.ServiceNow Inc. (NOW): NOW is a 2.46% stake established in Q2 2017 at prices between $84.50 and $118. Q4 2017 saw a ~22% reduction at prices between $113 and $131. There was another one-third reduction next quarter at prices between $132 and $175. The position had since wavered. This quarter saw a one-third selling at prices between $169 and $251. The stock is now at ~$275.StoneCo Ltd. (STNE): The minutely small 0.50% portfolio stake in STNE established last quarter was reduced by one-third this quarter.Stake Increases:Transdigm Group (TDG): The 4.41% TDG position was purchased in Q4 2017 at prices between $256 and $285 and it is now at ~$469. Q2 2018 saw a ~25% increase at prices between $301 and $346. There was a ~14% selling last quarter while this quarter saw a ~9% stake increase.Mercadolibre Inc. (MELI): The MELI position was purchased in Q3 2017 at prices between $233 and $292. Q2 2018 saw a one-third increase at prices between $285 and $355. At the time, it was a medium-sized ~3.5% stake. Next quarter saw a ~18% trimming at prices between $295 and $385 and that was followed with a ~75% selling last quarter at prices between $258 and $370. The stock is now at ~$605. The position was increased by ~50% this quarter at prices between $293 and $518. The stake is now at ~2% of the portfolio.Salesforce.com (CRM) and Sea Limited ADR (SE): These two stakes saw large increases this quarter. The CRM position was increased by ~200% to a 1.81% portfolio stake at prices between $130 and $167. The stock currently trades at ~$161. SE is a 1% portfolio position that saw a ~85% stake increase during the quarter at prices between $10.75 and $24.75. It is now at $30.85.Kept Steady:Iqvia Holdings (IQV) previously Quintiles IMS: The large (top three) ~6.50% IQV 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 ~$139. There was a ~17% selling in Q3 2018 at prices between $100 and $130 and that was followed with a ~8% trimming last quarter.Note: Mandel has a 3.8% ownership stake in Iqvia Holdings.UnitedHealth Group (UNH): The large 5.17% 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 stock is now at ~$247. There was a ~27% reduction in Q3 2018 at prices between $247 and $270 while last quarter there was ~19% increase at prices between $233 and $286.Tiffany & Co (TIF): The 4.18% TIF position was established at prices between $74 and $128 and it now goes for $90.47.Note: Lone Pine Capital has a 5.5% ownership stake in Tiffany & Company.Wynn Resorts (WYNN): WYNN is a 4.15% position purchased in Q3 2017 at prices between $125 and $149 and reduced by ~50% the following quarter at prices between $140 and $170. Last three quarters had seen a ~470% increase at prices between $125 and $201. The stock is now below the low end of their purchase price ranges at ~$111.  For investors attempting to follow Mandel, WYNN is a good option to consider for further research.Note: Lone Pine Capital controls 5.4% of the business.The spreadsheet below highlights changes to Mandel’s 13F stock holdings in Q1 2019:Regulatory filings thru 3/5/2019:13G/A – 2/14 – IQV – 7.7M shares – 3.8%, TU – 10.12M shares – 5.4%, Exact Sciences – 0, 13G – 12/31 – TIF – 6.78M shares – 5.5% (bought 12/20)."