"Tracking Stephen Mandel’s Lone Pine Capital Portfolio – Q2 2018 Update"
"Stephen Mandel’s 13F portfolio value decreased ~4% from $19.74B to $18.91B. The number of positions decreased from 30 to 28.Lone Pine Capital decreased Adobe Systems & Facebook while dropping Blackrock, Broadcom, and Taiwan Semi during the quarter.The top three positions are Microsoft, Alibaba, and Activision Blizzard and they add up to ~18.5% 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 08/14/2018. Please visit our  article for an idea on his investment philosophy and our  for the fund’s moves during Q1 2018.This quarter, Mandel’s 13F portfolio value decreased ~4% from $19.74B to $18.91B. The number of holdings decreased from 30 to 28. The top three positions are at ~18.5% while the top five are at ~30% of the 13F assets: Microsoft, Alibaba Group Holdings, Activision Blizzard, Adobe Systems, and Booking 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:Canadian Pacific Railway (CP) and Nvidia Corp (NVDA): These are two medium-sized new positions this quarter. The 2.77% CP stake was established at prices between $173 and $195 and it currently trades well above that range at $211. NVDA is a 2.67% position purchased at prices between $214 and $267 and it is now above that range at $281.Mohawk Industries (MHK): MHK is a very small 0.54% portfolio stake purchased this quarter at prices between $204 and $246. The stock is now below that range at $192.Stake Disposals:Blackrock Inc. (BLK): The ~2.5% BLK stake was established in Q4 2017 at prices between $447 and $519. Last quarter saw a ~17% selling at prices between $509 and $593 and the elimination this quarter was at prices between $492 and $552. The stock is currently at $479.Broadcom Ltd (AVGO): The 3.27% 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. Q4 2017 saw an about turn: ~50% selling at prices between $239 and $285. The remaining position was disposed this quarter at prices between $225 and $270. The stock currently trades at ~$219.Taiwan Semi (TSM): The 2.74% TSM stake was purchased last quarter at prices between $40 and $46 and sold out this quarter at prices between $35.50 and $44. It is currently at $43.60.T-Mobile US (TMUS) and Exact Sciences (EXAS): These are very small (less than ~1% of the portfolio each) stakes established last quarter but disposed this quarter.Stake Decreases:Activision Blizzard (ATVI): The large (top three) ~5.75% 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 $72.10. There was a ~42% reduction over the last five quarters at prices between $48 and $78.Note: ATVI had a previous round-trip: a ~2% position was established in H2 2015 and disposed in Q1 2016.Adobe Systems (ADBE): ADBE is a large (top five) ~5.75% of the 13F 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. The position has since wavered. Recent activity follow: Q4 2017 saw a ~50% increase at prices between $148 and $185 while this quarter there was a ~20% reduction at prices between $212 and $258. The stock currently trades at ~$264.UnitedHealth Group (UNH): The 5.35% 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 well above those ranges at ~$269. There was a ~17% trimming in Q4 2017 while last quarter saw a similar increase. This quarter saw a ~3% trimming.Electronic Arts (EA): The 4.71% EA position was purchased in Q3 2017 at prices between $105 and $122 and increased by ~75% the following quarter at prices between $101 and $120. It is now at ~$113. There was a ~12% selling this quarter at prices between $117 and $147.Constellation Brands (STZ): STZ is a 4.49% 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 ~$208. There was a roughly one-third reduction in Q4 2017 at prices between $199 and $229 and that was followed with a ~20% selling this quarter at prices between $216 and $234. Mandel is realizing gains.CSX Corporation (CSX): The 4.45% CSX stake was established in Q4 2017 at prices between $48.50 and $58 and increased by ~17% last quarter at prices between $50.50 and $59.50. The stock is now at $74.16.  This quarter saw marginal trimming.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.TransUnion (TRU): The 3.84% TRU position was purchased in Q2 2017 at prices between $38 and $49.50. The stock is now well above that range at $75.30. This quarter saw a ~14% selling at prices between $55.50 and $73.Note: Lone Pine Capital has a ~6% ownership stake in TransUnion.Amazon.com (AMZN): AMZN is a fairly large ~4% of the portfolio stake established in Q4 2017 at prices between $957 and $1196. The stock is now well above that range at $2013. There was a ~25% selling last quarter at prices between $1189 and $1598 and that was followed with a similar reduction this quarter at prices between $1372 and $1751. Mandel is harvesting gains.Facebook Inc. (FB): The 3.50% FB stake was first 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.  The position had wavered since. Last quarter saw a~75% stake increase at prices between $152 and $193 while this quarter there was a ~56% reduction at prices between $155 and $202. The stock is now at $176.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.PayPal Holdings (PYPL): PYPL is a 2.78% position established in Q3 2017 at prices between $53 and $65 and increased by ~40% the following quarter at prices between $64 and $79. Last quarter had also seen a ~12% increase. This quarter saw an about turn: ~40% selling at prices between $71.50 and $86. It currently goes for $92.33.FleetCor Technologies (FLT): The very small ~1% FLT stake saw a ~12% trimming this quarter.Stake Increases:Microsoft Corporation (MSFT): MSFT is currently the largest 13F position at 6.52% 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 last quarter saw a ~26% increase at prices between $85 and $97. The stock is now at $112. This quarter saw a ~4% increase.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): The large (top three) 6.27% 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 ~50% increase in H1 2017 at prices between $88.50 and $144. Q3 2017 saw the pattern reverse: ~25% reduction at prices between $141 and $180 and that was followed with a similar reduction in Q4 2017 at prices between $169 and $191. The stock is now at $175. There was a ~6% trimming last quarter while this quarter there was a similar increase.Booking Holdings (BKNG): BKNG is 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 stock currently trades at $1952. There was a ~8% trimming last quarter while this quarter saw a ~5% increase. .Iqvia Holdings (IQV) previously Quintiles IMS: The ~5% 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 ~$127. There were minor increases in the last two quarters.Note: Lone Pine Capital has a ~5% ownership stake in the business.Alphabet Inc. (GOOG): GOOG is a 3.88% portfolio position purchased in Q4 2017 at prices between $952 and $1077 and it is now at $1218. There was a ~8% increase last quarter and that was followed with a marginal increase this quarter.Mercadolibre Inc. (MELI) and Wynn Resorts (WYNN): The 3.43% MELI position was purchased in Q3 2017 at prices between $233 and $292. This quarter saw a one-third increase at prices between $285 and $355. The stock is now at ~$342. WYNN is a 3.36% 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 quarter saw a ~78% stake increase at prices between $162 and $201 and that was followed with a ~68% increase this quarter at prices between $161 and $202. The stock is now at ~$148.  For investors attempting to follow Mandel, these two are good options to consider for further research.Dollar Tree (DLTR) and SBA Communications (SBAC): These two medium-sized positions established last quarter saw increases this quarter. The 3.25% DLTR stake was purchased at prices between $89 and $116 and the stock currently trades below that range at $80.51. This quarter saw a ~14% stake increase. SBAC is a ~3% portfolio position established at prices between $153 and $175 and the stock is now near the low end of that range at $155. This quarter saw a ~4% increase. For investors attempting to follow Mandel, these two are good options to consider for further research.Transdigm Group (TDG): The ~2% TDG position was purchased in Q4 2017 at prices between $256 and $285 and it is now at $350. This quarter saw a ~25% increase at prices between $301 and $346.ServiceNow Inc. (NOW): NOW is a 2.75% 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 last quarter at prices between $132 and $175. It now goes for $196. This quarter saw a ~13% increase.PagSeguro Digital (PAGS): The minutely small 0.47% PAGS stake saw a ~75% increase this quarter.Kept Steady:Square Inc. (SQ) and Sea Limited ADR (SE): These are very small (less than ~1% of the portfolio each) positions kept steady this quarter.The spreadsheet below highlights changes to Mandel’s 13F stock holdings in Q2 2018:Regulatory Filings thru 5/25/2018:13G – 3/5 – EXAS – 6.4M shares – 5.3% of business."