"Tracking Lone Pine Capital Portfolio – Q2 2021 Update"
"Lone Pine Capital’s 13F portfolio value increased from $27.53B to $31.66B. The number of positions decreased from 38 to 36.They added Moderna, RH, & Twitter and increased Square & ServiceNow. Also, they dropped Mercadolibre, Netflix, Atlassian, Bilibili, and Snowflake.The top three positions are Shopify, L Brands, and Facebook. They add up to ~19% of the portfolio.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 8/16/2021. Please visit our  article for an idea on their investment philosophy and our  for the fund’s moves during Q1 2021.This quarter, Lone Pine’s 13F portfolio value increased ~15% from $27.53B to $31.66B. The number of holdings decreased from 38 to 36. The top three positions are at ~19% while the top five are ~29% of the 13F assets: Shopify, L Brands, Facebook, Amazon.com, and Snap 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:Moderna Inc. (MRNA), RH Inc. (RH), Twitter Inc. (TWTR), and KE Holdings (BEKE): MRNA is a fairly large ~3% of the portfolio position established this quarter at prices between ~$130 and ~$235 and the stock currently trades well above that range at ~$441. The 2.19% of the portfolio RH stake was purchased at prices between ~$588 and ~$720 and the stock is now at ~$685. TWTR is a 2.15% of the portfolio position established at prices between ~$50 and ~$73 and it is now at $64.25. The ~2% BEKE stake was purchased at prices between ~$44.50 and ~$61 and it is now well below the low end of that range at $17.60.Marqeta Inc. (MQ), Transdigm Group (TDG), PVH Corporation (PVH), FIGS Inc. (FIGS), Confluent Inc. (CFLT), and SentinelOne (S): These are small (less than ~1.55% of the portfolio each) new positions established during the quarter.Stake Disposals:Mercadolibre (MELI): MELI was a 3.82% of the portfolio position built over the last three quarters at prices between ~$955 and ~$1984. The entire stake was sold this quarter at prices between ~$1297 and ~$1623. The stock is now at ~$1880.Netflix (NFLX): NFLX was a 3.46% of the portfolio position purchased in Q3 2019 at prices between $255 and $382. Q2 2020 saw a one-third selling at prices between $362 and $468 while next quarter there was a similar increase at prices between ~$467 and ~$557. Last quarter saw a ~25% reduction at prices between ~$493 and ~$586. The elimination this quarter was at prices between ~$485 and ~$555. The stock currently trades at ~$591Atlassian Corp plc (TEAM): The 2.28% TEAM stake was purchased in Q3 2020 at prices between ~$161 and ~$196. Last quarter saw a ~13% trimming and that was followed with the disposal this quarter at prices between ~$212 and ~$268. The stock is now at ~$406.Note: Atlassian has had a previous round-trip. The 1.54% Atlassian stake was built in H2 2019 at prices between $108 and $147 and sold in Q2 2020 at prices between ~$129 and ~$188.Bilibili Inc. (BILI): The 1.63% BILI position was established in Q4 2020 at prices between ~$42 and ~$94. There was a ~30% selling last quarter at prices between ~$86 and ~$156. The elimination this quarter was at prices between ~$88 and ~$127. The stock currently trades at $73.78.Snowflake Inc. (SNOW): The ~1% SNOW stake was primarily built last quarter at prices between ~$209 and ~$314. The position was sold this quarter at prices between ~$188 and ~$251. The stock is now at ~$315.Argenx SE (ARGNF), Bill.com Holdings (BILL), Blueprint Medicines (BPMC), Insulet Corp (PODD), Mongodb (MDB), Nuance Communications (NUAN), and Qualtrics International (XM): These small (less than ~1.5% of the portfolio each) stakes were disposed this quarter.Stake Decreases:Shopify Inc. (SHOP): SHOP is now the largest 13F stake at 7.53% of the portfolio. It was built in Q2 2019 at prices between $195 and $328. The stock has returned over 4x and currently trades at ~$1466. There was a one-third increase in Q4 2019 at prices between $286 and $409. Last six quarters have seen only minor adjustments.Facebook Inc. (FB): The large (top three) 5.47% FB stake was first purchased in Q3 2014 at prices between $66 and $79. The position has wavered. Recent activity follows: There was a ~50% stake increase in Q2 2020 at prices between $154 and $242 while Q4 2020 saw a ~40% selling at prices between ~$258 and ~$295. There was a ~60% stake increase last quarter at prices between ~$246 and ~$299. The stock is now at ~$343. This quarter saw a ~12% trimming.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.Snap Inc. (SNAP): SNAP is a 4.94% of the portfolio stake established in Q4 2020 at prices between ~$26.50 and ~$53.50 and the stock currently trades well above that range at $78.60. Last quarter saw a ~25% stake increase at prices between ~$49 and ~$71. There was a ~5% trimming this quarter.Microsoft Corporation (MSFT): MSFT is a 4.51% of the portfolio position. 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 five quarters thru Q4 2019 had seen a ~63% selling at prices between $98 and $159 while next quarter saw a ~17% stake increase at prices between ~$135 and ~$189. Last quarter saw a ~25% stake increase at prices between ~$212 and ~$245 while this quarter there was a one-third selling at prices between ~$239 and ~$271. The stock is now at ~$299.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.Adobe Systems (ADBE): ADBE is a fairly large position at 4.47% 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 follows: Q4 2020 saw a ~20% stake increase at prices between ~$445 and ~$514. That was followed with a ~30% stake increase last quarter at prices between ~$421 and ~$502. The stock currently trades at ~$626. There was a ~8% trimming this quarter.UnitedHealth Group (UNH): The 3.80% 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. There was a one-third selling in Q2 2020 at prices between ~$229 and ~$312 while next quarter saw a similar increase at prices between ~$291 and ~$324. There was a ~20% reduction in Q4 2020 at prices between ~$304 and ~$357. The stock is now at ~$409. Last two quarters have seen minor trimming.Dexcom Inc. (DXCM): The 2.52% DXCM stake was primarily built in Q4 2020 at prices between ~$312 and ~$418. There was a ~20% reduction this quarter at prices between ~$324 and ~$432. The stock currently trades at ~$570.MasterCard (MA): The ~2% MA position was established in Q4 2018 at prices between $175 and $224 and it is now well above that range at ~$343. Recent activity follows. There was a ~20% selling in Q3 2020 at prices between ~$290 and ~$366. Next quarter saw a ~55% stake increase at prices between ~$289 and ~$357 while in the last two quarters there was a ~38% reduction at prices between ~$315 and ~$396.Carvana Inc. (CVNA): The ~2% portfolio stake was purchased in Q4 2020 at prices between ~$185 and ~$292 and it is now at ~$321. There was a ~11% trimming this quarter.Note: They have a ~3% ownership stake in Carvana.Datadog Inc. (DDOG): DDOG is a ~2% of the portfolio position established in Q2 2020 at prices between ~$34.50 and ~$90 and it currently goes for ~$149. Last few quarters have seen minor selling.Stake Increases:Amazon.com (AMZN): AMZN is a top-five 5.27% of the portfolio stake. It was established in Q4 2017 at prices between $957 and $1196. The position has wavered. Recent activity follows. The three quarters through Q4 2020 saw a ~55% reduction at prices between ~$1907 and ~$3444 while last quarter there was a ~90% stake increase at prices between ~$2956 and ~$3380. The stock is now at ~$3380. This quarter saw a marginal increase.Square Inc. (SQ): SQ is a 4.40% position established in Q3 2020 at prices between ~$113 and ~$165 and it is now at ~$261. Q4 2020 saw a ~20% selling at prices between ~$155 and ~$242. That was followed with a ~25% reduction last quarter at prices between ~$202 and ~$277. There was a ~80% stake increase this quarter at prices between ~$197 and ~$273.Note: Square had a previous round-trip. It was a ~2% position built from Q2 2019 at prices between $57 and $82 and sold in Q2 2020 at prices between ~$44 and ~$105.ServiceNow Inc. (NOW): NOW is a 4.28% stake established in Q2 2017 at prices between $84.50 and $118. The position has since wavered. Recent activity follows. Q2 2020 saw a one-third increase at prices between $250 and $403. Q4 2020 saw similar selling at prices between ~$476 and ~$565. There was a stake doubling over the last two quarters at prices between ~$454 and ~$595. The stock is now at ~$663.DoorDash (DASH): The 4.20% DASH stake was built over the last three quarters at prices between ~$113 and ~$215. The stock currently trades at ~$218.Match Group (MTCH): The 3.94% MTCH stake saw a ~70% stake increase in Q3 2020 at prices between ~$90 and ~$121. There was a one-third selling next quarter at prices between ~$110 and ~$156 while last quarter saw a ~17% stake increase at prices between ~$131 and ~$172. That was followed with another ~25% stake increase this quarter at prices between ~$137 and ~$164. The stock currently trades at ~$154.Coupa Software (COUP): The 3.87% COUP position was purchased last year at prices between $90 and $158 and it is now at ~$244. Q3 2020 saw the stake doubled at prices between ~$243 and ~$344. This quarter also saw a ~12% stake increase.Note: Lone Pine controls ~6.5% of the business.Global Payments (GPN): The 3.28% GPN position was established in Q3 2019 at prices between $154 and $175 and it is now at ~$161. Q1 2020 saw a ~53% stake increase at prices between $116 and $209. That was followed with a one-third increase in Q3 2020 at prices between ~$161 and ~$185. Last quarter saw a roughly one-third reduction at prices between ~$177 and ~$216 while this quarter there was a similar increase at prices between ~$188 and ~$219.Farfetch Ltd. (FTCH): FTCH is a ~3% of the portfolio stake built over the last three quarters at prices between ~$25 and ~$73 and it is now at $40.16.Workday Inc. (WDAY): The 2.58% WDAY stake was established over the last two quarters at prices between ~$220 and ~$281 and it is now at ~$271.StoneCo Ltd. (STNE): STNE is a 1.87% of the portfolio position established in Q3 2020 at prices between ~$38 and ~$54 and the stock is now at $40.24. There was a ~23% selling next quarter at prices between ~$52.50 and ~$85.50. This quarter saw a ~35% stake increase at prices between ~$56 and ~$70.Note: Regulatory filings since the quarter ended show them owning 15.09M shares (~5.7% of the business) of StoneCo. This is compared to 8.85M shares in the 13F report.Kept Steady:Bath & Body Works (BBWI) previously L Brands: The ~6% BBWI stake was purchased in Q1 2020 at prices between ~$9 and ~$25 and it is now at $66.42.Note: Lone Pine Capital has a ~9.4% ownership stake in Bath & Body Works. L Brands spun off Victoria Secret & Company (VSCO) and renamed the remaining entity as Bath & Body Works. Terms called for L Brands shareholders to receive one share of VSCO for every three shares of L Brands held. VSCO shares started trading in July.ICICI Bank (IBN): IBN is a 2.33% of the portfolio position purchased last quarter at prices between ~$14.30 and ~$18.10 and the stock currently trades at $19.22.Ascendis Pharma A/S (ASND), Fate Therapeutics (FATE), Forma Therapeutics (FMTX) and Zymeworks (ZYME): These very small (less than ~0.6% of the portfolio each) stakes were kept steady this quarter.The spreadsheet below highlights changes to Mandel’s 13F stock holdings in Q2 2021:Source: John Vincent. Data constructed from Lone Pine Capital’s 13F filings for Q1 2021 and Q2 2021.Regulatory filings from 3/8/2021 thru 6/14/2021: 13G – 4/30 – FTCH – 16.07M shares – 5.1% of business."