"Tracking Stephen Mandel’s Lone Pine Capital Portfolio – Q3 2016 Update"
"Stephen Mandel’s 13F portfolio increased from $21.67B to $22.40B. The number of positions increased from 38 to 40.Lone Pine Capital added eBay & Expedia while reducing Priceline and dropping Anheuser Busch & Northrup Grumman.The top three individual stocks are Charter Communications, Dollar Tree, & eBay 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 US stock portfolio on a quarterly basis. It is based on Mandel’s regulatory  filed on 11/14/2016. Please visit our  article for an idea on his investment philosophy and our  for the fund’s moves during Q2 2016.This quarter, Mandel’s US long portfolio increased 3.33% from $21.67B to $22.40B. The number of holdings increased from 38 to 40. The top three individual stock positions are at 16.63% while the top five are at 25.60% of the US long assets: Charter Communications, Dollar Tree, eBay, Amazon.com, and Constellation Brands.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 .Stake Disposals:Anheuser Busch Inbev (BUD): BUD was a ~2.5% of the portfolio stake established in Q4 2015 at prices between $106 and $129 and increased by ~125% last quarter at prices between $121 and $132. The disposal this quarter was at prices between $122 and $134. The stock is now at $105.MasterCard Inc. (MA): A 2.02% MA 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 this quarter was at prices between $87 and $102. The stock is currently at $103. Mandel harvested gains.Northrop Grumman (NOC): NOC was a 2.71% of the portfolio stake. It was purchased in Q4 2015 at prices between $166 and $192 and increased by ~50% in Q1 2016 at prices between $178 and $199. Last quarter saw a ~19% selling at prices between $198 and $222 and the elimination this quarter happened at prices between $208 and $223. The stock is now at $249.PayPal Holdings (PYPL): PYPL was a ~2% of the portfolio position established in Q1 2016 at prices between $31 and $41.50 and disposed of this quarter at prices between $36 and $41. The stock is now at $39.96.Sherwin Williams (SHW): SHW was a small 1.55% portfolio position established last quarter at prices between $280 and $300 but sold out this quarter at prices between $274 and $312. The stock currently trades at $274.American Express (AXP) & Calls, Arista Networks (ANET), and Pioneer Natural Resources (PXD): These very small (less than ~1% of the portfolio each) stakes were eliminated during the quarter.New Stakes:Alibaba Group Holdings (BABA): BABA is a ~2.4% of the portfolio stake established this quarter at prices between $78.50 and $110 and the stock is now at $93.76.eBay Inc. (EBAY): EBAY is a large (top three) 4.87% of the portfolio position purchased this quarter at prices between $23.50 and $33 and the stock currently trades at $28.57.Expedia Inc. (EXPE): EXPE is a fairly large 3.72% position established this quarter at prices between $106 and $119. The stock is now well above that range at $126.Align Technology (ALGN), Broadcom Ltd (AVGO), Grupo Telivisa (TV), HCA Holdings (HCA), Hilton Worldwide (HLT), Intercontinental Exchange (ICE), Kinder Morgan (KMI), and Williams Companies (WMB): These are very small (less than ~2% of the portfolio each) starter positions purchased this quarter.Stake Decreases:Adobe Systems (ADBE): ADBE is a 2.24% 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 $105. Last two quarters have seen minor trimming. Mandel is harvesting gains.Alphabet Inc. (GOOG) (GOOGL) previously Google: The 2.93% of the portfolio stake in GOOG was established in Q4 2015 at prices between $608 and $777 and increased by ~74% the following quarter at prices between $678 and $765. Last quarter saw a ~26% reduction at prices between $668 and $767 and that was followed with another ~20% selling this quarter at prices between $692 and $787. The stock currently trades at $768.Amazon.com Inc. (AMZN): AMZN is a top-five 4.83% of the portfolio position purchased in Q3 2015 at prices between $430 and $548 and increased by ~14% the following quarter at prices between $512 and $694. H1 2016 had seen a ~25% reduction at prices between $482 and $728. This quarter saw another ~20% selling at prices between $716 and $837. The stock is now at $767. Mandel is harvesting huge gains.Cheniere Energy (LNG): LNG is a ~2% of the portfolio position first purchased in H2 2014 at prices between $65 and $84. There was another ~55% increase in Q3 2015 at prices between $47.50 and $71. This quarter saw some selling: ~17% disposed at prices between $37 and $46. The stock currently trades at $39.88. Lone Pine realized losses.Note: Lone Pine Capital controls ~4.6% of the business.Constellation Brands (STZ): STZ is a top-five 4.14% stake established in Q3 2015 at prices between $115 and $131. Last three quarters had seen a combined ~40% increase at prices between $125 and $164. This quarter saw an about turn: ~17% sold at prices between $161 and $168. The stock is now at $156.Equinix Inc. (EQIX): EQIX is a 2.89% portfolio stake. It is a long-term position first purchased in 2010. Around 4M shares were acquired at the time at a cost-basis in the low-80s. The position size has wavered since although by Q4 2014 the stake was back at ~4M shares. Q1 2015 saw a ~30% reduction at prices between $217 and $239. Q4 2015 saw another ~20% reduction at prices between $265 and $305. YTD has seen another ~15% trimming. The stock is now at $341.Facebook Inc. (FB): The 3.58% 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. Q1 2016 saw a ~17% increase at prices between $94 and $116. There was a ~43% selling this quarter at prices between $114 and $131. The stock currently trades at $120.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.FleetCor Technologies (FLT): The 3.80% FLT stake is from 2013 and Mandel has huge gains on this position. Q3 2015 saw a ~17% increase at prices between $138 and $164. Last three quarters have seen a combined ~25% reduction at prices between $113 and $175. It currently trades at $150.Note: Lone Pine Capital controls ~5.3% of FleetCor Technologies.Lululemon Athletica (LULU): LULU is a ~1.5% of the portfolio stake established in Q4 2015 at prices between $44 and $54 and increased by ~43% last  quarter at prices between $60 and $74. The position was reduced by ~25% this quarter at prices between $61 and $81. The stock currently trades at $57.21.Note: Lone Pine Capital controls ~4.4% of LULU.Microsoft Corporation (MSFT): MSFT is a fairly large 3.73% of the portfolio position. Around 27M shares were purchased in Q4 2013 at prices between $34 and $38. Q4 2014 saw a huge ~75% reduction at prices between $43 and $50. The position was built back up to ~29.4M shares over the first two quarters of 2015 at prices between $40 and $48. Last five quarters have seen a combined ~50% selling at prices between $43 and $58. The stock currently trades at $60.61.Nike Inc. (NKE): The fairly large 4.10% NKE stake was purchased in Q1 2015 at prices between $46 and $55 and decreased by ~20% in Q3 2015 at prices between $52 and $63. The stake was doubled in Q4 2015 at prices between $61 and $68. Last quarter saw another ~53% increase at prices between $52 and $62. It currently trades at ~$51. This quarter saw a ~5% trimming. For investors attempting to follow Mandel, NKE is a good option to consider for further research.Note: The prices quoted above are adjusted for the 2-for-1 stock split in November 2015.Priceline Inc. (PCLN): The long-term 3.78% PCLN stake was first purchased in 2011 at a cost-basis of ~$500. The original position was sold down by ~44% in Q3 2013 at prices between $900 and $1030 and another two-thirds in Q1 2014 at prices between $1132 and $1358. There was a combined ~380% increase over the next three quarters at prices between $1064 and $1280. 2015 saw a combined ~40% reduction at prices between $1008 and $1454. Last quarter saw the pattern reverse: ~42% increase at prices between $1186 and $1390. This quarter saw a ~50% selling at prices between $1248 and $1473. The stock is now at $1525.Shire plc (SHPG): SHPG is a ~1.5% portfolio stake established last quarter at prices between $165 and $192 and reduced by one-third this quarter at prices between $184 and $207. The stock is now at $175.Note: Part of the SHPG position came about as a result of the merger with Baxalta that closed in June. It was a cash-and-stock deal with Baxalta shareholders receiving $18 in cash and 0.1482 shares of SHPG for each share of Baxalta held. Lone Pine Capital held 10.59M shares of Baxalta for which they received 1.57M shares of SHPG.TransDigm Group (TDG): TDG is a long-term 2.91% portfolio position. The original stake is from 2009 at a cost-basis in the mid-30s. The stock has returned over 7-times and it currently trades at $259. Last quarter saw a ~12% increase while this quarter there was a ~5% trimming.Note: Lone Pine Capital controls ~4.2% of TransDigm Group.Ulta Salon (ULTA): ULTA is a medium-sized 3.14% stake first purchased in 2012 at much lower prices. Q1 2016 saw a ~40% increase at prices between $153 and $173. There was a ~12% reduction this quarter at prices between $233 and $276. The stock is now at $262. Mandel is starting to harvest gains.Note: Lone Pine Capital controls ~4.7% of Ulta Salon.Visa Inc. (V): V is a 0.86% stake purchased in Q4 2014 and Q1 2015 at prices between $51 and $68 and increased by ~31% in Q4 2015 at prices between $70 and $80. It was a fairly large ~4% stake at the time. Q1 2016 saw a ~41% selling at prices between $67.50 and $77.50. That was followed with another two-thirds selling this quarter at prices between $74 and $83.50. The stock currently trades at $79.08.Yum Brands (YUM): The 2.54% YUM stake was first purchased in Q1 2016 at prices between $40 and $58 and increased by a whopping ~560% last quarter at prices between $55 and $62. There was a ~37% selling this quarter at prices between $59 and $67. The stock is now at $63.11.Note: The prices quoted above are adjusted for the Yum China (YUMC) separation that closed earlier this month.HDFC Bank (HDB) and Mohawk Industries (MHK): These very small (less than ~1.5% of the portfolio each) stakes saw reductions this quarter.Stake Increases:Activision Blizzard (ATVI): The 3.42% ATVI position was purchased last quarter at prices between $33 and $39 and increased by two-thirds this quarter at prices between $39 and $45. The stock is now at $37.37.Note: ATVI had a previous round-trip: a ~2% position was established over Q3 & Q4 2015 but that stake was disposed in Q1 2016.Charter Communications (CHTR) & Calls: The 6.33% CHTR position is now the largest stake in the portfolio. It was first purchased in Q3 2014 at prices between $152 and $164 and the following quarters also saw minor buying. 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 $271. There was a ~10% increase this quarter.Dollar Tree (DLTR): DLTR is a top-three 5.81% of the portfolio position. It was established in Q3 2015 at prices between $65 and $82 and increased by ~150% the following quarter at prices between $61 and $80. The stock currently trades at $89.58. Last two quarters have seen a one-third increase at prices between $75 and $98.Note: Lone Pine Capital controls ~6.5% of DLTR.Electronic Arts (EA): EA is a 3.29% of the portfolio position established in Q2 2015 and increased by just over 10-times the following quarter at prices between $63 and $75. Q4 2015 saw a ~27% reduction at prices between $65 and $77 and that was followed with another ~70% reduction in Q1 2016 at prices between $55.50 and $71. Last quarter saw an about turn: ~86% increase at prices between $62 and $77. There was another ~150% increase this quarter at prices between $75 and $85.50. The stock currently trades at $78.73.Monster Beverage (MNST): MNST is a 2.72% portfolio stake purchased in Q1 2016 at prices between $39 and $50 and increased by ~270% last quarter at prices between $41 and $54. The stock is now at $45.29. This quarter saw marginal buying.Note: The prices quoted above are adjusted for the 3-for-1 stock split earlier this month.Vulcan Materials (VMC): VMC is a 2.54% of the portfolio stake. The bulk of the original position was purchased in Q1 & Q2 2015 at prices between $67 and $92. Last two quarters have seen a ~54% further increase at prices between $106 and $127. The stock currently trades at $125.Commscope Holding (COMM): COMM is a minutely small 0.51% portfolio stake that saw marginal buying this quarter.Kept Steady:Barclays Bank plc (BCS) Puts, Proshares Ultra VIX Short Term Puts, and Sears Holdings (SHLD) Puts: These are minutely small (less than ~0.5% of the portfolio each) stakes. They were left untouched this quarter.The spreadsheet below highlights changes to Mandel’s US stock holdings in Q3 2016:"