"Tracking Lone Pine Capital Portfolio – Q1 2023 Update"
"Lone Pine Capital’s 13F portfolio value increased from $10.48B to $10.80B this quarter.They added KKR and increased Salesforce.com, ASML, Floor & Décor Holdings, and EPAM Systems.The top three positions are Workday, Microsoft, and Taiwan Semi. They add up to ~22% 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 5/15/2023. Please visit our  article for an idea on their investment philosophy and our  for the fund’s moves during Q4 2022.This quarter, Lone Pine’s 13F portfolio value increased from $10.48B to $10.80B. The number of holdings decreased from 30 to 29. The top three positions are at ~22% while the top five are ~35% of the 13F assets: Workday, Microsoft, Taiwan Semi, Bath & Body Works, and Amazon.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:KKR & Company (KKR) and Bill Holdings (BILL): KKR is a 3.19% of the portfolio position purchased this quarter at prices between $46.70 and $59.10 and the stock currently trades at $53.59. The 1.37% BILL stake was established at prices between ~$68 and ~$129 and it now goes for ~$108.Stake Disposals:Thermo Fisher Scientific (TMO): TMO was a ~3% of the portfolio position established during H1 2022 at prices between ~$500 and ~$645 and the stock currently trades at ~$524. There was a one-third selling last quarter at prices between ~$485 and ~$571. The disposal this quarter was at prices between ~$535 and ~$605.First Citizens Bancshares (FCNCA): The 1.27% FCNA stake was primarily built last quarter at prices between ~$730 and ~$874. The elimination this quarter was at prices between ~$509 and ~$973. The stock currently trades at ~$1208.Equifax (EFX): The minutely small 0.01% stake in EFX was disposed during the quarter.Stake Decreases:Workday Inc. (WDAY): WDAY is currently the largest 13F position at 8.16% of the portfolio. It was established in 2021 at prices between ~$221 and ~$301 and it is now at ~$222. The last five quarters saw a ~25% reduction at prices between ~$133 and ~$255.Microsoft Corporation (MSFT): MSFT is now a large (top three) position at 7.15% 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 five quarters through 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. Q1 2021 saw a ~25% stake increase at prices between ~$212 and ~$245 while in the next two quarters there was a ~40% selling at prices between ~$242 and ~$305. That was followed with a ~43% reduction in the two quarters through Q3 2022 at prices between ~$233 and ~$315. The last quarter saw a ~23% stake increase while this quarter there was a similar reduction. The stock is now at ~$335.Taiwan Semi (TSM): TSM is a large (top three) ~7% of the portfolio position purchased in Q1 2022 at prices between ~$99 and ~$141 and the stock currently trades at ~$102. The last three quarters saw a ~30% stake increase at prices between ~$60 and ~$105. This quarter saw a ~20% selling at prices between ~$74 and ~$98.Bath & Body Works (BBWI) previously L Brands: BBWI is currently at 6.63% of the portfolio. It was purchased in Q1 2020 at prices between ~$9 and ~$25 and it is now at $37.21. There was a ~20% selling in the last four 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.Amazon.com (AMZN): AMZN is currently at 6.32% of the portfolio. It was established in Q4 2017 at prices between ~$48 and ~$60. The position has wavered. Recent activity follows. The three quarters through Q4 2020 saw a ~55% reduction at prices between ~$95 and ~$172 while in the next quarter there was a ~90% stake increase at prices between ~$148 and ~$169. Q3 2021 saw a ~25% selling at prices between ~$159 and ~$187 while in the next quarter there was a ~70% stake increase at prices between ~$160 and ~$185. 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 last quarter saw a ~45% stake increase at prices between ~$82 and ~$121 while this quarter saw a one-third reduction at prices between ~$83 and ~$113. The stock is now at ~$129.Dick’s Sporting Goods (DKS): The ~6% DKS stake was purchased during H1 2022 at prices between ~$71 and ~$118 and the stock currently trades at ~$135. There was a ~9% trimming this quarter.Note: They have a ~7.6% ownership stake in the business.Booking Holdings (BKNG): The ~5% BKNG position was purchased in Q2 2022 at prices between ~$1749 and ~$2375 and it is now at ~$2624. The last two quarters saw a ~20% trimming.TransDigm Group (TDG): The 4.77% TDG position was purchased during Q3 2022 at prices between ~$525 and ~$677 and it is now at ~$850. The last two quarters saw only minor adjustments.UnitedHealth Group (UNH): The 3.90% 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 ~20% reduction in Q4 2020 at prices between ~$304 and ~$357. That was followed with a ~25% selling in Q4 2021 at prices between ~$387 and ~$506. Next two quarters saw a roughly two-thirds reduction at prices between ~$452 and ~$546. The stock is now at ~$477. There was a one-third stake increase in the last two quarters at prices between ~$500 and ~$555 while this quarter saw a ~16% selling.Mastercard (MA) and Visa (V): These fairly large stakes were established in Q4 2021. MA is a 3.53% of the portfolio position purchased at prices between ~$306 and ~$370 and the stock currently trades at ~$380. 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. The 3.10% of the portfolio V position was established at prices between ~$190 and ~$234 and it is now at ~$230. The stake was reduced by ~55% during H1 2022 at prices between ~$189 and ~$235. That was followed with a ~30% selling this quarter at prices between ~$207 and ~$231.LPL Financial Holdings (LPLA),: LPL is a 3.48% of the portfolio stake established during Q2 2022 at prices between ~$168 and ~$219 and the stock currently trades at ~$208. The last three quarters have seen only minor adjustments.Advanced Micro Devices (AMD): AMD is a 2.57% of the portfolio stake established last quarter at prices between ~$56 and ~$78 and the stock currently trades at ~$110. There was a ~28% selling this quarter at prices between ~$62 and ~$100.Marqeta Inc. (MQ): The minutely small 0.21% stake in MQ was further reduced this quarter.Stake Increases:ASML Holding NV (ASML), Floor & Décor Holdings (FND), and Salesforce.com (CRM): These three stakes were built in the last two quarters. ASML is a 2.91% of the portfolio position established at prices between ~$379 and ~$697 and it currently trades at ~$698. The 2.75% FND stake was purchased at prices between ~$65 and ~$101 and it is now at ~$98. CRM is a 3.76% of the portfolio stake established at prices between ~$128 and ~$200. The stock currently trades at ~$210.EPAM Systems (EPAM): The 2.67% EPAM position was purchased in Q2 2022 at prices between ~$265 and ~$348 and it is now at ~$214. The position was sold down by ~50% last quarter at prices between ~$301 and ~$389. There was a ~60% stake increase this quarter at prices between ~$275 and ~$379.ICICI Bank (IBN): The 2.41% of the portfolio IBN stake was established during Q3 2022 at prices between ~$18 and ~$23 and it is now at $22.82. There was a minor ~3% increase this quarter.Moderna (MRNA): The 2.32% MRNA position was purchased last quarter at prices between ~$118 and ~$210 and it now goes for ~$119. There was a ~13% stake increase this quarter.HDFC Bank (HDB): HDB is a 1.85% of the portfolio position purchased during the last two quarters at prices between ~$55 and ~$71 and it now goes for ~$69. There was a minor ~3% increase this quarter.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 $56.56.Kept Steady:RH Inc. (RH): The ~4% 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 ~$291.Note: Lone Pine Capital has a ~7.4% ownership interest in RH Inc.PTC Inc. (PTC): PTC is a 3.18% of the portfolio position purchased during Q3 2022 at prices between ~$100 and ~$126 and the stock currently trades at ~$141.AvidXchange Holdings (AVDX), Cheniere Energy (LNG), and Sweetgreen Inc. (SG): These are very small (less than ~0.5% of the portfolio each) positions kept steady this quarter.The spreadsheet below highlights changes to Mandel’s 13F stock holdings in Q1 2023:Source: John Vincent. Data constructed from Lone Pine Capital’s 13F filings for Q4 2022 and Q1 2023.Regulatory filings from 11/24/2022 to 3/13/2023: 13G/As – 2/14 – DKS – 5.02M shares – 8.4% of business, BBWI – 20.63M shares – 9% of business, CFLT – zero, FTCH – zero, MQ – 16.61M shares – 3.4% of business, RH – 1.77M shares – 7.4% of business, VSCO – zero, VTEX – zero, GROV - zero."