"Tracking Lone Pine Capital Portfolio – Q3 2021 Update"
"Lone Pine Capital’s 13F portfolio value decreased from $31.03B to $29.68B. The number of positions increased from 36 to 39.They increased Twitter, Workday, and KE Holdings while dropping Global Payments and MasterCard.The top three positions are Shopify, Snap, and Doordash. 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 Lone Pine Capital’s 13F portfolio on a quarterly basis. It is based on their regulatory  filed on 11/15/2021. 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 decreased ~4% from $31.03B to $29.68B. The number of holdings increased from 36 to 39. The top three positions are at ~17% while the top five are ~27% of the 13F assets: Shopify, Snap Inc., Doordash, Bath & Body Works, and ServiceNow.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:Bilibili Inc. (BILI) and Victoria’s Secret (VSCO): BILI is a 1.92% of the portfolio position established this quarter at prices between ~$64 and ~$121 and the stock currently trades below the low end of that range at $59.45. L Brands spun off Victoria Secret & Company 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. Lone Pine Capital’s 1.92% portfolio stake came from this transaction. Shares started trading at ~$42 and currently goes for $51.81.Amplitude Inc. (AMPL), Freshworks (FRSH), Marqeta Inc. (MQ), Netease Inc. (NTES), and VTEX Inc. (VTEX): These are very small (less than ~0.5% of the portfolio each) positions established this quarter.Note: Lone Pine also owns 14.86M Class B shares of Marqeta that are not in the 13F report.Stake Disposals:Global Payments (GPN): The 3.28% GPN position was established in Q3 2019 at prices between $154 and $175. 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. Q1 2021 saw a roughly one-third reduction at prices between ~$177 and ~$216 while last quarter there was a similar increase at prices between ~$188 and ~$219. The disposal this quarter was at prices between ~$157 and ~$195. The stock is now at ~$127.MasterCard (MA): The ~2% MA position was established in Q4 2018 at prices between $175 and $224. Recent activity follows. There was a ~20% selling in Q3 2020 at prices between ~$290 and ~$366. Q4 2020 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. The elimination this quarter was at prices between ~$337 and ~$393. The stock currently trades at ~$345.SentinelOne (S): The minutely small 0.02% stake in SentinelOne was sold during the quarter.Stake Decreases:Shopify Inc. (SHOP): SHOP is now the largest 13F stake at 6.53% 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 ~$1495. There was a one-third increase in Q4 2019 at prices between $286 and $409. Last six quarters had seen only minor adjustments. This quarter saw a ~12% trimming.Snap Inc. (SNAP): SNAP is a large (top three) 5.64% of the portfolio stake established in Q4 2020 at prices between ~$26.50 and ~$53.50 and the stock currently trades at $52.36. Q1 2021 saw a ~25% stake increase at prices between ~$49 and ~$71. Last two quarters have seen minor trimming.Bath & Body Works (BBWI) previously L Brands: The large (top five) ~5% BBWI stake was purchased in Q1 2020 at prices between ~$9 and ~$25 and it is now at ~$75. There was a ~7% trimming this quarter.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) in July.ServiceNow Inc. (NOW): NOW is a 4.60% 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 ~$642. This quarter saw a ~11% trimming.Microsoft Corporation (MSFT): MSFT is a 4.46% 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. Q1 2021 saw a ~25% stake increase at prices between ~$212 and ~$245 while in the last two quarters there was a ~40% selling at prices between ~$242 and ~$305. The stock is now at ~$333.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.Square Inc. (SQ): SQ is a 4.35% position established in Q3 2020 at prices between ~$113 and ~$165. Q4 2020 saw a ~20% selling at prices between ~$155 and ~$242. That was followed with a ~25% reduction next quarter at prices between ~$202 and ~$277. There was a ~80% stake increase last quarter at prices between ~$197 and ~$273. This quarter saw a minor ~6% trimming. The stock is now at ~$187Note: 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.Moderna Inc. (MRNA): MRNA is a fairly large 4.30% of the portfolio position established last quarter at prices between ~$130 and ~$235 and the stock currently trades well above that range at ~$272. There was a ~17% reduction this quarter at prices between ~$222 and ~$485.Amazon.com (AMZN): AMZN is a 4% 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 next quarter there was a ~90% stake increase at prices between ~$2956 and ~$3380. This quarter saw a ~25% selling at prices between ~$3188 and ~$3731. The stock is now at ~$3483.Adobe Systems (ADBE): ADBE is a fairly large position at 3.79% 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 next quarter at prices between ~$421 and ~$502. Last two quarters saw a ~25% selling at prices between ~$474 and ~$667. The stock currently trades at ~$633.Meta Platforms (FB) previously Facebook: The 3.52% 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 next quarter at prices between ~$246 and ~$299. Last two quarters have seen a ~45% reduction at prices between ~$295 and ~$382. The stock is now at ~$330.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.Coupa Software (COUP): The 3.37% COUP position was purchased in 2019 at prices between $90 and $158. Q3 2020 saw the stake doubled at prices between ~$243 and ~$344. Last quarter also saw a ~12% stake increase. There was a minor ~2% trimming this quarter. The stock is now at ~$163.Note: Lone Pine controls ~6.5% of the business.Dexcom Inc. (DXCM): The 2.66% DXCM stake was primarily built in Q4 2020 at prices between ~$312 and ~$418. There was a ~40% reduction over the last two quarters at prices between ~$324 and ~$573. The stock currently trades at ~$560.ICICI Bank (IBN): IBN is a 2.53% of the portfolio position purchased in Q1 2021 at prices between ~$14.30 and ~$18.10 and the stock currently trades at ~$20.Datadog Inc. (DDOG): DDOG is a 2.21% of the portfolio position established in Q2 2020 at prices between ~$34.50 and ~$90 and it currently goes for ~$175. Last few quarters have seen minor selling.FIGS Inc. (FIGS): FIGS is a minutely small 0.31% of the portfolio position established last quarter but reduced substantially this quarter.Stake Increases:KE Holdings (BEKE), RH Inc. (RH), and Twitter Inc. (TWTR): The 1.86% BEKE stake was purchased last quarter at prices between ~$44.50 and ~$61 and it is now well below the low end of that range at $22.45. There was a ~130% stake increase this quarter at prices between $15.60 and $47. The 2.90% of the portfolio RH stake was purchased at prices between ~$588 and ~$720 and the stock is now near the low end of that range at ~$609. This quarter saw a ~25% stake increase at prices between ~$652 and ~$739. TWTR is a 4.38% of the portfolio position established last quarter at prices between ~$50 and ~$73 and it is now below that range at $46.46. There was a ~117% stake increase this quarter at prices between ~$58 and ~$72.Workday Inc. (WDAY): The 4.19% WDAY stake was established over the last three quarters at prices between ~$220 and ~$281 and it is now at ~$279.Match Group (MTCH): The 4.11% 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 Q1 2021 saw a ~17% stake increase at prices between ~$131 and ~$172. That was followed with another ~25% stake increase last quarter at prices between ~$137 and ~$164. The stock currently trades at ~$132. This quarter saw a marginal increase.Farfetch Ltd. (FTCH): FTCH is a 2.90% of the portfolio stake built over the last four quarters at prices between ~$26 and ~$73 and it is now at ~$35.StoneCo Ltd. (STNE): STNE is a 1.77% of the portfolio position established in Q3 2020 at prices between ~$38 and ~$54. There was a ~23% selling next quarter at prices between ~$52.50 and ~$85.50. Last two quarters saw a ~130% stake increase at prices between ~$35 and ~$70. The stock is now well below their purchase price ranges at $17.57.Note: They control ~5.7% of the business.Confluent Inc. (CFLT), Fate Therapeutics (FATE), PVH Corporation (PVH), and Transdigm Group (TDG): These small (less than ~1.75% of the portfolio each) positions were increased during the quarter.Kept Steady: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 ~$165.UnitedHealth Group (UNH): The 3.96% 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 ~$473. Last two quarters had seen minor trimming.Carvana Inc. (CVNA): The ~2% portfolio stake was purchased in Q4 2020 at prices between ~$185 and ~$292 and it is now at ~$268. There was a ~11% trimming last quarter.Note: They have a ~3% ownership stake in Carvana.Ascendis Pharma A/S (ASND), 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 Q3 2021:Source: John Vincent. Data constructed from Lone Pine Capital’s 13F filings for Q2 2021 and Q3 2021.Regulatory filings from 6/14/2021 thru 9/22/2021: 13G – 9/9 – STNE – 15.09M shares – 5.7% of business. 13G – 8/2 – VTEX – 5.27M shares – 7.1% of business. 13G – 7/26 – RH – 1.09M shares – 5.1% of business. 13G – 7/8 – Confluent – CFLT – 3.63M shares – 9.99% of business. 13G – 6/15 – Marqeta – MQ – 19.18M shares – 9.99% of business."