"Tracking Lone Pine Capital Portfolio – Q1 2021 Update"
"Lone Pine Capital’s 13F portfolio value increased marginally from $27.51B to $27.53B. The number of positions decreased from 41 to 38.They increased Facebook, Microsoft, and DoorDash while dropping DocuSign, Autodesk, and Humana.The top three positions are Shopify, Microsoft, and Facebook. They add up to ~20% 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 5/18/2021. Please visit our  article for an idea on their investment philosophy and our  for the fund’s moves during Q4 2020.This quarter, Lone Pine’s 13F portfolio value increased marginally from $27.51B to $27.53B. The number of holdings decreased from 41 to 38. The top three positions are at ~20% while the top five are ~31% of the 13F assets: Shopify, Microsoft Corp, Facebook, L Brands, and Amazon.com.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:ICICI Bank (IBN) and Workday Inc. (WDAY): IBN is a 2.51% of the portfolio position purchased this quarter at prices between ~$14.30 and ~$18.10 and the stock currently trades at $17.55. The ~2% WDAY stake was established at prices between ~$220 and ~$281 and it is now at ~$232.Insulet Corp (PODD) and Qualtrics International (XM): These are minutely small (less than ~0.4% of the portfolio each) new positions established this quarter.Stake Disposals:DocuSign Inc. (DOCU): The 3.28% DOCU stake was purchased in Q3 2020 at prices between ~$173 and ~$269. It was disposed this quarter at prices between ~$193 and ~$265. The stock currently trades at ~$257.Autodesk Inc. (ADSK): ADSK was a 2.46% portfolio stake purchased in Q4 2018 at prices between $118 and $156. Q4 2019 saw a ~27% reduction at prices between $140 and $185 while next quarter there was a similar increase at prices between $136 and $211. There was a ~50% selling in Q2 2020 at prices between $137 and $242 while next quarter saw a similar increase at prices between ~$221 and ~$261. Last quarter saw a ~25% selling at prices between ~$226 and ~$305. The elimination this quarter was at prices between ~$253 and ~$320. It currently trades at ~$281.Humana Inc. (HUM): The 2.25% HUM position was established in Q3 2019 at prices between $254 and $305. Q1 2020 saw a ~47% stake increase at prices between $214 and $380. There was a roughly one-third reduction last quarter at prices between ~$388 and ~$452. The disposal this quarter was at prices between ~$375 and ~$448. It is now at ~$415.Amicus Therapeutics (FOLD), Fidelity National Information Services (FIS), Howmet Aerospace (HWM), and XP Inc. (XP): These small (less than ~1.5% of the portfolio each) stakes were disposed during the quarter.Stake Decreases:Shopify Inc. (SHOP): SHOP is now the largest 13F stake at 6.88% 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 ~$1307. There was a one-third increase in Q4 2019 at prices between $286 and $409. Last five quarters have seen only minor adjustments.UnitedHealth Group (UNH): The 4.25% 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 last quarter at prices between ~$304 and ~$357. The stock is now at ~$399. This quarter saw marginal trimming.Coupa Software (COUP): The 3.84% COUP position was purchased last year at prices between $90 and $158 and it is now at ~$239. Q3 2020 saw the stake doubled at prices between ~$243 and ~$344. Last two quarters have seen minor trimming.Note: Lone Pine controls ~6% of the business.Netflix (NFLX): NFLX is a 3.46% of the portfolio position purchased in Q3 2019 at prices between $255 and $382 and the stock currently trades at ~$500. 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. This quarter saw a ~25% reduction at prices between ~$493 and ~$586.Global Payments (GPN): The 3.11% GPN position was established in Q3 2019 at prices between $154 and $175 and it is now at ~$192. 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. This quarter saw a roughly one-third reduction at prices between ~$177 and ~$216.MasterCard (MA): The 2.63% MA position was established in Q4 2018 at prices between $175 and $224 and it is now well above that range at ~$367. Recent activity follows. There was a ~20% selling in Q3 2020 at prices between ~$290 and ~$366. Last quarter saw a ~55% stake increase at prices between ~$289 and ~$357 while this quarter there was a ~25% reduction at prices between ~$315 and ~$384.Square Inc. (SQ): SQ is a 2.59% position established in Q3 2020 at prices between ~$113 and ~$165 and it is now at ~$231. Last quarter saw a ~20% selling at prices between ~$155 and ~$242. That was followed with a ~25% reduction this quarter at prices between ~$202 and ~$277.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.Carvana Inc. (CVNA) and Bilibili Inc. (BILI): The 2.30% portfolio stake was purchased last quarter at prices between ~$185 and ~$292 and it is now at ~$279. There was minor trimming this quarter. The 1.63% BILI position was established last quarter at prices between ~$42 and ~$94 and the stock currently trade above that range at ~$116. There was a ~30% selling this quarter at prices between ~$86 and ~$156.Note: They have a ~3.4% ownership stake in Carvana.Atlassian Corp plc (TEAM): The 2.28% TEAM stake was purchased in Q3 2020 at prices between ~$161 and ~$196 and the stock currently trades at ~$251. There was a ~4% increase last quarter while this quarter saw a ~13% trimming.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.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 ~$97. Last three quarters have seen only minor adjustments.Mongodb (MDB): The 1.15% of the portfolio MDB stake established last quarter was reduced to a minutely small 0.13% of the portfolio position this quarter.Stake Increases:Microsoft Corporation (MSFT): MSFT is a large (top three) 6.70% 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. This quarter saw a ~25% stake increase at prices between ~$212 and ~$245. The stock is now at ~$260.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.Facebook Inc. (FB): The large (top three) ~6% 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 last quarter saw a ~40% selling at prices between ~$258 and ~$295. There was a ~60% stake increase this quarter at prices between ~$246 and ~$299. The stock is now at ~$337.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.Amazon.com (AMZN): AMZN is a top-five 5.41% of the portfolio stake. It was established in Q4 2017 at prices between $957 and $1196. The position has wavered. Recent activity follows. Last three quarters saw a ~55% reduction at prices between ~$1907 and ~$3444 while this quarter there was a ~90% stake increase at prices between ~$2956 and ~$3380. The stock is now at ~$3384.Snap Inc. (SNAP): SNAP is a 4.56% of the portfolio stake established last quarter at prices between ~$26.50 and ~$53.50 and the stock currently trades well above that range at $63.57. This quarter saw a ~25% stake increase at prices between ~$49 and ~$71.Adobe Systems (ADBE): ADBE is a fairly large position at 4.53% 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: last quarter saw a ~20% stake increase at prices between ~$445 and ~$514. That was followed with a ~30% stake increase this quarter at prices between ~$421 and ~$502. The stock currently trades at ~$557.Mercadolibre (MELI): MELI is a 3.82% of the portfolio position built over the last three quarters at prices between ~$955 and ~$1984. The stock is now at ~$1433.DoorDash (DASH): The 3.20% DASH stake was built over the last two quarters at prices between ~$125 and ~$215. The stock currently trades at ~$159.Dexcom Inc. (DXCM): The ~3% DXCM stake was primarily built last quarter at prices between ~$312 and ~$418. The stock currently trades at ~$409. There was a ~5% increase this quarter.Match Group (MTCH): The 3.10% MTCH stake saw a ~70% stake increase in Q3 2020 at prices between ~$90 and ~$121. There was a one-third selling last quarter at prices between ~$110 and ~$156 while this quarter saw a ~17% stake increase at prices between ~$131 and ~$172. The stock currently trades at ~$144.ServiceNow Inc. (NOW): NOW is a 2.69% 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. Last quarter saw similar selling at prices between ~$476 and ~$565. There was a ~22% stake increase this quarter at prices between ~$464 and ~$595. The stock is now at ~$509.Farfetch Ltd. (FTCH): FTCH is a 2.63% of the portfolio stake built over the last two quarters at prices between ~$26 and ~$73 and it is now at ~$51.Note: Regulatory filings since the quarter ended show them owning 16.07M shares (5.1% of the business). This is compared to 13.68M shares in the 13F report.StoneCo Ltd. (STNE): STNE is a 1.45% of the portfolio position established in Q3 2020 at prices between ~$38 and ~$54 and the stock is now at ~$64. There was a ~23% selling last quarter at prices between ~$52.50 and ~$85.50. This quarter saw a minor increase.Snowflake Inc. (SNOW): The ~1% SNOW stake was primarily built this quarter at prices between ~$209 and ~$314. The stock is now at ~$244.Argenx SE (ARGNF), Ascendis Pharma A/S (ASND), Bill.com Holdings (BILL), and Fate Therapeutics (FATE): These small (less than ~1.5% of the portfolio each) stakes were increased during the quarter.Kept Steady:L Brands (LB): The 5.90% LB stake was purchased in Q1 2020 at prices between ~$9 and ~$25 and it is now at $65.74.Note: Lone Pine Capital has a ~9.4% ownership stake in L Brands.Blueprint Medicines (BPMC), Forma Therapeutics (FMTX), Nuance Communications (NUAN), and Zymeworks (ZYME): These small (less than ~1.5% of the portfolio each) positions were kept steady this quarter.The spreadsheet below highlights changes to Mandel’s 13F stock holdings in Q1 2021:Source: John Vincent. Data constructed from Lone Pine Capital’s 13F filings for Q4 2020 and Q1 2021.Regulatory filings thru 3/7/2021: 13G/A’s 2/16 – UA – zero, CHWY – zero, LB – 26.3M shares (9.4% of business), MTCH – 5.27M shares – 1.9% of business, COUP – 4.22M shares – 5.8% of business, CVNA – 2.45M shares – 3.4% of business."