"Tracking Stephen Mandel’s Lone Pine Capital Portfolio – Q4 2020 Update"
"Stephen Mandel’s 13F portfolio value increased ~19% from $23.20B to $27.51B. The number of positions increased from 32 to 41.Lone Pine Capital increased Mercadolibre and Dexcom while dropping PayPal and Capital One Financial.The top three positions are Shopify, Coupa Software, and Microsoft. They add up to ~18% of the portfolio.This article is part of a series that provides an ongoing analysis of the changes made to Stephen Mandel’s 13F portfolio on a quarterly basis. It is based on Mandel’s regulatory  filed on 2/16/2021. Please visit our  article for an idea on his investment philosophy and our  for the fund’s moves during Q3 2020.This quarter, Mandel’s 13F portfolio value increased ~19% from $23.20B to $27.51B. The number of holdings increased from 32 to 41. The top three positions are at ~18% while the top five are ~28% of the 13F assets: Shopify, Coupa Software, Microsoft Corp, Global Payments, and Netflix.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 .Note: Stephen Mandel stepped down from managing investments in January 2019 in a previously announced (September 2017) move. He is still a managing director at the firm.New Stakes:Snap Inc. (SNAP): SNAP is a 3.55% of the portfolio stake established this quarter at prices between ~$26.50 and ~$53.50 and the stock currently trades above that range at $62.23.Carvana Inc. (CVNA), Bilibili Inc. (BILI), and Farfetch Ltd. (FTCH): These are small new stakes purchased this quarter. CVNA is back in the portfolio after a quarter’s gap. The ~2% portfolio stake was purchased at prices between ~$185 and ~$292 and it is now at ~$284. The 1.87% BILI position was established at prices between ~$42 and ~$94 and the stock currently trade above that range at ~$113. FTCH is a 1.87% of the portfolio stake purchased at prices between ~$26 and ~$65 and it is now at $59.25.Note: They have a ~3.4% ownership stake in Carvana.Fidelity National Information Services (FIS), Doordash (DASH), Mongodb (MDB), and Blueprint Medicines (BPMC): These are very small (less than ~1.5% of the portfolio each) positions established this quarter.Argenx SE (ARGNF), Amicus Therapeutics (FOLD), Ascendis Pharma A/S (ASND), Fate Therapeutics (FATE), Zymeworks (ZYME), Forma Therapeutics (FMTX), and XP Inc. (XP): These are minutely small (less than ~0.6% of the portfolio each) stakes established during the quarter.Stake Disposals:PayPal Holdings (PYPL): PYPL was a large 5.10% of the portfolio stake purchased in Q4 2019 at prices between $96.50 and $110. Q1 2020 saw a ~55% stake increase at prices between $85 and $124. That was followed with a ~40% increase next quarter at prices between ~$91 and ~$177. Last quarter saw a ~20% selling at prices between ~$170 and ~$211. The elimination this quarter was at prices between ~$180 and ~$244. The stock currently trades at ~$249Capital One Financial (COF): The 3.18% COF stake was purchased in Q2 2020 at prices between $42.25 and $80. The position was disposed this quarter at prices between ~$72 and ~$99. The stock is now at ~$129TransDigm Group (TDG): The 1.54% TDG position was purchased in Q4 2017 at prices between $256 and $285. Q2 2018 saw a ~25% increase at prices between $301 and $346. There was a ~20% selling in Q3 2019 at prices between $461 and $551. That was followed with a ~40% reduction in Q1 2020 at prices between $246 and $656. There was a ~125% stake increase in Q2 2020 at prices between $270 and $495 while last quarter there was a 55% selling at prices between ~$411 and ~$519. The elimination this quarter was at prices between ~$458 and ~$619. The stock currently trades at ~$607Booking Holdings (BKNG): BKNG was a large 4.80% of the portfolio position purchased last quarter at prices between $1231 and $1841. It was reduced to a minutely small 0.43% stake last quarter at prices between ~$1638 and ~$1949. The remainder stake was disposed this quarter. The stock currently trades at ~$2397.Insulet Corp (PODD) and KE Holdings (BEKE): These very small (less than ~1.25% of the portfolio each) stakes established last quarter were disposed this quarter.Stake Decreases:Coupa Software (COUP): The large (top three) 5.20% COUP position was purchased last year at prices between $90 and $158 and it is now at ~$272. Last quarter saw the stake doubled at prices between ~$243 and ~$344. This quarter saw minor trimming.Note: Lone Pine controls ~6% of the business.Microsoft Corporation (MSFT): MSFT is a large (top three) 5.10% 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. The stock is now at ~$238. Last three quarters have seen only minor adjustments.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.Global Payments (GPN): The top-five ~5% GPN position was established in Q3 2019 at prices between $154 and $175 and it is now at ~$215. Q1 2020 saw a ~53% stake increase at prices between $116 and $209. That was followed with a one-third increase last quarter at prices between ~$161 and ~$185. This quarter saw marginal trimming.UnitedHealth Group (UNH): The ~4% 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 last quarter saw a similar increase at prices between ~$291 and ~$324. There was a ~20% reduction this quarter at prices between ~$304 and ~$357. The stock is now at ~$355.Facebook Inc. (FB): The 3.55% 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 this quarter saw a ~40% selling at prices between ~$258 and ~$295. The stock is now at ~$279.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.DocuSign Inc. (DOCU) and Square Inc. (SQ): These are medium-sized new positions established last quarter. The 3.28% DOCU stake was purchased at prices between ~$173 and ~$269 and the stock currently trades at ~$211. This quarter saw minor trimming. SQ is a 3.32% position established at prices between ~$113 and ~$165 and it is now at ~$243. This quarter saw a ~20% selling at prices between ~$155 and ~$242.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.Amazon.com (AMZN): AMZN is a ~3% 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. The stock is now at ~$3092.Match Group (MTCH): The 2.89% MTCH stake saw a ~70% stake increase last quarter at prices between ~$90 and ~$121. There was a one-third selling this quarter at prices between ~$110 and ~$156. The stock currently trades at ~$154.Autodesk Inc. (ADSK): ADSK is a 2.46% portfolio stake purchased in Q4 2018 at prices between $118 and $156 and it currently trades at ~$275. 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 last quarter saw a similar increase at prices between ~$221 and ~$261. This quarter saw a ~25% selling at prices between ~$226 and ~$305.ServiceNow Inc. (NOW): NOW is a 2.42% 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. This quarter saw a similar selling at prices between ~$476 and ~$565. The stock is now at ~$499.Humana Inc. (HUM): The 2.25% HUM position was established in Q3 2019 at prices between $254 and $305 and it is now at ~$403. Q1 2020 saw a ~47% stake increase at prices between $214 and $380. There was a roughly one-third reduction this quarter at prices between ~$388 and ~$452.StoneCo Ltd. (STNE): STNE is a 1.94% of the portfolio position established last  quarter at prices between ~$38 and ~$54 and the stock is now at $69.53. There was a ~23% selling this quarter at prices between ~$52.50 and ~$85.50.Howmet Aerospace (HWM) and Snowflake Inc. (SNOW): These very small (less than ~1% of the portfolio each) positions were reduced during the quarter.Stake Increases:Shopify Inc. (SHOP): SHOP is now the largest 13F stake at 7.39% of the portfolio. It was built in Q2 2019 at prices between $195 and $328 and the stock currently trades at ~$1143. There was a one-third increase in Q4 2019 at prices between $286 and $409. Last four quarters have seen only minor adjustments.Netflix (NFLX): NFLX is a 4.82% of the portfolio position purchased in Q3 2019 at prices between $255 and $382 and the stock currently trades at ~$524. Q2 2020 saw a one-third selling at prices between $362 and $468 while last quarter there was a similar increase at prices between ~$467 and ~$557. This quarter also saw a ~9% stake increase.Adobe Systems (ADBE): ADBE is a fairly large position at 3.67% 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 two years had seen a two-thirds selling at prices between ~$210 and ~$534. There was an about turn this quarter: ~20% stake increase at prices between ~$445 and ~$514. The stock currently trades at ~$451.Mercadolibre (MELI): MELI is a 3.64% of the portfolio position built over the last two quarters at prices between ~$955 and ~$1732. The stock is now at ~$1551.MasterCard (MA): The 3.53% MA position was established in Q4 2018 at prices between $175 and $224 and it is now well above that range at ~$382. There was a ~40% selling in Q2 2019 at prices between $236 and $267. Q4 2019 saw the position increased by ~50% at prices between $261 and $301. There was a ~20% selling last quarter at prices between ~$290 and ~$366. This quarter saw a ~55% stake increase at prices between ~$289 and ~$357.Dexcom Inc. (DXCM): The ~3% DXCM stake was primarily built this quarter at prices between ~$312 and ~$418. The stock currently trades at $355.Atlassian Corp plc (TEAM): The 2.91% TEAM stake was purchased last quarter at prices between ~$161 and ~$196 and the stock currently trades at ~$236. There was a ~4% increase this quarter.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 2.54% of the portfolio position established in Q2 2020 at prices between ~$34.50 and ~$90 and it currently goes for $86.37. Last two quarters have seen only minor adjustments.Nuance Communications (NUAN) and Bill.com Holdings (BILL): These small (less than ~1.5% of the portfolio each) stakes were increased this quarter.Kept Steady:L Brands (LB): The 3.55% LB stake was purchased in Q1 2020 at prices between ~$9 and ~$25 and it is now at $60.27.Note: Lone Pine Capital has a ~9.4% ownership stake in L Brands.The spreadsheet below highlights changes to Mandel’s 13F stock holdings in Q4 2020:Regulatory filings thru 12/7/2020: None."