"Tracking Stephen Mandel’s Lone Pine Capital Portfolio – Q3 2018 Update"
"Stephen Mandel’s 13F portfolio value increased ~3% from $18.91B to $19.44B. The number of positions decreased from 28 to 25.Lone Pine Capital increased Alibaba & Wynn Resorts while dropping Booking Holdings, Dollar Tree, and SBA Communications.The top three positions are Alibaba, Microsoft, and Adobe Systems and they add up to ~24% 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 11/14/2018. Please visit our  article for an idea on his investment philosophy and our  for the fund’s moves during Q2 2018.This quarter, Mandel’s 13F portfolio value increased ~3% from $18.91B to $19.44B. The number of holdings decreased from 28 to 25. The top three positions are at ~24% while the top five are at ~36% of the 13F assets: Alibaba Group Holdings, Microsoft, Adobe Systems, Activision Blizzard, and Iqvia Holdings.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:First Data Corp (FDC), Union Pacific (UNP), and Nio Inc. (NIO): These are the new positions this quarter. FDC is a medium-sized 2.76% portfolio stake established at prices between $21 and $26 and the stock currently trades below that range at $17.45. The 2.70% UNP position was purchased at prices between $138 and $165 and it now goes for $144. NIO is a minutely small 0.09% stake.Stake Disposals:Booking Holdings (BKNG): BKNG was a large 5.69% portfolio position established in Q3 2017 at prices between $1790 and $2049 and increased by roughly one-third the following quarter at prices between $1646 and $1942. The position was disposed this quarter at prices between $1825 and $2087. The stock currently trades at $1764.Dollar Tree (DLTR) and SBA Communications (SBAC): These two medium-sized positions established in Q1 2018 and increased last quarter were eliminated this quarter. The 3.25% DLTR stake was purchased at prices between $89 and $116 and disposed at prices between $80 and $96. The stock currently trades at $83.01. SBAC was a ~3% portfolio position established at prices between $153 and $175 and disposed at prices between $154 and $166. The stock is now at $166.Mohawk Industries (MHK), PagSeguro Digital (PAGS), and Square Inc. (SQ): These very small (less than ~1% of the portfolio each) stakes were sold this quarter.Stake Decreases:Iqvia Holdings (IQV) previously Quintiles IMS: The large (top five) ~5% IQV stake was purchased in Q1 2017 at prices between $75 and $82.50 and increased by ~70% the following quarter at prices between $78 and $91. The stock is now at ~$118. There was a ~17% selling this quarter at prices between $100 and $130.UnitedHealth Group (UNH): The 4.13% 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 stock is now well above those ranges at ~$262. There was a ~27% reduction this quarter at prices between $247 and $270.TransUnion (TRU): The 3.72% TRU position was purchased in Q2 2017 at prices between $38 and $49.50. The stock is now well above that range at $60.67. Last quarter saw a ~14% selling at prices between $55.50 and $73 and that was followed with a ~3% trimming this quarter.Note: Lone Pine Capital has a ~6% ownership stake in TransUnion.Amazon.com (AMZN): AMZN is a 3.59% of the portfolio stake established in Q4 2017 at prices between $957 and $1196. The stock is now well above that range at $1502. There was a ~25% selling in Q1 2018 at prices between $1189 and $1598 and that was followed with a ~40% reduction over the last two quarters at prices between $1372 and $1751. Mandel is harvesting gains.CSX Corporation (CSX): The 3.59% CSX stake was established in Q4 2017 at prices between $48.50 and $58 and increased by ~17% next quarter at prices between $50.50 and $59.50. The stock is now at ~$70.  This quarter saw a ~30% selling at prices between $64 and $76.Note: CSX has had a previous roundtrip. A 2.86% CSX stake was purchased in Q1 2017 at prices between $36 and $50. The following quarter saw a ~28% reduction at prices between $46 and $55. It was eliminated last quarter was at prices between $48 and $55.Mercadolibre Inc. (MELI): The 3.13% MELI position was purchased in Q3 2017 at prices between $233 and $292. Last quarter saw a one-third increase at prices between $285 and $355 while this quarter there was a ~18% selling at prices between $295 and $385. The stock is now at ~$310.PayPal Holdings (PYPL): PYPL is a 2.69% position established in Q3 2017 at prices between $53 and $65 and increased by ~40% the following quarter at prices between $64 and $79. Last quarter saw an about turn: ~40% selling at prices between $71.50 and $86. That was followed with a ~6% trimming this quarter. It currently goes for ~$78.FleetCor Technologies (FLT): The very small 0.59% FLT stake saw a ~55% reduction over the last two quarters at prices between $196 and $228. The stock is currently at $184.Stake Increases:Alibaba Group Holdings (BABA): BABA is now the largest position at 8.25% of the portfolio. The stake was established in Q3 2016 at prices between $78.50 and $110 and increased by ~50% the following quarter at prices between $86.50 and $108. There was another ~50% increase in H1 2017 at prices between $88.50 and $144. Next quarter saw a reversal: ~45% selling at prices between $141 and $191. The stock is now at ~$150. This quarter saw a ~50% increase at prices between $156 and $198.Microsoft Corporation (MSFT): MSFT is currently the second-largest 13F position at ~8% 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 stock is now at $103. This quarter saw a ~10% increase.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.Adobe Systems (ADBE): ADBE is a large (top five) 7.53% of the 13F 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. The position has since wavered. Recent activity follow: Q4 2017 saw a ~50% increase at prices between $148 and $185 while last quarter there was a ~20% reduction at prices between $212 and $258. This quarter saw a similar increase at prices between $242 and $275. The stock currently trades at ~$226.Activision Blizzard (ATVI): The large (top five) 6.91% ATVI position was purchased in Q2 2016 at prices between $33 and $39 and built over the next three quarters at prices between $35.50 and $50. The stock is now at $50.05. There was a ~42% reduction over the last five quarters at prices between $48 and $78. This quarter saw a ~13% increase.Note: ATVI had a previous round-trip: a ~2% position was established in H2 2015 and disposed in Q1 2016.Alphabet Inc. (GOOG): GOOG is a 5.47% portfolio position purchased in Q4 2017 at prices between $952 and $1077 and it is now at $1024. This quarter saw a ~36% increase at prices between $1100 and $1270.Electronic Arts (EA): The 4.87% EA position was purchased in Q3 2017 at prices between $105 and $122 and increased by ~75% the following quarter at prices between $101 and $120. It is now well below those ranges at ~$82.67. There was a ~12% selling last quarter at prices between $117 and $147 while this quarter saw a ~24% increase at prices between $112 and $149.Constellation Brands (STZ): STZ is a 4.78% stake established in Q3 2015 at prices between $115 and $131. The following three quarters had seen a combined ~40% increase at prices between $125 and $164. The position has wavered. Recent activity follow: there was a ~11% reduction in the two quarters at prices between $199 and $234 while this quarter saw a similar increase at prices between $200 and $222. The stock is now at $193.Canadian Pacific Railway (CP) and Nvidia Corp (NVDA): These two positions established last quarter were increased this quarter. The 4.25% CP stake was established at prices between $173 and $195 and increased by ~36% this quarter at prices between $178 and $216. It currently trades at ~$203. NVDA is a 3.23% position purchased at prices between $214 and $267 and it is now well below that range at $145. There was a ~5% increase this quarter.Wynn Resorts (WYNN): WYNN is a 3.89% position purchased in Q3 2017 at prices between $125 and $149 and reduced by ~50% the following quarter at prices between $140 and $170. Last three quarters have seen a ~470% increase at prices between $125 and $201. The stock is now below their purchase price ranges at ~$104.  For investors attempting to follow Mandel, WYNN is a good option to consider for further research.Note: Lone Pine Capital controls 5.4% of the business.Transdigm Group (TDG): The 3.38% TDG position was purchased in Q4 2017 at prices between $256 and $285 and it is now at $341. Last quarter saw a ~25% increase at prices between $301 and $346. There was a marginal increase this quarter.Facebook Inc. (FB): The 3.27% FB stake was first purchased in Q3 2014 at prices between $66 and $79. The position has wavered. Recent activity follow: Q1 2018 saw a~75% stake increase at prices between $152 and $193 while last quarter there was a ~56% reduction at prices between $155 and $202. The stock is now at $132. There was a ~14% increase this quarter.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.ServiceNow Inc. (NOW): NOW is a 3.19% stake established in Q2 2017 at prices between $84.50 and $118. Q4 2017 saw a ~22% reduction at prices between $113 and $131. There was another one-third reduction next quarter at prices between $132 and $175. It now goes for ~$161. Last two quarters have seen a combined ~18% increase at prices between $158 and $205.Kept Steady:Sea Limited ADR (SE): The minutely small 0.28% SE stake was kept steady this quarter.The spreadsheet below highlights changes to Mandel’s 13F stock holdings in Q3 2018:Regulatory Filings thru 9/3/2018: 13G – 5/29 – IQV – 10.5M shares – 5% of business."