"Tracking Lone Pine Capital Portfolio – Q4 2021 Update"
"Lone Pine Capital’s 13F portfolio value decreased from $29.68B to $24.41B. The number of positions decreased from 39 to 29.They increased Amazon, RH, NetEase, Confluent, and Marqeta while reducing Block and dropping Moderna and Meta Platforms.The top three positions are Amazon, Shopify, and Mastercard. They add up to ~23% 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 2/14/2022. Please visit our  article for an idea on their investment philosophy and our  for the fund’s moves during Q3 2021.This quarter, Lone Pine’s 13F portfolio value decreased ~18% from $29.68B to $24.41B. The number of holdings decreased from 39 to 29. The top three positions are at ~23% while the top five are ~37% of the 13F assets: Amazon, Shopify, Mastercard, Bath & Body Works, and Workday.Note 1: Regulatory filings from earlier this month show them owning 3.36M shares (~5.3% of business) Dick’s Sporting Goods (DKS).Note 2: 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:Mastercard (MA), Visa (V), and Snowflake (SNOW): These are fairly large new stakes established this quarter. MA is a top-three 7.10% of the portfolio position purchased at prices between ~$306 and ~$370 and the stock currently trades at ~$325. The 4.29% of the portfolio V position was established at prices between ~$190 and ~$234 and it is now at ~$198. SNOW is a 2.29% of the portfolio stake purchased at prices between ~$295 and ~$402 and it now trades well below that range at ~$198.Note: Mastercard is back in the portfolio after a quarter’s gap. It 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 next two quarters there was a ~38% reduction at prices between ~$315 and ~$396. The elimination last quarter was at prices between ~$337 and ~$393.Sweetgreen Inc. (SG) and AvidXchange Holdings (AVDX): These are very small (less than ~0.60% of the portfolio each) new positions established during the quarter.Stake Disposals:Bilibili Inc. (BILI): BILI was a 1.92% of the portfolio position established last quarter at prices between ~$64 and ~$121. The position was disposed this quarter at prices between ~$43 and ~$89. The stock currently trades at $21.68.Carvana Inc. (CVNA): The ~2% portfolio stake was purchased in Q4 2020 at prices between ~$185 and ~$292. There was a ~11% trimming in Q2 2021. The elimination this quarter was at prices between ~$204 and ~$303. The stock is now at ~$114.Twitter Inc. (TWTR): TWTR was a 4.38% of the portfolio position established in Q2 2021 at prices between ~$50 and ~$73. There was a ~117% stake increase last quarter at prices between ~$58 and ~$72. The elimination this quarter was at prices between ~$42 and ~$67. The stock currently trades at $34.12.StoneCo Ltd. (STNE): STNE was 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 position was sold this quarter at prices between ~$15 and ~$39.50. The stock is now at ~$9.51.Moderna Inc. (MRNA): MRNA was a fairly large 4.30% of the portfolio position established in Q2 2021 at prices between ~$130 and ~$235. There was a ~17% reduction last quarter at prices between ~$222 and ~$485. The disposal this quarter was at prices between ~$226 and ~$385. The stock currently trades at ~$140.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 had seen a ~45% reduction at prices between ~$295 and ~$382. The stake was sold this quarter at prices between ~$307 and ~$343. The stock is now at ~$195.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. Q2 2021 also saw a ~12% stake increase. The position was sold this quarter at prices between ~$152 and ~$257. The stock is now at ~$110.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 elimination this quarter was at prices between ~$520 and ~$651. The stock currently trades at ~$406.ICICI Bank (IBN): IBN was 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 $17.66. The stake was sold this quarter at prices between ~$18.30 and ~$21.90.Ascendis Pharma A/S (ASND), Fate Therapeutics (FATE), FIGS Inc. (FIGS), Forma Therapeutics (FMTX), Transdigm Group (TDG), and Zymeworks (ZYME): These very small (less than ~2% of the portfolio each) stakes were disposed this quarter.Stake Decreases:Shopify Inc. (SHOP): SHOP is now the second-largest 13F stake at 7.84% of the portfolio. It was built in Q2 2019 at prices between $195 and $328. There was a one-third increase in Q4 2019 at prices between $286 and $409. The stock currently trades at ~$553. Last two years have seen minor trimming.ServiceNow Inc. (NOW): NOW is a 5.33% 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 in H1 2021 at prices between ~$454 and ~$595. The stock is now at ~$534. Last two quarters have seen a ~20% selling at prices between ~$545 and ~$702.UnitedHealth Group (UNH): The 4.72% 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. That was followed with a ~25% selling this quarter at prices between ~$387 and ~$506. The stock is now at ~$491.Adobe Systems (ADBE): ADBE is now at 2.54% 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 three quarters saw a ~60% selling at prices between ~$472 and ~$688. The stock currently trades at ~$439.Datadog Inc. (DDOG): DDOG is a 2.39% of the portfolio position established in Q2 2020 at prices between ~$34.50 and ~$90 and it currently goes for ~$140. There was a ~30% selling this quarter at prices between ~$137 and ~$197.Block Inc. (SQ) previously Square: The SQ stake was 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 in Q2 2021 at prices between ~$197 and ~$273. The position was almost sold out this quarter at prices between ~$158 and ~$265. The stock is now at ~$109.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.Victoria’s Secret (VSCO): 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 1.86% portfolio stake came from this transaction. Shares started trading at ~$42 and currently goes for $47.26. There was a minor ~5% trimming this quarter.Note: Lone Pine owns 9.3% of Victoria’s Secret.PVH Corporation (PVH): The small 1.34% stake in PVH saw a ~7% trimming this quarter.Stake Increases:Amazon.com (AMZN): AMZN is currently the largest 13F stake at 8.43% of the portfolio. 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. Last quarter saw a ~25% selling at prices between ~$3188 and ~$3731 while this quarter there was a ~70% stake increase at prices between ~$3190 and ~$3696. The stock is now at ~$2936.Workday Inc. (WDAY): The top-five 6.51% WDAY stake was established over the last four quarters at prices between ~$221 and ~$301 and it is now at ~$228.Snap Inc. (SNAP): SNAP is a large 6.45% of the portfolio stake established in Q4 2020 at prices between ~$26.50 and ~$53.50 and the stock currently trades at $31.74. Q1 2021 saw a ~25% stake increase at prices between ~$49 and ~$71. That was followed with a ~50% stake increase this quarter at prices between ~$44 and ~$77.DoorDash (DASH): The ~5% DASH stake was built over the three quarters through Q2 2021 at prices between ~$113 and ~$215. The stock currently trades well below the low end of that range at $89.65. This quarter also saw a ~11% stake increase.Match Group (MTCH): The 4.81% 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 next quarter at prices between ~$137 and ~$164. The stock currently trades at $94.91. This quarter also saw a ~14% stake increase.KE Holdings (BEKE) and RH Inc. (RH): The 2.55% BEKE stake was purchased in Q2 2021 at prices between ~$44.50 and ~$61 and it is now well below the low end of that range at ~$11. There was a ~130% stake increase last quarter at prices between $15.60 and $47. This quarter saw a minor ~3% increase. The 3.52% of the portfolio RH stake was purchased at prices between ~$588 and ~$720 and the stock is now below the low end of that range at ~$341. Last quarter saw a ~25% stake increase at prices between ~$652 and ~$739. This quarter saw a similar increase at prices between ~$527 and ~$690.Note: Lone Pine Capital has a ~7.5% ownership interest in RH Inc.Farfetch Ltd. (FTCH): FTCH is a 3.35% of the portfolio stake built over the last four quarters at prices between ~$26 and ~$73 and it is now at $12.68. There was a minor ~7% stake increase this quarter.Note: Lone Pine Capital has a ~7.4% ownership stake in Farfetch.Amplitude Inc. (AMPL), Confluent Inc. (CFLT), Marqeta Inc. (MQ), and NetEase Inc. (NTES): These small (less than ~2% of the portfolio each) positions were increased during the quarter.Note: Lone Pine owns 7.5% of Marqeta and 6.3% of Confluent. Lone Pine also owns 14.86M Class B shares of Marqeta that are not in the 13F report.Kept Steady:Bath & Body Works (BBWI) previously L Brands: The large (top five) ~7% BBWI stake was purchased in Q1 2020 at prices between ~$9 and ~$25 and it is now at $48.08. There was a ~7% trimming last quarter.Note: Lone Pine Capital has a 9.4% 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.Microsoft Corporation (MSFT): MSFT is a 6.47% 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 ~$286.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.Freshworks (FRSH) and VTEX Inc. (VTEX): These very small (less than ~0.25% of the portfolio each) positions were kept steady this quarter.Note: Lone Pine has a 7.1% ownership stake in VTEX.The spreadsheet below highlights changes to Mandel’s 13F stock holdings in Q4 2021:Source: John Vincent. Data constructed from Lone Pine Capital’s 13F filings for Q3 2021 and Q4 2021.Regulatory filings from 9/22/2021 to 11/28/2021:  None."