"Tracking Stephen Mandel’s Lone Pine Capital Portfolio – Q2 2020 Update"
"Stephen Mandel’s 13F portfolio value increased ~18% from $16.85B to $19.79B. The number of positions decreased from 38 to 29.Lone Pine Capital added Booking Holdings and increased PayPal & Facebook while dropping Alibaba Group Holdings.The top three positions are Shopify, PayPal, and Microsoft. They add up to ~21% 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 08/14/2020. Please visit our  article for an idea on his investment philosophy and our  for the fund’s moves during Q1 2020.This quarter, Mandel’s 13F portfolio value increased ~18% from $16.85B to $19.79B. The number of holdings decreased from 38 to 29. The top three positions are at ~21% while the top five are at one-third of the 13F assets: Shopify, PayPal, Microsoft Corp, Amazon.com, and Facebook.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:Booking Holdings (BKNG): BKNG is a large 4.80% of the portfolio position purchased this quarter at prices between $1231 and $1841 and the stock currently trades at $1918.Capital One Financial (COF), Datadog Inc. (DDOG), Salesforce.com (CRM), and Zoom Video (ZM): These are medium-sized new positions established this quarter. The 3.25% COF stake was purchased at prices between $42.25 and $80 and it is now at ~$74. DDOG is a 3% of the portfolio position established at prices between ~$34.50 and ~$90 and it currently goes for ~$79. The 2.88% CRM stake was purchased at prices between ~$134 and ~$192 and it is now well above that range at ~$255. ZM is a 2.16% of the portfolio position established at prices between ~$114 and ~$260 and it currently trades well above that range at ~$370.Note: Salesforce.com is back in the portfolio after a quarter’s gap.Dexcom Inc. (DXCM), Howmet Aerospace (HWM), and Discover Financial (DFS): These are very small (less than ~0.75% of the portfolio each) stakes established this quarter.Note: Dexcom is back in the portfolio after a quarter’s gap.Stake Disposals:Alibaba Group Holdings (BABA): BABA was the largest position at 7.31% of the portfolio as of last quarter. It 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. The entire stake was disposed this quarter at prices between $187 and $229. The stock is now at $281.Canadian Pacific Railway (CP): The ~3% CP stake was established in Q2 2018 at prices between $173 and $195 and increased by ~35% next quarter at prices between $178 and $216. The four quarters thru Q3 2019 had seen a combined ~55% selling at prices between $165 and $242. There was a ~23% stake increase last quarter at prices between $181 and $274. This quarter saw the stake disposed at prices between $209 and $266. The stock currently trades at ~$290.Equifax (EFX): EFX was a 2.25% of the portfolio stake purchased in Q3 2019 at prices between ~$135 and ~$147. The position was eliminated this quarter at prices between ~$107 and ~$180. It is now at ~$166.Square Inc. (SQ): SQ was a ~2% position built in Q2 2019 at prices between $61 and $77. There was a ~140% stake increase in Q4 2019 at prices between $56.75 and $82. Last quarter saw a ~25% reduction at prices between $38 and $86. That was followed with the disposal this quarter at prices between ~$44 and ~$105. The stock is now at ~$146.Atlassian Corp plc (TEAM): The 1.54% TEAM stake was built in H2 2019 at prices between $108 and $147 and it is currently at ~$176. Last quarter saw a ~50% selling at prices between ~$120 and ~$155 and the remaining stake was sold this quarter at prices between ~$129 and ~$188.Chewy Inc. (CHWY): CHWY had an IPO in June 2019. Lone Pine Capital participated in funding rounds prior to the IPO. The position saw a ~55% stake increase in Q3 2019 at prices between $23 and $34.50. The stock is now at ~$61. Last quarter saw the position reduced by ~75% to a minutely small 0.29% portfolio stake at prices between $22.70 and $38. The remainder stake was disposed this quarter.Sea Limited ADR (SE): SE was a 1.31% portfolio position as of Q4 2019. The original stake saw a ~85% stake increase in Q1 2019 at prices between $10.75 and $24.75. Last quarter saw the position almost sold out at prices between $38 and $53. The remainder stake was sold this quarter. The stock is now at ~$144.Anaplan Inc. (PLAN), Arconic Inc., Cadence Design System (CDNS), Hilton Worldwide (HLT), Hubspot Inc. (HUBS), IAC Interactive (IAC), Live Nation Entertainment (LYV), Luckin Coffee (LK), Medallia Inc. (MDLA), and Under Armour (UA): These small (less than ~2% of the portfolio each) stakes were eliminated during the quarter.Note: Lone Pine had a ~6% stake in Under Armour.Stake Decreases:Amazon.com (AMZN): AMZN is a large (top five) 6.38% of the portfolio stake. It was established in Q4 2017 at prices between $957 and $1196. The next three quarters saw a ~70% selling at prices between $1189 and $1751. Q4 2018 saw the position doubled at prices between $1344 and $2004. H1 2019 had seen a ~37% selling at prices between $1500 and $1922 while next quarter there was a one-third increase at prices between $1725 and $2021. Q4 2019 saw a ~17% selling at prices while last quarter there was a similar increase. There was a ~22% reduction this quarter at prices between ~$1907 and ~$2764. The stock is now at ~$3295.UnitedHealth Group (UNH): The large 4.51% 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. There was a ~27% reduction in Q3 2018 at prices between $247 and $270 while next quarter there was ~19% increase at prices between $233 and $286. Q3 2019 saw another ~20% stake increase at prices between $215 and $267. There was a one-third selling this quarter at prices between ~$229 and ~$312. The stock is now at ~$312.Global Payments (GPN): The 4.10% GPN position was established at prices between $154 and $175 and it is now at ~$173. Last quarter saw a ~53% stake increase at prices between $116 and $209. There was marginal trimming this quarter.Adobe Systems (ADBE): ADBE is a fairly large position at ~4% 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: Q3 2018 saw a ~20% increase at prices between $242 and $275. The stock currently trades at ~$492. Last seven quarters have seen a two-thirds selling at prices between ~$209 and ~$380.Netflix (NFLX): NFLX is a 3.69% of the portfolio position purchased in Q3 2019 at prices between $255 and $382 and the stock currently trades at ~$516. There was a one-third reduction this quarter at prices between $362 and $468.MasterCard (MA): The 3.29% MA position was established in Q4 2018 at prices between $175 and $224 and it is now well above that range at ~$335. 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. Last two quarters have seen minor trimming.Autodesk Inc. (ADSK): ADSK is a 2.53% portfolio stake purchased in Q4 2018 at prices between $118 and $156 and it currently trades above that at ~$234. Q4 2019 saw a ~27% reduction at prices between $140 and $185 while last quarter there was a similar increase at prices between $136 and $211. There was a ~50% selling this quarter at prices between $137 and $242.Carvana Company (CVNA), Match Group (MTCH), and Visa Inc. (V): These are small (less than ~2.5% of the portfolio each) positions that were decreased during the quarter.Stake Increases:Shopify Inc. (SHOP): SHOP is now the largest 13F stake at ~8% of the portfolio. It was built in Q2 2019 at prices between $195 and $328 and the stock currently trades at ~$973. There was a one-third increase in Q4 2019 at prices between $286 and $409. Last two quarters have seen only minor adjustments.PayPal Holdings (PYPL): PYPL is a top three 6.49% of the portfolio stake purchased in Q4 2019 at prices between $96.50 and $110 and the stock currently trades at ~$192. Last quarter saw a ~55% stake increase at prices between $85 and $124. That was followed with a ~40% increase this quarter at prices between ~$91 and ~$177.Microsoft Corporation (MSFT): MSFT is a large (top three) 6.41% 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 stock is now at ~$214. The five quarters thru Q4 2019 had seen a ~63% selling at prices between $98 and $159 while last quarter saw a ~17% stake increase at prices between ~$135 and ~$189. This quarter also saw a ~5% further 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.Facebook Inc. (FB): The ~6% FB stake was first purchased in Q3 2014 at prices between $66 and $79. The position has wavered. Recent activity follows: H2 2018 had seen a stake doubling at prices between $124 and $218. Q1 to Q3 2019 had seen a ~70% selling at prices between $132 and $205 while next quarter there was a similar increase at prices between $175 and $208. There was another ~50% stake increase this quarter at prices between $154 and $242. The stock is now at ~$283.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.Humana Inc. (HUM): The ~4% HUM position was established in Q3 2019 at prices between $254 and $305 and it is now at ~$413. Last quarter saw a ~47% stake increase at prices between $214 and $380. That was followed with a ~12% further increase this quarter.Transdigm Group (TDG): The 3.91% TDG position was purchased in Q4 2017 at prices between $256 and $285 and it is now at ~$503. 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 last quarter at prices between $246 and $656. There was a ~125% stake increase this quarter at prices between $270 and $495.ServiceNow Inc. (NOW): NOW is a 3.66% 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. The position had since wavered. H1 2019 had seen a ~50% selling at prices between $169 and $289. There was a ~30% stake increase next quarter at prices between $250 and $302. This quarter saw a similar increase at prices between $250 and $403. The stock is now at ~$450.Barclays VIX Short Term ETN (VXX) Puts and Ceridian HCM Holding (CDAY): The VXX Puts were purchased as the underlying traded between $13 and $70 and it is now at ~$29. Arconic is a ~2% of the portfolio position established at prices between $12 and $34. This quarter saw a minor increase. The 2.31% CDAY position was built over the last two quarters at prices between ~$39 and ~$84. The stock is now at $72.66.Kept Steady:Coupa Software (COUP): The ~3% COUP position was purchased last year at prices between $90 and $158 and it is now at ~$286.L Brands (LB): The ~2% LB stake was purchased last quarter at prices between ~$9 and ~$25 and it is now at $30.14.Note: Lone Pine Capital has a ~10% ownership stake in L Brands.The spreadsheet below highlights changes to Mandel’s 13F stock holdings in Q2 2020:Regulatory filings thru 5/25/2020: 4/3 – 13G/A – LK – 0. 13G – 3/13 – CVNA – 3.8M shares – 7.5% of business. 13G – 2/18 – LB – 14.7M shares – 5.3% of business."