"Tracking Stephen Mandel’s Lone Pine Capital Portfolio – Q3 2020 Update"
"Stephen Mandel’s 13F portfolio value increased ~17% from $19.79B to $23.20B. The number of positions increased from 29 to 32.Lone Pine Capital added DocuSign & Square while reducing Booking Holdings and dropping Salesforce.com. They also increased Coupa Software.The top three positions are Shopify, Facebook, and Microsoft. 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 Stephen Mandel’s 13F portfolio on a quarterly basis. It is based on Mandel’s regulatory  filed on 11/16/2020. Please visit our  article for an idea on his investment philosophy and our  for the fund’s moves during Q2 2020.This quarter, Mandel’s 13F portfolio value increased ~17% from $19.79B to $23.20B. The number of holdings increased from 29 to 32. The top three positions are at ~20% while the top five are ~31% of the 13F assets: Shopify, Facebook, Microsoft Corp, UnitedHealth, and Coupa Software.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:DocuSign Inc. (DOCU), Square Inc. (SQ), Atlassian Corp plc (TEAM), and StoneCo Ltd. (STNE): These are medium-sized new positions established this quarter. The 3.84% DOCU stake was purchased at prices between ~$173 and ~$269 and the stock currently trades at $235. SQ is a 3.76% position established at prices between ~$113 and ~$165 and it is now at ~$213. The 2.58% TEAM stake was purchased at prices between ~$161 and ~$196 and the stock currently trades at ~$230. STNE is a 1.89% of the portfolio position established at prices between ~$38 and ~$54 and the stock is now at $74.26.Note: Square and Atlassian are back in the portfolio after a quarter’s gap. Square was a ~2% position built from Q2 2019 at prices between $57 and $82 and sold last quarter at prices between ~$44 and ~$105. The 1.54% Atlassian stake was built in H2 2019 at prices between $108 and $147 and sold last quarter at prices between ~$129 and ~$188.Nuance Communications (NUAN), Mercadolibre (MELI), Bill.com Holdings (BILL), Snowflake Inc. (SNOW), Insulet Corp (PODD), and KE Holdings (BEKE): These are very small (less than ~1.25% of the portfolio each) new stakes established this quarter.Stake Disposals:Salesforce.com (CRM), and Zoom Video (ZM): These were medium-sized new positions established last quarter. The 2.88% CRM stake was purchased at prices between ~$134 and ~$192 and disposed this quarter at prices between ~$186 and ~$281. It is now at ~$228. ZM is a 2.16% of the portfolio position established at prices between ~$114 and ~$260 and eliminated this quarter at prices between ~$230 and ~$500. It currently trades at ~$412.Barclays VIX Short Term ETN (VXX) Puts, Ceridian HCM Holding (CDAY), and Visa Inc. (V): The VXX Puts were purchased in Q1 2020 as the underlying traded between $13 and $70 and it is now at $16.59. The disposal this quarter happened as the underlying traded between $24 and $35. CDAY was a 2.31% of the portfolio position built in H1 2020 at prices between ~$39 and ~$84. The elimination this quarter was at prices between ~$69 and ~$85. The stock currently trades at ~$99. The 2.35% Visa position was established in Q1 2020 at prices between ~$136 and ~$213. Last quarter saw a ~30% selling and the remaining stake was disposed this quarter at prices between ~$189 and ~$217. The stock is now at ~$213.Carvana Company (CVNA) and Discover Financial (DFS): These are small (less than ~0.5% of the portfolio each) positions that were decreased during the quarter.Stake Decreases:PayPal Holdings (PYPL): PYPL is a large 5.10% of the portfolio stake purchased in Q4 2019 at prices between $96.50 and $110 and the stock currently trades at ~$217. Q1 2020 saw a ~55% stake increase at prices between $85 and $124. That was followed with a ~40% increase last quarter at prices between ~$91 and ~$177. This quarter saw a ~20% selling at prices between ~$170 and ~$211.Amazon.com (AMZN): AMZN is a 4.58% 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. Last two quarters have seen a ~42% reduction at prices between ~$1907 and ~$3531. The stock is now at ~$3177.Humana Inc. (HUM): The 3.88% HUM position was established in Q3 2019 at prices between $254 and $305 and it is now at ~$409. Q1 2020 saw a ~47% stake increase at prices between $214 and $380. That was followed with a ~12% further increase last quarter. This quarter saw similar trimming.ServiceNow Inc. (NOW): NOW is a 3.70% 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. Last quarter saw a similar increase at prices between $250 and $403. The stock is now at ~$542. There was marginal trimming this quarter.Adobe Systems (ADBE): ADBE is a fairly large position at 3.57% 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. Last two years have seen a two-thirds selling at prices between ~$210 and ~$534. The stock currently trades at ~$495.Datadog Inc. (DDOG): DDOG is a 2.88% of the portfolio position established last quarter at prices between ~$34.50 and ~$90 and it currently goes for ~$100. There was a minor ~4% trimming this quarter.MasterCard (MA): The 2.57% MA position was established in Q4 2018 at prices between $175 and $224 and it is now well above that range at ~$341. 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 this quarter at prices between ~$290 and ~$366.TransDigm Group (TDG): The 1.54% TDG position was purchased in Q4 2017 at prices between $256 and $285 and it is now at ~$602. 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 last quarter at prices between $270 and $495 while this quarter there was a 55% selling at prices between ~$411 and ~$519.Booking 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 this quarter at prices between ~$1638 and ~$1949. The stock currently trades at ~$2087.Stake Increases:Shopify Inc. (SHOP): SHOP is now the largest 13F stake at 7.59% of the portfolio. It was built in Q2 2019 at prices between $195 and $328 and the stock currently trades at ~$1102. There was a one-third increase in Q4 2019 at prices between $286 and $409. Last three quarters have seen only minor adjustments.Facebook Inc. (FB): The top three 6.60% 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 last quarter at prices between $154 and $242. This quarter also saw a ~11% increase. 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.Microsoft Corporation (MSFT): MSFT is a large (top three) 5.84% 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 ~$216. 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. Last two 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.UnitedHealth Group (UNH): The large 5.30% 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 last quarter at prices between ~$229 and ~$312 while this quarter saw a similar increase at prices between ~$291 and ~$324. The stock is now at ~$348.Coupa Software (COUP): The ~5% COUP position was purchased last year at prices between $90 and $158 and it is now at ~$315. This quarter saw the stake doubled at prices between ~$243 and ~$344.Note: Lone Pine controls ~6% of the business.Global Payments (GPN): The 4.89% GPN position was established in Q3 2019 at prices between $154 and $175 and it is now at ~$199. Q1 2020 saw a ~53% stake increase at prices between $116 and $209. That was followed with a one-third increase this quarter at prices between ~$161 and ~$185.Netflix (NFLX): NFLX is a 4.85% of the portfolio position purchased in Q3 2019 at prices between $255 and $382 and the stock currently trades at ~$513. Last quarter saw a one-third selling at prices between $362 and $468 while this quarter there was a similar increase at prices between ~$467 and ~$557.Match Group (MTCH): The 3.74% MTCH stake saw a ~70% stake increase this quarter at prices between ~$90 and ~$121. The stock currently trades at ~$145.Autodesk Inc. (ADSK): ADSK is a 2.91% portfolio stake purchased in Q4 2018 at prices between $118 and $156 and it currently trades at ~$284. 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 last quarter at prices between $137 and $242 while this quarter saw a similar increase at prices between ~$221 and ~$261.Dexcom Inc. (DXCM): The very small 0.82% DXCM stake was increased during the quarter.Kept Steady:L Brands (LB): The 3.60% LB stake was purchased in Q1 2020 at prices between ~$9 and ~$25 and it is now at ~$41.Note: Lone Pine Capital has a ~10% ownership stake in L Brands.Capital One Financial (COF): The 3.18% COF stake was purchased last quarter at prices between $42.25 and $80 and it is now at $92.64.Howmet Aerospace (HWM): The very small 0.57% HWM position established last quarter was kept steady this quarter.The spreadsheet below highlights changes to Mandel’s 13F stock holdings in Q3 2020:Regulatory filings thru 8/28/2020: 13G – 7/31 – COUP – 3.78M shares – 5.6% of business."