ADBE AMZN ATVI BABA BKNG CP CSX DLTR ea FB FDC FLT Games GOOG IQV John Vincent MELI MHK MSFT NIO NOW NVDA PAGS PYPL SBAC SE SQ STZ TDG TRU UNH UNP WYNN

Tracking Stephen Mandel’s Lone Pine Capital Portfolio – Q3 2018 Update

Tracking Stephen Mandel's Lone Pine Capital Portfolio - Q3 2018 Update

This text is a part of a collection that gives an ongoing evaluation of the modifications made to Stephen Mandel’s 13F portfolio on a quarterly foundation. It’s based mostly on Mandel’s regulatory 13F Type filed on 11/14/2018. Please go to our Tracking Stephen Mandel’s Lone Pine Capital Portfolio article for an concept on his funding philosophy and our earlier replace for the fund’s strikes throughout Q2 2018.

This quarter, Mandel’s 13F portfolio worth elevated ~three% from $18.91B to $19.44B. The variety of holdings decreased from 28 to 25. The highest three positions are at ~24% whereas the highest 5 are at ~36% of the 13F belongings: Alibaba Group Holding, Microsoft, Adobe Techniques, Activision Blizzard, and IQVIA Holdings.

Stephen Mandel labored at Tiger Administration underneath Julian Robertson for eight years beginning within the late 1980s, making him a bona fide tiger cub. To know extra about Julian Robertson and his legendary Tiger Administration, take a look at Julian Robertson: A Tiger within the Land of Bulls and Bears.

New Stakes:

First Knowledge Corp. (FDC), Union Pacific (UNP), and NIO (NIO): These are the brand new positions this quarter. FDC is a medium-sized 2.76% portfolio stake established at costs between $21 and $26 and the inventory presently trades under that vary at $17.45. The two.70% UNP place was bought at costs between $138 and $165 and it now goes for $144. NIO is a minutely small zero.09% stake.

Stake Disposals:

Reserving Holdings (BKNG): BKNG was a big 5.69% portfolio place established in Q3 2017 at costs between $1,790 and $2,zero49 and elevated by roughly one-third the next quarter at costs between $1,646 and $1,942. The place was disposed this quarter at costs between $1,825 and $2,087. The inventory at present trades at $1,764.

Greenback Tree (DLTR) and SBA Communications (SBAC): These two medium-sized positions established in Q1 2018 and elevated final quarter have been eradicated this quarter. The three.25% DLTR stake was bought at costs between $89 and $116 and disposed at costs between $80 and $96. The inventory at present trades at $83.01. SBAC was a ~three% portfolio place established at costs between $153 and $175 and disposed at costs between $154 and $166. The inventory is now at $166.

Mohawk Industries (MHK), PagSeguro Digital (PAGS), and Sq. Inc. (SQ): These very small (lower than ~1% of the portfolio every) stakes have been bought this quarter.

Stake Decreases:

IQVIA Holdings (IQV) beforehand Quintiles IMS: The massive (prime 5) ~5% IQV stake was bought in Q1 2017 at costs between $75 and $82.50 and elevated by ~70% the next quarter at costs between $78 and $91. The inventory is now at ~$118. There was a ~17% promoting this quarter at costs between $100 and $130.

UnitedHealth Group (UNH): The four.13% UNH stake was established in Q2 2017 at costs between $164 and $187 and elevated by ~160% the next quarter at costs between $185 and $200. The inventory is now properly above these ranges at ~$262. There was a ~27% discount this quarter at costs between $247 and $270.

TransUnion (TRU): The three.72% TRU place was bought in Q2 2017 at costs between $38 and $49.50. The inventory is now nicely above that vary at $60.67. Final quarter noticed a ~14% promoting at costs between $55.50 and $73 and that was adopted with a ~three% trimming this quarter.

Notice: Lone Pine Capital has a ~6% possession stake in TransUnion.

Amazon.com (AMZN): AMZN is a three.59% of the portfolio stake established in This fall 2017 at costs between $957 and $1196. The inventory is now nicely above that vary at $1502. There was a ~25% promoting in Q1 2018 at costs between $1,189 and $1,598 and that was adopted with a ~40% discount during the last two quarters at costs between $1,372 and $1,751. Mandel is harvesting positive factors.

CSX Company (CSX): The three.59% CSX stake was established in This fall 2017 at costs between $48.50 and $58 and elevated by ~17% subsequent quarter at costs between $50.50 and $59.50. The inventory is now at ~$70. This quarter noticed a ~30% promoting at costs between $64 and $76.

Observe: CSX has had a earlier spherical-journey. A 2.86% CSX stake was bought in Q1 2017 at costs between $36 and $50. The next quarter noticed a ~28% discount at costs between $46 and $55. It was eradicated final quarter was at costs between $48 and $55.

MercadoLibre Inc. (MELI): The three.13% MELI place was bought in Q3 2017 at costs between $233 and $292. Final quarter noticed a one-third improve at costs between $285 and $355 whereas this quarter there was an ~18% promoting at costs between $295 and $385. The inventory is now at ~$310.

PayPal Holdings (PYPL): PYPL is a 2.69% place established in Q3 2017 at costs between $53 and $65 and elevated by ~40% the next quarter at costs between $64 and $79. Final quarter noticed an about flip: ~40% promoting at costs between $71.50 and $86. That was adopted with a ~6% trimming this quarter. It presently goes for ~$78.

FleetCor Applied sciences (FLT): The very small zero.59% FLT stake noticed a ~55% discount during the last two quarters at costs between $196 and $228. The inventory is presently at $184.

Stake Will increase:

Alibaba Group Holding (BABA): BABA is now the most important place at eight.25% of the portfolio. The stake was established in Q3 2016 at costs between $78.50 and $110 and elevated by ~50% the next quarter at costs between $86.50 and $108. There was one other ~50% improve in H1 2017 at costs between $88.50 and $144. Subsequent quarter noticed a reversal: ~45% promoting at costs between $141 and $191. The inventory is now at ~$150. This quarter noticed a ~50% improve at costs between $156 and $198.

Microsoft Company (MSFT): MSFT is at present the second-largest 13F place at ~eight% of the portfolio. It was established in Q2 2017 at costs between $65 and $72.50. There was a ~15% trimming in This fall 2017 at costs between $74 and $87 whereas subsequent quarter noticed a ~26% improve at costs between $85 and $97. The inventory is now at $103. This quarter noticed a ~10% improve.

Notice: MSFT has had a earlier spherical-journey: It was a big (prime 5) four.93% of the portfolio place in This fall 2016. The majority of the place was from H1 2015 at costs between $40 and $48. The 5 quarters by way of Q3 2016 had seen a mixed ~50% promoting at costs between $43 and $58. The elimination in Q1 2017 occurred at costs between $62 and $66.

Adobe Methods (ADBE): ADBE is a big (prime 5) 7.53% of the 13F portfolio place. It was first bought in Q1 2014 and virtually doubled the next quarter at costs between $60 and $73. 2015 noticed that unique stake decreased by two-thirds at costs between $73 and $96. The place has since wavered. Current exercise comply with: This fall 2017 noticed a ~50% improve at costs between $148 and $185 whereas final quarter there was a ~20% discount at costs between $212 and $258. This quarter noticed an analogous improve at costs between $242 and $275. The inventory at present trades at ~$226.

Activision Blizzard (ATVI): The massive (prime 5) 6.91% ATVI place was bought in Q2 2016 at costs between $33 and $39 and constructed over the subsequent three quarters at costs between $35.50 and $50. The inventory is now at $50.05. There was a ~42% discount during the last 5 quarters at costs between $48 and $78. This quarter noticed a ~13% improve.

Notice: ATVI had a earlier spherical-journey: a ~2% place was established in H2 2015 and disposed in Q1 2016.

Alphabet Inc. (GOOG) (NASDAQ:GOOGL): GOOG is a 5.47% portfolio place bought in This fall 2017 at costs between $952 and $1077 and it’s now at $1,zero24. This quarter noticed a ~36% improve at costs between $1,100 and $1,270.

Digital Arts (EA): The four.87% EA place was bought in Q3 2017 at costs between $105 and $122 and elevated by ~75% the next quarter at costs between $101 and $120. It’s now properly under these ranges at ~$82.67. There was a ~12% promoting final quarter at costs between $117 and $147 whereas this quarter noticed a ~24% improve at costs between $112 and $149.

Constellation Manufacturers (STZ): STZ is a four.78% stake established in Q3 2015 at costs between $115 and $131. The next three quarters had seen a mixed ~40% improve at costs between $125 and $164. The place has wavered. Current exercise comply with: there was an ~11% discount within the two quarters at costs between $199 and $234 whereas this quarter noticed an identical improve at costs between $200 and $222. The inventory is now at $193.

Canadian Pacific Railway (CP) and Nvidia Corp. (NVDA): These two positions established final quarter have been elevated this quarter. The four.25% CP stake was established at costs between $173 and $195 and elevated by ~36% this quarter at costs between $178 and $216. It at present trades at ~$203. NVDA is a three.23% place bought at costs between $214 and $267 and it’s now properly under that vary at $145. There was a ~5% improve this quarter.

Wynn Resorts (WYNN): WYNN is a three.89% place bought in Q3 2017 at costs between $125 and $149 and lowered by ~50% the next quarter at costs between $140 and $170. Final three quarters have seen a ~470% improve at costs between $125 and $201. The inventory is now under their buy worth ranges at ~$104. For buyers trying to comply with Mandel, WYNN is an effective choice to think about for additional analysis.

Notice: Lone Pine Capital controls 5.four% of the enterprise.

TransDigm Group (TDG): The three.38% TDG place was bought in This fall 2017 at costs between $256 and $285 and it’s now at $341. Final quarter noticed a ~25% improve at costs between $301 and $346. There was a marginal improve this quarter.

Fb Inc. (FB): The three.27% FB stake was first bought in Q3 2014 at costs between $66 and $79. The place has wavered. Current exercise comply with: Q1 2018 noticed a ~75% stake improve at costs between $152 and $193 whereas final quarter there was a ~56% discount at costs between $155 and $202. The inventory is now at $132. There was a ~14% improve this quarter.

Word: FB has seen a earlier presence within the portfolio. Round 11M shares have been bought in This fall 2012 at costs between $19 and $29. The stake was disposed of in 2013 and early 2014 at a lot larger costs realizing big features.

ServiceNow Inc. (NOW): NOW is a three.19% stake established in Q2 2017 at costs between $84.50 and $118. This fall 2017 noticed a ~22% discount at costs between $113 and $131. There was one other one-third discount subsequent quarter at costs between $132 and $175. It now goes for ~$161. Final two quarters have seen a mixed ~18% improve at costs between $158 and $205.

Stored Regular:

Sea Restricted ADR (SE): The minutely small zero.28% SE stake was stored regular this quarter.

The spreadsheet under highlights modifications to Mandel’s 13F inventory holdings in Q3 2018:

Stephen Mandel - Lone Pine Capital - Q3 2018 13F Report

Disclosure: I’m/we’re lengthy BABA.

I wrote this text myself, and it expresses my very own opinions. I’m not receiving compensation for it (aside from from In search of Alpha). I’ve no enterprise relationship with any firm whose inventory is talked about on this article.

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