Lone Pine Capital Llc Quarterly Portfolio Highlights
Stephen Mandel’s Lone Pine Capital Llc just filed its Q3 2015 13F. Dated 25/12/2015, the 13f form shows the hedge fund has a portfolio value of $24.55 billion, representing a decrease of $2.17 billion from the previous quarter when it was $26.73 billion. Note: This filling reprents about 70.20% of Lone Pine Capital Llc’s assets, which which are listed in the US.
|Previous Mkt Value:||$26,726,898,000|
|Chg Mkt Value %:||-8.14 %|
|Turnover %:||32.43 %|
|Top 10 Holdings %:||41.88%|
Based on $34.98 billion in assets under management, Lone Pine Capital Llc’s equity exposure is 70.20% of assets.
Fund New Positions
In this quarter, Stephen Mandel’s Lone Pine Capital Llc opened positions in Amazon Com Inc (AMZN) for $991.53 million, Constellation Brands Inc (STZ) for $586.51 million, Dollar Tree Inc (DLTR) for $342.59 million, American Express Co (Call) (AXP) for $318.76 million and Mobileye N V Amstelveen (MBLY) for $290.80 million. These were the 5 biggest new positions. In total the hedge fund bought 9 new stocks.
|Top 5 New Buys|
|Amazon Com Inc||4.04%|
|Constellation Brands Inc||2.39%|
|Dollar Tree Inc||1.40%|
|American Express Co (Call)||1.30%|
|Mobileye N V Amstelveen||1.18%|
|13F Sector Allocation|
|Consumer Discretionary||30 %|
|Information Technology||27 %|
|Health Care||13 %|
As shown in this 13f form the hedge fund raised its stakes in Valeant Pharmaceuticals Intl (VRX) by 41% to $1.33 billion, Fleetcor Technologies Inc (FLT) by 17% to $885.48 million, Facebook Inc (FB) by 10% to $962.13 million, Allergan Plc by 13% to $708.79 million and Visa Inc (V) by 10% to $680.54 million. Lone Pine Capital Llc also acquired smaller stakes in Cheniere Energy Inc (LNG) by 54.11% to $591.28 million, Charter Communications Inc D (CHTR) by 114.76% to $1.15 billion and Walgreens Boots Alliance Inc by 30.58% to $564.07 million. Building positions gradually is normal investing strategy for many funds.
Stephen Mandel’s fund disposed its stakes in Currencyshares Euro Tr (Put) (FXE), Lowes Cos Inc (LOW), Hca Holding Inc (HCA), Mcgraw Hill Finl Inc (MHFI) and Autodesk Inc (ADSK). These stocks constituted 8.19 %, 1.77 %, 1.70 %, 1.36 % and 1.15 % of the manager’s portfolio, respectively. We can only speculate about the reasons for this selling but we believe it has to do with either value, momentum or a better place for Lone Pine Capital Llc’s capital.
The fund also cut its postitons in Priceline Grp Inc (PCLN) by -16.74%, Illumina Inc (ILMN) by -36.43%, Mastercard Inc (MA) by -14.22%, Nike Inc (NKE) by -20.33% and Equinix Inc (EQIX) by -11.82%.
Valeant Pharmaceuticals Intl (VRX), Priceline Grp Inc (PCLN) and Charter Communications Inc D (CHTR) made up the majority of Lone Pine Capital Llc’s total US long portfolio in this quarter. These holdings were top 3 and constitute 15.11% of Lone Pine Capital Llc’s US-listed securities. The top 10 holdings make approximately 41.88% of the fund’s portfolio.
The table above provides a snapshot of Lone Pine Capital Llc’s top 10 US-listed positions in this quarter.
Lone Pine Capital Llc raised the consumer discretionary sector from 27 % to 30 %. According to the 13f form, the institutional investor also has securities for 27 % in the information technology sector. The consumer staples sector is 4 % of Lone Pine Capital Llc’s 13f reported assets. The fund cut the Finance, Energy and Health Care sector positions by 6 %, 11 % and 24 %, respectively.
So these are Q3 2015 fund’s sector weights now: consumer discretionary 30 % for $7.37 billion, information technology 27 % for $6.63 billion, health care 13 % for $3.19 billion, finance 6 % for $1.47 billion, energy 5 % for $1.23 billion, consumer staples 4 % for $982.09 million, materials 2 % for $491.05 million, industrials 2 % for $491.05 million, transports 1 % for $245.52 million and utilities & telecommunications 1 % for $245.52 million.
Important Position Changes
Top 10 Q3 2015 New Positions: Amazon Com Inc (AMZN), Constellation Brands Inc (STZ), Dollar Tree Inc (DLTR), American Express Co (Call) (AXP), Mobileye N V Amstelveen (MBLY), Activision Blizzard Inc (ATVI), Molson Coors Brewing Co (TAP), Expedia Inc Del (EXPE) and American Express Co (AXP).
Top 10 Q3 2015 Sold Out Completely: Currencyshares Euro Tr (Put) (FXE), Lowes Cos Inc (LOW), Hca Holding Inc (HCA), Mcgraw Hill Finl Inc (MHFI), Autodesk Inc (ADSK), Sunedison Inc (SUNE), Advance Auto Parts Inc (AAP), Liberty Media Corp Delaware (LMCK), Mgic Invt Corp Wis (MTG) and Solarwinds Inc (SWI).
Lone Pine Capital Llc – website
13F Filing Link: 000090266415004275
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