Great investors · Stephen Mandel · Q3 2024
What Stephen Mandel bought and sold in Q3 2024
Lone Pine Capital 13F portfolio as of Sep 30, 2024: 29 positions worth $13.4 bn. Largest: META, AMZN, VST, TSM. Filed with the SEC on Nov 14, 2024.
The 13F is filed by Lone Pine Capital, not by Stephen Mandel personally: these are the whole firm's positions. A “position” is a distinct security in the filing (by CUSIP); share classes of the same company are shown added together.
Buys in Q3 2024
- NewSalesforceCRM+4.8 pp
- NewLennarLEN+4.1 pp
- NewStarbucksSBUX+2.9 pp
- NewWorkdayWDAY+2.9 pp
- IncreasedMeta PlatformsMETA+2.1 pp
- IncreasedConstellation EnergyCEG+1.5 pp
- IncreasedAmazon.comAMZN+1.4 pp
- NewTalen EnergyTLN+1.1 pp
- IncreasedLPL Financial HoldingsLPLA+0.9 pp
- IncreasedARES ManagementARES+0.6 pp
Sells in Q3 2024
- Sold outMastercardMA−3.4 pp
- Sold outBath & Body WorksBBWI−3.3 pp
- ReducedAppLovinAPP−3.2 pp
- Sold outMcKESSONMCK−2.4 pp
- ReducedTaiwan Semiconductor ManufacturingTSM−2.3 pp
- ReducedPhilip Morris InternationalPM−2.0 pp
- ReducedKKRKKR−1.8 pp
- ReducedMicrosoftMSFT−1.2 pp
- ReducedBooking HoldingsBKNG−0.9 pp
- ReducedGE VernovaGEV−0.6 pp
- ReducedUnitedHealth GroupUNH−0.5 pp
21 companies with material moves, out of 30 positions with a change. Only moves of 0.5 points of the portfolio or more are listed, measured as “traded weight” (what was bought or sold, excluding price effects). Smaller changes exist and are not listed: a position may have gone up or down without appearing above.
The full 13F, line by line
Lone Pine Capital's Q3 2024 13F lists 29 lines of US-listed securities worth $13.4 bn; the largest is META at 8.08% of the portfolio. It was accepted by the SEC on Nov 14, 2024 at 4:45 PM ET.
Against the previous quarter, it opened 9 positions (CRM, LEN, SBUX and WDAY and 5 more), closed 4 (MA, BBWI, MCK and AVDX), added to 6 (META, CEG, AMZN and LPLA and 2 more) and trimmed 11 (TSM, APP, PM and KKR and 7 more). 3 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Meta Platforms META | 1.9 M | $1.1 bn | 8.08% | +36% |
| 2 | Amazon.com AMZN | 5.5 M | $1.0 bn | 7.62% | +23% |
| 3 | Vistra Operations VST | 6.8 M | $807M | 6.02% | no change |
| 4 | Taiwan Semiconductor Manufacturing TSM | 4.2 M | $732M | 5.46% | −30% |
| 5 | Microsoft MSFT | 1.7 M | $712M | 5.31% | −18% |
| 6 | Salesforce CRM | 2.3 M | $640M | 4.77% | new |
| 7 | Constellation Energy CEG | 2.4 M | $623M | 4.64% | +49% |
| 8 | KKR KKR | 4.5 M | $591M | 4.41% | −29% |
| 9 | Intuit INTU | 921,361 | $572M | 4.27% | +2.1% |
| 10 | Spotify Technology SPOT | 1.6 M | $572M | 4.27% | −8% |
| 11 | Lennar LEN | 2.9 M | $549M | 4.09% | new |
| 12 | Philip Morris International PM | 4.5 M | $544M | 4.06% | −33% |
| 13 | Block XYZ | 7.7 M | $515M | 3.84% | no change |
| 14 | LPL Financial Holdings LPLA | 2.2 M | $507M | 3.78% | +29% |
| 15 | UnitedHealth Group UNH | 821,880 | $481M | 3.58% | −13% |
| 16 | PTC PTC | 2.5 M | $460M | 3.43% | no change |
| 17 | ASML Holding ASML | 551,313 | $459M | 3.43% | −6.2% |
| 18 | Starbucks SBUX | 4.1 M | $395M | 2.95% | new |
| 19 | Workday WDAY | 1.6 M | $392M | 2.93% | new |
| 20 | Booking Holdings BKNG | 76,414 | $322M | 2.40% | −27% |
| 21 | ARES Management ARES | 2.1 M | $320M | 2.39% | +30% |
| 22 | AppLovin APP | 2.4 M | $309M | 2.31% | −58% |
| 23 | Howmet Aerospace HWM | 3.1 M | $307M | 2.29% | −16% |
| 24 | GE Vernova GEV | 1.2 M | $295M | 2.20% | −22% |
| 25 | Talen Energy TLN | 856,215 | $153M | 1.14% | new |
| 26 | Hut 8 HUT | 1.2 M | $15.1M | 0.11% | new |
| 27 | Terawulf WULF | 3.1 M | $14.4M | 0.11% | new |
| 28 | Bitdeer Technologies Group BTDR | 1.3 M | $10.2M | 0.08% | new |
| 29 | IREN IREN | 711,839 | $6.0M | 0.04% | new |
Positions it closed (4)
- Mastercard MAwas 3.73% · 1.0 M shares
- Bath & Body Works BBWIwas 3.58% · 11.3 M shares
- McKESSON MCKwas 2.66% · 560,936 shares
- Avidxchange Holdings AVDXwas 0.50% · 5.1 M shares
One row per line of the filing (by CUSIP): share classes of the same company are listed separately here. “Change in shares” compares the count with the previous quarter, split-adjusted; the value is the one reported in the 13F at quarter end, not today's price.
Original documents: Lone Pine Capital's 13F filings on EDGAR (SEC) ↗
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Source: 13F filings with the SEC. A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions. Not investment advice.