Great investors · Stephen Mandel · Q4 2024
What Stephen Mandel bought and sold in Q4 2024
Lone Pine Capital 13F portfolio as of Dec 31, 2024: 30 positions worth $13.5 bn. Largest: META, AMZN, PM, TSM. Filed with the SEC on Feb 14, 2025.
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 Q4 2024
- NewEli LillyLLY+4.5 pp
- NewCapital One FinancialCOF+4.3 pp
- NewFlutter EntertainmentFLUT+3.7 pp
- IncreasedPhilip Morris InternationalPM+1.8 pp
- IncreasedStarbucksSBUX+1.6 pp
- IncreasedIntuitINTU+1.1 pp
- IncreasedMeta PlatformsMETA+0.6 pp
Sells in Q4 2024
- Sold outUnitedHealth GroupUNH−3.6 pp
- ReducedAmazon.comAMZN−2.8 pp
- ReducedBlockXYZ−2.5 pp
- Sold outBooking HoldingsBKNG−2.4 pp
- ReducedAppLovinAPP−2.3 pp
- Sold outGE VernovaGEV−2.2 pp
- ReducedSpotify TechnologySPOT−2.1 pp
- ReducedSalesforceCRM−1.9 pp
- ReducedVistra OperationsVST−1.5 pp
- ReducedLennarLEN−1.2 pp
- ReducedConstellation EnergyCEG−1.1 pp
- ReducedTaiwan Semiconductor ManufacturingTSM−0.7 pp
22 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 Q4 2024 13F lists 30 lines of US-listed securities worth $13.5 bn; the largest is META at 8.86% of the portfolio. It was accepted by the SEC on Feb 14, 2025 at 4:34 PM ET.
Against the previous quarter, it opened 4 positions (LLY, COF, FLUT and CIFR), closed 3 (UNH, BKNG and GEV), added to 5 (SBUX, PM, INTU and META and 1 more) and trimmed 18 (AMZN, APP, CRM and SPOT and 14 more). 3 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Meta Platforms META | 2.0 M | $1.2 bn | 8.86% | +7.7% |
| 2 | Amazon.com AMZN | 3.8 M | $831M | 6.17% | −31% |
| 3 | Philip Morris International PM | 6.5 M | $778M | 5.78% | +44% |
| 4 | Taiwan Semiconductor Manufacturing TSM | 3.8 M | $743M | 5.52% | −11% |
| 5 | Vistra Operations VST | 5.4 M | $738M | 5.48% | −21% |
| 6 | Intuit INTU | 1.2 M | $727M | 5.40% | +26% |
| 7 | Microsoft MSFT | 1.6 M | $691M | 5.13% | no change |
| 8 | LPL Financial Holdings LPLA | 1.9 M | $628M | 4.66% | −12% |
| 9 | Eli Lilly LLY | 782,860 | $604M | 4.49% | new |
| 10 | KKR KKR | 4.0 M | $599M | 4.45% | −10% |
| 11 | Starbucks SBUX | 6.5 M | $591M | 4.39% | +60% |
| 12 | Capital One Financial COF | 3.2 M | $577M | 4.29% | new |
| 13 | Salesforce CRM | 1.6 M | $523M | 3.89% | −33% |
| 14 | Flutter Entertainment FLUT | 1.9 M | $494M | 3.67% | new |
| 15 | PTC PTC | 2.3 M | $428M | 3.18% | −8.7% |
| 16 | Spotify Technology SPOT | 913,564 | $409M | 3.04% | −41% |
| 17 | Workday WDAY | 1.5 M | $398M | 2.96% | −3.8% |
| 18 | Constellation Energy CEG | 1.7 M | $389M | 2.89% | −27% |
| 19 | AppLovin APP | 1.1 M | $351M | 2.61% | −54% |
| 20 | Howmet Aerospace HWM | 3.1 M | $335M | 2.49% | no change |
| 21 | Block XYZ | 3.8 M | $320M | 2.38% | −51% |
| 22 | ASML Holding ASML | 441,766 | $306M | 2.27% | −20% |
| 23 | ARES Management ARES | 1.7 M | $297M | 2.20% | −18% |
| 24 | Lennar LEN | 1.7 M | $234M | 1.74% | −41% |
| 25 | Talen Energy TLN | 1.1 M | $219M | 1.63% | +27% |
| 26 | Bitdeer Technologies Group BTDR | 986,717 | $21.4M | 0.16% | −24% |
| 27 | Hut 8 HUT | 692,839 | $14.2M | 0.11% | −44% |
| 28 | Cipher Digital CIFR | 2.3 M | $10.9M | 0.08% | new |
| 29 | Terawulf WULF | 1.5 M | $8.4M | 0.06% | −52% |
| 30 | IREN IREN | 711,839 | $7.0M | 0.05% | no change |
Positions it closed (3)
- UnitedHealth Group UNHwas 3.58% · 821,880 shares
- Booking Holdings BKNGwas 2.40% · 76,414 shares
- GE Vernova GEVwas 2.20% · 1.2 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.