Lone Pine Capital

Q3 2013 13F · by Stephen Mandel, portfolio manager

As of: Sep 30, 2013
Filed: Nov 14, 2013
US stock: $21.3B · prev $19.8B
Positions: 50 · prev 53
Options notional: $1.1B
Documents: 1· no amendments

Picture95.2% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 95.2%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 2.9%
Calls at notional value 1.9%

Moves63 since the prior filing

+24.2 pp in · −24.0 pp out

New 9 +14.66 pp
Added 18 +9.53 pp
Trimmed 18 −8.28 pp
Exited 12 −15.75 pp

Options: 6 moves on a notional base, in the table below.

The book

Focused · behaves like 36 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 111% a year, about 0.9 years per position

Low
Moderate
High

Top 5 positions23% of US stock

DG Dollar General Corp. added+1.21 pp added+1.214.7%
CTSH Cognizant Technology Solutions trimmed+0.43 pp trimmed+0.434.6%
unresolved Priceline Grp Inc trimmed−2.56 pp trimmed−2.564.6%
unresolved Monsanto Co added+1.49 pp added+1.494.6%
GAP The Gap, Inc. added+0.19 pp added+0.194.2%

Positions50 in this filing · 12 exited


DGDollar General Corp.	4.68%	17,684,604	$998M	added+30%	+1.21 pp	2 q
CTSHCognizant Technology Solutions	4.61%	11,956,751	$982M	trimmed−10%	+0.43 pp	2 q
unresolvedPriceline Grp Inc	4.60%	969,568	$980M	trimmed−44%	−2.56 pp	2 q
unresolvedMonsanto Co	4.58%	9,354,853	$976M	added+51%	+1.49 pp	2 q
GAPThe Gap, Inc.	4.22%	22,305,225	$898M	added+16%	+0.19 pp	2 q
QCOMQualcomm Inc	4.21%	13,329,083	$897M	added+43%	+1.34 pp	2 q
BIDUBaidu, Inc.	3.85%	5,289,262	$821M	new	+3.85 pp	new
unresolvedValeant Pharmaceuticals Intl	3.81%	7,781,707	$812M	trimmed−3%	+0.33 pp	2 q
unresolvedMichael Kors Hldgs Ltd	3.35%	9,583,229	$714M	added+7%	+0.56 pp	2 q
unresolvedTwenty First Centy Fox Inc	2.94%	18,700,570	$627M	new	+2.94 pp	new
EBAYeBay Inc	2.86%	10,922,795	$609M	trimmed−30%	−1.19 pp	2 q
ULTAUlta Beauty, Inc.	2.66%	4,737,930	$566M	trimmed−7%	+0.08 pp	2 q
HOUSAnywhere Real Estate Inc.	2.42%	12,003,398	$516M	added+52%	+0.51 pp	2 q
FLTCorpay, Inc.	2.36%	4,562,496	$503M	trimmed−15%	+0.17 pp	2 q
unresolvedMead Johnson Nut'n Co	2.31%	6,629,859	$492M	trimmed−11%	−0.65 pp	2 q
AXPAmerican Express Company	2.21%	6,244,519	$472M	added+68%	+0.81 pp	2 q
MAMastercard Incorporated	2.21%	700,604	$471M	new	+2.21 pp	new
unresolvedCrwn Castle Int'l Corp.	2.17%	6,340,454	$463M	added+26%	+0.33 pp	2 q
DLTRDollar Tree Inc.	2.05%	7,648,196	$437M	trimmed−5%	−0.01 pp	2 q
CMECME Group Inc.	1.95%	5,623,300	$415M	added+44%	+0.46 pp	2 q
unresolvedEquinix Inc	1.87%	2,167,116	$398M	added+4%	−0.07 pp	2 q
KMIKinder Morgan, Inc.	1.82%	10,913,487	$388M	trimmed−11%	−0.55 pp	2 q
METAMeta Platforms, Inc. Class A	1.80%	7,635,995	$384M	trimmed−23%	+0.56 pp	2 q
unresolvedKinder Morgan Inc DEL	1.69%	72,279,395	$359M	added+10%	0.00 pp	2 q
DVADaVita Inc.	1.68%	6,302,027	$359M	new	+1.68 pp	new
unresolvedGoogle Inc.	1.68%	407,784	$357M	trimmed−57%	−2.50 pp	2 q
unresolvedCoach Inc	1.66%	6,481,247	$353M	added+11%	−0.03 pp	2 q
TDGTransDigm Group Incorporated	1.66%	2,556,210	$355M	held	—	2 q
unresolvedB/E Aerospace Inc	1.64%	4,741,593	$350M	added+10%	+0.27 pp	2 q
WYNTravel + Leisure Co.	1.63%	5,706,191	$348M	added+20%	+0.26 pp	2 q
LBTYKLiberty Global Ltd. Class C	1.40%	3,963,935	$299M	added×2.6	+0.89 pp	2 q
OCNOnity Group Inc.	1.38%	5,277,270	$294M	trimmed−3%	+0.25 pp	2 q
WDAYWorkday, Inc. Class A	1.34%	3,522,285	$285M	held	—	2 q
unresolvedCharter Comm's Inc	1.23%	1,951,452	$263M	trimmed−47%	−1.07 pp	2 q
unresolvedDsw Inc	1.19%	2,978,721	$254M	added×3.4	+0.86 pp	2 q
unresolvedPandora Media Inc	1.19%	10,085,216	$253M	new	+1.19 pp	new
LBTYALiberty Global Ltd. Class A	1.19%	3,203,911	$254M	added+59%	+0.45 pp	2 q
OIIOceaneering International Inc.	1.17%	3,069,498	$249M	trimmed−11%	−0.09 pp	2 q
VRSNVeriSign Inc	1.17%	4,888,630	$249M	trimmed−35%	−0.52 pp	2 q
AMZNAmazon.Com Inc	1.14%	773,737	$242M	new	+1.14 pp	new
VVISA Inc.	1.12%	1,243,515	$238M	trimmed−6%	−0.10 pp	2 q
unresolvedLiberty Media Corp Delaware	1.11%	1,611,640	$237M	trimmed−13%	−0.08 pp	2 q
SEMGSemgroup Corp-class A	1.05%	3,906,318	$223M	held	—	2 q
unresolvedSolarwinds Inc	0.94%	5,701,473	$200M	new	+0.94 pp	new
GRFSGrifois, S.A.	0.63%	4,453,500	$134M	added0%	0.00 pp	2 q
ASMLASML Holding NV	0.48%	1,032,466	$102M	held	—	2 q
LOWLowe's Companies Inc.	0.47%	2,114,588	$101M	new	+0.47 pp	new
HRBH&R Block, Inc.	0.29%	2,303,844	$61M	trimmed−70%	−0.78 pp	2 q
PRKSUnited Parks & Resorts Inc.	0.24%	1,736,193	$51M	new	+0.24 pp	new
unresolvedCanadian Pac Ry Ltd	0.09%	161,132	$20M	held	—	2 q
ISRGIntuitive Surgical Inc.	—	−1,161,068	—	exited	−2.96 pp	—
RLRalph Lauren Corporation	—	−2,630,438	—	exited	−2.30 pp	—
unresolvedNews Corp	—	−13,757,775	—	exited	−2.26 pp	—
unresolvedHertz Global Holdings Inc	—	−17,332,422	—	exited	−2.17 pp	—
GRAW.R. Grace & Co.	—	−2,868,750	—	exited	−1.22 pp	—
SBHSally Beauty Holdings, Inc.	—	−7,496,661	—	exited	−1.18 pp	—
TMOThermo Fisher Scientific, Inc.	—	−2,766,476	—	exited	−1.18 pp	—
JBHTJB Hunt Transport Services Inc	—	−2,831,614	—	exited	−1.03 pp	—
TRIPTripAdvisor, Inc.	—	−1,991,854	—	exited	−0.61 pp	—
unresolvedAirgas Inc	—	−902,488	—	exited	−0.43 pp	—
WBCWabco Holdings Inc.	—	−1,046,166	—	exited	−0.39 pp	—
unresolvedIsoftstone Hldgs Ltd	—	−870,916	—	exited	−0.02 pp	—

Other 13(f) securities

Options 7

Contract	% of notional	Shares	Notional
United States Natl Gas Fund PUT	27.86%	16,500,000	$302M
Barclays Bk PLC PUT	20.04%	3,690,000	$217M
QCOM CALL	14.28%	2,297,000	$155M
CME CALL	13.65%	2,000,000	$148M
SHLD PUT	12.49%	2,273,500	$135M
AXP CALL	11.65%	1,670,000	$126M
BB PUT	0.02%	25,000	$199,000

Notes 0

None in this filing

Source

Form: 13F-HR
Reading: 0 defects · 18 unresolved
Accession: 0000902664-13-003750
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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