Lone Pine Capital

Q1 2014 13F · by Stephen Mandel, portfolio manager

As of: Mar 31, 2014
Filed: May 15, 2014
US stock: $22.3B · prev $21.9B
Positions: 47 · prev 46
Options notional: $752M
Documents: 1· no amendments

Picture96.7% US stock

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

US stock listed on a US exchange 96.7%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 2.3%
Calls at notional value 1.0%

Moves65 since the prior filing

+29.2 pp in · −29.2 pp out

New 13 +16.81 pp
Added 17 +12.38 pp
Trimmed 17 −14.44 pp
Exited 12 −14.75 pp

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

The book

Focused · behaves like 32 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 124% a year, about 0.8 years per position

Low
Moderate
High

Top 5 positions26% of US stock

CTSH Cognizant Technology Solutions added+1.57 pp added+1.576.5%
BIDU Baidu, Inc. added+0.96 pp added+0.965.3%
unresolved Valeant Pharmaceuticals Intl added+1.05 pp added+1.055.2%
MSFT Microsoft Corp added+0.81 pp added+0.815.2%
LBTYK Liberty Global Ltd. Class C added+1.89 pp added+1.893.9%

Positions47 in this filing · 12 exited


CTSHCognizant Technology Solutions	6.53%	28,722,348	$1.5B	added+34%	+1.57 pp	4 q
BIDUBaidu, Inc.	5.35%	7,813,332	$1.2B	added+45%	+0.96 pp	3 q
unresolvedValeant Pharmaceuticals Intl	5.22%	8,816,702	$1.2B	added+14%	+1.05 pp	4 q
MSFTMicrosoft Corp	5.17%	28,064,888	$1.2B	added+10%	+0.81 pp	2 q
LBTYKLiberty Global Ltd. Class C	3.89%	21,260,739	$866M	added×2.1	+1.89 pp	4 q
unresolvedMichael Kors Hldgs Ltd	3.79%	9,043,926	$844M	added+48%	+1.52 pp	4 q
unresolvedMcGraw Hill	3.77%	10,998,735	$839M	added×2.0	+1.83 pp	2 q
unresolvedSBA Comms Corp	3.66%	8,943,844	$814M	added+64%	+1.42 pp	2 q
GAPThe Gap, Inc.	3.59%	19,924,198	$798M	trimmed−3%	−0.09 pp	4 q
unresolvedCrwn Castle Int'l Corp.	3.00%	9,054,737	$668M	trimmed−13%	−0.48 pp	4 q
ICEIntercontinental Exchange Inc.	2.95%	3,318,131	$656M	added+51%	+0.69 pp	2 q
unresolvedMonsanto Co	2.95%	5,767,733	$656M	trimmed−1%	−0.16 pp	4 q
unresolvedTwenty First Centy Fox Inc	2.87%	20,006,725	$640M	trimmed−2%	−0.41 pp	3 q
FLTCorpay, Inc.	2.82%	5,442,543	$626M	added+25%	+0.48 pp	4 q
DGDollar General Corp.	2.58%	10,340,612	$574M	trimmed−45%	−2.64 pp	4 q
HOUSAnywhere Real Estate Inc.	2.52%	12,900,198	$561M	added+4%	−0.29 pp	4 q
MAMastercard Incorporated	2.45%	7,294,819	$545M	trimmed−23%	−1.18 pp	3 q
QCOMQualcomm Inc	2.31%	6,530,923	$515M	trimmed−40%	−1.39 pp	4 q
ULTAUlta Beauty, Inc.	2.28%	5,202,611	$507M	added+8%	+0.16 pp	4 q
unresolvedActavis PLC	2.20%	2,378,308	$490M	new	+2.20 pp	new
LPLALPL Financial Holdings Inc.	2.01%	8,518,366	$448M	new	+2.01 pp	new
ADBEAdobe Inc.	1.95%	6,600,334	$434M	new	+1.95 pp	new
unresolvedEquinix Inc	1.87%	2,254,694	$417M	new	+1.87 pp	new
WYNTravel + Leisure Co.	1.61%	4,878,718	$357M	trimmed−22%	−0.51 pp	4 q
unresolvedPriceline Grp Inc	1.55%	290,072	$346M	trimmed−67%	−3.16 pp	4 q
JAZZJazz Pharmaceuticals, Inc.	1.46%	2,344,486	$325M	new	+1.46 pp	new
unresolvedSoufun Holdings Ltd ADR	1.36%	4,426,433	$303M	new	+1.36 pp	new
unresolvedB/E Aerospace Inc	1.33%	3,404,644	$295M	trimmed−23%	−0.43 pp	4 q
LBTYALiberty Global Ltd. Class A	1.31%	6,982,402	$290M	added+57%	−0.51 pp	4 q
ENDPQEndo International PLC	1.29%	4,178,703	$287M	new	+1.29 pp	new
unresolvedSolarwinds Inc	1.25%	6,516,396	$278M	trimmed−3%	+0.09 pp	3 q
OIIOceaneering International Inc.	1.23%	3,809,894	$274M	added+22%	+0.10 pp	4 q
WDAYWorkday, Inc. Class A	1.23%	2,986,060	$273M	trimmed−3%	+0.06 pp	4 q
WYNNWynn Resorts Ltd	1.18%	1,184,878	$263M	new	+1.18 pp	new
DVADaVita Inc.	1.13%	3,655,739	$252M	trimmed−57%	−1.33 pp	3 q
IBNICICI Bank Limited	1.13%	5,731,312	$251M	new	+1.13 pp	new
unresolvedDsw Inc	1.12%	6,953,238	$249M	added+1%	−0.22 pp	4 q
unresolvedLumber Liquidators Hldgs Inc	1.10%	2,619,839	$246M	added×5.3	+0.87 pp	2 q
TIFTiffany & Co.	1.02%	2,647,047	$228M	new	+1.02 pp	new
ANAutoNation, Inc.	0.95%	3,991,755	$212M	new	+0.95 pp	new
TDGTransDigm Group Incorporated	0.86%	1,033,918	$191M	trimmed−63%	−1.18 pp	4 q
ASMLASML Holding NV	0.57%	1,356,218	$127M	added+13%	+0.05 pp	4 q
METAMeta Platforms, Inc. Class A	0.54%	2,000,000	$120M	trimmed−33%	−0.21 pp	4 q
unresolvedCoach Inc	0.35%	1,569,635	$78M	trimmed−76%	−1.31 pp	4 q
PRKSUnited Parks & Resorts Inc.	0.29%	2,114,123	$64M	trimmed−31%	−0.11 pp	3 q
CTRPTrip.com Group Limited	0.26%	1,158,913	$58M	new	+0.26 pp	new
NBISNebius Group N.V. Class A	0.13%	987,950	$30M	new	+0.13 pp	new
DLTRDollar Tree Inc.	—	−8,128,196	—	exited	−2.10 pp	—
AXPAmerican Express Company	—	−4,392,879	—	exited	−1.82 pp	—
VRSNVeriSign Inc	—	−6,344,858	—	exited	−1.74 pp	—
unresolvedMead Johnson Nut'n Co	—	−3,560,693	—	exited	−1.36 pp	—
unresolvedEndo Health Sol'ns Inc.	—	−4,340,000	—	exited	−1.34 pp	—
CMECME Group Inc.	—	−3,614,948	—	exited	−1.30 pp	—
unresolvedKinder Morgan Inc DEL	—	−69,913,434	—	exited	−1.30 pp	—
SEMGSemgroup Corp-class A	—	−3,906,318	—	exited	−1.17 pp	—
unresolvedLiberty Media Corp Delaware	—	−1,521,783	—	exited	−1.02 pp	—
unresolvedTowers Watson & Co.	—	−1,098,124	—	exited	−0.64 pp	—
unresolvedCharter Comm's Inc	—	−774,527	—	exited	−0.48 pp	—
LOWLowe's Companies Inc.	—	−2,114,588	—	exited	−0.48 pp	—