Lone Pine Capital

Q4 2014 13F · by Stephen Mandel, portfolio manager

As of: Dec 31, 2014
Filed: Feb 17, 2015
US stock: $23.4B · prev $25.0B
Positions: 43 · prev 42
Options notional: $452M
Documents: 1· no amendments

Picture98.1% US stock

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

US stock listed on a US exchange 98.1%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 1.5%
Calls at notional value 0.4%

Moves57 since the prior filing

+29.5 pp in · −29.7 pp out

New 12 +13.63 pp
Added 12 +15.82 pp
Trimmed 18 −11.21 pp
Exited 11 −18.47 pp

Options: 4 moves on a notional base, in the table below.

The book

Focused · behaves like 27 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 106% a year, about 0.9 years per position

Low
Moderate
High

Top 5 positions31% of US stock

MA Mastercard Incorporated added+2.93 pp added+2.937.4%
BIDU Baidu, Inc. trimmed−0.29 pp trimmed−0.296.8%
unresolved Priceline Grp Inc added+3.43 pp added+3.436.8%
unresolved Valeant Pharmaceuticals Intl trimmed−0.71 pp trimmed−0.715.0%
META Meta Platforms, Inc. Class A added+1.77 pp added+1.774.5%

Positions43 in this filing · 11 exited


MAMastercard Incorporated	7.38%	20,030,460	$1.7B	added+33%	+2.93 pp	6 q
BIDUBaidu, Inc.	6.85%	7,030,580	$1.6B	trimmed−14%	−0.29 pp	6 q
unresolvedPriceline Grp Inc	6.81%	1,398,233	$1.6B	added+92%	+3.43 pp	7 q
unresolvedValeant Pharmaceuticals Intl	5.05%	8,250,886	$1.2B	trimmed−25%	−0.71 pp	7 q
METAMeta Platforms, Inc. Class A	4.50%	13,502,615	$1.1B	added+56%	+1.77 pp	2 q
FLTCorpay, Inc.	4.09%	6,435,620	$957M	trimmed−2%	+0.35 pp	7 q
DGDollar General Corp.	3.90%	12,918,112	$913M	added+39%	+1.63 pp	7 q
ADBEAdobe Inc.	3.78%	12,179,247	$885M	added+6%	+0.61 pp	4 q
unresolvedEquinix Inc	3.77%	3,890,489	$882M	added+47%	+1.52 pp	4 q
ADSKAutodesk Inc	3.71%	14,463,336	$869M	added×3.3	+2.74 pp	2 q
unresolvedMichael Kors Hldgs Ltd	3.55%	11,075,555	$832M	trimmed−31%	−1.00 pp	7 q
unresolvedSBA Comms Corp	3.45%	7,293,202	$808M	trimmed−16%	−0.39 pp	5 q
unresolvedCanadian Pac Ry Ltd	2.95%	3,585,666	$691M	added+2%	+0.04 pp	3 q
unresolvedMcGraw Hill	2.80%	7,369,142	$656M	trimmed−32%	−0.86 pp	5 q
TIFTiffany & Co.	2.76%	6,047,197	$646M	trimmed−12%	+0.12 pp	4 q
CTSHCognizant Technology Solutions	2.75%	12,229,864	$644M	trimmed−32%	−0.48 pp	7 q
LNGCheniere Energy Inc	2.65%	8,818,922	$621M	added+28%	+0.44 pp	3 q
unresolvedCharter Comm's Inc	2.33%	3,269,032	$545M	added+5%	+0.45 pp	2 q
HOUSAnywhere Real Estate Inc.	1.98%	10,406,478	$463M	trimmed−24%	−0.05 pp	7 q
VVISA Inc.	1.98%	1,771,519	$464M	new	+1.98 pp	new
HCAHCA Healthcare, Inc.	1.83%	5,836,872	$428M	new	+1.83 pp	new
ULTAUlta Beauty, Inc.	1.83%	3,344,991	$428M	trimmed−36%	−0.63 pp	7 q
MHKMohawk Industries, Inc.	1.64%	2,466,482	$383M	trimmed−20%	−0.02 pp	2 q
TDGTransDigm Group Incorporated	1.50%	1,786,836	$351M	held	—	7 q
JAZZJazz Pharmaceuticals, Inc.	1.32%	1,883,654	$308M	added+5%	+0.17 pp	4 q
DVADaVita Inc.	1.28%	3,940,169	$298M	new	+1.28 pp	new
unresolvedCooper Cos Inc/The	1.21%	1,750,283	$284M	new	+1.21 pp	new
GRAW.R. Grace & Co.	1.18%	2,902,557	$277M	new	+1.18 pp	new
HUMHumana Inc.	1.17%	1,911,536	$275M	trimmed−12%	+0.04 pp	2 q
VIPSVipshop Holdings Limited	1.16%	13,935,727	$272M	new	+1.16 pp	new
WBAWalgreens Boots Alliance, Inc	1.16%	3,553,779	$271M	new	+1.16 pp	new
NFLXNetFlix Inc	1.14%	779,647	$266M	new	+1.14 pp	new
MSFTMicrosoft Corp	1.08%	5,449,944	$253M	trimmed−76%	−3.06 pp	5 q
ICEIntercontinental Exchange Inc.	1.07%	1,142,789	$251M	trimmed−13%	+0.05 pp	5 q
AAPLApple Inc.	1.03%	2,184,122	$241M	new	+1.03 pp	new
JDJD.com, Inc.	0.87%	8,817,652	$204M	new	+0.87 pp	new
unresolvedSolarwinds Inc	0.51%	2,386,428	$119M	trimmed−63%	−0.58 pp	6 q
CDKCDK Global, Inc.	0.50%	2,894,255	$118M	new	+0.50 pp	new
UAAUnder Armour, Inc.	0.45%	1,560,114	$106M	trimmed−65%	−0.80 pp	3 q
ANETArista Networks	0.34%	1,325,646	$81M	added+84%	+0.09 pp	3 q
CVLTCommvault Systems, Inc.	0.29%	1,321,288	$68M	new	+0.29 pp	new
WDAYWorkday, Inc. Class A	0.18%	527,482	$43M	trimmed−85%	−0.98 pp	7 q
WYNNWynn Resorts Ltd	0.18%	285,023	$42M	trimmed−90%	−1.92 pp	4 q
GAPThe Gap, Inc.	—	−19,265,265	—	exited	−3.21 pp	—
CMCSAComcast Corp	—	−13,772,459	—	exited	−2.96 pp	—
unresolvedCrwn Castle Int'l Corp.	—	−7,845,871	—	exited	−2.52 pp	—
unresolvedActavis PLC	—	−2,478,628	—	exited	−2.39 pp	—
LPLALPL Financial Holdings Inc.	—	−8,518,366	—	exited	−1.57 pp	—
ABBVAbbvie Inc.	—	−5,247,201	—	exited	−1.21 pp	—
SAVEQSpirit Airlines, Inc.	—	−4,262,432	—	exited	−1.18 pp	—
WSMWilliams-Sonoma, Inc.	—	−4,390,577	—	exited	−1.17 pp	—
TRIPTripAdvisor, Inc.	—	−2,771,438	—	exited	−1.01 pp	—
LBTYKLiberty Global Ltd. Class C	—	−4,460,630	—	exited	−0.73 pp	—
TWXTime Warner Inc	—	−1,716,105	—	exited	−0.52 pp	—