Lone Pine Capital

Q1 2016 13F · by Stephen Mandel, portfolio manager

As of: Mar 31, 2016
Filed: May 16, 2016
US stock: $19.7B · prev $22.4B
Positions: 37 · prev 40
Options notional: $449M
Documents: 1· no amendments

Picture97.8% US stock

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

US stock listed on a US exchange 97.8%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.7%
Calls at notional value 1.5%

Moves49 since the prior filing

+18.9 pp in · −19.1 pp out

New 6 +8.18 pp
Added 12 +10.71 pp
Trimmed 18 −3.65 pp
Exited 9 −15.48 pp

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

The book

Focused · behaves like 26 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 58% a year, about 1.7 years per position

Low
Moderate
High

Top 5 positions30% of US stock

MSFT Microsoft Corp trimmed+0.50 pp trimmed+0.507.2%
META Meta Platforms, Inc. Class A added+2.07 pp added+2.076.6%
AMZN Amazon.Com Inc trimmed−0.65 pp trimmed−0.656.0%
unresolved Priceline Grp Inc trimmed+0.45 pp trimmed+0.455.2%
DLTR Dollar Tree Inc. trimmed+0.33 pp trimmed+0.334.9%

Positions37 in this filing · 9 exited


MSFTMicrosoft Corp	7.24%	25,771,549	$1.4B	trimmed−5%	+0.50 pp	10 q
METAMeta Platforms, Inc. Class A	6.63%	11,413,508	$1.3B	added+17%	+2.07 pp	7 q
AMZNAmazon.Com Inc	6.00%	1,986,368	$1.2B	trimmed−10%	−0.65 pp	3 q
unresolvedPriceline Grp Inc	5.19%	791,637	$1.0B	trimmed−5%	+0.45 pp	12 q
DLTRDollar Tree Inc.	4.87%	11,606,484	$957M	trimmed−12%	+0.33 pp	3 q
unresolvedCharter Comm's Inc	4.73%	4,588,878	$929M	trimmed−3%	+0.87 pp	7 q
STZConstellation Brands, Inc.	4.53%	5,896,221	$891M	added+10%	+1.13 pp	3 q
FLTCorpay, Inc.	4.47%	5,904,403	$878M	trimmed−8%	+0.37 pp	12 q
EQIXEquinix, Inc.	3.91%	2,324,330	$769M	added+10%	+1.07 pp	5 q
NKENike, Inc.	3.75%	11,996,379	$737M	added+4%	+0.55 pp	5 q
ULTAUlta Beauty, Inc.	3.32%	3,362,968	$652M	trimmed−6%	+0.37 pp	12 q
NOCNorthrop Grumman Corp.	3.27%	3,249,789	$643M	added+52%	+1.48 pp	2 q
JDJD.com, Inc.	2.98%	22,079,215	$585M	trimmed−18%	−0.90 pp	6 q
GOOGAlphabet Inc. Class C	2.95%	778,888	$580M	added+89%	+1.55 pp	2 q
VVISA Inc.	2.91%	7,485,352	$572M	trimmed−41%	−1.50 pp	6 q
GOOGLAlphabet Inc. Class A	2.51%	645,859	$493M	added+60%	+1.11 pp	2 q
MAMastercard Incorporated	2.44%	5,076,587	$480M	trimmed−17%	−0.23 pp	11 q
ACTAllergan PLC	2.44%	1,789,239	$480M	new	+2.44 pp	new
ADBEAdobe Inc.	2.42%	5,073,108	$476M	added+26%	+0.74 pp	9 q
TDGTransDigm Group Incorporated	2.37%	2,117,859	$467M	trimmed−2%	+0.16 pp	12 q
LNGCheniere Energy Inc	2.22%	12,884,676	$436M	added+2%	+0.13 pp	8 q
unresolvedBaxalta Inc	2.18%	10,591,296	$428M	new	+2.18 pp	new
PYPLPayPal Holdings, Inc.	2.05%	10,430,118	$403M	new	+2.05 pp	new
HDBHDFC Bank Limited	1.84%	5,878,093	$362M	held	—	5 q
LULUlululemon athletica inc.	1.79%	5,186,084	$351M	trimmed−18%	+0.31 pp	2 q
MHKMohawk Industries, Inc.	1.77%	1,818,269	$347M	trimmed−4%	+0.18 pp	7 q
VMCVulcan Materials Company(Holding Company)	1.74%	3,246,782	$343M	added+12%	+0.51 pp	5 q
ILMNIllumina Inc	1.38%	1,675,158	$272M	trimmed−54%	−1.71 pp	5 q
BUDAnheuser-Busch INBEV SA/NV	1.19%	1,877,804	$234M	added+26%	+0.36 pp	2 q
unresolvedHorizon Pharma PLC	1.18%	13,997,232	$232M	trimmed−10%	−0.33 pp	4 q
PXDPioneer Natural Resource Co.	0.95%	1,329,480	$187M	trimmed−45%	−0.39 pp	2 q
MNSTMonster Beverage Corporation	0.76%	1,114,561	$149M	new	+0.76 pp	new
EAElectronic Arts Inc	0.64%	1,910,643	$126M	trimmed−70%	−1.33 pp	4 q
YUMYum! Brands, Inc.	0.63%	1,512,569	$124M	new	+0.63 pp	new
ANETArista Networks	0.60%	1,871,465	$118M	trimmed−14%	−0.15 pp	8 q
VISNVistance Networks, Inc.	0.12%	852,986	$24M	new	+0.12 pp	new
AXPAmerican Express Company	0.01%	25,000	$2M	added×19.5	+0.01 pp	3 q
WMBWilliams Companies Inc.	—	−28,940,290	—	exited	−3.31 pp	—
unresolvedValeant Pharmaceuticals Intl	—	−5,829,079	—	exited	−2.64 pp	—
WBAWalgreens Boots Alliance, Inc	—	−6,787,816	—	exited	−2.58 pp	—
AIYActivision Blizzard Inc	—	−11,266,018	—	exited	−1.94 pp	—
ADSKAutodesk Inc	—	−5,732,050	—	exited	−1.56 pp	—
unresolvedExpress Scripts Hldg Co	—	−3,193,180	—	exited	−1.24 pp	—
HN9Hanesbrands Inc	—	−9,336,411	—	exited	−1.22 pp	—
TAPMolson Coors Beverage Company Class B	—	−2,354,601	—	exited	−0.99 pp	—
DEODiageo plc	—	−1,281	—	exited	0.00 pp	—