Lone Pine Capital

Q2 2016 13F · by Stephen Mandel, portfolio manager

As of: Jun 30, 2016
Filed: Aug 15, 2016
US stock: $21.6B · prev $19.7B
Positions: 35 · prev 37
Options notional: $54M
Documents: 1· no amendments

Picture99.8% US stock

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

US stock listed on a US exchange 99.8%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.3%
Calls at notional value 0.0%

Moves39 since the prior filing

+23.6 pp in · −23.3 pp out

New 4 +10.66 pp
Added 14 +12.92 pp
Trimmed 11 −8.44 pp
Exited 6 −14.89 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

High turnover · 88% a year, about 1.1 years per position

Low
Moderate
High

Top 5 positions29% of US stock

unresolved Priceline Grp Inc added+1.28 pp added+1.286.5%
DLTR Dollar Tree Inc. added+0.95 pp added+0.955.8%
META Meta Platforms, Inc. Class A trimmed−0.85 pp trimmed−0.855.8%
AMZN Amazon.Com Inc trimmed−0.56 pp trimmed−0.565.4%
STZ Constellation Brands, Inc. added+0.57 pp added+0.575.1%

Positions35 in this filing · 6 exited


unresolvedPriceline Grp Inc	6.47%	1,120,758	$1.4B	added+42%	+1.28 pp	13 q
DLTRDollar Tree Inc.	5.82%	13,362,151	$1.3B	added+15%	+0.95 pp	4 q
METAMeta Platforms, Inc. Class A	5.78%	10,941,237	$1.3B	trimmed−4%	−0.85 pp	8 q
AMZNAmazon.Com Inc	5.44%	1,643,868	$1.2B	trimmed−17%	−0.56 pp	4 q
STZConstellation Brands, Inc.	5.10%	6,666,012	$1.1B	added+13%	+0.57 pp	4 q
CHTRCharter Comm Inc Del CL A New	5.07%	4,792,408	$1.1B	new	+5.07 pp	new
NKENike, Inc.	4.67%	18,305,703	$1.0B	added+53%	+0.92 pp	6 q
MSFTMicrosoft Corp	4.09%	17,298,996	$885M	trimmed−33%	−3.15 pp	11 q
EQIXEquinix, Inc.	3.84%	2,140,962	$830M	trimmed−8%	−0.07 pp	6 q
YUMYum! Brands, Inc.	3.82%	9,972,255	$827M	added×6.6	+3.19 pp	2 q
FLTCorpay, Inc.	3.81%	5,750,503	$823M	trimmed−3%	−0.66 pp	13 q
ULTAUlta Beauty, Inc.	3.76%	3,332,886	$812M	trimmed−1%	+0.44 pp	13 q
MNSTMonster Beverage Corporation	3.08%	4,141,575	$666M	added×3.7	+2.32 pp	2 q
TDGTransDigm Group Incorporated	2.90%	2,380,420	$628M	added+12%	+0.53 pp	13 q
GOOGAlphabet Inc. Class C	2.83%	883,888	$612M	added+13%	−0.12 pp	3 q
NOCNorthrop Grumman Corp.	2.72%	2,647,065	$588M	trimmed−19%	−0.55 pp	3 q
BUDAnheuser-Busch INBEV SA/NV	2.56%	4,207,607	$554M	added×2.2	+1.37 pp	3 q
LULUlululemon athletica inc.	2.53%	7,410,304	$547M	added+43%	+0.74 pp	3 q
VVISA Inc.	2.47%	7,207,771	$535M	trimmed−4%	−0.44 pp	7 q
LNGCheniere Energy Inc	2.24%	12,884,676	$484M	held	—	9 q
ADBEAdobe Inc.	2.21%	4,998,438	$479M	trimmed−1%	−0.21 pp	10 q
unresolvedShire PLC	2.15%	2,529,148	$466M	new	+2.15 pp	new
VMCVulcan Materials Company(Holding Company)	2.10%	3,772,719	$454M	added+16%	+0.36 pp	6 q
MAMastercard Incorporated	2.02%	4,968,587	$438M	trimmed−2%	−0.42 pp	12 q
AIYActivision Blizzard Inc	1.89%	10,293,113	$408M	new	+1.89 pp	new
PYPLPayPal Holdings, Inc.	1.87%	11,080,118	$405M	added+6%	−0.18 pp	2 q
HDBHDFC Bank Limited	1.80%	5,878,093	$390M	held	—	6 q
MHKMohawk Industries, Inc.	1.60%	1,818,269	$345M	held	—	8 q
SHWThe Sherwin-Williams Company	1.55%	1,143,668	$336M	new	+1.55 pp	new
EAElectronic Arts Inc	1.25%	3,555,356	$269M	added+86%	+0.61 pp	5 q
PXDPioneer Natural Resource Co.	0.93%	1,329,480	$201M	held	—	3 q
ANETArista Networks	0.56%	1,871,465	$120M	held	—	9 q
GOOGLAlphabet Inc. Class A	0.54%	165,008	$116M	trimmed−74%	−1.97 pp	3 q
VISNVistance Networks, Inc.	0.50%	3,492,871	$108M	added×4.1	+0.38 pp	2 q
AXPAmerican Express Company	0.01%	25,000	$2M	held	—	4 q
unresolvedCharter Comm's Inc	—	−4,588,878	—	exited	−4.73 pp	—
JDJD.com, Inc.	—	−22,079,215	—	exited	−2.98 pp	—
ACTAllergan PLC	—	−1,789,239	—	exited	−2.44 pp	—
unresolvedBaxalta Inc	—	−10,591,296	—	exited	−2.18 pp	—
ILMNIllumina Inc	—	−1,675,158	—	exited	−1.38 pp	—
unresolvedHorizon Pharma PLC	—	−13,997,232	—	exited	−1.18 pp	—