Lone Pine Capital

Q3 2016 13F · by Stephen Mandel, portfolio manager

As of: Sep 30, 2016
Filed: Nov 14, 2016
US stock: $22.4B · prev $21.6B
Positions: 37 · prev 35
Options notional: $45M
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 0.2%
Calls at notional value 0.0%

Moves50 since the prior filing

+27.3 pp in · −27.3 pp out

New 11 +22.73 pp
Added 7 +4.57 pp
Trimmed 19 −14.55 pp
Exited 9 −12.76 pp

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

The book

Focused · behaves like 29 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 112% a year, about 0.9 years per position

Low
Moderate
High

Top 5 positions26% of US stock

CHTR Charter Comm Inc Del CL A New added+1.27 pp added+1.276.3%
DLTR Dollar Tree Inc. added−0.38 pp added−0.385.4%
EBAY eBay Inc new+4.88 pp new+4.884.9%
AMZN Amazon.Com Inc trimmed−0.60 pp trimmed−0.604.8%
STZ Constellation Brands, Inc. trimmed−0.95 pp trimmed−0.954.2%

Positions37 in this filing · 9 exited


CHTRCharter Comm Inc Del CL A New	6.34%	5,250,106	$1.4B	added+10%	+1.27 pp	2 q
DLTRDollar Tree Inc.	5.44%	15,392,747	$1.2B	added+15%	−0.38 pp	5 q
EBAYeBay Inc	4.88%	33,164,569	$1.1B	new	+4.88 pp	new
AMZNAmazon.Com Inc	4.84%	1,292,728	$1.1B	trimmed−21%	−0.60 pp	5 q
STZConstellation Brands, Inc.	4.15%	5,566,692	$927M	trimmed−16%	−0.95 pp	5 q
NKENike, Inc.	4.11%	17,452,774	$919M	trimmed−5%	−0.56 pp	7 q
FLTCorpay, Inc.	3.79%	4,877,583	$847M	trimmed−15%	−0.02 pp	14 q
unresolvedPriceline Grp Inc	3.78%	574,683	$846M	trimmed−49%	−2.69 pp	14 q
MSFTMicrosoft Corp	3.74%	14,513,996	$836M	trimmed−16%	−0.35 pp	12 q
EXPEExpedia Group, Inc.	3.73%	7,143,331	$834M	new	+3.73 pp	new
METAMeta Platforms, Inc. Class A	3.58%	6,246,441	$801M	trimmed−43%	−2.20 pp	9 q
AIYActivision Blizzard Inc	3.43%	17,289,564	$766M	added+68%	+1.54 pp	2 q
EAElectronic Arts Inc	3.29%	8,619,020	$736M	added×2.4	+2.04 pp	6 q
ULTAUlta Beauty, Inc.	3.14%	2,950,670	$702M	trimmed−11%	−0.62 pp	14 q
GOOGAlphabet Inc. Class C	2.93%	843,449	$656M	trimmed−5%	+0.10 pp	4 q
TDGTransDigm Group Incorporated	2.91%	2,250,775	$651M	trimmed−5%	+0.01 pp	14 q
EQIXEquinix, Inc.	2.90%	1,799,578	$648M	trimmed−16%	−0.94 pp	7 q
MNSTMonster Beverage Corporation	2.73%	4,149,493	$609M	added0%	−0.35 pp	3 q
YUMYum! Brands, Inc.	2.55%	6,265,804	$569M	trimmed−37%	−1.27 pp	3 q
VMCVulcan Materials Company(Holding Company)	2.54%	5,000,113	$569M	added+33%	+0.44 pp	7 q
BABAAlibaba Group Holding Limited	2.44%	5,151,461	$545M	new	+2.44 pp	new
ADBEAdobe Inc.	2.24%	4,617,977	$501M	trimmed−8%	+0.03 pp	11 q
LNGCheniere Energy Inc	2.10%	10,741,417	$468M	trimmed−17%	−0.14 pp	10 q
TVGrupo Televisa S.A.	2.08%	18,077,811	$464M	new	+2.08 pp	new
unresolvedHilton Worldwide Hldgs Inc	2.01%	19,597,829	$449M	new	+2.01 pp	new
unresolvedBroadcom Ltd	2.01%	2,606,593	$450M	new	+2.01 pp	new
LULUlululemon athletica inc.	1.52%	5,586,042	$341M	trimmed−25%	−1.01 pp	4 q
unresolvedShire PLC	1.47%	1,694,675	$329M	trimmed−33%	−0.68 pp	2 q
ICEIntercontinental Exchange Inc.	1.45%	1,207,229	$325M	new	+1.45 pp	new
HDBHDFC Bank Limited	1.30%	4,034,823	$290M	trimmed−31%	−0.50 pp	7 q
KMIKinder Morgan, Inc.	1.28%	12,334,772	$285M	new	+1.28 pp	new
WMBWilliams Companies Inc.	1.27%	9,247,247	$284M	new	+1.27 pp	new
MHKMohawk Industries, Inc.	1.05%	1,176,827	$236M	trimmed−35%	−0.55 pp	9 q
ALGNAlign Technology Inc	1.02%	2,436,920	$228M	new	+1.02 pp	new
VVISA Inc.	0.86%	2,337,675	$193M	trimmed−68%	−1.61 pp	8 q
HCAHCA Healthcare, Inc.	0.56%	1,669,543	$126M	new	+0.56 pp	new
VISNVistance Networks, Inc.	0.51%	3,792,871	$114M	added+9%	+0.01 pp	3 q
NOCNorthrop Grumman Corp.	—	−2,647,065	—	exited	−2.72 pp	—
BUDAnheuser-Busch INBEV SA/NV	—	−4,207,607	—	exited	−2.56 pp	—
MAMastercard Incorporated	—	−4,968,587	—	exited	−2.02 pp	—
PYPLPayPal Holdings, Inc.	—	−11,080,118	—	exited	−1.87 pp	—
SHWThe Sherwin-Williams Company	—	−1,143,668	—	exited	−1.55 pp	—
PXDPioneer Natural Resource Co.	—	−1,329,480	—	exited	−0.93 pp	—
ANETArista Networks	—	−1,871,465	—	exited	−0.56 pp	—
GOOGLAlphabet Inc. Class A	—	−165,008	—	exited	−0.54 pp	—
AXPAmerican Express Company	—	−25,000	—	exited	−0.01 pp	—