Lone Pine Capital

Q4 2016 13F · by Stephen Mandel, portfolio manager

As of: Dec 31, 2016
Filed: Feb 14, 2017
US stock: $19.1B · prev $22.4B
Positions: 38 · prev 37
Options notional: $39M
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%

Moves42 since the prior filing

+21.5 pp in · −21.9 pp out

New 7 +11.08 pp
Added 12 +10.38 pp
Trimmed 17 −11.69 pp
Exited 6 −10.18 pp

The book

Focused · behaves like 29 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 74% a year, about 1.4 years per position

Low
Moderate
High

Top 5 positions26% of US stock

CHTR Charter Comm Inc Del CL A New trimmed+0.76 pp trimmed+0.767.1%
STZ Constellation Brands, Inc. added+0.97 pp added+0.975.1%
AMZN Amazon.Com Inc held held5.1%
MSFT Microsoft Corp added+1.20 pp added+1.204.9%
AIY Activision Blizzard Inc added+0.47 pp added+0.473.9%

Positions38 in this filing · 6 exited


CHTRCharter Comm Inc Del CL A New	7.10%	4,715,772	$1.4B	trimmed−10%	+0.76 pp	3 q
STZConstellation Brands, Inc.	5.12%	6,380,317	$978M	added+15%	+0.97 pp	6 q
AMZNAmazon.Com Inc	5.07%	1,292,728	$969M	held	—	6 q
MSFTMicrosoft Corp	4.94%	15,213,996	$945M	added+5%	+1.20 pp	13 q
AIYActivision Blizzard Inc	3.90%	20,648,534	$746M	added+19%	+0.47 pp	3 q
EAElectronic Arts Inc	3.88%	9,422,175	$742M	added+9%	+0.59 pp	7 q
NKENike, Inc.	3.83%	14,396,950	$732M	trimmed−18%	−0.28 pp	8 q
DLTRDollar Tree Inc.	3.76%	9,316,134	$719M	trimmed−39%	−1.68 pp	6 q
EQIXEquinix, Inc.	3.58%	1,912,684	$684M	added+6%	+0.68 pp	8 q
METAMeta Platforms, Inc. Class A	3.57%	5,927,908	$682M	trimmed−5%	−0.01 pp	10 q
BABAAlibaba Group Holding Limited	3.50%	7,619,109	$669M	added+48%	+1.06 pp	2 q
FLTCorpay, Inc.	3.47%	4,688,835	$664M	trimmed−4%	−0.32 pp	15 q
unresolvedBroadcom Ltd	3.29%	3,563,465	$630M	added+37%	+1.28 pp	2 q
ADBEAdobe Inc.	2.71%	5,027,599	$518M	added+9%	+0.47 pp	12 q
VVISA Inc.	2.67%	6,551,477	$511M	added×2.8	+1.81 pp	9 q
WMBWilliams Companies Inc.	2.66%	16,327,936	$508M	added+77%	+1.39 pp	2 q
TDGTransDigm Group Incorporated	2.64%	2,028,392	$505M	trimmed−10%	−0.27 pp	15 q
PYPLPayPal Holdings, Inc.	2.58%	12,499,315	$493M	new	+2.58 pp	new
PNCPNC Financial Services Group	2.57%	4,196,144	$491M	new	+2.57 pp	new
EXPEExpedia Group, Inc.	2.56%	4,317,532	$489M	trimmed−40%	−1.17 pp	2 q
GOOGAlphabet Inc. Class C	2.53%	627,903	$485M	trimmed−26%	−0.40 pp	5 q
BACBank of America Corporation	2.50%	21,671,362	$479M	new	+2.50 pp	new
VMCVulcan Materials Company(Holding Company)	2.45%	3,738,010	$468M	trimmed−25%	−0.09 pp	8 q
ULTAUlta Beauty, Inc.	2.40%	1,797,638	$458M	trimmed−39%	−0.74 pp	15 q
unresolvedPriceline Grp Inc	2.33%	304,471	$446M	trimmed−47%	−1.45 pp	15 q
unresolvedShire PLC	1.70%	1,904,306	$324M	added+12%	+0.23 pp	3 q
SYMCGen Digital Inc.	1.66%	13,271,908	$317M	new	+1.66 pp	new
LULUlululemon athletica inc.	1.53%	4,504,208	$293M	trimmed−19%	+0.01 pp	5 q
EBAYeBay Inc	1.49%	9,605,806	$285M	trimmed−71%	−3.39 pp	2 q
TVGrupo Televisa S.A.	1.48%	13,533,097	$283M	trimmed−25%	−0.60 pp	2 q
unresolvedEncana Corp	1.28%	20,888,437	$245M	new	+1.28 pp	new
ALGNAlign Technology Inc	1.25%	2,476,534	$238M	added+2%	+0.23 pp	2 q
ICEIntercontinental Exchange Inc.	1.25%	4,225,637	$238M	trimmed−30%	−0.20 pp	2 q
LNGCheniere Energy Inc	1.12%	5,186,332	$215M	trimmed−52%	−0.98 pp	11 q
VISNVistance Networks, Inc.	0.74%	3,792,871	$141M	held	—	4 q
HDBHDFC Bank Limited	0.42%	1,312,249	$80M	trimmed−67%	−0.88 pp	8 q
RICEEqt Re Merger Sub Inc	0.42%	3,735,035	$80M	new	+0.42 pp	new
unresolvedBarclays Bk PLC	0.07%	500,000	$13M	new	+0.07 pp	new
MNSTMonster Beverage Corporation	—	−12,448,479	—	exited	−2.73 pp	—
YUMYum! Brands, Inc.	—	−6,265,804	—	exited	−2.55 pp	—
unresolvedHilton Worldwide Hldgs Inc	—	−19,597,829	—	exited	−2.01 pp	—
KMIKinder Morgan, Inc.	—	−12,334,772	—	exited	−1.28 pp	—
MHKMohawk Industries, Inc.	—	−1,176,827	—	exited	−1.05 pp	—
HCAHCA Healthcare, Inc.	—	−1,669,543	—	exited	−0.56 pp	—