Lone Pine Capital

Q2 2017 13F · by Stephen Mandel, portfolio manager

As of: Jun 30, 2017
Filed: Aug 14, 2017
US stock: $19.7B · prev $19.0B
Positions: 33 · prev 34
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

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

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves43 since the prior filing

+32.6 pp in · −32.8 pp out

New 11 +21.16 pp
Added 11 +11.44 pp
Trimmed 9 −5.49 pp
Exited 12 −27.29 pp

The book

Focused · behaves like 23 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 125% a year, about 0.8 years per position

Low
Moderate
High

Top 5 positions35% of US stock

BABA Alibaba Group Holding Limited added+2.75 pp added+2.758.4%
CHTR Charter Comm Inc Del CL A New trimmed−2.31 pp trimmed−2.317.5%
STZ Constellation Brands, Inc. trimmed+0.29 pp trimmed+0.296.5%
AIY Activision Blizzard Inc trimmed−0.20 pp trimmed−0.206.3%
unresolved Broadcom Ltd held held6.3%

Positions33 in this filing · 12 exited


BABAAlibaba Group Holding Limited	8.36%	11,666,798	$1.6B	added+18%	+2.75 pp	4 q
CHTRCharter Comm Inc Del CL A New	7.45%	4,353,832	$1.5B	trimmed−23%	−2.31 pp	5 q
STZConstellation Brands, Inc.	6.48%	6,576,776	$1.3B	trimmed−9%	+0.29 pp	8 q
AIYActivision Blizzard Inc	6.30%	21,535,165	$1.2B	trimmed−13%	−0.20 pp	5 q
unresolvedBroadcom Ltd	6.30%	5,319,591	$1.2B	held	—	4 q
FLTCorpay, Inc.	4.81%	6,555,504	$945M	added+46%	+1.22 pp	17 q
METAMeta Platforms, Inc. Class A	4.73%	6,168,049	$931M	added+21%	+0.91 pp	12 q
unresolvedQuintiles Transnatio Hldgs I	4.57%	10,055,780	$900M	added+68%	+2.04 pp	2 q
CMCSAComcast Corp	4.04%	20,438,394	$795M	added+49%	+1.32 pp	2 q
EXPEExpedia Group, Inc.	3.42%	4,523,614	$674M	added×2.1	+2.01 pp	4 q
MSFTMicrosoft Corp	3.39%	9,687,742	$668M	new	+3.39 pp	new
ORLYO'Reilly Automotive, Inc.	3.16%	2,841,170	$621M	new	+3.16 pp	new
SYMCGen Digital Inc.	3.03%	21,085,032	$596M	trimmed−20%	−1.24 pp	3 q
MAMastercard Incorporated	2.87%	4,641,369	$564M	new	+2.87 pp	new
CSXCSX Corporation	2.86%	10,314,868	$563M	trimmed−28%	−0.66 pp	2 q
ADBEAdobe Inc.	2.83%	3,931,896	$556M	trimmed−18%	−0.47 pp	14 q
EQIXEquinix, Inc.	2.78%	1,273,652	$547M	trimmed−11%	−0.23 pp	10 q
TVGrupo Televisa S.A.	2.54%	20,535,367	$500M	added+11%	+0.02 pp	4 q
TMUST-Mobile US, Inc.	2.20%	7,123,517	$432M	added+19%	+0.17 pp	2 q
ICEIntercontinental Exchange Inc.	2.13%	6,356,905	$419M	new	+2.13 pp	new
ULTAUlta Beauty, Inc.	2.10%	1,438,673	$413M	trimmed−6%	−0.19 pp	17 q
TRUTransUnion	1.96%	8,905,062	$386M	new	+1.96 pp	new
NOWServicenow, Inc.	1.74%	3,220,940	$341M	new	+1.74 pp	new
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.61%	1,705,353	$316M	new	+1.61 pp	new
ANETArista Networks	1.41%	1,845,638	$276M	added+46%	+0.53 pp	2 q
OPTUOptimum Communications, Inc.	1.38%	8,395,511	$271M	new	+1.38 pp	new
LNGCheniere Energy Inc	1.28%	5,186,332	$253M	held	—	13 q
AAPAdvance Auto Parts Inc	1.21%	2,048,852	$239M	new	+1.21 pp	new
CRMSalesforce, Inc.	1.17%	2,648,428	$229M	new	+1.17 pp	new
SNAPSnap Inc.	0.66%	7,599,408	$130M	added×4.2	+0.48 pp	2 q
ALBAlbemarle Corporation	0.62%	1,158,452	$122M	trimmed−41%	−0.48 pp	2 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.54%	2,919,817	$107M	new	+0.54 pp	new
unresolvedBarclays Bk PLC	0.06%	1,000,000	$13M	added+25%	−0.01 pp	3 q
NKENike, Inc.	—	−19,159,688	—	exited	−5.62 pp	—
EAElectronic Arts Inc	—	−7,779,975	—	exited	−3.66 pp	—
VVISA Inc.	—	−6,165,815	—	exited	−2.88 pp	—
unresolvedPriceline Grp Inc	—	−297,090	—	exited	−2.78 pp	—
DLTRDollar Tree Inc.	—	−6,544,364	—	exited	−2.70 pp	—
RICEEqt Re Merger Sub Inc	—	−13,704,768	—	exited	−1.71 pp	—
VISNVistance Networks, Inc.	—	−7,427,085	—	exited	−1.63 pp	—
unresolvedShire PLC	—	−1,714,306	—	exited	−1.57 pp	—
ALGNAlign Technology Inc	—	−2,476,534	—	exited	−1.49 pp	—
unresolvedEncana Corp	—	−23,465,824	—	exited	−1.45 pp	—
HUMHumana Inc.	—	−1,184,119	—	exited	−1.28 pp	—
HDBHDFC Bank Limited	—	−1,312,249	—	exited	−0.52 pp	—