Lone Pine Capital

Q3 2017 13F · by Stephen Mandel, portfolio manager

As of: Sep 30, 2017
Filed: Nov 14, 2017
US stock: $20.3B · prev $19.7B
Positions: 30 · prev 33
Options notional: $254M
Documents: 1· no amendments

Picture98.8% US stock

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

US stock listed on a US exchange 98.8%
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 1.2%

Moves39 since the prior filing

+24.2 pp in · −24.4 pp out

New 8 +13.57 pp
Added 11 +10.59 pp
Trimmed 8 −7.25 pp
Exited 11 −17.10 pp

Options: 1 move on a notional base, in the table below.

The book

Focused · behaves like 22 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 102% a year, about 1.0 years per position

Low
Moderate
High

Top 5 positions33% of US stock

BABA Alibaba Group Holding Limited trimmed−0.86 pp trimmed−0.867.5%
STZ Constellation Brands, Inc. added+0.47 pp added+0.477.0%
CHTR Charter Comm Inc Del CL A New trimmed−0.90 pp trimmed−0.906.5%
AIY Activision Blizzard Inc trimmed0.00 pp trimmed0.006.3%
CMCSA Comcast Corp added+2.14 pp added+2.146.2%

Positions30 in this filing · 11 exited


BABAAlibaba Group Holding Limited	7.50%	8,815,009	$1.5B	trimmed−24%	−0.86 pp	5 q
STZConstellation Brands, Inc.	6.95%	7,076,082	$1.4B	added+8%	+0.47 pp	9 q
CHTRCharter Comm Inc Del CL A New	6.55%	3,660,652	$1.3B	trimmed−16%	−0.90 pp	6 q
AIYActivision Blizzard Inc	6.30%	19,839,465	$1.3B	trimmed−8%	0.00 pp	6 q
CMCSAComcast Corp	6.18%	32,595,590	$1.3B	added+59%	+2.14 pp	3 q
unresolvedBroadcom Ltd	6.08%	5,090,360	$1.2B	trimmed−4%	−0.22 pp	5 q
unresolvedQuintiles Transnatio Hldgs I	4.71%	10,055,780	$956M	held	—	3 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	4.25%	4,402,726	$862M	added×2.6	+2.64 pp	2 q
METAMeta Platforms, Inc. Class A	4.23%	5,032,256	$860M	trimmed−18%	−0.50 pp	13 q
MSFTMicrosoft Corp	4.16%	11,329,847	$844M	added+17%	+0.77 pp	2 q
unresolvedPriceline Grp Inc	3.67%	407,409	$746M	new	+3.67 pp	new
EXPEExpedia Group, Inc.	3.30%	4,656,018	$670M	added+3%	−0.12 pp	5 q
MAMastercard Incorporated	3.12%	4,487,369	$634M	trimmed−3%	+0.25 pp	2 q
NOWServicenow, Inc.	3.05%	5,271,621	$620M	added+64%	+1.31 pp	2 q
ICEIntercontinental Exchange Inc.	2.96%	8,749,665	$601M	added+38%	+0.83 pp	2 q
ADBEAdobe Inc.	2.89%	3,931,896	$587M	held	—	15 q
CRMSalesforce, Inc.	2.88%	6,270,806	$586M	added×2.4	+1.71 pp	2 q
TRUTransUnion	2.87%	12,345,757	$583M	added+39%	+0.91 pp	2 q
EQIXEquinix, Inc.	2.80%	1,273,652	$568M	held	—	11 q
TVGrupo Televisa S.A.	2.53%	20,843,467	$514M	added+2%	−0.01 pp	5 q
EAElectronic Arts Inc	2.46%	4,234,102	$500M	new	+2.46 pp	new
PYPLPayPal Holdings, Inc.	2.12%	6,713,230	$430M	new	+2.12 pp	new
MELIMercado Libre, Inc	2.08%	1,630,524	$422M	new	+2.08 pp	new
WYNNWynn Resorts Ltd	1.97%	2,680,127	$399M	new	+1.97 pp	new
TMUST-Mobile US, Inc.	1.38%	4,561,573	$281M	trimmed−36%	−0.82 pp	3 q
AAPAdvance Auto Parts Inc	1.15%	2,358,917	$234M	added+15%	−0.06 pp	2 q
unresolvedVantiv Inc	0.80%	2,291,437	$161M	new	+0.80 pp	new
FLTCorpay, Inc.	0.61%	801,482	$124M	trimmed−88%	−4.20 pp	18 q
BUDAnheuser-Busch INBEV SA/NV	0.42%	715,551	$85M	new	+0.42 pp	new
unresolvedBarclays Bk PLC	0.05%	250,000	$10M	new	+0.05 pp	new
ORLYO'Reilly Automotive, Inc.	—	−2,841,170	—	exited	−3.16 pp	—
SYMCGen Digital Inc.	—	−21,085,032	—	exited	−3.03 pp	—
CSXCSX Corporation	—	−10,314,868	—	exited	−2.86 pp	—
ULTAUlta Beauty, Inc.	—	−1,438,673	—	exited	−2.10 pp	—
ANETArista Networks	—	−1,845,638	—	exited	−1.41 pp	—
OPTUOptimum Communications, Inc.	—	−8,395,511	—	exited	−1.38 pp	—
LNGCheniere Energy Inc	—	−5,186,332	—	exited	−1.28 pp	—
SNAPSnap Inc.	—	−7,599,408	—	exited	−0.66 pp	—
ALBAlbemarle Corporation	—	−1,158,452	—	exited	−0.62 pp	—
FWONKLiberty Media Corporation Series C Liberty Formula One	—	−2,919,817	—	exited	−0.54 pp	—
unresolvedBarclays Bk PLC	—	−1,000,000	—	exited	−0.06 pp	—