Lone Pine Capital

Q2 2018 13F · by Stephen Mandel, portfolio manager

As of: Jun 30, 2018
Filed: Aug 14, 2018
US stock: $18.9B · prev $19.7B
Positions: 28 · prev 30
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%

Moves31 since the prior filing

+12.6 pp in · −12.9 pp out

New 3 +5.98 pp
Added 12 +6.66 pp
Trimmed 11 −3.07 pp
Exited 5 −9.88 pp

The book

Focused · behaves like 23 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 44% a year, about 2.3 years per position

Low
Moderate
High

Top 5 positions30% of US stock

MSFT Microsoft Corp added+0.94 pp added+0.946.5%
BABA Alibaba Group Holding Limited added+0.71 pp added+0.716.3%
AIY Activision Blizzard Inc trimmed+0.78 pp trimmed+0.785.8%
ADBE Adobe Inc. trimmed−0.43 pp trimmed−0.435.8%
BKNG Booking Holdings Inc. added+0.34 pp added+0.345.7%

Positions28 in this filing · 5 exited


MSFTMicrosoft Corp	6.52%	12,504,471	$1.2B	added+4%	+0.94 pp	5 q
BABAAlibaba Group Holding Limited	6.27%	6,394,697	$1.2B	added+7%	+0.71 pp	8 q
AIYActivision Blizzard Inc	5.75%	14,257,637	$1.1B	trimmed−2%	+0.78 pp	9 q
ADBEAdobe Inc.	5.75%	4,456,362	$1.1B	trimmed−21%	−0.43 pp	18 q
BKNGBooking Holdings Inc.	5.69%	531,060	$1.1B	added+5%	+0.34 pp	2 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	5.35%	4,121,415	$1.0B	trimmed−3%	+0.74 pp	5 q
IQVIQVIA Holdings Inc.	5.34%	10,120,122	$1.0B	added+2%	+0.43 pp	3 q
EAElectronic Arts Inc	4.71%	6,317,420	$891M	trimmed−12%	+0.33 pp	4 q
STZConstellation Brands, Inc.	4.49%	3,877,836	$849M	trimmed−20%	−1.11 pp	12 q
CSXCSX Corporation	4.45%	13,192,235	$841M	trimmed−1%	+0.68 pp	3 q
GOOGAlphabet Inc. Class C	3.88%	657,803	$734M	added+1%	+0.48 pp	3 q
TRUTransUnion	3.84%	10,129,801	$726M	trimmed−14%	+0.46 pp	5 q
AMZNAmazon.Com Inc	3.82%	424,704	$722M	trimmed−27%	−0.42 pp	3 q
METAMeta Platforms, Inc. Class A	3.50%	3,404,550	$662M	trimmed−56%	−2.73 pp	16 q
MELIMercado Libre, Inc	3.43%	2,172,531	$649M	added+34%	+0.50 pp	4 q
WYNNWynn Resorts Ltd	3.36%	3,798,454	$636M	added+68%	+1.27 pp	4 q
DLTRDollar Tree Inc.	3.25%	7,233,575	$615M	added+14%	+0.20 pp	2 q
TDGTransDigm Group Incorporated	3.22%	1,761,813	$608M	added+25%	+1.03 pp	3 q
SBACSBA Communications Corp	3.06%	3,508,194	$579M	added+4%	+0.13 pp	2 q
PYPLPayPal Holdings, Inc.	2.78%	6,320,681	$526M	trimmed−41%	−1.32 pp	4 q
unresolvedCanadian Pac Ry Ltd	2.77%	2,861,578	$524M	new	+2.77 pp	new
NOWServicenow, Inc.	2.75%	3,014,253	$520M	added+13%	+0.51 pp	5 q
NVDANvidia Corp	2.67%	2,134,768	$506M	new	+2.67 pp	new
FLTCorpay, Inc.	1.13%	1,012,996	$213M	trimmed−12%	−0.05 pp	21 q
XYZBlock, Inc.	0.88%	2,694,573	$166M	held	—	2 q
MHKMohawk Industries, Inc.	0.54%	477,072	$102M	new	+0.54 pp	new
PAGSPagSeguro Digital Ltd.	0.47%	3,189,119	$88M	added+75%	+0.12 pp	2 q
SESea Limited	0.31%	3,963,222	$59M	held	—	3 q
unresolvedBroadcom Ltd	—	−2,737,741	—	exited	−3.27 pp	—
TSMTaiwan Semiconductor Manufacturing Company Ltd.	—	−12,349,027	—	exited	−2.74 pp	—
BLQADBlackrock Inc	—	−918,870	—	exited	−2.52 pp	—
TMUST-Mobile US, Inc.	—	−3,486,629	—	exited	−1.08 pp	—
EXKExact Sciences Corp	—	−1,298,001	—	exited	−0.27 pp	—