Lone Pine Capital

Q3 2018 13F · by Stephen Mandel, portfolio manager

As of: Sep 30, 2018
Filed: Nov 14, 2018
US stock: $19.4B · prev $18.9B
Positions: 25 · prev 28
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%

Moves30 since the prior filing

+17.0 pp in · −17.0 pp out

New 3 +5.55 pp
Added 13 +11.46 pp
Trimmed 8 −3.09 pp
Exited 6 −13.89 pp

The book

Concentrated · behaves like 20 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 69% a year, about 1.4 years per position

Low
Moderate
High

Top 5 positions36% of US stock

BABA Alibaba Group Holding Limited added+1.98 pp added+1.988.3%
MSFT Microsoft Corp added+1.56 pp added+1.568.1%
ADBE Adobe Inc. added+1.78 pp added+1.787.5%
AIY Activision Blizzard Inc added+1.16 pp added+1.166.9%
IQV IQVIA Holdings Inc. trimmed+0.27 pp trimmed+0.275.6%

Positions25 in this filing · 6 exited


BABAAlibaba Group Holding Limited	8.25%	9,732,169	$1.6B	added+52%	+1.98 pp	9 q
MSFTMicrosoft Corp	8.08%	13,737,471	$1.6B	added+10%	+1.56 pp	6 q
ADBEAdobe Inc.	7.53%	5,424,771	$1.5B	added+22%	+1.78 pp	19 q
AIYActivision Blizzard Inc	6.91%	16,138,688	$1.3B	added+13%	+1.16 pp	10 q
IQVIQVIA Holdings Inc.	5.61%	8,403,439	$1.1B	trimmed−17%	+0.27 pp	4 q
GOOGAlphabet Inc. Class C	5.47%	891,299	$1.1B	added+36%	+1.59 pp	4 q
EAElectronic Arts Inc	4.87%	7,855,868	$947M	added+24%	+0.16 pp	5 q
STZConstellation Brands, Inc.	4.78%	4,311,764	$930M	added+11%	+0.29 pp	13 q
unresolvedCanadian Pac Ry Ltd	4.25%	3,896,747	$826M	added+36%	+1.48 pp	2 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	4.13%	3,017,661	$803M	trimmed−27%	−1.22 pp	6 q
WYNNWynn Resorts Ltd	3.89%	5,955,497	$757M	added+57%	+0.53 pp	5 q
TRUTransUnion	3.72%	9,819,201	$722M	trimmed−3%	−0.12 pp	6 q
AMZNAmazon.Com Inc	3.59%	348,814	$699M	trimmed−18%	−0.23 pp	4 q
CSXCSX Corporation	3.59%	9,430,475	$698M	trimmed−29%	−0.86 pp	4 q
TDGTransDigm Group Incorporated	3.38%	1,763,113	$656M	added0%	+0.16 pp	4 q
METAMeta Platforms, Inc. Class A	3.27%	3,863,203	$635M	added+13%	−0.23 pp	17 q
NVDANvidia Corp	3.23%	2,235,268	$628M	added+5%	+0.56 pp	2 q
NOWServicenow, Inc.	3.19%	3,166,637	$619M	added+5%	+0.44 pp	6 q
MELIMercado Libre, Inc	3.13%	1,785,259	$608M	trimmed−18%	−0.30 pp	5 q
FDCFirst Data Corporation	2.76%	21,911,495	$536M	new	+2.76 pp	new
UNPUnion Pacific Corp.	2.70%	3,224,826	$525M	new	+2.70 pp	new
PYPLPayPal Holdings, Inc.	2.69%	5,962,509	$524M	trimmed−6%	−0.09 pp	5 q
FLTCorpay, Inc.	0.59%	504,075	$115M	trimmed−50%	−0.54 pp	22 q
SESea Limited	0.28%	3,963,222	$55M	held	—	4 q
NIONIO Inc.	0.09%	3,736,290	$18M	new	+0.09 pp	new
BKNGBooking Holdings Inc.	—	−531,060	—	exited	−5.69 pp	—
DLTRDollar Tree Inc.	—	−7,233,575	—	exited	−3.25 pp	—
SBACSBA Communications Corp	—	−3,508,194	—	exited	−3.06 pp	—
XYZBlock, Inc.	—	−2,694,573	—	exited	−0.88 pp	—
MHKMohawk Industries, Inc.	—	−477,072	—	exited	−0.54 pp	—
PAGSPagSeguro Digital Ltd.	—	−3,189,119	—	exited	−0.47 pp	—