Lone Pine Capital

Q4 2019 13F · by David Craver, CIO

As of: Dec 31, 2019
Filed: Feb 14, 2020
US stock: $18.7B · prev $17.0B
Positions: 41 · prev 37
Options notional: $200M
Documents: 1· no amendments

Picture98.9% US stock

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

US stock listed on a US exchange 98.9%
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 1.1%

Moves48 since the prior filing

+18.5 pp in · −18.7 pp out

New 12 +10.18 pp
Added 12 +8.33 pp
Trimmed 14 −4.43 pp
Exited 8 −14.30 pp

Options: 2 moves on a notional base, in the table below.

The book

Focused · behaves like 27 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 77% a year, about 1.3 years per position

Low
Moderate
High

Top 5 positions28% of US stock

Positions41 in this filing · 8 exited


BABAAlibaba Group Holding Limited	7.09%	6,239,786	$1.3B	trimmed−14%	−0.08 pp	14 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	6.68%	4,243,054	$1.2B	trimmed−6%	+0.89 pp	11 q
AMZNAmazon.Com Inc	5.10%	515,504	$953M	trimmed−17%	−1.25 pp	9 q
ADBEAdobe Inc.	5.03%	2,847,297	$939M	trimmed−20%	−0.75 pp	24 q
NFLXNetFlix Inc	4.32%	2,493,127	$807M	added+6%	+0.61 pp	2 q
MSFTMicrosoft Corp	4.28%	5,069,049	$799M	trimmed−16%	−0.68 pp	11 q
SHOPShopify Inc. Class A subordinate voting shares	3.86%	1,812,652	$721M	added+32%	+1.33 pp	4 q
MAMastercard Incorporated	3.82%	2,386,096	$712M	added+48%	+1.25 pp	5 q
METAMeta Platforms, Inc. Class A	3.77%	3,425,898	$703M	added+76%	+1.73 pp	22 q
TDGTransDigm Group Incorporated	3.76%	1,254,428	$702M	trimmed−2%	−0.17 pp	9 q
CRMSalesforce, Inc.	3.61%	4,140,694	$673M	trimmed−19%	−0.85 pp	5 q
ADSKAutodesk Inc	3.23%	3,288,196	$603M	trimmed−27%	−0.69 pp	5 q
GPNGlobal Payments, Inc.	3.17%	3,245,218	$592M	trimmed−11%	−0.25 pp	2 q
UNPUnion Pacific Corp.	3.13%	3,230,202	$584M	added+26%	+0.68 pp	4 q
MELIMercado Libre, Inc	2.98%	970,749	$555M	added+67%	+1.10 pp	10 q
XYZBlock, Inc.	2.95%	8,798,626	$550M	added+10%	+0.03 pp	4 q
HUMHumana Inc.	2.89%	1,472,775	$540M	trimmed−7%	+0.50 pp	2 q
DPZDomino's Pizza Inc.	2.73%	1,731,133	$509M	trimmed−21%	−0.40 pp	3 q
EFXEquifax, Incorporated	2.59%	3,448,313	$483M	added+12%	+0.05 pp	2 q
unresolvedCanadian Pac Ry Ltd	2.55%	1,870,085	$477M	held	—	7 q
IQVIQVIA Holdings Inc.	2.55%	3,082,174	$476M	trimmed−13%	−0.57 pp	9 q
NOWServicenow, Inc.	2.33%	1,542,489	$435M	trimmed−9%	−0.21 pp	11 q
PYPLPayPal Holdings, Inc.	1.95%	3,364,320	$364M	new	+1.95 pp	new
COUPCoupa Software Incorporated	1.83%	2,336,812	$342M	added+67%	+0.77 pp	3 q
unresolvedAtlassian Corp Plc	1.81%	2,799,760	$337M	added+35%	+0.27 pp	3 q
MTCHMatch Group, Inc	1.34%	3,037,131	$249M	new	+1.34 pp	new
SESea Limited	1.33%	6,165,422	$248M	trimmed−10%	+0.08 pp	9 q
LKNCYLuckin Coffee Inc SP/	1.28%	6,067,357	$239M	new	+1.28 pp	new
DXCMDexCom, Inc.	1.24%	1,058,895	$232M	new	+1.24 pp	new
UAAUnder Armour, Inc.	1.04%	8,979,557	$194M	new	+1.04 pp	new
HLFHerbalife Ltd.	0.99%	3,892,688	$186M	added+85%	+0.52 pp	2 q
MOAltria Group, Inc.	0.95%	3,536,654	$177M	new	+0.95 pp	new
ILMNIllumina Inc	0.92%	519,808	$172M	new	+0.92 pp	new
CHWYChewy, Inc.	0.79%	5,071,531	$147M	held	—	3 q
IACIIac / Interactivecorp (De) Com Stk	0.53%	397,739	$99M	new	+0.53 pp	new
CVNACarvana Co.	0.49%	1,002,910	$92M	new	+0.49 pp	new
UBERUber Technologies, Inc.	0.49%	3,084,950	$92M	added+3%	−0.01 pp	3 q
XPXP Inc. Class A	0.25%	1,200,000	$46M	new	+0.25 pp	new
HUBSHubspot, Inc.	0.19%	225,647	$36M	new	+0.19 pp	new
MDLAMedallia Inc	0.12%	737,593	$23M	held	—	2 q
CSXCSX Corporation	0.00%	12,000	$868,000	new	0.00 pp	new
AIYActivision Blizzard Inc	—	−11,244,387	—	exited	−3.50 pp	—
TIFTiffany & Co.	—	−6,381,880	—	exited	−3.48 pp	—
SPGIS&P Global Inc.	—	−1,724,511	—	exited	−2.49 pp	—
BKNGBooking Holdings Inc.	—	−211,257	—	exited	−2.44 pp	—
WWEWorld Wrestling Entertainment	—	−2,959,183	—	exited	−1.24 pp	—
DHID.R. Horton Inc.	—	−3,333,812	—	exited	−1.03 pp	—
SMARSmartsheet Inc.	—	−506,100	—	exited	−0.11 pp	—
TWLOTwilio Inc.	—	−15,835	—	exited	−0.01 pp	—