Lone Pine Capital

Q1 2020 13F · by David Craver, CIO

As of: Mar 31, 2020
Filed: May 15, 2020
US stock: $16.4B · prev $18.7B
Positions: 38 · prev 41
Options notional: $416M
Documents: 1· no amendments

Picture97.5% US stock

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

US stock listed on a US exchange 97.5%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 2.5%
Calls at notional value 0.0%

Moves53 since the prior filing

+24.4 pp in · −24.4 pp out

New 9 +11.61 pp
Added 17 +12.83 pp
Trimmed 12 −4.51 pp
Exited 12 −19.84 pp

Options: 3 moves on a notional base, in the table below.

The book

Focused · behaves like 24 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 109% a year, about 0.9 years per position

Low
Moderate
High

Top 5 positions33% of US stock

Positions38 in this filing · 12 exited


BABAAlibaba Group Holding Limited	7.50%	6,336,587	$1.2B	added+2%	+0.41 pp	15 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	7.00%	4,613,971	$1.2B	added+9%	+0.32 pp	12 q
AMZNAmazon.Com Inc	6.92%	582,971	$1.1B	added+13%	+1.82 pp	10 q
MSFTMicrosoft Corp	5.68%	5,923,926	$934M	added+17%	+1.40 pp	12 q
NFLXNetFlix Inc	5.51%	2,411,338	$905M	trimmed−3%	+1.19 pp	3 q
ADBEAdobe Inc.	5.14%	2,653,450	$844M	trimmed−7%	+0.11 pp	25 q
GPNGlobal Payments, Inc.	4.35%	4,954,572	$715M	added+53%	+1.18 pp	3 q
SHOPShopify Inc. Class A subordinate voting shares	4.24%	1,670,133	$696M	trimmed−8%	+0.38 pp	5 q
HUMHumana Inc.	4.13%	2,164,071	$680M	added+47%	+1.24 pp	3 q
ADSKAutodesk Inc	3.82%	4,023,409	$628M	added+22%	+0.59 pp	6 q
METAMeta Platforms, Inc. Class A	3.58%	3,532,011	$589M	added+3%	−0.19 pp	23 q
MAMastercard Incorporated	3.40%	2,311,471	$558M	trimmed−3%	−0.42 pp	6 q
VVISA Inc.	3.26%	3,329,975	$537M	new	+3.26 pp	new
PYPLPayPal Holdings, Inc.	3.07%	5,265,480	$504M	added+57%	+1.12 pp	2 q
unresolvedCanadian Pac Ry Ltd	3.05%	2,279,058	$500M	added+22%	+0.50 pp	8 q
MTCHMatch Group, Inc	2.75%	6,845,734	$452M	added×2.3	+1.41 pp	2 q
NOWServicenow, Inc.	2.39%	1,368,688	$392M	trimmed−11%	+0.06 pp	12 q
EFXEquifax, Incorporated	2.31%	3,171,575	$379M	trimmed−8%	−0.28 pp	3 q
LKNCYLuckin Coffee Inc SP/	2.24%	13,522,973	$368M	added×2.2	+0.96 pp	2 q
XYZBlock, Inc.	2.13%	6,698,049	$351M	trimmed−24%	−0.82 pp	5 q
ARNCHowmet Aerospace Inc.	2.02%	20,660,173	$332M	new	+2.02 pp	new
LBBath & Body Works, Inc.	1.85%	26,265,094	$304M	new	+1.85 pp	new
COUPCoupa Software Incorporated	1.81%	2,124,340	$297M	trimmed−9%	−0.02 pp	4 q
CVNACarvana Co.	1.71%	5,100,175	$281M	added×5.1	+1.22 pp	2 q
TDGTransDigm Group Incorporated	1.51%	775,953	$248M	trimmed−38%	−2.25 pp	10 q
HLTHilton Worldwide Holdings Inc.	1.23%	2,952,652	$201M	new	+1.23 pp	new
unresolvedAtlassian Corp Plc	1.16%	1,388,586	$191M	trimmed−50%	−0.65 pp	4 q
DAYDayforce, Inc.	0.99%	3,244,680	$162M	new	+0.99 pp	new
UAAUnder Armour, Inc.	0.98%	17,431,613	$161M	added+94%	−0.06 pp	2 q
IACIIac / Interactivecorp (De) Com Stk	0.89%	812,017	$146M	added×2.0	+0.36 pp	2 q
LYVLive Nation Entertainment Inc.	0.84%	3,046,095	$138M	new	+0.84 pp	new
HUBSHubspot, Inc.	0.63%	776,490	$103M	added×3.4	+0.44 pp	2 q
CDNSCadence Design Systems	0.52%	1,288,594	$85M	new	+0.52 pp	new
UAUnder Armour, Inc. Class C, $0.0003 1/3 par value	0.49%	9,890,481	$80M	new	+0.49 pp	new
PLANAnaplan, Inc.	0.41%	2,200,000	$67M	new	+0.41 pp	new
CHWYChewy, Inc.	0.30%	1,299,749	$49M	trimmed−74%	−0.49 pp	4 q
MDLAMedallia Inc	0.23%	1,853,183	$37M	added×2.5	+0.11 pp	3 q
SESea Limited	0.01%	27,000	$1M	trimmed−100%	−1.32 pp	10 q
CRMSalesforce, Inc.	—	−4,140,694	—	exited	−3.61 pp	—
UNPUnion Pacific Corp.	—	−3,230,202	—	exited	−3.13 pp	—
MELIMercado Libre, Inc	—	−970,749	—	exited	−2.98 pp	—
DPZDomino's Pizza Inc.	—	−1,731,133	—	exited	−2.73 pp	—
IQVIQVIA Holdings Inc.	—	−3,082,174	—	exited	−2.55 pp	—
DXCMDexCom, Inc.	—	−1,058,895	—	exited	−1.24 pp	—
HLFHerbalife Ltd.	—	−3,892,688	—	exited	−0.99 pp	—
MOAltria Group, Inc.	—	−3,536,654	—	exited	−0.95 pp	—
ILMNIllumina Inc	—	−519,808	—	exited	−0.92 pp	—
UBERUber Technologies, Inc.	—	−3,084,950	—	exited	−0.49 pp	—
XPXP Inc. Class A	—	−1,200,000	—	exited	−0.25 pp	—
CSXCSX Corporation	—	−12,000	—	exited	0.00 pp	—