Lone Pine Capital

Q2 2020 13F · by David Craver, CIO

As of: Jun 30, 2020
Filed: Aug 14, 2020
US stock: $19.5B · prev $16.4B
Positions: 28 · prev 38
Options notional: $323M
Documents: 1· no amendments

Picture98.4% US stock

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

US stock listed on a US exchange 98.4%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 1.6%
Calls at notional value 0.0%

Moves44 since the prior filing

+34.3 pp in · −35.7 pp out

New 7 +17.59 pp
Added 8 +16.69 pp
Trimmed 11 −10.82 pp
Exited 17 −24.92 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 · 106% a year, about 0.9 years per position

Low
Moderate
High

Top 5 positions34% of US stock

Positions28 in this filing · 17 exited


SHOPShopify Inc. Class A subordinate voting shares	8.16%	1,673,742	$1.6B	added0%	+3.92 pp	6 q
PYPLPayPal Holdings, Inc.	6.60%	7,377,343	$1.3B	added+40%	+3.53 pp	3 q
MSFTMicrosoft Corp	6.52%	6,234,794	$1.3B	added+5%	+0.84 pp	13 q
AMZNAmazon.Com Inc	6.48%	457,541	$1.3B	trimmed−22%	−0.44 pp	11 q
METAMeta Platforms, Inc. Class A	6.14%	5,266,975	$1.2B	added+49%	+2.56 pp	24 q
BKNGBooking Holdings Inc.	4.88%	596,133	$949M	new	+4.88 pp	new
HUMHumana Inc.	4.83%	2,424,024	$940M	added+12%	+0.70 pp	4 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	4.58%	3,024,039	$892M	trimmed−34%	−2.42 pp	13 q
GPNGlobal Payments, Inc.	4.17%	4,789,516	$812M	trimmed−3%	−0.18 pp	4 q
ADBEAdobe Inc.	4.07%	1,818,713	$792M	trimmed−31%	−1.07 pp	26 q
TDGTransDigm Group Incorporated	3.97%	1,750,708	$774M	added×2.3	+2.46 pp	11 q
NFLXNetFlix Inc	3.75%	1,606,202	$731M	trimmed−33%	−1.76 pp	4 q
NOWServicenow, Inc.	3.72%	1,789,035	$725M	added+31%	+1.33 pp	13 q
MAMastercard Incorporated	3.35%	2,204,271	$652M	trimmed−5%	−0.05 pp	7 q
COFCapital One Financial	3.30%	10,278,292	$643M	new	+3.30 pp	new
DDOGDatadog, Inc. Class A	3.05%	6,832,849	$594M	new	+3.05 pp	new
COUPCoupa Software Incorporated	3.02%	2,124,340	$589M	held	—	5 q
CRMSalesforce, Inc.	2.93%	3,045,252	$570M	new	+2.93 pp	new
ADSKAutodesk Inc	2.57%	2,091,892	$500M	trimmed−48%	−1.25 pp	7 q
MTCHMatch Group, Inc	2.54%	4,623,794	$495M	trimmed−32%	−0.21 pp	3 q
VVISA Inc.	2.39%	2,411,124	$466M	trimmed−28%	−0.87 pp	2 q
DAYDayforce, Inc.	2.34%	5,758,477	$456M	added+77%	+1.35 pp	2 q
ZMZoom Communications, Inc. Class A	2.20%	1,687,453	$428M	new	+2.20 pp	new
LBBath & Body Works, Inc.	2.02%	26,265,094	$393M	held	—	2 q
DXCMDexCom, Inc.	0.71%	339,546	$138M	new	+0.71 pp	new
HWMHowmet Aerospace Inc.	0.64%	7,888,593	$125M	trimmed−62%	−1.38 pp	2 q
CVNACarvana Co.	0.52%	849,665	$102M	trimmed−83%	−1.19 pp	3 q
DFSDiscover Financial Services	0.52%	2,035,812	$102M	new	+0.52 pp	new
BABAAlibaba Group Holding Limited	—	−6,336,587	—	exited	−7.50 pp	—
unresolvedCanadian Pac Ry Ltd	—	−2,279,058	—	exited	−3.05 pp	—
EFXEquifax, Incorporated	—	−3,171,575	—	exited	−2.31 pp	—
LKNCYLuckin Coffee Inc SP/	—	−13,522,973	—	exited	−2.24 pp	—
XYZBlock, Inc.	—	−6,698,049	—	exited	−2.13 pp	—
HLTHilton Worldwide Holdings Inc.	—	−2,952,652	—	exited	−1.23 pp	—
unresolvedAtlassian Corp Plc	—	−1,388,586	—	exited	−1.16 pp	—
UAAUnder Armour, Inc.	—	−17,431,613	—	exited	−0.98 pp	—
IACIIac / Interactivecorp (De) Com Stk	—	−812,017	—	exited	−0.89 pp	—
LYVLive Nation Entertainment Inc.	—	−3,046,095	—	exited	−0.84 pp	—
HUBSHubspot, Inc.	—	−776,490	—	exited	−0.63 pp	—
CDNSCadence Design Systems	—	−1,288,594	—	exited	−0.52 pp	—
UAUnder Armour, Inc. Class C, $0.0003 1/3 par value	—	−9,890,481	—	exited	−0.49 pp	—
PLANAnaplan, Inc.	—	−2,200,000	—	exited	−0.41 pp	—
CHWYChewy, Inc.	—	−1,299,749	—	exited	−0.30 pp	—
MDLAMedallia Inc	—	−1,853,183	—	exited	−0.23 pp	—
SESea Limited	—	−27,000	—	exited	−0.01 pp	—