Stephen Mandel's Lone Pine Capital 13F Filing: Q4 2008 ~ market folly

Thursday, February 19, 2009

Stephen Mandel's Lone Pine Capital 13F Filing: Q4 2008




Activison (ATVI)
Abercrombie & Fitch (ANF)
Carnival (CCL) paired certificate
Coach (COH)
Fomento Economico (FMX)
Google (GOOG)
JP Morgan Chase (JPM)
Las Vegas Sands (LVS)
Monsanto (MON)
SPDR Gold Trust (GLD) Calls
Charles Schwab (SCHW)
Union Pacific (UNP)

Sears Holdings (SHLD) Puts: Increased position by 11,172%
Bunge (BG) Puts: Increased position by 9,900%
Mastercard (MA): Increased position by 197%
Visa (V): Increased position by 81%
Precision Cast Parts (PCP): Increased position by 45%
America Movil (AMX): Increased position by 33.3%
Teradata (TDC): Increased position by 15.9%
Qualcomm (QCOM): Increased position by 12.5%
Dolby Labs (DLB): Increased position by 9.8%
Lorillard (LO): Increased position by 6.1%

XTO Energy (XTO): Decreased position by 66.7%
Sandridge Energy (SD): Decreased position by 52%

Removed Positions (Positions they sold out of completely)
Crown Castle (CCI)
Dicks Sporting Goods (DKS)
Eagle Materials (EGLE)
Fastenal (FAST)
First Horizon (FHN)
Hansen Natural (HANS)
National City (NCC)
Weatherford (WFT)

Top 20 Holdings (by % of portfolio)

  1. America Movil (AMX): 12.13% of portfolio
  2. Qualcomm (QCOM): 11.84% of portfolio
  3. Visa (V): 7.21% of portfolio
  4. Mastercard (MA): 6.81% of portfolio
  5. JP Morgan Chase (JPM): 6.34% of portfolio
  6. Union Pacific (UNP): 5.37% of portfolio
  7. Monsanto (MON): 4.85% of portfolio
  8. Priceline (PCLN): 4.33% of portfolio
  9. Google (GOOG): 4.23% of portfolio
  10. Precision Cast Parts (PCP): 3.53% of portfolio
  11. Lorillard (LO): 3.34% of portfolio
  12. Carnivall (CCL) paired certificate: 3.14% of portfolio
  13. MSC Industrial (MSM): 2.96% of portfolio
  14. Activision (ATVI): 2.85% of portfolio
  15. Dolby Labs (DLB): 2.6% of portfolio
  16. SPDR Gold Trust (GLD) Calls: 2.48% of portfolio
  17. Teradata (TDC): 2.42% of portfolio
  18. XTO Energy (XTO): 2.29% of portfolio
  19. Coach (COH): 2.09% of portfolio
  20. Sears (SHLD) Puts: 2.01% of portfolio

Its interesting to note that while Lone Pine was selling National City (NCC), John Paulson's firm was adding it last quarter. Additionally, Lone Pine's removal of HANS from their portfolio is intriguing seeing as the shares have run up a lot recently and we had seen a large hedge fund presence in this name. If we were to guess, we'd say they deemed it 'too rich' for the time being, as they had ridden shares from the 20's up to the 30's. They added heavily to their various put positions, but they are still a small position relative to their total portfolio. They started new positions in names like GOOG, COH, ATVI, and UNP and brought them in as large positions in the portfolio. Assets from their long US equity, options, and note holdings were $5.2 billion last quarter and were $6.1 billion this quarter. These assets do not reflect collective firm holdings, but rather the sum of the holdings filed with the SEC. They obviously have short and cash positions as well (which aren't required in the filings). This is just one of many funds in our hedge fund portfolio tracking series where we're tracking 35+ funds and have already covered Paulson & Co (John Paulson), Carl Icahn, and Warren Buffett. We'll be covering a different fund each day so stay tuned.

blog comments powered by Disqus