Steve Mandel has $17 Billion assets under management. His personal wealth is about one tenth of that. Mandel is a Tiger cub, leaving Robertson in 1997 to launch Lone Pine. He’s a “bottom-up” investor with great stock picking skills. He returned about 23% during the past 11 years, beating the S&P 500 index by more than 20 percentage points per year. Mandel’s market beta seems quite high though. According to a Valley News article, Mandel didn’t offer much downside protection in 2008:
Steve Mandel has $17 Billion assets under management. His personal wealth is about one tenth of that. Mandel is a Tiger cub, leaving Robertson in 1997 to launch Lone Pine. He’s a “bottom-up” investor with great stock picking skills. He returned about 23% during the past 11 years, beating the S&P 500 index by more than 20 percentage points per year. Mandel’s market beta seems quite high though. According to a Valley News article, Mandel didn’t offer much downside protection in 2008:
The value of Dartmouth’s stakes in four Lone Pine funds plummeted during the disastrous 2008-09 fiscal year, according to information reviewed by the Valley News. The biggest holding, in Lone Sierra, fell 25.8 percent, to $55 million, while Lone Dragon Pine fell 28.5 percent, to $6.5 million. The value of its Lone Pinon holding was down 18.2 percent, to $17.8 million, while its Lone Cedar stake fell 19.8 percent, to $30.9 million. During that same 12-month period, the S&P 500 index of stock prices fell 28.2 percent.
| Fund Name: | Lone Pine Capital |
| Manager | Stephen Mandel |
| Portfolio Value | $19,267,413,000 |
| Change This QTR | +1.00% |
| No. | Security | Ticker | Shares | Value (x$1000) | Activity | % Port |
|---|---|---|---|---|---|---|
| 1.) | PCLN | 1,770,208 | $1,218,190 |  |
6.32% | |
| 2.) | GOOG | 1,398,517 | $1,110,685 | |
5.76% | |
| 3.) | DG | 14,243,793 | $720,451 | |
3.73% | |
| 4.) | GPS | 20,155,033 | $713,488 | |
3.7% | |
| 5.) | MON | 6,662,550 | $703,765 | |
3.65% | |
| 6.) | NWSA | 22,076,325 | $673,549 | |
3.49% | |
| 7.) | CTSH | 8,663,768 | $663,827 | |
3.44% | |
| 8.) | DLTR | 12,006,929 | $581,496 | |
3.01% | |
| 9.) | VRSN | 11,899,922 | $562,509 | |
2.91% | |
| 10.) | QCOM | 8,299,637 | $555,578 | |
2.88% |
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