Highlighting Major Changes with a Focus on UnitedHealth Group's Exit
Steve Mandel (Trades, Portfolio), the founder of Lone Pine Capital, has made significant adjustments to his investment portfolio in the first quarter of 2024. Mandel, a seasoned investor with a background at Tiger Management (Trades, Portfolio) and Goldman Sachs, established Lone Pine Capital in 1997. The firm is known for its long/short equity strategy, fundamental analysis, and a mix of value and growth investment methodologies. Lone Pine Capital, named after a resilient tree at Dartmouth College, reflects Mandel’s strategic and adaptable investment approach.
Summary of New Buys
Steve Mandel (Trades, Portfolio) introduced five new stocks to his portfolio this quarter, with notable additions including:
- Vistra Corp (VST, Financial), purchasing 6,412,881 shares, which now represent 3.52% of the portfolio, valued at approximately $446.66 million.
- Spotify Technology SA (SPOT, Financial), acquiring 1,687,415 shares, making up about 3.51% of the portfolio, with a total value of roughly $445.31 million.
- AppLovin Corp (APP, Financial), with 5,319,671 shares, accounting for 2.91% of the portfolio, valued at around $368.23 million.
Key Position Increases
Steve Mandel (Trades, Portfolio) also increased his stakes in seven stocks, with significant boosts in:
- Philip Morris International Inc (PM, Financial), adding 3,665,338 shares, bringing the total to 6,671,129 shares. This increase of 121.94% in shares now impacts the portfolio by 2.65%, with a total value of $611.21 million.
- Intuit Inc (INTU, Financial), with an additional 153,923 shares, now totaling 902,450 shares. This 20.56% increase in shares has a significant value of $586.59 million.
Summary of Sold Out Positions
During the first quarter of 2024, Steve Mandel (Trades, Portfolio) completely exited four positions, including:
- UnitedHealth Group Inc (UNH, Financial), selling all 891,167 shares, which had a -4.06% impact on the portfolio.
- HDFC Bank Ltd (HDB, Financial), liquidating all 4,643,541 shares, resulting in a -2.7% portfolio impact.
Key Position Reductions
Furthermore, Mandel reduced his holdings in 13 stocks. The most significant reductions were:
- Meta Platforms Inc (META, Financial), reducing by 735,911 shares, a -25.61% decrease, impacting the portfolio by -2.25%. The stock traded at an average price of $446.07 during the quarter.
- Dick's Sporting Goods Inc (DKS, Financial), cutting down by 1,724,013 shares, a -58.98% reduction, impacting the portfolio by -2.19%. The stock's price averaged $170.81 during the quarter.
Portfolio Overview
As of the first quarter of 2024, Steve Mandel (Trades, Portfolio)'s portfolio comprised 26 stocks. The top holdings included 8.19% in Meta Platforms Inc (META), 6.63% in Taiwan Semiconductor Manufacturing Co Ltd (TSM, Financial), and 6.41% in Microsoft Corp (MSFT, Financial). The portfolio is primarily concentrated in sectors such as Technology, Consumer Cyclical, and Communication Services.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
