Steve Mandel (Trades, Portfolio), founder of the hedge fund Lone Pine Capital and twice named to Forbes’ highest-earning hedge fund managers list, employs both value and growth methodologies to his investments and seldom holds stocks very long. He likes to invest in technology and consumer cyclical stocks.
To a great extent, those preferences can be seen in his third-quarter transactions.
New buys
Mandel bought shares in six companies that are new to his portfolio – Facebook Inc (FB, Financial), Charter Communications Inc (CHTR, Financial), Mohawk Industries Inc (MHK, Financial), AbbVie Inc (ABBV, Financial), Humana Inc (HUM, Financial) and Autodesk Inc (ADSK, Financial).
He bought 8,638,513 shares in Facebook, a California-based online social networking service, for an average price of $73.36. The transaction had a 2.7% impact on his portfolio.
Sanger acquired 3,105,814 shares in Charter Communications, a cable TV, internet and telephone service provider based in Connecticut, for an average price of $158.59 per share. The purchase had a 1.8% impact on his portfolio.
He also purchased 3,090,081 shares of Mohawk Industries, a Georgia-based flooring manufacturer, for an average price of $137.88 per share. That deal had a 1.6% impact on his portfolio.
He added to his existing holdings in 16 companies -- Cheniere Energy Inc (LNG, Financial), Michael Kors Holdings Ltd (KORS, Financial), Tiffany & Co (TIF, Financial), MasterCard Inc (MA, Financial), Williams-Sonoma Inc (WSM, Financial), TripAdvisor Inc (TRIP, Financial), TransDigm Group Inc (TDG), Wynn Resorts Ltd (WYNN), Dollar General Corp (DG), Valeant Pharmaceuticals International Inc (VRX), Comcast Corp (CMCSA), Fleetcor Technologies, Inc (FLT), Equinix Inc (EQIX), Spirit Airlines Inc (SAVE), Priceline Group Inc (PCLN) and Arista Networks Inc (ANET).
Mandel added 6,339,309 shares of Cheniere Energy, a Houston-based energy company, at an average price of $76.19 a share. The acquisition had a 2.02% impact on his portfolio.
He acquired 4,428,902 shares in Michael Kors Holdings Ltd, a global lifestyle company, for an average price of $80.52. The deal had a 1.25% impact on his portfolio.
The other additions had impacts of less than 1% on his portfolio.
Divestitures and reductions
Mandel divested himself of his holdings in 11 companies – Twenty-First Century Fox (FOXA), Oceaneering International (OII), AutoNation Inc (AN), Liberty Global PLC (LBTYA), Williams Companies Inc (WMB), SouFun Holdings Ltd (SFUN), JD.com Inc (JD), Lumber Liquidators Holdings Inc (LL), American Airlines Group Inc (AAL), Ctrip.com International Ltd (CTRP) and ICICI Bank Ltd (IBN).
He sold 16,045,522 shares in Twenty-First Century Fox Inc, a New York-based mass media corporation, for an average price of $34.58 per share. The divestiture had a -2.3% impact on his portfolio.
Mandel sold 3,809,894 shares of Oceaneering International, a Houston-based company that provides engineered services and hardware to customers who operate in marine, space, and other conditions. The shares were sold for an average price of $69.1. The sale had a -1.2% impact on his portfolio.
Mandel sold 5,067,310 shares of AutoNation, the United States’ leading provider of new and used vehicles, for an average price of $54.77.
Mandel sold 6,519,720 shares in Liberty Global, a London-based telecommunications and television company, for an average price of $43.2.
He also sold 4,895,000 shares of Williams Companies, a Tulsa-based energy company, for an average price of $57.49.
Mandel’s sales of his stakes in AutoNation, Liberty Global and Williams Companies each had a -1.2% impact on his portfolio.
He reduced his holdings in nine companies – Cognizant Technology Solutions Corp (CTSH), Liberty Global PLC, Intercontinental Exchange Inc (ICE), Microsoft Corp (MSFT), McGraw Hill Financial Inc (MHFI), Baidu Inc (BIDU), Crown Castle International Corp (CCI), Jazz Pharmaceuticals PLC (JAZZ) and Adobe Systems Inc (ADBE).
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