Steve Mandel's Lone Pine Ships Out Match Group, Snap Holdings in 2nd Quarter

Former tiger cub's firm releases quarterly portfolio

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James Li
Aug 22, 2022
Summary
  • Firm exits positions in Match Group and Snap.
  • Lone Pine also severed nearly its entire holding in Shopify.
  • The firm entered holdings in LPL Financial and Booking.
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Lone Pine Capital, the hedge fund founded by

Steve Mandel (Trades, Portfolio), disclosed in a regulatory filing that its top five trades during the second quarter included the closure of its holdings in Match Group Inc. (MTCH, Financial) and Snap Inc. (SNAP, Financial), a major reduction to its stake in Shopify Inc. (SHOP, Financial) and new holdings in LPL Financial Holdings Inc. (LPLA, Financial) and Booking Holdings Inc. (BKNG, Financial).

Prior to founding the Greenwich, Connecticut-based firm, Mandel worked as senior managing director and consumer analyst at

Julian Robertson (Trades, Portfolio)’s Tiger Management. Lone Pine builds its equity portfolio using fundamental analysis and bottom-up stock picking through both value and growth methodologies.

As of June, the firm’s $10.61 billion 13F equity portfolio contains 30 stocks, with eight new positions and a quarterly turnover ratio of 26%. The top four sectors in terms of weight are technology, consumer cyclical, financial services and communication services, representing 35.97%, 26.15%, 15.96% and 11.14% of the equity portfolio.

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Investors should be aware that 13F filings do not give a complete picture of a firm’s holdings as the reports only include its positions in U.S. stocks and American depository receipts, but the reports can still provide valuable information. Further, the reports only reflect trades and holdings as of the most-recent portfolio filing date, which may or may not be held by the reporting firm today or even when this article was published.

Match Group

Lone Pine sold all 6,201,440 shares of Match Group (

MTCH, Financial), trimming 4.01% of its equity portfolio. Shares averaged $81.53 during the second quarter.

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GuruFocus’ GF Value Line labeled the Dallas-based online dating media company a possible value trap based on Monday’s price-to-GF Value ratio of just 0.44 and a rank of 5 out of 10 or below for financial strength, growth and momentum.

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Despite low financial strength, Match Group has a GF Score of 70 out of 100, driven primarily by a profitability rank of 7 out of 10.

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Snap

Lone Pine sold all 18,461,748 shares of Snap (

SNAP, Financial), curbing 3.95% of its equity portfolio. Shares averaged $23.01 during the second quarter.

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GuruFocus’ GF Value Line labeled the Snapchat parent company a possible value trap based on Monday’s price-to-GF Value ratio of 0.23 and a rank of 4 out of 10 or below for financial strength, profitability and momentum.

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Snap has a GF Score of 61 out of 100, driven by a growth rank of 9 out of 10 despite the other four ranks ranking below 4 out of 10.

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Shopify

The firm sold 10,318,030 shares of Shopify (

SHOP, Financial), slashing 99.76% of the position and 4.15% of its equity portfolio.

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Shares of Shopify averaged $43.10 during the second quarter; the stock is significantly undervalued based on Monday’s price-to-GF Value ratio of 0.18.

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The Ottawa, Ontario-based e-commerce company has a GF Score of 68 out of 100 based on a financial strength rank of 8 out of 10, a growth rank of 6 out of 10, a GF Value rank of 2 out of 10 and a rank of 4 out of 10 for profitability and momentum.

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LPL Financial

Lone Pine purchased 2,289,151 shares of LPL Financial (

LPLA, Financial), giving the position 3.98% equity portfolio weight.

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Shares of LPL Financial averaged $189.80 during the second quarter; the stock is modestly undervalued based on Monday’s price-to-GF Value ratio of 0.82.

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The San Diego-based financial brokerage company has a GF Score of 78 out of 100 based on a GF Value rank of 9 out of 10, a financial strength rank of 4 out of 10 and a rank of 6 out of 10 for growth, profitability and momentum.

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Booking Holdings

The firm invested in 237,161 shares of Booking Holdings (

BKNG, Financial), giving the position 3.91% equity portfolio weight. Shares averaged $2,136.85 during the second quarter.

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Although the stock is undervalued based on Monday’s price-to-GF Value ratio of 0.70, GuruFocus’ GF Value Line labeled the Norwalk, Connecticut-based online travel company a possible value trap based on a low growth rank of 3 out of 10.

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Despite a low growth rank, Booking has a GF Score of 80 out of 100, driven by a GF Value rank of 10 out of 10, a financial strength rank of 6 out of 10 and a rank of 8 out of 10 for profitability and momentum.

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I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours. Click for the complete disclosure
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