Insight into the Investment Moves of a Seasoned Value Investor
Steve Mandel (Trades, Portfolio), the seasoned investor behind Lone Pine Capital, has made significant moves in the third quarter of 2023, as revealed by the latest 13F report. Mandel, a former Tiger Cub under the tutelage of Julian Robertson, is known for his long/short equity strategy and a keen eye for both value and growth stocks. His investment firm, named after a resilient tree at Dartmouth College, reflects his robust investment philosophy. With a history at prestigious firms like Tiger Management (Trades, Portfolio) and Goldman Sachs, Mandel's portfolio adjustments are closely watched by investors seeking insights into the market.
New Additions to the Portfolio
During the third quarter, Mandel's Lone Pine Capital made notable new investments in several companies:
- Meta Platforms Inc (META, Financial) emerged as the standout addition with 2,779,103 shares, comprising 8.04% of the portfolio and valued at approximately $834.31 million.
- Alphabet Inc (GOOGL, Financial) was another significant acquisition, with 3,113,001 shares representing 3.93% of the portfolio, totaling around $407.37 million.
- Tempur Sealy International Inc (TPX, Financial) also joined the ranks with 4,771,772 shares, accounting for 1.99% of the portfolio and valued at approximately $206.81 million.
Key Position Increases
Mandel's strategy also included bolstering positions in existing holdings:
- Mastercard Inc (MA, Financial) saw a substantial increase of 569,534 shares, bringing the total to 1,746,342 shares. This represents a 48.4% increase in share count and a 2.18% impact on the current portfolio, with a total value of $691.39 million.
- Salesforce Inc (CRM, Financial) also experienced a significant boost with an additional 804,634 shares, resulting in a total of 2,499,630 shares and a portfolio value of $506.87 million.
Exiting Positions
The third quarter also saw Mandel's complete exit from several holdings:
- RH (RH, Financial) was entirely sold off, with 1,773,069 shares liquidated, impacting the portfolio by -5.36%.
- Visa Inc (V, Financial) was another departure, with all 1,241,941 shares sold, resulting in a -2.7% portfolio impact.
Significant Reductions
Reductions in certain stocks were also part of the strategy:
- Bath & Body Works Inc (BBWI, Financial) saw a reduction of 7,650,514 shares, a -46.77% decrease, impacting the portfolio by -2.63%. The stock traded at an average price of $36.32 during the quarter.
- Microsoft Corp (MSFT, Financial) shares were reduced by 690,276, a -27.59% decrease, with a -2.15% impact on the portfolio. The stock's average trading price was $330.44 during the quarter.
Portfolio Overview
As of the third quarter of 2023, Steve Mandel (Trades, Portfolio)'s portfolio comprised 26 stocks, with top holdings in Meta Platforms Inc (META, Financial), Amazon.com Inc (AMZN, Financial), Mastercard Inc (MA, Financial), Taiwan Semiconductor Manufacturing Co Ltd (TSM, Financial), and Microsoft Corp (MSFT). The investments are primarily concentrated in six industries: Technology, Consumer Cyclical, Financial Services, Communication Services, Healthcare, and Industrials.
Value investors and those interested in the strategies of seasoned gurus like Steve Mandel (Trades, Portfolio) can find more detailed analyses and updates on GuruFocus.com.
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.
