Lone Pine Capital Shuffles Its Top 5 Positions

According to its most recent 13F filing, Stephen Mandel’s Lone Pine Capital saw its equity portfolio’s value rise more than 10 percent over the first quarter of the year. Currently worth more than $26.4 billion, it is focused on tech stocks, which account for 34 percent of the portfolio’s total value, and consumer discretionary stocks (22 percent).

Top Five

Lone Pine’s top five holdings changed substantially between January and April. The new number one is a newcomer to the portfolio: the Guggenheim CurrencyShares Euro Trust FXE. The fund declared having purchased 20 million put options, worth more than $2.1 billion. This position accounts for 8 percent of the portfolio’s total value.

Despite having witnessed a 4 percent decline in Lone Pine’s stake, Priceline Group Inc PCLN ascended one position, displacing Baidu Inc (ADR) BIDU – which now occupies the sixth spot. The fund disclosed ownership of 1,329,775, valued at more than $1.5 billion, as of March 31.

JD.Com Inc(ADR) JD came in third, up from the 36^th position it occupied in the previous quarter. Mandel initiated a position in the e-commerce company, with 8,817,652 shares, in the fourth quarter of 2014. Over the first quarter of 2015, his fund more than quadrupled its exposure to the stock, taking its holdings to 38,527,260 shares, worth roughly $1.1 billion.

Mastercard Inc MA fell from the front-runner spot to the fourth place, following a 35 percent decrease in Lone Pine’s bet, which now comprises 12,973,653 shares worth also about $1.1 billion.

Last in the top five picks is Valeant Pharmaceuticals Intl Inc VRX, which witnessed a 32 percent drop in the fund’s involvement over the quarter. Mandel disclosed ownership of 5,569,460 shares, worth $1.1 billion, too.

Other Interesting Stakes In The Top 10

In the sixth spot is Baidu, of which the fund owns 5,281,484 shares, worth $1.1 billion.

Seventh is Adobe Systems Incorporated ADBE: 12,045,393 shares valued at $890 million

Eighth, Apple Inc. AAPL: 6,838,522 shares, worth $850 million.