Lone Pine Capital Starts FleetCor Technologies (FLT) Position ~ market folly

Wednesday, May 29, 2013

Lone Pine Capital Starts FleetCor Technologies (FLT) Position

Steve Mandel's hedge fund Lone Pine Capital filed a 13G with the SEC regarding shares of FleetCor Technologies (FLT).  Per the filing, Lone Pine has revealed a 5.3% ownership stake in the company with 4,336,936 shares.

This is a brand new position for the hedge fund and the filing was required due to portfolio activity on May 15th.  Just yesterday, we flagged another stock Lone Pine has been buying.

Other Hedge Funds Involved in FLT

FleetCor Technologies has garnered increased interest from tons of hedge funds, many of whom have ties to Julian Robertson's old Tiger Management in some form or another.  Chase Coleman's Tiger Global was one of the largest FLT shareholders at the end of Q1.

Other top 10 institutional holders at the end of Q1 include Lee Ainslie's Maverick Capital and Robertson-seeded Hound Partners, managed by Jonathan Auerbach.  While Tiger Global and Maverick own more shares, Hound has a much more concentrated position in FLT as it represents around 9% of their portfolio.

Lone Pine's recent activity, however, trumps all of these funds on an absolute share basis.  Their 4.3 million FLT shares means they own even more than Tiger Global.

About FleetCor Technologies

Per Google Finance, FleetCor Technologies is "an independent global provider of fuel cards and workforce payment products and services to businesses, commercial fleets, major oil companies, petroleum marketers and government entities in countries throughout North America, Latin America and Europe. It provides its payment products and services in a variety of combinations to create customized payment solutions for its customers and partners. The Company operates in two segments: North American and International. The Company provides its customers with various card products that typically function like a charge card to purchase fuel, lodging, food and related products and services at participating locations."

To view the rest of Lone Pine's portfolio, head to the brand new issue of our Hedge Fund Wisdom newsletter that was just released.

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