Stephen Mandel's Lone Pine Starts New Position in Live Nation Entertainment (LYV) ~ market folly

Monday, April 5, 2010

Stephen Mandel's Lone Pine Starts New Position in Live Nation Entertainment (LYV)

Stephen Mandel's hedge fund Lone Pine Capital just filed a form 13G with the SEC regarding shares of Live Nation Entertainment (LYV) due to activity on March 22nd, 2010. In the filing, we learn that Lone Pine now has a 5.6% ownership stake in LYV with 9,585,320 shares. This is a brand new position for them as they did not previously own shares when we looked at their Lone Pine's quarterly portfolio update which shows positions as of December 31st, 2009. So, they've started their new stake somewhere in the past three months.

For 2009, Lone Pine's main fund Lone Cypress was up 17.7% as noted in our hedge fund performance numbers post. Additionally, their Lone Kauri was up 12.1%, Lone Cascade up 44.4%, and Lone Dragon Pine up 72.9%. In terms of other portfolio activity, we learned that Mandel's hedge fund is bullish on education plays. Additionally, Lone Pine apparently is focused on investments in outsourcing, smartphones, emerging market consumer-driven companies, national and global financial service leaders and internet-enabled business disrupters. Conversely, they've been shorting companies that have been hurt by technological obsolescence and companies in industries with global overcapacity. For more of our coverage on this hedge fund, head to our post on Lone Pine's UK positions as well as their US equity portfolio.

Taken from Google Finance, Live Nation Entertainment is "is a producer of live music concerts worldwide. Live Nation owns, operates, and has booking rights for, and has an equity interest in 142 venues, including House of Blues music venues and locations, such as The Fillmore in San Francisco, the Hollywood Palladium, the Heineken Music Hall in Amsterdam and the O2 Dublin. The Company operates in three business segments: North American Music, International Music and Ticketing."

For more of our daily coverage of investment managers, head to our hedge fund portfolio tracking series.

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