Lone Pine Capital Adds To Dominos Pizza Stake

Steve Mandel's hedge fund firm Lone Pine Capital has filed a 13G with the SEC regarding its stake in Dominos Pizza (DPZ).  Per the filing, Lone Pine now owns 5% of Dominos Pizza with over 2.07 million shares as of August 20th. 

This is up from the 1.24 million shares Lone Pine disclosed at the end of June when they established a new stake in the company.  DPZ shares have fallen from a high of $285 at the end of Q2 to recent lows around $226.

As a reminder, Steve Mandel stepped down from day-to-day management of the portfolio and handed those duties off to managers Dave Craver, Mala Gaonkar, and Kelly Granat (though others are also now listed on the SEC filings).

Per Yahoo Finance, Dominos Pizza "through its subsidiaries, operates as a pizza delivery company in the United States and internationally. It operates in three segments: U.S. Stores, International Franchise, and Supply Chain. The company offers pizzas under the Domino's brand name through company-owned and franchised stores. As of August 20, 2019, it operated through approximately 16,300 stores in 85 markets. The company was founded in 1960 and is headquartered in Ann Arbor, Michigan."

Lone Pine Capital Increases Wynn Resorts Stake

Steve Mandel's hedge fund firm Lone Pine Capital has filed a 13G with the SEC regarding its position in Wynn Resorts (WYNN).  Per the filing, Lone Pine now owns 5.4% of the company with over 5.95 million shares.

This is up from the 3.79 million shares they owned at the end of the second quarter of this year. The filing was made due to portfolio activity on September 10th.

Wynn Resorts owns, operates, and develops casino resorts, primarily in Las Vegas, Nevada and in Macau.

Lone Pine Capital Boosts IQVIA Stake

Steve Mandel's hedge fund firm Lone Pine Capital has filed a 13G with the SEC regarding its stake in IQVIA (IQV).  Per the filing, Lone Pine now owns 5% of the company with over 10.45 million shares.

This is an increase over the 9.89 million shares they owned at the end of the first quarter, per their most recent 13F filing.  The most recent trading activity was on May 16th.  To see the rest of Lone Pine's portfolio, check out the brand new issue of our quarterly newsletter.

Per Yahoo Finance, IQVia is "IQVIA Holdings Inc. provides integrated information and technology-enabled healthcare services in the Americas, Europe, Africa, and the Asia-Pacific. It operates through three segments: Commercial Solutions, Research & Development Solutions, and Integrated Engagement Services."

Lone Pine Capital Takes Exact Sciences Stake

Steve Mandel's hedge fund firm Lone Pine Capital has filed a 13G with the SEC regarding shares of Exact Sciences (EXAS).  Per the filing, Lone Pine now owns 5.3% of the company with over 6.39 million shares.

This is a newly revealed equity position for the firm.  The filing was made due to activity on February 23rd.

Per Google Finance, Exact Sciences is "a molecular diagnostics company. The Company focuses on the early detection and prevention of some forms of cancer. It offers a non-invasive screening test called Cologuard for the early detection of colorectal cancer and pre-cancer. Its Cologuard test is a stool-based deoxyribonucleic acid (sDNA) screening test, which utilizes a multi-target approach to detect deoxyribonucleic acid (DNA) and hemoglobin biomarkers associated with colorectal cancer and pre-cancer. The Cologuard test is intended for the qualitative detection of colorectal neoplasia associated DNA markers and for the presence of occult hemoglobin in human stool. It focuses on the development of additional tests for other types of cancer. It is developing a blood-based biomarker test to aid in the early detection of lung cancer in individuals with lung nodules discovered through a computerized tomography (CT) or other scan."

Lone Pine Capital Boosts Grupo Televisa Stake

Steve Mandel's hedge fund firm Lone Pine Capital has filed a 13G with the SEC regarding its position in Grupo Televisa (TV).  Per the filing, Lone Pine now owns 6.4% of the company. 

Their ownership stake is comprised of over 5.49 billion Series L shares represented by 157,110,155 CPOs represented by 31,422,031 GDSs.

This is up from the 20.55 million GDSs they previously owned at the end of the second quarter.  So they've boosted their stake by around 11 million TV shares.  The filing was made due to activity on October 27th.

Per Google Finance, Grupo Televisa is "a media company in the international entertainment business. The Company operates in four business segments: Content, Sky, Telecommunications, and Other Businesses. It operates four broadcast channels in Mexico City and has affiliated stations throughout the country. It produces pay-television channels with national and international feeds, throughout Latin America, the United States, Canada, Europe and Asia Pacific. It exports its programs and formats to television networks around the world. It is also a Spanish-language magazine publisher. Its pay-television channels include three music, six movie, seven variety and entertainment channels and two sports channels. Its programs include telenovelas, newscasts, situation comedies, game shows, reality shows, children's programs, comedy and variety programs, musical and cultural events, movies and educational programming. Its programming also includes broadcasts of special events and sports events in Mexico."

Lone Pine Capital Starts TransUnion Position

Steve Mandel's hedge fund firm Lone Pine Capital has filed a 13G with the SEC regarding shares of TransUnion (TRU).  Per the filing, Lone Pine now owns 5.1% of TRU with over 9.29 million shares.

This is a newly disclosed position for the hedge fund as they previously did not own it at the end of the first quarter.  The new filing was made due to activity on July 20th.

Per Google Finance, TransUnion is "a risk and information solutions provider to businesses and consumers. The Company provides consumer reports, risk scores, analytical services and decision capabilities to businesses. The Company operates through three segments: U.S. Information Services (USIS), International and Consumer Interactive. The USIS segment provides consumer reports, risk scores, analytical services and decisioning capabilities to businesses. The International segment provides services similar to its USIS segment to businesses in select regions outside the United States. The Consumer Interactive segment offers solutions that help consumers manage their personal finances and take precautions against identity theft. Businesses uses its solutions for their process workflows to assess consumer ability to pay for services, measure and manage debt portfolio risk, collect debt, verify consumer identities and investigate potential fraud."

Lone Pine Capital Starts Rice Energy Position

Steve Mandel's hedge fund firm Lone Pine Capital has filed a 13G with the SEC regarding shares of Rice Energy (RICE).  Per the filing, Lone Pine now owns 5.8% of the company with over 11.68 million shares.

This is a newly disclosed equity position for the firm and the filing was made due to activity on January 23rd, 2017.

Per Google Finance, Rice Energy is "an independent natural gas and oil company. The Company is engaged in the acquisition, exploration and development of natural gas, oil and natural gas liquids (NGL) properties in the Appalachian Basin. The Company conducts its operations through two segments: Exploration and Production, and Midstream. The Exploration and Production segment is engaged in the acquisition, exploration and development of natural gas, oil and NGLs. The Exploration and Production segment operates in the cores of the Marcellus and Utica Shales. The Company controls approximately 231,000 net acres in the Marcellus and Ohio Utica Shale cores. It operates approximately 1,164 drilling locations. The Midstream segment is engaged in the gathering and compression of natural gas, oil and NGL production of, and in the provision of water services to support the well completion activities of, Rice Energy and third parties."

Lone Pine Capital Starts Expedia Position

Steve Mandel's hedge fund firm Lone Pine Capital has filed a 13G with the SEC regarding shares of Expedia (EXPE).  Per the filing, Lone Pine now owns 5.21% of EXPE with over 7.14 million shares.

This is a newly disclosed position for the fund as they did not show a stake back at the end of the second quarter.  The filing was made due to activity on September 29th.

Lone Pine has also been a longtime holder of fellow online travel agency, Priceline.com (PCLN). They've owned PCLN shares since 2011.

Per Google Finance, Expedia is "an online travel company. The Company makes travel products and services available, on a standalone and package basis, provided by various lodging properties, airlines, car rental companies, destination service providers, cruise lines and other travel product and service companies. Its Core OTA segment provides a range of travel and advertising services, through a range of brands, including Expedia.com and Hotels.com in the United States and localized Expedia and Hotels.com Websites throughout the world, Orbitz.com, Expedia Affiliate Network, Hotwire.com, Travelocity, Venere, Wotif Group, CarRentals.com, and Classic Vacations. Its trivago segment sends referrals to online travel companies and travel service providers from its hotel metasearch Websites. Its Egencia segment, which also includes Orbitz for Business, provides managed travel services to corporate customers. Its HomeAway segment operates an online marketplace for the vacation rental industry."

Lone Pine Capital Increases Dollar Tree Stake

Steve Mandel's hedge fund firm Lone Pine Capital has filed a 13G with the SEC regarding its position in Dollar Tree (DLTR).  Per the filing, Lone Pine now owns 5.6% of the company with over 13.19 million shares. 

This is up from the 5.13 million shares they owned at the end of the third quarter when they originated the new position.  This latest filing is due to activity on November 13th, 2015.

You can view other recent portfolio activity from Lone Pine here.

Per Google Finance, Dollar Tree is "an operator of discount variety stores offering merchandise at the fixed price of $ 1.00. The Company offers a selection of everyday basic products and also supplements these basic, everyday items with seasonal, closeout and promotional merchandise."

Lone Pine Capital Increases Short Position in Rolls Royce

Steve Mandel's hedge fund firm Lone Pine Capital has recently made some disclosures regarding their short position in shares of Rolls Royce (RR.L) in the UK.

We previously highlighted Lone Pine's initial short in RR shares earlier this summer and now they've increased their short position further.  Per filings made with the UK's FCA, Mandel's firm increased the short to 0.66% of shares on September 22nd, up to 0.76% of shares on September 23rd, and then finally up to 0.85% of shares a day later.  This is the most recent disclosure.

As we've also detailed, this is now somewhat of a battleground stock between two well respected investment managers as Jeff Ubben's ValueAct Capital is long RR.  They obviously saw an opportunity for activism here and are long-term investors.  Lone Pine, on the other hand, is looking to take advantage of the near-term troubles at the company.

We've posted a bunch of short position updates this week.  You can scroll through them all by clicking here: hedge fund short positions.

The UK regulatory rules for short position disclosures state that hedge funds must file when their net short position eclipses 0.2% of the issued share capital of a company.  Notification is also required again at each 0.1% increment after that.  This applies to both increases and decreases in the position.  Public disclosure is required when net short positions reach 0.5% of issued share capital.  Additionally, disclosure is required when the position subsequently falls below 0.5%.

You can read more recent portfolio activity from Lone Pine here.

Lone Pine Capital Boosts Cheniere Energy Position

Steve Mandel's hedge fund firm Lone Pine Capital has filed a 13G with the SEC regarding its stake in Cheniere Energy (LNG). Per the filing, Lone Pine now owns 5.2% of the company with over 12.24 million shares.

This is up markedly from the 7.9 million shares they owned at the end of the second quarter.  The filing was made due to activity on September 18th.  LNG shares are down almost 30% since the end of Q2.

As we've highlighted recently, Cheniere Energy has attracted some big names on both the long and short sides.  Carl Icahn has been buying LNG shares recently and Seth Klarman's Baupost Group has also been an owner of shares for a bit.  On the other side of the trade, Jim Chanos is short LNG.

For more on Mandel's fund, we've detailed previous Lone Pine portfolio activity here.

Per Google Finance, Cheniere Energy is "an energy company engaged in Liquefied natural gas (LNG) businesses. The Company operates through two segments: LNG terminal business, and LNG and natural gas marketing business The Company owns and operates the Sabine Pass LNG terminal in Louisiana through its ownership interest in and management agreements with Cheniere Energy Partners, L.P. (Cheniere Partners), which is a publicly traded limited partnership. The Company owns 100% of the general partner interest in Cheniere Partners and 80.1% of Cheniere Energy Partners LP Holdings, LLC (Cheniere Holdings), which is a publicly traded limited liability company that owns a 55.9% limited partner interest in Cheniere Partners. The Company is engaged in the development of two LNG terminal projects: the Sabine Pass LNG terminal in western Cameron Parish, Louisiana, and the Corpus Christi LNG terminal near Corpus Christi, Texas." 

Lone Pine Capital Starts Horizon Pharma Stake

Steve Mandel's hedge fund firm Lone Pine Capital has filed a 13G with the SEC regarding shares of Horizon Pharma (HZNP).

Per the filing, Lone Pine now owns 5.4% of Horizon Pharma with over 8.35 million shares.  This is a newly disclosed equity position for the hedge fund as they previously didn't report ownership as of the end of the first quarter.  The filing was made due to activity on July 17th.

For more from this hedge fund, we recently posted about one of Lone Pine's short positions.


Per Google Finance, Horizon Pharma is "formerly Vidara Therapeutics International Public Limited Company, is a specialty biopharmaceutical company focused on identifying, developing, acquiring or in-licensing and commercializing differentiated products that address unmet medical needs. The Company markets a portfolio of products in arthritis, inflammation and orphan diseases. The Company's the United States marketed products are ACTIMMUNE (interferon gamma-1b), DUEXIS (ibuprofen/famotidine), PENNSAID (diclofenac sodium topical solution) 2% w/w (PENNSAID 2%), RAYOS (prednisone) delayed-release tablets and VIMOVO (naproxen/esomeprazole magnesium). The Company developed DUEXIS and RAYOS/LODOTRA, has the United States rights to VIMOVO, has the United States rights to ACTIMMUNE and has the United States rights to PENNSAID 2%."

Prominent Hedge Funds Short Deutsche Lufthansa and Air France KLM

Various short sale disclosures in European Union markets reveal that numerous prominent hedge funds are short shares of two European airlines: Deutsche Lufthansa AG (LHA.F) and Air France-KLM (AF).

Regulatory rules require funds to publicly disclose when they have a net short position of 0.5% of shares or greater.


Hedge Funds Short Deutsche Lufthansa AG

Senator Investment Group: Net short 0.72% of shares as of July 16th.  This is up from a 0.64% position on July 15th and a 0.54% position on June 8th.

Marshall Wace: Net short 0.7% of shares as of July 22nd, 2015.  This is up from a 0.64% position on July 10th and a 0.55% position on June 19th.

Blue Ridge Capital: Net short 1.02% of shares as of June 18th, 2015.

AKO Capital: Net short 0.69% of shares as of June 29th, 2015.

Discovery Capital: Net short 0.61% as of July 1st.

Lone Pine Capital: Last reported a 0.94% net short position on April 30th, 2015.


Hedge Funds Short Air France-KLM

Blue Ridge Capital: Net short 0.92% of shares as of June 23rd, 2015, an increase from the 0.73% they were short just a day earlier.

Discovery Capital: Net short 0.77% of shares as of July 2nd, 2015.  Up from a 0.63% position on July 1st.

Tyrian Investments: Net short 0.42% of shares on July 1th, down from a net short position of 0.54% on March 5th, 2015.

Odey Asset Management: Net short 0.26% of shares as of July 17th.  This is a decrease from the 0.58% position they had on April 21st and the 1.32% stake they had on February 19th so they've definitely taken down exposure to the name.

AKO Capital: Their last disclosure was a net short of 0.7% of shares back on February 2nd, 2015.

Marshall Wace:  Their net short position size has fluctuated a lot over the past four months.  Their latest disclosure shows a net short of 3.11% as of July 7th.  Their short disclosures in the name go back to April 29th when they were short 2.65%.



You'll notice some overlap in funds on both airline shorts.  You'll also notice another commonality: a lot of 'Tiger Cub' hedge funds, or managers with ties to Tiger Management.

While these positions could either be hedges or alpha shorts, it's still interesting to get a look at the side of the portfolio that's normally quite secretive.

Stay tuned as we reveal more short positions next week.  We've already posted that Lone Pine is short Rolls Royce and Viking Global is short Peugeot. Also, Greenlight Capital is short ARM Holdings.

Lone Pine Capital Short Rolls Royce

Steve Mandel's hedge fund firm Lone Pine Capital has filed a regulatory disclosure in the UK regarding shares of Rolls Royce (RR.L), indicating they have a net short position. 


Lone Pine Short Rolls Royce

Lone Pine has disclosed they have a net short position to the tune of 0.59% of Rolls Royce shares.  This is a newly disclosed short position and the disclosure was triggered on July 10th, 2015.  Previously, they were short 0.35% of shares due to a filing on July 8th.

This comes only a few days after new CEO Warren East issued a profit warning, cut guidance, and noted that next year's results would also be weaker than expected.  Prior to joining Rolls, East was the CEO at ARM Holdings.  This is the fourth time Rolls has issued a warning since last early year.  The company also canceled its existing share buyback.

The company's marine division has been impacted by lower oil prices.  Additionally, Rolls Royce said its main segment, civil aerospace, would be impacted next year due to lower orders for its Trent 700 engines.

While it's harder to discern if this is an alpha short or a hedge to one of their longs, it still seems Lone Pine is looking for near-term pain to continue for the company.

On the other side of the trade, Ruane Cunniff (Sequoia Fund) has been long shares and in its year-end 2014 letter they bemoaned the company's move into marine engine and power generation.  They believe that "Rolls' wounds are self-inflicted and reversible" and love the company's "world class business making engines for wide body jets" as it enjoys a duopoly with General Electric with high barriers to entry. 


Short Selling Disclosure Rules in the UK

In 2012, the UK's Financial Services Authority (FSA) began requiring institutional investors to
to privately notify the FSA when their net short position eclipses 0.2% of the issued share capital of a company.  Notification is also required again at each 0.1% increment after that.  This applies to both increases and decreases in the position.  The Financial Conduct Authority (FCA) now monitors short sales.

Public disclosure of the short (as is the case above), is required when net short positions reach 0.5% of issued share capital.  Additionally, disclosure is required when the position subsequently falls below 0.5%.


Stay tuned this week and next as we'll be updating other short positions from prominent hedge funds.  Today we also posted about how Viking Global is short Peugeot.

For more from this hedge fund, we posted that Lone Pine almost doubled its stake in Charter Communications recently.

Lone Pine Capital Almost Doubles Charter Communications Stake

Steve Mandel's hedge fund firm Lone Pine Capital has filed a 13G with the SEC regarding its position in Charter Communications (CHTR).  Per the filing, Lone Pine now owns 5.7% of the company with over 6.33 million shares.

This is a sizable increase from the around 3.3 million CHTR shares they owned at the end of Q1.  The filing was made due to activity on July 6th.

Charter has announced a takeover of Time Warner Cable (TWC) and Bright House.  They swooped in for the assets once it became clear that Comcast's (CMCSA) previous bid for TWC wasn't going to be approved by regulators and was called off.  Many investors seem to think, however, that CHTR's deal will go through.

As such, arbitrageurs have been going long TWC and shorting the corresponding amount of CHTR, driving down the price.  The deal spread on this was around 9% at one point but recently is closer to 6-7%.  Lone Pine saw this as an opportunity and almost doubled its stake. This stock been a consensus buy among hedge funds we track in our Hedge Fund Wisdom newsletter and has been flagged numerous times in past issues.

Per Google Finance, Charter Communications is "a provider of cable services in the United States, offering a variety of entertainment, information and communications solutions to residential and commercial customers. The Company sells its video, Internet and voice services primarily on a subscription basis, often in a bundle of two or more services. The Company provides broadband communications solutions to business and carrier organizations, such as video entertainment services, Internet access, business telephone services, data networking and fiber connectivity to cellular towers and office buildings. Through its hybrid fiber and coaxial cable network, the Company offers its customers traditional cable video services, as well as advanced video services, Internet services and voice services. The Company’s voice services are primarily provided using voice over Internet protocol (VoIP) technology, to transmit digital voice signals over the Company’s systems."

Lone Pine Capital Starts New Autodesk Stake

Steve Mandel's hedge fund firm Lone Pine Capital has filed a 13G with the SEC regarding shares of Autodesk (ADSK).  Per the filing, Lone Pine now owns 5.3% of the company with over 11.96 million shares.

This is a newly disclosed position for the hedge fund firm and the filing was required due to activity on October 24th.  We've also posted some additional portfolio activity from Lone Pine here.

Per Google Finance, Autodesk is "a design software and service company, offering business solutions through technology products and services. The Company serves in the 3D design, architecture, engineering and construction; manufacturing; and digital media, consumer and entertainment industries. Autodesk operates in four segments: platform solutions and emerging business (PSEB); architecture, engineering and construction (AEC); manufacturing (MFG), and media and entertainment (M&E). The principal products and services of these segments include flagship products, which include AutoCAD, AutoCAD LT, AutoCAD Civil 3D, AutoCAD Mechanical, AutoCAD Map, AutoCAD Architecture, Maya and 3ds Max; Suites, which includes Autodesk Product Design Suites, Autodesk Building Design Suites, Autodesk Infrastructure Design Suites and AutoCAD Design Suites, and New and Adjacent products, which include Autodesk Creative Finishing products, Autodesk Moldflow products and Autodesk Alias Design products."

Lone Pine Capital Boosts Tiffany Stake

Steve Mandel's hedge fund firm Lone Pine Capital has filed a 13G with the SEC regarding their position in Tiffany & Co (TIF).  Per the filing, Lone Pine now owns 5.3% of the company with over 6.85 million shares.

This means they've boosted their stake by over 2.61 million shares since the end of the second quarter.  The filing was made due to activity on September 18th.

You can view additional recent portfolio activity from Lone Pine here.

Per Google Finance, Tiffany's is "a holding company that operates through its subsidiary companies. The Company operates in five segments: Americas, Asia-Pacific, Japan, Europe and other. The Company's principal product category is jewelry, which represented 92% of worldwide net sales during the fiscal year ended January 31, 2014."

Lone Pine Capital Adds to Cognizant Technology Solutions Position

Steve Mandel's hedge fund firm Lone Pine Capital has filed a 13G on shares of Cognizant Technology Solutions (CTSH).  Per the filing, Lone Pine now owns 5.3% of the company with over 32.1 million shares.

This means they've boosted their position size by over 2.6 million shares since the end of the second quarter.  The filing was made due to activity on August 6th.  Shares recently dropped from $50 down to $42 and they took advantage of the decline.  CTSH has been one of Lone Pine's top holdings for quite some time.

You can view the rest of Lone Pine's portfolio in the brand new issue of our Hedge Fund Wisdom newsletter.

Per Google Finance, Cognizant Technology Solutions is "a provider of custom information technology, consulting and business process outsourcing services. The Company is engaged in Business, Process, Operations and Information Technology Consulting, Application Development and Systems Integration, Enterprise Information Management (EIM), Application Testing, Application Maintenance, Information Technology Infrastructure Services, and Business and Knowledge Process Outsourcing, or BPO and KPO. The Company operates in four segments: Financial Services; Healthcare; Manufacturing, Retail and Logistics, and Other, which includes communications, information, media and entertainment, and high technology."

Lone Pine Capital Starts Spirit Airlines Stake

Steve Mandel's hedge fund firm Lone Pine Capital has filed a 13G with the SEC on shares of Spirit Airlines (SAVE).  Per the filing, Lone Pine now owns 6% of the company with over 4.3 million shares.

This is a brand new position for the hedge fund as they did not own any shares at the end of Q1.  The filing was made due to activity on July 2nd.

You can view additional portfolio activity from Lone Pine here.

Lone Pine Capital Restarts Equinix Position

Steve Mandel's hedge fund firm Lone Pine Capital has filed a 13G with the SEC regarding shares of Equinix (EQIX).  Per the filing, Lone Pine has revealed a 5.6% ownership stake in EQIX with over 2.77 million shares.  The 13G was filed due to activity on April 17th.

The hedge fund firm had previously held a EQIX stake, but apparently sold out of the position in the fourth quarter of 2013 as it did not appear on their 13F filing that detailed year-end positions.

With the newly filed 13G, Lone Pine is back in the shares again after a brief hiatus.

Coatue Management, longtime holder of EQIX shares, dumped their position in the fourth quarter as well.  This was significant as it had been one of their top holdings.

Other hedge funds have been involved in this name too and we've posted JANA Partners' thesis on EQIX and then SPO Advisory has increased its EQIX stake.

Per Google Finance, Equinix "connects businesses with partners and customers worldwide through a global platform of data centers. The Company connects approximately 4000 customers, across the Americas, Europe, Middle East and Africa (EMEA) and Asia-Pacific. Platform Equinix combines international business exchange (IBX) data centers, a global footprint and ecosystems. The Company offers each customer a choice of business partners and solutions based on their colocation, interconnection and managed IT service needs. Equinix offers customers direct interconnection to an aggregation of bandwidth providers, including the Internet Service Providers (ISPs), broadband access networks and international carriers. Its customers include carriers and other bandwidth providers, cloud and information technology services providers, content providers, financial companies and global enterprises."

You can view other recent portfolio activity from Lone Pine here.