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Lone Pine Capital buys stakes in Baidu Inc, Amazon.com Inc and MasterCard Inc

November 15
12:53 AM 2013

Greenwich, Connecticut-based Lone Pine Capital increased its online company holdings through investments in Baidu Inc and Amazon.com Inc. The company also bought shares from MasterCard Inc. Led by Stephen Mandel Jr, the privately-owned hedge fund sponsor purchased 5.3 million shares in China's largest search engine Baidu, a regulatory filing showed. The stake was valued at USD 821 million. Lone Pine Capital also acquired 773,737 shares in ecommerce giant Amazon worth USD 242 million. The company also took 700,600 shares of MasterCard worth USD 471 million.

Aside from the above-mentioned stake acquisitions, the filing also revealed that Lone Pine Capital also had new positions in DaVita Healthcare Partners Inc and Pandora Media Inc. The hedge fund sponsor had 6.3 million shares in DaVita Healthcare which was valued at nearly USD 359 million. Lone Pine Capital also had 10.1 million shares in Pandora Media worth USD 253 million.

However, Lone Pine offloaded the stake it held in New York-based Ralph Lauren Corp. It sold 2.6 million shares in the fashion house. The stake was worth USD 457 million. The fund also exited its holdings in Hertz Global Holdings, Intuitive Surgical Inc and WR Grace & Co, according to the filing.

According to a Bloomberg report, money managers who had more than USD 100 million in equities under management must file Form 13F with the Securities and Exchange Commission. The filing must be completed within 45 days after the end of each quarter. The disclosure should list the company's holdings like stocks, convertible bonds and options traded in the US, but the disclosure would most likely exclude non-US securities. The filing will also not include the cash amount held by the funds, Bloomberg said.

Lone Pine Capital looks for equity investments in public equity markets around the world. According to Bloomberg Businessweek's overview of Lone Pine Capital, the fund uses fundamental analysis and bottom up stock picking approach in building its portfolio.

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