Lone Pine Capital reveals new positions in Alphabet and PayPal, dumps Snap
Hedge fund Lone Pine Capital built large new positions in several tech stocks during the second quarter, according to a securities filing. Lone Pine, founded by Tiger Management veteran Stephen Mandel more than two decades ago, added Booking Holdings , Alphabet and PayPal to its portfolio in the second quarter, according to securities filings. Booking was the largest of the positions at the end of June, valued at roughly $415 million. It is unclear exactly when Lone Pine made the stock purchases, but its bet on PayPal looks to be a quick success. The payments stock is up more than 40% since the end of June. Outside of tech, the fund also added a $422 million stake in LPL Financial . Lone Pine trimmed some of its largest positions, including Microsoft and ServiceNow . The fund also increased its stake in Facebook-parent Meta by more than a third. Here are Lone Pine's top 10 holdings as of the end of June, according to securities filings and InsiderScore.com. The fund's top six holdings are tech stocks. One non-tech name that jumped into the top 10 was Thermo Fisher Scientific , as Lone Pine scooped up more than 400,000 additional shares of the company. Lone Pine eliminated several positions, including Match Group and Snap . The fund also sold nearly all of its position in Block after buying a lot of that stock during the first quarter .