Hedge fund Lone Pine Capital built large bets on two high-performing stocks during the second quarter, a new U.S. Securities and Exchange Commission filing shows. Lone Pine, founded by Stephen Mandel in 1997, reported a new stake in Live Nation Entertainment worth more than $300 million at the end of June, according to a securities filing released Monday and data compiled by Verity. The fund also added a $271 million stake in semiconductor maker Nvidia . Shares of Live Nation are up more than 23% year to date, outperforming the S & P 500. Nvidia’s stock price has more than tripled this year as investors bet on the potential of artificial intelligence, where the chip company’s products are key components. The new additions came as Lone Pine trimmed many of its top holdings, including Workday and Amazon . Live Nation is not Lone Pine’s only bet on the service sector and consumers. The fund also slightly increased its stake in Booking Holdings , as well as Mastercard . The hedge fund closed out its position in Advanced Micro Devices , which was worth nearly $280 million at the end of March. Mandel is one of the so-called “Tiger Cub” fund managers who trained under the late Julian Robertson at Tiger Management, and his fund has been betting big on tech stocks all year. Lone Pine added to its positions in Microsoft , Amazon and Taiwan Semiconductor in the fourth quarter of last year, just before the tech sector took off. Microsoft was Lone Pine’s top holding as of the end of June, valued at more than $850 million. The quarterly hedge fund filings do not show trading data that would reveal when Lone Pine sold or bought shares of any individual stock.
This story originally appeared on CNBC
