Lone Pine Capital Buys Baidu, Qualcomm, Sells Google, Priceline


Lone Pine Capital shifted its technology money around its long portfolio in the third quarter of 2013 judging by the company’s recently filed 13F. The company added a massive stake in Baidu Inc (NASDAQ:BIDU) and added to its holding of QUALCOMM, Inc. (NASDAQ:QCOM) during the three months, but sold much of its Google Inc (NASDAQ:GOOG) stock and Priceline.com Inc (NASDAQ:PCLN) shares.

At the end of September 2013 Lone Pine Capital reported a long portfolio worth $22,395,046,000, up more than 10% from the $20,533,834,000 the company showed at the end of the second quarter of 2013. The fund bought into 12 new stocks during the third quarter of the year and sold out of 14 stocks. The firm’s biggest holding at the end of September was its 17,684,604 shares in Dollar General Corp. (NYSE:DG). That holding was worth about $998 million at the end of September.

Tech investment at Lone Pine

Lone Pine made some big changes to its tech portfolio during the third quarter of 2013. The company bought 5,289,262 shares in Baidu Inc (NYSE:BIDU) during the three months. That buy was one the single biggest holdings on September 30, worth around $820,788,000.

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In order to buy into such a big stake in Baidu, Lone Pine had to make room in its portfolio. It was several American tech companies that suffered. Lone Pine sold 533,925 Google Inc (NASDAQ:GOOG) shares, or about 56% of its stake in Google in the third quarter, leaving the fund with 407,784 shares worth around $357,182,000.

Lone Pine also sold 4,592,828, or 29%, of its stake in eBay Inc (NASDAQ:EBAY), leaving it with 10,922,795 worth about $609,437,000. Facebook also saw a cut in the third quarter. Lone Pine sold 2,228,624 Facebook Inc (NASDAQ:FB) shares, ending the quarter with 7,635,995 shares worth $383,556,000. 748,838 shares, or 43% of the Lone Pine stake, in Priceline.com Inc (NASDAQ:PCLN) were sold during the period.

Baidu wasn’t the only company to benefit from the rebalancing of the tech portfolio at Lone Pine. The firm also bought 773,737 shares in Amazon.com, Inc. (NASDAQ:AMZN) during the third quarter, and 10,085,216 shares in Pandora Media Inc. (NYSE:P) as well as an additional 13,329,083 shares in QUALCOMM, Inc. (NASDAQ:QCOM).

Of the non-tech moves in the third quarter of 2013, the biggest might have been the sale of the entire 17,332,422 share stake in Hertz Global Holdings, Inc. (NYSE:HTZ), and the sale of the entire 13,757,775 share holding of News Corp (NASDAQ:NWSA).

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