Steve Mandel Buys Managed Care Stocks Amid “Medicare for All” Scare: Finds These Private Equity Purchases Increasingly Attractive

Lone Pine Capital had a disappointing third quarter, which management blamed on a factor-driven market rotation. Lone Cypress was down 2.4% gross and 2.1% net, while Lone Cascade was down 3.4% gross and 2.6% net. On a year-to-date basis, the two funds are doing much better, however. Lone Cypress is up 20.7% gross and 16.9% net year to date, while Lone Cascade is up 19.5% gross and 19.2% net.

Factor buckets

In their third-quarter letter to investors, the Lone Pine team noted that lots of money is now sorted into buckets sorted by factors like growth, momentum and value. Money rotates through the different...