Stephen Mandel's Lone Pine Capital entered the second half of 2018 on a high note. According to the firm's second quarter and first half letter to investors, a copy of which has been reviewed by ValueWalk, all of the firm's long/short equity funds were sitting on high single-digit gains net of fees at the end of the first half compared to a positive performance of just 2.6% for the S&P 500.
It was a mixed first half for the fund with longs performing strongly, but short positions, particularly short retail positions, taking a hit on "renewed optimism" for retailers globally according to the letter.
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