Lone Pine Buys American Express in Quarter as It Exits Lululemon

Lone Pine Capital LLC bought American Express Co. (AXP) and Facebook Inc. in the second quarter, while selling stakes in Lululemon Athletica Inc. (LULU) and American International Group Inc.

Lone Pine, run by Stephen Mandel Jr., purchased 3.72 million shares of New York-based American Express and 9.86 million shares of Facebook, the firm said today in a filing.

Lone Pine, based in Greenwich, Connecticut, sold its 5.38 million-share stake in Lululemon valued at $335.1 million, according to the Form 13F filing. The Vancouver-based yogawear manufacturer’s chief executive officer left in June after the company was forced to recall pants that became transparent when wearers bent over. The firm also exited its 7.34 million stake in insurer AIG valued at $285.1 million, according to the filing.

Money managers who oversee more than $100 million in equities must file a Form 13F with the Securities and Exchange Commission within 45 days of each quarter’s end to list their U.S.-traded stocks, options and convertible bonds. The filings don’t show non-U.S. securities or how much cash the firms hold.

To contact the reporter on this story: Erika Waddell in New York at ewaddell1@bloomberg.net

To contact the editors responsible for this story: David Scheer at dscheer@bloomberg.net; Christine Harper at charper@bloomberg.net

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