Lone Pine Capital LLC, the hedge fund led by Stephen Mandel, has increased its bets against Tesco Plc, Marks & Spencer Group Plc and Next Plc this year, taking its disclosed short positions in U.K. retailers to about 218 million pounds ($315 million). In an investor newsletter last month, Lone Pine said a large part of its short positions were based on the belief that the Internet is dismantling the traditional economic model of retailing and other industries.

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