(Bloomberg) Stephen Mandel, who started Lone Pine Capital two decades ago and boasts one of the best long-term track records in the hedge fund industry, is stepping back from day-to-day portfolio management in January 2019. Mandel, 61, told investors in a letter that David Craver, Mala Gaonkar and Kelly Granat will continue to manage the portfolio, a role the Lone Pine founder has shared since 2003. The only sector he oversees himself is health-care stocks.
Lone Pine’s Mandel to Step Back From Fund Management in 2019
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