Lone Pine dumps No. 1 holding in favor of a big travel comeback play — Here are the highlights

The New York Stock Exchange building is seen adorned with banners on September 19, 2014 as Chinese giant Alibaba makes its Wall Street debut.
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As stocks recovered from a beating in the second quarter, Lone Pine Capital saw an opportunity and made new investments that would pay off as the U.S. economy began to reopen.

The Greenwich, Connecticut-based hedge fund, founded by famed stock picker Stephen Mandel, made a couple smaller bets on a pair of financial companies and took a far larger stake in a travel website.

The fund also exited several positions including Alibaba, a notable departure considering the Chinese e-commerce giant was the fund's largest holding at the end of the first quarter per government filings.

Mandel, no longer actively involved in the fund's day-to-day investments, started Lone Pine in the 1990s after a stint as senior managing director at Julian Robertson's Tiger Management.