Stephen Mandel portfolio & holdings
Lone Pine Capital
Historical clone performance and limitations
Stephen Mandel (Lone Pine Capital) discloses a $16.36B portfolio across 34 US-listed positions in the latest 13F filing (2026Q2, filed Aug 14, 2026). Largest changed position: fully exited VST (previously 7.4% of the book).
A material reported change · Q2 2026
Stephen Mandel reduced reported APP shares by 28.9%.
Holdings as of Jun 30, 2026 · filed Aug 14, 2026. Position at period end: 3.3% of the reported portfolio. The filing does not reveal the trade date, price, or reason.
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Holdings (34) · click any column to sort
| #↑ | Ticker | Issuer | % Port. | This Q | History | Value |
|---|---|---|---|---|---|---|
| 1 | N97284108 | 7.2% | $1.18B | |||
| 2 | ASML | 6.9% | $1.13B | |||
| 3 | G7997R103 | 5.9% | $965M | |||
| 4 | HD | 5.6% | $918M | |||
| 5 | AMAT | 5.3% | $873M | |||
| 6 | MDLN | 5.1% | $827M | |||
| 7 | LIN | 4.9% | $809M | |||
| 8 | TER | 4.4% | $722M | |||
| 9 | GLW | 4.3% | $697M | |||
| 10 | CVNA | 4.2% | $692M | |||
| 11 | HUT | 4.1% | $666M | |||
| 12 | PFGC | 4.0% | $654M | |||
| 13 | NU | 3.9% | $631M | |||
| 14 | WULF | 3.6% | $596M | |||
| 15 | CRS | 3.6% | $594M | |||
| 16 | MTZ | 3.4% | $560M | |||
| 17 | APP | 3.3% | $537M | |||
| 18 | TTMI | 3.1% | $512M | |||
| 19 | STRL | 3.1% | $512M | |||
| 20 | USFD | 3.1% | $503M | |||
| 21 | H5919C104 | 2.9% | $470M | |||
| 22 | LPLA | 2.1% | $343M | |||
| 23 | AGX | 1.8% | $294M | |||
| 24 | G11448100 | 0.7% | $111M | |||
| 25 | SHAZ | 0.6% | $102M | |||
| 26 | GOOGL | 0.5% | $77M | |||
| 27 | KGS | 0.4% | $63M | |||
| 28 | V | 0.3% | $57M | |||
| 29 | IBKR | 0.3% | $50M | |||
| 30 | TSM | 0.3% | $48M | |||
| 31 | SE | 0.3% | $47M | |||
| 32 | MCK | 0.3% | $44M | |||
| 33 | TDG | 0.2% | $38M | |||
| 34 | BN | 0.2% | $34M |
- 1N97284108port7.2%val$1.18BNebius Group N.v.this Q New·—1q
- 2ASMLport6.9%val$1.13BAsml Hldg NVthis Q hold·14q
- 3G7997R103port5.9%val$965MSeagate Technology Hldngs PLthis Q New·—1q
- 4HDport5.6%val$918MHome Depot Incthis Q New·—1q
- 5AMATport5.3%val$873MApplied Materials Incthis Q New·—1q
- 6MDLNport5.1%val$827MMedline Inc-cl Athis Q +78%·3q
- 7LINport4.9%val$809MLinde Plcthis Q New·—1q
- 8TERport4.4%val$722MTeradyne Incthis Q -20%·2q
- 9GLWport4.3%val$697MCorning Incthis Q -27%·2q
- 10CVNAport4.2%val$692MCarvana COthis Q hold·13q
- 11HUTport4.1%val$666MHut 8 Corpthis Q hold·4q
- 12PFGCport4.0%val$654MPerformance Food Group COthis Q +47%·2q
- 13NUport3.9%val$631MNU Hldgs Ltdthis Q +24%·4q
- 14WULFport3.6%val$596MTerawulf Incthis Q +21%·4q
- 15CRSport3.6%val$594MCarpenter Technologythis Q -47%·3q
- 16MTZport3.4%val$560MMastec Incthis Q hold·2q
- 17APPport3.3%val$537MApplovin Corp-class Athis Q -29%·10q
- 18TTMIport3.1%val$512MTtm Technologiesthis Q New·—1q
- 19STRLport3.1%val$512MSterling Infrastructure Incthis Q New·—1q
- 20USFDport3.1%val$503MUS Foods Holding Corpthis Q +29%·2q
- 21H5919C104port2.9%val$470MON Hldg AGthis Q New·—1q
- 22LPLAport2.1%val$343MLpl Financial Holdings Incthis Q -41%·17q
- 23AGXport1.8%val$294MArgan Incthis Q hold·2q
- 24G11448100port0.7%val$111MBitdeer Technologies Groupthis Q New·3q
- 25SHAZport0.6%val$102MSharonai Holdings Incthis Q New·—1q
- 26GOOGLport0.5%val$77MAlphabet Inc-cl Athis Q hold·4q
- 27KGSport0.4%val$63MKodiak Gas Services Incthis Q New·—1q
- 28Vport0.3%val$57MVisa Inc-class A Sharesthis Q +79%·15q
- 29IBKRport0.3%val$50MInteractive Brokers Gro-cl Athis Q New·—1q
- 30TSMport0.3%val$48MTaiwan Semiconductor-sp Adrthis Q -93%·19q
- 31SEport0.3%val$47MSea Ltd-adrthis Q New·12q
- 32MCKport0.3%val$44MMckesson Corpthis Q -85%·4q
- 33TDGport0.2%val$38MTransdigm Group Incthis Q -20%·24q
- 34BNport0.2%val$34MBrookfield Corpthis Q -93%·5q
2026Q2 moves, by size (43)(expand ↓)
| Ticker | Issuer | Move | % Port. | Δ Shares | Value |
|---|---|---|---|---|---|
| VST | Vistra Corp | EXIT | 7.4% | -100% | $0 |
| N97284108 | Nebius Group N.v. | NEW | 7.2% | +100% | $1.18B |
| G7997R103 | Seagate Technology Hldngs PL | NEW | 5.9% | +100% | $965M |
| CRS | Carpenter Technology | TRIM | 3.6% | -47% | $594M |
| HD | Home Depot Inc | NEW | 5.6% | +100% | $918M |
| AMAT | Applied Materials Inc | NEW | 5.3% | +100% | $873M |
| MDLN | Medline Inc-cl A | ADD | 5.1% | +78% | $827M |
| LIN | Linde Plc | NEW | 4.9% | +100% | $809M |
| LPLA | Lpl Financial Holdings Inc | TRIM | 2.1% | -41% | $343M |
| APP | Applovin Corp-class A | TRIM | 3.3% | -29% | $537M |
| TLN | Talen Energy Corp | EXIT | 4.6% | -100% | $0 |
| TER | Teradyne Inc | TRIM | 4.4% | -20% | $722M |
| NU | NU Hldgs Ltd | ADD | 3.9% | +24% | $631M |
| GLW | Corning Inc | TRIM | 4.3% | -27% | $697M |
| CLH | Clean Harbors Inc | EXIT | 4.0% | -100% | $0 |
| PFGC | Performance Food Group CO | ADD | 4.0% | +47% | $654M |
| TSM | Taiwan Semiconductor-sp Adr | TRIM | 0.3% | -93% | $48M |
| WULF | Terawulf Inc | ADD | 3.6% | +21% | $596M |
| BN | Brookfield Corp | TRIM | 0.2% | -93% | $34M |
| THC | Tenet Healthcare Corp | EXIT | 3.4% | -100% | $0 |
| COF | Capital One Financial Corp | EXIT | 3.3% | -100% | $0 |
| TTMI | Ttm Technologies | NEW | 3.1% | +100% | $512M |
| STRL | Sterling Infrastructure Inc | NEW | 3.1% | +100% | $512M |
| USFD | US Foods Holding Corp | ADD | 3.1% | +29% | $503M |
| ENTG | Entegris Inc | EXIT | 2.9% | -100% | $0 |
| H5919C104 | ON Hldg AG | NEW | 2.9% | +100% | $470M |
| MCK | Mckesson Corp | TRIM | 0.3% | -85% | $44M |
| CIEN | Ciena Corp | EXIT | 2.5% | -100% | $0 |
| G11448100 | Bitdeer Technologies Group | NEW | 0.7% | +100% | $111M |
| SHAZ | Sharonai Holdings Inc | NEW | 0.6% | +100% | $102M |
| KGS | Kodiak Gas Services Inc | NEW | 0.4% | +100% | $63M |
| V | Visa Inc-class A Shares | ADD | 0.3% | +79% | $57M |
| TDG | Transdigm Group Inc | TRIM | 0.2% | -20% | $38M |
| VMC | Vulcan Materials CO | EXIT | 0.3% | -100% | $0 |
| IBKR | Interactive Brokers Gro-cl A | NEW | 0.3% | +100% | $50M |
| SE | Sea Ltd-adr | NEW | 0.3% | +100% | $47M |
| SPOT | Spotify Technology S A | EXIT | 0.3% | -100% | $0 |
| MA | Mastercard Inc - A | EXIT | 0.2% | -100% | $0 |
| APH | Amphenol Corp-cl A | EXIT | 0.2% | -100% | $0 |
| HLT | Hilton Worldwide Holdings IN | EXIT | 0.2% | -100% | $0 |
| KKR | Kkr & CO Inc | EXIT | 0.1% | -100% | $0 |
| BKNG | Booking Holdings Inc | EXIT | 0.1% | -100% | $0 |
| BSX | Boston Scientific Corp | EXIT | 0.1% | -100% | $0 |
- EXITVST7.4%Vistra CorpΔ -100%·$0
- NEWN972841087.2%Nebius Group N.v.Δ +100%·$1.18B
- NEWG7997R1035.9%Seagate Technology Hldngs PLΔ +100%·$965M
- TRIMCRS3.6%Carpenter TechnologyΔ -47%·$594M
- NEWHD5.6%Home Depot IncΔ +100%·$918M
- NEWAMAT5.3%Applied Materials IncΔ +100%·$873M
- ADDMDLN5.1%Medline Inc-cl AΔ +78%·$827M
- NEWLIN4.9%Linde PlcΔ +100%·$809M
- TRIMLPLA2.1%Lpl Financial Holdings IncΔ -41%·$343M
- TRIMAPP3.3%Applovin Corp-class AΔ -29%·$537M
- EXITTLN4.6%Talen Energy CorpΔ -100%·$0
- TRIMTER4.4%Teradyne IncΔ -20%·$722M
- ADDNU3.9%NU Hldgs LtdΔ +24%·$631M
- TRIMGLW4.3%Corning IncΔ -27%·$697M
- EXITCLH4.0%Clean Harbors IncΔ -100%·$0
- ADDPFGC4.0%Performance Food Group COΔ +47%·$654M
- TRIMTSM0.3%Taiwan Semiconductor-sp AdrΔ -93%·$48M
- ADDWULF3.6%Terawulf IncΔ +21%·$596M
- TRIMBN0.2%Brookfield CorpΔ -93%·$34M
- EXITTHC3.4%Tenet Healthcare CorpΔ -100%·$0
- EXITCOF3.3%Capital One Financial CorpΔ -100%·$0
- NEWTTMI3.1%Ttm TechnologiesΔ +100%·$512M
- NEWSTRL3.1%Sterling Infrastructure IncΔ +100%·$512M
- ADDUSFD3.1%US Foods Holding CorpΔ +29%·$503M
- EXITENTG2.9%Entegris IncΔ -100%·$0
- NEWH5919C1042.9%ON Hldg AGΔ +100%·$470M
- TRIMMCK0.3%Mckesson CorpΔ -85%·$44M
- EXITCIEN2.5%Ciena CorpΔ -100%·$0
- NEWG114481000.7%Bitdeer Technologies GroupΔ +100%·$111M
- NEWSHAZ0.6%Sharonai Holdings IncΔ +100%·$102M
- NEWKGS0.4%Kodiak Gas Services IncΔ +100%·$63M
- ADDV0.3%Visa Inc-class A SharesΔ +79%·$57M
- TRIMTDG0.2%Transdigm Group IncΔ -20%·$38M
- EXITVMC0.3%Vulcan Materials COΔ -100%·$0
- NEWIBKR0.3%Interactive Brokers Gro-cl AΔ +100%·$50M
- NEWSE0.3%Sea Ltd-adrΔ +100%·$47M
- EXITSPOT0.3%Spotify Technology S AΔ -100%·$0
- EXITMA0.2%Mastercard Inc - AΔ -100%·$0
- EXITAPH0.2%Amphenol Corp-cl AΔ -100%·$0
- EXITHLT0.2%Hilton Worldwide Holdings INΔ -100%·$0
- EXITKKR0.1%Kkr & CO IncΔ -100%·$0
- EXITBKNG0.1%Booking Holdings IncΔ -100%·$0
- EXITBSX0.1%Boston Scientific CorpΔ -100%·$0
About Stephen Mandel
Stephen Mandel founded Lone Pine Capital in 1997 after leaving Tiger Management, where he ran the consumer and retail book under Julian Robertson — making him one of the more prominent members of the Tiger Cubs lineage. His approach is concentrated long/short equity with a fundamental, bottom-up orientation, though Lone Pine has historically run both a hedge fund and a long-only vehicle, so a 13F captures only the long side of a book that may carry meaningful short exposure elsewhere. The current portfolio of 36 positions with roughly 30% in the top five — VST, ASML, CRS, LPLA, and APP — reflects a moderately concentrated stance tilted toward technology-adjacent growth and energy infrastructure. Readers should note that 13F filings trail reality by up to 45 days and omit short positions entirely; the long-only clone's roughly flat excess return versus SPY over 12 years is not a meaningful proxy for actual fund performance, which incorporates the short book, leverage, and more frequent repositioning.
2026Q2 brief
Stephen Mandel's Lone Pine Capital executed one of its most dramatic sector pivots in recent memory, dumping the entire power/energy trade (VST 7.4% and TLN 4.6% both exited, alongside CLH and THC) while rotating aggressively into AI infrastructure and semiconductor equipment. The new #1 position is NEBIUS GROUP N.V. at 7.2% (~$1.18B), a European AI cloud buildout play, flanked by initiations in SEAGATE (5.9%), AMAT (5.3%), and LIN (4.9%), with TER and ASML remaining core holdings. This semiconductor/AI-infrastructure cluster now consumes roughly a third of the $16.4B book. Simultaneously, Mandel nearly doubled MDLN (+78% to 5.1%) and added heavily to food distributors PFGC (+47%) and USFD (+29%), suggesting a parallel bet on resilient consumer staples logistics. The near-complete exit from TSM (-93%) is notable given that Viking and Soros are also trimming—watch whether Mandel consolidates further into NEBIUS or initiates a position in domestic AI hyperscalers in Q3.
AI-generated. Not investment advice.
Filing history
Stephen Mandel's disclosed 13F portfolio value and position count by quarter — the trajectory across every SEC filing.
| Quarter | Positions | Portfolio value |
|---|---|---|
| Q2 2026 — what changed → | 34 | $16.36B |
| Q1 2026 — what changed → | 36 | $12.54B |
| Q4 2025 — what changed → | 32 | $13.61B |
| Q3 2025 — what changed → | 25 | $13.74B |
| Q2 2025 — what changed → | 24 | $14.05B |
| Q1 2025 — what changed → | 24 | $11.58B |
| Q4 2024 holdings | 30 | $13.47B |
| Q3 2024 holdings | 29 | $13.41B |
| Q2 2024 holdings | 24 | $12.33B |
| Q1 2024 holdings | 26 | $12.67B |
| Q4 2023 holdings | 25 | $11.56B |
| Q3 2023 holdings | 26 | $10.37B |
Values as disclosed at each quarter end. Older filings on EDGAR.
Manager evidence
39 material decisions, preserved in sequence.
See what Stephen Mandel bought, added, trimmed, or exited across eight quarters—plus disclosure lag, SEC sources, and observed outcomes versus SPY. No guru grade.
Open Stephen Mandel's decision evidence →Frequently asked questions
- What stocks does Stephen Mandel own?
- As of 2026Q2, Stephen Mandel's 13F discloses 34 positions worth $16.36B. The top five holdings: ASML (6.9%), HD (5.6%), AMAT (5.3%). 13F filings cover long US-listed equities only — cash, bonds, shorts, and non-US positions are not disclosed.
- What did Stephen Mandel buy this quarter?
- In 2026Q2, the filing shows 13 new positions and 6 additions to existing holdings. The largest positions touched by buying: HD, AMAT, MDLN, LIN, PFGC.
- How big is Stephen Mandel's portfolio?
- $16.36B across 34 positions per the latest 13F (filed Aug 14, 2026). The top five holdings account for 31% of the disclosed book.
Similar portfolios
Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001061165). Not investment advice.