Stephen Mandel
Lone Pine Capital
Stephen Mandel (Lone Pine Capital) discloses a $12.54B portfolio across 36 US-listed positions in the latest 13F filing (2026Q1, filed May 15, 2026). The largest holding is VST at 7.4% of the book. The biggest move of the quarter: added 38% to the CRS share count (position now $717M). Latticework's clone backtest puts this 13F book at -0.9%/yr vs SPY over 12.0 years.
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.
2026Q1 brief
Stephen Mandel's Lone Pine Capital executed one of the most dramatic portfolio overhauls in its peer group this quarter, adding six new positions totaling roughly 20% of the $12.54B book while exiting six names including AVGO (4.4%), MSFT (4.4%), DASH (4.2%), and AMZN (4.1%)—a sweeping exit from mega-cap tech. The new names skew toward infrastructure and real economy: TER (Teradyne, 4.4%), GLW (Corning, 4.0%), MTZ (MasTec, 3.9%), USFD (US Foods, 2.8%), and MCK (McKesson, 2.7%), alongside PFGC. APP (Applovin) was nearly doubled (+88% to 4.6%), and CRS (Carpenter Technology, specialty alloys) rose +38% to 5.7%. VST remains the top holding at 7.4%, and TLN was added +41%—power infrastructure remains a core theme. This rotation out of software/e-commerce and into power, materials, and distribution is one of the starkest sector pivots in this cohort. Watch next filing: whether the infrastructure-and-power cluster (VST, TLN, GLW, MTZ) consolidates into a multi-year structural theme or Lone Pine rotates again.
AI-generated. Not investment advice.
In the news
all news →- Lone Pine Gains 43% in First Half on Both Long and Short BetsBloomberg.com ·
- Lone Pine Gains 43% in First Half on Long and Short BetsBloomberg.com ·
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Holdings (36) · click any column to sort
| #↑ | Ticker | Issuer | % Port. | This Q | History | Value |
|---|---|---|---|---|---|---|
| 1 | VST | 7.4% | $930M | |||
| 2 | ASML | 6.9% | $865M | |||
| 3 | CRS | 5.7% | $717M | |||
| 4 | LPLA | 4.9% | $617M | |||
| 5 | APP | 4.6% | $583M | |||
| 6 | TLN | 4.6% | $580M | |||
| 7 | TER | 4.4% | $555M | |||
| 8 | CVNA | 4.4% | $552M | |||
| 9 | NU | 4.4% | $546M | |||
| 10 | MDLN | 4.2% | $525M | |||
| 11 | GLW | 4.0% | $506M | |||
| 12 | CLH | 4.0% | $503M | |||
| 13 | MTZ | 3.9% | $493M | |||
| 14 | TSM | 3.7% | $470M | |||
| 15 | BN | 3.6% | $454M | |||
| 16 | THC | 3.4% | $426M | |||
| 17 | COF | 3.3% | $414M | |||
| 18 | ENTG | 2.9% | $365M | |||
| 19 | USFD | 2.8% | $350M | |||
| 20 | PFGC | 2.7% | $341M | |||
| 21 | MCK | 2.7% | $339M | |||
| 22 | CIEN | 2.5% | $314M | |||
| 23 | WULF | 2.3% | $287M | |||
| 24 | HUT | 2.3% | $285M | |||
| 25 | AGX | 1.7% | $214M | |||
| 26 | GOOGL | 0.4% | $54M | |||
| 27 | TDG | 0.3% | $41M | |||
| 28 | VMC | 0.3% | $39M | |||
| 29 | SPOT | 0.3% | $33M | |||
| 30 | MA | 0.2% | $29M | |||
| 31 | APH | 0.2% | $28M | |||
| 32 | V | 0.2% | $28M | |||
| 33 | HLT | 0.2% | $27M | |||
| 34 | KKR | 0.1% | $17M | |||
| 35 | BKNG | 0.1% | $10M | |||
| 36 | BSX | 0.1% | $7M |
- 1VSTport7.4%val$930MVistra Corpthis Q hold·9q
- 2ASMLport6.9%val$865MAsml Hldg NVthis Q hold·13q
- 3CRSport5.7%val$717MCarpenter Technologythis Q +38%·2q
- 4LPLAport4.9%val$617MLpl Financial Holdings Incthis Q hold·16q
- 5APPport4.6%val$583MApplovin Corp-class Athis Q +88%·9q
- 6TLNport4.6%val$580MTalen Energy Corpthis Q +41%·7q
- 7TERport4.4%val$555MTeradyne Incthis Q New·—1q
- 8CVNAport4.4%val$552MCarvana COthis Q hold·12q
- 9NUport4.4%val$546MNU Hldgs Ltdthis Q +28%·3q
- 10MDLNport4.2%val$525MMedline Inc-cl Athis Q hold·2q
- 11GLWport4.0%val$506MCorning Incthis Q New·—1q
- 12CLHport4.0%val$503MClean Harbors Incthis Q +27%·2q
- 13MTZport3.9%val$493MMastec Incthis Q New·—1q
- 14TSMport3.7%val$470MTaiwan Semiconductor-sp Adrthis Q -54%·18q
- 15BNport3.6%val$454MBrookfield Corpthis Q -30%·4q
- 16THCport3.4%val$426MTenet Healthcare Corpthis Q +26%·2q
- 17COFport3.3%val$414MCapital One Financial Corpthis Q hold·8q
- 18ENTGport2.9%val$365MEntegris Incthis Q hold·2q
- 19USFDport2.8%val$350MUS Foods Holding Corpthis Q New·—1q
- 20PFGCport2.7%val$341MPerformance Food Group COthis Q New·—1q
- 21MCKport2.7%val$339MMckesson Corpthis Q New·3q
- 22CIENport2.5%val$314MCiena Corpthis Q New·2q
- 23WULFport2.3%val$287MTerawulf Incthis Q New·3q
- 24HUTport2.3%val$285MHut 8 Corpthis Q New·3q
- 25AGXport1.7%val$214MArgan Incthis Q New·—1q
- 26GOOGLport0.4%val$54MAlphabet Inc-cl Athis Q New·4q
- 27TDGport0.3%val$41MTransdigm Group Incthis Q +86%·24q
- 28VMCport0.3%val$39MVulcan Materials COthis Q -91%·6q
- 29SPOTport0.3%val$33MSpotify Technology S Athis Q +288%·6q
- 30MAport0.2%val$29MMastercard Inc - Athis Q -41%·28q
- 31APHport0.2%val$28MAmphenol Corp-cl Athis Q -92%·3q
- 32Vport0.2%val$28MVisa Inc-class A Sharesthis Q +510%·15q
- 33HLTport0.2%val$27MHilton Worldwide Holdings INthis Q +54%·3q
- 34KKRport0.1%val$17MKkr & CO Incthis Q -96%·13q
- 35BKNGport0.1%val$10MBooking Holdings Incthis Q -48%·22q
- 36BSXport0.1%val$7MBoston Scientific Corpthis Q -48%·2q
All activity (2026Q1)
| Ticker | Issuer | Move | % Port. | Δ Shares | Value |
|---|---|---|---|---|---|
| TSM | Taiwan Semiconductor-sp Adr | TRIM | 3.7% | -54% | $470M |
| CRS | Carpenter Technology | ADD | 5.7% | +38% | $717M |
| BN | Brookfield Corp | TRIM | 3.6% | -30% | $454M |
| KKR | Kkr & CO Inc | TRIM | 0.1% | -96% | $17M |
| APP | Applovin Corp-class A | ADD | 4.6% | +88% | $583M |
| TLN | Talen Energy Corp | ADD | 4.6% | +41% | $580M |
| TER | Teradyne Inc | NEW | 4.4% | +100% | $555M |
| AVGO | Broadcom Inc | EXIT | 4.4% | -100% | $0 |
| MSFT | Microsoft Corp | EXIT | 4.4% | -100% | $0 |
| NU | NU Hldgs Ltd | ADD | 4.4% | +28% | $546M |
| DASH | Doordash Inc - A | EXIT | 4.2% | -100% | $0 |
| AMZN | Amazon.com Inc | EXIT | 4.1% | -100% | $0 |
| GLW | Corning Inc | NEW | 4.0% | +100% | $506M |
| CLH | Clean Harbors Inc | ADD | 4.0% | +27% | $503M |
| MTZ | Mastec Inc | NEW | 3.9% | +100% | $493M |
| VMC | Vulcan Materials CO | TRIM | 0.3% | -91% | $39M |
| THC | Tenet Healthcare Corp | ADD | 3.4% | +26% | $426M |
| PM | Philip Morris International | EXIT | 3.1% | -100% | $0 |
| WING | Wingstop Inc | EXIT | 2.8% | -100% | $0 |
| USFD | US Foods Holding Corp | NEW | 2.8% | +100% | $350M |
| APH | Amphenol Corp-cl A | TRIM | 0.2% | -92% | $28M |
| PFGC | Performance Food Group CO | NEW | 2.7% | +100% | $341M |
| MCK | Mckesson Corp | NEW | 2.7% | +100% | $339M |
| CIEN | Ciena Corp | NEW | 2.5% | +100% | $314M |
| WULF | Terawulf Inc | NEW | 2.3% | +100% | $287M |
| HUT | Hut 8 Corp | NEW | 2.3% | +100% | $285M |
| AFRM | Affirm Holdings Inc | EXIT | 2.1% | -100% | $0 |
| AGX | Argan Inc | NEW | 1.7% | +100% | $214M |
| GOOGL | Alphabet Inc-cl A | NEW | 0.4% | +100% | $54M |
| MA | Mastercard Inc - A | TRIM | 0.2% | -41% | $29M |
| TDG | Transdigm Group Inc | ADD | 0.3% | +86% | $41M |
| SPOT | Spotify Technology S A | ADD | 0.3% | +288% | $33M |
| V | Visa Inc-class A Shares | ADD | 0.2% | +510% | $28M |
| HLT | Hilton Worldwide Holdings IN | ADD | 0.2% | +54% | $27M |
| BKNG | Booking Holdings Inc | TRIM | 0.1% | -48% | $10M |
| BSX | Boston Scientific Corp | TRIM | 0.1% | -48% | $7M |
- TRIMTSM3.7%Taiwan Semiconductor-sp AdrΔ -54%·$470M
- ADDCRS5.7%Carpenter TechnologyΔ +38%·$717M
- TRIMBN3.6%Brookfield CorpΔ -30%·$454M
- TRIMKKR0.1%Kkr & CO IncΔ -96%·$17M
- ADDAPP4.6%Applovin Corp-class AΔ +88%·$583M
- ADDTLN4.6%Talen Energy CorpΔ +41%·$580M
- NEWTER4.4%Teradyne IncΔ +100%·$555M
- EXITAVGO4.4%Broadcom IncΔ -100%·$0
- EXITMSFT4.4%Microsoft CorpΔ -100%·$0
- ADDNU4.4%NU Hldgs LtdΔ +28%·$546M
- EXITDASH4.2%Doordash Inc - AΔ -100%·$0
- EXITAMZN4.1%Amazon.com IncΔ -100%·$0
- NEWGLW4.0%Corning IncΔ +100%·$506M
- ADDCLH4.0%Clean Harbors IncΔ +27%·$503M
- NEWMTZ3.9%Mastec IncΔ +100%·$493M
- TRIMVMC0.3%Vulcan Materials COΔ -91%·$39M
- ADDTHC3.4%Tenet Healthcare CorpΔ +26%·$426M
- EXITPM3.1%Philip Morris InternationalΔ -100%·$0
- EXITWING2.8%Wingstop IncΔ -100%·$0
- NEWUSFD2.8%US Foods Holding CorpΔ +100%·$350M
- TRIMAPH0.2%Amphenol Corp-cl AΔ -92%·$28M
- NEWPFGC2.7%Performance Food Group COΔ +100%·$341M
- NEWMCK2.7%Mckesson CorpΔ +100%·$339M
- NEWCIEN2.5%Ciena CorpΔ +100%·$314M
- NEWWULF2.3%Terawulf IncΔ +100%·$287M
- NEWHUT2.3%Hut 8 CorpΔ +100%·$285M
- EXITAFRM2.1%Affirm Holdings IncΔ -100%·$0
- NEWAGX1.7%Argan IncΔ +100%·$214M
- NEWGOOGL0.4%Alphabet Inc-cl AΔ +100%·$54M
- TRIMMA0.2%Mastercard Inc - AΔ -41%·$29M
- ADDTDG0.3%Transdigm Group IncΔ +86%·$41M
- ADDSPOT0.3%Spotify Technology S AΔ +288%·$33M
- ADDV0.2%Visa Inc-class A SharesΔ +510%·$28M
- ADDHLT0.2%Hilton Worldwide Holdings INΔ +54%·$27M
- TRIMBKNG0.1%Booking Holdings IncΔ -48%·$10M
- TRIMBSX0.1%Boston Scientific CorpΔ -48%·$7M
Frequently asked questions
- What stocks does Stephen Mandel own?
- As of 2026Q1, Stephen Mandel's 13F discloses 36 positions worth $12.54B. The top five holdings: VST (7.4%), ASML (6.9%), CRS (5.7%), LPLA (4.9%), APP (4.6%). 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 2026Q1, the filing shows 11 new positions and 10 additions to existing holdings. The largest positions touched by buying: CRS, APP, TLN, TER, NU.
- How big is Stephen Mandel's portfolio?
- $12.54B across 36 positions per the latest 13F (filed May 15, 2026). The top five holdings account for 30% of the disclosed book.
Explore more
Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001061165). Not investment advice.