Stephen Mandel
Lone Pine Capital
2026Q1 brief
Lone Pine's $12.54B portfolio underwent one of its most dramatic reshapings in recent memory, with six full exits including AVGO (4.4%), MSFT (4.4%), DASH (4.2%), AMZN (4.1%), PM (3.1%), and WING (2.8%) — a near-complete rotation out of mega-cap tech and consumer into infrastructure, industrials, and specialty materials. Six new positions were added simultaneously: TER (4.43%), GLW (4.03%), MTZ (3.93%), USFD (2.79%), PFGC (2.72%), and MCK (2.71%), reflecting a pivot toward AI infrastructure build-out (Corning fiber, Teradyne ATE), construction services (MasTec), food distribution, and healthcare distribution. APP was nearly doubled (+88% to 4.65%) and CRS added +38% to 5.71%, reinforcing conviction in high-performance specialty alloys and ad-tech. TSM was halved to 3.74%. With VST at 7.4% and TLN at 4.6%, power generation remains a core theme. This is a significant sector rotation away from software/consumer toward physical infrastructure and supply-chain plays. Watch whether GLW and MTZ are built out further — together they'd signal a full AI infrastructure infrastructure sub-thesis.
AI-generated. Not investment advice.
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 |
- 1VST7.4%$930MVistra Corpthis Q hold·9q
- 2ASML6.9%$865MAsml Hldg NVthis Q hold·13q
- 3CRS5.7%$717MCarpenter Technologythis Q +38%·2q
- 4LPLA4.9%$617MLpl Financial Holdings Incthis Q hold·16q
- 5APP4.6%$583MApplovin Corp-class Athis Q +88%·9q
- 6TLN4.6%$580MTalen Energy Corpthis Q +41%·7q
- 7TER4.4%$555MTeradyne Incthis Q New·—1q
- 8CVNA4.4%$552MCarvana COthis Q hold·12q
- 9NU4.4%$546MNU Hldgs Ltdthis Q +28%·3q
- 10MDLN4.2%$525MMedline Inc-cl Athis Q hold·2q
- 11GLW4.0%$506MCorning Incthis Q New·—1q
- 12CLH4.0%$503MClean Harbors Incthis Q +27%·2q
- 13MTZ3.9%$493MMastec Incthis Q New·—1q
- 14TSM3.7%$470MTaiwan Semiconductor-sp Adrthis Q -54%·18q
- 15BN3.6%$454MBrookfield Corpthis Q -30%·4q
- 16THC3.4%$426MTenet Healthcare Corpthis Q +26%·2q
- 17COF3.3%$414MCapital One Financial Corpthis Q hold·8q
- 18ENTG2.9%$365MEntegris Incthis Q hold·2q
- 19USFD2.8%$350MUS Foods Holding Corpthis Q New·—1q
- 20PFGC2.7%$341MPerformance Food Group COthis Q New·—1q
- 21MCK2.7%$339MMckesson Corpthis Q New·3q
- 22CIEN2.5%$314MCiena Corpthis Q New·2q
- 23WULF2.3%$287MTerawulf Incthis Q New·3q
- 24HUT2.3%$285MHut 8 Corpthis Q New·3q
- 25AGX1.7%$214MArgan Incthis Q New·—1q
- 26GOOGL0.4%$54MAlphabet Inc-cl Athis Q New·4q
- 27TDG0.3%$41MTransdigm Group Incthis Q +86%·24q
- 28VMC0.3%$39MVulcan Materials COthis Q -91%·6q
- 29SPOT0.3%$33MSpotify Technology S Athis Q +288%·6q
- 30MA0.2%$29MMastercard Inc - Athis Q -41%·28q
- 31APH0.2%$28MAmphenol Corp-cl Athis Q -92%·3q
- 32V0.2%$28MVisa Inc-class A Sharesthis Q +510%·15q
- 33HLT0.2%$27MHilton Worldwide Holdings INthis Q +54%·3q
- 34KKR0.1%$17MKkr & CO Incthis Q -96%·13q
- 35BKNG0.1%$10MBooking Holdings Incthis Q -48%·22q
- 36BSX0.1%$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
Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001061165). Not investment advice.