Stephen Mandel
Lone Pine Capital
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). The biggest move of the quarter: fully exited VST (was 7.4% of the book). Mechanically cloning this 13F returned 13.1%/yr over the past 12.2 years, versus 13.8%/yr for the S&P 500 across that identical 12.2-year window.
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
2026Q2 activity: 13 new positions (top: NEBIUS GROUP, SEAGATE TECH, HD); 6 conviction adds (top: MDLN, PFGC, NU); 15 exits (top: VST, TLN, CLH). Top 5 holdings: NEBIUS GROUP, ASML, SEAGATE TECH, HD, AMAT (31% of portfolio).
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.
Multibaggers Stephen Mandel held
Stocks up 5x or more since Stephen Mandel first held them at conviction size — the holding record behind the returns. Longest unbroken run and largest book weight are shown for each.
- NVDA488xNVIDIA CORP2q straight · peak 3.23%
- AMD130xADVANCED MICRO DEVICES2q straight · peak 2.57%
- SHOP33.5xSHOPIFY INC - CLASS A14q straight · peak 8.16%
- TSM27.7xTAIWAN SEMICONDUCTOR-SP ADR17q straight · peak 8.46% · still holds
- ASML21.3xASML HLDG NV11q straight · peak 6.9% · still holds
- AAPL19.9xAPPLE INC2q straight · peak 3.63%
Six biggest of 46. Price multiple since the first quarter we observed a conviction holding (2014Q1 at the earliest), not Stephen Mandel's realized return — entry price and trades between filings aren't disclosed. Peak weight is share of disclosed US 13F book. All 129 multibaggers the cohort held →
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.
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Long US equity 13F-HR filings only — no shorts, no derivatives. SEC filings at EDGAR (CIK 0001061165). Not investment advice.