Fund · 13F holdings
Lone Pine Capital LLC
Stephen Mandel · Greenwich, CT · Founded 1997
Lone Pine Capital is a Greenwich, Connecticut firm founded in 1997 by Stephen Mandel, a prominent "Tiger cub" from Julian Robertson's Tiger Management. It runs fundamental, bottom-up long/short equity, historically favoring high-quality growth businesses with durable franchises in technology, consumer and payments.
Mandel stepped back from day-to-day portfolio management in 2019 and serves as managing director; a team of managers now runs the book. The 13F reports its US-listed long equity positions.
How to read these tables. A Form 13F reports each holding's market value as of the quarter-end date and the share count — not the price the fund paid, when it bought, or any short positions. Buys and sells are inferred by comparing share counts across quarters. Put/call lines are options (often hedges), and their value is notional rather than a straight equity stake. Figures are the fund's US-listed 13(f) holdings only; private positions appear when the manager reports them.
History
1997
Lone Pine founded
Stephen Mandel launches the firm, named for a Dartmouth landmark, with a growth-quality long/short approach.
2019
Mandel steps back
Mandel hands day-to-day portfolio management to a team while remaining managing director.
2020s
Quality-growth concentration
The book stays focused on durable-franchise growth names in tech, consumer and payments.
Q2 2026 holdings
Period end
2026-06-30
Filed
2026-08-14
Portfolio value
$16.36B
Positions
34
We track
5
| # | Company | Class | Value | Shares | % Port. | vs prior |
|---|---|---|---|---|---|---|
| 1 | NBISNebius★ | SHS CLASS A | $1.18B | 4.3M | 7.2% | NEW |
| 2 | Asml Hldg Nv | N Y REGISTRY SHS | $1.13B | 569K | 6.9% | TRIM |
| 3 | Seagate Technology Hldngs Pl | ORD SHS | $965.1M | 1.0M | 5.9% | NEW |
| 4 | HDThe Home Depot, Inc.★ | COM | $918.1M | 2.6M | 5.6% | NEW |
| 5 | Applied Matls Inc | COM | $873.2M | 1.2M | 5.3% | NEW |
| 6 | Medline Inc | COM CL A | $827.0M | 21.0M | 5.1% | ADD |
| 7 | Linde Plc | SHS | $808.6M | 1.6M | 4.9% | NEW |
| 8 | Teradyne Inc | COM | $722.4M | 1.5M | 4.4% | TRIM |
| 9 | Corning Inc | COM | $696.8M | 2.7M | 4.3% | TRIM |
| 10 | CVNACarvana Co.★ | CL A | $692.5M | 10.5M | 4.2% | ADD |
| 11 | Hut 8 Corp | COM | $666.5M | 5.8M | 4.1% | TRIM |
| 12 | Performance Food Group Co | COM | $654.3M | 5.9M | 4.0% | ADD |
| 13 | Nu Hldgs Ltd | ORD SHS CL A | $630.9M | 47.2M | 3.9% | ADD |
| 14 | Terawulf Inc | COM | $596.4M | 24.1M | 3.6% | ADD |
| 15 | Carpenter Technology Corp | COM | $593.9M | 963K | 3.6% | TRIM |
| 16 | Mastec Inc | COM | $559.7M | 1.3M | 3.4% | TRIM |
| 17 | Applovin Corp | COM CL A | $537.0M | 1.0M | 3.3% | TRIM |
| 18 | Ttm Technologies Inc | COM | $512.1M | 2.7M | 3.1% | NEW |
| 19 | Sterling Infrastructure Inc | COM | $511.7M | 610K | 3.1% | NEW |
| 20 | Us Foods Hldg Corp | COM | $502.5M | 4.9M | 3.1% | ADD |
| 21 | On Hldg Ag | NAMEN AKT A | $470.4M | 13.3M | 2.9% | NEW |
| 22 | Lpl Finl Hldgs Inc | COM | $343.4M | 1.2M | 2.1% | TRIM |
| 23 | Argan Inc | COM | $294.4M | 369K | 1.8% | TRIM |
| 24 | Bitdeer Technologies Group | CL A ORD SHS | $111.4M | 7.0M | 0.7% | NEW |
| 25 | Sharonai Holdings Inc | COM CL A | $102.4M | 1.2M | 0.6% | NEW |
| 26 | GOOGLAlphabet Inc.★ | CAP STK CL A | $77.0M | 216K | 0.5% | ADD |
| 27 | Kodiak Gas Svcs Inc | COM | $63.5M | 845K | 0.4% | NEW |
| 28 | VVisa Inc.★ | COM CL A | $56.9M | 166K | 0.3% | ADD |
| 29 | Interactive Brokers Group In | COM CL A | $50.3M | 578K | 0.3% | NEW |
| 30 | Taiwan Semiconductor Manufac | SPONSORED ADS | $48.4M | 101K | 0.3% | TRIM |
| 31 | Sea Ltd | SPONSORD ADS | $47.4M | 495K | 0.3% | NEW |
| 32 | Mckesson Corp | COM | $43.7M | 58K | 0.3% | TRIM |
| 33 | Transdigm Group Inc | COM | $38.0M | 29K | 0.2% | TRIM |
| 34 | Brookfield Corp | CL A LTD VT SH | $33.8M | 793K | 0.2% | TRIM |
Notable Q2 2026 moves
New positions
- NBIS Nebius $1.18B
- Seagate Technology Hldngs Pl $965.1M
- HD The Home Depot, Inc. $918.1M
- Applied Matls Inc $873.2M
- Linde Plc $808.6M
- Ttm Technologies Inc $512.1M
- Sterling Infrastructure Inc $511.7M
- On Hldg Ag $470.4M
- Bitdeer Technologies Group $111.4M
- Sharonai Holdings Inc $102.4M
- Kodiak Gas Svcs Inc $63.5M
- Interactive Brokers Group In $50.3M
- Sea Ltd $47.4M
Exited
- Vistra Corp was $930.2M
- Talen Energy Corp was $580.3M
- Clean Harbors Inc was $503.2M
- Tenet Healthcare Corp was $426.2M
- Capital One Finl Corp was $413.6M
- Entegris Inc was $365.2M
- Ciena Corp was $314.3M
- Vulcan Matls Co was $39.3M
- Spotify Technology S A was $33.4M
- MA Mastercard Incorporated was $28.6M
- Amphenol Corp was $28.2M
- Hilton Worldwide Hldgs Inc was $27.1M
- Kkr & Co Inc was $16.6M
- Booking Holdings Inc was $10.1M
- Boston Scientific Corp was $6.6M
Position history in tracked names
Quarter-end value of each holding that has a page on R40, most recent first.
| Stock | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 |
|---|---|---|---|---|
| NBISNebius Group N.V. | $1.18B | — | — | — |
| HDHome Depot Inc | $918.1M | — | — | — |
| CVNACarvana Co | $692.5M | $551.6M | $750.9M | $665.9M |
| GOOGLAlphabet Inc | $77.0M | $53.9M | — | — |
| VVisa Inc | $56.9M | $28.0M | $5.3M | — |
Earlier filings
Q1 2026 · 36 positions · $12.54B · filed 2026-05-15
| # | Company | Class | Value | Shares | % Port. | vs prior |
|---|---|---|---|---|---|---|
| 1 | Vistra Corp | COM | $930.2M | 6.2M | 7.4% | ADD |
| 2 | Asml Hldg Nv | N Y REGISTRY SHS | $865.3M | 655K | 6.9% | ADD |
| 3 | Carpenter Technology Corp | COM | $716.5M | 1.8M | 5.7% | ADD |
| 4 | Lpl Finl Hldgs Inc | COM | $616.7M | 2.0M | 4.9% | TRIM |
| 5 | Applovin Corp | COM CL A | $583.0M | 1.5M | 4.6% | ADD |
| 6 | Talen Energy Corp | COM | $580.3M | 1.8M | 4.6% | ADD |
| 7 | Teradyne Inc | COM | $555.2M | 1.9M | 4.4% | NEW |
| 8 | CVNACarvana Co.★ | CL A | $551.6M | 1.8M | 4.4% | TRIM |
| 9 | Nu Hldgs Ltd | ORD SHS CL A | $546.2M | 38.0M | 4.4% | ADD |
| 10 | Medline Inc | COM CL A | $524.6M | 11.8M | 4.2% | ADD |
| 11 | Corning Inc | COM | $505.6M | 3.7M | 4.0% | NEW |
| 12 | Clean Harbors Inc | COM | $503.2M | 1.8M | 4.0% | ADD |
| 13 | Mastec Inc | COM | $492.6M | 1.5M | 3.9% | NEW |
| 14 | Taiwan Semiconductor Manufac | SPONSORED ADS | $469.6M | 1.4M | 3.7% | TRIM |
| 15 | Brookfield Corp | CL A LTD VT SH | $453.6M | 11.2M | 3.6% | TRIM |
| 16 | Tenet Healthcare Corp | COM NEW | $426.2M | 2.3M | 3.4% | ADD |
| 17 | Capital One Finl Corp | COM | $413.6M | 2.3M | 3.3% | TRIM |
| 18 | Entegris Inc | COM | $365.2M | 3.1M | 2.9% | ADD |
| 19 | Us Foods Hldg Corp | COM | $350.0M | 3.8M | 2.8% | NEW |
| 20 | Performance Food Group Co | COM | $340.8M | 4.0M | 2.7% | NEW |
| 21 | Mckesson Corp | COM | $339.4M | 392K | 2.7% | NEW |
| 22 | Ciena Corp | COM NEW | $314.3M | 810K | 2.5% | NEW |
| 23 | Terawulf Inc | COM | $287.5M | 19.9M | 2.3% | NEW |
| 24 | Hut 8 Corp | COM | $285.2M | 6.1M | 2.3% | NEW |
| 25 | Argan Inc | COM | $214.1M | 393K | 1.7% | NEW |
| 26 | GOOGLAlphabet Inc.★ | CAP STK CL A | $53.9M | 188K | 0.4% | NEW |
| 27 | Transdigm Group Inc | COM | $41.3M | 36K | 0.3% | ADD |
| 28 | Vulcan Matls Co | COM | $39.3M | 144K | 0.3% | TRIM |
| 29 | Spotify Technology S A | SHS | $33.4M | 69K | 0.3% | ADD |
| 30 | MAMastercard Incorporated★ | CL A | $28.6M | 57K | 0.2% | TRIM |
| 31 | Amphenol Corp | CL A | $28.2M | 223K | 0.2% | TRIM |
| 32 | VVisa Inc.★ | COM CL A | $28.0M | 93K | 0.2% | ADD |
| 33 | Hilton Worldwide Hldgs Inc | COM | $27.1M | 89K | 0.2% | ADD |
| 34 | Kkr & Co Inc | COM | $16.6M | 179K | 0.1% | TRIM |
| 35 | Booking Holdings Inc | COM | $10.1M | 2K | 0.1% | TRIM |
| 36 | Boston Scientific Corp | COM | $6.6M | 105K | 0.1% | TRIM |
Q4 2025 · 32 positions · $13.61B · filed 2026-02-17
| # | Company | Class | Value | Shares | % Port. | vs prior |
|---|---|---|---|---|---|---|
| 1 | Taiwan Semiconductor Mfg Ltd | SPONSORED ADS | $927.6M | 3.1M | 6.8% | HOLD |
| 2 | Vistra Corp | COM | $840.8M | 5.2M | 6.2% | ADD |
| 3 | CVNACarvana Co.★ | CL A | $750.9M | 1.8M | 5.5% | ADD |
| 4 | Lpl Finl Hldgs Inc | COM | $741.1M | 2.1M | 5.4% | TRIM |
| 5 | Brookfield Corp | CL A LTD VT SH | $730.7M | 15.9M | 5.4% | ADD |
| 6 | Asml Holding N V | N Y REGISTRY SHS | $647.3M | 605K | 4.8% | NEW |
| 7 | Kkr & Co Inc | COM | $637.5M | 5.0M | 4.7% | ADD |
| 8 | AVGOBroadcom Inc.★ | COM | $598.8M | 1.7M | 4.4% | ADD |
| 9 | MSFTMicrosoft Corporation★ | COM | $596.8M | 1.2M | 4.4% | ADD |
| 10 | DASHDoorDash, Inc.★ | CL A | $573.0M | 2.5M | 4.2% | NEW |
| 11 | AMZNAmazon.com, Inc.★ | COM | $557.3M | 2.4M | 4.1% | TRIM |
| 12 | Capital One Finl Corp | COM | $556.2M | 2.3M | 4.1% | TRIM |
| 13 | Applovin Corp | COM CL A | $525.9M | 781K | 3.9% | TRIM |
| 14 | Nu Hldgs Ltd | ORD SHS CL A | $496.0M | 29.6M | 3.6% | ADD |
| 15 | Medline Inc | COM CL A | $492.1M | 11.7M | 3.6% | NEW |
| 16 | Talen Energy Corp | COM | $484.5M | 1.3M | 3.6% | ADD |
| 17 | Vulcan Matls Co | COM | $480.3M | 1.7M | 3.5% | ADD |
| 18 | Philip Morris Intl Inc | COM | $424.0M | 2.6M | 3.1% | TRIM |
| 19 | Carpenter Technology Corp | COM | $413.4M | 1.3M | 3.0% | NEW |
| 20 | Wingstop Inc | COM | $380.5M | 1.6M | 2.8% | ADD |
| 21 | Amphenol Corp New | CL A | $379.7M | 2.8M | 2.8% | TRIM |
| 22 | Tenet Healthcare Corp | COM NEW | $355.2M | 1.8M | 2.6% | NEW |
| 23 | Clean Harbors Inc | COM | $323.1M | 1.4M | 2.4% | NEW |
| 24 | AFRMAffirm Holdings, Inc.★ | COM CL A | $284.1M | 3.8M | 2.1% | NEW |
| 25 | Entegris Inc | COM | $257.3M | 3.1M | 1.9% | NEW |
| 26 | MAMastercard Incorporated★ | CL A | $55.0M | 96K | 0.4% | NEW |
| 27 | Transdigm Group Inc | COM | $25.6M | 19K | 0.2% | NEW |
| 28 | Booking Holdings Inc | COM | $24.8M | 5K | 0.2% | TRIM |
| 29 | Boston Scientific Corp | COM | $19.2M | 202K | 0.1% | NEW |
| 30 | Hilton Worldwide Hldgs Inc | COM | $16.6M | 58K | 0.1% | NEW |
| 31 | Spotify Technology S A | SHS | $10.3M | 18K | 0.1% | NEW |
| 32 | VVisa Inc.★ | COM CL A | $5.3M | 15K | 0.0% | NEW |
Q3 2025 · 25 positions · $13.74B · filed 2025-11-14
| # | Company | Class | Value | Shares | % Port. | vs prior |
|---|---|---|---|---|---|---|
| 1 | METAMeta Platforms, Inc.★ | CL A | $971.0M | 1.3M | 7.1% | |
| 2 | Vistra Corp | COM | $920.7M | 4.7M | 6.7% | |
| 3 | Taiwan Semiconductor Mfg Ltd | SPONSORED ADS | $852.5M | 3.1M | 6.2% | |
| 4 | Applovin Corp | COM CL A | $797.0M | 1.1M | 5.8% | |
| 5 | Lpl Finl Hldgs Inc | COM | $750.5M | 2.3M | 5.5% | |
| 6 | Philip Morris Intl Inc | COM | $748.5M | 4.6M | 5.4% | |
| 7 | Brookfield Corp | CL A LTD VT SH | $698.2M | 10.2M | 5.1% | |
| 8 | CVNACarvana Co.★ | CL A | $665.9M | 1.8M | 4.8% | |
| 9 | MSFTMicrosoft Corporation★ | COM | $626.0M | 1.2M | 4.6% | |
| 10 | AMZNAmazon.com, Inc.★ | COM | $617.4M | 2.8M | 4.5% | |
| 11 | Capital One Finl Corp | COM | $546.2M | 2.6M | 4.0% | |
| 12 | Kkr & Co Inc | COM | $530.3M | 4.1M | 3.9% | |
| 13 | AVGOBroadcom Inc.★ | COM | $511.2M | 1.5M | 3.7% | |
| 14 | Talen Energy Corp | COM | $507.3M | 1.2M | 3.7% | |
| 15 | Starbucks Corp | COM | $470.5M | 5.6M | 3.4% | |
| 16 | Eqt Corp | COM | $455.1M | 8.4M | 3.3% | |
| 17 | Flutter Entmt Plc | SHS | $440.3M | 1.7M | 3.2% | |
| 18 | Vulcan Matls Co | COM | $425.9M | 1.4M | 3.1% | |
| 19 | Nu Hldgs Ltd | ORD SHS CL A | $406.8M | 25.4M | 3.0% | |
| 20 | Wingstop Inc | COM | $375.3M | 1.5M | 2.7% | |
| 21 | Amphenol Corp New | CL A | $374.1M | 3.0M | 2.7% | |
| 22 | Sea Ltd | SPONSORD ADS | $334.1M | 1.9M | 2.4% | |
| 23 | Ciena Corp | COM NEW | $292.3M | 2.0M | 2.1% | |
| 24 | Etsy Inc | COM | $257.6M | 3.9M | 1.9% | |
| 25 | Booking Holdings Inc | COM | $168.2M | 31K | 1.2% |