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.
2026 Q2 holdings
Period end
Filed
Portfolio value
$16.36B
Positions
34
We track
7
| # | 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 | GLWCorning Incorporated★ | 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 | TSMTaiwan Semiconductor Manufacturing Company Limited★ | 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 2026 Q2 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
- VST 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 | 2026 Q2 | 2026 Q1 | 2025 Q4 | 2025 Q3 |
|---|---|---|---|---|
| NBISNebius Group N.V. | $1.18B | — | — | — |
| HDHome Depot Inc | $918.1M | — | — | — |
| GLWCorning Inc | $696.8M | $505.6M | — | — |
| CVNACarvana Co | $692.5M | $551.6M | $750.9M | $665.9M |
| GOOGLAlphabet Inc | $77.0M | $53.9M | — | — |
| VVisa Inc | $56.9M | $28.0M | $5.3M | — |
| TSMTaiwan Semiconductor Manufac | $48.4M | $469.6M | $927.6M | $852.5M |
| METAMeta Platforms Inc | — | — | — | $971.0M |
| VSTVistra Corp | — | $930.2M | $840.8M | $920.7M |
| AVGOBroadcom Inc | — | — | $598.8M | $511.2M |
| MSFTMicrosoft Corp | — | — | $596.8M | $626.0M |
| DASHDoordash Inc | — | — | $573.0M | — |
| AMZNAmazon Com Inc | — | — | $557.3M | $617.4M |
| AFRMAffirm Hldgs Inc | — | — | $284.1M | — |
| MAMastercard Incorporated | — | $28.6M | $55.0M | — |