Stephen Mandel (Lone Pine Capital) portfolio and holdings
Stephen Mandel (founder)Growth investors
Founded by an alumnus of the legendary Tiger fund. It concentrates on a small number of growth companies.
This quarter's moves (Q2 2026)
In Q2 2026 (Apr–Jun), Lone Pine Capital opened 13 new positions (Nebius Group N.V., Seagate Technology Holdings plc, The Home Depot, Inc., and others) and sold out of 15 (Vistra Corp., Talen Energy Corporation, Clean Harbors, Inc., and others).
By value, the biggest additions were Carvana Co., Medline Inc., Performance Food Group Co, and others, and the biggest reductions were Taiwan Semiconductor Manufacturing Company Limited, Carpenter Technology Corporation, Brookfield Corporation, and others.
The largest holding is Nebius Group N.V. at 7.2% of the portfolio; the top five make up 31.0%.
Profile
Founded in 1997 by Stephen Mandel, an alumnus of Tiger Management. Mandel stepped back from day-to-day investing in 2019, and the firm is now run by his successors.
Track record
- Concentrates on a small number of companies it expects to keep growing
- One of the best-known "Tiger Cubs", firms founded by Tiger alumni
Based on public statements by the investor or firm and news reports.
By sector
Holdings
Values use quarter-end prices. Changes compare with the previous quarter (end of Mar 2026).
| # | Stock | Value | Weight | Shares | Change | Change % | % of shares out |
|---|---|---|---|---|---|---|---|
| 1 | NBISNebius Group N.V. | $1.2B | 7.19% | 4,258,008 | New | 1.77% | |
| 2 | ASMLASML Holding N.V. | $1.1B | 6.92% | 569,174 | Reduced−85,974 | −13.1% | 0.15% |
| 3 | STXSeagate Technology Holdings plc | $965M | 5.90% | 1,000,109 | New | 0.44% | |
| 4 | HDThe Home Depot, Inc. | $918M | 5.61% | 2,603,189 | New | 0.26% | |
| 5 | AMATApplied Materials, Inc. | $873M | 5.34% | 1,207,737 | New | 0.15% | |
| 6 | MDLNMedline Inc. | $827M | 5.06% | 20,968,367 | Added+9,179,211 | +77.9% | 2.39% |
| 7 | LINLinde plc | $809M | 4.94% | 1,558,081 | New | 0.34% | |
| 8 | TERTeradyne, Inc. | $722M | 4.42% | 1,493,080 | Reduced−379,796 | −20.3% | 0.96% |
| 9 | GLWCorning Inc | $697M | 4.26% | 2,728,058 | Reduced−990,089 | −26.6% | 0.32% |
| 10 | CVNACarvana Co. | $692M | 4.23% | 10,520,666 | Added+8,765,957 | +499.6% | 0.96% |
| 11 | HUTHut 8 Corp. | $666M | 4.07% | 5,773,045 | Reduced−305,906 | −5.0% | 4.68% |
| 12 | PFGCPerformance Food Group Co | $654M | 4.00% | 5,852,740 | Added+1,874,582 | +47.1% | 3.71% |
| 13 | NUNu Holdings Ltd. | $631M | 3.86% | 47,219,717 | Added+9,208,492 | +24.2% | 0.98% |
| 14 | WULFTeraWulf Inc. | $596M | 3.65% | 24,144,625 | Added+4,223,195 | +21.2% | 4.84% |
| 15 | CRSCarpenter Technology Corporation | $594M | 3.63% | 962,839 | Reduced−855,101 | −47.0% | 1.94% |
| 16 | MTZMasTec, Inc. | $560M | 3.42% | 1,345,157 | Reduced−185,893 | −12.1% | 1.68% |
| 17 | APPAppLovin Corporation | $537M | 3.28% | 1,042,268 | Reduced−422,655 | −28.9% | 0.34% |
| 18 | TTMITTM Technologies, Inc. | $512M | 3.13% | 2,738,075 | New | 2.60% | |
| 19 | STRLSterling Infrastructure, Inc. | $512M | 3.13% | 609,643 | New | 2.00% | |
| 20 | USFDUS Foods Holding Corp. | $503M | 3.07% | 4,914,492 | Added+1,118,494 | +29.5% | 2.27% |
| 21 | ONONOn Holding AG | $470M | 2.88% | 13,280,030 | New | 4.03% | |
| 22 | LPLALPL Financial Holdings Inc. | $343M | 2.10% | 1,219,099 | Reduced−830,868 | −40.5% | 1.57% |
| 23 | AGXArgan, Inc. | $294M | 1.80% | 368,673 | Reduced−24,461 | −6.2% | 2.63% |
| 24 | BTDRBitdeer Technologies Group | $111M | 0.68% | 7,020,026 | New | 3.09% | |
| 25 | SHAZSharonAI Holdings, Inc. Class A Common Stock | $102M | 0.63% | 1,209,848 | New | 3.39% | |
| 26 | GOOGLAlphabet Inc. | $77M | 0.47% | 215,574 | Added+28,013 | +14.9% | 0.00% |
| 27 | KGSKodiak Gas Services, Inc. | $63.5M | 0.39% | 845,070 | New | 0.84% | |
| 28 | VVisa Inc. | $56.9M | 0.35% | 165,960 | Added+73,185 | +78.9% | 0.01% |
| 29 | IBKRInteractive Brokers Group, Inc. | $50.3M | 0.31% | 577,666 | New | 0.03% | |
| 30 | TSMTaiwan Semiconductor Manufacturing Company Limited | $48.4M | 0.30% | 101,242 | Reduced−1,288,288 | −92.7% | 0.00% |
| 31 | SESea Limited | $47.4M | 0.29% | 494,581 | New | 0.08% | |
| 32 | MCKMcKesson Corporation | $43.7M | 0.27% | 57,851 | Reduced−334,373 | −85.3% | 0.05% |
| 33 | TDGTransDigm Group Incorporated | $38M | 0.23% | 28,532 | Reduced−7,145 | −20.0% | 0.05% |
| 34 | BNBrookfield Corporation | $33.8M | 0.21% | 792,717 | Reduced−10,416,252 | −92.9% | 0.04% |
Sold out
Held at the end of Mar 2026 but not at the end of Jun 2026. Value and shares are as of the previous quarter.
| Stock | Previous value | Shares |
|---|---|---|
| VSTVistra Corp. | $930M | 6,187,585 |
| TLNTalen Energy Corporation | $580M | 1,817,947 |
| CLHClean Harbors, Inc. | $503M | 1,754,950 |
| THCTenet Healthcare Corporation | $426M | 2,258,717 |
| COFCapital One Financial Corporation | $414M | 2,267,056 |
| ENTGEntegris, Inc. | $365M | 3,115,054 |
| CIENCiena Corporation | $314M | 809,522 |
| VMCVulcan Materials Company | $39.3M | 144,179 |
| SPOTSpotify Technology S.A. | $33.4M | 68,844 |
| MAMastercard Incorporated | $28.6M | 57,201 |
| APHAmphenol Corporation | $28.2M | 223,084 |
| HLTHilton Worldwide Holdings Inc. | $27.1M | 89,249 |
| KKRKKR & Co. Inc. | $16.6M | 179,308 |
| BKNGBooking Holdings Inc. | $10.1M | 2,405 |
| BSXBoston Scientific Corporation | $6.6M | 104,655 |
13F portfolio value over time
Total value of the holdings reported on Form 13F at each quarter end.
FAQ
What is Stephen Mandel's largest holding?
In the 13F as of the end of Jun 2026, the largest holding is Nebius Group N.V., worth $1.2B or 7.2% of the portfolio.
What did Stephen Mandel buy recently?
New positions in Q2 2026 (Apr–Jun): Nebius Group N.V., Seagate Technology Holdings plc, The Home Depot, Inc., Applied Materials, Inc., Linde plc, and others.
What did Stephen Mandel sell?
Positions sold out in Q2 2026 (Apr–Jun): Vistra Corp., Talen Energy Corporation, Clean Harbors, Inc., Tenet Healthcare Corporation, Capital One Financial Corporation, and others.
How many stocks are held, and how large is the portfolio?
As of the end of Jun 2026, 34 holdings worth $16.4B in total (U.S.-listed securities reported on Form 13F).
When will the next holdings be disclosed?
Form 13F is due within 45 days of each quarter end. The next one is due around Nov 14, 2026, and this page updates automatically once it is filed.
Source: Form 13F filed with the U.S. Securities and Exchange Commission. This is not a recommendation to buy or sell any security.