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Stephen Mandel Lone Pine Capital
AUM
$16.4B
Turnover
57.14%
1-Year Est. Return
99.7%
Stephen Mandel founded Lone Pine Capital, a long/short equity firm that became one of the most influential Tiger Cub franchises. Lone Pine is known for fundamental research and growth-oriented equity investing with risk management through shorting and portfolio construction. Even as the firm’s structure has evolved over time, Mandel’s name remains closely associated with institutional growth investing.
This Fund
S&P 500
This Quarter Est. Return
+60.52%
1 Year Est. Return
+99.7%
3 Year Est. Return
+351.81%
5 Year Est. Return
+339.1%
10 Year Est. Return
+2,106.13%
AUM
$16.4B
AUM Growth
+$3.81B
(+30%)
Cap. Flow
+$80.4M
Cap. Flow % of AUM
Cap. Flow %
0.49%
Top 10 Holdings %
Top 10 Hldgs %
53.87%
Holding
49
New
13
Increased
8
Reduced
13
Closed
15
Avg Time Held
0.5
years
Top 10 Avg Time Held
0.2
years
Top 20 Avg Time Held
0.3
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Home Depot
HD
|
+$847M |
| 2 |
Nebius Group N.V.
NBIS
|
+$843M |
| 3 |
Linde
LIN
|
+$789M |
| 4 |
Seagate
STX
|
+$763M |
| 5 |
Applied Materials
AMAT
|
+$557M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Vistra
VST
|
+$930M |
| 2 |
Talen Energy Corp
TLN
|
+$580M |
| 3 |
TSMC
TSM
|
+$523M |
| 4 |
Clean Harbors
CLH
|
+$503M |
| 5 |
Brookfield
BN
|
+$466M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 31.57% |
| 2 | Financials | 14.54% |
| 3 | Consumer Discretionary | 13.01% |
| 4 | Industrials | 12.21% |
| 5 | Communication Services | 10.94% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Nebius Group N.V.
NBIS
$45B
| $1.18B | 7.19% |
+4,258,008
| New | +$843M |
2026 Q2
0 quarters
|
|
2
ASML
ASML
$633B
| $1.13B | 6.92% |
569,174
-85,974
| -13% | -$137M |
2025 Q4
2 quarters
|
|
|
3
Seagate
STX
$145B
| $965M | 5.9% |
+1,000,109
| New | +$763M |
2026 Q2
0 quarters
|
|
|
4
Home Depot
HD
$309B
| $918M | 5.61% |
+2,603,189
| New | +$847M |
2026 Q2
0 quarters
|
|
|
5
Applied Materials
AMAT
$325B
| $873M | 5.34% |
+1,207,737
| New | +$557M |
2026 Q2
0 quarters
|
|
6
Medline Inc
MDLN
$31.5B
| $827M | 5.06% |
20,968,367
+9,179,211
| +78% | +$370M |
2025 Q4
2 quarters
|
|
|
7
Linde
LIN
$230B
| $809M | 4.94% |
+1,558,081
| New | +$789M |
2026 Q2
0 quarters
|
|
8
Teradyne
TER
$50.8B
| $722M | 4.42% |
1,493,080
-379,796
| -20% | -$143M |
2026 Q1
1 quarter
|
|
9
Corning
GLW
$114B
| $697M | 4.26% |
2,728,058
-990,089
| -27% | -$180M |
2026 Q1
1 quarter
|
|
10
Carvana
CVNA
$64.7B
| $692M | 4.23% |
10,520,666
+1,747,121
| +20% | +$124M |
2025 Q1
5 quarters
|
|
11
Hut 8
HUT
$8.35B
| $666M | 4.07% |
5,773,045
-305,906
| -5% | -$29.7M |
2026 Q1
1 quarter
|
|
12
Performance Food Group
PFGC
$15.4B
| $654M | 4% |
5,852,740
+1,874,582
| +47% | +$178M |
2026 Q1
1 quarter
|
|
13
Nu Holdings
NU
$70.3B
| $631M | 3.86% |
47,219,717
+9,208,492
| +24% | +$124M |
2025 Q3
3 quarters
|
|
14
TeraWulf
WULF
$5.83B
| $596M | 3.65% |
24,144,625
+4,223,195
| +21% | +$97.1M |
2026 Q1
1 quarter
|
|
15
Carpenter Technology
CRS
$18.7B
| $594M | 3.63% |
962,839
-855,101
| -47% | -$403M |
2025 Q4
2 quarters
|
|
16
MasTec
MTZ
$15.3B
| $560M | 3.42% |
1,345,157
-185,893
| -12% | -$71.1M |
2026 Q1
1 quarter
|
|
17
Applovin
APP
$89.1B
| $537M | 3.28% |
1,042,268
-422,655
| -29% | -$204M |
2024 Q1
9 quarters
|
|
18
TTM Technologies
TTMI
$9.9B
| $512M | 3.13% |
+2,738,075
| New | +$442M |
2026 Q2
0 quarters
|
|
19
Sterling Infrastructure
STRL
$13B
| $512M | 3.13% |
+609,643
| New | +$428M |
2026 Q2
0 quarters
|
|
20
US Foods
USFD
$22.1B
| $503M | 3.07% |
4,914,492
+1,118,494
| +29% | +$100M |
2026 Q1
1 quarter
|
|
21
On Holding
ONON
$11.6B
| $470M | 2.88% |
+13,280,030
| New | +$485M |
2026 Q2
0 quarters
|
|
22
LPL Financial
LPLA
$25.3B
| $343M | 2.1% |
1,219,099
-830,868
| -41% | -$249M |
2022 Q2
16 quarters
|
|
23
Argan
AGX
$4.85B
| $294M | 1.8% |
368,673
-24,461
| -6% | -$16.3M |
2026 Q1
1 quarter
|
|
24
Bitdeer Technologies
BTDR
$2.1B
| $111M | 0.68% |
+7,020,026
| New | +$101M |
2026 Q2
0 quarters
|
|
25
SharonAI Holdings
SHAZ
$952M
| $102M | 0.63% |
+1,209,848
| New | +$68.3M |
2026 Q2
0 quarters
|
|
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Stephen Mandel's Q2 2026 Portfolio in Review
As of Q2 2026, Stephen Mandel held 49 positions worth $16.4B, up 30% from $12.5B the previous quarter. Its ten largest holdings account for 54% of the portfolio.
Stephen Mandel's Q2 2026 filing shows 13 new, 8 increased, 13 reduced and 15 closed positions. Its largest new stake was Home Depot: 2,603,189 shares worth $918M. The largest sale was Vistra, an estimated $930M.
By sector, the portfolio is most concentrated in Technology at 32% of assets, up from 25% a quarter earlier, followed by Financials and Consumer Discretionary.
- Stephen Mandel's largest Q2 2026 buy was Home Depot: 2,603,189 shares worth $918M.
- Stephen Mandel added most to Medline Inc in Q2 2026, an estimated $370M increase.
- Stephen Mandel's biggest Q2 2026 reduction was TSMC, cutting an estimated $523M.
- Stephen Mandel fully exited Vistra in Q2 2026, selling an estimated $930M.
- Stephen Mandel's ten largest holdings make up 54% of its $16.4B portfolio in Q2 2026.
- Stephen Mandel opened 13 new positions and closed 15 in Q2 2026.
- Stephen Mandel's portfolio value rose 30% quarter-over-quarter to $16.4B.
Based on Lone Pine Capital's 13F filing for Q2 2026, filed 14 Aug 2026.