Stephen Mandel Lone Pine Capital
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.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Home Depot
HD
|
+$847M |
| 2 |
NBIS
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 |
TLN
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 | |
|---|---|---|---|---|---|---|
|
NBIS
1
Nebius Group N.V.
NBIS
$59.6B
| $1.18B | 7.19% |
+4,258,008
| New | +$843M |
|
2
ASML
ASML
$677B
| $1.13B | 6.92% |
569,174
-85,974
| -13% | -$137M |
|
|
3
Seagate
STX
$193B
| $965M | 5.9% |
+1,000,109
| New | +$763M |
|
|
4
Home Depot
HD
$335B
| $918M | 5.61% |
+2,603,189
| New | +$847M |
|
|
5
Applied Materials
AMAT
$391B
| $873M | 5.34% |
+1,207,737
| New | +$557M |
|
|
MDLN
6
Medline Inc
MDLN
$30.1B
| $827M | 5.06% |
20,968,367
+9,179,211
| +78% | +$370M |
|
|
7
Linde
LIN
$225B
| $809M | 4.94% |
+1,558,081
| New | +$789M |
|
8
Teradyne
TER
$58.7B
| $722M | 4.42% |
1,493,080
-379,796
| -20% | -$143M |
|
9
Corning
GLW
$129B
| $697M | 4.26% |
2,728,058
-990,089
| -27% | -$180M |
|
10
Carvana
CVNA
$76.9B
| $692M | 4.23% |
10,520,666
+1,747,121
| +20% | +$124M |
|
|
HUT
11
Hut 8
HUT
$9.97B
| $666M | 4.07% |
5,773,045
-305,906
| -5% | -$29.7M |
|
12
Performance Food Group
PFGC
$16.5B
| $654M | 4% |
5,852,740
+1,874,582
| +47% | +$178M |
|
13
Nu Holdings
NU
$70.4B
| $631M | 3.86% |
47,219,717
+9,208,492
| +24% | +$124M |
|
14
TeraWulf
WULF
$7.8B
| $596M | 3.65% |
24,144,625
+4,223,195
| +21% | +$97.1M |
|
15
Carpenter Technology
CRS
$24.4B
| $594M | 3.63% |
962,839
-855,101
| -47% | -$403M |
|
16
MasTec
MTZ
$21.4B
| $560M | 3.42% |
1,345,157
-185,893
| -12% | -$71.1M |
|
17
Applovin
APP
$102B
| $537M | 3.28% |
1,042,268
-422,655
| -29% | -$204M |
|
18
TTM Technologies
TTMI
$11.6B
| $512M | 3.13% |
+2,738,075
| New | +$442M |
|
19
Sterling Infrastructure
STRL
$15.8B
| $512M | 3.13% |
+609,643
| New | +$428M |
|
20
US Foods
USFD
$23.7B
| $503M | 3.07% |
4,914,492
+1,118,494
| +29% | +$99.8M |
|
21
On Holding
ONON
$10B
| $470M | 2.88% |
+13,280,030
| New | +$485M |
|
22
LPL Financial
LPLA
$28.5B
| $343M | 2.1% |
1,219,099
-830,868
| -41% | -$249M |
|
23
Argan
AGX
$7.03B
| $294M | 1.8% |
368,673
-24,461
| -6% | -$16.3M |
|
24
Bitdeer Technologies
BTDR
$3.09B
| $111M | 0.68% |
+7,020,026
| New | +$101M |
|
|
SHAZ
25
SharonAI Holdings
SHAZ
$2.11B
| $102M | 0.63% |
+1,209,848
| New | +$68.3M |
|
Similar funds
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.