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Stephen Mandel Lone Pine Capital

AUM $16.4B
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
+351.82%
5 Year Est. Return
+339.1%
10 Year Est. Return
+2,106.14%
AUM
$16.4B
AUM Growth
+$3.81B
Cap. Flow
+$80.4M
Cap. Flow %
0.49%
Top 10 Hldgs %
53.87%
Holding
49
New
13
Increased
8
Reduced
13
Closed
15

Top Buys

Rank Stock Value
1
HD icon
Home Depot
HD
+$847M
2
NBIS
Nebius Group N.V.
NBIS
+$843M
3
LIN icon
Linde
LIN
+$789M
4
STX icon
Seagate
STX
+$763M
5
AMAT icon
Applied Materials
AMAT
+$557M

Top Sells

Rank Stock Value
1
VST icon
Vistra
VST
+$930M
2
TLN
Talen Energy Corp
TLN
+$580M
3
TSM icon
TSMC
TSM
+$523M
4
CLH icon
Clean Harbors
CLH
+$503M
5
BN icon
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
GOOGL icon
26
Alphabet (Google) Class A
GOOGL
$4.22T
$77M 0.47%
215,574
+28,013
+15% +$10.1M
KGS icon
27
Kodiak Gas Services
KGS
$6.21B
$63.5M 0.39%
+845,070
New +$57.5M
V icon
28
Visa
V
$693B
$56.9M 0.35%
165,960
+73,185
+79% +$23.5M
IBKR icon
29
Interactive Brokers
IBKR
$42.5B
$50.3M 0.31%
+577,666
New +$48.1M
TSM icon
30
TSMC
TSM
$2.17T
$48.4M 0.3%
101,242
-1,288,288
-93% -$523M
SE icon
31
Sea Limited
SE
$72B
$47.4M 0.29%
+494,581
New +$43.5M
MCK icon
32
McKesson
MCK
$100B
$43.7M 0.27%
57,851
-334,373
-85% -$265M
TDG icon
33
TransDigm Group
TDG
$66.4B
$38M 0.23%
28,532
-7,145
-20% -$8.77M
BN icon
34
Brookfield
BN
$93.1B
$33.8M 0.21%
792,717
-10,416,252
-93% -$466M
APH icon
35
Amphenol
APH
$194B
– –
-223,084
Closed -$28.2M
BKNG icon
36
Booking.com
BKNG
$158B
– –
-60,125
Closed -$10.1M
BSX icon
37
Boston Scientific
BSX
$73B
– –
-104,655
Closed -$6.57M
CIEN icon
38
Ciena
CIEN
$56B
– –
-809,522
Closed -$314M
CLH icon
39
Clean Harbors
CLH
$16.7B
– –
-1,754,950
Closed -$503M
COF icon
40
Capital One
COF
$134B
– –
-2,267,056
Closed -$414M
ENTG icon
41
Entegris
ENTG
$22B
– –
-3,115,054
Closed -$365M
HLT icon
42
Hilton Worldwide
HLT
$73.5B
– –
-89,249
Closed -$27.1M
KKR icon
43
KKR & Co
KKR
$97.4B
– –
-179,308
Closed -$16.6M
MA icon
44
Mastercard
MA
$509B
– –
-57,201
Closed -$28.6M
SPOT icon
45
Spotify
SPOT
$110B
– –
-68,844
Closed -$33.4M
THC icon
46
Tenet Healthcare
THC
$22.6B
– –
-2,258,717
Closed -$426M
VMC icon
47
Vulcan Materials
VMC
$35.8B
– –
-144,179
Closed -$39.3M
VST icon
48
Vistra
VST
$45.7B
– –
-6,187,585
Closed -$930M
TLN
49
Talen Energy Corp
TLN
$15.1B
– –
-1,817,947
Closed -$580M
1
2

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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.