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 |
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 | |
|---|---|---|---|---|---|---|---|
26
Alphabet (Google) Class A
GOOGL
$4.17T
| $77M | 0.47% |
215,574
+28,013
| +15% | +$10.1M |
2026 Q1
1 quarter
|
|
27
Kodiak Gas Services
KGS
$4.77B
| $63.5M | 0.39% |
+845,070
| New | +$57.5M |
2026 Q2
0 quarters
|
|
28
Visa
V
$756B
| $56.9M | 0.35% |
165,960
+73,185
| +79% | +$23.5M |
2025 Q4
2 quarters
|
|
29
Interactive Brokers
IBKR
$37.5B
| $50.3M | 0.31% |
+577,666
| New | +$48.1M |
2026 Q2
0 quarters
|
|
|
30
TSMC
TSM
$2.14T
| $48.4M | 0.3% |
101,242
-1,288,288
| -93% | -$523M |
2022 Q1
17 quarters
|
|
31
Sea Limited
SE
$57.4B
| $47.4M | 0.29% |
+494,581
| New | +$43.5M |
2026 Q2
0 quarters
|
|
32
McKesson
MCK
$117B
| $43.7M | 0.27% |
57,851
-334,373
| -85% | -$265M |
2026 Q1
1 quarter
|
|
33
TransDigm Group
TDG
$63B
| $38M | 0.23% |
28,532
-7,145
| -20% | -$8.77M |
2025 Q4
2 quarters
|
|
|
34
Brookfield
BN
$81.7B
| $33.8M | 0.21% |
792,717
-10,416,252
| -93% | -$466M |
2025 Q2
4 quarters
|
|
35
Amphenol
APH
$196B
| – | – |
-446,168
| Closed | -$28.2M | – |
|
36
Booking.com
BKNG
$123B
| – | – |
-60,125
| Closed | -$10.1M | – |
|
37
Boston Scientific
BSX
$64.3B
| – | – |
-104,655
| Closed | -$6.57M | – |
|
38
Ciena
CIEN
$47.2B
| – | – |
-809,522
| Closed | -$314M | – |
|
|
39
Clean Harbors
CLH
$16.9B
| – | – |
-1,754,950
| Closed | -$503M | – |
|
40
Capital One
COF
$124B
| – | – |
-2,267,056
| Closed | -$414M | – |
|
41
Entegris
ENTG
$21.2B
| – | – |
-3,115,054
| Closed | -$365M | – |
|
42
Hilton Worldwide
HLT
$77.7B
| – | – |
-89,249
| Closed | -$27.1M | – |
|
43
KKR & Co
KKR
$77.4B
| – | – |
-179,308
| Closed | -$16.6M | – |
|
44
Mastercard
MA
$541B
| – | – |
-57,201
| Closed | -$28.6M | – |
|
45
Spotify
SPOT
$109B
| – | – |
-68,844
| Closed | -$33.4M | – |
|
46
Tenet Healthcare
THC
$21.5B
| – | – |
-2,258,717
| Closed | -$426M | – |
|
47
Vulcan Materials
VMC
$33.4B
| – | – |
-144,179
| Closed | -$39.3M | – |
|
|
48
Vistra
VST
$51B
| – | – |
-6,187,585
| Closed | -$930M | – |
|
|
49
Talen Energy Corp
TLN
$16.8B
| – | – |
-1,817,947
| Closed | -$580M | – |
|
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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.