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 |
Carvana
CVNA
|
+$512M |
| 2 |
Toll Brothers
TOL
|
+$456M |
| 3 |
Cadence Design Systems
CDNS
|
+$339M |
| 4 |
Applovin
APP
|
+$175M |
| 5 |
Intuit
INTU
|
+$148M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Philip Morris
PM
|
+$490M |
| 2 |
PTC
PTC
|
+$428M |
| 3 |
Spotify
SPOT
|
+$409M |
| 4 |
Workday
WDAY
|
+$398M |
| 5 |
Constellation Energy
CEG
|
+$389M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 29.37% |
| 2 | Consumer Discretionary | 25.52% |
| 3 | Financials | 16.69% |
| 4 | Communication Services | 12.4% |
| 5 | Utilities | 6.55% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
26
Constellation Energy
CEG
$96.7B
| – | – |
-1,737,526
| Closed | -$389M |
|
27
Cipher Digital
CIFR
$6.55B
| – | – |
-2,344,380
| Closed | -$10.9M |
|
|
HUT
28
Hut 8
HUT
$9.97B
| – | – |
-692,839
| Closed | -$14.2M |
|
29
Howmet Aerospace
HWM
$108B
| – | – |
-3,061,707
| Closed | -$335M |
|
30
Iris Energy
IREN
$15B
| – | – |
-711,839
| Closed | -$6.99M |
|
31
Lennar Class A
LEN
$21B
| – | – |
-1,774,594
| Closed | -$234M |
|
|
32
PTC
PTC
$16.8B
| – | – |
-2,326,231
| Closed | -$428M |
|
|
33
Spotify
SPOT
$110B
| – | – |
-913,564
| Closed | -$409M |
|
|
34
Workday
WDAY
$49.4B
| – | – |
-1,543,464
| Closed | -$398M |
|
35
TeraWulf
WULF
$7.8B
| – | – |
-1,480,928
| Closed | -$8.38M |
|
|
XYZ
36
Block Inc
XYZ
$49.4B
| – | – |
-3,765,793
| Closed | -$320M |
|
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Stephen Mandel's Q1 2025 Portfolio in Review
As of Q1 2025, Stephen Mandel held 36 positions worth $11.6B, down 14% from $13.5B the previous quarter. Its ten largest holdings account for 60% of the portfolio.
Stephen Mandel withdrew a net $1.07B in Q1 2025, closing 12 positions and reducing 7 holdings. Its most notable exit was PTC, an estimated $428M position sold in full.
By sector, the portfolio is most concentrated in Technology at 29% of assets, down from 31% a quarter earlier, followed by Consumer Discretionary and Financials.
Against the trend, Stephen Mandel opened a new position in Carvana worth $484M.
- Stephen Mandel's largest Q1 2025 buy was Carvana: 11,570,840 shares worth $484M.
- Stephen Mandel added most to Applovin in Q1 2025, an estimated $175M increase.
- Stephen Mandel's biggest Q1 2025 reduction was Philip Morris, cutting an estimated $490M.
- Stephen Mandel fully exited PTC in Q1 2025, selling an estimated $428M.
- Stephen Mandel's ten largest holdings make up 60% of its $11.6B portfolio in Q1 2025.
- Stephen Mandel opened 6 new positions and closed 12 in Q1 2025.
- Stephen Mandel's portfolio value fell 14% quarter-over-quarter to $11.6B.
Based on Lone Pine Capital's 13F filing for Q1 2025, filed 15 May 2025.