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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
+24.11%
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
$14.1B
AUM Growth
+$2.47B
Cap. Flow
-$64.9M
Cap. Flow %
-0.46%
Top 10 Hldgs %
60.8%
Holding
29
New
5
Increased
5
Reduced
11
Closed
5

Top Buys

Rank Stock Value
1
UNH icon
UnitedHealth
UNH
+$647M
2
EQT icon
EQT Corp
EQT
+$406M
3
WIX icon
WIX.com
WIX
+$348M
4
BN icon
Brookfield
BN
+$312M
5
BKNG icon
Booking.com
BKNG
+$307M

Top Sells

Rank Stock Value
1
LLY icon
Eli Lilly
LLY
+$456M
2
INTU icon
Intuit
INTU
+$428M
3
TOL icon
Toll Brothers
TOL
+$401M
4
CDNS icon
Cadence Design Systems
CDNS
+$310M
5
ARES icon
Ares Management
ARES
+$235M

Sector Composition

Rank Sector Weight
1 Technology 25.72%
2 Consumer Discretionary 21.98%
3 Financials 17.08%
4 Communication Services 11.89%
5 Utilities 11.18%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CDNS icon
26
Cadence Design Systems
CDNS
$87.9B
– –
-1,218,389
Closed -$310M
LLY icon
27
Eli Lilly
LLY
$1.12T
– –
-551,827
Closed -$456M
TOL icon
28
Toll Brothers
TOL
$13.7B
– –
-3,800,580
Closed -$401M
WING icon
29
Wingstop
WING
$3.14B
– –
-449,056
Closed -$101M
1
2

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Stephen Mandel's Q2 2025 Portfolio in Review

As of Q2 2025, Stephen Mandel held 29 positions worth $14.1B, up 21% from $11.6B the previous quarter. Its ten largest holdings account for 61% of the portfolio.

Stephen Mandel's Q2 2025 filing shows 5 new, 5 increased, 11 reduced and 5 closed positions. Its largest new stake was UnitedHealth: 1,693,347 shares worth $528M. The largest sale was Eli Lilly, an estimated $456M.

By sector, the portfolio is most concentrated in Technology at 26% of assets, down from 29% a quarter earlier, followed by Consumer Discretionary and Financials.

  • Stephen Mandel's largest Q2 2025 buy was UnitedHealth: 1,693,347 shares worth $528M.
  • Stephen Mandel added most to Vistra in Q2 2025, an estimated $276M increase.
  • Stephen Mandel's biggest Q2 2025 reduction was Intuit, cutting an estimated $428M.
  • Stephen Mandel fully exited Eli Lilly in Q2 2025, selling an estimated $456M.
  • Stephen Mandel's ten largest holdings make up 61% of its $14.1B portfolio in Q2 2025.
  • Stephen Mandel opened 5 new positions and closed 5 in Q2 2025.
  • Stephen Mandel's portfolio value rose 21% quarter-over-quarter to $14.1B.

Based on Lone Pine Capital's 13F filing for Q2 2025, filed 14 Aug 2025.