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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
+12.75%
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
$13.7B
AUM Growth
-$308M
Cap. Flow
-$1.14B
Cap. Flow %
-8.33%
Top 10 Hldgs %
55.65%
Holding
32
New
8
Increased
5
Reduced
10
Closed
7

Top Buys

Rank Stock Value
1
AVGO icon
Broadcom
AVGO
+$475M
2
WING icon
Wingstop
WING
+$463M
3
VMC icon
Vulcan Materials
VMC
+$393M
4
NU icon
Nu Holdings
NU
+$354M
5
APH icon
Amphenol
APH
+$332M

Top Sells

Rank Stock Value
1
INTU icon
Intuit
INTU
+$608M
2
UNH icon
UnitedHealth
UNH
+$528M
3
CRM icon
Salesforce
CRM
+$508M
4
AMZN icon
Amazon
AMZN
+$503M
5
ASML icon
ASML
ASML
+$454M

Sector Composition

Rank Sector Weight
1 Consumer Discretionary 24.23%
2 Financials 21.33%
3 Technology 19.33%
4 Communication Services 12.86%
5 Utilities 10.39%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
APP icon
26
CALL
Applovin
APP
$102B
– –
-315,600
Closed -$110M
ASML icon
27
ASML
ASML
$677B
– –
-566,862
Closed -$454M
CRM icon
28
Salesforce
CRM
$171B
– –
-1,863,179
Closed -$508M
CVNA icon
29
CALL
Carvana
CVNA
$76.9B
– –
-1,917,500
Closed -$129M
INTU icon
30
Intuit
INTU
$100B
– –
-771,666
Closed -$608M
UNH icon
31
UnitedHealth
UNH
$350B
– –
-1,693,347
Closed -$528M
WIX icon
32
WIX.com
WIX
$3.43B
– –
-2,161,331
Closed -$342M
1
2

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Stephen Mandel's Q3 2025 Portfolio in Review

As of Q3 2025, Stephen Mandel held 32 positions worth $13.7B, down 2.2% from $14.1B the previous quarter. Its ten largest holdings account for 56% of the portfolio.

Stephen Mandel withdrew a net $1.14B in Q3 2025, closing 7 positions and reducing 10 holdings. Its most notable exit was Intuit, an estimated $608M position sold in full.

By sector, the portfolio is most concentrated in Consumer Discretionary at 24% of assets, up from 22% a quarter earlier, followed by Financials and Technology.

Against the trend, Stephen Mandel opened a new position in Broadcom worth $511M.

  • Stephen Mandel's largest Q3 2025 buy was Broadcom: 1,549,412 shares worth $511M.
  • Stephen Mandel added most to Philip Morris in Q3 2025, an estimated $312M increase.
  • Stephen Mandel's biggest Q3 2025 reduction was Amazon, cutting an estimated $503M.
  • Stephen Mandel fully exited Intuit in Q3 2025, selling an estimated $608M.
  • Stephen Mandel's ten largest holdings make up 56% of its $13.7B portfolio in Q3 2025.
  • Stephen Mandel opened 8 new positions and closed 7 in Q3 2025.
  • Stephen Mandel's portfolio value fell 2.2% quarter-over-quarter to $13.7B.

Based on Lone Pine Capital's 13F filing for Q3 2025, filed 14 Nov 2025.