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 |
ASML
ASML
|
+$631M |
| 2 |
DoorDash
DASH
|
+$593M |
| 3 |
MDLN
Medline Inc
MDLN
|
+$495M |
| 4 |
Carpenter Technology
CRS
|
+$395M |
| 5 |
Tenet Healthcare
THC
|
+$361M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Meta Platforms (Facebook)
META
|
+$971M |
| 2 |
Starbucks
SBUX
|
+$471M |
| 3 |
EQT Corp
EQT
|
+$455M |
| 4 |
Flutter Entertainment
FLUT
|
+$440M |
| 5 |
Sea Limited
SE
|
+$334M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 25.76% |
| 2 | Technology | 25.04% |
| 3 | Consumer Discretionary | 16.92% |
| 4 | Utilities | 9.74% |
| 5 | Healthcare | 6.37% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Mastercard
MA
$509B
| $55M | 0.4% |
+96,338
| New | +$53.9M |
|
27
TransDigm Group
TDG
$66.4B
| $25.6M | 0.19% |
+19,228
| New | +$25.2M |
|
28
Booking.com
BKNG
$158B
| $24.8M | 0.18% |
115,750
-663,025
| -85% | -$136M |
|
29
Boston Scientific
BSX
$73B
| $19.2M | 0.14% |
+201,703
| New | +$19.8M |
|
30
Hilton Worldwide
HLT
$73.5B
| $16.6M | 0.12% |
+57,817
| New | +$15.7M |
|
31
Spotify
SPOT
$110B
| $10.3M | 0.08% |
+17,762
| New | +$11.1M |
|
32
Visa
V
$693B
| $5.34M | 0.04% |
+15,217
| New | +$5.18M |
|
33
Ciena
CIEN
$56B
| – | – |
-2,006,662
| Closed | -$292M |
|
|
34
EQT Corp
EQT
$33.6B
| – | – |
-8,361,889
| Closed | -$455M |
|
35
Etsy
ETSY
$7.44B
| – | – |
-3,880,316
| Closed | -$258M |
|
|
36
Meta Platforms (Facebook)
META
$1.4T
| – | – |
-1,322,260
| Closed | -$971M |
|
|
37
Starbucks
SBUX
$122B
| – | – |
-5,561,954
| Closed | -$471M |
|
|
38
Sea Limited
SE
$72B
| – | – |
-1,869,501
| Closed | -$334M |
|
|
39
Flutter Entertainment
FLUT
$17.8B
| – | – |
-1,733,336
| Closed | -$440M |
|
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Stephen Mandel's Q4 2025 Portfolio in Review
As of Q4 2025, Stephen Mandel held 39 positions worth $13.6B, down 0.96% from $13.7B the previous quarter. Its ten largest holdings account for 52% of the portfolio.
Stephen Mandel's Q4 2025 filing shows 14 new, 10 increased, 7 reduced and 7 closed positions. Its largest new stake was ASML: 605,017 shares worth $647M. The largest sale was Meta Platforms (Facebook), an estimated $971M.
By sector, the portfolio is most concentrated in Financials at 26% of assets, up from 21% a quarter earlier, followed by Technology and Consumer Discretionary.
- Stephen Mandel's largest Q4 2025 buy was ASML: 605,017 shares worth $647M.
- Stephen Mandel added most to KKR & Co in Q4 2025, an estimated $114M increase.
- Stephen Mandel's biggest Q4 2025 reduction was Philip Morris, cutting an estimated $305M.
- Stephen Mandel fully exited Meta Platforms (Facebook) in Q4 2025, selling an estimated $971M.
- Stephen Mandel's ten largest holdings make up 52% of its $13.6B portfolio in Q4 2025.
- Stephen Mandel opened 14 new positions and closed 7 in Q4 2025.
- Stephen Mandel's portfolio value fell 0.96% quarter-over-quarter to $13.6B.
Based on Lone Pine Capital's 13F filing for Q4 2025, filed 17 Feb 2026.