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 |
Teradyne
TER
|
+$522M |
| 2 |
Corning
GLW
|
+$448M |
| 3 |
MasTec
MTZ
|
+$415M |
| 4 |
Performance Food Group
PFGC
|
+$364M |
| 5 |
McKesson
MCK
|
+$350M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Broadcom
AVGO
|
+$599M |
| 2 |
Microsoft
MSFT
|
+$597M |
| 3 |
DoorDash
DASH
|
+$573M |
| 4 |
TSMC
TSM
|
+$572M |
| 5 |
Amazon
AMZN
|
+$557M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 24.74% |
| 2 | Financials | 21.33% |
| 3 | Industrials | 15.69% |
| 4 | Utilities | 12.04% |
| 5 | Healthcare | 10.34% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Alphabet (Google) Class A
GOOGL
$4.22T
| $53.9M | 0.43% |
+187,561
| New | +$58.9M |
|
27
TransDigm Group
TDG
$66.4B
| $41.3M | 0.33% |
35,677
+16,449
| +86% | +$21.6M |
|
28
Vulcan Materials
VMC
$35.8B
| $39.3M | 0.31% |
144,179
-1,539,753
| -91% | -$453M |
|
29
Spotify
SPOT
$110B
| $33.4M | 0.27% |
68,844
+51,082
| +288% | +$25.6M |
|
30
Mastercard
MA
$509B
| $28.6M | 0.23% |
57,201
-39,137
| -41% | -$20.6M |
|
31
Amphenol
APH
$194B
| $28.2M | 0.22% |
223,084
-2,586,689
| -92% | -$364M |
|
32
Visa
V
$693B
| $28M | 0.22% |
92,775
+77,558
| +510% | +$24.9M |
|
33
Hilton Worldwide
HLT
$73.5B
| $27.1M | 0.22% |
89,249
+31,432
| +54% | +$9.53M |
|
34
KKR & Co
KKR
$97.4B
| $16.6M | 0.13% |
179,308
-4,821,777
| -96% | -$508M |
|
35
Booking.com
BKNG
$158B
| $10.1M | 0.08% |
60,125
-55,625
| -48% | -$10.2M |
|
36
Boston Scientific
BSX
$73B
| $6.57M | 0.05% |
104,655
-97,048
| -48% | -$7.76M |
|
37
Affirm
AFRM
$25.8B
| – | – |
-3,817,170
| Closed | -$284M |
|
|
38
Amazon
AMZN
$2.79T
| – | – |
-2,414,520
| Closed | -$557M |
|
|
39
Broadcom
AVGO
$1.75T
| – | – |
-1,730,216
| Closed | -$599M |
|
|
40
DoorDash
DASH
$96.8B
| – | – |
-2,529,879
| Closed | -$573M |
|
|
41
Microsoft
MSFT
$3.59T
| – | – |
-1,234,125
| Closed | -$597M |
|
42
Philip Morris
PM
$293B
| – | – |
-2,643,579
| Closed | -$424M |
|
43
Wingstop
WING
$3.14B
| – | – |
-1,595,258
| Closed | -$380M |
|
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Stephen Mandel's Q1 2026 Portfolio in Review
As of Q1 2026, Stephen Mandel held 43 positions worth $12.5B, down 7.8% from $13.6B the previous quarter. Its ten largest holdings account for 52% of the portfolio.
Stephen Mandel withdrew a net $700M in Q1 2026, closing 7 positions and reducing 11 holdings. Its most notable exit was Broadcom, an estimated $599M position sold in full.
By sector, the portfolio is most concentrated in Technology at 25% of assets, down from 25% a quarter earlier, followed by Financials and Industrials.
Against the trend, Stephen Mandel opened a new position in Teradyne worth $555M.
- Stephen Mandel's largest Q1 2026 buy was Teradyne: 1,872,876 shares worth $555M.
- Stephen Mandel added most to Applovin in Q1 2026, an estimated $331M increase.
- Stephen Mandel's biggest Q1 2026 reduction was TSMC, cutting an estimated $572M.
- Stephen Mandel fully exited Broadcom in Q1 2026, selling an estimated $599M.
- Stephen Mandel's ten largest holdings make up 52% of its $12.5B portfolio in Q1 2026.
- Stephen Mandel opened 11 new positions and closed 7 in Q1 2026.
- Stephen Mandel's portfolio value fell 7.8% quarter-over-quarter to $12.5B.
Based on Lone Pine Capital's 13F filing for Q1 2026, filed 15 May 2026.