We are live on ! Find out more
SM

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
-6.22%
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
$11.6B
AUM Growth
-$1.89B
Cap. Flow
-$1.07B
Cap. Flow %
-9.22%
Top 10 Hldgs %
60.18%
Holding
36
New
6
Increased
10
Reduced
7
Closed
12

Top Buys

Rank Stock Value
1
CVNA icon
Carvana
CVNA
+$512M
2
TOL icon
Toll Brothers
TOL
+$456M
3
CDNS icon
Cadence Design Systems
CDNS
+$339M
4
APP icon
Applovin
APP
+$175M
5
INTU icon
Intuit
INTU
+$148M

Top Sells

Rank Stock Value
1
PM icon
Philip Morris
PM
+$490M
2
PTC icon
PTC
PTC
+$428M
3
SPOT icon
Spotify
SPOT
+$409M
4
WDAY icon
Workday
WDAY
+$398M
5
CEG icon
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
META icon
1
Meta Platforms (Facebook)
META
$1.4T
$1.01B 8.75%
1,758,062
-278,868
-14% -$180M
INTU icon
2
Intuit
INTU
$100B
$862M 7.44%
1,403,802
+247,040
+21% +$148M
AMZN icon
3
Amazon
AMZN
$2.79T
$828M 7.15%
4,352,740
+563,706
+15% +$122M
MSFT icon
4
Microsoft
MSFT
$3.59T
$736M 6.36%
1,960,328
+320,631
+20% +$131M
SBUX icon
5
Starbucks
SBUX
$122B
$648M 5.6%
6,607,888
+132,831
+2% +$13.7M
TSM icon
6
TSMC
TSM
$2.17T
$642M 5.54%
3,865,381
+104,937
+3% +$20.4M
LPLA icon
7
LPL Financial
LPLA
$28.5B
$577M 4.98%
1,764,015
-158,733
-8% -$55.3M
COF icon
8
Capital One
COF
$134B
$569M 4.92%
3,176,143
-59,680
-2% -$11.3M
KKR icon
9
KKR & Co
KKR
$97.4B
$551M 4.76%
4,763,771
+715,628
+18% +$98.5M
VST icon
10
Vistra
VST
$45.7B
$541M 4.67%
4,604,788
-748,177
-14% -$112M
FLUT icon
11
Flutter Entertainment
FLUT
$17.8B
$492M 4.25%
2,219,896
+307,377
+16% +$79.6M
CVNA icon
12
Carvana
CVNA
$76.9B
$484M 4.18%
+11,570,840
New +$512M
PM icon
13
Philip Morris
PM
$293B
$478M 4.12%
3,008,542
-3,459,830
-53% -$490M
CRM icon
14
Salesforce
CRM
$171B
$465M 4.01%
1,731,680
+166,487
+11% +$51.8M
LLY icon
15
Eli Lilly
LLY
$1.12T
$456M 3.94%
551,827
-231,033
-30% -$192M
APP icon
16
Applovin
APP
$102B
$422M 3.65%
1,593,928
+508,815
+47% +$175M
TOL icon
17
Toll Brothers
TOL
$13.7B
$401M 3.47%
+3,800,580
New +$456M
ASML icon
18
ASML
ASML
$677B
$386M 3.33%
582,427
+140,661
+32% +$102M
CDNS icon
19
Cadence Design Systems
CDNS
$87.9B
$310M 2.68%
+1,218,389
New +$339M
ARES icon
20
Ares Management
ARES
$31.9B
$235M 2.03%
1,604,441
-72,602
-4% -$12.5M
TLN
21
Talen Energy Corp
TLN
$15.1B
$218M 1.88%
1,089,380
– –
WING icon
22
Wingstop
WING
$3.14B
$101M 0.87%
+449,056
New +$117M
APP icon
23
CALL
Applovin
APP
$102B
$83.6M 0.72%
+315,600
New +$109M
CVNA icon
24
CALL
Carvana
CVNA
$76.9B
$80.2M 0.69%
+1,917,500
New +$84.8M
BTDR icon
25
Bitdeer Technologies
BTDR
$3.09B
– –
-986,717
Closed -$21.4M
1
2

Similar funds

PCM
Pentwater Capital Management Naples, Florida $16.4B AUM 55.44% 1-Year Est. Return
MFG
Merit Financial Group Alpharetta, Georgia $16.4B AUM 25.17% 1-Year Est. Return
X
Xponance Philadelphia, Pennsylvania $16.3B AUM 44.61% 1-Year Est. Return
CAM
Congress Asset Management Boston, Massachusetts $16.3B AUM 42.69% 1-Year Est. Return
PAM
PineStone Asset Management Montreal, Quebec, Canada $16.2B AUM 25.74% 1-Year Est. Return
NMO
Newlands Management Operations Dallas, Texas $16.6B AUM 3.91% 1-Year Est. Return
BS
Banco Santander Madrid, Spain $16.1B AUM 35.02% 1-Year Est. Return
BBVA
Banco Bilbao Vizcaya Argentaria Madrid, Spain $16.1B AUM 40.83% 1-Year Est. Return

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.