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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
VST icon
1
Vistra
VST
$45.7B
$1.25B 8.92%
6,469,719
+1,864,931
+40% +$276M
META icon
2
Meta Platforms (Facebook)
META
$1.4T
$1.23B 8.75%
1,665,017
-93,045
-5% -$57.5M
AMZN icon
3
Amazon
AMZN
$2.79T
$1.1B 7.86%
5,033,556
+680,816
+16% +$135M
MSFT icon
4
Microsoft
MSFT
$3.59T
$923M 6.57%
1,854,856
-105,472
-5% -$45.8M
TSM icon
5
TSMC
TSM
$2.17T
$778M 5.54%
3,435,920
-429,461
-11% -$79.6M
LPLA icon
6
LPL Financial
LPLA
$28.5B
$702M 5%
1,872,248
+108,233
+6% +$37.9M
KKR icon
7
KKR & Co
KKR
$97.4B
$695M 4.94%
5,221,769
+457,998
+10% +$53.6M
COF icon
8
Capital One
COF
$134B
$655M 4.66%
3,080,633
-95,510
-3% -$17.8M
INTU icon
9
Intuit
INTU
$100B
$608M 4.33%
771,666
-632,136
-45% -$428M
CVNA icon
10
Carvana
CVNA
$76.9B
$595M 4.23%
8,826,455
-2,744,385
-24% -$150M
FLUT icon
11
Flutter Entertainment
FLUT
$17.8B
$532M 3.79%
1,862,764
-357,132
-16% -$87.6M
UNH icon
12
UnitedHealth
UNH
$350B
$528M 3.76%
+1,693,347
New +$647M
SBUX icon
13
Starbucks
SBUX
$122B
$510M 3.63%
5,561,954
-1,045,934
-16% -$90.6M
CRM icon
14
Salesforce
CRM
$171B
$508M 3.62%
1,863,179
+131,499
+8% +$35.2M
PM icon
15
Philip Morris
PM
$293B
$502M 3.57%
2,757,694
-250,848
-8% -$43.1M
ASML icon
16
ASML
ASML
$677B
$454M 3.23%
566,862
-15,565
-3% -$11.2M
APP icon
17
Applovin
APP
$102B
$442M 3.14%
1,261,334
-332,594
-21% -$108M
EQT icon
18
EQT Corp
EQT
$33.6B
$438M 3.12%
+7,518,227
New +$406M
BN icon
19
Brookfield
BN
$93.1B
$348M 2.47%
+8,432,078
New +$312M
BKNG icon
20
Booking.com
BKNG
$158B
$347M 2.47%
+1,499,300
New +$307M
WIX icon
21
WIX.com
WIX
$3.43B
$342M 2.44%
+2,161,331
New +$348M
TLN
22
Talen Energy Corp
TLN
$15.1B
$317M 2.25%
1,089,380
– –
CVNA icon
23
CALL
Carvana
CVNA
$76.9B
$129M 0.92%
1,917,500
– –
APP icon
24
CALL
Applovin
APP
$102B
$110M 0.79%
315,600
– –
ARES icon
25
Ares Management
ARES
$31.9B
– –
-1,604,441
Closed -$235M
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.