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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
+9.13%
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
$12.5B
AUM Growth
-$1.07B
Cap. Flow
-$700M
Cap. Flow %
-5.58%
Top 10 Hldgs %
51.58%
Holding
43
New
11
Increased
14
Reduced
11
Closed
7

Top Buys

Rank Stock Value
1
TER icon
Teradyne
TER
+$522M
2
GLW icon
Corning
GLW
+$448M
3
MTZ icon
MasTec
MTZ
+$415M
4
PFGC icon
Performance Food Group
PFGC
+$364M
5
MCK icon
McKesson
MCK
+$350M

Top Sells

Rank Stock Value
1
AVGO icon
Broadcom
AVGO
+$599M
2
MSFT icon
Microsoft
MSFT
+$597M
3
DASH icon
DoorDash
DASH
+$573M
4
TSM icon
TSMC
TSM
+$572M
5
AMZN icon
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
VST icon
1
Vistra
VST
$45.7B
$930M 7.42%
6,187,585
+975,700
+19% +$158M
ASML icon
2
ASML
ASML
$677B
$865M 6.9%
655,148
+50,131
+8% +$68.7M
CRS icon
3
Carpenter Technology
CRS
$24.4B
$717M 5.71%
1,817,940
+505,002
+38% +$184M
LPLA icon
4
LPL Financial
LPLA
$28.5B
$617M 4.92%
2,049,967
-24,981
-1% -$8.38M
APP icon
5
Applovin
APP
$102B
$583M 4.65%
1,464,923
+684,393
+88% +$331M
TLN
6
Talen Energy Corp
TLN
$15.1B
$580M 4.63%
1,817,947
+525,431
+41% +$185M
TER icon
7
Teradyne
TER
$58.7B
$555M 4.43%
+1,872,876
New +$522M
CVNA icon
8
Carvana
CVNA
$76.9B
$552M 4.4%
8,773,545
-123,095
-1% -$9.13M
NU icon
9
Nu Holdings
NU
$70.4B
$546M 4.35%
38,011,225
+8,380,988
+28% +$136M
MDLN
10
Medline Inc
MDLN
$30.1B
$525M 4.18%
11,789,156
+72,459
+0.6% +$3.2M
GLW icon
11
Corning
GLW
$129B
$506M 4.03%
+3,718,147
New +$448M
CLH icon
12
Clean Harbors
CLH
$16.7B
$503M 4.01%
1,754,950
+376,825
+27% +$103M
MTZ icon
13
MasTec
MTZ
$21.4B
$493M 3.93%
+1,531,050
New +$415M
TSM icon
14
TSMC
TSM
$2.17T
$470M 3.74%
1,389,530
-1,662,870
-54% -$572M
BN icon
15
Brookfield
BN
$93.1B
$454M 3.62%
11,208,969
-4,714,391
-30% -$209M
THC icon
16
Tenet Healthcare
THC
$22.6B
$426M 3.4%
2,258,717
+471,391
+26% +$99.3M
COF icon
17
Capital One
COF
$134B
$414M 3.3%
2,267,056
-27,835
-1% -$5.82M
ENTG icon
18
Entegris
ENTG
$22B
$365M 2.91%
3,115,054
+60,824
+2% +$7.19M
USFD icon
19
US Foods
USFD
$23.7B
$350M 2.79%
+3,795,998
New +$336M
PFGC icon
20
Performance Food Group
PFGC
$16.5B
$341M 2.72%
+3,978,158
New +$364M
MCK icon
21
McKesson
MCK
$100B
$339M 2.71%
+392,224
New +$350M
CIEN icon
22
Ciena
CIEN
$56B
$314M 2.51%
+809,522
New +$248M
WULF icon
23
TeraWulf
WULF
$7.8B
$287M 2.29%
+19,921,430
New +$295M
HUT
24
Hut 8
HUT
$9.97B
$285M 2.27%
+6,078,951
New +$329M
AGX icon
25
Argan
AGX
$7.03B
$214M 1.71%
+393,134
New +$160M
1
2

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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.