Lone Pine Capital
Lone Pine Capital, managed by Stephen Mandel Jr., is a hedge fund based in Greenwich, Connecticut. Mandel, a former Tiger Cub who trained under Julian Robertson at Tiger Management, is known for his sharp analytical skills and a focus on growth investing. The firm employs a long/short equity strategy, emphasizing high-quality companies with sustainable competitive advantages.
AUM figures shown are calculated by summing the reported market value of all positions in SEC 13F-HR filings — not the fund's actual assets under management.
- Excludes cash, bonds, private equity, short positions, and foreign-listed stocks not required to be reported.
- For PUT and CALL options, the reported Value is the notional value of the underlying shares — not the option premium paid. This significantly overstates the actual capital at risk.
- Actual fund AUM is typically higher and includes strategies, instruments, and positions that never appear in a 13F.
- 13F filings cover institutional managers with ≥$100M in 13F securities. Positions reflect end-of-quarter holdings, disclosed up to 45 days after the period ends.
Data sourced from SEC EDGAR. This tracker is for informational purposes only and does not constitute investment advice.
Portfolio Holdings
Top 30 positions
| Ticker | Issuer | Notional | Port % | @ Filing | Now (EOD) | Since Filing | Allocation |
|---|---|---|---|---|---|---|---|
| VST | $930.2M | 7.42% | $150.12 | $155.71 | +3.7% | 7.4% | |
| ASML | $865.3M | 6.90% | $1317.95 | $1739.99 | +32.0% | 6.9% | |
| CRS | $716.5M | 5.71% | $393.97 | $593.89 | +50.7% | 5.7% | |
| LPLA | $616.7M | 4.92% | $300.51 | $307.19 | +2.2% | 4.9% | |
| APP | $583.0M | 4.65% | $398.00 | $534.46 | +34.3% | 4.7% | |
| TLN | $580.3M | 4.63% | $319.23 | $366.95 | +14.9% | 4.6% | |
| TER | $555.2M | 4.43% | $296.35 | $339.24 | +14.5% | 4.4% | |
| CVNA | $551.6M | 4.40% | $62.88 | $69.25 | +10.1% | 4.4% | |
| NU | $546.2M | 4.35% | $14.37 | $13.65 | -5.0% | 4.3% | |
| MDLN | $524.6M | 4.18% | $44.50 | $42.97 | -3.4% | 4.2% | |
| GLW | $505.6M | 4.03% | $135.76 | $184.82 | +36.1% | 4.0% | |
| CLH | $503.2M | 4.01% | $286.73 | $297.28 | +3.7% | 4.0% | |
| MTZ | $492.6M | 3.93% | $321.74 | $358.61 | +11.5% | 3.9% | |
| TSM | $469.6M | 3.74% | $337.16 | $431.08 | +27.9% | 3.7% | |
| BN | $453.6M | 3.62% | $40.41 | $43.83 | +8.5% | 3.6% | |
| THC | $426.2M | 3.40% | $188.71 | $206.77 | +9.6% | 3.4% | |
| COF | $413.6M | 3.30% | $181.65 | $204.29 | +12.5% | 3.3% | |
| ENTG | $365.2M | 2.91% | $117.16 | $133.02 | +13.5% | 2.9% | |
| USFD | $350.0M | 2.79% | $92.21 | $103.57 | +12.3% | 2.8% | |
| PFGC | $340.8M | 2.72% | $85.66 | $115.35 | +34.7% | 2.7% | |
| MCK | $339.4M | 2.71% | $865.36 | $802.30 | -7.3% | 2.7% | |
| CIEN | $314.3M | 2.51% | $388.23 | $417.09 | +7.4% | 2.5% | |
| WULF | $287.5M | 2.29% | $14.43 | $20.17 | +39.8% | 2.3% | |
| HUT | $285.2M | 2.27% | $46.91 | $97.01 | +106.8% | 2.3% | |
| AGX | $214.1M | 1.71% | $544.21 | $657.98 | +20.9% | 1.7% | |
| GOOGL | $53.9M | 0.43% | $287.39 | $368.95 | +28.4% | 0.4% | |
| TDG | $41.4M | 0.33% | $1158.96 | $1332.69 | +15.0% | 0.3% | |
| VMC | $39.3M | 0.31% | $271.76 | $296.90 | +9.3% | 0.3% | |
| SPOT | $33.4M | 0.27% | $484.91 | $491.17 | +1.3% | 0.3% | |
| MA | $28.6M | 0.23% | $498.80 | $532.77 | +6.8% | 0.2% |
Quarter-on-Quarter Activity
Q1 2026 vs. Q4 2025
New Positions (8)
| Ticker | Issuer | Notional | Since Filing |
|---|---|---|---|
| TER | $555.2M | +14.5% | |
| GLW | $505.6M | +36.1% | |
| MTZ | $492.6M | +11.5% | |
| USFD | $350.0M | +12.3% | |
| PFGC | $340.8M | +34.7% | |
| MCK | $339.4M | -7.3% | |
| CIEN | $314.3M | +7.4% | |
| WULF | $287.5M | +39.8% |
Exited Positions (7)
| Ticker | Issuer | Notional |
|---|---|---|
| AVGO | $598.8M | |
| MSFT | $596.9M | |
| DASH | $573.0M | |
| AMZN | $557.3M | |
| PM | $424.0M | |
| WING | $380.4M | |
| AFRM | $284.1M |
Increased (8)
| Ticker | Issuer | Notional | Shares Δ | Since Filing |
|---|---|---|---|---|
| V | $22.7M | +509.7% | ||
| SPOT | $23.1M | +287.6% | +1.3% | |
| APP | $57.1M | +87.7% | +34.3% | |
| TDG | $15.8M | +85.5% | +15.0% | |
| HLT | $10.5M | +54.4% | ||
| TLN | $95.9M | +40.7% | +14.9% | |
| CRS | $303.2M | +38.5% | +50.7% | |
| NU | $50.2M | +28.3% | -5.0% |
Trimmed (8)
| Ticker | Issuer | Notional | Shares Δ | Since Filing |
|---|---|---|---|---|
| KKR | $-621.0M | -96.4% | ||
| APH | $-351.5M | -92.1% | ||
| VMC | $-441.0M | -91.4% | +9.3% | |
| TSM | $-458.0M | -54.5% | +27.9% | |
| BKNG | $-14.7M | -48.1% | ||
| BSX | $-12.7M | -48.1% | ||
| MA | $-26.4M | -40.6% | +6.8% | |
| BN | $-277.1M | -29.6% | +8.5% |
Quarter Activity
During the quarter, Lone Pine Capital initiated significant new positions in Teradyne, Corning, and MasTec, with investments valued at $555 million, $506 million, and $493 million respectively. The fund also exited substantial holdings in Broadcom, Microsoft, and DoorDash, which were previously valued at $599 million, $597 million, and $573 million. Additionally, there was a notable increase in their Visa position by $510 million, while reducing their stake in KKR by $96 million.
AI Commentary
<p>Lone Pine Capital's portfolio showcases a strong concentration in diverse sectors with significant investments in technology and energy. The top holdings include Vistra Corp (VST) at $930M, representing 7.4% of the portfolio, and ASML Holding NV (ASML) at $865M, accounting for 6.9%. Other notable positions are in industrial and financial sectors with Carpenter Technology Corp (CRS) and LPL Financial Holdings Inc (LPLA). This distribution indicates a balanced approach, focusing on both traditional industries and technology-driven companies.</p> <p>The recent quarter's activity signals a strategic shift in Lone Pine Capital's investment thesis. The fund initiated substantial new positions in Teradyne Inc (TER), Corning Inc (GLW), and MasTec Inc (MTZ), suggesting a growing interest in technology and infrastructure. Conversely, the closure of significant positions in Broadcom Inc (AVGO), Microsoft Corp (MSFT), and Amazon.com Inc (AMZN) might indicate a reallocation away from certain tech giants and consumer services. The substantial increase in holdings of Visa Inc (V) and Spotify Technology SA (SPOT) further emphasizes a bullish stance on digital payment solutions and streaming services, respectively.</p>