Stephen Mandel portfolio
Founder of Lone Pine Capital, a Tiger Cub firm focused on high-quality growth companies worldwide.
Lone Pine Capital's 13F for the quarter ending Jun 30, 2026 (filed Aug 14, 2026) reports 34 positions worth $16.4B. The largest are Nebius Group N.V. (7.2%), ASML Holding N.V. (6.9%), Seagate Technology Holdings plc (5.9%). The top five make up 31% of the reported portfolio.
Since their last filing
How the stocks in this filing have moved since its quarter ended, weighted by position size. This is not the fund's own return: a 13F leaves out cash, short positions and anything bought or sold since.
Biggest movers
- GLWCorning Incorporated−40.2%
- MTZMASTEC INC−47.9%
- WULFTeraWulf Inc.−44.7%
- AMATApplied Materials, Inc.−29.5%
What changed in Q2 2026
Compared with the previous 13F. Sorted by how much the share count changed, not by position size.
New 13
| NBIS Nebius Group N.V. | New position | 0% to 7.2% |
| STX Seagate Technology Holdings plc | New position | 0% to 5.9% |
| HD The Home Depot, Inc. | New position | 0% to 5.6% |
| AMAT Applied Materials, Inc. | New position | 0% to 5.3% |
| LIN Linde plc | New position | 0% to 4.9% |
| TTMI TTM Technologies, Inc. | New position | 0% to 3.1% |
| STRL Sterling Infrastructure Inc | New position | 0% to 3.1% |
| ONON On Hldg AG | New position | 0% to 2.9% |
| BTDR Bitdeer Technologies Group | New position | 0% to 0.7% |
| SHAZ Sharonai Holdings Inc | New position | 0% to 0.6% |
| KGS Kodiak Gas Svcs Inc | New position | 0% to 0.4% |
| IBKR Interactive Brokers Group In | New position | 0% to 0.3% |
| SE Sea Limited | New position | 0% to 0.3% |
Added 8
| CVNA Carvana Co | +499.6% shares | 4.4% to 4.2% on price |
| V Visa Inc. | +78.9% shares | 0.2% to 0.3% |
| MDLN Medline Inc | +77.9% shares | 4.2% to 5.1% |
| PFGC Performance Food Group Company | +47.1% shares | 2.7% to 4.0% |
| USFD US Foods Holding Corp. | +29.5% shares | 2.8% to 3.1% |
| NU Nu Holdings Ltd. | +24.2% shares | 4.3% to 3.9% on price |
| WULF TeraWulf Inc. | +21.2% shares | 2.3% to 3.6% |
| GOOGL Alphabet Inc. | +14.9% shares | 0.4% to 0.5% |
Trimmed 13
| BN Brookfield Corp | −92.9% shares | 3.6% to 0.2% |
| TSM Taiwan Semiconductor Manufacturing Company Limited | −92.7% shares | 3.7% to 0.3% |
| MCK McKesson Corporation | −85.3% shares | 2.7% to 0.3% |
| CRS Carpenter Technology Corp | −47.0% shares | 5.7% to 3.6% |
| LPLA Lpl Finl Hldgs Inc | −40.5% shares | 4.9% to 2.1% |
| APP AppLovin Corporation | −28.9% shares | 4.7% to 3.3% |
| GLW Corning Incorporated | −26.6% shares | 4.0% to 4.3% on price |
| TER Teradyne, Inc. | −20.3% shares | 4.4% to 4.4% |
| TDG TransDigm Group Incorporated | −20.0% shares | 0.3% to 0.2% |
| ASML ASML Holding N.V. | −13.1% shares | 6.9% to 6.9% on price |
| MTZ Mastec Inc | −12.1% shares | 3.9% to 3.4% |
| AGX Argan Inc | −6.2% shares | 1.7% to 1.8% on price |
| HUT Hut 8 Corp. | −5.0% shares | 2.3% to 4.1% on price |
Sold out 15
| VST Vistra Corp. | Sold out | was 7.4% of portfolio |
| TLN Talen Energy Corp | Sold out | was 4.6% of portfolio |
| CLH Clean Harbors Inc | Sold out | was 4.0% of portfolio |
| THC Tenet Healthcare Corp | Sold out | was 3.4% of portfolio |
| COF Capital One Financial Corporation | Sold out | was 3.3% of portfolio |
| ENTG Entegris Inc | Sold out | was 2.9% of portfolio |
| CIEN Ciena Corp | Sold out | was 2.5% of portfolio |
| VMC Vulcan Materials Company | Sold out | was 0.3% of portfolio |
| SPOT Spotify Technology S.A. | Sold out | was 0.3% of portfolio |
| MA Mastercard Incorporated | Sold out | was 0.2% of portfolio |
| APH Amphenol Corporation | Sold out | was 0.2% of portfolio |
| HLT Hilton Worldwide Hldgs Inc | Sold out | was 0.2% of portfolio |
| KKR Kkr & Co Inc | Sold out | was 0.1% of portfolio |
| BKNG Booking Holdings Inc. | Sold out | was <0.1% of portfolio |
| BSX Boston Scientific Corporation | Sold out | was <0.1% of portfolio |
Holdings
| # | Stock | Weight | Value | Shares vs last quarter |
|---|---|---|---|---|
| 1 | NBIS Nebius Group N.V. | 7.2% | $1.2B | New |
| 2 | ASML ASML Holding N.V. | 6.9% | $1.1B | −13.1% |
| 3 | STX Seagate Technology Holdings plc | 5.9% | $965.1M | New |
| 4 | HD The Home Depot, Inc. | 5.6% | $918.1M | New |
| 5 | AMAT Applied Materials, Inc. | 5.3% | $873.2M | New |
| 6 | MDLN Medline Inc | 5.1% | $827.0M | +77.9% |
| 7 | LIN Linde plc | 4.9% | $808.6M | New |
| 8 | TER Teradyne, Inc. | 4.4% | $722.4M | −20.3% |
| 9 | GLW Corning Incorporated | 4.3% | $696.8M | −26.6% |
| 10 | CVNA Carvana Co | 4.2% | $692.5M | +499.6% |
| 11 | HUT Hut 8 Corp. | 4.1% | $666.5M | −5.0% |
| 12 | PFGC Performance Food Group Company | 4.0% | $654.3M | +47.1% |
| 13 | NU Nu Holdings Ltd. | 3.9% | $630.9M | +24.2% |
| 14 | WULF TeraWulf Inc. | 3.6% | $596.4M | +21.2% |
| 15 | CRS Carpenter Technology Corp | 3.6% | $593.9M | −47.0% |
| 16 | MTZ Mastec Inc | 3.4% | $559.7M | −12.1% |
| 17 | APP AppLovin Corporation | 3.3% | $537.0M | −28.9% |
| 18 | TTMI TTM Technologies, Inc. | 3.1% | $512.1M | New |
| 19 | STRL Sterling Infrastructure Inc | 3.1% | $511.7M | New |
| 20 | USFD US Foods Holding Corp. | 3.1% | $502.5M | +29.5% |
| 21 | ONON On Hldg AG | 2.9% | $470.4M | New |
| 22 | LPLA Lpl Finl Hldgs Inc | 2.1% | $343.4M | −40.5% |
| 23 | AGX Argan Inc | 1.8% | $294.4M | −6.2% |
| 24 | BTDR Bitdeer Technologies Group | 0.7% | $111.4M | New |
| 25 | SHAZ Sharonai Holdings Inc | 0.6% | $102.4M | New |
| 26 | GOOGL Alphabet Inc. | 0.5% | $77.0M | +14.9% |
| 27 | KGS Kodiak Gas Svcs Inc | 0.4% | $63.5M | New |
| 28 | V Visa Inc. | 0.3% | $56.9M | +78.9% |
| 29 | IBKR Interactive Brokers Group In | 0.3% | $50.3M | New |
| 30 | TSM Taiwan Semiconductor Manufacturing Company Limited | 0.3% | $48.4M | −92.7% |
| 31 | SE Sea Limited | 0.3% | $47.4M | New |
| 32 | MCK McKesson Corporation | 0.3% | $43.7M | −85.3% |
| 33 | TDG TransDigm Group Incorporated | 0.2% | $38.0M | −20.0% |
| 34 | BN Brookfield Corp | 0.2% | $33.8M | −92.9% |
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Questions
What does Stephen Mandel own?
As of the 13F for Jun 30, 2026, Lone Pine Capital's largest holdings were Nebius Group N.V. (7.2%), ASML Holding N.V. (6.9%), Seagate Technology Holdings plc (5.9%), The Home Depot, Inc. (5.6%), Applied Materials, Inc. (5.3%).
What did Stephen Mandel buy last quarter?
New positions: Nebius Group N.V., Seagate Technology Holdings plc, The Home Depot, Inc., Applied Materials, Inc., Linde plc. Biggest additions by share count: Carvana Co, Visa Inc., Medline Inc, Performance Food Group Company, US Foods Holding Corp..
What did Stephen Mandel sell last quarter?
Sold out of: Vistra Corp., Talen Energy Corp, Clean Harbors Inc, Tenet Healthcare Corp, Capital One Financial Corporation. Biggest reductions by share count: Brookfield Corp, Taiwan Semiconductor Manufacturing Company Limited, McKesson Corporation, Carpenter Technology Corp, Lpl Finl Hldgs Inc.
When is Stephen Mandel's next 13F filing?
Funds file a 13F within 45 days after each quarter ends. The next one, covering the quarter ending Sep 30, 2026, is due by Nov 14, 2026.
What doesn't a 13F show?
A 13F lists US-listed stocks and options a fund held on the last day of the quarter. It leaves out cash, short positions, bonds, most non-US stocks, and any trading since the quarter ended.
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- Philippe LaffontCoatue Management
- Seth KlarmanBaupost Group
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