Stephen Mandel portfolio
Latest holdings of Lone Pine Capital as of Q2 2026: 34 positions worth $16.4B, decoded into plain English.
Portfolio summary and charts
- Nebius (NBIS) is the largest position at 7.2% of a $16.4B portfolio.
- Biggest buy: opened a new position in Nebius, about $1.2B of new money.
- Biggest sale: sold out of Vistra, about $930M.
- Moderate conviction: the top 10 holdings make up 54%, and the portfolio behaves like 23 equal-sized bets.
Every box is a position, sized by its weight
What this meansNebius alone is 7% of the portfolio, and the top three make up 20%. Colors show what changed since last quarter, so you can spot fresh conviction at a glance.
Where the money is
What this meansTechnology is the biggest slice at 30% of the portfolio.
How focused is the portfolio?
What this meansThe steeper the gold curve rises above the dashed line, the more the portfolio depends on a few big bets. It behaves like 23 equal-sized positions.
Biggest buys and sells
What this meansThe largest move was opening Nebius, worth about $1.2B. Values are estimated at quarter-end prices.
Two years of reported value
What this meansValue changes with both market prices and new money in or out. It moved from $12.3B to $16.4B over 9 quarters.
How today’s top positions grew over time
What this meansWide, steady bands are long-term core holdings; bands that appear suddenly are recent bets.
All 34 positions
| # | Stock | Sector | % of portfolio | Activity | Shares | Value |
|---|---|---|---|---|---|---|
| 1 | NBIS Nebius | Technology | 7.19% | New | 4,258,008 | $1.2B |
| 2 | ASML ASML | Industrials | 6.92% | Trimmed −13% | 569,174 | $1.1B |
| 3 | STX Seagate Technology | Technology | 5.90% | New | 1,000,109 | $965M |
| 4 | HD Home Depot | Consumer Discretionary | 5.61% | New | 2,603,189 | $918M |
| 5 | AMAT Applied Materials | Technology | 5.34% | New | 1,207,737 | $873M |
| 6 | MDLN Medline | Health Care | 5.06% | Added +78% | 20,968,367 | $827M |
| 7 | LIN Linde | Materials | 4.94% | New | 1,558,081 | $809M |
| 8 | TER Teradyne | Technology | 4.42% | Trimmed −20% | 1,493,080 | $722M |
| 9 | GLW Corning | Materials | 4.26% | Trimmed −27% | 2,728,058 | $697M |
| 10 | CVNA Carvana | Consumer Discretionary | 4.23% | Added +500% | 10,520,666 | $692M |
| 11 | HUT Hut 8 | Financials | 4.07% | Trimmed −5% | 5,773,045 | $666M |
| 12 | PFGC Performance Food | Consumer Staples | 4.00% | Added +47% | 5,852,740 | $654M |
| 13 | NU Nu | Financials | 3.86% | Added +24% | 47,219,717 | $631M |
| 14 | WULF Terawulf | Financials | 3.65% | Added +21% | 24,144,625 | $596M |
| 15 | CRS Carpenter Technology | Materials | 3.63% | Trimmed −47% | 962,839 | $594M |
| 16 | MTZ Mastec | Industrials | 3.42% | Trimmed −12% | 1,345,157 | $560M |
| 17 | APP AppLovin | Technology | 3.28% | Trimmed −29% | 1,042,268 | $537M |
| 18 | TTMI Ttm Technologies | Technology | 3.13% | New | 2,738,075 | $512M |
| 19 | STRL Sterling Infrastructure | Industrials | 3.13% | New | 609,643 | $512M |
| 20 | USFD US Foods | Consumer Staples | 3.07% | Added +29% | 4,914,492 | $503M |
| 21 | ONON On | Materials | 2.88% | New | 13,280,030 | $470M |
| 22 | LPLA LPL Financial | Financials | 2.10% | Trimmed −41% | 1,219,099 | $343M |
| 23 | AGX Argan | Industrials | 1.80% | Trimmed −6% | 368,673 | $294M |
| 24 | BTDR Bitdeer Technologies | Financials | 0.68% | New | 7,020,026 | $111M |
| 25 | SHAZ SharonAI | Technology | 0.63% | New | 1,209,848 | $102M |
| 26 | GOOGL Alphabet (Class A) | Communication | 0.47% | Added +15% | 215,574 | $77M |
| 27 | KGS Kodiak Gas Services | Energy | 0.39% | New | 845,070 | $63M |
| 28 | V Visa | Financials | 0.35% | Added +79% | 165,960 | $57M |
| 29 | IBKR Interactive Brokers | Financials | 0.31% | New | 577,666 | $50M |
| 30 | TSM Taiwan Semiconductor Manufacturing | Technology | 0.30% | Trimmed −93% | 101,242 | $48M |
| 31 | SE Sea | Consumer Discretionary | 0.29% | New | 494,581 | $47M |
| 32 | MCK Mckesson | Health Care | 0.27% | Trimmed −85% | 57,851 | $44M |
| 33 | TDG TransDigm | Industrials | 0.23% | Trimmed −20% | 28,532 | $38M |
| 34 | BN Brookfield | Real Estate | 0.21% | Trimmed −93% | 792,717 | $34M |
Values as reported at quarter end (30 Jun 2026). Activity compares share counts with the Q1 2026 filing. Source: SEC filing 0000919574-26-005485 · all filings on EDGAR.
Positions closed
- VSTVistra$930M at Q1 2026
- TLNTalen Energy$580M at Q1 2026
- CLHClean Harbors$503M at Q1 2026
- THCTenet Healthcare$426M at Q1 2026
- COFCapital One Financial$414M at Q1 2026
- ENTGEntegris$365M at Q1 2026
- CIENCiena$314M at Q1 2026
- VMCVulcan Materials$39M at Q1 2026
- SPOTSpotify Technology$33M at Q1 2026
- MAMastercard$29M at Q1 2026
- APHAmphenol$28M at Q1 2026
- HLTHilton Worldwide$27M at Q1 2026
Stephen Mandel
Stephen Mandel, another Tiger Cub, founded Lone Pine in 1997 and later stepped back from day-to-day management, which passed to a new generation of portfolio managers. The firm is known for high-turnover, research-driven growth investing.
Philosophy in brief
- Find businesses whose growth the market underestimates.
- Do intense, bottom-up research on management and competition.
- Rotate quickly when the thesis changes.
How to read this page
Who else is trading these holdings
- 01NBIS Nebius1 congressional trade disclosed (1 buys)7.2% of portfolio
- 02ASML ASML7 congressional trades disclosed (6 buys)6.9% of portfolio
- 03STX Seagate Technology3 congressional trades disclosed (1 buys)5.9% of portfolio
- 04HD Home Depot28 congressional trades disclosed (12 buys)5.6% of portfolio
- 05AMAT Applied Materials10 congressional trades disclosed (7 buys)5.3% of portfolio
- 07LIN Linde6 congressional trades disclosed (2 buys) · insiders bought $48K in Q3 20264.9% of portfolio
- 08TER Teradyne2 congressional trades disclosed (1 buys)4.4% of portfolio
- 09GLW Corning9 congressional trades disclosed (5 buys)4.3% of portfolio
Investors who think alike
Cosine similarity of position weights (100 = identical portfolios). Chips show the biggest shared holdings.
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