Stephen Mandel

Lone Pine Capital·growth·Concentrated / high-conviction

Accredited only

~18% since 1997

Portfolio value

$16.4B

Positions

Top 5 concentration

31%

New buys this quarter

Quarterly activity

What Stephen Mandel bought and sold each quarter.

Jun 2026vs Mar 2026

Bought (21)

$NBISNew buy7.2%$STXNew buy5.9%$HDNew buy5.6%$AMATNew buy5.3%$LINNew buy4.9%$STRLNew buy3.1%$TTMINew buy3.1%$ONONNew buy2.9%$BTDRNew buy0.7%$SHAZNew buy0.6%$KGSNew buy0.4%$SEADRNew buy0.3%$IBKRNew buy0.3%$MDLNAdded+77.9%$CVNAAdded+499.6%$PFGCAdded+47.1%$NUAdded+24.2%$WULFAdded+21.2%$USFDAdded+29.5%$GOOGLAdded+14.9%$VAdded+78.9%

Sold (25)

$CIENSold out$APHSold out$VSTSold out$BSXSold out$CLHSold out$VMCSold out$BKNGSold out$COFSold out$ENTGSold out$HLTSold out$KKRSold out$SPOTSold out$TLNSold out$THCSold out$MASold out$BNTrimmed-92.9%$TSMADRTrimmed-92.7%$MCKTrimmed-85.3%$CRSTrimmed-47%$LPLATrimmed-40.5%$APPTrimmed-28.9%$GLWTrimmed-26.6%$TERTrimmed-20.3%$TDGTrimmed-20%$ASMLTrimmed-13.1%

Mar 2026vs Dec 2025

Bought (23)

$TERNew buy4.4%$GLWNew buy4%$MTZNew buy3.9%$USFDNew buy2.8%$MCKNew buy2.7%$PFGCNew buy2.7%$CIENNew buy2.5%$HUTNew buy2.3%$WULFNew buy2.3%$AGXNew buy1.7%$GOOGLNew buy0.4%$VSTAdded+18.7%$ASMLAdded+8.3%$CRSAdded+38.5%$APPAdded+87.7%$TLNAdded+40.7%$NUAdded+28.3%$CLHAdded+27.3%$THCAdded+26.4%$TDGAdded+85.5%$SPOTAdded+287.6%$HLTAdded+54.4%$VAdded+509.7%

Sold (15)

$WINGSold out$DASHSold out$PMSold out$MSFTSold out$AVGOSold out$AMZNSold out$AFRMSold out$KKRTrimmed-96.4%$APHTrimmed-92.1%$VMCTrimmed-91.4%$TSMADRTrimmed-54.5%$BSXTrimmed-48.1%$BKNGTrimmed-48.1%$MATrimmed-40.6%$BNTrimmed-29.6%

Dec 2025vs Sep 2025

Bought (22)

$ASMLNew buy4.8%$DASHNew buy4.2%$MDLNNew buy3.6%$CRSNew buy3%$THCNew buy2.6%$CLHNew buy2.4%$AFRMNew buy2.1%$ENTGNew buy1.9%$MANew buy0.4%$TDGNew buy0.2%$BSXNew buy0.1%$SPOTNew buy0.1%$HLTNew buy0.1%$VNew buy0%$VSTAdded+10.9%$BNAdded+56.4%$KKRAdded+22.6%$AVGOAdded+11.7%$TLNAdded+8.4%$NUAdded+16.6%$VMCAdded+21.6%$WINGAdded+7%

Sold (14)

$CIENSold out$SBUXSold out$ETSYSold out$FLUTSold out$METASold out$SEADRSold out$EQTSold out$BKNGTrimmed-85.1%$PMTrimmed-42.7%$APPTrimmed-29.6%$AMZNTrimmed-14.1%$COFTrimmed-10.7%$LPLATrimmed-8%$APHTrimmed-7.1%

Sep 2025vs Jun 2025

Bought (13)

$AVGONew buy3.7%$VMCNew buy3.1%$NUNew buy3%$WINGNew buy2.7%$APHNew buy2.7%$SEADRNew buy2.4%$CIENNew buy2.1%$ETSYNew buy1.9%$LPLAAdded+20.5%$PMAdded+67.3%$BNAdded+81.1%$TLNAdded+9.5%$EQTAdded+11.2%

Sold (16)

$WIXSold out$INTUSold out$UNHSold out$CRMSold out$ASMLSold out$BKNGTrimmed-48.1%$AMZNTrimmed-44.1%$MSFTTrimmed-34.8%$APPTrimmed-29.7%$VSTTrimmed-27.4%$KKRTrimmed-21.9%$METATrimmed-20.6%$CVNATrimmed-17.8%$COFTrimmed-16.6%$TSMADRTrimmed-11.2%$FLUTTrimmed-6.9%

Jun 2025vs Mar 2025

Bought (10)

$UNHNew buy3.8%$EQTNew buy3.1%$BKNGNew buy2.5%$BNNew buy2.5%$WIXNew buy2.4%$VSTAdded+40.5%$AMZNAdded+15.6%$LPLAAdded+6.1%$KKRAdded+9.6%$CRMAdded+7.6%

Sold (14)

$ARESSold out$LLYSold out$WINGSold out$CDNSSold out$TOLSold out$INTUTrimmed-45%$CVNATrimmed-20.3%$APPTrimmed-17.4%$FLUTTrimmed-16.1%$SBUXTrimmed-15.8%$TSMADRTrimmed-11.1%$PMTrimmed-8.3%$MSFTTrimmed-5.4%$METATrimmed-5.3%

Mar 2025vs Dec 2024

Bought (12)

$CVNANew buy4.9%$TOLNew buy3.5%$CDNSNew buy2.7%$WINGNew buy0.9%$INTUAdded+21.4%$AMZNAdded+14.9%$MSFTAdded+19.6%$KKRAdded+17.7%$APPAdded+76%$FLUTAdded+16.1%$CRMAdded+10.6%$ASMLAdded+31.8%

Sold (17)

$SQSold out$HWMSold out$LENSold out$BTDRSold out$CIFRSold out$CEGSold out$IRENSold out$HUTSold out$SPOTSold out$WULFSold out$WDAYSold out$PTCSold out$PMTrimmed-53.5%$LLYTrimmed-29.5%$VSTTrimmed-14%$METATrimmed-13.7%$LPLATrimmed-8.3%

Dec 2024vs Sep 2024

Bought (9)

$LLYNew buy4.5%$COFNew buy4.3%$FLUTNew buy3.7%$CIFRNew buy0.1%$METAAdded+7.7%$PMAdded+44.4%$INTUAdded+25.5%$SBUXAdded+59.8%$TLNAdded+27.2%

Sold (20)

$BKNGSold out$GEVSold out$UNHSold out$APPTrimmed-54.2%$WULFTrimmed-51.7%$SQTrimmed-50.9%$HUTTrimmed-43.8%$LENTrimmed-41.3%$SPOTTrimmed-41.2%$CRMTrimmed-33%$AMZNTrimmed-30.9%$CEGTrimmed-27.4%$BTDRTrimmed-24%$VSTTrimmed-21.4%$ASMLTrimmed-19.9%$ARESTrimmed-18.3%$LPLATrimmed-11.8%$TSMADRTrimmed-10.7%$KKRTrimmed-10.5%$PTCTrimmed-8.7%

Sep 2024vs Jun 2024

Bought (14)

$CRMNew buy4.8%$LENNew buy4.1%$SBUXNew buy2.9%$WDAYNew buy2.9%$TLNNew buy1.1%$HUTNew buy0.1%$BTDRNew buy0.1%$WULFNew buy0.1%$IRENNew buy0%$METAAdded+35.6%$AMZNAdded+23.2%$CEGAdded+49.2%$LPLAAdded+29.4%$ARESAdded+30.3%

Sold (15)

$AVDXSold out$MASold out$MCKSold out$BBWISold out$APPTrimmed-58.4%$PMTrimmed-32.8%$TSMADRTrimmed-29.8%$KKRTrimmed-29.2%$BKNGTrimmed-27.3%$GEVTrimmed-21.7%$MSFTTrimmed-18%$HWMTrimmed-16.5%$UNHTrimmed-13%$SPOTTrimmed-8%$ASMLTrimmed-6.2%

Quarter-over-quarter change in disclosed positions.

Holdings

Stock	Move	% of portfolio	Quarter-end px	Now	Since quarter-end
$NBIS NEBIUS GROUP N.V.	New buy	7.2%	$276.17	$226.39	-18%
$ASML ASML HLDG NV	Trimmed	6.9%	$1989.44	$1714.88	-13.8%
$STX SEAGATE TECHNOLOGY HLDNGS PL	New buy	5.9%	$965.00	$849.28	-12%
$HD HOME DEPOT INC	New buy	5.6%	$352.68	$321.05	-9%
$AMAT APPLIED MATLS INC	New buy	5.3%	$723.00	$454.71	-37.1%
$MDLN MEDLINE INC	Added	5.1%	$39.44	$36.59	-7.2%
$LIN LINDE PLC	New buy	4.9%	$518.94	$477.57	-8%
$TER TERADYNE INC	Trimmed	4.4%	$483.84	$357.03	-26.2%
$GLW CORNING INC	Trimmed	4.3%	$255.43	$154.29	-39.6%
$CVNA CARVANA CO	Added	4.2%	$65.82	$74.59	+13.3%
$HUT HUT 8 CORP	Held	4.1%	$115.44	$93.55	-19%
$PFGC PERFORMANCE FOOD GROUP CO	Added	4%	$111.79	$98.63	-11.8%
$NU NU HLDGS LTD	Added	3.9%	$13.36	$15.37	+15%
$WULF TERAWULF INC	Added	3.6%	$24.70	$16.51	-33.2%
$CRS CARPENTER TECHNOLOGY CORP	Trimmed	3.6%	$616.84	$475.33	-22.9%
$MTZ MASTEC INC	Trimmed	3.4%	$416.06	$237.19	-43%
$APP APPLOVIN CORP	Trimmed	3.3%	$515.23	$320.56	-37.8%
$TTMI TTM TECHNOLOGIES INC	New buy	3.1%	$187.02	$125.60	-32.8%
$STRL STERLING INFRASTRUCTURE INC	New buy	3.1%	$839.36	$486.49	-42%
$USFD US FOODS HLDG CORP	Added	3.1%	$102.25	$104.04	+1.8%
$ONON ON HLDG AG	New buy	2.9%	$35.42	$27.99	-21%
$LPLA LPL FINL HLDGS INC	Trimmed	2.1%	$281.68	$359.33	+27.6%
$AGX ARGAN INC	Trimmed	1.8%	$798.55	$417.99	-47.7%
$BTDR BITDEER TECHNOLOGIES GROUP	New buy	0.7%	$15.87	$12.38	-22%
$SHAZ SHARONAI HOLDINGS INC	New buy	0.6%	$84.66	$55.94	-33.9%
$GOOGL ALPHABET INC	Added	0.5%	$357.37	$338.46	-5.3%
$KGS KODIAK GAS SVCS INC	New buy	0.4%	$75.13	$62.59	-16.7%
$V VISA INC	Added	0.3%	$343.09	$375.07	+9.3%
$IBKR INTERACTIVE BROKERS GROUP IN	New buy	0.3%	$87.04	$92.62	+6.4%
$TSMADR TAIWAN SEMICONDUCTOR MANUFAC	Trimmed	0.3%	$477.57	$428.91	-10.2%
$SEADR SEA LTD	New buy	0.3%	$95.83	$112.09	+17%
$MCK MCKESSON CORP	Trimmed	0.3%	$755.60	$907.99	+20.2%
$TDG TRANSDIGM GROUP INC	Trimmed	0.2%	$1332.04	$1162.05	-12.8%
$BN BROOKFIELD CORP	Trimmed	0.2%	$42.59	$40.31	-5.4%

Notable sell-outs this quarter: $CIEN, $APH, $VST, $BSX, $CLH, $VMC, $BKNG, $COF, $ENTG, $HLT, $KKR, $SPOT, $TLN, $THC, $MA

Track Stephen Mandel between filings

13Fs land once a quarter. We email you when a tracked manager files a Form 4, a 13D stake or a Form 144 notice of sale — days after it happens, not months.

Source: SEC 13F via FMP · holdings as of Jun 2026 · 45-day filing delay. Long equity positions only. Not financial advice.