In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Stephen Mandel's Lone Pine Capital reported 22 stock positions worth $11.4 billion . Its top holding was Meta Platforms Class A (META) at 8.9% of the portfolio, followed by Intuit (INTU, 7.6% ) and Amazon.com (AMZN, 7.3% ). Compared with Q4 2024, it opened 4 new positions, sold out of 12, added to 10 and reduced 7. The biggest buy was a new position in Carvana (CVNA) and the biggest sale an exit from PTC (PTC).
Notable People Stephen Mandel
Location GREENWICH, CT
CIK 0001061165
Portfolio Value $11.4B (Q1 2025) Holdings 22 stocks · $11.4B Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q4 2024 META Meta Platforms Inc. Class A 1,758,062 $1.0B Reduce -13.7% INTU Intuit Inc. 1,403,802 $861.9M Add +21.4% AMZN Amazon.com Inc. 4,352,740 $828.2M Add +14.9% MSFT Microsoft Corp. 1,960,328 $735.9M Add +19.6% SBUX Starbucks Corp. 6,607,888 $648.2M Add +2.0% TSM Taiwan Semiconductor-SP ADR 3,865,381 $641.7M Add +2.8% LPLA LPL Financial Holdings Inc. 1,764,015 $577.1M Reduce -8.3% COF Capital One Financial Corp. 3,176,143 $569.5M Reduce -1.8% KKR KKR & Co. Inc. 4,763,771 $550.7M Add +17.7% VST Vistra Corp. 4,604,788 $540.8M Reduce -14.0% FLUT Flutter Entertainment PLC-Di 2,219,896 $491.8M Add +16.1% CVNA Carvana Co. 2,314,168 $483.8M New PM Philip Morris International 3,008,542 $477.5M Reduce -53.5% CRM Salesforce Inc. 1,731,680 $464.7M Add +10.6% LLY Eli Lilly & Co. 551,827 $455.8M Reduce -29.5% APP AppLovin Corp. Class A 1,593,928 $422.3M Add +46.9% TOL Toll Brothers Inc. 3,800,580 $401.3M New ASML ASML Holding NV-NY Reg SHS 582,427 $385.9M Add +31.8% CDNS Cadence Design SYS Inc. 1,218,389 $309.9M New ARES Ares Management Corp. Class A 1,604,441 $235.2M Reduce -4.3% TLN Talen Energy Corp. 1,089,380 $217.5M No change WING Wingstop Inc. 449,056 $101.3M New
Options reported separately and not counted above: APP calls ($83.6M), CVNA calls ($80.2M).
Portfolio Sells Q4 2024 → Q1 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▲ PTC PTC Inc. Sold out 0.00% −3.18 SPOT Spotify Technology SA Sold out 0.00% −3.04 WDAY Workday Inc. Class A Sold out 0.00% −2.96 CEG Constellation Energy Sold out 0.00% −2.89 HWM Howmet Aerospace Inc. Sold out 0.00% −2.49 XYZ Block Inc. Sold out 0.00% −2.38 LEN Lennar Corp. Class A Sold out 0.00% −1.74 PM Philip Morris International Reduce -53.5% 4.18% −1.60 VST Vistra Corp. Reduce -14.0% 4.74% −0.74 LLY Eli Lilly & Co. Reduce -29.5% 3.99% −0.50 BTDR Bitdeer Technologies Group-A Sold out 0.00% −0.16 ARES Ares Management Corp. Class A Reduce -4.3% 2.06% −0.14 HUT Hut 8 Corp. Sold out 0.00% −0.11 CIFR Cipher Digital Inc. Sold out 0.00% −0.08 WULF Terawulf Inc. Sold out 0.00% −0.06 IREN Iren Ltd. Sold out 0.00% −0.05 META Meta Platforms Inc. Class A Reduce -13.7% 8.88% +0.02 LPLA LPL Financial Holdings Inc. Reduce -8.3% 5.06% +0.39 COF Capital One Financial Corp. Reduce -1.8% 4.99% +0.70
Portfolio Buys Q4 2024 → Q1 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q4 2024 % Of Portfolio Change To Portfolio ▼ CVNA Carvana Co. New 4.24% +4.24 TOL Toll Brothers Inc. New 3.52% +3.52 CDNS Cadence Design SYS Inc. New 2.71% +2.71 INTU Intuit Inc. Add +21.4% 7.55% +2.15 MSFT Microsoft Corp. Add +19.6% 6.45% +1.31 SBUX Starbucks Corp. Add +2.0% 5.68% +1.29 ASML ASML Holding NV-NY Reg SHS Add +31.8% 3.38% +1.11 APP AppLovin Corp. Class A Add +46.9% 3.70% +1.09 AMZN Amazon.com Inc. Add +14.9% 7.26% +1.08 WING Wingstop Inc. New 0.89% +0.89 FLUT Flutter Entertainment PLC-Di Add +16.1% 4.31% +0.64 KKR KKR & Co. Inc. Add +17.7% 4.83% +0.38 CRM Salesforce Inc. Add +10.6% 4.07% +0.19 TSM Taiwan Semiconductor-SP ADR Add +2.8% 5.62% +0.11
Options Activity Q4 2024 → Q1 2025 Security Type Change vs Q4 2024 Underlying Shares Value ▼ APP AppLovin Corp. Class A call New 315,600 $83.6M CVNA Carvana Co. call New 383,500 $80.2M
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
All Filings Quarter Positions 13F Reported Value Top Holdings Q2 2026 34 $16.4B NBIS, ASML, STX, HD, AMAT Q1 2026 36 $12.5B VST, ASML, CRS, LPLA, APP Q4 2025 32 $13.6B TSM, VST, CVNA, LPLA, BN Q3 2025 25 $13.7B META, VST, TSM, APP, LPLA Q2 2025 22 $13.8B VST, META, AMZN, MSFT, TSM Q1 2025 22 $11.4B META, INTU, AMZN, MSFT, SBUX Q4 2024 30 $13.5B META, AMZN, PM, TSM, VST Q3 2024 29 $13.4B META, AMZN, VST, TSM, MSFT Q2 2024 24 $12.3B TSM, MSFT, AMZN, META, PM Q1 2024 26 $12.7B META, TSM, MSFT, AMZN, CRM