In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Stephen Mandel's Lone Pine Capital reported 22 stock positions worth $13.8 billion . Its top holding was Vistra (VST) at 9.1% of the portfolio, followed by Meta Platforms Class A (META, 8.9% ) and Amazon.com (AMZN, 8.0% ). Compared with Q1 2025, it opened 5 new positions, sold out of 5, added to 5 and reduced 11. The biggest buy was Vistra (VST, shares +41% ) and the biggest sale an exit from Eli Lilly (LLY).
Notable People Stephen Mandel
Location GREENWICH, CT
CIK 0001061165
Portfolio Value $13.8B (Q2 2025) Holdings 22 stocks · $13.8B 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 Q1 2025 VST Vistra Corp. 6,469,719 $1.3B Add +40.5% META Meta Platforms Inc. Class A 1,665,017 $1.2B Reduce -5.3% AMZN Amazon.com Inc. 5,033,556 $1.1B Add +15.6% MSFT Microsoft Corp. 1,854,856 $922.6M Reduce -5.4% TSM Taiwan Semiconductor-SP ADR 3,435,920 $778.2M Reduce -11.1% LPLA LPL Financial Holdings Inc. 1,872,248 $702.0M Add +6.1% KKR KKR & Co. Inc. 5,221,769 $694.7M Add +9.6% COF Capital One Financial Corp. 3,080,633 $655.4M Reduce -3.0% INTU Intuit Inc. 771,666 $607.8M Reduce -45.0% CVNA Carvana Co. 1,765,291 $594.8M Reduce -23.7% FLUT Flutter Entertainment PLC-Di 1,862,764 $532.3M Reduce -16.1% UNH Unitedhealth Group Inc. 1,693,347 $528.3M New SBUX Starbucks Corp. 5,561,954 $509.6M Reduce -15.8% CRM Salesforce Inc. 1,863,179 $508.1M Add +7.6% PM Philip Morris International 2,757,694 $502.3M Reduce -8.3% ASML ASML Holding NV-NY Reg SHS 566,862 $454.3M Reduce -2.7% APP AppLovin Corp. Class A 1,261,334 $441.6M Reduce -20.9% EQT Eqt Corp. 7,518,227 $438.5M New BN Brookfield Corp. 5,621,385 $347.7M New BKNG Booking Holdings Inc. 59,972 $347.2M New WIX Wix.com Ltd. 2,161,331 $342.5M New TLN Talen Energy Corp. 1,089,380 $316.8M No change
Options reported separately and not counted above: CVNA calls ($129.2M), APP calls ($110.5M).
Portfolio Sells Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▲ LLY Eli Lilly & Co. Sold out 0.00% −3.99 TOL Toll Brothers Inc. Sold out 0.00% −3.52 INTU Intuit Inc. Reduce -45.0% 4.40% −3.15 CDNS Cadence Design SYS Inc. Sold out 0.00% −2.71 ARES Ares Management Corp. Class A Sold out 0.00% −2.06 SBUX Starbucks Corp. Reduce -15.8% 3.69% −1.99 WING Wingstop Inc. Sold out 0.00% −0.89 PM Philip Morris International Reduce -8.3% 3.64% −0.55 APP AppLovin Corp. Class A Reduce -20.9% 3.20% −0.50 FLUT Flutter Entertainment PLC-Di Reduce -16.1% 3.85% −0.45 COF Capital One Financial Corp. Reduce -3.0% 4.75% −0.24 ASML ASML Holding NV-NY Reg SHS Reduce -2.7% 3.29% −0.09 TSM Taiwan Semiconductor-SP ADR Reduce -11.1% 5.63% +0.01 META Meta Platforms Inc. Class A Reduce -5.3% 8.90% +0.02 CVNA Carvana Co. Reduce -23.7% 4.31% +0.07 MSFT Microsoft Corp. Reduce -5.4% 6.68% +0.23
Portfolio Buys Q1 2025 → Q2 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 Q1 2025 % Of Portfolio Change To Portfolio ▼ VST Vistra Corp. Add +40.5% 9.08% +4.34 UNH Unitedhealth Group Inc. New 3.82% +3.82 EQT Eqt Corp. New 3.17% +3.17 BN Brookfield Corp. New 2.52% +2.52 BKNG Booking Holdings Inc. New 2.51% +2.51 WIX Wix.com Ltd. New 2.48% +2.48 AMZN Amazon.com Inc. Add +15.6% 8.00% +0.74 KKR KKR & Co. Inc. Add +9.6% 5.03% +0.20 LPLA LPL Financial Holdings Inc. Add +6.1% 5.08% +0.03 CRM Salesforce Inc. Add +7.6% 3.68% −0.39
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