In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Stephen Mandel's Lone Pine Capital reported 25 stock positions worth $13.7 billion . Its top holding was Meta Platforms Class A (META) at 7.1% of the portfolio, followed by Vistra (VST, 6.7% ) and Taiwan Semiconductor-SP ADR (TSM, 6.2% ). Compared with Q2 2025, it opened 8 new positions, sold out of 5, added to 5 and reduced 10. The biggest buy was a new position in Broadcom (AVGO) and the biggest sale an exit from Intuit (INTU).
Notable People Stephen Mandel
Location GREENWICH, CT
CIK 0001061165
Portfolio Value $13.7B (Q3 2025) Holdings 25 stocks · $13.7B 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 Q2 2025 META Meta Platforms Inc. Class A 1,322,260 $971.0M Reduce -20.6% VST Vistra Corp. 4,699,241 $920.7M Reduce -27.4% TSM Taiwan Semiconductor-SP ADR 3,052,400 $852.5M Reduce -11.2% APP AppLovin Corp. Class A 1,109,138 $797.0M Reduce -12.1% LPLA LPL Financial Holdings Inc. 2,255,714 $750.5M Add +20.5% PM Philip Morris International 4,614,443 $748.5M Add +67.3% BN Brookfield Corp. 10,181,348 $698.2M Add +81.1% CVNA Carvana Co. 1,765,291 $665.9M No change MSFT Microsoft Corp. 1,208,605 $626.0M Reduce -34.8% AMZN Amazon.com Inc. 2,811,928 $617.4M Reduce -44.1% COF Capital One Financial Corp. 2,569,491 $546.2M Reduce -16.6% KKR KKR & Co. Inc. 4,080,561 $530.3M Reduce -21.9% AVGO Broadcom Inc. 1,549,412 $511.2M New TLN Talen Energy Corp. 1,192,516 $507.3M Add +9.5% SBUX Starbucks Corp. 5,561,954 $470.5M No change EQT Eqt Corp. 8,361,889 $455.1M Add +11.2% FLUT Flutter Entertainment PLC-Di 1,733,336 $440.3M Reduce -7.0% VMC Vulcan Materials Co. 1,384,624 $425.9M New NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 25,406,449 $406.8M New WING Wingstop Inc. 1,491,245 $375.3M New APH Amphenol Corp. Class A 3,023,231 $374.1M New SE Sea Ltd.-ADR 1,869,501 $334.1M New CIEN Ciena Corp. 2,006,662 $292.3M New ETSY Etsy Inc. 3,880,316 $257.6M New BKNG Booking Holdings Inc. 31,151 $168.2M Reduce -48.1%
Portfolio Sells Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▲ INTU Intuit Inc. Sold out 0.00% −4.40 UNH Unitedhealth Group Inc. Sold out 0.00% −3.82 CRM Salesforce Inc. Sold out 0.00% −3.68 AMZN Amazon.com Inc. Reduce -44.1% 4.49% −3.50 ASML ASML Holding NV-NY Reg SHS Sold out 0.00% −3.29 WIX Wix.com Ltd. Sold out 0.00% −2.48 VST Vistra Corp. Reduce -27.4% 6.70% −2.38 MSFT Microsoft Corp. Reduce -34.8% 4.55% −2.13 META Meta Platforms Inc. Class A Reduce -20.6% 7.07% −1.83 BKNG Booking Holdings Inc. Reduce -48.1% 1.22% −1.29 KKR KKR & Co. Inc. Reduce -21.9% 3.86% −1.17 COF Capital One Financial Corp. Reduce -16.6% 3.97% −0.77 FLUT Flutter Entertainment PLC-Di Reduce -7.0% 3.20% −0.65 TSM Taiwan Semiconductor-SP ADR Reduce -11.2% 6.20% +0.57 APP AppLovin Corp. Class A Reduce -12.1% 5.80% +2.60
Portfolio Buys Q2 2025 → Q3 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 Q2 2025 % Of Portfolio Change To Portfolio ▼ AVGO Broadcom Inc. New 3.72% +3.72 VMC Vulcan Materials Co. New 3.10% +3.10 NU Nu Holdings Ltd./Cayman Isl-A New 2.96% +2.96 WING Wingstop Inc. New 2.73% +2.73 APH Amphenol Corp. Class A New 2.72% +2.72 BN Brookfield Corp. Add +81.1% 5.08% +2.56 SE Sea Ltd.-ADR New 2.43% +2.43 CIEN Ciena Corp. New 2.13% +2.13 ETSY Etsy Inc. New 1.87% +1.87 PM Philip Morris International Add +67.3% 5.45% +1.81 TLN Talen Energy Corp. Add +9.5% 3.69% +1.40 LPLA LPL Financial Holdings Inc. Add +20.5% 5.46% +0.38 EQT Eqt Corp. Add +11.2% 3.31% +0.14
Options Activity Q2 2025 → Q3 2025 Security Type Change vs Q2 2025 Underlying Shares Value ▼ CVNA Carvana Co. call Sold out 383,500 $129.2Mbefore exit APP AppLovin Corp. Class A call Sold out 315,600 $110.5Mbefore exit
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