Lone Pine Capital
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Stephen Mandel's Lone Pine Capital reported 32 stock positions worth $13.6 billion. Its top holding was Taiwan Semiconductor-SP ADR (TSM) at 6.8% of the portfolio, followed by Vistra (VST, 6.2%) and Carvana (CVNA, 5.5%). Compared with Q3 2025, it opened 14 new positions, sold out of 7, added to 10 and reduced 7. The biggest buy was a new position in ASML Holding NV-NY Reg SHS (ASML) and the biggest sale an exit from Meta Platforms Class A (META).
- Most Recent 13F
- Q2 2026
- Notable People
- Stephen Mandel
- Location
- GREENWICH, CT
- CIK
- 0001061165
- Portfolio Value
- $13.6B (Q4 2025)
- SEC Filing
- 0000902664-26-001084 ↗ filed Feb 17, 2026
Holdings Value
Holdings 32 stocks · $13.6B
| TSM Taiwan Semiconductor-SP ADR | 6.82% | 3,052,400 | $927.6M | No change |
| VST Vistra Corp. | 6.18% | 5,211,885 | $840.8M | Add +10.9% |
| CVNA Carvana Co. | 5.52% | 1,779,328 | $750.9M | Add +0.8% |
| LPLA LPL Financial Holdings Inc. | 5.44% | 2,074,948 | $741.1M | Reduce -8.0% |
| BN Brookfield Corp. | 5.37% | 15,923,360 | $730.7M | Add +4.3% |
| ASML ASML Holding NV-NY Reg SHS | 4.76% | 605,017 | $647.3M | New |
| KKR KKR & Co. Inc. | 4.68% | 5,001,085 | $637.5M | Add +22.6% |
| AVGO Broadcom Inc. | 4.40% | 1,730,216 | $598.8M | Add +11.7% |
| MSFT Microsoft Corp. | 4.38% | 1,234,125 | $596.8M | Add +2.1% |
| DASH DoorDash Inc. Class A | 4.21% | 2,529,879 | $573.0M | New |
| AMZN Amazon.com Inc. | 4.09% | 2,414,520 | $557.3M | Reduce -14.1% |
| COF Capital One Financial Corp. | 4.09% | 2,294,891 | $556.2M | Reduce -10.7% |
| APP AppLovin Corp. Class A | 3.86% | 780,530 | $525.9M | Reduce -29.6% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 3.64% | 29,630,237 | $496.0M | Add +16.6% |
| MDLN Medline Inc. Class A | 3.62% | 11,716,697 | $492.1M | New |
| TLN Talen Energy Corp. | 3.56% | 1,292,516 | $484.5M | Add +8.4% |
| VMC Vulcan Materials Co. | 3.53% | 1,683,932 | $480.3M | Add +21.6% |
| PM Philip Morris International | 3.12% | 2,643,579 | $424.0M | Reduce -42.7% |
| CRS Carpenter Technology | 3.04% | 1,312,938 | $413.4M | New |
| WING Wingstop Inc. | 2.80% | 1,595,258 | $380.5M | Add +7.0% |
| APH Amphenol Corp. Class A | 2.79% | 2,809,773 | $379.7M | Reduce -7.1% |
| THC Tenet Healthcare Corp. | 2.61% | 1,787,326 | $355.2M | New |
| CLH Clean Harbors Inc. | 2.37% | 1,378,125 | $323.1M | New |
| AFRM Affirm Holdings Inc. | 2.09% | 3,817,170 | $284.1M | New |
| ENTG Entegris Inc. | 1.89% | 3,054,230 | $257.3M | New |
| MA Mastercard Inc. Class A | 0.40% | 96,338 | $55.0M | New |
| TDG Transdigm Group Inc. | 0.19% | 19,228 | $25.6M | New |
| BKNG Booking Holdings Inc. | 0.18% | 4,630 | $24.8M | Reduce -85.1% |
| BSX Boston Scientific Corp. | 0.14% | 201,703 | $19.2M | New |
| HLT Hilton Worldwide Holdings Inc. | 0.12% | 57,817 | $16.6M | New |
| SPOT Spotify Technology SA | 0.08% | 17,762 | $10.3M | New |
| V Visa Inc. Class A | 0.04% | 15,217 | $5.3M | New |
Portfolio Sells Q3 2025 → Q4 2025
| META Meta Platforms Inc. Class A | Sold out | 0.00% | −7.07 |
| SBUX Starbucks Corp. | Sold out | 0.00% | −3.42 |
| EQT Eqt Corp. | Sold out | 0.00% | −3.31 |
| FLUT Flutter Entertainment PLC-Di | Sold out | 0.00% | −3.20 |
| SE Sea Ltd.-ADR | Sold out | 0.00% | −2.43 |
| PM Philip Morris International | Reduce -42.7% | 3.12% | −2.33 |
| CIEN Ciena Corp. | Sold out | 0.00% | −2.13 |
| APP AppLovin Corp. Class A | Reduce -29.6% | 3.86% | −1.94 |
| ETSY Etsy Inc. | Sold out | 0.00% | −1.87 |
| BKNG Booking Holdings Inc. | Reduce -85.1% | 0.18% | −1.04 |
| AMZN Amazon.com Inc. | Reduce -14.1% | 4.09% | −0.40 |
| LPLA LPL Financial Holdings Inc. | Reduce -8.0% | 5.44% | −0.02 |
| APH Amphenol Corp. Class A | Reduce -7.1% | 2.79% | +0.07 |
| COF Capital One Financial Corp. | Reduce -10.7% | 4.09% | +0.11 |
Portfolio Buys Q3 2025 → Q4 2025
| ASML ASML Holding NV-NY Reg SHS | New | 4.76% | +4.76 |
| DASH DoorDash Inc. Class A | New | 4.21% | +4.21 |
| MDLN Medline Inc. Class A | New | 3.62% | +3.62 |
| CRS Carpenter Technology | New | 3.04% | +3.04 |
| THC Tenet Healthcare Corp. | New | 2.61% | +2.61 |
| CLH Clean Harbors Inc. | New | 2.37% | +2.37 |
| AFRM Affirm Holdings Inc. | New | 2.09% | +2.09 |
| ENTG Entegris Inc. | New | 1.89% | +1.89 |
| KKR KKR & Co. Inc. | Add +22.6% | 4.68% | +0.83 |
| NU Nu Holdings Ltd./Cayman Isl-A | Add +16.6% | 3.64% | +0.68 |
| AVGO Broadcom Inc. | Add +11.7% | 4.40% | +0.68 |
| CVNA Carvana Co. | Add +0.8% | 5.52% | +0.67 |
| VMC Vulcan Materials Co. | Add +21.6% | 3.53% | +0.43 |
| MA Mastercard Inc. Class A | New | 0.40% | +0.40 |
| BN Brookfield Corp. | Add +4.3% | 5.37% | +0.29 |
| TDG Transdigm Group Inc. | New | 0.19% | +0.19 |
| BSX Boston Scientific Corp. | New | 0.14% | +0.14 |
| HLT Hilton Worldwide Holdings Inc. | New | 0.12% | +0.12 |
| SPOT Spotify Technology SA | New | 0.08% | +0.08 |
| WING Wingstop Inc. | Add +7.0% | 2.80% | +0.06 |
| V Visa Inc. Class A | New | 0.04% | +0.04 |
| TLN Talen Energy Corp. | Add +8.4% | 3.56% | −0.13 |
| MSFT Microsoft Corp. | Add +2.1% | 4.38% | −0.17 |
| VST Vistra Corp. | Add +10.9% | 6.18% | −0.52 |
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 |