Lone Pine Capital
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 15, 2026), Stephen Mandel's Lone Pine Capital reported 36 stock positions worth $12.5 billion. Its top holding was Vistra (VST) at 7.4% of the portfolio, followed by ASML Holding NV-NY Reg SHS (ASML, 6.9%) and Carpenter Technology (CRS, 5.7%). Compared with Q4 2025, it opened 11 new positions, sold out of 7, added to 14 and reduced 11. The biggest buy was a new position in Teradyne (TER) and the biggest sale KKR (KKR, shares −96%).
- Most Recent 13F
- Q2 2026
- Notable People
- Stephen Mandel
- Location
- GREENWICH, CT
- CIK
- 0001061165
- Portfolio Value
- $12.5B (Q1 2026)
- SEC Filing
- 0000919574-26-003439 ↗ filed May 15, 2026
Holdings Value
Holdings 36 stocks · $12.5B
| VST Vistra Corp. | 7.42% | 6,187,585 | $930.2M | Add +18.7% |
| ASML ASML Holding NV-NY Reg SHS filed as ASML HLDG NV | 6.90% | 655,148 | $865.3M | Add +8.3% |
| CRS Carpenter Technology | 5.71% | 1,817,940 | $716.5M | Add +38.5% |
| LPLA LPL Financial Holdings Inc. | 4.92% | 2,049,967 | $616.7M | Reduce -1.2% |
| APP AppLovin Corp. Class A | 4.65% | 1,464,923 | $583.0M | Add +87.7% |
| TLN Talen Energy Corp. | 4.63% | 1,817,947 | $580.3M | Add +40.6% |
| TER Teradyne Inc. | 4.43% | 1,872,876 | $555.2M | New |
| CVNA Carvana Co. | 4.40% | 1,754,709 | $551.6M | Reduce -1.4% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 4.35% | 38,011,225 | $546.2M | Add +28.3% |
| MDLN Medline Inc. Class A | 4.18% | 11,789,156 | $524.6M | Add +0.6% |
| GLW Corning Inc. | 4.03% | 3,718,147 | $505.6M | New |
| CLH Clean Harbors Inc. | 4.01% | 1,754,950 | $503.2M | Add +27.3% |
| MTZ Mastec Inc. | 3.93% | 1,531,050 | $492.6M | New |
| TSM Taiwan Semiconductor-SP ADR | 3.74% | 1,389,530 | $469.6M | Reduce -54.5% |
| BN Brookfield Corp. | 3.62% | 11,208,969 | $453.6M | Reduce -29.6% |
| THC Tenet Healthcare Corp. | 3.40% | 2,258,717 | $426.2M | Add +26.4% |
| COF Capital One Financial Corp. | 3.30% | 2,267,056 | $413.6M | Reduce -1.2% |
| ENTG Entegris Inc. | 2.91% | 3,115,054 | $365.2M | Add +2.0% |
| USFD US Foods Holding Corp. | 2.79% | 3,795,998 | $350.0M | New |
| PFGC Performance Food Group Co. | 2.72% | 3,978,158 | $340.8M | New |
| MCK McKesson Corp. | 2.71% | 392,224 | $339.4M | New |
| CIEN Ciena Corp. | 2.51% | 809,522 | $314.3M | New |
| WULF Terawulf Inc. | 2.29% | 19,921,430 | $287.5M | New |
| HUT Hut 8 Corp. | 2.27% | 6,078,951 | $285.2M | New |
| AGX Argan Inc. | 1.71% | 393,134 | $214.1M | New |
| GOOGL Alphabet Inc. Class A | 0.43% | 187,561 | $53.9M | New |
| TDG Transdigm Group Inc. | 0.33% | 35,677 | $41.3M | Add +85.5% |
| VMC Vulcan Materials Co. | 0.31% | 144,179 | $39.3M | Reduce -91.4% |
| SPOT Spotify Technology SA | 0.27% | 68,844 | $33.4M | Add +287.6% |
| MA Mastercard Inc. Class A | 0.23% | 57,201 | $28.6M | Reduce -40.6% |
| APH Amphenol Corp. Class A | 0.22% | 223,084 | $28.2M | Reduce -92.1% |
| V Visa Inc. Class A | 0.22% | 92,775 | $28.0M | Add +509.7% |
| HLT Hilton Worldwide Holdings Inc. | 0.22% | 89,249 | $27.1M | Add +54.4% |
| KKR KKR & Co. Inc. | 0.13% | 179,308 | $16.6M | Reduce -96.4% |
| BKNG Booking Holdings Inc. | 0.08% | 2,405 | $10.1M | Reduce -48.1% |
| BSX Boston Scientific Corp. | 0.05% | 104,655 | $6.6M | Reduce -48.1% |
Portfolio Sells Q4 2025 → Q1 2026
| KKR KKR & Co. Inc. | Reduce -96.4% | 0.13% | −4.55 |
| AVGO Broadcom Inc. | Sold out | 0.00% | −4.40 |
| MSFT Microsoft Corp. | Sold out | 0.00% | −4.38 |
| DASH DoorDash Inc. Class A | Sold out | 0.00% | −4.21 |
| AMZN Amazon.com Inc. | Sold out | 0.00% | −4.09 |
| VMC Vulcan Materials Co. | Reduce -91.4% | 0.31% | −3.22 |
| PM Philip Morris International | Sold out | 0.00% | −3.12 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -54.5% | 3.74% | −3.07 |
| WING Wingstop Inc. | Sold out | 0.00% | −2.80 |
| APH Amphenol Corp. Class A | Reduce -92.1% | 0.22% | −2.56 |
| AFRM Affirm Holdings Inc. | Sold out | 0.00% | −2.09 |
| BN Brookfield Corp. | Reduce -29.6% | 3.62% | −1.75 |
| CVNA Carvana Co. | Reduce -1.4% | 4.40% | −1.12 |
| COF Capital One Financial Corp. | Reduce -1.2% | 3.30% | −0.79 |
| LPLA LPL Financial Holdings Inc. | Reduce -1.2% | 4.92% | −0.53 |
| MA Mastercard Inc. Class A | Reduce -40.6% | 0.23% | −0.18 |
| BKNG Booking Holdings Inc. | Reduce -48.1% | 0.08% | −0.10 |
| BSX Boston Scientific Corp. | Reduce -48.1% | 0.05% | −0.09 |
Portfolio Buys Q4 2025 → Q1 2026
| TER Teradyne Inc. | New | 4.43% | +4.43 |
| GLW Corning Inc. | New | 4.03% | +4.03 |
| MTZ Mastec Inc. | New | 3.93% | +3.93 |
| USFD US Foods Holding Corp. | New | 2.79% | +2.79 |
| PFGC Performance Food Group Co. | New | 2.72% | +2.72 |
| MCK McKesson Corp. | New | 2.71% | +2.71 |
| CRS Carpenter Technology | Add +38.5% | 5.71% | +2.68 |
| CIEN Ciena Corp. | New | 2.51% | +2.51 |
| WULF Terawulf Inc. | New | 2.29% | +2.29 |
| HUT Hut 8 Corp. | New | 2.27% | +2.27 |
| ASML ASML Holding NV-NY Reg SHS | Add +8.3% | 6.90% | +2.14 |
| AGX Argan Inc. | New | 1.71% | +1.71 |
| CLH Clean Harbors Inc. | Add +27.3% | 4.01% | +1.64 |
| VST Vistra Corp. | Add +18.7% | 7.42% | +1.24 |
| TLN Talen Energy Corp. | Add +40.6% | 4.63% | +1.07 |
| ENTG Entegris Inc. | Add +2.0% | 2.91% | +1.02 |
| THC Tenet Healthcare Corp. | Add +26.4% | 3.40% | +0.79 |
| APP AppLovin Corp. Class A | Add +87.7% | 4.65% | +0.78 |
| NU Nu Holdings Ltd./Cayman Isl-A | Add +28.3% | 4.35% | +0.71 |
| MDLN Medline Inc. Class A | Add +0.6% | 4.18% | +0.57 |
| GOOGL Alphabet Inc. Class A | New | 0.43% | +0.43 |
| SPOT Spotify Technology SA | Add +287.6% | 0.27% | +0.19 |
| V Visa Inc. Class A | Add +509.7% | 0.22% | +0.18 |
| TDG Transdigm Group Inc. | Add +85.5% | 0.33% | +0.14 |
| HLT Hilton Worldwide Holdings Inc. | Add +54.4% | 0.22% | +0.09 |
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 |