Stephen Mandel: Lone Pine Capital portfolio

From SEC 13F filings

Lone Pine Capital's US stock holdings from its latest 13F filing.

Stephen Mandel · Lone Pine Capital

Portfolio value

$16.4 B

Holdings

Quarter end

Q2 2026

Filed

14 Aug 2026

Top 10 holdings

53.9%

New / sold out

13 / 15

Stephen Mandel: what Lone Pine Capital reported holding on 30 Jun 2026, compared with Q1 2026. The filing on the SEC website · All investors

Top holdings · Q2 2026

Company	Value	% of portfolio%	Shares	Change
Nebius Group N.V. Class A	$1.2 B	7.2%	4.3 M	New
ASML Holding N.V. New York Registry Shares	$1.1 B	6.9%	569.2 K	-13.1%
Seagate Technology Holdings PLC (Ireland)	$965.1 M	5.9%	1 M	New
Home Depot, Inc.	$918.1 M	5.6%	2.6 M	New
Applied Materials, Inc.	$873.2 M	5.3%	1.2 M	New
Medline Inc. Class A	$827.0 M	5.1%	21 M	+77.9%
Linde plc	$808.6 M	4.9%	1.6 M	New
Teradyne, Inc.	$722.4 M	4.4%	1.5 M	-20.3%
Corning Incorporated	$696.8 M	4.3%	2.7 M	-26.6%
Carvana Co. Class A	$692.5 M	4.2%	10.5 M	+499.6%

New buys in Q2 2026

Company	Value	% of portfolio%	Shares	Change
Nebius Group N.V. Class A	$1.2 B	7.2%	4.3 M	New
Seagate Technology Holdings PLC (Ireland)	$965.1 M	5.9%	1 M	New
Home Depot, Inc.	$918.1 M	5.6%	2.6 M	New
Applied Materials, Inc.	$873.2 M	5.3%	1.2 M	New
Linde plc	$808.6 M	4.9%	1.6 M	New
TTM Technologies, Inc.	$512.1 M	3.1%	2.7 M	New
Sterling Infrastructure, Inc.	$511.7 M	3.1%	609.6 K	New
On Holding AG Class A	$470.4 M	2.9%	13.3 M	New
Bitdeer Technologies Group	$111.4 M	0.7%	7 M	New
SharonAI Holdings, Inc. Class A	$102.4 M	0.6%	1.2 M	New
Kodiak Gas Services, Inc.	$63.5 M	0.4%	845.1 K	New
Interactive Brokers Group, Inc. Class A	$50.3 M	0.3%	577.7 K	New
Sea Limited (ADR)	$47.4 M	0.3%	494.6 K	New

Sold out in Q2 2026

Company	Value before	% before%	Shares sold
Vistra Corp.	$930.2 M	7.4%	6.2 M
Talen Energy Corporation	$580.3 M	4.6%	1.8 M
Clean Harbors, Inc.	$503.2 M	4.0%	1.8 M
Tenet Healthcare Corporation	$426.2 M	3.4%	2.3 M
Capital One Financial Corporation	$413.6 M	3.3%	2.3 M
Entegris, Inc.	$365.2 M	2.9%	3.1 M
Ciena Corporation	$314.3 M	2.5%	809.5 K
Vulcan Materials Company (Holding Company)	$39.3 M	0.3%	144.2 K
Spotify Technology S.A.	$33.4 M	0.3%	68.8 K
Mastercard Incorporated	$28.6 M	0.2%	57.2 K
Amphenol Corporation	$28.2 M	0.2%	223.1 K
Hilton Worldwide Holdings Inc.	$27.1 M	0.2%	89.2 K
KKR & Co. Inc.	$16.6 M	0.1%	179.3 K
Booking Holdings Inc.	$10.1 M	0.1%	2,405
Boston Scientific Corporation	$6.6 M	0.1%	104.7 K

Biggest additions in Q2 2026

Company	Value	% of portfolio%	Shares	Change
Carvana Co. Class A	$692.5 M	4.2%	10.5 M	+499.6%
Medline Inc. Class A	$827.0 M	5.1%	21 M	+77.9%
Performance Food Group Company	$654.3 M	4.0%	5.9 M	+47.1%
Nu Holdings Ltd. Class A	$630.9 M	3.9%	47.2 M	+24.2%
US Foods Holding Corp.	$502.5 M	3.1%	4.9 M	+29.5%
TeraWulf Inc.	$596.4 M	3.6%	24.1 M	+21.2%
Visa Inc.	$56.9 M	0.3%	166 K	+78.9%
Alphabet Inc. Class A	$77.0 M	0.5%	215.6 K	+14.9%

Biggest cuts in Q2 2026

Company	Value	% of portfolio%	Shares	Change
Taiwan Semiconductor Manufacturing Company Ltd.	$48.4 M	0.3%	101.2 K	-92.7%
Carpenter Technology Corporation	$593.9 M	3.6%	962.8 K	-47.0%
Brookfield Corporation Class A Limited Voting Shares	$33.8 M	0.2%	792.7 K	-92.9%
Corning Incorporated	$696.8 M	4.3%	2.7 M	-26.6%
McKesson Corporation	$43.7 M	0.3%	57.9 K	-85.3%
LPL Financial Holdings Inc.	$343.4 M	2.1%	1.2 M	-40.5%
Applovin Corporation Class A	$537.0 M	3.3%	1 M	-28.9%
Teradyne, Inc.	$722.4 M	4.4%	1.5 M	-20.3%
ASML Holding N.V. New York Registry Shares	$1.1 B	6.9%	569.2 K	-13.1%
MasTec, Inc.	$559.7 M	3.4%	1.3 M	-12.1%

All holdings · 34

Company	Value	% of portfolio%	Shares	Change
Nebius Group N.V. Class A	$1.2 B	7.2%	4.3 M	New
ASML Holding N.V. New York Registry Shares	$1.1 B	6.9%	569.2 K	-13.1%
Seagate Technology Holdings PLC (Ireland)	$965.1 M	5.9%	1 M	New
Home Depot, Inc.	$918.1 M	5.6%	2.6 M	New
Applied Materials, Inc.	$873.2 M	5.3%	1.2 M	New
Medline Inc. Class A	$827.0 M	5.1%	21 M	+77.9%
Linde plc	$808.6 M	4.9%	1.6 M	New
Teradyne, Inc.	$722.4 M	4.4%	1.5 M	-20.3%
Corning Incorporated	$696.8 M	4.3%	2.7 M	-26.6%
Carvana Co. Class A	$692.5 M	4.2%	10.5 M	+499.6%
Hut 8 Corp.	$666.5 M	4.1%	5.8 M	-5.0%
Performance Food Group Company	$654.3 M	4.0%	5.9 M	+47.1%
Nu Holdings Ltd. Class A	$630.9 M	3.9%	47.2 M	+24.2%
TeraWulf Inc.	$596.4 M	3.6%	24.1 M	+21.2%
Carpenter Technology Corporation	$593.9 M	3.6%	962.8 K	-47.0%
MasTec, Inc.	$559.7 M	3.4%	1.3 M	-12.1%
Applovin Corporation Class A	$537.0 M	3.3%	1 M	-28.9%
TTM Technologies, Inc.	$512.1 M	3.1%	2.7 M	New
Sterling Infrastructure, Inc.	$511.7 M	3.1%	609.6 K	New
US Foods Holding Corp.	$502.5 M	3.1%	4.9 M	+29.5%
On Holding AG Class A	$470.4 M	2.9%	13.3 M	New
LPL Financial Holdings Inc.	$343.4 M	2.1%	1.2 M	-40.5%
Argan, Inc.	$294.4 M	1.8%	368.7 K	-6.2%
Bitdeer Technologies Group	$111.4 M	0.7%	7 M	New
SharonAI Holdings, Inc. Class A	$102.4 M	0.6%	1.2 M	New
Alphabet Inc. Class A	$77.0 M	0.5%	215.6 K	+14.9%
Kodiak Gas Services, Inc.	$63.5 M	0.4%	845.1 K	New
Visa Inc.	$56.9 M	0.3%	166 K	+78.9%
Interactive Brokers Group, Inc. Class A	$50.3 M	0.3%	577.7 K	New
Taiwan Semiconductor Manufacturing Company Ltd.	$48.4 M	0.3%	101.2 K	-92.7%
Sea Limited (ADR)	$47.4 M	0.3%	494.6 K	New
McKesson Corporation	$43.7 M	0.3%	57.9 K	-85.3%
Transdigm Group Incorporated	$38.0 M	0.2%	28.5 K	-20.0%
Brookfield Corporation Class A Limited Voting Shares	$33.8 M	0.2%	792.7 K	-92.9%

From Lone Pine Capital's 13F filing with the US SEC for the quarter ended 30 Jun 2026, filed 14 Aug 2026. A 13F shows long positions in US-listed stocks and listed options only (no short sales, cash, bonds outside the list or foreign shares) and is filed up to 45 days after the quarter ends, so the portfolio may have changed since. Change = shares now vs the previous quarter (stock splits allowed for). Call and put options are shown at the value of the shares they cover. Information only, not investment advice.

From SEC 13F filings, published up to 45 days after each quarter ends; shows long US stock positions only. Information only, not investment advice.

What does Stephen Mandel own?

Lone Pine Capital's latest 13F filing (quarter ended 30 Jun 2026, filed 14 Aug 2026) lists 34 holdings worth $16.4 B. The biggest is Nebius Group N.V. Class A, 7.2% of the portfolio.

What did Stephen Mandel buy and sell last quarter?

New positions: Nebius Group N.V. Class , Seagate Technology Holdings PLC (Ireland, Home Depot, Inc. Sold out: Vistra Corp, Talen Energy Corporatio, Clean Harbors, Inc.

When is the next 13F filing?

13F reports are due within 45 days of each quarter end: by about 15 February, 15 May, 14 August and 14 November.

What is a 13F filing?

A 13F is a quarterly report that every US investment manager with more than $100 million in US-listed stocks must file with the SEC. It lists the stocks (and listed options) the manager held at the end of the quarter: the number of shares and their value.

How up to date are these holdings?

Managers have up to 45 days after the end of each quarter to file, so a 13F shows the portfolio as it was on the last day of the quarter, six to fifteen weeks before you read it. The investor may have bought or sold since.

Does a 13F show everything an investor owns?

No. It shows long positions in US-listed stocks, ETFs and listed options only. Short sales, cash, most bonds, foreign shares, private companies and other assets are not included, and the SEC can let a manager keep a position confidential for a while.