Stephen Mandel portfolio: holdings and latest trades
The stocks Lone Pine Capital reported in its latest 13F filing, for Q2 2026: 34 positions worth about $16.4B, what was bought and sold in the quarter, and who Mandel is.
Data updated August 14, 2026 (13F for Q2 2026)
- 13F portfolio value
- $16.4B
- Positions
- 34
- Top 10 holdings
- 52%
- Change in value vs previous quarter
- +31.2%
Stephen Mandel top holdings (Q2 2026)
| # | Stock | % of portfolio | Value | Last quarter |
|---|---|---|---|---|
| 1 | NBIS Nebius Group N.V. | 7.2% | $1.2B | New |
| 2 | ASML Asml Hldg Nv | 6.9% | $1.1B | Trimmed 13% |
| 3 | HD Home Depot Inc | 5.6% | $918M | New |
| 4 | AMAT Applied Materials Inc | 5.3% | $873M | New |
| 5 | MDLN Medline Inc-Cl A | 5.1% | $827M | Added 78% |
| 6 | LIN Linde Plc | 4.9% | $809M | New |
| 7 | TER Teradyne Inc | 4.4% | $722M | Trimmed 20% |
| 8 | GLW Corning Inc | 4.3% | $697M | Trimmed 27% |
| 9 | CVNA Carvana Co | 4.2% | $692M | Added 500% |
| 10 | HUT Hut 8 Corp | 4.1% | $666M | Trimmed 5% |
| 11 | PFGC Performance Food Group Co | 4.0% | $654M | Added 47% |
| 12 | NU Nu Hldgs Ltd | 3.9% | $631M | Added 24% |
| 13 | WULF Terawulf Inc | 3.6% | $596M | Added 21% |
| 14 | CRS Carpenter Technology | 3.6% | $594M | Trimmed 47% |
| 15 | MTZ Mastec Inc | 3.4% | $560M | Trimmed 12% |
| 16 | APP Applovin Corp-Class A | 3.3% | $537M | Trimmed 29% |
| 17 | TTMI Ttm Technologies | 3.1% | $512M | New |
| 18 | STRL Sterling Infrastructure Inc | 3.1% | $512M | New |
| 19 | USFD Us Foods Holding Corp | 3.1% | $503M | Added 30% |
| 20 | ONON On Hldg Ag | 2.9% | $470M | New |
| 21 | LPLA Lpl Financial Holdings Inc | 2.1% | $343M | Trimmed 40% |
| 22 | AGX Argan Inc | 1.8% | $294M | Trimmed 6% |
| 23 | BTDR Bitdeer Technologies Group | 0.7% | $111M | New |
| 24 | SHAZ Sharonai Holdings Inc | 0.6% | $102M | New |
| 25 | GOOGL Alphabet Inc-Cl A | 0.5% | $77M | Added 15% |
| 26 | KGS Kodiak Gas Services Inc | 0.4% | $63M | New |
| 27 | V Visa Inc-Class A Shares | 0.3% | $57M | Added 79% |
| 28 | IBKR Interactive Brokers Gro-Cl A | 0.3% | $50M | New |
| 29 | TSM Taiwan Semiconductor-Sp ADR | 0.3% | $48M | Trimmed 93% |
| 30 | SE Sea Ltd-ADR | 0.3% | $47M | New |
Showing the 30 largest of 34 positions.
What Mandel bought and sold in Q2 2026
Bought or added
- NBIS Nebius Group N.V.New
- — Seagate Technology Hldngs PlNew
- HD Home Depot IncNew
- AMAT Applied Materials IncNew
- LIN Linde PlcNew
- CVNA Carvana CoAdded 500%
- TTMI Ttm TechnologiesNew
- STRL Sterling Infrastructure IncNew
- ONON On Hldg AgNew
- MDLN Medline Inc-Cl AAdded 78%
Sold or reduced
- VST Vistra CorpSold out
- TSM Taiwan Semiconductor-Sp ADRTrimmed 93%
- TLN Talen Energy CorpSold out
- CRS Carpenter TechnologyTrimmed 47%
- CLH Clean Harbors IncSold out
- BN Brookfield CorpTrimmed 93%
- THC Tenet Healthcare CorpSold out
- COF Capital One Financial CorpSold out
- ENTG Entegris IncSold out
- CIEN Ciena CorpSold out
Changes in number of shares against the 13F for the previous quarter (Q1 2026), largest first.
Who is Stephen Mandel
- Role
- Founder of Lone Pine Capital
- Fund
- Lone Pine Capital, founded 1997
- Investment style
- Fundamental long/short equity; a “Tiger cub”.
- Known for
- A Tiger Management “cub”
Stephen Mandel was a senior analyst at Julian Robertson’s Tiger Management before founding Lone Pine Capital in 1997. He later stepped back from day-to-day portfolio management, leaving the firm to a group of portfolio managers.
Lone Pine’s 13F shows a concentrated list of large-cap growth and consumer companies.
- •A Tiger Management “cub”
- •Concentrated long book of large growth companies
- •Fundamental stock picking
How to read 13F data
A 13F filing lists the US-listed stocks, ETFs and some options a manager held at the end of a quarter. It is filed up to 45 days after the quarter ends, so positions may have changed since. It does not show short positions, bonds, cash, foreign-listed shares or private investments, so for many funds it is only part of the picture.
Questions
What stocks does Stephen Mandel own?
According to the 13F filing of Lone Pine Capital for Q2 2026 (period ending June 30, 2026), the largest holdings were Nebius Group N.V. (NBIS) 7.2%, Asml Hldg Nv (ASML) 6.9%, Home Depot Inc (HD) 5.6%, Applied Materials Inc (AMAT) 5.3%, Medline Inc-Cl A (MDLN) 5.1%, out of 34 positions worth about $16.4B.
What did Mandel buy and sell last quarter?
New or larger positions in Q2 2026: NBIS, Seagate Technology Hldngs Pl, HD, AMAT, LIN, CVNA. Sold or reduced: VST, TSM, TLN, CRS, CLH, BN. Changes are measured in shares against the previous quarter’s filing.
How up to date is Lone Pine Capital’s portfolio?
13F filings are due within 45 days after each quarter ends. This page shows the filing made on August 14, 2026 for the quarter ended June 30, 2026; the fund may have traded since.
What does a 13F filing leave out?
A 13F filing lists the US-listed stocks, ETFs and some options a manager held at the end of a quarter. It is filed up to 45 days after the quarter ends, so positions may have changed since. It does not show short positions, bonds, cash, foreign-listed shares or private investments, so for many funds it is only part of the picture.
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Source: SEC Form 13F-HR filings via EDGAR. Holdings are as reported by the manager for the quarter shown and may have changed since. Educational content, not investment advice: MEDGE Capital does not recommend buying or selling any security. Risk disclaimer.