# Stephen Mandel — Lone Pine Capital

Portfolio USD 16,357,763,000 · 34 positions · 2026 Q2 · history from 2008 Q1.
Source: quarterly 13F filings via dataroma.com. Page: https://gigainvestors.com/LPC

## Positions (2026 Q2)

| Ticker | Company | % of portfolio | Value | This quarter | Holders |
|---|---|---:|---:|---|---:|
| YNDX | Yandex N.V. | 7.2% | USD 1,175,934,000 | new |  |
| ASML | ASML Holding NV | 6.9% | USD 1,132,338,000 | -13.12% |  |
| STX | Seagate Technology | 5.9% | USD 965,105,000 | new |  |
| HD | Home Depot | 5.6% | USD 918,093,000 | new |  |
| AMAT | Applied Materials | 5.3% | USD 873,194,000 | new |  |
| MDLN | Medline Inc Cl A | 5.1% | USD 826,992,000 | +77.86% |  |
| LIN | Linde plc | 4.9% | USD 808,551,000 | new |  |
| TER | Teradyne Inc. | 4.4% | USD 722,412,000 | -20.28% |  |
| GLW | Corning Inc. | 4.3% | USD 696,828,000 | -26.63% |  |
| CVNA | Carvana Co. | 4.2% | USD 692,470,000 | +19.91% |  |
| HUT | Hut 8 Corp | 4.1% | USD 666,469,000 | -5.03% |  |
| PFGC | Performance Food Group | 4.0% | USD 654,278,000 | +47.12% |  |
| NU | Nu Holdings Ltd | 3.9% | USD 630,855,000 | +24.23% |  |
| WULF | Terawulf Inc | 3.7% | USD 596,372,000 | +21.2% |  |
| CRS | Carpenter Technology | 3.6% | USD 593,918,000 | -47.04% |  |
| MTZ | MasTec Inc. | 3.4% | USD 559,666,000 | -12.14% |  |
| APP | Applovin Corp. | 3.3% | USD 537,008,000 | -28.85% |  |
| TTMI | TTM Technologies Inc. | 3.1% | USD 512,075,000 | new |  |
| STRL | Sterling Construction Co. Inc. | 3.1% | USD 511,710,000 | new |  |
| USFD | US Foods Holding Corp. | 3.1% | USD 502,507,000 | +29.47% |  |
| ONON | On Holding AG | 2.9% | USD 470,379,000 | new |  |
| LPLA | LPL Financial Holdings Inc. | 2.1% | USD 343,396,000 | -40.53% |  |
| AGX | Argan Inc. | 1.8% | USD 294,404,000 | -6.22% |  |
| BTDR | Bitdeer Technologies Group A | 0.7% | USD 111,408,000 | new |  |
| SHAZ | Sharonai Holdings Inc | 0.6% | USD 102,426,000 | new |  |
| GOOGL | Alphabet Inc. | 0.5% | USD 77,040,000 | +14.94% |  |
| KGS | Kodiak Gas Services Inc | 0.4% | USD 63,490,000 | new |  |
| V | Visa Inc. | 0.4% | USD 56,939,000 | +78.88% |  |
| IBKR | Interactive Brokers Group Inc. | 0.3% | USD 50,280,000 | new |  |
| TSM | Taiwan Semiconductor S.A. | 0.3% | USD 48,350,000 | -92.71% |  |
| SE | Sea Ltd | 0.3% | USD 47,396,000 | new |  |
| MCK | McKesson Corp. | 0.3% | USD 43,712,000 | -85.25% |  |
| TDG | TransDigm Group Inc. | 0.2% | USD 38,006,000 | -20.03% |  |
| BN | Brookfield Corp. | 0.2% | USD 33,762,000 | -92.93% |  |

## Moves this quarter (49)

- YNDX Yandex N.V.: new (USD 1,175,934,000)
- ASML ASML Holding NV: -13.12% (USD 1,132,338,000)
- STX Seagate Technology: new (USD 965,105,000)
- VST Vistra Corp.: sold (USD 930,179,653)
- HD Home Depot: new (USD 918,093,000)
- AMAT Applied Materials: new (USD 873,194,000)
- MDLN Medline Inc Cl A: +77.86% (USD 826,992,000)
- LIN Linde plc: new (USD 808,551,000)
- TER Teradyne Inc.: -20.28% (USD 722,412,000)
- GLW Corning Inc.: -26.63% (USD 696,828,000)
- CVNA Carvana Co.: +19.91% (USD 692,470,000)
- HUT Hut 8 Corp: -5.03% (USD 666,469,000)
- PFGC Performance Food Group: +47.12% (USD 654,278,000)
- NU Nu Holdings Ltd: +24.23% (USD 630,855,000)
- WULF Terawulf Inc: +21.2% (USD 596,372,000)
- CRS Carpenter Technology: -47.04% (USD 593,918,000)
- TLN Talen Energy Corp: sold (USD 580,343,221)
- MTZ MasTec Inc.: -12.14% (USD 559,666,000)
- APP Applovin Corp.: -28.85% (USD 537,008,000)
- TTMI TTM Technologies Inc.: new (USD 512,075,000)
- STRL Sterling Construction Co. Inc.: new (USD 511,710,000)
- CLH Clean Harbors Inc.: sold (USD 503,196,814)
- USFD US Foods Holding Corp.: +29.47% (USD 502,507,000)
- ONON On Holding AG: new (USD 470,379,000)
- THC Tenet Healthcare Corp.: sold (USD 426,242,485)
- COF Capital One Financial: sold (USD 413,579,026)
- ENTG Entegris Inc.: sold (USD 365,208,931)
- LPLA LPL Financial Holdings Inc.: -40.53% (USD 343,396,000)
- CIEN Ciena Corp.: sold (USD 314,280,726)
- AGX Argan Inc.: -6.22% (USD 294,404,000)
- BTDR Bitdeer Technologies Group A: new (USD 111,408,000)
- SHAZ Sharonai Holdings Inc: new (USD 102,426,000)
- GOOGL Alphabet Inc.: +14.94% (USD 77,040,000)
- KGS Kodiak Gas Services Inc: new (USD 63,490,000)
- V Visa Inc.: +78.88% (USD 56,939,000)
- IBKR Interactive Brokers Group Inc.: new (USD 50,280,000)
- TSM Taiwan Semiconductor S.A.: -92.71% (USD 48,350,000)
- SE Sea Ltd: new (USD 47,396,000)
- MCK McKesson Corp.: -85.25% (USD 43,712,000)
- VMC Vulcan Materials: sold (USD 39,259,942)
- TDG TransDigm Group Inc.: -20.03% (USD 38,006,000)
- BN Brookfield Corp.: -92.93% (USD 33,762,000)
- SPOT Spotify Technology S.A.: sold (USD 33,383,144)
- MA Mastercard Inc.: sold (USD 28,581,052)
- APH Amphenol Corp.: sold (USD 28,186,663)
- HLT Hilton Worldwide Holdings: sold (USD 27,138,836)
- KKR KKR & Co. L.P.: sold (USD 16,585,990)
- BKNG Booking Holdings Inc.: sold (USD 10,126,253)
- BSX Boston Scientific: sold (USD 6,567,101)

## Portfolio value by quarter

- 2008 Q1: USD 7,010,880,108 (7 positions)
- 2008 Q2: USD 6,825,239,940 (8 positions)
- 2008 Q3: USD 5,178,991,822 (4 positions)
- 2008 Q4: USD 5,829,821,185 (6 positions)
- 2009 Q1: USD 6,312,613,791 (7 positions)
- 2009 Q2: USD 7,021,486,071 (6 positions)
- 2009 Q3: USD 7,728,880,877 (4 positions)
- 2009 Q4: USD 9,802,039,544 (2 positions)
- 2010 Q1: USD 10,307,105,941 (7 positions)
- 2010 Q2: USD 9,328,014,095 (9 positions)
- 2010 Q3: USD 10,733,934,762 (11 positions)
- 2010 Q4: USD 11,279,384,219 (6 positions)
- 2011 Q1: USD 12,105,997,723 (6 positions)
- 2011 Q2: USD 12,899,639,451 (7 positions)
- 2011 Q3: USD 12,014,657,210 (6 positions)
- 2011 Q4: USD 13,065,512,794 (6 positions)
- 2012 Q1: USD 15,516,646,153 (6 positions)
- 2012 Q2: USD 15,708,164,650 (6 positions)
- 2012 Q3: USD 15,494,441,988 (5 positions)
- 2012 Q4: USD 15,498,912,313 (9 positions)
- 2013 Q1: USD 18,638,007,559 (9 positions)
- 2013 Q2: USD 19,485,320,537 (9 positions)
- 2013 Q3: USD 20,973,390,195 (10 positions)
- 2013 Q4: USD 21,562,540,077 (8 positions)
- 2014 Q1: USD 22,264,210,382 (14 positions)
- 2014 Q2: USD 24,004,714,141 (14 positions)
- 2014 Q3: USD 25,009,448,273 (16 positions)
- 2014 Q4: USD 23,416,705,582 (17 positions)
- 2015 Q1: USD 23,425,219,242 (14 positions)
- 2015 Q2: USD 22,507,981,931 (14 positions)
- 2015 Q3: USD 22,388,116,333 (14 positions)
- 2015 Q4: USD 22,438,838,256 (17 positions)
- 2016 Q1: USD 19,659,972,935 (16 positions)
- 2016 Q2: USD 21,629,332,989 (16 positions)
- 2016 Q3: USD 22,358,389,909 (16 positions)
- 2016 Q4: USD 19,103,872,939 (16 positions)
- 2017 Q1: USD 19,007,166,922 (14 positions)
- 2017 Q2: USD 19,655,768,910 (16 positions)
- 2017 Q3: USD 20,299,612,099 (17 positions)
- 2017 Q4: USD 19,146,728,596 (22 positions)
- 2018 Q1: USD 19,744,979,681 (22 positions)
- 2018 Q2: USD 18,911,639,199 (22 positions)
- 2018 Q3: USD 19,440,872,828 (21 positions)
- 2018 Q4: USD 14,774,014,820 (24 positions)
- 2019 Q1: USD 17,107,383,918 (29 positions)
- 2019 Q2: USD 16,088,149,079 (31 positions)
- 2019 Q3: USD 16,993,812,569 (37 positions)
- 2019 Q4: USD 18,668,591,477 (41 positions)
- 2020 Q1: USD 16,427,148,067 (38 positions)
- 2020 Q2: USD 19,475,127,759 (28 positions)
- 2020 Q3: USD 23,285,350,321 (32 positions)
- 2020 Q4: USD 27,518,091,358 (41 positions)
- 2021 Q1: USD 27,533,928,801 (38 positions)
- 2021 Q2: USD 31,029,462,312 (35 positions)
- 2021 Q3: USD 29,670,718,317 (39 positions)
- 2021 Q4: USD 24,411,303,462 (29 positions)
- 2022 Q1: USD 16,804,893,159 (29 positions)
- 2022 Q2: USD 10,610,786,641 (29 positions)
- 2022 Q3: USD 10,611,417,668 (30 positions)
- 2022 Q4: USD 10,478,785,207 (30 positions)
- 2023 Q1: USD 10,800,750,417 (29 positions)
- 2023 Q2: USD 10,910,106,830 (29 positions)
- 2023 Q3: USD 10,371,381,602 (26 positions)
- 2023 Q4: USD 11,561,118,458 (25 positions)
- 2024 Q1: USD 12,666,376,403 (26 positions)
- 2024 Q2: USD 12,331,778,047 (24 positions)
- 2024 Q3: USD 13,404,309,455 (29 positions)
- 2024 Q4: USD 13,463,227,853 (30 positions)
- 2025 Q1: USD 11,413,228,592 (22 positions)
- 2025 Q2: USD 13,811,639,419 (22 positions)
- 2025 Q3: USD 13,744,342,641 (25 positions)
- 2025 Q4: USD 13,611,101,957 (32 positions)
- 2026 Q1: USD 12,541,376,287 (36 positions)
- 2026 Q2: USD 16,357,763,000 (34 positions)