SEC 13F Intelligence

Notable Investors / Q1 2026

Stephen Mandel’s Portfolio — LONE PINE CAPITAL LLC

Founder, Lone Pine Capital

CIK 0001061165 · Part of the Lone Pine family · TWO GREENWICH PLZ, SUITE 220, GREENWICH, CT, 06830 · 2036181400

About Stephen Mandel

Stephen Mandel founded Lone Pine Capital, long regarded as one of the finest fundamental growth shops of the Tiger-cub generation, built on deep business-quality research. He stepped back from day-to-day portfolio management in 2019; the firm's team continues the strategy.

Lone Pine's 13F concentrates in twenty to thirty high-growth franchises across software, internet, and consumer — a clean read on what elite growth investors consider the market's best businesses right now.

Portfolio data below is from LONE PINE CAPITAL LLC’s SEC 13F filings. View the full filer page →

Reported Value
$12.5B
Q1 2026
Positions
36
Filings on Record
32
2019–present window
Filed
May 15, 2026
original filing

Summary

Lone Pine Capital LLC reported $12.5B in U.S.-listed holdings across 36 positions for Q1 2026.

Its largest position, VST, represents 7.4% of the portfolio.

Compared with Q4 2025, the fund opened 11 new positions and exited 7.

Portfolio Metrics

Turnover
+38.4%
vs prior filed quarter
Top-10 Concentration
+51.6%
share of reported value
Largest Position
+7.4%
Vistra
New / Exited
11 / 7
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $14.8BQ4 ’18Q1 ’19: $17.1BQ2 ’19: $16.1BQ3 ’19: $17.0BQ4 ’19: $18.9BQ4 ’19Q1 ’20: $16.9BQ2 ’20: $19.8BQ3 ’20: $23.2BQ4 ’20: $27.5BQ4 ’20Q1 ’21: $27.5BQ2 ’21: $31.7BQ3 ’21: $29.7BQ4 ’21: $24.4BQ4 ’21Q1 ’22: $16.8BQ2 ’22: $10.6BQ3 ’22: $10.6BQ4 ’22: $10.5BQ4 ’22Q1 ’23: $10.8BQ2 ’23: $10.9BQ3 ’23: $10.4BQ4 ’23: $11.6BQ4 ’23Q1 ’24: $12.7BQ2 ’24: $12.3BQ3 ’24: $13.4BQ4 ’24: $13.5BQ4 ’24Q1 ’25: $11.6BQ2 ’25: $14.1BQ3 ’25: $13.7BQ4 ’25: $13.6BQ4 ’25Q1 ’26: $12.5Bfilingsflow.com

Portfolio Composition

By security type
Common Stock: 84.7%Other: 11.5%ADR: 3.7%
  • Common Stock · 84.7% · $10.6B
  • Other · 11.5% · $1.4B
  • ADR · 3.7% · $470M

Quarter-over-Quarter Changes full breakdown →

vs Q4 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
TERTERADYNE INCNEW+1.87M1.87M+$555M$555M
GLWCORNING INCNEW+3.72M3.72M+$506M$506M
MTZMASTEC INCNEW+1.53M1.53M+$493M$493M
USFDUS FOODS HLDG CORPNEW+3.80M3.80M+$350M$350M
PFGCPERFORMANCE FOOD GROUP CONEW+3.98M3.98M+$341M$341M
MCKMCKESSON CORPNEW+392.2K392.2K+$339M$339M
CIENCIENA CORPNEW+809.5K809.5K+$314M$314M
WULFTERAWULF INCNEW+19.92M19.92M+$287M$287M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q1 2026

36 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1VSTVISTRA CORPhistory →COM7.42%$930M6.19M
2ASML HLDG NVN Y REGISTRY SHS6.90%$865M655.1K
3CRSCARPENTER TECHNOLOGY CORPhistory →COM5.71%$717M1.82M
4LPLALPL FINL HLDGS INChistory →COM4.92%$617M2.05M
5APPAPPLOVIN CORPhistory →COM CL A4.65%$583M1.46M
6TLNTALEN ENERGY CORPhistory →COM4.63%$580M1.82M
7TERTERADYNE INChistory →COM4.43%$555M1.87M
8CVNACARVANA COhistory →CL A4.40%$552M1.75M
9NU HLDGS LTDORD SHS CL A4.35%$546M38.01M
10MDLNMEDLINE INChistory →COM CL A4.18%$525M11.79M
11GLWCORNING INChistory →COM4.03%$506M3.72M
12CLHCLEAN HARBORS INChistory →COM4.01%$503M1.75M
13MTZMASTEC INChistory →COM3.93%$493M1.53M
14TSMTAIWAN SEMICONDUCTOR MANUFAChistory →SPONSORED ADS3.74%$470M1.39M
15BNBROOKFIELD CORPhistory →CL A LTD VT SH3.62%$454M11.21M
16THCTENET HEALTHCARE CORPhistory →COM NEW3.40%$426M2.26M
17COFCAPITAL ONE FINL CORPhistory →COM3.30%$414M2.27M
18ENQENTEGRIS INChistory →COM2.91%$365M3.12M
19USFDUS FOODS HLDG CORPhistory →COM2.79%$350M3.80M
20PFGCPERFORMANCE FOOD GROUP COhistory →COM2.72%$341M3.98M
21MCKMCKESSON CORPhistory →COM2.71%$339M392.2K
22CIENCIENA CORPhistory →COM NEW2.51%$314M809.5K
23WULFTERAWULF INChistory →COM2.29%$287M19.92M
24HUTHUT 8 CORPhistory →COM2.27%$285M6.08M
25AGXARGAN INChistory →COM1.71%$214M393.1K
26GOOGLALPHABET INChistory →CAP STK CL A0.43%$54M187.6K
27T7DTRANSDIGM GROUP INChistory →COM0.33%$41M35.7K
28VMCVULCAN MATLS COhistory →COM0.31%$39M144.2K
29SPOTIFY TECHNOLOGY S ASHS0.27%$33M68.8K
30MAMASTERCARD INCORPORATEDhistory →CL A0.23%$29M57.2K
31APHAMPHENOL CORPhistory →CL A0.22%$28M223.1K
32VVISA INChistory →COM CL A0.22%$28M92.8K
33HLTHILTON WORLDWIDE HLDGS INChistory →COM0.22%$27M89.2K
34KKRKKR & CO INChistory →COM0.13%$17M179.3K
35BKNGBOOKING HOLDINGS INChistory →COM0.08%$10M2.4K
36BSXBOSTON SCIENTIFIC CORPhistory →COM0.05%$7M104.7K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$12.5B36May 15, 202613F-HRchanges · EDGAR ↗
Q4 2025$13.6B32Feb 17, 202613F-HRchanges · EDGAR ↗
Q3 2025$13.7B25Nov 14, 202513F-HRchanges · EDGAR ↗
Q2 2025$14.1B24Aug 14, 202513F-HRchanges · EDGAR ↗
Q1 2025$11.6B24May 15, 202513F-HRchanges · EDGAR ↗
Q4 2024$13.5B30Feb 14, 202513F-HRchanges · EDGAR ↗
Q3 2024$13.4B29Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$12.3B24Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$12.7B26May 15, 202413F-HRchanges · EDGAR ↗
Q4 2023$11.6B25Feb 14, 202413F-HRchanges · EDGAR ↗
Q3 2023$10.4B26Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$10.9B29Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$10.8B29May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022$10.5B30Feb 14, 202313F-HRchanges · EDGAR ↗
Q3 2022$10.6B31Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$10.6B30Aug 15, 202213F-HRchanges · EDGAR ↗
Q1 2022$16.8B30May 16, 202213F-HRchanges · EDGAR ↗
Q4 2021$24.4B29Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021$29.7B39Nov 15, 202113F-HRchanges · EDGAR ↗
Q2 2021$31.7B36Aug 16, 202113F-HRchanges · EDGAR ↗
Q1 2021$27.5B38May 18, 202113F-HRchanges · EDGAR ↗
Q4 2020$27.5B41Feb 16, 202113F-HRchanges · EDGAR ↗
Q3 2020$23.2B32Nov 16, 202013F-HRchanges · EDGAR ↗
Q2 2020$19.8B29Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$16.9B39May 15, 202013F-HRchanges · EDGAR ↗
Q4 2019$18.9B43Feb 14, 202013F-HRchanges · EDGAR ↗
Q3 2019$17.0B37Nov 14, 201913F-HRchanges · EDGAR ↗
Q2 2019$16.1B31Aug 14, 201913F-HRchanges · EDGAR ↗
Q1 2019$17.1B29May 15, 201913F-HRchanges · EDGAR ↗
Q4 2018$14.8B25Feb 14, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.