Steve Mandel’s portfolio: Lone Pine Capital 13F holdings
Quarterly SEC 13F-HR filingsCIK 0001061165Latest: Q2 2026
Q1 2025 filing in brief
In its Q1 2025 13F, filed May 15, 2025, Lone Pine Capital reported $11.6B across 24 US positions. The largest: META (8.8%), INTU (7.4%), AMZN (7.2%), MSFT (6.4%), SBUX (5.6%). In the quarter it opened 6 positions, sold out of 12, added to 10 and trimmed 7; positions opened and sold out came to 32.2% of the portfolio's value.
Methodology
Holdings come from the manager’s Form 13F-HR filings on SEC EDGAR, with amendments applied. Values and shares are reported at quarter-end; the filing date is when the report became public. These disclosures show reported long positions and listed options, not the manager’s entire portfolio or its trades since quarter-end.
Quarterly changes compare shares with the immediately preceding quarter on file. New and exited positions appear or disappear; added and trimmed positions change their share count by more than 1%. A share change can also reflect a stock split or other corporate action.
Opened and sold out is the value of new positions plus the prior value of exited positions, divided by the average of the two quarters’ reported portfolio values. It excludes changes to positions still held. Reported value growth includes price changes and is not a measure of investment performance. Largest-five and largest-ten weights exclude options.
Holdings
Filed May 15, 2025
- 6 New
- 10 Added
- 7 Trimmed
- 12 Exited
24 positions at March 31, 2025. Q/Q change compares shares with the preceding quarter.
| Row | Ticker | Issuer | Status | ||||
|---|---|---|---|---|---|---|---|
| 1 | META | META PLATFORMS INC | $1.0B | 1.8M | 8.75% | −13.7% | Trimmed |
| 2 | INTU | INTUIT | $862M | 1.4M | 7.44% | +21.4% | Added |
| 3 | AMZN | AMAZON COM INC | $828M | 4.4M | 7.15% | +14.9% | Added |
| 4 | MSFT | MICROSOFT CORP | $736M | 2.0M | 6.36% | +19.6% | Added |
| 5 | SBUX | STARBUCKS CORP | $648M | 6.6M | 5.60% | +2.1% | Added |
| 6 | TSM | TAIWAN SEMICONDUCTOR MFG LTD | $642M | 3.9M | 5.54% | +2.8% | Added |
| 7 | LPLA | LPL FINL HLDGS INC | $577M | 1.8M | 4.98% | −8.3% | Trimmed |
| 8 | COF | CAPITAL ONE FINL CORP | $569M | 3.2M | 4.92% | −1.8% | Trimmed |
| 9 | KKR | KKR & CO INC | $551M | 4.8M | 4.76% | +17.7% | Added |
| 10 | VST | VISTRA CORP | $541M | 4.6M | 4.67% | −14.0% | Trimmed |
| 11 | FLUT | FLUTTER ENTMT PLC | $492M | 2.2M | 4.25% | +16.1% | Added |
| 12 | CVNA | CARVANA CO | $484M | 2.3M | 4.18% | — | New |
| 13 | PM | PHILIP MORRIS INTL INC | $478M | 3.0M | 4.12% | −53.5% | Trimmed |
| 14 | CRM | SALESFORCE INC | $465M | 1.7M | 4.01% | +10.6% | Added |
| 15 | LLY | ELI LILLY & CO | $456M | 551.8K | 3.94% | −29.5% | Trimmed |
| 16 | APP | APPLOVIN CORP | $422M | 1.6M | 3.65% | +46.9% | Added |
| 17 | TOL | TOLL BROTHERS INC | $401M | 3.8M | 3.47% | — | New |
| 18 | ASML | ASML HOLDING N V | $386M | 582.4K | 3.33% | +31.8% | Added |
| 19 | CDNS | CADENCE DESIGN SYSTEM INC | $310M | 1.2M | 2.68% | — | New |
| 20 | ARES | ARES MANAGEMENT CORPORATION | $235M | 1.6M | 2.03% | −4.3% | Trimmed |
| 21 | TLN | TALEN ENERGY CORP | $218M | 1.1M | 1.88% | 0.0% | Held |
| 22 | WING | WINGSTOP INC | $101M | 449.1K | 0.87% | — | New |
| 23 | APP | APPLOVIN CORPcall option | $84M | 315.6K | 0.72% | — | New |
| 24 | CVNA | CARVANA COcall option | $80M | 383.5K | 0.69% | — | New |
12 exited positions
Positions held in the preceding quarter and absent from this filing. Values and shares are from the preceding quarter.
| Ticker | Issuer | Previous value | Previous shares |
|---|---|---|---|
| PTC | PTC INC | $428M | 2.3M |
| SPOT | SPOTIFY TECHNOLOGY S A | $409M | 913.6K |
| WDAY | WORKDAY INC | $398M | 1.5M |
| CEG | CONSTELLATION ENERGY CORP | $389M | 1.7M |
| HWM | HOWMET AEROSPACE INC | $335M | 3.1M |
| XYZ | BLOCK INC | $320M | 3.8M |
| LEN | LENNAR CORP | $234M | 1.7M |
| — | BITDEER TECHNOLOGIES GROUP | $21M | 986.7K |
| HUT | HUT 8 CORP | $14M | 692.8K |
| CIFR | CIPHER MINING INC | $11M | 2.3M |
| WULF | TERAWULF INC | $8M | 1.5M |
| — | IREN LIMITED | $7M | 711.8K |
Every quarter on file (53)
From the manager’s Form 13F-HR filings on SEC EDGAR, amendments applied. Long US positions only; not a recommendation.