Steve Mandel’s portfolio: Lone Pine Capital 13F holdings
Quarterly SEC 13F-HR filingsCIK 0001061165Latest: Q2 2026
Q4 2025 filing in brief
In its Q4 2025 13F, filed February 17, 2026, Lone Pine Capital reported $13.6B across 32 US positions. The largest: TSM (6.8%), VST (6.2%), CVNA (5.5%), LPLA (5.4%), BN (5.4%). In the quarter it opened 14 positions, sold out of 7, added to 9 and trimmed 7; positions opened and sold out came to 49% 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 Feb 17, 2026
- 14 New
- 9 Added
- 7 Trimmed
- 7 Exited
32 positions at December 31, 2025. Q/Q change compares shares with the preceding quarter.
| Row | Ticker | Issuer | Status | ||||
|---|---|---|---|---|---|---|---|
| 1 | TSM | TAIWAN SEMICONDUCTOR MFG LTD | $928M | 3.1M | 6.81% | 0.0% | Held |
| 2 | VST | VISTRA CORP | $841M | 5.2M | 6.18% | +10.9% | Added |
| 3 | CVNA | CARVANA CO | $751M | 1.8M | 5.52% | +0.8% | Held |
| 4 | LPLA | LPL FINL HLDGS INC | $741M | 2.1M | 5.44% | −8.0% | Trimmed |
| 5 | BN | BROOKFIELD CORP | $731M | 15.9M | 5.37% | +56.4% | Added |
| 6 | ASML | ASML HOLDING N V | $647M | 605.0K | 4.76% | — | New |
| 7 | KKR | KKR & CO INC | $638M | 5.0M | 4.68% | +22.6% | Added |
| 8 | AVGO | BROADCOM INC | $599M | 1.7M | 4.40% | +11.7% | Added |
| 9 | MSFT | MICROSOFT CORP | $597M | 1.2M | 4.38% | +2.1% | Added |
| 10 | DASH | DOORDASH INC | $573M | 2.5M | 4.21% | — | New |
| 11 | AMZN | AMAZON COM INC | $557M | 2.4M | 4.09% | −14.1% | Trimmed |
| 12 | COF | CAPITAL ONE FINL CORP | $556M | 2.3M | 4.09% | −10.7% | Trimmed |
| 13 | APP | APPLOVIN CORP | $526M | 780.5K | 3.86% | −29.6% | Trimmed |
| 14 | NU | NU HLDGS LTD | $496M | 29.6M | 3.64% | +16.6% | Added |
| 15 | MDLN | MEDLINE INC | $492M | 11.7M | 3.62% | — | New |
| 16 | TLN | TALEN ENERGY CORP | $484M | 1.3M | 3.56% | +8.4% | Added |
| 17 | VMC | VULCAN MATLS CO | $480M | 1.7M | 3.53% | +21.6% | Added |
| 18 | PM | PHILIP MORRIS INTL INC | $424M | 2.6M | 3.12% | −42.7% | Trimmed |
| 19 | CRS | CARPENTER TECHNOLOGY CORP | $413M | 1.3M | 3.04% | — | New |
| 20 | WING | WINGSTOP INC | $380M | 1.6M | 2.80% | +7.0% | Added |
| 21 | APH | AMPHENOL CORP NEW | $380M | 2.8M | 2.79% | −7.1% | Trimmed |
| 22 | THC | TENET HEALTHCARE CORP | $355M | 1.8M | 2.61% | — | New |
| 23 | CLH | CLEAN HARBORS INC | $323M | 1.4M | 2.37% | — | New |
| 24 | AFRM | AFFIRM HLDGS INC | $284M | 3.8M | 2.09% | — | New |
| 25 | ENTG | ENTEGRIS INC | $257M | 3.1M | 1.89% | — | New |
| 26 | MA | MASTERCARD INCORPORATED | $55M | 96.3K | 0.40% | — | New |
| 27 | TDG | TRANSDIGM GROUP INC | $26M | 19.2K | 0.19% | — | New |
| 28 | BKNG | BOOKING HOLDINGS INC | $25M | 4.6K | 0.18% | −85.1% | Trimmed |
| 29 | BSX | BOSTON SCIENTIFIC CORP | $19M | 201.7K | 0.14% | — | New |
| 30 | HLT | HILTON WORLDWIDE HLDGS INC | $17M | 57.8K | 0.12% | — | New |
| 31 | SPOT | SPOTIFY TECHNOLOGY S A | $10M | 17.8K | 0.08% | — | New |
| 32 | V | VISA INC | $5M | 15.2K | 0.04% | — | New |
7 exited positions
Positions held in the preceding quarter and absent from this filing. Values and shares are from the preceding quarter.
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.