Hedge Fund · CIK 0001061165

Stephen Mandel

Lone Pine Capital
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Stephen Mandel runs Lone Pine Capital, a hedge fund overseeing $13.61B in disclosed equity holdings (SEC CIK 0001061165). The latest portfolio (2025Q4) discloses 32 positions across 9 sectors, with the largest positions in TSM, VST and CVNA. On a mark-to-market basis the tracked portfolio has returned 31.7% over the past year. OpenStocks tracks 40 consecutive quarterly snapshots for this manager — every position change, new entry, and exit is logged below.

Track Stephen's filingsView holdings
Portfolio
$13.61B
Positions
32
Quarter
2025Q4
Filings tracked
40
1Y+31.7%3Y+205.7%5Y+151.8%Full performance →
Quarter
2025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q22023Q1

Holdings

Sorted by value · 2025Q4
32 positions
1
TSMTAIWAN SEMICONDUCTOR MFG LTDADR
Technology·Semiconductors
6.81%
of portfolio
Number of shares
3,052,400 sh
Holdings current value
$927.59M
Avg closing price
$60.48
+500.8%
Last action
Trimmed 11.2%
2025Q3
Current $363.35
2
VSTVISTRA CORP
Utilities·Utilities - Independent Power Producers
6.18%
of portfolio
Number of shares
5,211,885 sh
Holdings current value
$840.83M
Avg closing price
$111.59
+48.3%
Last action
Added 10.9%
2025Q4
Current $165.53
3
CVNACARVANA CO
Consumer Cyclical·Auto & Truck Dealerships
5.52%
of portfolio
Number of shares
1,779,328 sh
Holdings current value
$750.91M
Avg closing price
$182.26
+98.7%
Last action
Added 0.8%
2025Q4
Current $362.24
4
LPLALPL FINL HLDGS INC
Financial Services·Capital Markets
5.44%
of portfolio
Number of shares
2,074,948 sh
Holdings current value
$741.11M
Avg closing price
$229.03
+36.5%
Last action
Trimmed 8.0%
2025Q4
Current $312.57
5
BNBROOKFIELD CORP
Financial Services·Asset Management
5.37%
of portfolio
Number of shares
15,923,360 sh
Holdings current value
$730.72M
Avg closing price
$58.02
-20.8%
Last action
Added 56.4%
2025Q4
Current $45.95
6
ASMLASML HOLDING N V
Technology·Semiconductor Equipment & Materials
4.76%
of portfolio
Number of shares
605,017 sh
Holdings current value
$647.28M
Avg closing price
$735.37
+91.9%
Last action
New holding
2025Q4
Current $1411
7
KKRKKR & CO INC
Financial Services·Asset Management
4.68%
of portfolio
Number of shares
5,001,085 sh
Holdings current value
$637.54M
Avg closing price
$82.46
+23.7%
Last action
Added 22.6%
2025Q4
Current $102.02
8
AVGOBROADCOM INC
Technology·Semiconductors
4.40%
of portfolio
Number of shares
1,730,216 sh
Holdings current value
$598.83M
Avg closing price
$331.60
+20.2%
Last action
Added 11.7%
2025Q4
Current $398.47
9
MSFTMICROSOFT CORP
Technology·Software - Infrastructure
4.38%
of portfolio
Number of shares
1,234,125 sh
Holdings current value
$596.85M
Avg closing price
$218.62
+93.4%
Last action
Added 2.1%
2025Q4
Current $422.79
10
DASHDOORDASH INC
Consumer Cyclical·Internet Retail
4.21%
of portfolio
Number of shares
2,529,879 sh
Holdings current value
$572.97M
Avg closing price
$140.23
+27.9%
Last action
New holding
2025Q4
Current $179.33
11
AMZNAMAZON COM INC
Consumer Cyclical·Internet Retail
4.09%
of portfolio
Number of shares
2,414,520 sh
Holdings current value
$557.32M
Avg closing price
$187.75
+33.0%
Last action
Trimmed 14.1%
2025Q4
Current $249.70
12
COFCAPITAL ONE FINL CORP
Financial Services·Credit Services
4.09%
of portfolio
Number of shares
2,294,891 sh
Holdings current value
$556.19M
Avg closing price
$62.59
+220.7%
Last action
Trimmed 10.7%
2025Q4
Current $200.71
13
APPAPPLOVIN CORP
Communication Services·Advertising Agencies
3.86%
of portfolio
Number of shares
780,530 sh
Holdings current value
$525.94M
Avg closing price
$132.35
+252.2%
Last action
Trimmed 29.6%
2025Q4
Current $466.09
14
NUNU HLDGS LTD
Financial Services·Banks - Regional
3.64%
of portfolio
Number of shares
29,630,237 sh
Holdings current value
$496.01M
Avg closing price
$16.11
-4.2%
Last action
Added 16.6%
2025Q4
Current $15.43
15
MDLNMEDLINE INC
Healthcare·Medical Instruments & Supplies
3.62%
of portfolio
Number of shares
11,716,697 sh
Holdings current value
$492.10M
Avg closing price
$42.00
+11.8%
Last action
New holding
2025Q4
Current $46.94
16
TLNTALEN ENERGY CORP
Utilities·Utilities - Independent Power Producers
3.56%
of portfolio
Number of shares
1,292,516 sh
Holdings current value
$484.49M
Avg closing price
$217.36
+66.7%
Last action
Added 8.4%
2025Q4
Current $362.40
17
VMCVULCAN MATLS CO
Basic Materials·Building Materials
3.53%
of portfolio
Number of shares
1,683,932 sh
Holdings current value
$480.29M
Avg closing price
$140.43
+103.5%
Last action
Added 21.6%
2025Q4
Current $285.78
18
PMPHILIP MORRIS INTL INC
Consumer Defensive·Tobacco
3.12%
of portfolio
Number of shares
2,643,579 sh
Holdings current value
$424.03M
Avg closing price
$125.75
+24.2%
Last action
Trimmed 42.7%
2025Q4
Current $156.24
19
CRSCARPENTER TECHNOLOGY CORP
Industrials·Metal Fabrication
3.04%
of portfolio
Number of shares
1,312,938 sh
Holdings current value
$413.37M
Avg closing price
$314.84
+35.4%
Last action
New holding
2025Q4
Current $426.16
20
WINGWINGSTOP INC
Consumer Cyclical·Restaurants
2.80%
of portfolio
Number of shares
1,595,258 sh
Holdings current value
$380.45M
Avg closing price
$243.47
-23.6%
Last action
Added 7.0%
2025Q4
Current $186.05
21
APHAMPHENOL CORP NEW
Technology·Electronic Components
2.79%
of portfolio
Number of shares
2,809,773 sh
Holdings current value
$379.71M
Avg closing price
$123.75
+20.4%
Last action
Trimmed 7.1%
2025Q4
Current $148.96
22
THCTENET HEALTHCARE CORP
Healthcare·Medical Care Facilities
2.61%
of portfolio
Number of shares
1,787,326 sh
Holdings current value
$355.18M
Avg closing price
$198.72
-3.4%
Last action
New holding
2025Q4
Current $192.00
23
CLHCLEAN HARBORS INC
Industrials·Waste Management
2.37%
of portfolio
Number of shares
1,378,125 sh
Holdings current value
$323.14M
Avg closing price
$234.48
+26.5%
Last action
New holding
2025Q4
Current $296.63
24
AFRMAFFIRM HLDGS INC
Financial Services·Credit Services
2.09%
of portfolio
Number of shares
3,817,170 sh
Holdings current value
$284.11M
Avg closing price
$74.43
-19.0%
Last action
New holding
2025Q4
Current $60.28
25
ENTGENTEGRIS INC
Technology·Semiconductor Equipment & Materials
1.89%
of portfolio
Number of shares
3,054,230 sh
Holdings current value
$257.32M
Avg closing price
$84.25
+61.3%
Last action
New holding
2025Q4
Current $135.92
26
MAMASTERCARD INCORPORATED
Financial Services·Credit Services
0.40%
of portfolio
Number of shares
96,338 sh
Holdings current value
$55.00M
Avg closing price
$378.25
+37.1%
Last action
New holding
2025Q4
Current $518.54
27
TDGTRANSDIGM GROUP INC
Industrials·Aerospace & Defense
0.19%
of portfolio
Number of shares
19,228 sh
Holdings current value
$25.57M
Avg closing price
$398.31
+208.4%
Last action
New holding
2025Q4
Current $1228
28
BKNGBOOKING HOLDINGS INC
Consumer Cyclical·Travel Services
0.18%
of portfolio
Number of shares
4,630 sh
Holdings current value
$24.80M
Avg closing price
$1826
-89.9%
Last action
Trimmed 85.1%
2025Q4
Current $184.56
29
BSXBOSTON SCIENTIFIC CORP
Healthcare·Medical Devices
0.14%
of portfolio
Number of shares
201,703 sh
Holdings current value
$19.23M
Avg closing price
$95.35
-33.5%
Last action
New holding
2025Q4
Current $63.42
30
HLTHILTON WORLDWIDE HLDGS INC
Consumer Cyclical·Lodging
0.12%
of portfolio
Number of shares
57,817 sh
Holdings current value
$16.61M
Avg closing price
$68.24
+384.1%
Last action
New holding
2025Q4
Current $330.38
31
SPOTSPOTIFY TECHNOLOGY S A
Communication Services·Internet Content & Information
0.08%
of portfolio
Number of shares
17,762 sh
Holdings current value
$10.31M
Avg closing price
$263.90
+101.4%
Last action
New holding
2025Q4
Current $531.45
32
VVISA INC
Financial Services·Credit Services
0.04%
of portfolio
Number of shares
15,217 sh
Holdings current value
$5.34M
Avg closing price
$147.25
+114.0%
Last action
New holding
2025Q4
Current $315.10

Portfolio heatmap

Box size = % of portfolio · color = return since filing
TSM
6.81% · +19.6%
VST
6.18% · +2.6%
CVNA
5.52% · -14.2%
LPLA
5.44% · -12.5%
BN
5.37% · +0.1%
ASML
4.76% · +31.9%
KKR
4.68% · -20.0%
AVGO
4.40% · +15.1%
MSFT
4.38% · -12.6%
DASH
4.21% · -20.8%
AMZN
4.09% · +8.2%
COF
4.09% · -17.2%
APP
3.86% · -30.8%
NU
3.64% · -7.8%
MDLN
3.62% · +11.8%
TLN
3.56% · -3.3%
VMC
3.53% · +0.2%
PM
3.12% · -2.6%
CRS
3.04% · +35.4%
WING
2.80% · -22.0%
APH
2.79% · +10.2%
THC
2.61% · -3.4%
CLH
2.37% · +26.5%
AFRM
2.09% · -19.0%
8 more
3.04%

Sector exposure

Share of dollar value across the latest reported portfolio. Unclassified positions excluded.