Stephen Mandel (Lone Pine Capital) disclosed 2 option positions for the 2025Q2 quarter — 2 long-calls and 0 long-puts — totaling $239.7M of underlying-share notional value. The largest exposures are a call on CVNA, a call on APP. Notional values reflect the value of the underlying shares at the quarter-end snapshot, not the option premium paid.
| Type | Underlying | Shares | Notional | % of book |
|---|---|---|---|---|
| CALL | CVNACARVANA CO | 384K | $129.2M | 0.9% |
| CALL | APPAPPLOVIN CORP | 316K | $110.5M | 0.8% |
Notional = value of the underlying shares at the quarter-end snapshot, not the option premium paid. A long PUT is a bearish bet on the underlying; a long CALL is a bullish bet. The reported value is included in the portfolio total but does not reflect actual capital at risk.
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.