Stephen Mandel (Lone Pine Capital) portfolio holdings

Holdings

Sorted by value · 2023Q2

Sector29 positions

MSFTMICROSOFT CORP

Technology·Software - Infrastructure

7.81%

of portfolio

Number of shares

2,502,085 sh

Holdings current value

$852.06M

Avg closing price

$218.62

+93.4%

Last action

Added 1.0%

2025Q4

Current $422.79

TSMTAIWAN SEMICONDUCTOR MFG LTDADR

Technology·Semiconductors

5.93%

of portfolio

Number of shares

6,410,367 sh

Holdings current value

$646.93M

Avg closing price

$60.48

+512.6%

Last action

Trimmed 5.6%

2025Q3

Current $370.50

AMZNAMAZON COM INC

Consumer Cyclical·Internet Retail

5.85%

of portfolio

Number of shares

4,895,544 sh

Holdings current value

$638.18M

Avg closing price

$187.75

+33.5%

Last action

Trimmed 7.5%

2025Q4

Current $250.56

BBWIBATH & BODY WORKS INC

Consumer Cyclical·Specialty Retail

5.62%

of portfolio

Number of shares

16,356,915 sh

Holdings current value

$613.38M

Avg closing price

$56.89

-65.9%

Last action

Exited

2024Q3

Current $19.41

RHRH

Consumer Cyclical·Specialty Retail

5.36%

of portfolio

Number of shares

1,773,069 sh

Holdings current value

$584.39M

Avg closing price

$614.11

-77.0%

Last action

Exited

2023Q3

Current $141.04

WDAYWORKDAY INC

Technology·Software - Application

5.34%

of portfolio

Number of shares

2,579,619 sh

Holdings current value

$582.71M

Avg closing price

$249.58

-50.4%

Last action

Exited

2025Q1

Current $123.83

BKNGBOOKING HOLDINGS INC

Consumer Cyclical·Travel Services

5.21%

of portfolio

Number of shares

210,550 sh

Holdings current value

$568.55M

Avg closing price

$1826

-89.5%

Last action

Trimmed 11.2%

2025Q4

Current $192.01

TDGTRANSDIGM GROUP INC

Industrials·Aerospace & Defense

4.78%

of portfolio

Number of shares

582,986 sh

Holdings current value

$521.29M

Avg closing price

$398.31

+217.8%

Last action

New holding

2025Q4

Current $1266

MAMASTERCARD INCORPORATED

Financial Services·Credit Services

4.24%

of portfolio

Number of shares

1,176,808 sh

Holdings current value

$462.84M

Avg closing price

$378.25

+37.8%

Last action

New holding

2025Q4

Current $521.30

PTCPTC INC

Technology·Software - Application

4.13%

of portfolio

Number of shares

3,167,520 sh

Holdings current value

$450.74M

Avg closing price

$111.17

+25.7%

Last action

Exited

2025Q1

Current $139.74

LPLALPL FINL HLDGS INC

Financial Services·Capital Markets

3.99%

of portfolio

Number of shares

2,003,058 sh

Holdings current value

$435.52M

Avg closing price

$229.03

+38.6%

Last action

Trimmed 8.3%

2025Q4

Current $317.41

DKSDICKS SPORTING GOODS INC

Consumer Cyclical·Specialty Retail

3.96%

of portfolio

Number of shares

3,266,348 sh

Holdings current value

$431.78M

Avg closing price

$93.72

+139.4%

Last action

Exited

2024Q2

Current $224.36

UNHUNITEDHEALTH GROUP INC

Healthcare·Healthcare Plans

3.93%

of portfolio

Number of shares

891,167 sh

Holdings current value

$428.33M

Avg closing price

$313.88

+3.4%

Last action

Exited

2025Q3

Current $324.63

FNDFLOOR & DECOR HLDGS INC

Consumer Cyclical·Home Improvement Retail

3.58%

of portfolio

Number of shares

3,757,299 sh

Holdings current value

$390.61M

Avg closing price

$85.44

-36.7%

Last action

Exited

2023Q4

Current $54.07

KKRKKR & CO INC

Financial Services·Asset Management

3.37%

of portfolio

Number of shares

6,564,382 sh

Holdings current value

$367.61M

Avg closing price

$82.46

+25.6%

Last action

Added 16.3%

2025Q4

Current $103.60

LYVLIVE NATION ENTERTAINMENT IN

Communication Services·Entertainment

3.32%

of portfolio

Number of shares

3,973,262 sh

Holdings current value

$362.00M

Avg closing price

$56.11

+179.0%

Last action

Exited

2024Q2

Current $156.56

CRMSALESFORCE COM INC

Technology·Software - Application

3.28%

of portfolio

Number of shares

1,694,996 sh

Holdings current value

$358.08M

Avg closing price

$203.32

-10.4%

Last action

Exited

2025Q3

Current $182.14

ASMLASML HOLDING N V

Technology·Semiconductor Equipment & Materials

3.06%

of portfolio

Number of shares

461,133 sh

Holdings current value

$334.21M

Avg closing price

$735.37

+98.5%

Last action

New holding

2025Q4

Current $1460

VVISA INC

Financial Services·Credit Services

2.70%

of portfolio

Number of shares

1,241,941 sh

Holdings current value

$294.94M

Avg closing price

$147.25

+115.3%

Last action

New holding

2025Q4

Current $317.02

HDBHDFC BANK LTDADR

Financial Services·Banks - Regional

2.61%

of portfolio

Number of shares

4,079,975 sh

Holdings current value

$284.37M

Avg closing price

$63.66

-56.8%

Last action

Exited

2024Q1

Current $27.51

IBNICICI BANK LIMITEDADR

Financial Services·Banks - Regional

2.55%

of portfolio

Number of shares

12,042,263 sh

Holdings current value

$277.94M

Avg closing price

$16.19

+77.9%

Last action

Exited

2024Q2

Current $28.80

NVDANVIDIA CORPORATION

Technology·Semiconductors

2.49%

of portfolio

Number of shares

641,649 sh

Holdings current value

$271.43M

Avg closing price

$238.88

-15.6%

Last action

Exited

2023Q3

Current $201.68

EPAMEPAM SYS INC

Technology·Information Technology Services

1.99%

of portfolio

Number of shares

965,588 sh

Holdings current value

$217.02M

Avg closing price

$291.51

-54.9%

Last action

Exited

2024Q2

Current $131.34

BILLBILL COM HLDGS INC

Technology·Software - Application

1.95%

of portfolio

Number of shares

1,823,538 sh

Holdings current value

$213.08M

Avg closing price

$103.45

-62.5%

Last action

Exited

2023Q4

Current $38.81

MRNAMODERNA INC

Healthcare·Biotechnology

1.70%

of portfolio

Number of shares

1,529,618 sh

Holdings current value

$185.85M

Avg closing price

$225.56

-76.2%

Last action

Exited

2023Q3

Current $53.72

SGSWEETGREEN INC

Consumer Cyclical·Restaurants

0.54%

of portfolio

Number of shares

4,556,503 sh

Holdings current value

$58.41M

Avg closing price

$32.00

-78.5%

Last action

Exited

2023Q3

Current $6.87

AVDXAVIDXCHANGE HOLDINGS INC

0.48%

of portfolio

Number of shares

5,080,632 sh

Holdings current value

$52.74M

Avg closing price

$15.06

Last action

Exited

2024Q3

Current —

MQMARQETA INC

Technology·Software - Infrastructure

0.22%

of portfolio

Number of shares

4,902,192 sh

Holdings current value

$23.87M

Avg closing price

$17.91

-75.5%

Last action

Exited

2023Q3

Current $4.39

LNGCHENIERE ENERGY INC

Energy·Oil & Gas Midstream

0.01%

of portfolio

Number of shares

8,338 sh

Holdings current value

$1.27M

Avg closing price

$33.83

+642.2%

Last action

Exited

2023Q3

Current $251.07

Sector exposure

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

Technology10 pos$3.95B36.4%
Consumer Cyclical7 pos$3.29B30.3%
Financial Services6 pos$2.12B19.6%
Healthcare2 pos$614.2M5.7%
Industrials1 pos$521.3M4.8%
Communication Services1 pos$362.0M3.3%
Energy1 pos$1.3M0.0%

Holdings

Sorted by value · 2023Q2

Sector29 positions

MSFTMICROSOFT CORP

Technology·Software - Infrastructure

7.81%

of portfolio

Number of shares

2,502,085 sh

Holdings current value

$852.06M

Avg closing price

$218.62

+93.4%

Last action

Added 1.0%

2025Q4

Current $422.79

TSMTAIWAN SEMICONDUCTOR MFG LTDADR

Technology·Semiconductors

5.93%

of portfolio

Number of shares

6,410,367 sh

Holdings current value

$646.93M

Avg closing price

$60.48

+512.6%

Last action

Trimmed 5.6%

2025Q3

Current $370.50

AMZNAMAZON COM INC

Consumer Cyclical·Internet Retail

5.85%

of portfolio

Number of shares

4,895,544 sh

Holdings current value

$638.18M

Avg closing price

$187.75

+33.5%

Last action

Trimmed 7.5%

2025Q4

Current $250.56

BBWIBATH & BODY WORKS INC

Consumer Cyclical·Specialty Retail

5.62%

of portfolio

Number of shares

16,356,915 sh

Holdings current value

$613.38M

Avg closing price

$56.89

-65.9%

Last action

Exited

2024Q3

Current $19.41

RHRH

Consumer Cyclical·Specialty Retail

5.36%

of portfolio

Number of shares

1,773,069 sh

Holdings current value

$584.39M

Avg closing price

$614.11

-77.0%

Last action

Exited

2023Q3

Current $141.04

WDAYWORKDAY INC

Technology·Software - Application

5.34%

of portfolio

Number of shares

2,579,619 sh

Holdings current value

$582.71M

Avg closing price

$249.58

-50.4%

Last action

Exited

2025Q1

Current $123.83

BKNGBOOKING HOLDINGS INC

Consumer Cyclical·Travel Services

5.21%

of portfolio

Number of shares

210,550 sh

Holdings current value

$568.55M

Avg closing price

$1826

-89.5%

Last action

Trimmed 11.2%

2025Q4

Current $192.01

TDGTRANSDIGM GROUP INC

Industrials·Aerospace & Defense

4.78%

of portfolio

Number of shares

582,986 sh

Holdings current value

$521.29M

Avg closing price

$398.31

+217.8%

Last action

New holding

2025Q4

Current $1266

MAMASTERCARD INCORPORATED

Financial Services·Credit Services

4.24%

of portfolio

Number of shares

1,176,808 sh

Holdings current value

$462.84M

Avg closing price

$378.25

+37.8%

Last action

New holding

2025Q4

Current $521.30

PTCPTC INC

Technology·Software - Application

4.13%

of portfolio

Number of shares

3,167,520 sh

Holdings current value

$450.74M

Avg closing price

$111.17

+25.7%

Last action

Exited

2025Q1

Current $139.74

LPLALPL FINL HLDGS INC

Financial Services·Capital Markets

3.99%

of portfolio

Number of shares

2,003,058 sh

Holdings current value

$435.52M

Avg closing price

$229.03

+38.6%

Last action

Trimmed 8.3%

2025Q4

Current $317.41

DKSDICKS SPORTING GOODS INC

Consumer Cyclical·Specialty Retail

3.96%

of portfolio

Number of shares

3,266,348 sh

Holdings current value

$431.78M

Avg closing price

$93.72

+139.4%

Last action

Exited

2024Q2

Current $224.36

UNHUNITEDHEALTH GROUP INC

Healthcare·Healthcare Plans

3.93%

of portfolio

Number of shares

891,167 sh

Holdings current value

$428.33M

Avg closing price

$313.88

+3.4%

Last action

Exited

2025Q3

Current $324.63

FNDFLOOR & DECOR HLDGS INC

Consumer Cyclical·Home Improvement Retail

3.58%

of portfolio

Number of shares

3,757,299 sh

Holdings current value

$390.61M

Avg closing price

$85.44

-36.7%

Last action

Exited

2023Q4

Current $54.07

KKRKKR & CO INC

Financial Services·Asset Management

3.37%

of portfolio

Number of shares

6,564,382 sh

Holdings current value

$367.61M

Avg closing price

$82.46

+25.6%

Last action

Added 16.3%

2025Q4

Current $103.60

LYVLIVE NATION ENTERTAINMENT IN

Communication Services·Entertainment

3.32%

of portfolio

Number of shares

3,973,262 sh

Holdings current value

$362.00M

Avg closing price

$56.11

+179.0%

Last action

Exited

2024Q2

Current $156.56

CRMSALESFORCE COM INC

Technology·Software - Application

3.28%

of portfolio

Number of shares

1,694,996 sh

Holdings current value

$358.08M

Avg closing price

$203.32

-10.4%

Last action

Exited

2025Q3

Current $182.14

ASMLASML HOLDING N V

Technology·Semiconductor Equipment & Materials

3.06%

of portfolio

Number of shares

461,133 sh

Holdings current value

$334.21M

Avg closing price

$735.37

+98.5%

Last action

New holding

2025Q4

Current $1460

VVISA INC

Financial Services·Credit Services

2.70%

of portfolio

Number of shares

1,241,941 sh

Holdings current value

$294.94M

Avg closing price

$147.25

+115.3%

Last action

New holding

2025Q4

Current $317.02

HDBHDFC BANK LTDADR

Financial Services·Banks - Regional

2.61%

of portfolio

Number of shares

4,079,975 sh

Holdings current value

$284.37M

Avg closing price

$63.66

-56.8%

Last action

Exited

2024Q1

Current $27.51

IBNICICI BANK LIMITEDADR

Financial Services·Banks - Regional

2.55%

of portfolio

Number of shares

12,042,263 sh

Holdings current value

$277.94M

Avg closing price

$16.19

+77.9%

Last action

Exited

2024Q2

Current $28.80

NVDANVIDIA CORPORATION

Technology·Semiconductors

2.49%

of portfolio

Number of shares

641,649 sh

Holdings current value

$271.43M

Avg closing price

$238.88

-15.6%

Last action

Exited

2023Q3

Current $201.68

EPAMEPAM SYS INC

Technology·Information Technology Services

1.99%

of portfolio

Number of shares

965,588 sh

Holdings current value

$217.02M

Avg closing price

$291.51

-54.9%

Last action

Exited

2024Q2

Current $131.34

BILLBILL COM HLDGS INC

Technology·Software - Application

1.95%

of portfolio

Number of shares

1,823,538 sh

Holdings current value

$213.08M

Avg closing price

$103.45

-62.5%

Last action

Exited

2023Q4

Current $38.81

MRNAMODERNA INC

Healthcare·Biotechnology

1.70%

of portfolio

Number of shares

1,529,618 sh

Holdings current value

$185.85M

Avg closing price

$225.56

-76.2%

Last action

Exited

2023Q3

Current $53.72

SGSWEETGREEN INC

Consumer Cyclical·Restaurants

0.54%

of portfolio

Number of shares

4,556,503 sh

Holdings current value

$58.41M

Avg closing price

$32.00

-78.5%

Last action

Exited

2023Q3

Current $6.87

AVDXAVIDXCHANGE HOLDINGS INC

0.48%

of portfolio

Number of shares

5,080,632 sh

Holdings current value

$52.74M

Avg closing price

$15.06

Last action

Exited

2024Q3

Current —

MQMARQETA INC

Technology·Software - Infrastructure

0.22%

of portfolio

Number of shares

4,902,192 sh

Holdings current value

$23.87M

Avg closing price

$17.91

-75.5%

Last action

Exited

2023Q3

Current $4.39

LNGCHENIERE ENERGY INC

Energy·Oil & Gas Midstream

0.01%

of portfolio

Number of shares

8,338 sh

Holdings current value

$1.27M

Avg closing price

$33.83

+642.2%

Last action

Exited

2023Q3

Current $251.07

Sector exposure

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

Technology10 pos$3.95B36.4%
Consumer Cyclical7 pos$3.29B30.3%
Financial Services6 pos$2.12B19.6%
Healthcare2 pos$614.2M5.7%
Industrials1 pos$521.3M4.8%
Communication Services1 pos$362.0M3.3%
Energy1 pos$1.3M0.0%

Holdings

Portfolio heatmap

Sector exposure

Stephen Mandel

Holdings

Portfolio heatmap

Sector exposure