Stephen Mandel
Lone Pine Capital · Growth / long-short Mandel's Lone Pine, a 'Tiger Cub,' runs a growth-oriented long/short book concentrated in quality compounders.
Stephen Mandel Jr. (born 1956) is an American hedge fund manager who founded Lone Pine Capital in 1997. A 'Tiger Cub' who trained under Julian Robertson at Tiger Management, Mandel built Lone Pine into one of the largest and most respected long/short equity funds, focused on high-quality growth businesses. He stepped back from day-to-day portfolio management in 2019 but remains the firm's figurehead.
Showing all 34 reported 13(f) positions; TradingPilot links only the 12 matching its curated universe — a licensed CUSIP↔ticker database was not used. Unmapped positions render as plain text, exactly as filed.
Portfolio allocation (reported 13F equity)
Long US-listed equity positions only; options excluded.
- NBIS7.2%
- ASML6.9%
- STX5.9%
- HOME DEPOT INC5.6%
- AMAT5.3%
- MEDLINE INC5.1%
- LINDE PLC4.9%
- TER4.4%
- GLW4.3%
- CARVANA CO4.2%
- Others46.1%
Reported 13F equity value — not a return, not AUM
Long US-listed equity positions only; filed with a ~45-day lag.
| # | Ticker | Security (as filed) | % of 13F | Shares | Reported price | Current | Value | Activity |
|---|---|---|---|---|---|---|---|---|
| 1 | NBIS | NEBIUS GROUP N.V. | 7.2% | 4,258,008 | $276.17 | $171.99 -37.7% | $1.2B | New |
| 2 | ASML | ASML HLDG NV | 6.9% | 569,174 | $1,989.44 | $1,675.70 -15.8% | $1.1B | Trimmed −13% |
| 3 | STX | SEAGATE TECHNOLOGY HLDNGS PL | 5.9% | 1,000,109 | $965.00 | $700.47 -27.4% | $965.1M | New |
| 4 | — | HOME DEPOT INC | 5.6% | 2,603,189 | $352.68 | — | $918.1M | New |
| 5 | AMAT | APPLIED MATLS INC | 5.3% | 1,207,737 | $723.00 | $421.66 -41.7% | $873.2M | New |
| 6 | — | MEDLINE INC | 5.1% | 20,968,367 | $39.44 | — | $827.0M | Added +78% |
| 7 | — | LINDE PLC | 4.9% | 1,558,081 | $518.94 | — | $808.6M | New |
| 8 | TER | TERADYNE INC | 4.4% | 1,493,080 | $483.84 | $296.23 -38.8% | $722.4M | Trimmed −20% |
| 9 | GLW | CORNING INC | 4.3% | 2,728,058 | $255.43 | $128.88 -49.5% | $696.8M | Trimmed −27% |
| 10 | — | CARVANA CO | 4.2% | 10,520,666 | $65.82 | — | $692.5M | Added +500% |
| 11 | HUT | HUT 8 CORP | 4.1% | 5,773,045 | $115.44 | $66.44 -42.4% | $666.5M | Trimmed −5% |
| 12 | — | PERFORMANCE FOOD GROUP CO | 4.0% | 5,852,740 | $111.79 | — | $654.3M | Added +47% |
| 13 | — | NU HLDGS LTD | 3.9% | 47,219,717 | $13.36 | — | $630.9M | Added +24% |
| 14 | WULF | TERAWULF INC | 3.6% | 24,144,625 | $24.70 | $12.75 -48.4% | $596.4M | Added +21% |
| 15 | — | CARPENTER TECHNOLOGY CORP | 3.6% | 962,839 | $616.84 | — | $593.9M | New |
| 16 | — | MASTEC INC | 3.4% | 1,345,157 | $416.06 | — | $559.7M | New |
| 17 | APP | APPLOVIN CORP | 3.3% | 1,042,268 | $515.23 | $254.91 -50.5% | $537.0M | Trimmed −29% |
| 18 | — | TTM TECHNOLOGIES INC | 3.1% | 2,738,075 | $187.02 | — | $512.1M | New |
| 19 | — | STERLING INFRASTRUCTURE INC | 3.1% | 609,643 | $839.36 | — | $511.7M | New |
| 20 | — | US FOODS HLDG CORP | 3.1% | 4,914,492 | $102.25 | — | $502.5M | Added +29% |
| 21 | — | ON HLDG AG | 2.9% | 13,280,030 | $35.42 | — | $470.4M | New |
| 22 | — | LPL FINL HLDGS INC | 2.1% | 1,219,099 | $281.68 | — | $343.4M | Trimmed −41% |
| 23 | — | ARGAN INC | 1.8% | 368,673 | $798.55 | — | $294.4M | Trimmed −6% |
| 24 | — | BITDEER TECHNOLOGIES GROUP | 0.7% | 7,020,026 | $15.87 | — | $111.4M | New |
| 25 | — | SHARONAI HOLDINGS INC | 0.6% | 1,209,848 | $84.66 | — | $102.4M | New |
| 26 | GOOGL | ALPHABET INC | 0.5% | 215,574 | $357.37 | $283.82 -20.6% | $77.0M | Added +15% |
| 27 | — | KODIAK GAS SVCS INC | 0.4% | 845,070 | $75.13 | — | $63.5M | New |
| 28 | V | VISA INC | 0.3% | 165,960 | $343.09 | $410.54 +19.7% | $56.9M | Added +79% |
| 29 | — | INTERACTIVE BROKERS GROUP IN | 0.3% | 577,666 | $87.04 | — | $50.3M | New |
| 30 | TSM | TAIWAN SEMICONDUCTOR MANUFAC | 0.3% | 101,242 | $477.57 | $431.81 -9.6% | $48.4M | Trimmed −93% |
| 31 | — | SEA LTD | 0.3% | 494,581 | $95.83 | — | $47.4M | New |
| 32 | — | MCKESSON CORP | 0.3% | 57,851 | $755.60 | — | $43.7M | New |
| 33 | — | TRANSDIGM GROUP INC | 0.2% | 28,532 | $1,332.04 | — | $38.0M | New |
| 34 | — | BROOKFIELD CORP | 0.2% | 792,717 | $42.59 | — | $33.8M | Trimmed −93% |
| — | APH | AMPHENOL CORP | — | 0 | — | — | $0 | Sold-Out −100% |
| — | — | BOOKING HOLDINGS INC | — | 0 | — | — | $0 | Sold-Out −100% |
| — | — | BOSTON SCIENTIFIC CORP | — | 0 | — | — | $0 | Sold-Out −100% |
| — | — | CAPITAL ONE FINL CORP | — | 0 | — | — | $0 | Sold-Out −100% |
| — | CIEN | CIENA CORP | — | 0 | — | — | $0 | Sold-Out −100% |
| — | — | CLEAN HARBORS INC | — | 0 | — | — | $0 | Sold-Out −100% |
| — | — | ENTEGRIS INC | — | 0 | — | — | $0 | Sold-Out −100% |
| — | — | HILTON WORLDWIDE HLDGS INC | — | 0 | — | — | $0 | Sold-Out −100% |
| — | — | KKR & CO INC | — | 0 | — | — | $0 | Sold-Out −100% |
| — | — | MASTERCARD INCORPORATED | — | 0 | — | — | $0 | Sold-Out −100% |
| — | — | SPOTIFY TECHNOLOGY S A | — | 0 | — | — | $0 | Sold-Out −100% |
| — | TLN | TALEN ENERGY CORP | — | 0 | — | — | $0 | Sold-Out −100% |
| — | VST | VISTRA CORP | — | 0 | — | — | $0 | Sold-Out −100% |
| — | — | VULCAN MATLS CO | — | 0 | — | — | $0 | Sold-Out −100% |
Reported price = value ÷ shares at the quarter-end — an average, NOT the manager's buy/sell price.
Current shows the stock's price change since the filing quarter-end (mapped names only) — it is the STOCK's move, not the manager's realized return (we don't know their cost basis or whether they still hold).
TradingPilot analysis of the reported 13F equity book
As of 2026Q2, Stephen Mandel's reported 13F book holds 34 equity positions; the top 5 are 31% of it.
- NEBIUS GROUP N.V. (NBIS) — 7.2% of 13F
- ASML HLDG NV (ASML) — 6.9% of 13F
- SEAGATE TECHNOLOGY HLDNGS PL (STX) — 5.9% of 13F
- HOME DEPOT INC — 5.6% of 13F
- APPLIED MATLS INC (AMAT) — 5.3% of 13F
This quarter: 17 new, 8 added, 9 trimmed, 14 sold out.
- BROOKFIELD CORP — Trimmed (−10,416,252 sh)
- NU HLDGS LTD — Added (+9,208,492 sh)
- MEDLINE INC — Added (+9,179,211 sh)
- CARVANA CO — Added (+8,765,957 sh)
- VISTRA CORP (VST) — Sold-Out (−6,187,585 sh)