Investor profile

Stephen Mandel

Lone Pine Capital · Founder · Net worth: ~$3.5B

Founded Lone Pine in 1997 after Tiger Management. One of the most successful long-only growth funds — turned $1 into $12+ over three decades. Famously low-profile despite massive returns.

"Long-only growth at a reasonable price. Deep research. Tiger Cub."

Today — 2026-04-21

All movers →

Portfolio day:+4.17%

Biggest winner:FTNT +8.35%

Biggest loser:AMZN +1.45%

Positions: Q4 2025 13F · Prices: EOD 2026-04-21

Latest 13F: Q4 2025(69d ago)Next due: Q1 2026by 2026-05-15● RSS — move alerts

Tracked positions

Top concentration

56%

Longest holding

Microsoft (since 2014)

Concentration profile

Diversified

Top 1 · BN

9.8%

Top 5 combined

33.7%

Top 10 combined

55.9%

Tracked positions

BNTop-5 zoneTop-10

Stephen's single largest bet is BN at 9.8% of tracked positions. Exposure is spread across a broader basket, reducing single-name risk.

Realized 10-year track record

Lone Pine Capital partner letters

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10y CAGR

8.6%

net of fees

Alpha vs S&P

-4.5%

vs 13.1% benchmark

Win rate

30%

years beating S&P

Quality score

2.5

computed 0–10

Best year

+35%

Worst year

-36%

Cumulative 10y

2.3×

Volatility

20%

Recent moves

Manager quality score: 2.5/10

Every tracked 13F move — buys, adds, trims, and exits — over the last two quarters.

Q4 2025

17 buys · 12 sells

Ticker	Activity	Share change	% portfolio
ASML	Buy (new)	+605K	4.80%
DASH	Buy (new)	+2.53M	4.20%
CRS	Buy (new)	+1.31M	3.00%
THC	Buy (new)	+1.79M	2.60%
ENTG	Buy (new)	+3.05M	1.90%
MA	Buy (new)	+96K	0.40%
BSX	Buy (new)	+202K	0.10%
HLT	Buy (new)	+58K	0.10%
SPOT	Buy (new)	+18K	0.10%
V	Buy (new)	+15K	0.00%
BN	Add 50%	+5.92M	9.80%
KKR	Add 23%	+921K	4.70%
NU	Add 17%	+4.22M	3.60%
VST	Add 11%	+513K	6.20%
TLN	Add 8%	+100K	3.60%
META	Add 3% Small add — already a top Lone Pine position.	+15K	6.40%
FTNT	Buy (new) New Fortinet cybersecurity position.	+950K	2.80%
SBUX	Sell (exit)	-5.56M	0.00%
EQT	Sell (exit)	-8.36M	0.00%
FLUT	Sell (exit)	-1.73M	0.00%
SEA	Sell (exit)	-1.87M	0.00%
CIENA	Sell (exit)	-2.01M	0.00%
EQIX	Sell (exit)	-3.88M	0.00%
BKNG	Reduce 85%	-27K	0.20%
PFE	Reduce 43%	-1.97M	3.10%
APP	Reduce 30%	-329K	3.90%
AMZN	Reduce 14%	-397K	4.10%
COF	Reduce 11%	-275K	4.10%
LPLA	Reduce 8%	-181K	5.40%

Q3 2025

9 buys · 15 sells

Ticker	Activity	Share change	% portfolio
BN	Add 109%	+6.11M	8.80%
NU	Buy (new)	+25.41M	3.00%
SEA	Buy (new)	+1.87M	2.40%
CIENA	Buy (new)	+2.01M	2.10%
EQIX	Buy (new)	+3.88M	1.90%
PFE	Add 67%	+1.86M	5.40%
LPLA	Add 20%	+383K	5.50%
EQT	Add 11%	+844K	3.30%
TLN	Add 9%	+103K	3.70%
INTU	Sell (exit)	-772K	0.00%
UNH	Sell (exit)	-1.69M	0.00%
CRM	Sell (exit)	-1.86M	0.00%
ASML	Sell (exit)	-567K	0.00%
BKNG	Reduce 48%	-29K	1.20%
AMZN	Reduce 44%	-2.22M	4.50%
MSFT	Reduce 35%	-646K	4.60%
APP	Reduce 30%	-468K	5.80%
VST	Reduce 27%	-1.77M	6.70%
KKR	Reduce 22%	-1.14M	3.90%
META	Reduce 21%	-343K	7.10%
CVNA	Reduce 18%	-384K	4.80%
COF	Reduce 17%	-511K	4.00%
TSM	Reduce 11%	-384K	6.20%
FLUT	Reduce 7%	-129K	3.20%

Q2 2025

10 buys · 8 sells

Ticker	Activity	Share change	% portfolio
UNH	Buy (new)	+1.69M	3.80%
EQT	Buy (new)	+7.52M	3.10%
BKNG	Buy (new)	+60K	2.50%
BN	Buy (new)	+5.62M	2.50%
VST	Add 40%	+1.86M	8.90%
KKR	Add 10%	+458K	4.90%
AMZN	Add 8% Building Amazon.	+175K	6.50%
CRM	Add 8%	+131K	3.60%
META	Add 6% Steady META add.	+28K	6.00%
LPLA	Add 6%	+108K	5.00%
LLY	Sell (exit)	-552K	0.00%
INTU	Reduce 45%	-632K	4.30%
CVNA	Reduce 20%	-549K	5.20%
APP	Reduce 17%	-333K	3.90%
FLUT	Reduce 16%	-357K	3.80%
SBUX	Reduce 16%	-1.05M	3.60%
TSM	Reduce 11%	-429K	5.50%
PFE	Reduce 8%	-251K	3.60%

Q1 2025

9 buys · 11 sells

Ticker	Activity	Share change	% portfolio
CVNA	Buy (new)	+2.70M	4.90%
APP	Add 76%	+824K	4.40%
ASML	Add 32%	+141K	3.30%
INTU	Add 21%	+247K	7.40%
MSFT	Add 20%	+321K	6.40%
KKR	Add 18%	+716K	4.80%
FLUT	Add 16%	+307K	4.20%
AMZN	Add 15%	+564K	7.20%
CRM	Add 11%	+166K	4.00%
PTC	Sell (exit)	-2.33M	0.00%
SPOT	Sell (exit)	-914K	0.00%
WDAY	Sell (exit)	-1.54M	0.00%
CEG	Sell (exit)	-1.74M	0.00%
BLOCK	Sell (exit)	-3.77M	0.00%
LEN	Sell (exit)	-1.72M	0.00%
PFE	Reduce 53%	-3.46M	4.10%
LLY	Reduce 30%	-231K	3.90%
META	Reduce 14%	-279K	8.80%
VST	Reduce 14%	-748K	4.70%
LPLA	Reduce 8%	-159K	5.00%

Q4 2024

9 buys · 15 sells

Ticker	Activity	Share change	% portfolio
LLY	Buy (new)	+783K	4.50%
COF	Buy (new)	+3.24M	4.30%
FLUT	Buy (new)	+1.91M	3.70%
SBUX	Add 60%	+2.42M	4.40%
PFE	Add 44%	+1.99M	5.80%
TLN	Add 27%	+233K	1.60%
INTU	Add 26%	+235K	5.40%
AMZN	Add 10% Adding Amazon.	+200K	6.70%
META	Add 8% Steady META.	+35K	5.80%
UNH	Sell (exit)	-822K	0.00%
BKNG	Sell (exit)	-76K	0.00%
GEV	Sell (exit)	-1.16M	0.00%
APP	Reduce 54%	-1.28M	2.60%
BLOCK	Reduce 51%	-3.90M	2.40%
SPOT	Reduce 41%	-639K	3.00%
LEN	Reduce 41%	-1.21M	1.70%
CRM	Reduce 33%	-773K	3.90%
CEG	Reduce 27%	-657K	2.90%
VST	Reduce 21%	-1.45M	5.50%
ASML	Reduce 20%	-110K	2.30%
LPLA	Reduce 12%	-257K	4.70%
TSM	Reduce 11%	-452K	5.50%
KKR	Reduce 10%	-475K	4.40%
PTC	Reduce 9%	-222K	3.20%

Q3 2024

9 buys · 12 sells

Ticker	Activity	Share change	% portfolio
CRM	Buy (new)	+2.34M	4.80%
LEN	Buy (new)	+2.93M	4.10%
SBUX	Buy (new)	+4.05M	2.90%
WDAY	Buy (new)	+1.60M	2.90%
TLN	Buy (new)	+856K	1.10%
CEG	Add 49%	+789K	4.60%
LPLA	Add 29%	+495K	3.80%
AMZN	Add 23%	+1.03M	7.60%
META	Add 6% Lone Pine META.	+28K	5.50%
MA	Sell (exit)	-1.04M	0.00%
MCK	Sell (exit)	-561K	0.00%
APP	Reduce 58%	-3.33M	2.30%
PFE	Reduce 33%	-2.19M	4.10%
TSM	Reduce 30%	-1.79M	5.50%
KKR	Reduce 29%	-1.86M	4.40%
BKNG	Reduce 27%	-29K	2.40%
GEV	Reduce 22%	-321K	2.20%
MSFT	Reduce 18%	-364K	5.30%
UNH	Reduce 13%	-122K	3.60%
SPOT	Reduce 8%	-135K	4.30%
ASML	Reduce 6%	-37K	3.40%

Q2 2024

9 buys · 6 sells

Ticker	Activity	Share change	% portfolio
UNH	Buy (new)	+944K	3.90%
GEV	Buy (new)	+1.48M	2.10%
CEG	Add 83%	+729K	2.60%
MA	Add 53%	+363K	3.70%
ASML	Add 19%	+94K	4.90%
BLOCK	Add 14%	+935K	4.00%
VST	Add 7%	+425K	4.80%
APP	Add 7%	+383K	3.80%
META	Buy (new) Lone Pine first META.	+290K	5.00%
CRM	Sell (exit)	-2.40M	0.00%
WDAY	Sell (exit)	-1.41M	0.00%
LYV	Sell (exit)	-3.22M	0.00%
EPAM	Sell (exit)	-930K	0.00%
PTC	Reduce 14%	-420K	3.80%
KKR	Reduce 9%	-607K	5.50%

Stephen's sector breakdown

How the top 10 positions are diversified across 4 sectors. Weighted by stated portfolio percentage.

Other

4 positions · CVNA, LPLA, ASML, DASH

35.6%

19.9% of AUM

Technology

3 positions · TSM, MSFT, AMZN

27.4%

15.3% of AUM

Financials

2 positions · BN, KKR

25.9%

14.5% of AUM

Utilities

1 position · VST

11.1%

6.2% of AUM

Top holdings

Ticker	Company	% Portfolio	Shares (M)
BN	BROADCOM INC	9.8%	17.65
TSM	TAIWAN SEMICONDUCTOR MFG LTD	6.8%	3.05
VST	VISTRA CORP	6.2%	5.21
CVNA	CARVANA CO	5.5%	1.78
LPLA	LPL FINL HLDGS INC	5.4%	2.07
ASML	ASML HOLDING N V	4.8%	0.61
KKR	KKR & CO INC	4.7%	5
MSFT	MICROSOFT CORP Quality compounder since 2014.	4.4%	1.23
DASH	DOORDASH INC	4.2%	2.53
AMZN	AMAZON COM INC Cloud + retail optionality.	4.1%	2.41

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Dividend tax by country

Estimate your withholding on cross-border dividends

Your country of residenceCompany is domiciled inGross dividend (example)

Withholding rate

Domestic (no cross-border)

Tax withheld

$0.00

You'd receive

$1000.00

Of $1000 gross

Source & treaty reference

Treaty: Domestic — no cross-border withholding

Citation: IRC §§ 1441–1446 (withholding applies to foreign persons; US residents not subject to WHT on US-source dividends)

U.S. residents receiving U.S.-source dividends: no cross-border withholding; taxed on return at qualified (0/15/20%) or ordinary rates.

Estimates for educational purposes only. Tax rules change; consult a qualified tax professional for your specific situation. Dividend-tax treatment depends on holding period, account type (taxable vs. retirement), investor type (individual vs. pension vs. mutual fund), limitation-on-benefits tests, and other factors not modeled here.

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