Stephen Mandel - Lone Pine Capital
Lone Pine Capital
Latest 13F filing
Q4 2025
filed Feb 17, 2026
Portfolio value
$13.61B
Positions
32
Top 10 concentration
51.8%
QoQ change
-1.0%
$-131.81M
Activity vs. Q3 2025
14
New positions
10
Added to
1
Unchanged
7
Reduced
37
Exited
Portfolio composition — Q4 2025
- TSMTAIWAN SEMICONDUCTOR MFG LTD6.8%
- VSTVISTRA CORP6.2%
- CVNACARVANA CO5.5%
- LPLALPL FINL HLDGS INC5.4%
- BNBROOKFIELD CORP5.4%
- ASMLASML HOLDING N V4.8%
- KKRKKR & CO INC4.7%
- AVGOBROADCOM INC4.4%
- MSFTMICROSOFT CORP4.4%
- DASHDOORDASH INC4.2%
- Other22 more positions48.2%
Top buys
New & added positions, by size
Holdings as of Q4 2025
| # | Ticker | Issuer | Shares | Value | % Portfolio | Reported price | Action | Δ Shares |
|---|---|---|---|---|---|---|---|---|
| 1 | TSM | TAIWAN SEMICONDUCTOR MFG LTD | 3,052,400 | $927.59M | 6.81% | $303.89 | — | 0% |
| 2 | VST | VISTRA CORP | 5,211,885 | $840.83M | 6.18% | $161.33 | ADD | +10.9% |
| 3 | CVNA | CARVANA CO | 1,779,328 | $750.91M | 5.52% | $422.02 | ADD | +0.8% |
| 4 | LPLA | LPL FINL HLDGS INC | 2,074,948 | $741.11M | 5.44% | $357.17 | REDUCE | -8.0% |
| 5 | BN | BROOKFIELD CORP | 15,923,360 | $730.72M | 5.37% | $45.89 | ADD | +56.4% |
| 6 | ASML | ASML HOLDING N V | 605,017 | $647.28M | 4.76% | $1069.86 | NEW | — |
| 7 | KKR | KKR & CO INC | 5,001,085 | $637.54M | 4.68% | $127.48 | ADD | +22.6% |
| 8 | AVGO | BROADCOM INC | 1,730,216 | $598.83M | 4.40% | $346.10 | ADD | +11.7% |
| 9 | MSFT | MICROSOFT CORP | 1,234,125 | $596.85M | 4.38% | $483.62 | ADD | +2.1% |
| 10 | DASH | DOORDASH INC | 2,529,879 | $572.97M | 4.21% | $226.48 | NEW | — |
| 11 | AMZN | AMAZON COM INC | 2,414,520 | $557.32M | 4.09% | $230.82 | REDUCE | -14.1% |
| 12 | COF | CAPITAL ONE FINL CORP | 2,294,891 | $556.19M | 4.09% | $242.36 | REDUCE | -10.7% |
| 13 | APP | APPLOVIN CORP | 780,530 | $525.94M | 3.86% | $673.82 | REDUCE | -29.6% |
| 14 | NU | NU HLDGS LTD | 29,630,237 | $496.01M | 3.64% | $16.74 | ADD | +16.6% |
| 15 | MDLN | MEDLINE INC | 11,716,697 | $492.10M | 3.62% | $42.00 | NEW | — |
| 16 | TLN | TALEN ENERGY CORP | 1,292,516 | $484.49M | 3.56% | $374.84 | ADD | +8.4% |
| 17 | VMC | VULCAN MATLS CO | 1,683,932 | $480.29M | 3.53% | $285.22 | ADD | +21.6% |
| 18 | PM | PHILIP MORRIS INTL INC | 2,643,579 | $424.03M | 3.12% | $160.40 | REDUCE | -42.7% |
| 19 | CRS | CARPENTER TECHNOLOGY CORP | 1,312,938 | $413.37M | 3.04% | $314.84 | NEW | — |
| 20 | WING | WINGSTOP INC | 1,595,258 | $380.45M | 2.80% | $238.49 | ADD | +7.0% |
| 21 | APH | AMPHENOL CORP NEW | 2,809,773 | $379.71M | 2.79% | $135.14 | REDUCE | -7.1% |
| 22 | THC | TENET HEALTHCARE CORP | 1,787,326 | $355.18M | 2.61% | $198.72 | NEW | — |
| 23 | CLH | CLEAN HARBORS INC | 1,378,125 | $323.14M | 2.37% | $234.48 | NEW | — |
| 24 | AFRM | AFFIRM HLDGS INC | 3,817,170 | $284.11M | 2.09% | $74.43 | NEW | — |
| 25 | ENTG | ENTEGRIS INC | 3,054,230 | $257.32M | 1.89% | $84.25 | NEW | — |
| 26 | MA | MASTERCARD INCORPORATED | 96,338 | $55.00M | 0.40% | $570.88 | NEW | — |
| 27 | TDG | TRANSDIGM GROUP INC | 19,228 | $25.57M | 0.19% | $1329.85 | NEW | — |
| 28 | BKNG | BOOKING HOLDINGS INC | 4,630 | $24.80M | 0.18% | $5355.33 | REDUCE | -85.1% |
| 29 | BSX | BOSTON SCIENTIFIC CORP | 201,703 | $19.23M | 0.14% | $95.35 | NEW | — |
| 30 | HLT | HILTON WORLDWIDE HLDGS INC | 57,817 | $16.61M | 0.12% | $287.25 | NEW | — |
| 31 | SPOT | SPOTIFY TECHNOLOGY S A | 17,762 | $10.31M | 0.08% | $580.71 | NEW | — |
| 32 | V | VISA INC | 15,217 | $5.34M | 0.04% | $350.71 | NEW | — |
Positions exited in Q4 2025
| Ticker | Issuer | Prior shares |
|---|---|---|
| LEN | LENNAR CORP | 0 |
| WIX | WIX COM LTD | 0 |
| FLUT | FLUTTER ENTMT PLC | 1,733,336 |
| CIEN | CIENA CORP | 2,006,662 |
| BBWI | BATH & BODY WORKS INC | 0 |
| ETSY | ETSY INC | 3,880,316 |
| META | META PLATFORMS INC | 1,322,260 |
| EQT | EQT CORP | 8,361,889 |
| SE | SEA LTD | 1,869,501 |
| SBUX | STARBUCKS CORP | 5,561,954 |
| INTU | INTUIT | 0 |
| CRM | SALESFORCE INC | 0 |
| UNH | UNITEDHEALTH GROUP INC | 0 |
| CDNS | CADENCE DESIGN SYSTEM INC | 0 |
| TOL | TOLL BROTHERS INC | 0 |
| — | BITDEER TECHNOLOGIES GROUP | 0 |
| — | IREN LIMITED | 0 |
| XYZ | BLOCK INC | 0 |
| PTC | PTC INC | 0 |
| HWM | HOWMET AEROSPACE INC | 0 |
| CEG | CONSTELLATION ENERGY CORP | 0 |
| CIFR | CIPHER MINING INC | 0 |
| HUT | HUT 8 CORP | 0 |
| BX | BLACKSTONE INC | 0 |
| GEV | GE VERNOVA INC | 0 |
| MCK | MCKESSON CORP | 0 |
| DKS | DICKS SPORTING GOODS INC | 0 |
| EPAM | EPAM SYS INC | 0 |
| IBN | ICICI BANK LIMITED | 0 |
| LYV | LIVE NATION ENTERTAINMENT IN | 0 |
| GE | GENERAL ELECTRIC CO | 0 |
| HDB | HDFC BANK LTD | 0 |
| AVDX | AVIDXCHANGE HOLDINGS INC | 0 |
| WDAY | WORKDAY INC | 0 |
| WULF | TERAWULF INC | 0 |
| LLY | ELI LILLY & CO | 0 |
| ARES | ARES MANAGEMENT CORPORATION | 0 |
Source: SEC EDGAR 13F-HR filing Feb 17, 2026. Reported prices are derived from the filing's value-to-shares ratio (effectively the quarter-end mark). Filings are published with a 45-day delay. CIK 0001061165.