Stephen Mandel - Lone Pine Capital
Period:    Q1 2026
Portfolio date:    31 Mar 2026
No. of stocks:    36
Portfolio value:    $12,543,849,391
Holdings Activity Buys Sells    History
History Stock % of
Portfolio
Recent
Activity
Shares Avg. Buy
Price*
Value Current
Price
+/-
Since
Buy
52
Week
Low
52
Week
High
VST - Vistra Corp. 7.42 Add 18.72% 6,187,585 $117.70 $930,179,653 $158.12 34.34% $132.47 $218.91
ASML - ASML Holdings N.V. 6.90 Add 8.29% 655,148 $1,089.06 $865,339,133 $1,726.04 58.49% $679.89 $1,999.96
CRS - Carpenter Technology Corp. 5.71 Add 38.46% 1,817,940 $336.87 $716,541,051 $566.85 68.27% $227.57 $625.99
LPLA - LPL Financial Holdings Inc. 4.92 Reduce 1.20% 2,049,967 $229.03 $616,691,573 $321.06 40.18% $260.15 $402.11
APP - AppLovin Corp. 4.65 Add 87.68% 1,464,923 $256.46 $583,039,354 $442.85 72.68% $342.11 $745.61
TLN - Talen Energy Corp. 4.63 Add 40.65% 1,817,947 $246.80 $580,343,221 $396.35 60.59% $255.50 $451.28
TER - Teradyne, Inc. 4.43 Buy 1,872,876 $296.46 $555,232,819 $341.11 15.06% $88.37 $487.91
CVNA - Carvana Co. 4.40 Reduce 1.38% 8,773,545 $42.15 $551,645,415 $64.99 54.18% $54.46 $97.38
NU - Nu Holdings Ltd. 4.35 Add 28.29% 38,011,225 $15.73 $546,221,303 $13.67 -13.09% $11.20 $18.98
MDLN - Medline Inc. 4.18 Add 0.62% 11,789,156 $42.02 $524,617,442 $40.58 -3.42% $32.81 $50.88
GLW - Corning Inc. 4.03 Buy 3,718,147 $135.97 $505,556,448 $183.11 34.67% $50.77 $271.78
CLH - Clean Harbors, Inc. 4.01 Add 27.34% 1,754,950 $245.70 $503,196,814 $303.64 23.58% $201.34 $316.98
MTZ - MasTec, Inc. 3.93 Buy 1,531,050 $321.74 $492,600,027 $360.21 11.96% $160.08 $441.43
TSM - Taiwan Semiconductor 3.74 Reduce 54.48% 1,389,530 $97.63 $469,591,664 $421.58 331.80% $221.25 $479.00
BN - Brookfield Corp. 3.62 Reduce 29.61% 11,208,969 $43.35 $453,626,975 $43.36 0.02% $37.87 $49.40
THC - Tenet Healthcare Corp. 3.40 Add 26.37% 2,258,717 $196.63 $426,242,485 $194.81 -0.93% $146.60 $247.21
COF - Capital One Financial Corp. 3.30 Reduce 1.21% 2,267,056 $178.32 $413,579,026 $203.02 13.85% $174.23 $257.54
ENTG - Entegris, Inc. 2.91 Add 1.99% 3,115,054 $84.89 $365,208,931 $136.27 60.52% $67.87 $186.94
USFD - US Foods Holdings Corp. 2.79 Buy 3,795,998 $92.21 $350,028,976 $101.31 9.87% $69.88 $105.17
PFGC - Performance Food Group Co. 2.72 Buy 3,978,158 $85.66 $340,769,014 $113.31 32.28% $80.82 $116.42
MCK - McKesson Corp. 2.71 Buy 392,224 $865.36 $339,414,961 $812.28 -6.13% $634.42 $997.90
CIEN - Ciena Corp. 2.51 Buy 809,522 $388.23 $314,280,726 $445.44 14.74% $76.89 $637.51
WULF - TeraWulf Inc. 2.29 Buy 19,921,430 $14.43 $287,466,235 $20.89 44.77% $4.64 $29.84
HUT - Hut 8 Corp. 2.27 Buy 6,078,951 $46.91 $285,163,591 $99.17 111.40% $18.68 $140.80
AGX - Argan, Inc. 1.71 Buy 393,134 $544.65 $214,120,433 $599.74 10.11% $195.77 $805.75
GOOGL - Alphabet Inc. 0.43 Buy 187,561 $287.56 $53,935,041 $352.51 22.59% $175.98 $408.37
TDG - TransDigm Group Inc. 0.33 Add 85.55% 35,677 $1,251.06 $41,348,216 $1,235.00 -1.28% $1,123.61 $1,519.36
VMC - Vulcan Materials Co. 0.31 Reduce 91.44% 144,179 $303.64 $39,259,942 $292.78 -3.58% $251.85 $329.81
SPOT - Spotify Technology S.A. 0.27 Add 287.59% 68,844 $509.63 $33,383,144 $479.84 -5.84% $405.00 $748.30
MA - Mastercard Inc. 0.23 Reduce 40.62% 57,201 $570.88 $28,581,052 $537.70 -5.81% $463.74 $598.04
APH - Amphenol Corp. 0.22 Reduce 92.06% 223,084 $123.75 $28,186,663 $155.99 26.05% $94.55 $178.52
V - Visa Inc. 0.22 Add 509.68% 92,775 $310.19 $28,040,316 $357.75 15.33% $293.28 $365.02
HLT - Hilton Worldwide Holdings Inc. 0.22 Add 54.36% 89,249 $293.18 $27,138,836 $322.45 9.98% $253.16 $358.00
KKR - KKR & Co. Inc. 0.13 Reduce 96.41% 179,308 $82.46 $16,585,990 $96.91 17.52% $82.51 $152.85
BKNG - Booking Holdings Inc. 0.08 Reduce 48.06% 60,125 $231.57 $10,125,820 $175.80 -24.08% $149.76 $229.86
BSX - Boston Scientific Corp. 0.05 Reduce 48.11% 104,655 $95.35 $6,567,101 $44.65 -53.17% $42.25 $109.50
* Avg. Buy Price is an estimated cost basis: the share-weighted average of the quarter-end prices reported when this manager first bought or later added to the position (average-cost method, reset after a full exit). 13F filings disclose only quarter-end holdings, not actual trade prices, so this approximates — but does not exactly equal — what was paid.
Sector % analysis
Technology 24.74
Financial Services 21.33
Industrials 15.69
Utilities 12.04
Healthcare 10.34
Consumer Defensive 5.51
Communication Services 5.34
Consumer Cyclical 4.69
Basic Materials 0.31