Stephen Mandel

Net selling

Lone Pine Capital Llc — managed by Stephen Mandel; US equity positions disclosed quarterly via SEC 13F

Data as of 2026-06-30 (filed 2026-08-14) · Source: SEC EDGAR

Portfolio value$16.36B (+30%)

Holdings34 (−2)

Top holdingNebius Group N.V

Below band1

New

Added

Exited

By what price implies: 13 demand a demanding growth rate, 2 modest.

13F × valuation

Valuation posture

Of 12 valued US positions, 1 trade below a conservative value band (as of 2026-08-25):

Interactive Brokers Group InIBKR22% · below

13F · concentration

Lonely conviction

Held by ≤2 tracked superinvestors, each ≥3% of this portfolio (as of 2026-06-30):

Nebius Group N.VNBIS7% · 1
Sterling Infrastructure IncSTRL3% · 2

SEC 13F · latest filing

Holdings

Security	Value	Valuation	Holders	Shares	Weight	Signal
Nebius Group N.VNBIS	$1.18B	—	1	4,258,008	7.2%	Big new
Asml Hldg NvASML	$1.13B	—	12	569,174	6.9%	—
Seagate Technology Hldngs PlSTX	$965.1M	—	5	1,000,109	5.9%	Big new
Home Depot IncHD	$918.1M	—	6	2,603,189	5.6%	Big new
Applied Matls IncAMAT	$873.2M	—	14	1,207,737	5.3%	Big new
Medline IncMDLN	$827.0M	—	5	20,968,367	5.1%	Adding 3q
Linde PlcLIN	$808.6M	—	7	1,558,081	4.9%	Big new
Teradyne IncTER	$722.4M	—	3	1,493,080	4.4%	—
Corning IncGLW	$696.8M	—	6	2,728,058	4.3%	—
Carvana CoCVNA	$692.5M	—	8	10,520,666	4.2%	Big new
Hut 8 CorpHUT	$666.5M	—	3	5,773,045	4.1%	—
Performance Food Group CoPFGC	$654.3M	—	4	5,852,740	4.0%	Big new
Nu Hldgs LtdNU	$630.9M	—	6	47,219,717	3.9%	Adding 4q
Terawulf IncWULF	$596.4M	—	3	24,144,625	3.6%	Big new
Carpenter Technology CorpCRS	$593.9M	—	4	962,839	3.6%	—
Mastec IncMTZ	$559.7M	—	4	1,345,157	3.4%	—
Applovin CorpAPP	$537.0M	—	5	1,042,268	3.3%	—
Ttm Technologies IncTTMI	$512.1M	—	3	2,738,075	3.1%	Big new
Sterling Infrastructure IncSTRL	$511.7M	—	2	609,643	3.1%	—
Us Foods Hldg CorpUSFD	$502.5M	—	3	4,914,492	3.1%	—
On Hldg AgONON	$470.4M	—	4	13,280,030	2.9%	—
Lpl Finl Hldgs IncLPLA	$343.4M	—	5	1,219,099	2.1%	—
Argan IncAGX	$294.4M	—	3	368,673	1.8%	—
Bitdeer Technologies GroupBTDR	$111.4M	—	3	7,020,026	0.7%	—
Sharonai Holdings IncSHAZ	$102.4M	—	2	1,209,848	0.6%	—

Nebius Group N.VNBISBig new
Value$1.18BValuation—Holders1Weight7.2%
Asml Hldg NvASML—
Value$1.13BValuation—Holders12Weight6.9%
Seagate Technology Hldngs PlSTXBig new
Value$965.1MValuation—Holders5Weight5.9%
Home Depot IncHDBig new
Value$918.1MValuation—Holders6Weight5.6%
Applied Matls IncAMATBig new
Value$873.2MValuation—Holders14Weight5.3%
Medline IncMDLNAdding 3q
Value$827.0MValuation—Holders5Weight5.1%
Linde PlcLINBig new
Value$808.6MValuation—Holders7Weight4.9%
Teradyne IncTER—
Value$722.4MValuation—Holders3Weight4.4%
Corning IncGLW—
Value$696.8MValuation—Holders6Weight4.3%
Carvana CoCVNABig new
Value$692.5MValuation—Holders8Weight4.2%
Hut 8 CorpHUT—
Value$666.5MValuation—Holders3Weight4.1%
Performance Food Group CoPFGCBig new
Value$654.3MValuation—Holders4Weight4.0%
Nu Hldgs LtdNUAdding 4q
Value$630.9MValuation—Holders6Weight3.9%
Terawulf IncWULFBig new
Value$596.4MValuation—Holders3Weight3.6%
Carpenter Technology CorpCRS—
Value$593.9MValuation—Holders4Weight3.6%
Mastec IncMTZ—
Value$559.7MValuation—Holders4Weight3.4%
Applovin CorpAPP—
Value$537.0MValuation—Holders5Weight3.3%
Ttm Technologies IncTTMIBig new
Value$512.1MValuation—Holders3Weight3.1%
Sterling Infrastructure IncSTRL—
Value$511.7MValuation—Holders2Weight3.1%
Us Foods Hldg CorpUSFD—
Value$502.5MValuation—Holders3Weight3.1%
On Hldg AgONON—
Value$470.4MValuation—Holders4Weight2.9%
Lpl Finl Hldgs IncLPLA—
Value$343.4MValuation—Holders5Weight2.1%
Argan IncAGX—
Value$294.4MValuation—Holders3Weight1.8%
Bitdeer Technologies GroupBTDR—
Value$111.4MValuation—Holders3Weight0.7%
Sharonai Holdings IncSHAZ—
Value$102.4MValuation—Holders2Weight0.6%

Showing top 25 of 34 positions

Exited this quarter (15)Vistra Corp、Talen Energy Corp、Clean Harbors Inc、Tenet Healthcare Corp、Capital One Finl Corp、Entegris Inc、Ciena Corp、Vulcan Matls Co、Spotify Technology S A、Mastercard Incorporated、Amphenol Corp、Hilton Worldwide Hldgs Inc… +3 more

What is a superinvestor

About this investor

Portfolio overview

Lone Pine Capital Llc's most recent 13F filing, for the quarter ended 2026-06-30, reports 34 positions worth $16.36B. The top 5 holdings represent 31% of that value, a broadly diversified portfolio.

The single largest position is Nebius Group N.V at 7.2% of the portfolio, followed by Asml Hldg Nv at 6.9% and Seagate Technology Hldngs Pl at 5.9%.

Against the prior quarter, Stephen Mandel opened 13 new positions, exited 15, added to 8, and trimmed 13. The largest new buy was Nebius Group N.V. The most notable sale was the full exit from Vistra Corp.

Across all 8 quarters on file, Applovin Corp has appeared in every filing, as has Lpl Finl Hldgs Inc. Applovin Corp currently ranks 17th by value.

A 13F is filed roughly 45 days after quarter-end and covers only long positions in US-listed equities, so it is a lagging and partial view of the portfolio. Source: SEC EDGAR.

Stephen Mandel has no positions in the strike zone right now. Browse the whole market by value band

Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-14

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