Stephen Mandel - Lone Pine Capital
As of Q2 2026, Stephen Mandel reported 34 long-equity positions worth $16.36B in aggregate.
Copy-investor backtest
- Latest quarter
- +4.81%
- 1-year
- +0.17%
- 3-year
- +87.28%
- 5-year
- +14.37%
- 3-year vs S&P 500
- +14.05%
- 5-year vs S&P 500
- -59.31%
- 5-year top 5
- +11.49%
Return from mechanically copying the disclosed 13F equity portfolio after each filing and rebalancing at the next. The vs S&P 500 figures subtract SPY over that manager's own rebalance dates, so both sides cover the same days; both are price return, excluding dividends. Method & limitations.
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Sells
These are the positions the manager reduced or sold out of this quarter, showing where they pulled money back. The quarter shown is Q2 2026.
| Ticker | Security | Activity | % portfolio | Shares | Value | Reported price | Q range |
|---|---|---|---|---|---|---|---|
| TSM | TAIWAN SEMICONDUCTOR MANUFAC | Reduce -92.7% | 0.30% | 101,242 | $48.35M | $477.57 | $326.80 - $479.00(99%)$341.49 -> $477.57 |
| CRS | CARPENTER TECHNOLOGY CORP | Reduce -47.0% | 3.63% | 962,839 | $593.92M | $616.84 | $382.18 - $624.49(97%)$404.32 -> $616.44 |
| BN | BROOKFIELD CORP | Reduce -92.9% | 0.21% | 792,717 | $33.76M | $42.59 | $39.66 - $48.60(33%)$40.74 -> $42.60 |
| GLW | CORNING INC | Reduce -26.6% | 4.26% | 2,728,058 | $696.83M | $255.43 | $136.35 - $271.78(88%)$142.38 -> $255.43 |
| MCK | MCKESSON CORP | Reduce -85.3% | 0.27% | 57,851 | $43.71M | $755.60 | $723.68 - $887.25(20%)$872.32 -> $755.60 |
| LPLA | LPL FINL HLDGS INC | Reduce -40.5% | 2.10% | 1,219,099 | $343.4M | $281.68 | $260.15 - $339.99(27%)$289.27 -> $281.68 |
| APP | APPLOVIN CORP | Reduce -28.9% | 3.28% | 1,042,268 | $537.01M | $515.23 | $364.64 - $622.00(59%)$387.84 -> $516.43 |
| TER | TERADYNE INC | Reduce -20.3% | 4.42% | 1,493,080 | $722.41M | $483.84 | $290.00 - $487.91(98%)$312.20 -> $483.84 |
| ASML | ASML HLDG NV | Reduce -13.1% | 6.92% | 569,174 | $1.13B | $1989.44 | $1272.21 - $1999.96(99%)$1359.76 -> $1990.62 |
| APH | AMPHENOL CORP | Sold | — | 0 | $0 | — | - |
| BKNG | BOOKING HOLDINGS INC | Sold | — | 0 | $0 | — | - |
| BSX | BOSTON SCIENTIFIC CORP | Sold | — | 0 | $0 | — | - |
| COF | CAPITAL ONE FINL CORP | Sold | — | 0 | $0 | — | - |
| CIEN | CIENA CORP | Sold | — | 0 | $0 | — | - |
| CLH | CLEAN HARBORS INC | Sold | — | 0 | $0 | — | - |
| ENTG | ENTEGRIS INC | Sold | — | 0 | $0 | — | - |
| HLT | HILTON WORLDWIDE HLDGS INC | Sold | — | 0 | $0 | — | - |
| KKR | KKR & CO INC | Sold | — | 0 | $0 | — | - |
| MA | MASTERCARD INCORPORATED | Sold | — | 0 | $0 | — | - |
| SPOT | SPOTIFY TECHNOLOGY S A | Sold | — | 0 | $0 | — | - |
| TLN | TALEN ENERGY CORP | Sold | — | 0 | $0 | — | - |
| THC | TENET HEALTHCARE CORP | Sold | — | 0 | $0 | — | - |
| VST | VISTRA CORP | Sold | — | 0 | $0 | — | - |
| VMC | VULCAN MATLS CO | Sold | — | 0 | $0 | — | - |
| MTZ | MASTEC INC | Reduce -12.1% | 3.42% | 1,345,157 | $559.67M | $416.06 | $322.42 - $441.43(79%)$333.79 -> $416.06 |
| HUT | HUT 8 CORP | Reduce -5.0% | 4.07% | 5,773,045 | $666.47M | $115.44 | $44.21 - $140.80(74%)$47.36 -> $115.44 |
| AGX | ARGAN INC | Reduce -6.2% | 1.80% | 368,673 | $294.4M | $798.55 | $546.76 - $805.75(97%)$571.38 -> $796.34 |
| TDG | TRANSDIGM GROUP INC | Reduce -20.0% | 0.23% | 28,532 | $38.01M | $1332.04 | $1123.61 - $1361.77(88%)$1173.27 -> $1332.04 |