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
- +5.33%
- 1-year
- +0.67%
- 3-year
- +86.37%
- 5-year
- +38.17%
- 3-year vs S&P 500
- +13.12%
- 5-year vs S&P 500
- -50.29%
- 5-year top 5
- +42.20%
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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Updated 2026-09-19 from SEC 13F data.
Live quotes available for 34 of 71 rows. Rows without a quote are marked unavailable.
| 1 | DG | DOLLAR GEN CORP NEW | 4.68% | Add +29.5% | 17,684,604 | $998.47M | $56.46 | No quote |
| 2 | CTSH | COGNIZANT TECHNOLOGY SOLUTIO | 4.61% | Reduce -9.7% | 11,956,751 | $981.89M | $82.12 | No quote |
| 3 | PCLN | PRICELINE COM INC | 4.60% | Reduce -43.6% | 969,568 | $980.19M | No quote | No quote |
| 4 | MON | MONSANTO CO NEW | 4.58% | Add +50.7% | 9,354,853 | $976.37M | No quote | No quote |
| 5 | GPS | GAP INC DEL | 4.22% | Add +16.4% | 22,305,225 | $898.45M | No quote | No quote |
| 6 | QCOM | QUALCOMM INC | 4.21% | Add +43.1% | 13,329,083 | $897.31M | $67.32 | No quote |
| 7 | BIDU | BAIDU INC | 3.85% | New | 5,289,262 | $820.79M | $155.18 | No quote |
| 8 | VRX | VALEANT PHARMACEUTICALS INTL | 3.81% | Reduce -2.9% | 7,781,707 | $811.87M | No quote | No quote |
| 9 | KORS | MICHAEL KORS HLDGS LTD | 3.35% | Add +7.4% | 9,583,229 | $714.14M | No quote | No quote |
| 10 | FOXA | TWENTY FIRST CENTY FOX INC | 2.94% | New | 18,700,570 | $626.66M | $33.51 | No quote |
| 11 | EBAY | EBAY INC | 2.86% | Reduce -29.6% | 10,922,795 | $609.44M | $55.80 | No quote |
| 12 | ULTA | ULTA SALON COSMETCS & FRAG I | 2.66% | Reduce -7.5% | 4,737,930 | $565.99M | $119.46 | No quote |
| 13 | HOUS | REALOGY HLDGS CORP | 2.42% | Add +51.9% | 12,003,398 | $516.39M | No quote | No quote |
| 14 | FLT | FLEETCOR TECHNOLOGIES INC | 2.36% | Reduce -14.7% | 4,562,496 | $502.61M | No quote | No quote |
| 15 | MJN | MEAD JOHNSON NUTRITION CO | 2.31% | Reduce -10.5% | 6,629,859 | $492.33M | No quote | No quote |
| 16 | AXP | AMERICAN EXPRESS CO | 2.21% | Add +67.9% | 6,244,519 | $471.59M | $75.52 | No quote |
| 17 | MA | MASTERCARD INC | 2.21% | New | 700,604 | $471.35M | $672.78 | No quote |
| 18 | CCI | CROWN CASTLE INTL CORP | 2.17% | Add +25.5% | 6,340,454 | $463.04M | $73.03 | No quote |
| 19 | DLTR | DOLLAR TREE INC | 2.05% | Reduce -5.0% | 7,648,196 | $437.17M | $57.16 | No quote |
| 20 | CME | CME GROUP INC | 1.95% | Add +44.2% | 5,623,300 | $415.45M | $73.88 | No quote |
| 21 | EQIX | EQUINIX INC | 1.87% | Add +3.8% | 2,167,116 | $397.99M | $183.65 | No quote |
| 22 | KMI | KINDER MORGAN INC DEL | 1.82% | Reduce -11.2% | 10,913,487 | $388.19M | $35.57 | No quote |
| 23 | META | FACEBOOK INC | 1.80% | Reduce -22.6% | 7,635,995 | $383.56M | $50.23 | No quote |
| 24 | KMIWS | KINDER MORGAN INC DEL | 1.69% | Add +10.4% | 72,279,395 | $359.23M | No quote | No quote |
| 25 | DVA | DAVITA HEALTHCARE PARTNERS I | 1.68% | New | 6,302,027 | $358.59M | $56.90 | No quote |
| 26 | GOOGL | GOOGLE INC | 1.68% | Reduce -56.7% | 407,784 | $357.18M | $875.91 | No quote |
| 27 | TDG | TRANSDIGM GROUP INC | 1.66% | - | 2,556,210 | $354.55M | $138.70 | No quote |
| 28 | COH | COACH INC | 1.66% | Add +10.6% | 6,481,247 | $353.42M | No quote | No quote |
| 29 | BEAV | B/E AEROSPACE INC | 1.64% | Add +10.0% | 4,741,593 | $350.02M | No quote | No quote |
| 30 | WYN | WYNDHAM WORLDWIDE CORP | 1.63% | Add +20.2% | 5,706,191 | $347.91M | No quote | No quote |
| 31 | LBTYK | LIBERTY GLOBAL PLC | 1.40% | Add +164.1% | 3,963,935 | $299M | $75.43 | No quote |
| 32 | OCN | OCWEN FINL CORP | 1.38% | Reduce -3.1% | 5,277,270 | $294.31M | No quote | No quote |
| 33 | WDAY | WORKDAY INC | 1.34% | - | 3,522,285 | $285.06M | $80.93 | No quote |
| 34 | CHTR | CHARTER COMMUNICATIONS INC D | 1.23% | Reduce -46.9% | 1,951,452 | $262.98M | $134.76 | No quote |
| 35 | LBTYA | LIBERTY GLOBAL PLC | 1.19% | Add +59.4% | 3,203,911 | $254.23M | $79.35 | No quote |
| 36 | DSW | DSW INC | 1.19% | Add +237.4% | 2,978,721 | $254.14M | No quote | No quote |
| 37 | P | PANDORA MEDIA INC | 1.19% | New | 10,085,216 | $253.44M | No quote | No quote |
| 38 | OII | OCEANEERING INTL INC | 1.17% | Reduce -11.5% | 3,069,498 | $249.37M | No quote | No quote |
| 39 | VRSN | VERISIGN INC | 1.17% | Reduce -34.8% | 4,888,630 | $248.78M | $50.89 | No quote |
| 40 | AMZN | AMAZON COM INC | 1.14% | New | 773,737 | $241.9M | $312.64 | No quote |
| 41 | V | VISA INC | 1.11% | Reduce -5.8% | 1,243,515 | $237.64M | $191.10 | No quote |
| 42 | LMCAD | LIBERTY MEDIA CORP DELAWARE | 1.11% | Reduce -13.5% | 1,611,640 | $237.15M | No quote | No quote |
| 43 | SEMG | SEMGROUP CORP | 1.05% | - | 3,906,318 | $222.74M | No quote | No quote |
| 44 | SWI | SOLARWINDS INC | 0.94% | New | 5,701,473 | $199.89M | No quote | No quote |
| 45 | GRFS | GRIFOLS S A | 0.63% | Add +0.3% | 4,453,500 | $134.38M | $30.17 | No quote |
| 46 | ASML | ASML HOLDING N V | 0.48% | - | 1,032,466 | $101.97M | $98.76 | No quote |
| 47 | LOW | LOWES COS INC | 0.47% | New | 2,114,588 | $100.68M | $47.61 | No quote |
| 48 | HRB | BLOCK H & R INC | 0.29% | Reduce -69.8% | 2,303,844 | $61.42M | $26.66 | No quote |
| 49 | SEAS | SEAWORLD ENTMT INC | 0.24% | New | 1,736,193 | $51.44M | No quote | No quote |
| 50 | CP | CANADIAN PAC RY LTD | 0.09% | - | 161,132 | $19.87M | $123.30 | No quote |
| 62 | WBC | WABCO HLDGS INC | - | Sold | 0 | $0 | No quote | No quote |
| 61 | TRIP | TRIPADVISOR INC | - | Sold | 0 | $0 | No quote | No quote |
| 60 | TMO | THERMO FISHER SCIENTIFIC INC | - | Sold | 0 | $0 | No quote | No quote |
| 59 | SBH | SALLY BEAUTY HLDGS INC | - | Sold | 0 | $0 | No quote | No quote |
| 58 | RL | RALPH LAUREN CORP | - | Sold | 0 | $0 | No quote | No quote |
| 57 | NWSA | NEWS CORP | - | Sold | 0 | $0 | No quote | No quote |
| 56 | ISS | ISOFTSTONE HLDGS LTD | - | Sold | 0 | $0 | No quote | No quote |
| 55 | ISRG | INTUITIVE SURGICAL INC | - | Sold | 0 | $0 | No quote | No quote |
| 54 | JBHT | HUNT J B TRANS SVCS INC | - | Sold | 0 | $0 | No quote | No quote |
| 53 | HTZ | HERTZ GLOBAL HOLDINGS INC | - | Sold | 0 | $0 | No quote | No quote |
| 52 | GRA | GRACE W R & CO DEL NEW | - | Sold | 0 | $0 | No quote | No quote |
| 51 | ARG | AIRGAS INC | - | Sold | 0 | $0 | No quote | No quote |
Options positions
Put = right to sell at strike (a bearish bet). Call = right to buy at strike (bullish via leverage). The notional column shows the underlying market value reported to the SEC, not the option premium paid - these don't add to the long-equity % portfolio above.
| 1 | UNG | UNITED STATES NATL GAS FUNDUNIT PAR $0.001 | PUT | New | 16,500,000 | $301.62M |
| 2 | VXX | BARCLAYS BK PLCIPATH S&P500 VIX | PUT | - | 3,690,000 | $216.96M |
| 3 | QCOM | QUALCOMM INCCOM | CALL | Add +299.5% | 2,297,000 | $154.63M |
| 4 | CME | CME GROUP INCCOM | CALL | - | 2,000,000 | $147.76M |
| 5 | SHLD | SEARS HLDGS CORPCOM | PUT | - | 2,273,500 | $135.25M |
| 6 | AXP | AMERICAN EXPRESS COCOM | CALL | New | 1,670,000 | $126.12M |
| 7 | BB | BLACKBERRY LTDCOM | PUT | New | 25,000 | $199K |
| 9 | TSLA | TESLA MTRS INCCOM | PUT | Sold | 0 | $0 |
| 8 | QUAD | QUAD / GRAPHICS INCCOM CL A | PUT | Sold | 0 | $0 |