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 33 of 67 rows. Rows without a quote are marked unavailable.
| 1 | BIDU | BAIDU INC | 6.94% | Add +14.2% | 8,923,393 | $1.67B | $186.81 | No quote |
| 2 | CTSH | COGNIZANT TECHNOLOGY SOLUTIO | 6.01% | Add +2.7% | 29,509,835 | $1.44B | $48.91 | No quote |
| 3 | VRX | VALEANT PHARMACEUTICALS INTL | 5.30% | Add +14.4% | 10,089,450 | $1.27B | No quote | No quote |
| 4 | MSFT | MICROSOFT CORP | 4.58% | Reduce -6.1% | 26,347,204 | $1.1B | $41.70 | No quote |
| 5 | MHP | MCGRAW HILL FINL INC | 4.32% | Add +13.7% | 12,503,547 | $1.04B | No quote | No quote |
| 6 | KORS | MICHAEL KORS HLDGS LTD | 4.26% | Add +27.4% | 11,525,497 | $1.02B | No quote | No quote |
| 7 | SBAC | SBA COMMUNICATIONS CORP | 3.71% | Reduce -2.7% | 8,700,738 | $890.09M | $102.30 | No quote |
| 8 | MA | MASTERCARD INC | 3.60% | Add +61.3% | 11,766,312 | $864.47M | $73.47 | No quote |
| 9 | ADBE | ADOBE SYS INC | 3.58% | Add +80.1% | 11,889,484 | $860.32M | $72.36 | No quote |
| 10 | PCLN | PRICELINE GRP INC | 3.47% | Add +138.4% | 691,646 | $832.05M | No quote | No quote |
| 11 | GPS | GAP INC DEL | 3.34% | Reduce -3.3% | 19,265,265 | $800.86M | No quote | No quote |
| 12 | FLT | FLEETCOR TECHNOLOGIES INC | 3.31% | Add +10.9% | 6,038,616 | $795.89M | No quote | No quote |
| 13 | LBTYK | LIBERTY GLOBAL PLC | 2.79% | Reduce -25.6% | 15,806,512 | $668.77M | $42.31 | No quote |
| 14 | CMCSA | COMCAST CORP NEW | 2.72% | New | 12,151,289 | $652.28M | $53.68 | No quote |
| 15 | ICE | INTERCONTINENTAL EXCHANGE IN | 2.68% | Add +2.6% | 3,403,713 | $642.96M | $188.90 | No quote |
| 16 | CP | CANADIAN PAC RY LTD | 2.65% | New | 3,509,269 | $635.67M | $181.14 | No quote |
| 17 | CCI | CROWN CASTLE INTL CORP | 2.61% | Reduce -7.0% | 8,425,071 | $625.65M | $74.26 | No quote |
| 18 | FOXA | TWENTY FIRST CENTY FOX INC | 2.35% | Reduce -19.8% | 16,045,522 | $564M | $35.15 | No quote |
| 19 | ACT | ACTAVIS PLC | 2.30% | Add +4.2% | 2,478,628 | $552.86M | No quote | No quote |
| 20 | HOUS | REALOGY HLDGS CORP | 2.14% | Add +5.8% | 13,652,898 | $514.85M | No quote | No quote |
| 21 | EQIX | EQUINIX INC | 2.01% | Add +2.0% | 2,299,216 | $483.04M | $210.09 | No quote |
| 22 | ULTA | ULTA SALON COSMETCS & FRAG I | 1.98% | - | 5,202,611 | $475.57M | $91.41 | No quote |
| 23 | WYNN | WYNN RESORTS LTD | 1.79% | Add +74.8% | 2,071,053 | $429.87M | $207.56 | No quote |
| 24 | TIF | TIFFANY & CO NEW | 1.77% | Add +60.1% | 4,238,872 | $424.95M | No quote | No quote |
| 25 | LPLA | LPL FINL HLDGS INC | 1.76% | - | 8,518,366 | $423.7M | $49.74 | No quote |
| 26 | DG | DOLLAR GEN CORP NEW | 1.70% | Reduce -31.3% | 7,109,343 | $407.79M | $57.36 | No quote |
| 27 | WDAY | WORKDAY INC | 1.32% | Add +17.8% | 3,516,060 | $315.95M | $89.86 | No quote |
| 28 | JAZZ | JAZZ PHARMACEUTICALS PLC | 1.28% | Reduce -11.0% | 2,087,127 | $306.83M | $147.01 | No quote |
| 29 | AN | AUTONATION INC | 1.26% | Add +26.9% | 5,067,310 | $302.42M | $59.68 | No quote |
| 30 | OII | OCEANEERING INTL INC | 1.24% | - | 3,809,894 | $297.67M | No quote | No quote |
| 31 | LBTYA | LIBERTY GLOBAL PLC | 1.20% | Reduce -6.6% | 6,519,720 | $288.3M | $44.22 | No quote |
| 32 | WMB | WILLIAMS COS INC DEL | 1.19% | New | 4,895,000 | $284.94M | $58.21 | No quote |
| 33 | UAA | UNDER ARMOUR INC | 1.18% | New | 4,748,964 | $282.52M | $59.49 | No quote |
| 34 | SWI | SOLARWINDS INC | 1.05% | - | 6,516,396 | $251.92M | No quote | No quote |
| 35 | SFUN | SOUFUN HLDGS LTD | 1.03% | Add +473.0% | 25,361,965 | $248.29M | No quote | No quote |
| 36 | JD | JD COM INC | 1.00% | New | 8,405,200 | $239.63M | $28.51 | No quote |
| 37 | SAVE | SPIRIT AIRLS INC | 0.92% | New | 3,500,760 | $221.39M | No quote | No quote |
| 38 | LL | LUMBER LIQUIDATORS HLDGS INC | 0.83% | - | 2,619,839 | $198.98M | No quote | No quote |
| 39 | TDG | TRANSDIGM GROUP INC | 0.68% | Reduce -5.3% | 979,395 | $163.81M | $167.26 | No quote |
| 40 | TRIP | TRIPADVISOR INC | 0.50% | New | 1,094,087 | $118.88M | $108.66 | No quote |
| 41 | AAL | AMERICAN AIRLS GROUP INC | 0.48% | New | 2,684,674 | $115.33M | $42.96 | No quote |
| 42 | WSM | WILLIAMS SONOMA INC | 0.44% | New | 1,483,179 | $106.46M | No quote | No quote |
| 43 | CTRP | CTRIP COM INTL LTD | 0.31% | - | 1,158,913 | $74.22M | No quote | No quote |
| 44 | LNG | CHENIERE ENERGY INC | 0.17% | New | 567,600 | $40.7M | No quote | No quote |
| 45 | ANET | ARISTA NETWORKS INC | 0.14% | New | 529,120 | $33.01M | $62.39 | No quote |
| 46 | IBN | ICICI BK LTD | 0.14% | Reduce -88.5% | 659,729 | $32.92M | $49.90 | No quote |
| 58 | YNDX | YANDEX N V | - | Sold | 0 | $0 | No quote | No quote |
| 57 | WYN | WYNDHAM WORLDWIDE CORP | - | Sold | 0 | $0 | No quote | No quote |
| 56 | SEAS | SEAWORLD ENTMT INC | - | Sold | 0 | $0 | No quote | No quote |
| 55 | QCOM | QUALCOMM INC | - | Sold | 0 | $0 | No quote | No quote |
| 54 | MON | MONSANTO CO NEW | - | Sold | 0 | $0 | No quote | No quote |
| 53 | META | FACEBOOK INC | - | Sold | 0 | $0 | No quote | No quote |
| 52 | ENDPQ | ENDO INTL PLC | - | Sold | 0 | $0 | No quote | No quote |
| 51 | DSW | DSW INC | - | Sold | 0 | $0 | No quote | No quote |
| 50 | DVA | DAVITA HEALTHCARE PARTNERS I | - | Sold | 0 | $0 | No quote | No quote |
| 49 | COH | COACH INC | - | Sold | 0 | $0 | No quote | No quote |
| 48 | BEAV | B/E AEROSPACE INC | - | Sold | 0 | $0 | No quote | No quote |
| 47 | ASML | ASML HOLDING N V | - | 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 | 06742E | BARCLAYS BK PLCIPATH S&P500 VIX | PUT | Reduce -36.9% | 6,300,000 | $180.18M |
| 2 | BIDU | BAIDU INCSPON ADR REP A | CALL | New | 780,000 | $145.71M |
| 3 | SHLD | SEARS HLDGS CORPCOM | PUT | Reduce -3.1% | 2,504,400 | $100.08M |
| 4 | CMCSA | COMCAST CORP NEWCL A | CALL | New | 1,830,000 | $98.23M |
| 5 | GPS | GAP INC DELCOM | CALL | New | 1,741,200 | $72.38M |
| 6 | INTC | INTEL CORPCOM | PUT | New | 2,320,000 | $71.69M |
| 7 | MSFT | MICROSOFT CORPCOM | CALL | Reduce -30.7% | 1,400,000 | $58.38M |
| 9 | QCOM | QUALCOMM INCCOM | CALL | Sold | 0 | $0 |
| 8 | ICE | INTERCONTINENTALEXCHANGE GROCOM | CALL | Sold | 0 | $0 |