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
- +36.67%
- 3-year vs S&P 500
- +13.12%
- 5-year vs S&P 500
- -51.79%
- 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 61 rows. Rows without a quote are marked unavailable.
| 1 | MA | MASTERCARD INC | 7.38% | Add +32.8% | 20,030,460 | $1.73B | $86.16 | No quote |
| 2 | BIDU | BAIDU INC | 6.85% | Reduce -14.1% | 7,030,580 | $1.6B | $227.97 | No quote |
| 3 | PCLN | PRICELINE GRP INC | 6.81% | Add +91.7% | 1,398,233 | $1.59B | No quote | No quote |
| 4 | VRX | VALEANT PHARMACEUTICALS INTL | 5.05% | Reduce -24.9% | 8,250,886 | $1.18B | No quote | No quote |
| 5 | META | FACEBOOK INC | 4.50% | Add +56.3% | 13,502,615 | $1.05B | $78.02 | No quote |
| 6 | FLT | FLEETCOR TECHNOLOGIES INC | 4.09% | Reduce -2.3% | 6,435,620 | $957.04M | No quote | No quote |
| 7 | DG | DOLLAR GEN CORP NEW | 3.90% | Add +38.8% | 12,918,112 | $913.31M | $70.70 | No quote |
| 8 | ADBE | ADOBE SYS INC | 3.78% | Add +6.2% | 12,179,247 | $885.43M | $72.70 | No quote |
| 9 | EQIX | EQUINIX INC | 3.77% | Add +46.9% | 3,890,489 | $882.09M | $226.73 | No quote |
| 10 | ADSK | AUTODESK INC | 3.71% | Add +228.6% | 14,463,336 | $868.67M | $60.06 | No quote |
| 11 | KORS | MICHAEL KORS HLDGS LTD | 3.55% | Reduce -30.6% | 11,075,555 | $831.77M | No quote | No quote |
| 12 | SBAC | SBA COMMUNICATIONS CORP | 3.45% | Reduce -15.9% | 7,293,202 | $807.8M | $110.76 | No quote |
| 13 | CP | CANADIAN PAC RY LTD | 2.95% | Add +2.2% | 3,585,666 | $690.92M | $192.69 | No quote |
| 14 | MHP | MCGRAW HILL FINL INC | 2.80% | Reduce -32.0% | 7,369,142 | $655.71M | No quote | No quote |
| 15 | TIF | TIFFANY & CO NEW | 2.76% | Reduce -11.8% | 6,047,197 | $646.2M | No quote | No quote |
| 16 | CTSH | COGNIZANT TECHNOLOGY SOLUTIO | 2.75% | Reduce -32.3% | 12,229,864 | $644.02M | $52.66 | No quote |
| 17 | LNG | CHENIERE ENERGY INC | 2.65% | Add +27.7% | 8,818,922 | $620.85M | No quote | No quote |
| 18 | CHTR | CHARTER COMMUNICATIONS INC D | 2.33% | Add +5.3% | 3,269,032 | $544.69M | $166.62 | No quote |
| 19 | V | VISA INC | 1.99% | New | 1,771,519 | $464.49M | $262.20 | No quote |
| 20 | HOUS | REALOGY HLDGS CORP | 1.98% | Reduce -23.8% | 10,406,478 | $462.98M | No quote | No quote |
| 21 | HCA | HCA HOLDINGS INC | 1.83% | New | 5,836,872 | $428.37M | $73.39 | No quote |
| 22 | ULTA | ULTA SALON COSMETCS & FRAG I | 1.83% | Reduce -35.7% | 3,344,991 | $427.62M | $127.84 | No quote |
| 23 | MHK | MOHAWK INDS INC | 1.64% | Reduce -20.2% | 2,466,482 | $383.19M | $155.36 | No quote |
| 24 | TDG | TRANSDIGM GROUP INC | 1.50% | - | 1,786,836 | $350.85M | $196.35 | No quote |
| 25 | JAZZ | JAZZ PHARMACEUTICALS PLC | 1.32% | Add +5.3% | 1,883,654 | $308.41M | $163.73 | No quote |
| 26 | DVA | DAVITA HEALTHCARE PARTNERS I | 1.28% | New | 3,940,169 | $298.43M | $75.74 | No quote |
| 27 | COO | COOPER COS INC | 1.21% | New | 1,750,283 | $283.7M | $162.09 | No quote |
| 28 | GRA | GRACE W R & CO DEL NEW | 1.18% | New | 2,902,557 | $276.87M | No quote | No quote |
| 29 | HUM | HUMANA INC | 1.17% | Reduce -12.1% | 1,911,536 | $274.55M | $143.63 | No quote |
| 30 | VIPS | VIPSHOP HLDGS LTD | 1.16% | New | 13,935,727 | $272.3M | $19.54 | No quote |
| 31 | WBA | WALGREENS BOOTS ALLIANCE INC | 1.16% | New | 3,553,779 | $270.8M | No quote | No quote |
| 32 | NFLX | NETFLIX INC | 1.14% | New | 779,647 | $266.34M | $341.61 | No quote |
| 33 | MSFT | MICROSOFT CORP | 1.08% | Reduce -75.6% | 5,449,944 | $253.15M | $46.45 | No quote |
| 34 | ICE | INTERCONTINENTAL EXCHANGE IN | 1.07% | Reduce -13.1% | 1,142,789 | $250.6M | $219.29 | No quote |
| 35 | AAPL | APPLE INC | 1.03% | New | 2,184,122 | $241.08M | $110.38 | No quote |
| 36 | JD | JD COM INC | 0.87% | New | 8,817,652 | $204.04M | $23.14 | No quote |
| 37 | SWI | SOLARWINDS INC | 0.51% | Reduce -63.4% | 2,386,428 | $118.92M | No quote | No quote |
| 38 | CDK | CDK GLOBAL INC | 0.50% | New | 2,894,255 | $117.97M | No quote | No quote |
| 39 | UAA | UNDER ARMOUR INC | 0.45% | Reduce -65.5% | 1,560,114 | $105.93M | $67.90 | No quote |
| 40 | ANET | ARISTA NETWORKS INC | 0.34% | Add +83.5% | 1,325,646 | $80.55M | $60.76 | No quote |
| 41 | CVLT | COMMVAULT SYSTEMS INC | 0.29% | New | 1,321,288 | $68.3M | $51.69 | No quote |
| 42 | WDAY | WORKDAY INC | 0.18% | Reduce -85.0% | 527,482 | $43.05M | $81.61 | No quote |
| 43 | WYNN | WYNN RESORTS LTD | 0.18% | Reduce -89.8% | 285,023 | $42.4M | $148.76 | No quote |
| 54 | WSM | WILLIAMS SONOMA INC | - | Sold | 0 | $0 | No quote | No quote |
| 53 | TRIP | TRIPADVISOR INC | - | Sold | 0 | $0 | No quote | No quote |
| 52 | TWX | TIME WARNER INC | - | Sold | 0 | $0 | No quote | No quote |
| 51 | SAVE | SPIRIT AIRLS INC | - | Sold | 0 | $0 | No quote | No quote |
| 50 | LPLA | LPL FINL HLDGS INC | - | Sold | 0 | $0 | No quote | No quote |
| 49 | LBTYK | LIBERTY GLOBAL PLC | - | Sold | 0 | $0 | No quote | No quote |
| 48 | GPS | GAP INC DEL | - | Sold | 0 | $0 | No quote | No quote |
| 47 | CCI | CROWN CASTLE INTL CORP | - | Sold | 0 | $0 | No quote | No quote |
| 46 | CMCSA | COMCAST CORP NEW | - | Sold | 0 | $0 | No quote | No quote |
| 45 | ACT | ACTAVIS PLC | - | Sold | 0 | $0 | No quote | No quote |
| 44 | ABBV | ABBVIE 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 | 06742E | BARCLAYS BK PLCIPATH S&P500 VIX | PUT | - | 6,300,000 | $198.51M |
| 2 | INTC | INTEL CORPCOM | PUT | - | 2,320,000 | $84.19M |
| 3 | SHLD | SEARS HLDGS CORPCOM | PUT | Reduce -27.6% | 2,163,100 | $71.34M |
| 4 | ICE | INTERCONTINENTAL EXCHANGE INCOM | CALL | - | 240,000 | $52.63M |
| 5 | WBA | WALGREENS BOOTS ALLIANCE INCCOM | CALL | New | 600,000 | $45.72M |
| 7 | GPS | GAP INC DELCOM | CALL | Sold | 0 | $0 |
| 6 | CMCSA | COMCAST CORP NEWCL A | CALL | Sold | 0 | $0 |