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 34 of 67 rows. Rows without a quote are marked unavailable.
| 1 | PCLN | PRICELINE GRP INC | 6.61% | Reduce -4.9% | 1,329,775 | $1.55B | No quote | No quote |
| 2 | JD | JD COM INC | 4.83% | Add +336.9% | 38,527,260 | $1.13B | $29.38 | No quote |
| 3 | MA | MASTERCARD INC | 4.78% | Reduce -35.2% | 12,973,653 | $1.12B | $86.39 | No quote |
| 4 | VRX | VALEANT PHARMACEUTICALS INTL | 4.72% | Reduce -32.5% | 5,569,460 | $1.11B | No quote | No quote |
| 5 | BIDU | BAIDU INC | 4.70% | Reduce -24.9% | 5,281,484 | $1.1B | $208.40 | No quote |
| 6 | ADBE | ADOBE SYS INC | 3.80% | Reduce -1.1% | 12,045,393 | $890.64M | $73.94 | No quote |
| 7 | AAPL | APPLE INC | 3.63% | Add +213.1% | 6,838,522 | $850.92M | $124.43 | No quote |
| 8 | FLT | FLEETCOR TECHNOLOGIES INC | 3.53% | Reduce -14.9% | 5,478,615 | $826.83M | No quote | No quote |
| 9 | SBAC | SBA COMMUNICATIONS CORP | 3.23% | Reduce -11.4% | 6,460,678 | $756.55M | $117.10 | No quote |
| 10 | KORS | MICHAEL KORS HLDGS LTD | 3.15% | Add +1.4% | 11,225,155 | $738.05M | No quote | No quote |
| 11 | META | FACEBOOK INC | 2.85% | Reduce -40.0% | 8,106,922 | $666.51M | $82.22 | No quote |
| 12 | CHTR | CHARTER COMMUNICATIONS INC D | 2.74% | Add +1.8% | 3,327,979 | $642.67M | $193.11 | No quote |
| 13 | EQIX | EQUINIX INC | 2.71% | Reduce -29.8% | 2,729,378 | $635.54M | $232.85 | No quote |
| 14 | V | VISA INC | 2.66% | Add +436.8% | 9,510,268 | $622.07M | $65.41 | No quote |
| 15 | LNG | CHENIERE ENERGY INC | 2.65% | Reduce -9.1% | 8,018,486 | $620.63M | No quote | No quote |
| 16 | WMB | WILLIAMS COS INC DEL | 2.59% | New | 12,015,299 | $607.85M | $50.59 | No quote |
| 17 | MSFT | MICROSOFT CORP | 2.51% | Add +165.8% | 14,486,109 | $588.93M | $40.66 | No quote |
| 18 | CP | CANADIAN PAC RY LTD | 2.45% | Reduce -12.2% | 3,147,265 | $575.01M | $182.70 | No quote |
| 19 | NKE | NIKE INC | 2.43% | New | 5,678,660 | $569.74M | $100.33 | No quote |
| 20 | ACT | ACTAVIS PLC | 2.33% | New | 1,832,314 | $545.33M | No quote | No quote |
| 21 | ILMN | ILLUMINA INC | 2.29% | New | 2,890,103 | $536.52M | $185.64 | No quote |
| 22 | TDG | TRANSDIGM GROUP INC | 2.07% | Add +24.0% | 2,215,423 | $484.56M | $218.72 | No quote |
| 23 | ADSK | AUTODESK INC | 2.03% | Reduce -44.0% | 8,103,986 | $475.22M | $58.64 | No quote |
| 24 | HOUS | REALOGY HLDGS CORP | 2.02% | - | 10,406,478 | $473.29M | No quote | No quote |
| 25 | MHP | MCGRAW HILL FINL INC | 2.02% | Reduce -37.9% | 4,574,980 | $473.05M | No quote | No quote |
| 26 | DVA | DAVITA HEALTHCARE PARTNERS I | 1.89% | Add +38.5% | 5,455,774 | $443.45M | $81.28 | No quote |
| 27 | LOW | LOWES COS INC | 1.88% | New | 5,916,304 | $440.11M | $74.39 | No quote |
| 28 | HCA | HCA HOLDING INC | 1.87% | - | 5,836,872 | $439.11M | $75.23 | No quote |
| 29 | ULTA | ULTA SALON COSMETCS & FRAG I | 1.59% | Reduce -26.0% | 2,473,942 | $373.19M | $150.85 | No quote |
| 30 | MHK | MOHAWK INDS INC | 1.55% | Reduce -20.6% | 1,958,565 | $363.8M | $185.75 | No quote |
| 31 | VIPS | VIPSHOP HLDGS LTD | 1.38% | Reduce -21.5% | 10,943,918 | $322.19M | $29.44 | No quote |
| 32 | ENDPQ | ENDO INTL PLC | 1.25% | New | 3,270,117 | $293.33M | No quote | No quote |
| 33 | FNF | FIDELITY NATIONAL FINANCIAL | 1.23% | New | 7,855,396 | $288.76M | $36.76 | No quote |
| 34 | GRA | GRACE W R & CO DEL NEW | 1.23% | - | 2,902,557 | $286.98M | No quote | No quote |
| 35 | SUNEQ | SUNEDISON INC | 1.15% | New | 11,212,785 | $269.11M | No quote | No quote |
| 36 | WBA | WALGREENS BOOTS ALLIANCE INC | 0.93% | Reduce -27.3% | 2,584,527 | $218.86M | No quote | No quote |
| 37 | LMCK | LIBERTY MEDIA CORP DELAWARE | 0.74% | New | 4,514,617 | $172.46M | No quote | No quote |
| 38 | CDK | CDK GLOBAL INC | 0.53% | Reduce -8.9% | 2,636,255 | $123.27M | No quote | No quote |
| 39 | SWI | SOLARWINDS INC | 0.52% | - | 2,386,428 | $122.28M | No quote | No quote |
| 40 | VMC | VULCAN MATLS CO | 0.51% | New | 1,420,997 | $119.79M | $84.30 | No quote |
| 41 | MTG | MGIC INVT CORP WIS | 0.51% | New | 12,403,003 | $119.44M | $9.63 | No quote |
| 42 | HDB | HDFC BANK LTD | 0.51% | New | 2,014,620 | $118.64M | $58.89 | No quote |
| 43 | LMCAD | LIBERTY MEDIA CORP DELAWARE | 0.45% | New | 2,761,506 | $106.46M | No quote | No quote |
| 44 | ANET | ARISTA NETWORKS INC | 0.45% | Add +12.5% | 1,490,825 | $105.15M | $70.53 | No quote |
| 45 | CTSH | COGNIZANT TECHNOLOGY SOLUTIO | 0.29% | Reduce -91.1% | 1,093,374 | $68.22M | $62.39 | No quote |
| 46 | JAZZ | JAZZ PHARMACEUTICALS PLC | 0.19% | Reduce -86.1% | 260,985 | $45.1M | $172.79 | No quote |
| 56 | WYNN | WYNN RESORTS LTD | - | Sold | 0 | $0 | No quote | No quote |
| 55 | WDAY | WORKDAY INC | - | Sold | 0 | $0 | No quote | No quote |
| 54 | UAA | UNDER ARMOUR INC | - | Sold | 0 | $0 | No quote | No quote |
| 53 | TIF | TIFFANY & CO NEW | - | Sold | 0 | $0 | No quote | No quote |
| 52 | NFLX | NETFLIX INC | - | Sold | 0 | $0 | No quote | No quote |
| 51 | ICE | INTERCONTINENTAL EXCHANGE IN | - | Sold | 0 | $0 | No quote | No quote |
| 50 | HUM | HUMANA INC | - | Sold | 0 | $0 | No quote | No quote |
| 49 | DG | DOLLAR GEN CORP NEW | - | Sold | 0 | $0 | No quote | No quote |
| 48 | COO | COOPER COS INC | - | Sold | 0 | $0 | No quote | No quote |
| 47 | CVLT | COMMVAULT SYSTEMS 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 | FXE | CURRENCYSHARES EURO TREURO SHS | PUT | New | 20,000,000 | $2.11B |
| 2 | 06742E | BARCLAYS BK PLCIPATH S&P500 VIX | PUT | Add +84.7% | 11,634,000 | $298.18M |
| 3 | 74347W | PROSHARES TR IIULT VIX SHRT TRM | PUT | New | 12,000,000 | $180.6M |
| 4 | MSFT | MICROSOFT CORPCOM | CALL | New | 2,828,800 | $115.01M |
| 5 | WMB | WILLIAMS COS INC DELCOM | CALL | New | 1,785,900 | $90.35M |
| 6 | SHLD | SEARS HLDGS CORPCOM | PUT | - | 2,163,100 | $89.51M |
| 7 | FNF | FIDELITY NATIONAL FINANCIALFNF GROUP COM | CALL | New | 2,015,000 | $74.07M |
| 8 | RIG | TRANSOCEAN LTDREG SHS | PUT | New | 2,400,000 | $35.21M |
| 11 | WBA | WALGREENS BOOTS ALLIANCE INCCOM | CALL | Sold | 0 | $0 |
| 10 | ICE | INTERCONTINENTAL EXCHANGE INCOM | CALL | Sold | 0 | $0 |
| 9 | INTC | INTEL CORPCOM | PUT | Sold | 0 | $0 |