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 35 of 66 rows. Rows without a quote are marked unavailable.
| 1 | JD | JD COM INC | 6.35% | Add +8.7% | 41,890,558 | $1.43B | $34.10 | No quote |
| 2 | PCLN | PRICELINE GRP INC | 6.10% | Reduce -10.4% | 1,191,794 | $1.37B | No quote | No quote |
| 3 | ILMN | ILLUMINA INC | 5.51% | Add +96.5% | 5,678,537 | $1.24B | $218.36 | No quote |
| 4 | VRX | VALEANT PHARMACEUTICALS INTL | 5.24% | Reduce -4.7% | 5,310,143 | $1.18B | No quote | No quote |
| 5 | MSFT | MICROSOFT CORP | 5.22% | Add +83.6% | 26,598,524 | $1.17B | $44.15 | No quote |
| 6 | CHTR | CHARTER COMMUNICATIONS INC D | 4.09% | Add +61.6% | 5,377,312 | $920.87M | $171.25 | No quote |
| 7 | MA | MASTERCARD INC | 4.04% | Reduce -25.0% | 9,726,632 | $909.25M | $93.48 | No quote |
| 8 | FLT | FLEETCOR TECHNOLOGIES INC | 3.80% | - | 5,478,615 | $854.99M | No quote | No quote |
| 9 | META | FACEBOOK INC | 3.72% | Add +20.4% | 9,761,722 | $837.21M | $85.77 | No quote |
| 10 | WMB | WILLIAMS COS INC DEL | 3.55% | Add +16.0% | 13,943,148 | $800.2M | $57.39 | No quote |
| 11 | NKE | NIKE INC | 3.43% | Add +26.0% | 7,155,860 | $772.98M | $108.02 | No quote |
| 12 | EQIX | EQUINIX INC | 3.39% | Add +10.1% | 3,005,944 | $763.51M | $254.00 | No quote |
| 13 | ADBE | ADOBE SYS INC | 3.33% | Reduce -23.1% | 9,264,439 | $750.51M | $81.01 | No quote |
| 14 | AGN | ALLERGAN PLC | 3.10% | New | 2,297,966 | $697.34M | No quote | No quote |
| 15 | V | VISA INC | 2.65% | Reduce -6.4% | 8,900,538 | $597.67M | $67.15 | No quote |
| 16 | LNG | CHENIERE ENERGY INC | 2.44% | Reduce -0.9% | 7,943,511 | $550.17M | No quote | No quote |
| 17 | SBAC | SBA COMMUNICATIONS CORP | 2.34% | Reduce -29.0% | 4,584,339 | $527.06M | $114.97 | No quote |
| 18 | TDG | TRANSDIGM GROUP INC | 2.21% | - | 2,215,423 | $497.74M | $224.67 | No quote |
| 19 | HOUS | REALOGY HLDGS CORP | 2.16% | - | 10,406,478 | $486.19M | No quote | No quote |
| 20 | LOW | LOWES COS INC | 2.10% | Add +19.2% | 7,053,887 | $472.4M | $66.97 | No quote |
| 21 | HCA | HCA HOLDING INC | 2.02% | Reduce -14.2% | 5,007,242 | $454.26M | $90.72 | No quote |
| 22 | WBA | WALGREENS BOOTS ALLIANCE INC | 1.95% | Add +101.1% | 5,198,204 | $438.94M | No quote | No quote |
| 23 | DVA | DAVITA HEALTHCARE PARTNERS I | 1.93% | - | 5,455,774 | $433.57M | $79.47 | No quote |
| 24 | MHK | MOHAWK INDS INC | 1.66% | - | 1,958,565 | $373.89M | $190.90 | No quote |
| 25 | MHP | MCGRAW HILL FINL INC | 1.62% | Reduce -20.8% | 3,625,834 | $364.22M | No quote | No quote |
| 26 | ULTA | ULTA SALON COSMETCS & FRAG I | 1.60% | Reduce -5.5% | 2,337,670 | $361.05M | $154.45 | No quote |
| 27 | FNF | FIDELITY NATIONAL FINANCIAL | 1.59% | Add +23.1% | 9,672,695 | $357.79M | $36.99 | No quote |
| 28 | ADSK | AUTODESK INC | 1.37% | Reduce -24.0% | 6,158,948 | $308.41M | $50.07 | No quote |
| 29 | VMC | VULCAN MATLS CO | 1.29% | Add +143.5% | 3,460,099 | $290.41M | $83.93 | No quote |
| 30 | SUNEQ | SUNEDISON INC | 1.28% | Reduce -13.8% | 9,663,802 | $289.04M | No quote | No quote |
| 31 | ENDPQ | ENDO INTL PLC | 1.26% | Add +9.2% | 3,570,117 | $284.36M | No quote | No quote |
| 32 | HBI | HANESBRANDS INC | 1.12% | New | 7,588,105 | $252.84M | No quote | No quote |
| 33 | AAP | ADVANCE AUTO PARTS INC | 0.86% | New | 1,217,455 | $193.93M | $159.29 | No quote |
| 34 | LMCK | LIBERTY MEDIA CORP DELAWARE | 0.73% | Add +1.3% | 4,571,191 | $164.11M | No quote | No quote |
| 35 | ANET | ARISTA NETWORKS INC | 0.69% | Add +27.2% | 1,895,925 | $154.97M | $81.74 | No quote |
| 36 | MTG | MGIC INVT CORP WIS | 0.63% | - | 12,403,003 | $141.15M | $11.38 | No quote |
| 37 | HDB | HDFC BANK LTD | 0.54% | - | 2,014,620 | $121.95M | $60.53 | No quote |
| 38 | GRA | GRACE W R & CO DEL NEW | 0.54% | Reduce -58.4% | 1,206,801 | $121.04M | No quote | No quote |
| 39 | SWI | SOLARWINDS INC | 0.52% | Add +5.5% | 2,518,528 | $116.18M | No quote | No quote |
| 40 | HZNP | HORIZON PHARMA PLC | 0.49% | New | 3,204,972 | $111.34M | No quote | No quote |
| 41 | LMCAD | LIBERTY MEDIA CORP DELAWARE | 0.48% | Add +9.1% | 3,013,061 | $108.59M | No quote | No quote |
| 42 | PRGO | PERRIGO CO PLC | 0.31% | New | 375,924 | $69.48M | $184.83 | No quote |
| 43 | CSX | CSX CORP | 0.30% | New | 2,088,300 | $68.18M | $32.65 | No quote |
| 44 | EA | ELECTRONIC ARTS INC | 0.23% | New | 794,440 | $52.83M | $66.50 | No quote |
| 45 | SCHW | SCHWAB CHARLES CORP NEW | 0.11% | New | 748,520 | $24.44M | $32.65 | No quote |
| 46 | KSU | KANSAS CITY SOUTHERN | 0.09% | New | 231,220 | $21.09M | No quote | No quote |
| 55 | VIPS | VIPSHOP HLDGS LTD | - | Sold | 0 | $0 | No quote | No quote |
| 54 | KORS | MICHAEL KORS HLDGS LTD | - | Sold | 0 | $0 | No quote | No quote |
| 53 | JAZZ | JAZZ PHARMACEUTICALS PLC | - | Sold | 0 | $0 | No quote | No quote |
| 52 | CTSH | COGNIZANT TECHNOLOGY SOLUTIO | - | Sold | 0 | $0 | No quote | No quote |
| 51 | CDK | CDK GLOBAL INC | - | Sold | 0 | $0 | No quote | No quote |
| 50 | CP | CANADIAN PAC RY LTD | - | Sold | 0 | $0 | No quote | No quote |
| 49 | BIDU | BAIDU INC | - | Sold | 0 | $0 | No quote | No quote |
| 48 | AAPL | APPLE INC | - | Sold | 0 | $0 | No quote | No quote |
| 47 | ACT | ACTAVIS PLC | - | 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 | - | 20,000,000 | $2.19B |
| 2 | 74347W | PROSHARES TR IIULT VIX SHRT | PUT | - | 12,000,000 | $527.52M |
| 3 | CHTR | CHARTER COMMUNICATIONS INC DCL A NEW | CALL | New | 3,050,000 | $522.31M |
| 4 | DEO | DIAGEO P L CSPON ADR NEW | CALL | New | 2,850,000 | $330.71M |
| 5 | WMB | WILLIAMS COS INC DELCOM | CALL | Add +84.0% | 3,285,900 | $188.58M |
| 6 | MSFT | MICROSOFT CORPCOM | CALL | - | 2,828,800 | $124.89M |
| 7 | 06742E | BARCLAYS BK PLCIPATH S&P500 VIX | PUT | Reduce -52.7% | 5,500,000 | $110.55M |
| 8 | CSX | CSX CORPCOM | CALL | New | 2,760,000 | $90.11M |
| 9 | FNF | FIDELITY NATIONAL FINANCIALFNF GROUP COM | CALL | - | 2,015,000 | $74.54M |
| 10 | SHLD | SEARS HLDGS CORPCOM | PUT | - | 2,163,100 | $57.76M |
| 11 | RIG | TRANSOCEAN LTDREG SHS | PUT | Sold | 0 | $0 |