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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Filing period

Updated 2026-09-19 from SEC 13F data.

Live quotes available for 35 of 66 rows. Rows without a quote are marked unavailable.


1	VRX	VALEANT PHARMACEUTICALS INTL	5.94%	Add +40.5%	7,461,780	$1.33B	No quote	No quote
2	PCLN	PRICELINE GRP INC	5.48%	Reduce -16.7%	992,252	$1.23B	No quote	No quote
3	CHTR	CHARTER COMMUNICATIONS INC D	5.14%	Add +21.8%	6,550,257	$1.15B	$175.85	No quote
4	JD	JD COM INC	5.06%	Add +3.8%	43,495,999	$1.13B	$26.06	No quote
5	MSFT	MICROSOFT CORP	5.01%	Reduce -4.7%	25,339,024	$1.12B	$44.26	No quote
6	AMZN	AMAZON COM INC	4.43%	New	1,937,002	$991.53M	$511.89	No quote
7	META	FACEBOOK INC	4.30%	Add +9.6%	10,702,259	$962.13M	$89.90	No quote
8	FLT	FLEETCOR TECHNOLOGIES INC	3.95%	Add +17.4%	6,434,203	$885.48M	No quote	No quote
9	MA	MASTERCARD INC	3.36%	Reduce -14.2%	8,343,895	$751.95M	$90.12	No quote
10	EQIX	EQUINIX INC	3.24%	Reduce -11.8%	2,650,775	$724.72M	$273.40	No quote
11	AGN	ALLERGAN PLC	3.17%	Add +13.5%	2,607,655	$708.79M	No quote	No quote
12	NKE	NIKE INC	3.13%	Reduce -20.3%	5,700,855	$701.03M	$122.97	No quote
13	V	VISA INC	3.04%	Add +9.8%	9,769,463	$680.54M	$69.66	No quote
14	WMB	WILLIAMS COS INC DEL	2.91%	Add +26.8%	17,675,229	$651.33M	$36.85	No quote
15	ILMN	ILLUMINA INC	2.83%	Reduce -36.4%	3,609,735	$634.66M	$175.82	No quote
16	EA	ELECTRONIC ARTS INC	2.66%	Add +1005.5%	8,782,612	$595.02M	$67.75	No quote
17	LNG	CHENIERE ENERGY INC	2.64%	Add +54.1%	12,241,775	$591.28M	No quote	No quote
18	STZ	CONSTELLATION BRANDS INC	2.62%	New	4,684,214	$586.51M	$125.21	No quote
19	DVA	DAVITA HEALTHCARE PARTNERS I	2.56%	Add +45.1%	7,918,998	$572.78M	$72.33	No quote
20	WBA	WALGREENS BOOTS ALLIANCE INC	2.52%	Add +30.6%	6,787,816	$564.07M	No quote	No quote
21	ULTA	ULTA SALON COSMETCS & FRAG I	2.39%	Add +40.2%	3,276,408	$535.2M	$163.35	No quote
22	ADBE	ADOBE SYS INC	2.28%	Reduce -33.0%	6,209,219	$510.52M	$82.22	No quote
23	TDG	TRANSDIGM GROUP INC	2.10%	-	2,215,423	$470.58M	$212.41	No quote
24	SCHW	SCHWAB CHARLES CORP NEW	1.71%	Add +1689.7%	13,396,145	$382.59M	$28.56	No quote
25	MHK	MOHAWK INDS INC	1.60%	Add +0.7%	1,971,450	$358.39M	$181.79	No quote
26	DLTR	DOLLAR TREE INC	1.53%	New	5,139,395	$342.59M	$66.66	No quote
27	HDB	HDFC BANK LTD	1.46%	Add +165.5%	5,349,293	$326.79M	$61.09	No quote
28	HZNP	HORIZON PHARMA PLC	1.38%	Add +386.8%	15,600,988	$309.21M	No quote	No quote
29	SBAC	SBA COMMUNICATIONS CORP	1.31%	Reduce -38.9%	2,801,753	$293.46M	$104.74	No quote
30	MBBYF	MOBILEYE N V AMSTELVEEN	1.30%	New	6,394,066	$290.8M	No quote	No quote
31	ATVI	ACTIVISION BLIZZARD INC	1.28%	New	9,293,749	$287.08M	No quote	No quote
32	VMC	VULCAN MATLS CO	1.28%	Reduce -7.5%	3,201,896	$285.61M	$89.20	No quote
33	ENDPQ	ENDO INTL PLC	1.19%	Add +8.1%	3,859,641	$267.4M	No quote	No quote
34	FNF	FIDELITY NATIONAL FINANCIAL	1.03%	Reduce -32.7%	6,512,113	$230.99M	$35.47	No quote
35	HBI	HANESBRANDS INC	0.99%	Add +1.3%	7,689,684	$222.54M	No quote	No quote
36	TAP	MOLSON COORS BREWING CO	0.72%	New	1,944,601	$161.44M	$83.02	No quote
37	ANET	ARISTA NETWORKS INC	0.59%	Add +14.8%	2,175,925	$133.15M	$61.19	No quote
38	EXPE	EXPEDIA INC DEL	0.57%	New	1,094,269	$128.77M	$117.68	No quote
39	KSU	KANSAS CITY SOUTHERN	0.57%	Add +504.8%	1,398,480	$127.09M	No quote	No quote
40	GRA	GRACE W R & CO DEL NEW	0.56%	Add +12.0%	1,351,301	$125.74M	No quote	No quote
41	HOUS	REALOGY HLDGS CORP	0.16%	Reduce -90.6%	979,197	$36.85M	No quote	No quote
42	DEO	DIAGEO P L C	0.00%	New	1,000	$108K	$108.00	No quote
43	AXP	AMERICAN EXPRESS CO	0.00%	New	1,000	$74K	$74.00	No quote
55	SUNEQ	SUNEDISON INC	-	Sold	0	$0	No quote	No quote
54	SWI	SOLARWINDS INC	-	Sold	0	$0	No quote	No quote
53	PRGO	PERRIGO CO PLC	-	Sold	0	$0	No quote	No quote
52	MTG	MGIC INVT CORP WIS	-	Sold	0	$0	No quote	No quote
51	MHP	MCGRAW HILL FINL INC	-	Sold	0	$0	No quote	No quote
50	LOW	LOWES COS INC	-	Sold	0	$0	No quote	No quote
49	LMCK	LIBERTY MEDIA CORP DELAWARE	-	Sold	0	$0	No quote	No quote
48	LMCAD	LIBERTY MEDIA CORP DELAWARE	-	Sold	0	$0	No quote	No quote
47	HCA	HCA HOLDING INC	-	Sold	0	$0	No quote	No quote
46	CSX	CSX CORP	-	Sold	0	$0	No quote	No quote
45	ADSK	AUTODESK INC	-	Sold	0	$0	No quote	No quote
44	AAP	ADVANCE AUTO PARTS 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	74347W	PROSHARES TR IIULT VIX SHRT	PUT	-	12,000,000	$671.52M
2	CHTR	CHARTER COMMUNICATIONS INC DCL A NEW	CALL	-	3,050,000	$536.34M
3	AXP	AMERICAN EXPRESS COCOM	CALL	New	4,300,000	$318.76M
4	DEO	DIAGEO P L CSPON ADR NEW	CALL	-	2,850,000	$307.2M
5	06742E	BARCLAYS BK PLCIPATH S&P500 VIX	PUT	-	5,500,000	$140.97M
6	FNF	FIDELITY NATIONAL FINANCIALFNF GROUP COM	CALL	Reduce -5.0%	1,915,000	$67.93M
7	SHLD	SEARS HLDGS CORPCOM	PUT	Reduce -7.1%	2,010,000	$45.43M
8	CSX	CSX CORPCOM	CALL	Reduce -51.8%	1,331,200	$35.81M
9	MSFT	MICROSOFT CORPCOM	CALL	Reduce -72.6%	775,600	$34.33M
11	WMB	WILLIAMS COS INC DELCOM	CALL	Sold	0	$0
10	FXE	CURRENCYSHARES EURO TREURO SHS	PUT	Sold	0	$0