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 60 rows. Rows without a quote are marked unavailable.
| 1 | MSFT | MICROSOFT CORP | 6.74% | Add +7.6% | 27,262,024 | $1.51B | $55.48 | No quote |
| 2 | AMZN | AMAZON COM INC | 6.65% | Add +13.9% | 2,207,252 | $1.49B | $675.89 | No quote |
| 3 | PCLN | PRICELINE GRP INC | 4.74% | Reduce -15.9% | 834,421 | $1.06B | No quote | No quote |
| 4 | META | FACEBOOK INC | 4.56% | Reduce -8.6% | 9,785,312 | $1.02B | $104.66 | No quote |
| 5 | DLTR | DOLLAR TREE INC | 4.54% | Add +156.7% | 13,194,122 | $1.02B | $77.22 | No quote |
| 6 | V | VISA INC | 4.41% | Add +30.7% | 12,769,259 | $990.26M | $77.55 | No quote |
| 7 | FLT | FLEETCOR TECHNOLOGIES INC | 4.10% | - | 6,434,203 | $919.64M | No quote | No quote |
| 8 | JD | JD COM INC | 3.88% | Reduce -37.9% | 26,995,511 | $871.01M | $32.27 | No quote |
| 9 | CHTR | CHARTER COMMUNICATIONS INC D | 3.86% | Reduce -27.8% | 4,727,605 | $865.62M | $183.10 | No quote |
| 10 | STZ | CONSTELLATION BRANDS INC | 3.40% | Add +14.2% | 5,350,993 | $762.2M | $142.44 | No quote |
| 11 | WMB | WILLIAMS COS INC DEL | 3.31% | Add +63.7% | 28,940,290 | $743.77M | $25.70 | No quote |
| 12 | NKE | NIKE INC | 3.20% | Add +101.7% | 11,496,188 | $718.51M | $62.50 | No quote |
| 13 | ILMN | ILLUMINA INC | 3.09% | Add +0.0% | 3,609,835 | $692.89M | $191.95 | No quote |
| 14 | ULTA | ULTA SALON COSMETCS & FRAG I | 2.95% | Add +9.2% | 3,576,964 | $661.74M | $185.00 | No quote |
| 15 | EQIX | EQUINIX INC | 2.84% | Reduce -20.4% | 2,110,509 | $638.22M | $302.40 | No quote |
| 16 | MA | MASTERCARD INC | 2.67% | Reduce -26.3% | 6,150,587 | $598.82M | $97.36 | No quote |
| 17 | VRX | VALEANT PHARMACEUTICALS INTL | 2.64% | Reduce -21.9% | 5,829,079 | $592.53M | No quote | No quote |
| 18 | WBA | WALGREENS BOOTS ALLIANCE INC | 2.58% | - | 6,787,816 | $578.02M | No quote | No quote |
| 19 | TDG | TRANSDIGM GROUP INC | 2.21% | Reduce -2.0% | 2,171,359 | $496.05M | $228.45 | No quote |
| 20 | LNG | CHENIERE ENERGY INC | 2.09% | Add +2.9% | 12,591,775 | $469.04M | No quote | No quote |
| 21 | EA | ELECTRONIC ARTS INC | 1.97% | Reduce -26.6% | 6,443,613 | $442.81M | $68.72 | No quote |
| 22 | ATVI | ACTIVISION BLIZZARD INC | 1.94% | Add +21.2% | 11,266,018 | $436.11M | No quote | No quote |
| 23 | NOC | NORTHROP GRUMMAN CORP | 1.79% | New | 2,132,094 | $402.56M | $188.81 | No quote |
| 24 | ADBE | ADOBE SYS INC | 1.68% | Reduce -35.4% | 4,012,185 | $376.91M | $93.94 | No quote |
| 25 | HDB | HDFC BANK LTD | 1.61% | Add +9.9% | 5,878,093 | $362.09M | $61.60 | No quote |
| 26 | MHK | MOHAWK INDS INC | 1.59% | Reduce -4.3% | 1,886,750 | $357.33M | $189.39 | No quote |
| 27 | ADSK | AUTODESK INC | 1.56% | New | 5,732,050 | $349.25M | $60.93 | No quote |
| 28 | HZNP | HORIZON PHARMA PLC | 1.51% | - | 15,600,988 | $338.07M | No quote | No quote |
| 29 | LULU | LULULEMON ATHLETICA INC | 1.48% | New | 6,348,148 | $333.09M | $52.47 | No quote |
| 30 | GOOGL | ALPHABET INC | 1.40% | New | 404,297 | $314.55M | $778.01 | No quote |
| 31 | GOOG | ALPHABET INC | 1.40% | New | 412,616 | $313.13M | $758.88 | No quote |
| 32 | PXD | PIONEER NAT RES CO | 1.34% | New | 2,395,261 | $300.32M | No quote | No quote |
| 33 | ESRX | EXPRESS SCRIPTS HLDG CO | 1.24% | New | 3,193,180 | $279.12M | No quote | No quote |
| 34 | VMC | VULCAN MATLS CO | 1.23% | Reduce -9.4% | 2,902,347 | $275.64M | $94.97 | No quote |
| 35 | HBI | HANESBRANDS INC | 1.22% | Add +21.4% | 9,336,411 | $274.77M | No quote | No quote |
| 36 | TAP | MOLSON COORS BREWING CO | 0.99% | Add +21.1% | 2,354,601 | $221.14M | $93.92 | No quote |
| 37 | BUD | ANHEUSER BUSCH INBEV SA/NV | 0.83% | New | 1,487,392 | $185.92M | $125.00 | No quote |
| 38 | ANET | ARISTA NETWORKS INC | 0.75% | - | 2,175,925 | $169.37M | $77.84 | No quote |
| 39 | DEO | DIAGEO P L C | 0.00% | Add +28.1% | 1,281 | $140K | $109.29 | No quote |
| 40 | AXP | AMERICAN EXPRESS CO | 0.00% | Add +28.1% | 1,281 | $89K | $69.48 | No quote |
| 51 | SCHW | SCHWAB CHARLES CORP NEW | - | Sold | 0 | $0 | No quote | No quote |
| 50 | SBAC | SBA COMMUNICATIONS CORP | - | Sold | 0 | $0 | No quote | No quote |
| 49 | HOUS | REALOGY HLDGS CORP | - | Sold | 0 | $0 | No quote | No quote |
| 48 | MBBYF | MOBILEYE N V AMSTELVEEN | - | Sold | 0 | $0 | No quote | No quote |
| 47 | KSU | KANSAS CITY SOUTHERN | - | Sold | 0 | $0 | No quote | No quote |
| 46 | GRA | GRACE W R & CO DEL NEW | - | Sold | 0 | $0 | No quote | No quote |
| 45 | FNF | FIDELITY NATIONAL FINANCIAL | - | Sold | 0 | $0 | No quote | No quote |
| 44 | EXPE | EXPEDIA INC DEL | - | Sold | 0 | $0 | No quote | No quote |
| 43 | ENDPQ | ENDO INTL PLC | - | Sold | 0 | $0 | No quote | No quote |
| 42 | DVA | DAVITA HEALTHCARE PARTNERS I | - | Sold | 0 | $0 | No quote | No quote |
| 41 | AGN | ALLERGAN 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 | DEO | DIAGEO P L CSPON ADR NEW | CALL | - | 2,850,000 | $310.85M |
| 2 | AXP | AMERICAN EXPRESS COCOM | CALL | - | 4,300,000 | $299.07M |
| 3 | 74347W | PROSHARES TR IIULT VIX SHRT | PUT | Reduce -50.0% | 6,000,000 | $170.11M |
| 4 | FNF | FIDELITY NATIONAL FINANCIALFNF GROUP COM | CALL | Reduce -8.6% | 1,750,000 | $60.67M |
| 5 | 06742E | BARCLAYS BK PLCIPATH S&P500 VIX | PUT | Reduce -45.5% | 3,000,000 | $60.3M |
| 6 | SHLD | SEARS HLDGS CORPCOM | PUT | - | 2,010,000 | $41.33M |
| 7 | CSX | CSX CORPCOM | CALL | Reduce -59.9% | 534,300 | $13.87M |
| 9 | MSFT | MICROSOFT CORPCOM | CALL | Sold | 0 | $0 |
| 8 | CHTR | CHARTER COMMUNICATIONS INC DCL A NEW | CALL | Sold | 0 | $0 |