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 30 of 53 rows. Rows without a quote are marked unavailable.
| 1 | MSFT | MICROSOFT CORP | 7.24% | Reduce -5.5% | 25,771,549 | $1.42B | $55.23 | No quote |
| 2 | META | FACEBOOK INC | 6.63% | Add +16.6% | 11,413,508 | $1.3B | $114.10 | No quote |
| 3 | AMZN | AMAZON COM INC | 6.00% | Reduce -10.0% | 1,986,368 | $1.18B | $593.64 | No quote |
| 4 | PCLN | PRICELINE GRP INC | 5.19% | Reduce -5.1% | 791,637 | $1.02B | No quote | No quote |
| 5 | DLTR | DOLLAR TREE INC | 4.87% | Reduce -12.0% | 11,606,484 | $957.07M | $82.46 | No quote |
| 6 | CHTR | CHARTER COMMUNICATIONS INC D | 4.73% | Reduce -2.9% | 4,588,878 | $928.93M | $202.43 | No quote |
| 7 | STZ | CONSTELLATION BRANDS INC | 4.53% | Add +10.2% | 5,896,221 | $890.86M | $151.09 | No quote |
| 8 | FLT | FLEETCOR TECHNOLOGIES INC | 4.47% | Reduce -8.2% | 5,904,403 | $878.28M | No quote | No quote |
| 9 | EQIX | EQUINIX INC | 3.91% | Add +10.1% | 2,324,330 | $768.68M | $330.71 | No quote |
| 10 | NKE | NIKE INC | 3.75% | Add +4.3% | 11,996,379 | $737.42M | $61.47 | No quote |
| 11 | ULTA | ULTA SALON COSMETICS & FRAG I | 3.32% | Reduce -6.0% | 3,362,968 | $651.54M | $193.74 | No quote |
| 12 | NOC | NORTHROP GRUMMAN CORP | 3.27% | Add +52.4% | 3,249,789 | $643.13M | $197.90 | No quote |
| 13 | JD | JD COM INC | 2.98% | Reduce -18.2% | 22,079,215 | $585.1M | $26.50 | No quote |
| 14 | GOOG | ALPHABET INC | 2.95% | Add +88.8% | 778,888 | $580.23M | $744.95 | No quote |
| 15 | V | VISA INC | 2.91% | Reduce -41.4% | 7,485,352 | $572.48M | $76.48 | No quote |
| 16 | GOOGL | ALPHABET INC | 2.51% | Add +59.8% | 645,859 | $492.73M | $762.90 | No quote |
| 17 | MA | MASTERCARD INC | 2.44% | Reduce -17.5% | 5,076,587 | $479.74M | $94.50 | No quote |
| 18 | AGN | ALLERGAN PLC | 2.44% | New | 1,789,239 | $479.57M | No quote | No quote |
| 19 | ADBE | ADBOE SYS INC | 2.42% | Add +26.4% | 5,073,108 | $475.86M | $93.80 | No quote |
| 20 | TDG | TRANSDIGM GROUP INC | 2.37% | Reduce -2.5% | 2,117,859 | $466.65M | $220.34 | No quote |
| 21 | LNG | CHENIERE ENERGY INC | 2.22% | Add +2.3% | 12,884,676 | $435.89M | No quote | No quote |
| 22 | BXLT | BAXALTA INC | 2.18% | New | 10,591,296 | $427.89M | No quote | No quote |
| 23 | PYPL | PAYPAL HLDGS INC | 2.05% | New | 10,430,118 | $402.6M | $38.60 | No quote |
| 24 | HDB | HDFC BANK LTD | 1.84% | - | 5,878,093 | $362.27M | $61.63 | No quote |
| 25 | LULU | LULULEMON ATHLETICA INC | 1.79% | Reduce -18.3% | 5,186,084 | $351.15M | $67.71 | No quote |
| 26 | MHK | MOHAWK INDS INC | 1.77% | Reduce -3.6% | 1,818,269 | $347.11M | $190.90 | No quote |
| 27 | VMC | VULCAN MATLS CO | 1.74% | Add +11.9% | 3,246,782 | $342.76M | $105.57 | No quote |
| 28 | ILMN | ILLUMINA INC | 1.38% | Reduce -53.6% | 1,675,158 | $271.56M | $162.11 | No quote |
| 29 | BUD | ANHEUSER BUSCH INBEV SA/NV | 1.19% | Add +26.3% | 1,877,804 | $234.09M | $124.66 | No quote |
| 30 | HZNP | HORIZON PHARMA PLC | 1.18% | Reduce -10.3% | 13,997,232 | $231.93M | No quote | No quote |
| 31 | PXD | PIONEER NAT RES CO | 0.95% | Reduce -44.5% | 1,329,480 | $187.11M | No quote | No quote |
| 32 | MNST | MONSTER BEVERAGE CORP NEW | 0.76% | New | 1,114,561 | $148.66M | $133.38 | No quote |
| 33 | EA | ELECTRONIC ARTS INC | 0.64% | Reduce -70.3% | 1,910,643 | $126.31M | $66.11 | No quote |
| 34 | YUM | YUM BRANDS INC | 0.63% | New | 1,512,569 | $123.8M | $81.85 | No quote |
| 35 | ANET | ARISTA NETWORKS INC | 0.60% | Reduce -14.0% | 1,871,465 | $118.09M | $63.10 | No quote |
| 36 | COMM | COMMSCOPE HOLDING CO INC | 0.12% | New | 852,986 | $23.82M | No quote | No quote |
| 37 | AXP | AMERICAN EXPRESS CO | 0.01% | Add +1851.6% | 25,000 | $1.54M | $61.40 | No quote |
| 46 | WMB | WILLIAMS COS INC DEL | - | Sold | 0 | $0 | No quote | No quote |
| 45 | WBA | WALGREENS BOOTS ALLIANCE INC | - | Sold | 0 | $0 | No quote | No quote |
| 44 | VRX | VALEANT PHARMACEUTICALS INTL | - | Sold | 0 | $0 | No quote | No quote |
| 43 | TAP | MOLSON COORS BREWING CO | - | Sold | 0 | $0 | No quote | No quote |
| 42 | HBI | HANESBRANDS INC | - | Sold | 0 | $0 | No quote | No quote |
| 41 | ESRX | EXPRESS SCRIPTS HLDG CO | - | Sold | 0 | $0 | No quote | No quote |
| 40 | DEO | DIAGEO P L C | - | Sold | 0 | $0 | No quote | No quote |
| 39 | ADSK | AUTODESK INC | - | Sold | 0 | $0 | No quote | No quote |
| 38 | ATVI | ACTIVISION BLIZZARD 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 | DEO | DIAGEO P L CSPON ADR NEW | CALL | - | 2,850,000 | $307.43M |
| 2 | 74347W | PROSHARES TR IIULT VIX SHRT | PUT | Reduce -50.0% | 3,000,000 | $57.99M |
| 3 | 06742E | BARCLAYS BK PLCIPATH S&P500 VIX | PUT | - | 3,000,000 | $52.86M |
| 4 | SHLD | SEARS HLDS CORPCOM | PUT | - | 2,010,000 | $30.77M |
| 7 | FNF | FIDELITY NATIONAL FINANCIALFNF GROUP COM | CALL | Sold | 0 | $0 |
| 6 | CSX | CSX CORPCOM | CALL | Sold | 0 | $0 |
| 5 | AXP | AMERICAN EXPRESS COCOM | CALL | Sold | 0 | $0 |