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Focused investors/Stephen Mandel

Stephen Mandel - Lone Pine Capital

As of Q2 2026, Stephen Mandel reported 34 long-equity positions worth $16.36B in aggregate.

Copy-investor backtest

Full auditCompare with peers
Latest quarter
+5.33%
1-year
+0.67%
3-year
+86.37%
5-year
+38.17%
3-year vs S&P 500
+13.12%
5-year vs S&P 500
-50.29%
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 24 of 47 rows. Rows without a quote are marked unavailable.

1SHOPSHOPIFY INC8.16%Add +0.2%1,673,742$1.59B$949.2052w: $30.53 - $95.88; reported $949.20
2PYPLPAYPAL HLDGS INC6.60%Add +40.1%7,377,343$1.29B$174.2352w: $82.07 - $175.40; reported $174.23
3MSFTMICROSOFT CORP6.52%Add +5.3%6,234,794$1.27B$203.5152w: $132.52 - $204.40; reported $203.51
4AMZNAMAZON COM INC6.48%Reduce -21.5%457,541$1.26B$2758.8252w: $81.30 - $139.80; reported $2758.82
5METAFACEBOOK INC6.14%Add +49.1%5,266,975$1.2B$227.0752w: $137.10 - $245.19; reported $227.07
6BKNGBOOKING HOLDINGS INC4.88%New596,133$949.25M$1592.3452w: $44.29 - $83.76; reported $1592.34
7HUMHUMANA INC4.83%Add +12.0%2,424,024$939.92M$387.7552w: $208.25 - $412.70; reported $387.75
8UNHUNITEDHEALTH GROUP INC4.58%Reduce -34.5%3,024,039$891.94M$294.9552w: $187.72 - $315.84; reported $294.95
9GPNGLOBAL PMTS INC4.17%Reduce -3.3%4,789,516$812.4M$169.6252w: $105.54 - $209.62; reported $169.62
10ADBEADOBE INC4.07%Reduce -31.5%1,818,713$791.7M$435.3152w: $255.13 - $446.15; reported $435.31
11TDGTRANSDIGM GROUP INC3.97%Add +125.6%1,750,708$773.9M$442.0552w: $200.06 - $673.51; reported $442.05
12NFLXNETFLIX INC3.75%Reduce -33.4%1,606,202$730.89M$455.0452w: $29.02 - $47.40; reported $455.04
13NOWSERVICENOW INC3.72%Add +30.7%1,789,035$724.67M$405.0652w: $47.79 - $81.96; reported $405.06
14MAMASTERCARD INCORPORATED3.35%Reduce -4.6%2,204,271$651.8M$295.7052w: $199.99 - $347.25; reported $295.70
15COFCAPITAL ONE FINL CORP3.30%New10,278,292$643.32M$62.5952w: $38.00 - $107.59; reported $62.59
16DDOGDATADOG INC3.05%New6,832,849$594.12M$86.9552w: $28.88 - $93.00; reported $86.95
17COUPCOUPA SOFTWARE INC3.02%-2,124,340$588.53MNo quoteNo quote
18CRMSALESFORCE COM INC2.93%New3,045,252$570.47M$187.3352w: $115.29 - $195.72; reported $187.33
19ADSKAUTODESK INC2.57%Reduce -48.0%2,091,892$500.36M$239.1952w: $125.38 - $247.14; reported $239.19
20MTCHMATCH GROUP INC2.54%Reduce -32.5%4,623,794$494.98M$107.0552w: $44.74 - $107.95; reported $107.05
21VVISA INC2.39%Reduce -27.6%2,411,124$465.76M$193.1752w: $133.93 - $214.17; reported $193.17
22CDAYCERIDIAN HCM HLDG INC2.34%Add +77.5%5,758,477$456.47MNo quoteNo quote
23ZMZOOM VIDEO COMMUNICATIONS IN2.20%New1,687,453$427.84M$253.5452w: $65.81 - $261.62; reported $253.54
24LBL BRANDS INC2.02%-26,265,094$393.19MNo quoteNo quote
25DXCMDEXCOM INC0.71%New339,546$137.65M$405.4052w: $45.52 - $107.15; reported $405.40
26HWMHOWMET AEROSPACE INC0.64%New7,888,593$125.03M$15.8552w: $8.73 - $26.28; reported $15.85
27CVNACARVANA CO0.52%Reduce -83.3%849,665$102.13M$120.2052w: $4.43 - $26.37; reported $120.20
28DFSDISCOVER FINL SVCS0.52%New2,035,812$101.97MNo quoteNo quote
46UAUNDER ARMOUR INC-Sold0$0No quoteNo quote
45UAAUNDER ARMOUR INC-Sold0$0No quoteNo quote
44SQSQUARE INC-Sold0$0No quoteNo quote
43SESEA LTD-Sold0$0No quoteNo quote
42MDLAMEDALLIA INC-Sold0$0No quoteNo quote
41LKNCYLUCKIN COFFEE INC-Sold0$0No quoteNo quote
40LYVLIVE NATION ENTERTAINMENT IN-Sold0$0No quoteNo quote
39IACIAC INTERACTIVECORP-Sold0$0No quoteNo quote
38HUBSHUBSPOT INC-Sold0$0No quoteNo quote
37HLTHILTON WORLDWIDE HLDGS INC-Sold0$0No quoteNo quote
36EFXEQUIFAX INC-Sold0$0No quoteNo quote
35CHWYCHEWY INC-Sold0$0No quoteNo quote
34CPCANADIAN PAC RY LTD-Sold0$0No quoteNo quote
33CDNSCADENCE DESIGN SYSTEM INC-Sold0$0No quoteNo quote
32TEAMATLASSIAN CORP PLC-Sold0$0No quoteNo quote
31ARNCARCONIC INC-Sold0$0No quoteNo quote
30PLANANAPLAN INC-Sold0$0No quoteNo quote
29BABAALIBABA GROUP HLDG LTD-Sold0$0No quoteNo 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.

1VXXBBARCLAYS BK PLCIPTH SR B S&PPUTAdd +5.6%9,500,000$322.53M