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: +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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Filing period

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

Live quotes available for 25 of 40 rows. Rows without a quote are marked unavailable.


1	SHOP	SHOPIFY INC	7.57%	Add +2.9%	1,722,548	$1.76B	$1022.97
2	META	FACEBOOK INC	6.58%	Add +11.1%	5,849,522	$1.53B	$261.90
3	MSFT	MICROSOFT CORP	5.82%	Add +3.3%	6,440,494	$1.35B	$210.33
4	UNH	UNITEDHEALTH GROUP INC	5.29%	Add +30.5%	3,946,431	$1.23B	$311.77
5	COUP	COUPA SOFTWARE INC	5.10%	Add +103.8%	4,329,269	$1.19B	No quote	No quote
6	PYPL	PAYPAL HLDGS INC	5.08%	Reduce -18.7%	6,000,915	$1.18B	$197.03
7	GPN	GLOBAL PMTS INC	4.88%	Add +33.5%	6,395,026	$1.14B	$177.58
8	NFLX	NETFLIX INC	4.84%	Add +40.2%	2,251,223	$1.13B	$500.03
9	AMZN	AMAZON COM INC	4.56%	Reduce -26.3%	337,308	$1.06B	$3148.73
10	HUM	HUMANA INC	3.86%	Reduce -10.3%	2,173,844	$899.73M	$413.89
11	DOCU	DOCUSIGN INC	3.82%	New	4,135,353	$890.09M	$215.24
12	SQ	SQUARE INC	3.75%	New	5,368,133	$872.59M	No quote	No quote
13	MTCH	MATCH GROUP INC NEW	3.72%	New	7,833,531	$866.78M	$110.65
14	NOW	SERVICENOW INC	3.69%	Reduce -1.0%	1,770,901	$858.89M	$485.00
15	LB	L BRANDS INC	3.59%	-	26,265,094	$835.49M	No quote	No quote
16	ADBE	ADOBE SYSTEMS INCORPORATED	3.56%	Reduce -7.1%	1,689,613	$828.64M	$490.43
17	COF	CAPITAL ONE FINL CORP	3.17%	-	10,278,292	$738.6M	$71.86
18	ADSK	AUTODESK INC	2.91%	Add +40.0%	2,927,671	$676.32M	$231.01
19	DDOG	DATADOG INC	2.87%	Reduce -4.2%	6,548,876	$669.03M	$102.16
20	TEAM	ATLASSIAN CORP PLC	2.57%	New	3,289,546	$598.01M	No quote	No quote
21	MA	MASTERCARD INCORPORATED	2.56%	Reduce -20.0%	1,763,571	$596.39M	$338.17
22	STNE	STONECO LTD	1.88%	New	8,296,213	$438.79M	No quote	No quote
23	TDG	TRANSDIGM GROUP INC	1.54%	Reduce -56.9%	754,410	$358.44M	$475.12
24	NUAN	NUANCE COMMUNICATIONS INC	1.21%	New	8,480,618	$281.47M	No quote	No quote
25	SNOW	SNOWFLAKE INC	1.08%	New	1,002,060	$251.52M	$251.00
26	MELI	MERCADOLIBRE INC	0.99%	New	213,602	$231.22M	$1082.48
27	BILL	BILL COM HLDGS INC	0.95%	New	2,216,266	$222.31M	$100.31
28	DXCM	DEXCOM INC	0.82%	Add +36.4%	463,087	$190.9M	$412.23
29	HWM	HOWMET AEROSPACE INC	0.57%	-	7,888,593	$131.9M	$16.72
30	PODD	INSULET CORP	0.47%	New	462,209	$109.35M	No quote	No quote
31	BKNG	BOOKING HOLDINGS INC	0.43%	Reduce -90.1%	58,920	$100.79M	$1710.68
32	BEKE	KE HLDGS INC	0.26%	New	1,000,000	$61.3M	$61.30
39	ZM	ZOOM VIDEO COMMUNICATIONS IN	-	Sold	0	$0	No quote	No quote
38	V	VISA INC	-	Sold	0	$0	No quote	No quote
37	CRM	SALESFORCE COM INC	-	Sold	0	$0	No quote	No quote
36	MTCH	MATCH GROUP INC	-	Sold	0	$0	No quote	No quote
35	DFS	DISCOVER FINL SVCS	-	Sold	0	$0	No quote	No quote
34	CDAY	CERIDIAN HCM HLDG INC	-	Sold	0	$0	No quote	No quote
33	CVNA	CARVANA CO	-	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	VXXB	BARCLAYS BK PLCIPTH SR B S&P	PUT	Sold	0	$0