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 22 of 38 rows. Rows without a quote are marked unavailable.


1	AMZN	AMAZON COM INC	8.99%	Add +0.7%20:1 split	8,977,525	$953.5M	$106.21
2	MSFT	MICROSOFT CORP	8.43%	Reduce -30.3%	3,481,673	$894.2M	$256.83
3	META	META PLATFORMS INC	7.62%	Add +36.8%	5,009,631	$807.8M	$161.25
4	TSM	TAIWAN SEMICONDUCTOR MFG LTD	6.89%	Add +11.9%	8,934,961	$730.43M	$81.75
5	WDAY	WORKDAY INC	6.60%	Reduce -2.0%	5,019,190	$700.58M	$139.58
6	NOW	SERVICENOW INC	5.79%	Reduce -34.7%	1,292,399	$614.56M	$475.52
7	BBWI	BATH & BODY WORKS INC	5.64%	-	22,221,713	$598.21M	$26.92
8	TMO	THERMO FISHER SCIENTIFIC INC	4.77%	Add +79.0%	932,292	$506.5M	$543.28
9	MA	MASTERCARD INCORPORATED	4.59%	Reduce -36.1%	1,544,912	$487.39M	$315.48
10	V	VISA INC	4.01%	Reduce -37.2%	2,161,028	$425.49M	$196.89
11	LPLA	LPL FINL HLDGS INC	3.98%	New	2,289,151	$422.3M	$184.48
12	BKNG	BOOKING HOLDINGS INC	3.91%	New	237,161	$414.79M	$1748.99
13	UNH	UNITEDHEALTH GROUP INC	3.88%	Reduce -7.5%	800,312	$411.06M	$513.63
14	DKS	DICKS SPORTING GOODS INC	3.56%	Add +34.4%	5,015,154	$377.99M	$75.37
15	RH	RH	3.55%	Add +3.7%	1,773,069	$376.35M	$212.26
16	GOOGL	ALPHABET INC	3.53%	New	171,991	$374.81M	$2179.26
17	EPAM	EPAM SYS INC	3.52%	New	1,266,683	$373.39M	$294.78
18	TEAM	ATLASSIAN CORP PLC	2.86%	Add +15.6%	1,619,172	$303.43M	No quote	No quote
19	PYPL	PAYPAL HLDGS INC	2.82%	New	4,289,025	$299.55M	$69.84
20	EQT	EQT CORP	2.06%	New	6,352,146	$218.51M	$34.40
21	MQ	MARQETA INC	1.27%	-	16,609,826	$134.71M	No quote	No quote
22	FCNCA	FIRST CTZNS BANCSHARES INC N	0.56%	-	91,634	$59.91M	$653.77
23	SG	SWEETGREEN INC	0.50%	-	4,556,503	$53.08M	No quote	No quote
24	AVDX	AVIDXCHANGE HOLDINGS INC	0.29%	-	5,080,632	$31.2M	No quote	No quote
25	FICO	FAIR ISAAC CORP	0.16%	New	42,616	$17.09M	$400.91
26	VTEX	VTEX	0.15%	-	5,274,887	$16.25M	No quote	No quote
27	GROV	GROVE COLLABORATIVE HOLD INC	0.02%	New	500,000	$2.32M	No quote	No quote
28	SQ	BLOCK INC	0.01%	Reduce -99.2%	23,787	$1.46M	No quote	No quote
29	SHOP	SHOPIFY INC	0.01%	Reduce -99.8%10:1 split	25,000	$781K	$31.24
37	VSCO	VICTORIAS SECRET AND CO	-	Sold	0	$0	No quote	No quote
36	SNAP	SNAP INC	-	Sold	0	$0	No quote	No quote
35	MTCH	MATCH GROUP INC NEW	-	Sold	0	$0	No quote	No quote
34	HUBS	HUBSPOT INC	-	Sold	0	$0	No quote	No quote
33	FTCH	FARFETCH LTD	-	Sold	0	$0	No quote	No quote
32	DASH	DOORDASH INC	-	Sold	0	$0	No quote	No quote
31	DDOG	DATADOG INC	-	Sold	0	$0	No quote	No quote
30	BILL	BILL COM HLDGS 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	VIXY	PROSHARES TR IIVIX SH TRM FUTRS	PUT	Reduce -80.0%	100,000	$1.83M