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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Live quotes available for 37 of 51 rows. Rows without a quote are marked unavailable.
| 1 | BABA | ALIBABA GROUP HLDG LTD | 7.09% | Reduce -14.4% | 6,239,786 | $1.32B | $212.10 | No quote |
| 2 | UNH | UNITEDHEALTH GROUP INC | 6.68% | Reduce -6.3% | 4,243,054 | $1.25B | $293.98 | No quote |
| 3 | AMZN | AMAZON COM INC | 5.10% | Reduce -17.1% | 515,504 | $952.57M | $1847.84 | No quote |
| 4 | ADBE | ADOBE INC | 5.03% | Reduce -19.9% | 2,847,297 | $939.07M | $329.81 | No quote |
| 5 | NFLX | NETFLIX INC | 4.32% | Add +5.9% | 2,493,127 | $806.7M | $323.57 | No quote |
| 6 | MSFT | MICROSOFT CORP | 4.28% | Reduce -16.4% | 5,069,049 | $799.39M | $157.70 | No quote |
| 7 | SHOP | SHOPIFY INC | 3.86% | Add +31.6% | 1,812,652 | $720.67M | $397.58 | No quote |
| 8 | MA | MASTERCARD INC | 3.82% | Add +48.5% | 2,386,096 | $712.46M | $298.59 | No quote |
| 9 | META | FACEBOOK INC | 3.77% | Add +75.8% | 3,425,898 | $703.17M | $205.25 | No quote |
| 10 | TDG | TRANSDIGM GROUP INC | 3.76% | Reduce -2.3% | 1,254,428 | $702.48M | $560.00 | No quote |
| 11 | CRM | SALESFORCE COM INC | 3.61% | Reduce -18.9% | 4,140,694 | $673.44M | $162.64 | No quote |
| 12 | ADSK | AUTODESK INC | 3.23% | Reduce -27.1% | 3,288,196 | $603.25M | $183.46 | No quote |
| 13 | GPN | GLOBAL PMTS INC | 3.17% | Reduce -11.2% | 3,245,218 | $592.45M | $182.56 | No quote |
| 14 | UNP | UNION PACIFIC CORP | 3.13% | Add +25.7% | 3,230,202 | $583.99M | $180.79 | No quote |
| 15 | MELI | MERCADOLIBRE INC | 2.98% | Add +67.3% | 970,749 | $555.21M | $571.94 | No quote |
| 16 | SQ | SQUARE INC | 2.95% | Add +9.8% | 8,798,626 | $550.44M | No quote | No quote |
| 17 | HUM | HUMANA INC | 2.89% | Reduce -7.3% | 1,472,775 | $539.8M | $366.52 | No quote |
| 18 | DPZ | DOMINOS PIZZA INC | 2.73% | Reduce -20.5% | 1,731,133 | $508.57M | $293.78 | No quote |
| 19 | EFX | EQUIFAX INC | 2.59% | Add +12.4% | 3,448,313 | $483.18M | $140.12 | No quote |
| 20 | CP | CANADIAN PAC RY LTD | 2.55% | - | 1,870,085 | $476.78M | $254.95 | No quote |
| 21 | IQV | IQVIA HLDGS INC | 2.55% | Reduce -13.2% | 3,082,174 | $476.23M | $154.51 | No quote |
| 22 | NOW | SERVICENOW INC | 2.33% | Reduce -9.2% | 1,542,489 | $435.48M | $282.32 | No quote |
| 23 | PYPL | PAYPAL HLDGS INC | 1.95% | New | 3,364,320 | $363.92M | $108.17 | No quote |
| 24 | COUP | COUPA SOFTWARE INC | 1.83% | Add +67.4% | 2,336,812 | $341.76M | No quote | No quote |
| 25 | TEAM | ATLASSIAN CORP PLC | 1.81% | Add +34.5% | 2,799,760 | $336.92M | No quote | No quote |
| 26 | MTCH | MATCH GROUP INC | 1.34% | New | 3,037,131 | $249.38M | $82.11 | No quote |
| 27 | SE | SEA LTD | 1.33% | Reduce -10.2% | 6,165,422 | $247.97M | $40.22 | No quote |
| 28 | LKNCY | LUCKIN COFFEE INC | 1.28% | New | 6,067,357 | $238.81M | No quote | No quote |
| 29 | DXCM | DEXCOM INC | 1.24% | New | 1,058,895 | $231.62M | $218.74 | No quote |
| 30 | UAA | UNDER ARMOUR INC | 1.04% | New | 8,979,557 | $193.96M | $21.60 | No quote |
| 31 | HLF | HERBALIFE NUTRITION LTD | 0.99% | Add +85.2% | 3,892,688 | $185.56M | $47.67 | No quote |
| 32 | MO | ALTRIA GROUP INC | 0.95% | New | 3,536,654 | $176.51M | $49.91 | No quote |
| 33 | ILMN | ILLUMINA INC | 0.92% | New | 519,808 | $172.44M | $331.74 | No quote |
| 34 | CHWY | CHEWY INC | 0.79% | - | 5,071,531 | $147.07M | $29.00 | No quote |
| 35 | IAC | IAC INTERACTIVECORP | 0.53% | New | 397,739 | $99.08M | $249.11 | No quote |
| 36 | CVNA | CARVANA CO | 0.49% | New | 1,002,910 | $92.32M | $92.05 | No quote |
| 37 | UBER | UBER TECHNOLOGIES INC | 0.49% | Add +2.8% | 3,084,950 | $91.75M | $29.74 | No quote |
| 38 | XP | XP INC | 0.25% | New | 1,200,000 | $46.22M | $38.52 | No quote |
| 39 | HUBS | HUBSPOT INC | 0.19% | New | 225,647 | $35.77M | No quote | No quote |
| 40 | MDLA | MEDALLIA INC | 0.12% | - | 737,593 | $22.95M | No quote | No quote |
| 41 | CSX | CSX CORP | 0.00% | New | 12,000 | $868K | $72.33 | No quote |
| 49 | WWE | WORLD WRESTLING ENTMT INC | - | Sold | 0 | $0 | No quote | No quote |
| 48 | TWLO | TWILIO INC | - | Sold | 0 | $0 | No quote | No quote |
| 47 | TIF | TIFFANY & CO NEW | - | Sold | 0 | $0 | No quote | No quote |
| 46 | SMAR | SMARTSHEET INC | - | Sold | 0 | $0 | No quote | No quote |
| 45 | SPGI | S&P GLOBAL INC | - | Sold | 0 | $0 | No quote | No quote |
| 44 | DHI | D R HORTON INC | - | Sold | 0 | $0 | No quote | No quote |
| 43 | BKNG | BOOKING HLDGS INC | - | Sold | 0 | $0 | No quote | No quote |
| 42 | 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.