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: +4.81%
1-year: +0.17%
3-year: +87.28%
5-year: +14.37%
3-year vs S&P 500: +14.05%
5-year vs S&P 500: -59.31%
5-year top 5: +11.49%

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 2026-09-12 from SEC 13F data.

Live quotes available for 23 of 48 rows. Rows without a quote are marked unavailable.


1	SHOP	SHOPIFY INC	7.53%	Reduce -4.7%	1,632,550	$2.39B	$1460.98
2	LB	L BRANDS INC	5.98%	-	26,265,094	$1.89B	No quote	No quote
3	META	FACEBOOK INC	5.47%	Reduce -11.9%	4,985,709	$1.73B	$347.71
4	AMZN	AMAZON COM INC	5.27%	Add +0.6%	484,741	$1.67B	$3440.16
5	SNAP	SNAP INC	4.94%	Reduce -4.5%	22,942,282	$1.56B	$68.14
6	MSFT	MICROSOFT CORP	4.51%	Reduce -32.6%	5,275,472	$1.43B	$270.90
7	ADBE	ADOBE SYSTEMS INCORPORATED	4.47%	Reduce -7.8%	2,416,952	$1.42B	$585.64
8	SQ	SQUARE INC	4.40%	Add +81.7%	5,715,271	$1.39B	No quote	No quote
9	NOW	SERVICENOW INC	4.28%	Add +67.0%	2,468,798	$1.36B	$549.55
10	DASH	DOORDASH INC	4.20%	Add +11.0%	7,460,157	$1.33B	$178.33
11	MTCH	MATCH GROUP INC NEW	3.94%	Add +24.9%	7,746,500	$1.25B	$161.25
12	COUP	COUPA SOFTWARE INC	3.87%	Add +12.5%	4,669,637	$1.22B	No quote	No quote
13	UNH	UNITEDHEALTH GROUP INC	3.80%	Reduce -4.5%	3,005,990	$1.2B	$400.44
14	GPN	GLOBAL PMTS INC	3.28%	Add +30.6%	5,542,294	$1.04B	$187.54
15	FTCH	FARFETCH LTD	3.00%	Add +37.9%	18,866,886	$950.14M	No quote	No quote
16	MRNA	MODERNA INC	2.96%	New	3,990,897	$937.78M	No quote	No quote
17	WDAY	WORKDAY INC	2.58%	Add +59.2%	3,427,366	$818.25M	$238.74
18	DXCM	DEXCOM INC	2.52%	Reduce -21.3%	1,868,287	$797.76M	$427.00
19	IBN	ICICI BANK LIMITED	2.33%	-	43,155,826	$737.97M	$17.10
20	RH	RH	2.19%	New	1,020,825	$693.14M	$679.00
21	TWTR	TWITTER INC	2.15%	New	9,902,947	$681.42M	No quote	No quote
22	MA	MASTERCARD INCORPORATED	2.08%	Reduce -11.2%	1,803,798	$658.55M	$365.09
23	CVNA	CARVANA CO	2.04%	Reduce -11.0%	2,142,309	$646.59M	$301.82
24	BEKE	KE HLDGS INC	1.97%	New	13,069,217	$623.14M	$47.68
25	DDOG	DATADOG INC	1.92%	Reduce -10.9%	5,831,385	$606.93M	$104.08
26	STNE	STONECO LTD	1.87%	Add +35.4%	8,846,433	$593.24M	No quote	No quote
27	MQ	MARQETA INC	1.55%	New	17,476,795	$490.57M	No quote	No quote
28	TDG	TRANSDIGM GROUP INC	1.47%	New	717,463	$464.41M	$647.29
29	PVH	PVH CORPORATION	0.92%	New	2,719,709	$292.61M	$107.59
30	FIGS	FIGS INC	0.68%	New	4,274,577	$214.16M	$50.10
31	ASND	ASCENDIS PHARMA A/S	0.60%	-	1,436,981	$189.04M	$131.55
32	CFLT	CONFLUENT INC	0.54%	New	3,628,578	$172.36M	No quote	No quote
33	FATE	FATE THERAPEUTICS INC	0.48%	-	1,749,284	$151.82M	No quote	No quote
34	ZYME	ZYMEWORKS INC	0.11%	-	976,735	$33.88M	No quote	No quote
35	FMTX	FORMA THERAPEUTICS HLDGS INC	0.06%	-	800,000	$19.91M	No quote	No quote
36	S	SENTINELONE INC	0.02%	New	175,000	$7.44M	No quote	No quote
48	SNOW	SNOWFLAKE INC	-	Sold	0	$0	No quote	No quote
47	XM	QUALTRICS INTL INC	-	Sold	0	$0	No quote	No quote
46	NUAN	NUANCE COMMUNICATIONS INC	-	Sold	0	$0	No quote	No quote
45	NFLX	NETFLIX INC	-	Sold	0	$0	No quote	No quote
44	MDB	MONGODB INC	-	Sold	0	$0	No quote	No quote
43	MELI	MERCADOLIBRE INC	-	Sold	0	$0	No quote	No quote
42	PODD	INSULET CORP	-	Sold	0	$0	No quote	No quote
41	BPMC	BLUEPRINT MEDICINES CORP	-	Sold	0	$0	No quote	No quote
40	BILL	BILL COM HLDGS INC	-	Sold	0	$0	No quote	No quote
39	BILI	BILIBILI INC	-	Sold	0	$0	No quote	No quote
38	TEAM	ATLASSIAN CORP PLC	-	Sold	0	$0	No quote	No quote
37	ARGX	ARGENX SE	-	Sold	0	$0	No quote	No quote