Great investors · Stephen Mandel · Q1 2025
What Stephen Mandel bought and sold in Q1 2025
Lone Pine Capital 13F portfolio as of Mar 31, 2025: 22 positions worth $11.4 bn. Largest: META, INTU, AMZN, MSFT. Filed with the SEC on May 15, 2025.
The 13F is filed by Lone Pine Capital, not by Stephen Mandel personally: these are the whole firm's positions. A “position” is a distinct security in the filing (by CUSIP); share classes of the same company are shown added together.
Buys in Q1 2025
- NewCarvanaCVNA+3.6 pp
- NewToll BrothersTOL+3.0 pp
- NewCadence Design SystemsCDNS+2.3 pp
- IncreasedIntuitINTU+1.1 pp
- IncreasedAppLovinAPP+1.0 pp
- IncreasedMicrosoftMSFT+0.9 pp
- IncreasedAmazon.comAMZN+0.8 pp
- NewWingstopWING+0.8 pp
- IncreasedASML HoldingASML+0.7 pp
- IncreasedKKRKKR+0.6 pp
- IncreasedFlutter EntertainmentFLUT+0.5 pp
Sells in Q1 2025
- ReducedPhilip Morris InternationalPM−4.1 pp
- Sold outPTCPTC−3.2 pp
- Sold outSpotify TechnologySPOT−3.0 pp
- Sold outWorkdayWDAY−3.0 pp
- Sold outConstellation EnergyCEG−2.9 pp
- Sold outHowmet AerospaceHWM−2.5 pp
- Sold outBlockXYZ−2.4 pp
- Sold outLennarLEN−1.7 pp
- ReducedEli LillyLLY−1.4 pp
- ReducedMeta PlatformsMETA−1.2 pp
- ReducedVistra OperationsVST−0.7 pp
22 companies with material moves, out of 33 positions with a change. Only moves of 0.5 points of the portfolio or more are listed, measured as “traded weight” (what was bought or sold, excluding price effects). Smaller changes exist and are not listed: a position may have gone up or down without appearing above.
The full 13F, line by line
Lone Pine Capital's Q1 2025 13F lists 22 lines of US-listed securities worth $11.4 bn; the largest is META at 8.88% of the portfolio. It was accepted by the SEC on May 15, 2025 at 4:30 PM ET.
Against the previous quarter, it opened 4 positions (CVNA, TOL, CDNS and WING), closed 12 (PTC, SPOT, WDAY and CEG and 8 more), added to 10 (APP, INTU, MSFT and AMZN and 6 more) and trimmed 7 (PM, META, LLY and VST and 3 more). 1 line shows the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Meta Platforms META | 1.8 M | $1.0 bn | 8.88% | −14% |
| 2 | Intuit INTU | 1.4 M | $862M | 7.55% | +21% |
| 3 | Amazon.com AMZN | 4.4 M | $828M | 7.26% | +15% |
| 4 | Microsoft MSFT | 2.0 M | $736M | 6.45% | +20% |
| 5 | Starbucks SBUX | 6.6 M | $648M | 5.68% | +2.1% |
| 6 | Taiwan Semiconductor Manufacturing TSM | 3.9 M | $642M | 5.62% | +2.8% |
| 7 | LPL Financial Holdings LPLA | 1.8 M | $577M | 5.06% | −8.3% |
| 8 | Capital One Financial COF | 3.2 M | $569M | 4.99% | −1.8% |
| 9 | KKR KKR | 4.8 M | $551M | 4.83% | +18% |
| 10 | Vistra Operations VST | 4.6 M | $541M | 4.74% | −14% |
| 11 | Flutter Entertainment FLUT | 2.2 M | $492M | 4.31% | +16% |
| 12 | Carvana CVNA | 2.3 M | $484M | 4.24% | new |
| 13 | Philip Morris International PM | 3.0 M | $478M | 4.18% | −53% |
| 14 | Salesforce CRM | 1.7 M | $465M | 4.07% | +11% |
| 15 | Eli Lilly LLY | 551,827 | $456M | 3.99% | −30% |
| 16 | AppLovin APP | 1.6 M | $422M | 3.70% | +47% |
| 17 | Toll Brothers TOL | 3.8 M | $401M | 3.52% | new |
| 18 | ASML Holding ASML | 582,427 | $386M | 3.38% | +32% |
| 19 | Cadence Design Systems CDNS | 1.2 M | $310M | 2.71% | new |
| 20 | ARES Management ARES | 1.6 M | $235M | 2.06% | −4.3% |
| 21 | Talen Energy TLN | 1.1 M | $218M | 1.91% | no change |
| 22 | Wingstop WING | 449,056 | $101M | 0.89% | new |
Positions it closed (12)
- PTC PTCwas 3.18% · 2.3 M shares
- Spotify Technology SPOTwas 3.04% · 913,564 shares
- Workday WDAYwas 2.96% · 1.5 M shares
- Constellation Energy CEGwas 2.89% · 1.7 M shares
- Howmet Aerospace HWMwas 2.49% · 3.1 M shares
- Block XYZwas 2.38% · 3.8 M shares
- Lennar LENwas 1.74% · 1.7 M shares
- Bitdeer Technologies Group BTDRwas 0.16% · 986,717 shares
- Hut 8 HUTwas 0.11% · 692,839 shares
- Cipher Digital CIFRwas 0.08% · 2.3 M shares
- Terawulf WULFwas 0.06% · 1.5 M shares
- IREN IRENwas 0.05% · 711,839 shares
One row per line of the filing (by CUSIP): share classes of the same company are listed separately here. “Change in shares” compares the count with the previous quarter, split-adjusted; the value is the one reported in the 13F at quarter end, not today's price.
Original documents: Lone Pine Capital's 13F filings on EDGAR (SEC) ↗
Follow Stephen Mandel and see their Q3 2026 13F once it is filed
Free. We email you (if you turn it on) and in Following you see what each manager you follow bought and sold.
Source: 13F filings with the SEC. A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions. Not investment advice.