Great investors · Stephen Mandel · Q3 2025
What Stephen Mandel bought and sold in Q3 2025
Lone Pine Capital 13F portfolio as of Sep 30, 2025: 25 positions worth $13.7 bn. Largest: META, VST, TSM, APP. Filed with the SEC on Nov 14, 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 Q3 2025
- NewBroadcomAVGO+3.7 pp
- NewVulcan MaterialsVMC+3.1 pp
- NewNu HoldingsNU+2.9 pp
- NewWingstopWING+2.7 pp
- NewAmphenolAPH+2.7 pp
- NewSeaSE+2.4 pp
- IncreasedBrookfieldBN+2.3 pp
- IncreasedPhilip Morris InternationalPM+2.2 pp
- NewCienaCIEN+2.1 pp
- NewETSYETSY+1.9 pp
- IncreasedLPL Financial HoldingsLPLA+0.9 pp
Sells in Q3 2025
- Sold outIntuitINTU−4.4 pp
- Sold outUnitedHealth GroupUNH−3.8 pp
- Sold outSalesforceCRM−3.7 pp
- ReducedAmazon.comAMZN−3.5 pp
- Sold outASML HoldingASML−3.3 pp
- ReducedVistra OperationsVST−2.5 pp
- Sold outWIXWIX−2.5 pp
- ReducedMicrosoftMSFT−2.4 pp
- ReducedMeta PlatformsMETA−1.8 pp
- ReducedBooking HoldingsBKNG−1.1 pp
- ReducedKKRKKR−1.1 pp
- ReducedAppLovinAPP−0.8 pp
25 companies with material moves, out of 28 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 Q3 2025 13F lists 25 lines of US-listed securities worth $13.7 bn; the largest is META at 7.07% of the portfolio. It was accepted by the SEC on Nov 14, 2025 at 4:03 PM ET.
Against the previous quarter, it opened 8 positions (AVGO, VMC, NU and WING and 4 more), closed 5 (INTU, UNH, CRM and ASML and 1 more), added to 5 (BN, PM, LPLA and EQT and 1 more) and trimmed 10 (AMZN, VST, MSFT and META and 6 more). 2 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Meta Platforms META | 1.3 M | $971M | 7.07% | −21% |
| 2 | Vistra Operations VST | 4.7 M | $921M | 6.70% | −27% |
| 3 | Taiwan Semiconductor Manufacturing TSM | 3.1 M | $853M | 6.20% | −11% |
| 4 | AppLovin APP | 1.1 M | $797M | 5.80% | −12% |
| 5 | LPL Financial Holdings LPLA | 2.3 M | $750M | 5.46% | +20% |
| 6 | Philip Morris International PM | 4.6 M | $748M | 5.45% | +67% |
| 7 | Brookfield BN | 10.2 M | $698M | 5.08% | +81% |
| 8 | Carvana CVNA | 1.8 M | $666M | 4.85% | no change |
| 9 | Microsoft MSFT | 1.2 M | $626M | 4.56% | −35% |
| 10 | Amazon.com AMZN | 2.8 M | $617M | 4.49% | −44% |
| 11 | Capital One Financial COF | 2.6 M | $546M | 3.97% | −17% |
| 12 | KKR KKR | 4.1 M | $530M | 3.86% | −22% |
| 13 | Broadcom AVGO | 1.5 M | $511M | 3.72% | new |
| 14 | Talen Energy TLN | 1.2 M | $507M | 3.69% | +9.5% |
| 15 | Starbucks SBUX | 5.6 M | $471M | 3.42% | no change |
| 16 | EQT EQT | 8.4 M | $455M | 3.31% | +11% |
| 17 | Flutter Entertainment FLUT | 1.7 M | $440M | 3.20% | −6.9% |
| 18 | Vulcan Materials VMC | 1.4 M | $426M | 3.10% | new |
| 19 | Nu Holdings NU | 25.4 M | $407M | 2.96% | new |
| 20 | Wingstop WING | 1.5 M | $375M | 2.73% | new |
| 21 | Amphenol APH | 3.0 M | $374M | 2.72% | new |
| 22 | Sea SE | 1.9 M | $334M | 2.43% | new |
| 23 | Ciena CIEN | 2.0 M | $292M | 2.13% | new |
| 24 | ETSY ETSY | 3.9 M | $258M | 1.87% | new |
| 25 | Booking Holdings BKNG | 31,151 | $168M | 1.22% | −48% |
Positions it closed (5)
- Intuit INTUwas 4.40% · 771,666 shares
- UnitedHealth Group UNHwas 3.82% · 1.7 M shares
- Salesforce CRMwas 3.68% · 1.9 M shares
- ASML Holding ASMLwas 3.29% · 566,862 shares
- WIX WIXwas 2.48% · 2.2 M 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) ↗
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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.