Great investors · Stephen Mandel · Q4 2025
What Stephen Mandel bought and sold in Q4 2025
Lone Pine Capital 13F portfolio as of Dec 31, 2025: 32 positions worth $13.6 bn. Largest: TSM, VST, CVNA, LPLA. Filed with the SEC on Feb 17, 2026.
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 Q4 2025
- NewASML HoldingASML+4.7 pp
- NewDoorDashDASH+4.2 pp
- NewCarpenter TechnologyCRS+3.0 pp
- NewTenet HealthcareTHC+2.6 pp
- NewClean HarborsCLH+2.4 pp
- NewAffirm HoldingsAFRM+2.1 pp
- NewEntegrisENTG+1.9 pp
- IncreasedKKRKKR+0.9 pp
- IncreasedVulcan MaterialsVMC+0.6 pp
- IncreasedVistra OperationsVST+0.6 pp
- IncreasedNu HoldingsNU+0.5 pp
Sells in Q4 2025
- Sold outMeta PlatformsMETA−7.1 pp
- Sold outStarbucksSBUX−3.4 pp
- Sold outEQTEQT−3.3 pp
- Sold outFlutter EntertainmentFLUT−3.2 pp
- Sold outSeaSE−2.4 pp
- ReducedPhilip Morris InternationalPM−2.3 pp
- Sold outCienaCIEN−2.1 pp
- Sold outETSYETSY−1.9 pp
- ReducedAppLovinAPP−1.6 pp
- ReducedBooking HoldingsBKNG−1.0 pp
- ReducedAmazon.comAMZN−0.7 pp
22 companies with material moves, out of 36 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 Q4 2025 13F lists 32 lines of US-listed securities worth $13.6 bn; the largest is TSM at 6.82% of the portfolio. It was accepted by the SEC on Feb 17, 2026 at 4:09 PM ET.
Against the previous quarter, it opened 14 positions (ASML, DASH, MDLN and CRS and 10 more), closed 7 (META, SBUX, EQT and FLUT and 3 more), added to 9 (KKR, VMC, VST and NU and 5 more) and trimmed 7 (PM, APP, AMZN and COF and 3 more). 2 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Taiwan Semiconductor Manufacturing TSM | 3.1 M | $928M | 6.82% | no change |
| 2 | Vistra Operations VST | 5.2 M | $841M | 6.18% | +11% |
| 3 | Carvana CVNA | 1.8 M | $751M | 5.52% | no change |
| 4 | LPL Financial Holdings LPLA | 2.1 M | $741M | 5.44% | −8% |
| 5 | Brookfield BN | 15.9 M | $731M | 5.37% | +4.3% |
| 6 | ASML Holding ASML | 605,017 | $647M | 4.76% | new |
| 7 | KKR KKR | 5.0 M | $638M | 4.68% | +23% |
| 8 | Broadcom AVGO | 1.7 M | $599M | 4.40% | +12% |
| 9 | Microsoft MSFT | 1.2 M | $597M | 4.39% | +2.1% |
| 10 | DoorDash DASH | 2.5 M | $573M | 4.21% | new |
| 11 | Amazon.com AMZN | 2.4 M | $557M | 4.09% | −14% |
| 12 | Capital One Financial COF | 2.3 M | $556M | 4.09% | −11% |
| 13 | AppLovin APP | 780,530 | $526M | 3.86% | −30% |
| 14 | Nu Holdings NU | 29.6 M | $496M | 3.64% | +17% |
| 15 | Medline MDLN | 11.7 M | $492M | 3.62% | new |
| 16 | Talen Energy TLN | 1.3 M | $484M | 3.56% | +8.4% |
| 17 | Vulcan Materials VMC | 1.7 M | $480M | 3.53% | +22% |
| 18 | Philip Morris International PM | 2.6 M | $424M | 3.12% | −43% |
| 19 | Carpenter Technology CRS | 1.3 M | $413M | 3.04% | new |
| 20 | Wingstop WING | 1.6 M | $380M | 2.80% | +7% |
| 21 | Amphenol APH | 2.8 M | $380M | 2.79% | −7.1% |
| 22 | Tenet Healthcare THC | 1.8 M | $355M | 2.61% | new |
| 23 | Clean Harbors CLH | 1.4 M | $323M | 2.37% | new |
| 24 | Affirm Holdings AFRM | 3.8 M | $284M | 2.09% | new |
| 25 | Entegris ENTG | 3.1 M | $257M | 1.89% | new |
| 26 | Mastercard MA | 96,338 | $55.0M | 0.40% | new |
| 27 | TransDigm Group TDG | 19,228 | $25.6M | 0.19% | new |
| 28 | Booking Holdings BKNG | 4,630 | $24.8M | 0.18% | −85% |
| 29 | Boston Scientific BSX | 201,703 | $19.2M | 0.14% | new |
| 30 | Hilton Worldwide Holdings HLT | 57,817 | $16.6M | 0.12% | new |
| 31 | Spotify Technology SPOT | 17,762 | $10.3M | 0.08% | new |
| 32 | Visa V | 15,217 | $5.3M | 0.04% | new |
Positions it closed (7)
- Meta Platforms METAwas 7.07% · 1.3 M shares
- Starbucks SBUXwas 3.42% · 5.6 M shares
- EQT EQTwas 3.31% · 8.4 M shares
- Flutter Entertainment FLUTwas 3.20% · 1.7 M shares
- Sea SEwas 2.43% · 1.9 M shares
- Ciena CIENwas 2.13% · 2.0 M shares
- ETSY ETSYwas 1.87% · 3.9 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.