Great investors · Stephen Mandel · Q1 2026
What Stephen Mandel bought and sold in Q1 2026
Lone Pine Capital 13F portfolio as of Mar 31, 2026: 36 positions worth $12.5 bn. Largest: VST, ASML, CRS, LPLA. Filed with the SEC on May 15, 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 Q1 2026
- NewTeradyneTER+4.1 pp
- NewCorningGLW+3.7 pp
- NewMasTecMTZ+3.6 pp
- NewUS Foods HoldingUSFD+2.6 pp
- NewPerformance Food GroupPFGC+2.5 pp
- NewMcKESSONMCK+2.5 pp
- NewCienaCIEN+2.3 pp
- NewTerawulfWULF+2.1 pp
- NewHut 8HUT+2.1 pp
- IncreasedAppLovinAPP+2.0 pp
- NewArganAGX+1.6 pp
- IncreasedCarpenter TechnologyCRS+1.5 pp
Sells in Q1 2026
- Sold outBroadcomAVGO−4.4 pp
- Sold outMicrosoftMSFT−4.4 pp
- Sold outDoorDashDASH−4.2 pp
- ReducedTaiwan Semiconductor ManufacturingTSM−4.1 pp
- Sold outAmazon.comAMZN−4.1 pp
- ReducedKKRKKR−3.3 pp
- Sold outPhilip Morris InternationalPM−3.1 pp
- ReducedVulcan MaterialsVMC−3.1 pp
- Sold outWingstopWING−2.8 pp
- ReducedAmphenolAPH−2.4 pp
- Sold outAffirm HoldingsAFRM−2.1 pp
- ReducedBrookfieldBN−1.4 pp
29 companies with material moves, out of 42 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 2026 13F lists 36 lines of US-listed securities worth $12.5 bn; the largest is VST at 7.42% of the portfolio. It was accepted by the SEC on May 15, 2026 at 4:02 PM ET.
Against the previous quarter, it opened 11 positions (TER, GLW, MTZ and USFD and 7 more), closed 7 (AVGO, MSFT, DASH and AMZN and 3 more), added to 13 (APP, CRS, TLN and VST and 9 more) and trimmed 11 (TSM, BN, VMC and APH and 7 more). 1 line shows the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Vistra Operations VST | 6.2 M | $930M | 7.42% | +19% |
| 2 | ASML Holding ASML | 655,148 | $865M | 6.90% | +8.3% |
| 3 | Carpenter Technology CRS | 1.8 M | $717M | 5.71% | +38% |
| 4 | LPL Financial Holdings LPLA | 2.0 M | $617M | 4.92% | −1.2% |
| 5 | AppLovin APP | 1.5 M | $583M | 4.65% | +88% |
| 6 | Talen Energy TLN | 1.8 M | $580M | 4.63% | +41% |
| 7 | Teradyne TER | 1.9 M | $555M | 4.43% | new |
| 8 | Carvana CVNA | 1.8 M | $552M | 4.40% | −1.4% |
| 9 | Nu Holdings NU | 38.0 M | $546M | 4.35% | +28% |
| 10 | Medline MDLN | 11.8 M | $525M | 4.18% | no change |
| 11 | Corning GLW | 3.7 M | $506M | 4.03% | new |
| 12 | Clean Harbors CLH | 1.8 M | $503M | 4.01% | +27% |
| 13 | MasTec MTZ | 1.5 M | $493M | 3.93% | new |
| 14 | Taiwan Semiconductor Manufacturing TSM | 1.4 M | $470M | 3.74% | −54% |
| 15 | Brookfield BN | 11.2 M | $454M | 3.62% | −30% |
| 16 | Tenet Healthcare THC | 2.3 M | $426M | 3.40% | +26% |
| 17 | Capital One Financial COF | 2.3 M | $414M | 3.30% | −1.2% |
| 18 | Entegris ENTG | 3.1 M | $365M | 2.91% | +2% |
| 19 | US Foods Holding USFD | 3.8 M | $350M | 2.79% | new |
| 20 | Performance Food Group PFGC | 4.0 M | $341M | 2.72% | new |
| 21 | McKESSON MCK | 392,224 | $339M | 2.71% | new |
| 22 | Ciena CIEN | 809,522 | $314M | 2.51% | new |
| 23 | Terawulf WULF | 19.9 M | $287M | 2.29% | new |
| 24 | Hut 8 HUT | 6.1 M | $285M | 2.27% | new |
| 25 | Argan AGX | 393,134 | $214M | 1.71% | new |
| 26 | Alphabet GOOGL | 187,561 | $53.9M | 0.43% | new |
| 27 | TransDigm Group TDG | 35,677 | $41.3M | 0.33% | +86% |
| 28 | Vulcan Materials VMC | 144,179 | $39.3M | 0.31% | −91% |
| 29 | Spotify Technology SPOT | 68,844 | $33.4M | 0.27% | +288% |
| 30 | Mastercard MA | 57,201 | $28.6M | 0.23% | −41% |
| 31 | Amphenol APH | 223,084 | $28.2M | 0.22% | −92% |
| 32 | Visa V | 92,775 | $28.0M | 0.22% | +510% |
| 33 | Hilton Worldwide Holdings HLT | 89,249 | $27.1M | 0.22% | +54% |
| 34 | KKR KKR | 179,308 | $16.6M | 0.13% | −96% |
| 35 | Booking Holdings BKNG | 2,405 | $10.1M | 0.08% | −48% |
| 36 | Boston Scientific BSX | 104,655 | $6.6M | 0.05% | −48% |
Positions it closed (7)
- Broadcom AVGOwas 4.40% · 1.7 M shares
- Microsoft MSFTwas 4.39% · 1.2 M shares
- DoorDash DASHwas 4.21% · 2.5 M shares
- Amazon.com AMZNwas 4.09% · 2.4 M shares
- Philip Morris International PMwas 3.12% · 2.6 M shares
- Wingstop WINGwas 2.80% · 1.6 M shares
- Affirm Holdings AFRMwas 2.09% · 3.8 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.