Great investors · Stephen Mandel · Q2 2026
What Stephen Mandel bought and sold in Q2 2026
Lone Pine Capital 13F portfolio as of Jun 30, 2026: 34 positions worth $16.4 bn. Largest: NBIS, ASML, STX, HD. Filed with the SEC on Aug 14, 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 Q2 2026
- NewNebius GroupNBIS+7.2 pp
- NewSeagate Technology HoldingsSTX+5.9 pp
- NewHome DepotHD+5.6 pp
- NewApplied MaterialsAMAT+5.3 pp
- NewLindeLIN+4.9 pp
- NewTTM TechnologiesTTMI+3.1 pp
- NewSterling InfrastructureSTRL+3.1 pp
- NewOn HoldingONON+2.9 pp
- IncreasedMedlineMDLN+2.2 pp
- IncreasedPerformance Food GroupPFGC+1.3 pp
- IncreasedNu HoldingsNU+0.8 pp
- IncreasedCarvanaCVNA+0.7 pp
Sells in Q2 2026
- Sold outVistra OperationsVST−5.7 pp
- Sold outTalen EnergyTLN−3.5 pp
- ReducedCarpenter TechnologyCRS−3.2 pp
- Sold outClean HarborsCLH−3.1 pp
- ReducedTaiwan Semiconductor ManufacturingTSM−2.9 pp
- ReducedBrookfieldBN−2.7 pp
- Sold outTenet HealthcareTHC−2.6 pp
- Sold outCapital One FinancialCOF−2.5 pp
- Sold outEntegrisENTG−2.2 pp
- Sold outCienaCIEN−1.9 pp
- ReducedCorningGLW−1.5 pp
- ReducedMcKESSONMCK−1.5 pp
32 companies with material moves, out of 49 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 Q2 2026 13F lists 34 lines of US-listed securities worth $16.4 bn; the largest is NBIS at 7.19% of the portfolio. It was accepted by the SEC on Aug 14, 2026 at 4:06 PM ET.
Against the previous quarter, it opened 13 positions (NBIS, STX, HD and AMAT and 9 more), closed 15 (VST, TLN, CLH and THC and 11 more), added to 8 (MDLN, PFGC, NU and USFD and 4 more) and trimmed 13 (CRS, GLW, APP and ASML and 9 more).
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Nebius Group NBIS | 4.3 M | $1.2 bn | 7.19% | new |
| 2 | ASML Holding ASML | 569,174 | $1.1 bn | 6.92% | −13% |
| 3 | Seagate Technology Holdings STX | 1.0 M | $965M | 5.90% | new |
| 4 | Home Depot HD | 2.6 M | $918M | 5.61% | new |
| 5 | Applied Materials AMAT | 1.2 M | $873M | 5.34% | new |
| 6 | Medline MDLN | 21.0 M | $827M | 5.06% | +78% |
| 7 | Linde LIN | 1.6 M | $809M | 4.94% | new |
| 8 | Teradyne TER | 1.5 M | $722M | 4.42% | −20% |
| 9 | Corning GLW | 2.7 M | $697M | 4.26% | −27% |
| 10 | Carvana CVNA | 10.5 M | $692M | 4.23% | +20% |
| 11 | Hut 8 HUT | 5.8 M | $666M | 4.07% | −5% |
| 12 | Performance Food Group PFGC | 5.9 M | $654M | 4.00% | +47% |
| 13 | Nu Holdings NU | 47.2 M | $631M | 3.86% | +24% |
| 14 | Terawulf WULF | 24.1 M | $596M | 3.65% | +21% |
| 15 | Carpenter Technology CRS | 962,839 | $594M | 3.63% | −47% |
| 16 | MasTec MTZ | 1.3 M | $560M | 3.42% | −12% |
| 17 | AppLovin APP | 1.0 M | $537M | 3.28% | −29% |
| 18 | TTM Technologies TTMI | 2.7 M | $512M | 3.13% | new |
| 19 | Sterling Infrastructure STRL | 609,643 | $512M | 3.13% | new |
| 20 | US Foods Holding USFD | 4.9 M | $503M | 3.07% | +29% |
| 21 | On Holding ONON | 13.3 M | $470M | 2.88% | new |
| 22 | LPL Financial Holdings LPLA | 1.2 M | $343M | 2.10% | −41% |
| 23 | Argan AGX | 368,673 | $294M | 1.80% | −6.2% |
| 24 | Bitdeer Technologies Group BTDR | 7.0 M | $111M | 0.68% | new |
| 25 | SharonAI Holdings SHAZ | 1.2 M | $102M | 0.63% | new |
| 26 | Alphabet GOOGL | 215,574 | $77.0M | 0.47% | +15% |
| 27 | Kodiak Gas Services KGS | 845,070 | $63.5M | 0.39% | new |
| 28 | Visa V | 165,960 | $56.9M | 0.35% | +79% |
| 29 | Interactive Brokers Group IBKR | 577,666 | $50.3M | 0.31% | new |
| 30 | Taiwan Semiconductor Manufacturing TSM | 101,242 | $48.4M | 0.30% | −93% |
| 31 | Sea SE | 494,581 | $47.4M | 0.29% | new |
| 32 | McKESSON MCK | 57,851 | $43.7M | 0.27% | −85% |
| 33 | TransDigm Group TDG | 28,532 | $38.0M | 0.23% | −20% |
| 34 | Brookfield BN | 792,717 | $33.8M | 0.21% | −93% |
Positions it closed (15)
- Vistra Operations VSTwas 7.42% · 6.2 M shares
- Talen Energy TLNwas 4.63% · 1.8 M shares
- Clean Harbors CLHwas 4.01% · 1.8 M shares
- Tenet Healthcare THCwas 3.40% · 2.3 M shares
- Capital One Financial COFwas 3.30% · 2.3 M shares
- Entegris ENTGwas 2.91% · 3.1 M shares
- Ciena CIENwas 2.51% · 809,522 shares
- Vulcan Materials VMCwas 0.31% · 144,179 shares
- Spotify Technology SPOTwas 0.27% · 68,844 shares
- Mastercard MAwas 0.23% · 57,201 shares
- Amphenol APHwas 0.22% · 223,084 shares
- Hilton Worldwide Holdings HLTwas 0.22% · 89,249 shares
- KKR KKRwas 0.13% · 179,308 shares
- Booking Holdings BKNGwas 0.08% · 60,125 shares
- Boston Scientific BSXwas 0.05% · 104,655 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.