Stephen Mandel
Lone Pine Capital · Stephen Mandel 的质量成长和 Tiger Cub 框架
Lone Pine Capital 是 Tiger Cub 体系中最有代表性的质量成长平台之一；Stephen Mandel 建立的研究传统强调行业深度、管理层质量和长期复利。最值得看的是大型消费互联网、支付、软件和医疗科技权重如何随竞争格局、增长质量和估值重估发生迁移。
| 股票 | 股数 | 市值 | 权重 |
|---|---|---|---|
VST
|
6,187,585 | $930.2M | 7.4% |
ASML
|
655,148 | $865.3M | 6.9% |
CRS
|
1,817,940 | $716.5M | 5.7% |
LPLA
|
2,049,967 | $616.7M | 4.9% |
APP
|
1,464,923 | $583.0M | 4.6% |
TLN
|
1,817,947 | $580.3M | 4.6% |
TER
|
1,872,876 | $555.2M | 4.4% |
CVNA
|
1,754,709 | $551.6M | 4.4% |
NU
|
38,011,225 | $546.2M | 4.4% |
MDLN
|
11,789,156 | $524.6M | 4.2% |
GLW
|
3,718,147 | $505.6M | 4.0% |
CLH
|
1,754,950 | $503.2M | 4.0% |
MTZ
|
1,531,050 | $492.6M | 3.9% |
TSM
|
1,389,530 | $469.6M | 3.7% |
BN
|
11,208,969 | $453.6M | 3.6% |
THC
|
2,258,717 | $426.2M | 3.4% |
COF
|
2,267,056 | $413.6M | 3.3% |
ENTG
|
3,115,054 | $365.2M | 2.9% |
USFD
|
3,795,998 | $350.0M | 2.8% |
PFGC
|
3,978,158 | $340.8M | 2.7% |
| 股票 | 动作 | 13F 时间 | 当前股数 | 上期股数 | 股数变化 | 13F市值变化 |
|---|---|---|---|---|---|---|
KKR
|
大幅减持 | 2026-03-31 披露 2026-05-15 | 179,308 | 5,001,085 | -96.4% | -$621.0M |
AVGO
|
清仓 | 2026-03-31 披露 2026-05-15 | 0 | 1,730,216 | -100.0% | -$598.8M |
MSFT
|
清仓 | 2026-03-31 披露 2026-05-15 | 0 | 1,234,125 | -100.0% | -$596.8M |
DASH
|
清仓 | 2026-03-31 披露 2026-05-15 | 0 | 2,529,879 | -100.0% | -$573.0M |
AMZN
|
清仓 | 2026-03-31 披露 2026-05-15 | 0 | 2,414,520 | -100.0% | -$557.3M |
|
TER
|
新增 | 2026-03-31 披露 2026-05-15 | 1,872,876 | 0 | - | +$555.2M |
|
GLW
|
新增 | 2026-03-31 披露 2026-05-15 | 3,718,147 | 0 | - | +$505.6M |
|
MTZ
|
新增 | 2026-03-31 披露 2026-05-15 | 1,531,050 | 0 | - | +$492.6M |
|
TSM
|
大幅减持 | 2026-03-31 披露 2026-05-15 | 1,389,530 | 3,052,400 | -54.5% | -$458.0M |
VMC
|
大幅减持 | 2026-03-31 披露 2026-05-15 | 144,179 | 1,683,932 | -91.4% | -$441.0M |
PM
|
清仓 | 2026-03-31 披露 2026-05-15 | 0 | 2,643,579 | -100.0% | -$424.0M |
WING
|
清仓 | 2026-03-31 披露 2026-05-15 | 0 | 1,595,258 | -100.0% | -$380.5M |
APH
|
大幅减持 | 2026-03-31 披露 2026-05-15 | 223,084 | 2,809,773 | -92.1% | -$351.5M |
|
USFD
|
新增 | 2026-03-31 披露 2026-05-15 | 3,795,998 | 0 | - | +$350.0M |
|
PFGC
|
新增 | 2026-03-31 披露 2026-05-15 | 3,978,158 | 0 | - | +$340.8M |
MCK
|
新增 | 2026-03-31 披露 2026-05-15 | 392,224 | 0 | - | +$339.4M |
CIEN
|
新增 | 2026-03-31 披露 2026-05-15 | 809,522 | 0 | - | +$314.3M |
|
CRS
|
大幅增持 | 2026-03-31 披露 2026-05-15 | 1,817,940 | 1,312,938 | 38.5% | +$303.2M |
WULF
|
新增 | 2026-03-31 披露 2026-05-15 | 19,921,430 | 0 | - | +$287.5M |
HUT
|
新增 | 2026-03-31 披露 2026-05-15 | 6,078,951 | 0 | - | +$285.2M |
AFRM
|
清仓 | 2026-03-31 披露 2026-05-15 | 0 | 3,817,170 | -100.0% | -$284.1M |
|
BN
|
大幅减持 | 2026-03-31 披露 2026-05-15 | 11,208,969 | 15,923,360 | -29.6% | -$277.1M |
|
ASML
|
小幅增持 | 2026-03-31 披露 2026-05-15 | 655,148 | 605,017 | 8.3% | +$218.1M |
AGX
|
新增 | 2026-03-31 披露 2026-05-15 | 393,134 | 0 | - | +$214.1M |
|
CVNA
|
小幅减持 | 2026-03-31 披露 2026-05-15 | 1,754,709 | 1,779,328 | -1.4% | -$199.3M |
|
CLH
|
大幅增持 | 2026-03-31 披露 2026-05-15 | 1,754,950 | 1,378,125 | 27.3% | +$180.1M |
|
COF
|
小幅减持 | 2026-03-31 披露 2026-05-15 | 2,267,056 | 2,294,891 | -1.2% | -$142.6M |
|
LPLA
|
小幅减持 | 2026-03-31 披露 2026-05-15 | 2,049,967 | 2,074,948 | -1.2% | -$124.4M |
|
ENTG
|
小幅增持 | 2026-03-31 披露 2026-05-15 | 3,115,054 | 3,054,230 | 2.0% | +$107.9M |
|
TLN
|
大幅增持 | 2026-03-31 披露 2026-05-15 | 1,817,947 | 1,292,516 | 40.7% | +$95.9M |
|
VST
|
大幅增持 | 2026-03-31 披露 2026-05-15 | 6,187,585 | 5,211,885 | 18.7% | +$89.3M |
|
THC
|
大幅增持 | 2026-03-31 披露 2026-05-15 | 2,258,717 | 1,787,326 | 26.4% | +$71.1M |
|
APP
|
大幅增持 | 2026-03-31 披露 2026-05-15 | 1,464,923 | 780,530 | 87.7% | +$57.1M |
GOOGL
|
新增 | 2026-03-31 披露 2026-05-15 | 187,561 | 0 | - | +$53.9M |
|
NU
|
大幅增持 | 2026-03-31 披露 2026-05-15 | 38,011,225 | 29,630,237 | 28.3% | +$50.2M |
|
MDLN
|
小幅增持 | 2026-03-31 披露 2026-05-15 | 11,789,156 | 11,716,697 | 0.6% | +$32.5M |
MA
|
大幅减持 | 2026-03-31 披露 2026-05-15 | 57,201 | 96,338 | -40.6% | -$26.4M |
SPOT
|
大幅增持 | 2026-03-31 披露 2026-05-15 | 68,844 | 17,762 | 287.6% | +$23.1M |
V
|
大幅增持 | 2026-03-31 披露 2026-05-15 | 92,775 | 15,217 | 509.7% | +$22.7M |
TDG
|
大幅增持 | 2026-03-31 披露 2026-05-15 | 35,677 | 19,228 | 85.5% | +$15.8M |
BKNG
|
大幅减持 | 2026-03-31 披露 2026-05-15 | 2,405 | 4,630 | -48.1% | -$14.7M |
BSX
|
大幅减持 | 2026-03-31 披露 2026-05-15 | 104,655 | 201,703 | -48.1% | -$12.7M |
HLT
|
大幅增持 | 2026-03-31 披露 2026-05-15 | 89,249 | 57,817 | 54.4% | +$10.5M |
Lone Pine 官网提供机构背景和创始人脉络，是 Mandel 资料用于核对机构身份、官网和长期投资人定位的稳定来源。
Stephen Mandel 在长访谈中回顾从 Tiger Management 到 Lone Pine 的研究方法、团队文化和成长股投资框架，是少数公开可追踪的 Mandel 访谈之一。