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Stephen Mandel

Lone Pine Capital

Lone Pine Capital, Stephen Mandel's quality growth and Tiger Cub framework

Lone Pine is a classic Tiger Cub quality-growth manager. Its portfolio is useful for reading institutional conviction in high-return growth companies, especially when consumer internet, software, payments, and healthcare leadership shifts.

Sources Lone Pine Capital official site SEC EDGAR profile
Quality growth / consumer internet CIK 1061165
2026-03-31 Latest 13F 20 Current holdings 78 Last 2 periods Change 2 Public materials
Latest 13F snapshot 2026-03-31 · 36 disclosed positions · $12.5B Top five 29.6%: VST, ASML, CRS, LPLA, APP

Performance materials

  • Lone Pine does not publish a continuous public return series for this product. Public filings and public materials are the main reference.

Firm and key people

  • Stephen Mandel worked at Tiger Management before founding Lone Pine Capital.
  • The firm became known for deep fundamental research on high-quality growth businesses.
  • The 13F can show how a quality-growth book adapts to valuation and sector leadership changes.

Investment style

  • Prefer companies with strong unit economics, durable growth, and large reinvestment opportunities.
  • Watch position size and holding duration to separate conviction from trading.
  • Sector rotations among consumer, technology, and healthcare can be meaningful.

Public materials

View timeline
Shareholder letters / memos 0
Interview 1
Public video 0
Public Q&A / speeches / presentations 1

Current holdings

13F period 2026-03-31 · Filed 2026-05-15
Stocks Shares Value Weight
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%

Last 2 quarters US 13F new / increased / reduced / sold-out positions

As of 13F 2026-03-31 · Filed 2026-05-15
Last 1 quarters Last 2 quarters Last 3 quarters Last 4 quarters
Stocks Action 13F period Current shares Previous shares Share change 13F value change
KKR Major reduction 2026-03-31 Filed 2026-05-15 179,308 5,001,085 -96.4% -$621.0M
AVGO Sold out 2026-03-31 Filed 2026-05-15 0 1,730,216 -100.0% -$598.8M
MSFT Sold out 2026-03-31 Filed 2026-05-15 0 1,234,125 -100.0% -$596.8M
DASH Sold out 2026-03-31 Filed 2026-05-15 0 2,529,879 -100.0% -$573.0M
AMZN Sold out 2026-03-31 Filed 2026-05-15 0 2,414,520 -100.0% -$557.3M
TER New 2026-03-31 Filed 2026-05-15 1,872,876 0 - +$555.2M
GLW New 2026-03-31 Filed 2026-05-15 3,718,147 0 - +$505.6M
MTZ New 2026-03-31 Filed 2026-05-15 1,531,050 0 - +$492.6M
TSM Major reduction 2026-03-31 Filed 2026-05-15 1,389,530 3,052,400 -54.5% -$458.0M
VMC Major reduction 2026-03-31 Filed 2026-05-15 144,179 1,683,932 -91.4% -$441.0M
PM Sold out 2026-03-31 Filed 2026-05-15 0 2,643,579 -100.0% -$424.0M
WING Sold out 2026-03-31 Filed 2026-05-15 0 1,595,258 -100.0% -$380.5M
APH Major reduction 2026-03-31 Filed 2026-05-15 223,084 2,809,773 -92.1% -$351.5M
USFD New 2026-03-31 Filed 2026-05-15 3,795,998 0 - +$350.0M
PFGC New 2026-03-31 Filed 2026-05-15 3,978,158 0 - +$340.8M
MCK New 2026-03-31 Filed 2026-05-15 392,224 0 - +$339.4M
CIEN New 2026-03-31 Filed 2026-05-15 809,522 0 - +$314.3M
CRS Major increase 2026-03-31 Filed 2026-05-15 1,817,940 1,312,938 38.5% +$303.2M
WULF New 2026-03-31 Filed 2026-05-15 19,921,430 0 - +$287.5M
HUT New 2026-03-31 Filed 2026-05-15 6,078,951 0 - +$285.2M
AFRM Sold out 2026-03-31 Filed 2026-05-15 0 3,817,170 -100.0% -$284.1M
BN Major reduction 2026-03-31 Filed 2026-05-15 11,208,969 15,923,360 -29.6% -$277.1M
ASML Minor increase 2026-03-31 Filed 2026-05-15 655,148 605,017 8.3% +$218.1M
AGX New 2026-03-31 Filed 2026-05-15 393,134 0 - +$214.1M
CVNA Minor reduction 2026-03-31 Filed 2026-05-15 1,754,709 1,779,328 -1.4% -$199.3M
CLH Major increase 2026-03-31 Filed 2026-05-15 1,754,950 1,378,125 27.3% +$180.1M
COF Minor reduction 2026-03-31 Filed 2026-05-15 2,267,056 2,294,891 -1.2% -$142.6M
LPLA Minor reduction 2026-03-31 Filed 2026-05-15 2,049,967 2,074,948 -1.2% -$124.4M
ENTG Minor increase 2026-03-31 Filed 2026-05-15 3,115,054 3,054,230 2.0% +$107.9M
TLN Major increase 2026-03-31 Filed 2026-05-15 1,817,947 1,292,516 40.7% +$95.9M
VST Major increase 2026-03-31 Filed 2026-05-15 6,187,585 5,211,885 18.7% +$89.3M
THC Major increase 2026-03-31 Filed 2026-05-15 2,258,717 1,787,326 26.4% +$71.1M
APP Major increase 2026-03-31 Filed 2026-05-15 1,464,923 780,530 87.7% +$57.1M
GOOGL New 2026-03-31 Filed 2026-05-15 187,561 0 - +$53.9M
NU Major increase 2026-03-31 Filed 2026-05-15 38,011,225 29,630,237 28.3% +$50.2M
MDLN Minor increase 2026-03-31 Filed 2026-05-15 11,789,156 11,716,697 0.6% +$32.5M
MA Major reduction 2026-03-31 Filed 2026-05-15 57,201 96,338 -40.6% -$26.4M
SPOT Major increase 2026-03-31 Filed 2026-05-15 68,844 17,762 287.6% +$23.1M
V Major increase 2026-03-31 Filed 2026-05-15 92,775 15,217 509.7% +$22.7M
TDG Major increase 2026-03-31 Filed 2026-05-15 35,677 19,228 85.5% +$15.8M
BKNG Major reduction 2026-03-31 Filed 2026-05-15 2,405 4,630 -48.1% -$14.7M
BSX Major reduction 2026-03-31 Filed 2026-05-15 104,655 201,703 -48.1% -$12.7M
HLT Major increase 2026-03-31 Filed 2026-05-15 89,249 57,817 54.4% +$10.5M
META Sold out 2025-12-31 Filed 2026-02-17 0 1,322,260 -100.0% -$971.0M
ASML New 2025-12-31 Filed 2026-02-17 605,017 0 - +$647.3M
DASH New 2025-12-31 Filed 2026-02-17 2,529,879 0 - +$573.0M
MDLN New 2025-12-31 Filed 2026-02-17 11,716,697 0 - +$492.1M
SBUX Sold out 2025-12-31 Filed 2026-02-17 0 5,561,954 -100.0% -$470.5M
EQT Sold out 2025-12-31 Filed 2026-02-17 0 8,361,889 -100.0% -$455.1M
CRS New 2025-12-31 Filed 2026-02-17 1,312,938 0 - +$413.4M
THC New 2025-12-31 Filed 2026-02-17 1,787,326 0 - +$355.2M
SE Sold out 2025-12-31 Filed 2026-02-17 0 1,869,501 -100.0% -$334.1M
PM Major reduction 2025-12-31 Filed 2026-02-17 2,643,579 4,614,443 -42.7% -$324.4M
CLH New 2025-12-31 Filed 2026-02-17 1,378,125 0 - +$323.1M
CIEN Sold out 2025-12-31 Filed 2026-02-17 0 2,006,662 -100.0% -$292.3M
AFRM New 2025-12-31 Filed 2026-02-17 3,817,170 0 - +$284.1M
APP Major reduction 2025-12-31 Filed 2026-02-17 780,530 1,109,138 -29.6% -$271.0M
ETSY Sold out 2025-12-31 Filed 2026-02-17 0 3,880,316 -100.0% -$257.6M
ENTG New 2025-12-31 Filed 2026-02-17 3,054,230 0 - +$257.3M
BKNG Major reduction 2025-12-31 Filed 2026-02-17 4,630 31,151 -85.1% -$143.4M
KKR Major increase 2025-12-31 Filed 2026-02-17 5,001,085 4,080,561 22.6% +$107.3M
NU Major increase 2025-12-31 Filed 2026-02-17 29,630,237 25,406,449 16.6% +$89.3M
AVGO Minor increase 2025-12-31 Filed 2026-02-17 1,730,216 1,549,412 11.7% +$87.7M
CVNA Minor increase 2025-12-31 Filed 2026-02-17 1,779,328 1,765,291 0.8% +$85.0M
VST Minor increase 2025-12-31 Filed 2026-02-17 5,211,885 4,699,241 10.9% -$79.8M
AMZN Minor reduction 2025-12-31 Filed 2026-02-17 2,414,520 2,811,928 -14.1% -$60.1M
MA New 2025-12-31 Filed 2026-02-17 96,338 0 - +$55.0M
VMC Major increase 2025-12-31 Filed 2026-02-17 1,683,932 1,384,624 21.6% +$54.4M
BN Major increase 2025-12-31 Filed 2026-02-17 15,923,360 10,181,348 56.4% +$32.5M
MSFT Minor increase 2025-12-31 Filed 2026-02-17 1,234,125 1,208,605 2.1% -$29.1M
TDG New 2025-12-31 Filed 2026-02-17 19,228 0 - +$25.6M
TLN Minor increase 2025-12-31 Filed 2026-02-17 1,292,516 1,192,516 8.4% -$22.8M
BSX New 2025-12-31 Filed 2026-02-17 201,703 0 - +$19.2M
HLT New 2025-12-31 Filed 2026-02-17 57,817 0 - +$16.6M
COF Minor reduction 2025-12-31 Filed 2026-02-17 2,294,891 2,569,491 -10.7% +$10.0M
LPLA Minor reduction 2025-12-31 Filed 2026-02-17 2,074,948 2,255,714 -8.0% -$9.3M
APH Minor reduction 2025-12-31 Filed 2026-02-17 2,809,773 3,023,231 -7.1% +$5.6M
WING Minor increase 2025-12-31 Filed 2026-02-17 1,595,258 1,491,245 7.0% +$5.1M

Public video / Interview / Shareholder letter / Public Q&A

2 reliable public materials
Public Q&A

Lone Pine Capital Founder Stephen Mandel Profile

The Lone Pine official website provides institutional background and founder connections, and is a stable source used by the Mandel page to check institutional identity, official website, and long-term investor positioning.

  • The official website information confirms Lone Pine's institutional identity and long-term management company positioning and can be used as a basic source.
  • The public official website does not provide detailed position logic, so it should not be regarded as investment opinions and can only be used as background information.
  • It can be combined with 13F, interviews, and historical Tiger Cub material to form a minimum reliable chain of information.
  • Official website sources can reduce the risk of confusion between people and institutions.
  • This information also reminds investors that Lone Pine's private placements, short positions, and non-U.S. exposures will not appear on 13F.
Interview

Stephen Mandel on Building Lone Pine Capital

Stephen Mandel reviews research methods, team culture and growth stock investing frameworks from Tiger Management to Lone Pine in a lengthy interview, one of the few publicly traceable interviews with Mandel.

  • Interview explaining Lone Pine's Tiger Cub background, emphasizing in-depth research, talent density and long-term judgment of high-quality growth companies.
  • Mandel discusses organizational culture and analytical processes, which are more indicative of the Lone Pine style than single-quarter holdings.
  • The material helps understand why Lone Pine has a long-term focus on Internet, payments, consumer platforms and software companies.
  • When publicly available information is scarce, long interviews preserve research and organizational context better than news summaries.
  • One needs to separate the frame in the interview from the 13F: the frame is stable and the portfolio position changes with valuations and facts.