What Stephen Mandel Bought in Q4 2025
Lone Pine Capital · Quarterly 13F recap as filed with the SEC.
Period: 2025-12-31 · Filed · Historical
$13.61B
Total Value
32
Holdings
14
New Buys
5
Reduced
In Q4 2025, Stephen Mandel reported 32 long equity positions worth $13.61B in their Lone Pine Capital 13F filing, including 14 new positions (largest: ASML HOLDING N V at $647.3M) and 12 increased positions.
| Rank | Ticker | Company | Shares | Value | % Portfolio | Change |
|---|---|---|---|---|---|---|
| 1 | TSM | TAIWAN SEMICONDUCTOR MFG LTD | 3052400 | $927.6M | 6.81% | — |
| 2 | VST | VISTRA CORP | 5211885 | $840.8M | 6.18% | +10.9% |
| 3 | CVNA | CARVANA CO | 1779328 | $750.9M | 5.52% | +0.8% |
| 4 | LPLA | LPL FINL HLDGS INC | 2074948 | $741.1M | 5.44% | -8.0% |
| 5 | BN | BROOKFIELD CORP | 15923360 | $730.7M | 5.37% | +56.4% |
| 6 | ASML | ASML HOLDING N V | 605017 | $647.3M | 4.76% | NEW |
| 7 | KKR | KKR & CO INC | 5001085 | $637.5M | 4.68% | +22.6% |
| 8 | AVGO | BROADCOM INC | 1730216 | $598.8M | 4.40% | +11.7% |
| 9 | MSFT | MICROSOFT CORP | 1234125 | $596.8M | 4.38% | +2.1% |
| 10 | DASH | DOORDASH INC | 2529879 | $573.0M | 4.21% | NEW |
| 11 | AMZN | AMAZON COM INC | 2414520 | $557.3M | 4.09% | -14.1% |
| 12 | COF | Capital One Financial | 2294891 | $556.2M | 4.09% | -10.7% |
| 13 | APP | APPLOVIN CORP | 780530 | $525.9M | 3.86% | +-29.6% |
| 14 | NU | NU HLDGS LTD | 29630237 | $496.0M | 3.64% | +16.6% |
| 15 | MDLN | MEDLINE INC | 11716697 | $492.1M | 3.62% | NEW |
| 16 | TLN | TALEN ENERGY CORP | 1292516 | $484.5M | 3.56% | +8.4% |
| 17 | VMC | VULCAN MATLS CO | 1683932 | $480.3M | 3.53% | +21.6% |
| 18 | PM | PHILIP MORRIS INTL INC | 2643579 | $424.0M | 3.12% | -42.7% |
| 19 | CRS | CARPENTER TECHNOLOGY CORP | 1312938 | $413.4M | 3.04% | NEW |
| 20 | WING | WINGSTOP INC | 1595258 | $380.5M | 2.80% | +7.0% |
| 21 | APH | AMPHENOL CORP NEW | 2809773 | $379.7M | 2.79% | -7.1% |
| 22 | THC | TENET HEALTHCARE CORP | 1787326 | $355.2M | 2.61% | NEW |
| 23 | CLH | CLEAN HARBORS INC | 1378125 | $323.1M | 2.37% | NEW |
| 24 | AFRM | AFFIRM HLDGS INC | 3817170 | $284.1M | 2.09% | NEW |
| 25 | ENTG | ENTEGRIS INC | 3054230 | $257.3M | 1.89% | NEW |
| 26 | MA | MASTERCARD INCORPORATED | 96338 | $55.0M | 0.40% | NEW |
| 27 | TDG | TRANSDIGM GROUP INC | 19228 | $25.6M | 0.19% | NEW |
| 28 | BKNG | BOOKING HOLDINGS INC | 4630 | $24.8M | 0.18% | +-85.1% |
| 29 | BSX | BOSTON SCIENTIFIC CORP | 201703 | $19.2M | 0.14% | NEW |
| 30 | HLT | HILTON WORLDWIDE HLDGS INC | 57817 | $16.6M | 0.12% | NEW |
| 31 | SPOT | SPOTIFY TECHNOLOGY S A | 17762 | $10.3M | 0.08% | NEW |
| 32 | V | VISA INC | 15217 | $5.3M | 0.04% | NEW |