13F · As of Q2 2026 · filed 2026-08-14 · compared with Q1 2026

Lone Pine Capital

Stephen Mandel's hedge fund

Lone Pine Capital reported 34 US-listed positions worth $16.4B at the end of Q2 2026. The top three — Nebius Group N.V. (7.19%), Asml Hldg (6.92%), Seagate Technology Hldngs Pl (5.90%) — make up 20.0% of the portfolio. Against Q1 2026 it opened 13 new positions, sold out of 15, added to 8 and trimmed 13.

$16.4BReported value
34Positions
13 / 15New / Sold out

New positions

13
SecurityTickerValue ($)WeightSharesvs prior quarter
NNebius Group N.V.— 1.2B7.19%4,258,008 New
SSeagate Technology Hldngs Pl— 965M5.90%1,000,109 New
Home DepotHD 918M5.61%2,603,189 New
Applied MatlsAMAT 873M5.34%1,207,737 New
LLinde— 809M4.94%1,558,081 New
Ttm TechnologiesTTMI 512M3.13%2,738,075 New
Sterling InfrastructureSTRL 512M3.13%609,643 New
OOn Hldg— 470M2.88%13,280,030 New
BBitdeer Technologies Group— 111M0.68%7,020,026 New
SharonaiSHAZ 102M0.63%1,209,848 New
Kodiak Gas SvcsKGS 63.5M0.39%845,070 New
Interactive Brokers Group InIBKR 50.3M0.31%577,666 New
SeaSE 47.4M0.29%494,581 New

Sold out

15
SecurityTickerValue ($)WeightSharesvs prior quarter
VistraVST 930M—6,187,585 Sold out
Talen EnergyTLN 580M—1,817,947 Sold out
Clean HarborsCLH 503M—1,754,950 Sold out
Tenet HealthcareTHC 426M—2,258,717 Sold out
Capital One FinlCOF 414M—2,267,056 Sold out
EntegrisENTG 365M—3,115,054 Sold out
CienaCIEN 314M—809,522 Sold out
Vulcan MatlsVMC 39.3M—144,179 Sold out
SSpotify Technology— 33.4M—68,844 Sold out
Mastercard IncorporatedMA 28.6M—57,201 Sold out
AmphenolAPH 28.2M—223,084 Sold out
Hilton WorldwideHLT 27.1M—89,249 Sold out
Kkr &KKR 16.6M—179,308 Sold out
BookingBKNG 10.1M—2,405 Sold out
Boston ScientificBSX 6.6M—104,655 Sold out

Added to

8
SecurityTickerValue ($)WeightSharesvs prior quarter
MedlineMDLN 827M5.06%20,968,367 ▲ 78%
CarvanaCVNA 692M4.23%10,520,666 ▲ 20%
Performance Food GroupPFGC 654M4.00%5,852,740 ▲ 47%
NNu— 631M3.86%47,219,717 ▲ 24%
TerawulfWULF 596M3.65%24,144,625 ▲ 21%
US Foods HldgUSFD 503M3.07%4,914,492 ▲ 29%
AlphabetGOOGL 77.0M0.47%215,574 ▲ 15%
VisaV 56.9M0.35%165,960 ▲ 79%

Trimmed

13
SecurityTickerValue ($)WeightSharesvs prior quarter
AAsml Hldg— 1.1B6.92%569,174 ▼ 13%
TeradyneTER 722M4.42%1,493,080 ▼ 20%
CorningGLW 697M4.26%2,728,058 ▼ 27%
Hut 8HUT 666M4.07%5,773,045 ▼ 5%
Carpenter TechnologyCRS 594M3.63%962,839 ▼ 47%
MastecMTZ 560M3.42%1,345,157 ▼ 12%
ApplovinAPP 537M3.28%1,042,268 ▼ 29%
LPL FinlLPLA 343M2.10%1,219,099 ▼ 41%
ArganAGX 294M1.80%368,673 ▼ 6%
Taiwan Semiconductor ManufacTSM 48.4M0.30%101,242 ▼ 93%
MckessonMCK 43.7M0.27%57,851 ▼ 85%
Transdigm GroupTDG 38.0M0.23%28,532 ▼ 20%
BrookfieldBN 33.8M0.21%792,717 ▼ 93%

All holdings

34
CSV ↓
SecurityTickerValue ($)WeightSharesvs prior quarter
NNebius Group N.V.— 1.2B7.19%4,258,008 New
AAsml Hldg— 1.1B6.92%569,174 ▼ 13%
SSeagate Technology Hldngs Pl— 965M5.90%1,000,109 New
Home DepotHD 918M5.61%2,603,189 New
Applied MatlsAMAT 873M5.34%1,207,737 New
MedlineMDLN 827M5.06%20,968,367 ▲ 78%
LLinde— 809M4.94%1,558,081 New
TeradyneTER 722M4.42%1,493,080 ▼ 20%
CorningGLW 697M4.26%2,728,058 ▼ 27%
CarvanaCVNA 692M4.23%10,520,666 ▲ 20%
Hut 8HUT 666M4.07%5,773,045 ▼ 5%
Performance Food GroupPFGC 654M4.00%5,852,740 ▲ 47%
NNu— 631M3.86%47,219,717 ▲ 24%
TerawulfWULF 596M3.65%24,144,625 ▲ 21%
Carpenter TechnologyCRS 594M3.63%962,839 ▼ 47%
MastecMTZ 560M3.42%1,345,157 ▼ 12%
ApplovinAPP 537M3.28%1,042,268 ▼ 29%
Ttm TechnologiesTTMI 512M3.13%2,738,075 New
Sterling InfrastructureSTRL 512M3.13%609,643 New
US Foods HldgUSFD 503M3.07%4,914,492 ▲ 29%
OOn Hldg— 470M2.88%13,280,030 New
LPL FinlLPLA 343M2.10%1,219,099 ▼ 41%
ArganAGX 294M1.80%368,673 ▼ 6%
BBitdeer Technologies Group— 111M0.68%7,020,026 New
SharonaiSHAZ 102M0.63%1,209,848 New
AlphabetGOOGL 77.0M0.47%215,574 ▲ 15%
Kodiak Gas SvcsKGS 63.5M0.39%845,070 New
VisaV 56.9M0.35%165,960 ▲ 79%
Interactive Brokers Group InIBKR 50.3M0.31%577,666 New
Taiwan Semiconductor ManufacTSM 48.4M0.30%101,242 ▼ 93%
SeaSE 47.4M0.29%494,581 New
MckessonMCK 43.7M0.27%57,851 ▼ 85%
Transdigm GroupTDG 38.0M0.23%28,532 ▼ 20%
BrookfieldBN 33.8M0.21%792,717 ▼ 93%
Top 10 holdings by weight · Q2 2026
Nebius G…7.19%Asml Hldg6.92%Seagate …5.90%Home Dep…5.61%Applied …5.34%Medline5.06%Linde4.94%Teradyne4.42%Corning4.26%Carvana4.23%

If you had bought then

Q1 2026 → Q2 2026

Bought Lone Pine Capital's top 10 holdings at the end of Q1 2026, in its weights, and they were +22.0% by the end of Q2 2026. The S&P 500 ETF (SPY) moved +14.8% over the same dates.

+22.0%Top 10, weighted
+14.8%S&P 500 (SPY)
+7.2%pDifference
StockWeightQ1 2026 endQ2 2026 endChange
Vistra
14.4%$150.33$158.63+5.5%
AAsml Hldg
13.4%$1320.83$1989.44+50.6%
Carpenter Technology
11.1%$394.15$616.84+56.5%
LPL Finl
9.53%$300.83$281.68-6.4%
Applovin
9.01%$398.00$515.23+29.5%
Talen Energy
8.97%$319.23$384.26+20.4%
Teradyne
8.58%$296.46$483.84+63.2%
Carvana
8.53%$62.88$65.82+4.7%
NNu
8.44%$14.37$13.36-7.0%
Medline
8.11%$44.50$39.44-11.4%

Prices are the quarter-end values reported in 13F filings (value ÷ shares, median across tracked filers), adjusted for confirmed splits; dividends excluded. 13F shows only quarter-end holdings, so this is not the investor's actual return. Past performance does not indicate future results.

Questions

What is Lone Pine Capital's largest holding?

Nebius Group N.V., 7.19% of reported US holdings ($1.2B) at the end of Q2 2026.

What did Lone Pine Capital buy last quarter?

13 new positions, largest: Nebius Group N.V., Seagate Technology Hldngs Pl, Home Depot.

What did Lone Pine Capital sell out of?

15 positions, including Vistra, Talen Energy, Clean Harbors.

How current is this data?

It is Lone Pine Capital's Form 13F for the quarter ending 2026-06-30, filed 2026-08-14. 13F filings are due 45 days after quarter end and list US-listed long positions only.

Restated and computed from SEC (13F, 13D/G, Form 4) and DART filings and NPS public data. Filings describe a past date and may differ from current holdings (13F: quarter end, up to 45 days later). Not investment advice.
Sources: SEC EDGAR, DART, data.go.kr (NPS), OpenFIGI. See Methodology for how figures are computed.