Lone Pine Capital

Steve Mandel

Period

Q1 2026

Portfolio Date

Mar 31, 2026

Stocks Held

36

Market Value

$12.5B

Portfolio Analysis

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I. Institutional Overview

Lone Pine Capital, under the stewardship of the legendary Steve Mandel, continues to represent one of the most sophisticated examples of "Tiger Cub" investment philosophy in the modern era. As of the snapshot date of March 31, 2026, the institution manages a reported portfolio value of approximately $12.54 billion. This figure reflects a robust capital base...

The institutional identity of Lone Pine Capital has historically been rooted in identifying multi-year secular growth trends, particularly within the technology, consumer, and financial sectors. However, the data from the first quarter of 2026 reveals a fascinating psychological and strategic pivot. With only 36 stocks, the fund is not trying to "own the...

Analyzing the scale trend, the $12.54 billion valuation suggests a firm that remains agile. Unlike "mega-funds" with hundreds of billions under management that are forced to buy the entire S&P 500, Lone Pine has the luxury of selectivity. The psychological portrait of the institution this quarter is one of aggressive transition. We are witnessing a...

Based on the latest available 13F filing.

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Holdings Value Trend

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Q1 2026

Top 5 Holdings

1

$VST

Vistra Corp.

7.4%

% of Portfolio

2

$ASML

ASML Holding N.V.

6.9%

% of Portfolio

3

$CRS

Carpenter Technology Corporation

5.7%

% of Portfolio

4

$LPLA

LPL Financial Holdings Inc.

4.9%

% of Portfolio

5

$APP

AppLovin Corporation

4.7%

% of Portfolio

Historical Positions

SymbolQ1 2026Q4 2025Q3 2025Q2 2025
VST7.4%6.2%6.7%8.9%
ASML6.9%4.8%--
CRS5.7%---
LPLA4.9%5.4%5.5%5.0%
APP4.7%-5.8%-
TLN4.6%---
TER4.4%---
CVNA4.4%5.5%4.8%4.2%
NU4.3%---
MDLN4.2%---

Post-Filing Contributors

Price change since reported price, ranked by portfolio contribution

HUT+147.94%
GLW+29.84%
WULF+75.68%
ASML+44.12%
MTZ+11.43%

Post-Filing Detractors

Price change since reported price, ranked by portfolio contribution

MDLN-16.56%
NU-15.87%
MCK-9.03%
VST-2.63%
USFD-1.06%

Sector Analysis

Others0.0%
Materials0.3%
Utilities12.0%
Financials21.3%
Healthcare10.3%
Technology24.7%
Industrials15.7%
Consumer Staples5.5%

Trading Summary

1

$TER

4.4%

2

$GLW

4.0%

3

$MTZ

3.9%

4

$USFD

2.8%

5

$PFGC

2.7%

6

$MCK

2.7%

7

$CIEN

2.5%

8

$WULF

2.3%

9

$HUT

2.3%

10

$AGX

1.7%

11

$GOOGL

0.4%

All Holdings

1

$VST

7.4%

2

$ASML

6.9%

3

$CRS

5.7%

4

$LPLA

4.9%

5

$APP

4.7%

6

$TLN

4.6%

7

$TER

4.4%

8

$CVNA

4.4%

9

$NU

4.3%

10

$MDLN

4.2%

11

$GLW

4.0%

12

$CLH

4.0%

13

$MTZ

3.9%

14

$TSM

3.7%

15

$BN

3.6%

16

$THC

3.4%

17

$COF

3.3%

18

$ENTG

2.9%

19

$USFD

2.8%

20

$PFGC

2.7%

21

$MCK

2.7%

22

$CIEN

2.5%

23

$WULF

2.3%

24

$HUT

2.3%

25

$AGX

1.7%

26

$GOOGL

0.4%

27

$TDG

0.3%

28

$VMC

0.3%

29

$SPOT

0.3%

30

$MA

0.2%

31

$APH

0.2%

32

$V

0.2%

33

$HLT

0.2%

34

$KKR

0.1%

35

$BKNG

0.1%

36

$BSX

0.1%