Lone Pine Capital Q1 2026 13F Holdings and Activity Report

I. Institutional Overview

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 "changing of the guard" within their portfolio. The firm is moving away from the traditional "Big Tech" winners that defined the last decade—names like Microsoft and Amazon—and is instead rotating capital into the "physical layer" of the next industrial and technological revolution. This includes power generation, semiconductor capital equipment, and specialized industrial materials.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

II. Sector Allocation Analysis

The most striking feature of this allocation is the 24.74% weight in Technology . While this remains the largest sector, the underlying data shows a massive internal rotation. By exiting giants like Microsoft and Broadcom, Lone Pine is signaling that "Technology" is no longer a monolithic bet on software. Instead, their tech exposure is becoming more specialized, focusing on semiconductor equipment (ASML) and hardware testing (Teradyne). This suggests a macro judgment that the "application layer" of the current tech cycle may be overvalued, while the "enablement layer" still offers significant upside.

The 12.04% allocation to Utilities is perhaps the most unconventional move for a traditional growth-oriented hedge fund. Historically, utilities are seen as defensive, low-growth bond proxies. However, in the context of 2026, this allocation—dominated by Vistra Corp. and Talen Energy—is a pure-play bet on the energy demands of artificial intelligence . Lone Pine is clearly positioning itself for a world where data centers require unprecedented amounts of reliable, 24/7 power, often from nuclear or natural gas sources. This is a "growth utility" thesis, where these companies are valued not for their dividends, but for their role as the essential fuel for the AI revolution.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

III. Top 10 Holdings Deep Dive

Vistra Corp. has ascended to the top spot in Lone Pine’s portfolio, representing 7.42% of total assets. This is a classic "conviction holding." Mandel did not just let the price run; he actively added 18.72% more shares this quarter. Vistra is a leading integrated retail electricity and power generation company. The logic here is clear: Vistra’s ownership of nuclear and natural gas assets makes it a prime beneficiary of the skyrocketing power demand from AI data centers. By increasing the position even as the stock likely appreciated, Lone Pine is signaling that they believe the "re-rating" of power companies is still in its early innings. This is no longer a utility trade; it is an infrastructure-for-AI trade. The weight change of +1.24% reflects both the active purchase and the market's recognition of the company's value.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

IV. Major Buys/Additions

The most significant move this quarter was the initiation of a $555 million position in Teradyne, instantly making it the 7th largest holding. Teradyne is a global leader in semiconductor testing equipment and industrial robotics. This is a " growth acceleration bet ." As chips become more complex (AI, 5G, automotive), the cost and importance of testing those chips rise exponentially. By entering TER with such force, Lone Pine is betting that the semiconductor cycle is entering a phase where "quality control" and "testing throughput" are the primary bottlenecks. This move complements their position in ASML, creating a "barbell" strategy in semiconductor capital equipment.

A look at the top additions reveals a powerful clustering in Infrastructure and Connectivity . Between Teradyne, Corning, MasTec, and Ciena, Lone Pine has deployed over $1.6 billion into companies that facilitate the movement of data and electricity. This is a profound shift. The institution is no longer just buying the "software" that runs on the internet; they are buying the "pipes," the "wires," and the "testers" that make the internet and AI possible. This reveals a belief that the "physical constraints" of the AI revolution—power, connectivity, and hardware reliability—are where the next phase of alpha will be generated.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

V. Major Sells and Exits

The complete liquidation of Broadcom ( $598 million ) and Microsoft ( $596 million ) is the most significant "strategic retreat" in the report. Microsoft had been a holding for nearly 9 years , making this a "logical clearing" of a foundational position. The motivation here appears to be a combination of profit-taking and a belief that these companies have reached a "valuation ceiling." In the case of Broadcom, which Lone Pine held for only six months, the exit suggests a tactical decision that the stock's rapid ascent had fully priced in its AI-related growth. By exiting these two giants, Lone Pine has freed up over $1.1 billion in liquidity, signaling a total lack of interest in "holding the index" through its largest components.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

VI. Investment Insights and Risk Warnings

The logic chain is clear and compelling: 1. The Software Plateau : By exiting Microsoft and Amazon, Lone Pine is suggesting that the massive growth in cloud computing and software-as-a-service is now "priced in" and maturing. 2. The Energy Bottleneck : By making Vistra Corp. and Talen Energy core holdings, they are betting that power is the new oil. Without massive increases in electricity generation, the AI revolution cannot proceed. 3. The Hardware Necessity : By adding Teradyne, ASML, and Corning, they are focusing on the essential hardware and connectivity that form the "nervous system" of the AI era. 4. The Infrastructure Build-out : The inclusion of MasTec and Carpenter Technology signals a belief in a multi-year industrial super-cycle driven by grid modernization and aerospace demand.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

Sources and limitations

This report uses public U.S. Securities and Exchange Commission Form 13F disclosures and structured data maintained by 13F Hub. A 13F filing is a quarter-end snapshot of reportable long positions, is normally published with a delay, and does not disclose every short position, cash balance, bond, derivative, or non-U.S. asset.

Narrative content is prepared from the same-period SEC disclosure and 13F Hub structured data, then checked before publication. This material is for research and education, not personalized investment advice.