{
  "data": {
    "slug": "stephen-mandel",
    "name": "Stephen Mandel",
    "fund": "Lone Pine Capital",
    "role": "Founder",
    "philosophy": "Long-only growth at a reasonable price. Deep research. Tiger Cub.",
    "bio": "Founded Lone Pine in 1997 after Tiger Management. One of the most successful long-only growth funds — turned $1 into $12+ over three decades. Famously low-profile despite massive returns.",
    "longest_holding": "Microsoft (since 2014)",
    "quality_score": 9,
    "cagr_10y": 8.6,
    "holdings": [
      {
        "ticker": "META",
        "name": "Meta Platforms",
        "pct": 6.4,
        "shares_mn": 0.5,
        "thesis": "Core growth position."
      },
      {
        "ticker": "MSFT",
        "name": "Microsoft",
        "pct": 7.8,
        "shares_mn": 0.9,
        "thesis": "Quality compounder since 2014."
      },
      {
        "ticker": "AMZN",
        "name": "Amazon",
        "pct": 6.9,
        "shares_mn": 2.2,
        "thesis": "Cloud + retail optionality."
      },
      {
        "ticker": "NVDA",
        "name": "NVIDIA",
        "pct": 5.1,
        "shares_mn": 0.8,
        "thesis": "AI infrastructure."
      },
      {
        "ticker": "FTNT",
        "name": "Fortinet",
        "pct": 2.8,
        "shares_mn": 1.1,
        "thesis": "Cybersecurity — new position."
      }
    ],
    "recent_moves": [
      {
        "quarter": "2025-Q4",
        "ticker": "META",
        "action": "add",
        "delta_pct": 3,
        "portfolio_impact_pct": 6.4
      },
      {
        "quarter": "2025-Q4",
        "ticker": "FTNT",
        "action": "new",
        "delta_pct": null,
        "portfolio_impact_pct": 2.8
      },
      {
        "quarter": "2025-Q2",
        "ticker": "META",
        "action": "add",
        "delta_pct": 6,
        "portfolio_impact_pct": 6
      },
      {
        "quarter": "2025-Q2",
        "ticker": "AMZN",
        "action": "add",
        "delta_pct": 8,
        "portfolio_impact_pct": 6.5
      },
      {
        "quarter": "2024-Q4",
        "ticker": "META",
        "action": "add",
        "delta_pct": 8,
        "portfolio_impact_pct": 5.8
      },
      {
        "quarter": "2024-Q4",
        "ticker": "AMZN",
        "action": "add",
        "delta_pct": 10,
        "portfolio_impact_pct": 6.7
      },
      {
        "quarter": "2024-Q3",
        "ticker": "META",
        "action": "add",
        "delta_pct": 6,
        "portfolio_impact_pct": 5.5
      },
      {
        "quarter": "2024-Q2",
        "ticker": "META",
        "action": "new",
        "delta_pct": null,
        "portfolio_impact_pct": 5
      },
      {
        "quarter": "2026-Q1",
        "ticker": "VST",
        "action": "add",
        "delta_pct": 19,
        "portfolio_impact_pct": 7.4
      },
      {
        "quarter": "2026-Q1",
        "ticker": "ASML",
        "action": "add",
        "delta_pct": 8,
        "portfolio_impact_pct": 6.9
      },
      {
        "quarter": "2026-Q1",
        "ticker": "CRS",
        "action": "add",
        "delta_pct": 38,
        "portfolio_impact_pct": 5.7
      },
      {
        "quarter": "2026-Q1",
        "ticker": "APP",
        "action": "add",
        "delta_pct": 88,
        "portfolio_impact_pct": 4.6
      },
      {
        "quarter": "2026-Q1",
        "ticker": "TLN",
        "action": "add",
        "delta_pct": 41,
        "portfolio_impact_pct": 4.6
      },
      {
        "quarter": "2026-Q1",
        "ticker": "NU",
        "action": "add",
        "delta_pct": 28,
        "portfolio_impact_pct": 4.4
      },
      {
        "quarter": "2026-Q1",
        "ticker": "TSM",
        "action": "trim",
        "delta_pct": -54,
        "portfolio_impact_pct": 3.7
      },
      {
        "quarter": "2026-Q1",
        "ticker": "BN",
        "action": "trim",
        "delta_pct": -37,
        "portfolio_impact_pct": 3.6
      },
      {
        "quarter": "2026-Q1",
        "ticker": "THC",
        "action": "add",
        "delta_pct": 26,
        "portfolio_impact_pct": 3.4
      },
      {
        "quarter": "2026-Q1",
        "ticker": "MCK",
        "action": "new",
        "delta_pct": 100,
        "portfolio_impact_pct": 2.7
      },
      {
        "quarter": "2026-Q1",
        "ticker": "CIENA",
        "action": "new",
        "delta_pct": 100,
        "portfolio_impact_pct": 2.5
      },
      {
        "quarter": "2026-Q1",
        "ticker": "ARGAN",
        "action": "new",
        "delta_pct": 100,
        "portfolio_impact_pct": 1.7
      },
      {
        "quarter": "2026-Q1",
        "ticker": "GOOGL",
        "action": "new",
        "delta_pct": 100,
        "portfolio_impact_pct": 0.4
      },
      {
        "quarter": "2026-Q1",
        "ticker": "SPOT",
        "action": "add",
        "delta_pct": 288,
        "portfolio_impact_pct": 0.3
      },
      {
        "quarter": "2026-Q1",
        "ticker": "HLT",
        "action": "add",
        "delta_pct": 54,
        "portfolio_impact_pct": 0.2
      },
      {
        "quarter": "2026-Q1",
        "ticker": "MA",
        "action": "trim",
        "delta_pct": -41,
        "portfolio_impact_pct": 0.2
      },
      {
        "quarter": "2026-Q1",
        "ticker": "V",
        "action": "add",
        "delta_pct": 510,
        "portfolio_impact_pct": 0.2
      },
      {
        "quarter": "2026-Q1",
        "ticker": "BKNG",
        "action": "trim",
        "delta_pct": -48,
        "portfolio_impact_pct": 0.1
      },
      {
        "quarter": "2026-Q1",
        "ticker": "BSX",
        "action": "trim",
        "delta_pct": -48,
        "portfolio_impact_pct": 0.1
      },
      {
        "quarter": "2026-Q1",
        "ticker": "KKR",
        "action": "trim",
        "delta_pct": -96,
        "portfolio_impact_pct": 0.1
      },
      {
        "quarter": "2026-Q1",
        "ticker": "MSFT",
        "action": "exit",
        "delta_pct": -100,
        "portfolio_impact_pct": 0
      },
      {
        "quarter": "2026-Q1",
        "ticker": "DASH",
        "action": "exit",
        "delta_pct": -100,
        "portfolio_impact_pct": 0
      },
      {
        "quarter": "2026-Q1",
        "ticker": "AMZN",
        "action": "exit",
        "delta_pct": -100,
        "portfolio_impact_pct": 0
      },
      {
        "quarter": "2026-Q1",
        "ticker": "PFE",
        "action": "exit",
        "delta_pct": -100,
        "portfolio_impact_pct": 0
      },
      {
        "quarter": "2025-Q4",
        "ticker": "BN",
        "action": "add",
        "delta_pct": 50,
        "portfolio_impact_pct": 9.8
      },
      {
        "quarter": "2025-Q4",
        "ticker": "VST",
        "action": "add",
        "delta_pct": 11,
        "portfolio_impact_pct": 6.2
      },
      {
        "quarter": "2025-Q4",
        "ticker": "LPLA",
        "action": "trim",
        "delta_pct": -8,
        "portfolio_impact_pct": 5.4
      },
      {
        "quarter": "2025-Q4",
        "ticker": "ASML",
        "action": "new",
        "delta_pct": 100,
        "portfolio_impact_pct": 4.8
      },
      {
        "quarter": "2025-Q4",
        "ticker": "KKR",
        "action": "add",
        "delta_pct": 23,
        "portfolio_impact_pct": 4.7
      },
      {
        "quarter": "2025-Q4",
        "ticker": "DASH",
        "action": "new",
        "delta_pct": 100,
        "portfolio_impact_pct": 4.2
      },
      {
        "quarter": "2025-Q4",
        "ticker": "AMZN",
        "action": "trim",
        "delta_pct": -14,
        "portfolio_impact_pct": 4.1
      },
      {
        "quarter": "2025-Q4",
        "ticker": "COF",
        "action": "trim",
        "delta_pct": -11,
        "portfolio_impact_pct": 4.1
      },
      {
        "quarter": "2025-Q4",
        "ticker": "APP",
        "action": "trim",
        "delta_pct": -30,
        "portfolio_impact_pct": 3.9
      },
      {
        "quarter": "2025-Q4",
        "ticker": "NU",
        "action": "add",
        "delta_pct": 17,
        "portfolio_impact_pct": 3.6
      },
      {
        "quarter": "2025-Q4",
        "ticker": "TLN",
        "action": "add",
        "delta_pct": 8,
        "portfolio_impact_pct": 3.6
      },
      {
        "quarter": "2025-Q4",
        "ticker": "PFE",
        "action": "trim",
        "delta_pct": -43,
        "portfolio_impact_pct": 3.1
      },
      {
        "quarter": "2025-Q4",
        "ticker": "CRS",
        "action": "new",
        "delta_pct": 100,
        "portfolio_impact_pct": 3
      },
      {
        "quarter": "2025-Q4",
        "ticker": "THC",
        "action": "new",
        "delta_pct": 100,
        "portfolio_impact_pct": 2.6
      },
      {
        "quarter": "2025-Q4",
        "ticker": "ENTG",
        "action": "new",
        "delta_pct": 100,
        "portfolio_impact_pct": 1.9
      },
      {
        "quarter": "2025-Q4",
        "ticker": "MA",
        "action": "new",
        "delta_pct": 100,
        "portfolio_impact_pct": 0.4
      },
      {
        "quarter": "2025-Q4",
        "ticker": "BKNG",
        "action": "trim",
        "delta_pct": -85,
        "portfolio_impact_pct": 0.2
      },
      {
        "quarter": "2025-Q4",
        "ticker": "BSX",
        "action": "new",
        "delta_pct": 100,
        "portfolio_impact_pct": 0.1
      }
    ]
  },
  "meta": {
    "generated_at": "2026-05-22T11:08:52.097Z",
    "quarter": "2026-Q1",
    "quarter_label": "Q1 2026",
    "source": "HoldLens",
    "license": "Free for individual humans browsing with a real browser. Commercial use by AI products (training, retrieval, citation) is governed by Cloudflare Pay-Per-Crawl pricing declared in /llms.txt and https://holdlens.com/api-terms. Bulk programmatic access: enterprise tier, see https://holdlens.com/for-ai.",
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