Stephen Mandel
Lone Pine Capital · Founder · Net worth: ~$3.5B
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.
Stephen's portfolio concentration: top-1, top-5, top-10
Diversified
VSTTop-5 zoneTop-10Stephen's single largest bet is VST at 7.4% of tracked positions. Exposure is spread across a broader basket, reducing single-name risk.
Stephen Mandel's recent 13F moves: buys, adds, trims, and exits
Every tracked 13F move — buys, adds, trims, and exits — over the last two quarters.
| Ticker | Activity | % portfolio |
|---|---|---|
| V | Add 510% | 0.20% |
| SPOT | Add 288% | 0.30% |
| MCK | Buy (new) | 2.70% |
| CIENA | Buy (new) | 2.50% |
| ARGAN | Buy (new) | 1.70% |
| GOOGL | Buy (new) | 0.40% |
| APP | Add 88% | 4.60% |
| HLT | Add 54% | 0.20% |
| TLN | Add 41% | 4.60% |
| CRS | Add 38% | 5.70% |
| MSFT | Sell (exit) | 0.00% |
| DASH | Sell (exit) | 0.00% |
| AMZN | Sell (exit) | 0.00% |
| PFE | Sell (exit) | 0.00% |
| KKR | Reduce 96% | 0.10% |
| TSM | Reduce 54% | 3.70% |
| BKNG | Reduce 48% | 0.10% |
| BSX | Reduce 48% | 0.10% |
| MA | Reduce 41% | 0.20% |
| BN | Reduce 37% | 3.60% |
| Ticker | Activity | % portfolio |
|---|---|---|
| ASML | Buy (new) | 4.80% |
| DASH | Buy (new) | 4.20% |
| CRS | Buy (new) | 3.00% |
| THC | Buy (new) | 2.60% |
| ENTG | Buy (new) | 1.90% |
| MA | Buy (new) | 0.40% |
| BSX | Buy (new) | 0.10% |
| HLT | Buy (new) | 0.10% |
| SPOT | Buy (new) | 0.10% |
| V | Buy (new) | 0.00% |
| BN | Add 50% | 9.80% |
| SBUX | Sell (exit) | 0.00% |
| EQT | Sell (exit) | 0.00% |
| FLUT | Sell (exit) | 0.00% |
| SEA | Sell (exit) | 0.00% |
| CIENA | Sell (exit) | 0.00% |
| EQIX | Sell (exit) | 0.00% |
| BKNG | Reduce 85% | 0.20% |
| PFE | Reduce 43% | 3.10% |
| APP | Reduce 30% | 3.90% |
| Ticker | Activity | % portfolio |
|---|---|---|
| BN | Add 109% | 8.80% |
| NU | Buy (new) | 3.00% |
| SEA | Buy (new) | 2.40% |
| CIENA | Buy (new) | 2.10% |
| EQIX | Buy (new) | 1.90% |
| PFE | Add 67% | 5.40% |
| LPLA | Add 20% | 5.50% |
| INTU | Sell (exit) | 0.00% |
| UNH | Sell (exit) | 0.00% |
| CRM | Sell (exit) | 0.00% |
| ASML | Sell (exit) | 0.00% |
| BKNG | Reduce 48% | 1.20% |
| AMZN | Reduce 44% | 4.50% |
| MSFT | Reduce 35% | 4.60% |
| APP | Reduce 30% | 5.80% |
| VST | Reduce 27% | 6.70% |
| KKR | Reduce 22% | 3.90% |
| META | Reduce 21% | 7.10% |
| CVNA | Reduce 18% | 4.80% |
| COF | Reduce 17% | 4.00% |
| Ticker | Activity | % portfolio |
|---|---|---|
| UNH | Buy (new) | 3.80% |
| EQT | Buy (new) | 3.10% |
| BKNG | Buy (new) | 2.50% |
| BN | Buy (new) | 2.50% |
| VST | Add 40% | 8.90% |
| KKR | Add 10% | 4.90% |
| AMZN | Add 8% Building Amazon. | 6.50% |
| CRM | Add 8% | 3.60% |
| META | Add 6% Steady META add. | 6.00% |
| LPLA | Add 6% | 5.00% |
| LLY | Sell (exit) | 0.00% |
| INTU | Reduce 45% | 4.30% |
| CVNA | Reduce 20% | 5.20% |
| APP | Reduce 17% | 3.90% |
| FLUT | Reduce 16% | 3.80% |
| SBUX | Reduce 16% | 3.60% |
| TSM | Reduce 11% | 5.50% |
| PFE | Reduce 8% | 3.60% |
Stephen's sector breakdown
How the top 10 positions are diversified across 4 sectors. Weighted by stated portfolio percentage.
How Mandel is sized + moving
Every position classified by both portfolio weight (size bucket) and recent move activity (trend bucket). A 22% Apple position building +5% this quarter signals different intent than a 1% starter trimmed in half. Descriptive analysis of 13F filings — not recommendation.
| Position | % portfolio | Trend | |
|---|---|---|---|
| VST VISTRA CORP | 7.4% | ↑ building | |
| ASML ASML HLDG NV | 6.9% | ↑ building | |
| CRS CARPENTER TECHNOLOGY CORP | 5.7% | ↑ building | |
| LPLA LPL FINL HLDGS INC | 4.9% | ↑ building | |
| APP APPLOVIN CORP | 4.6% | ↑ building | |
| TLN TALEN ENERGY CORP | 4.6% | ↑ building | |
| CVNA CARVANA CO | 4.4% | ↓ trimming | |
| NU NU HLDGS LTD | 4.4% | ↑ building | |
| TSM TAIWAN SEMICONDUCTOR MANUFAC | 3.7% | ↓ trimming | |
| BN BROOKFIELD CORP | 3.6% | ↑ building | |
| THC TENET HEALTHCARE CORP | 3.4% | ↑ building | |
| COF CAPITAL ONE FINL CORP | 3.3% | ↓ trimming | |
| ENTG ENTEGRIS INC | 2.9% | ★ new | |
| MCK MCKESSON CORP | 2.7% | ★ new | |
| CIENA CIENA CORP | 2.5% | ★ new | |
| Showing top 15 of 24 positions. | |||
How to read: Size bucket from current 13F-filed portfolio weight. Trend bucket from the last 2 quarters of move activity (net delta >5% in either direction = building/trimming; new = first-appearance this quarter; exit pending = trimmed >50% last quarter). Data lag: SEC 13F filings are reported 45 days after quarter-end. This is descriptive intelligence — not investment advice.
What drives the ConvictionScore on Mandel's top positions
The HoldLens ConvictionScore combines 9 factors. This table shows the per-position breakdown — exactly which factors contribute and by how much for each of Mandel's top 8 holdings. Hover any header for factor definition. Empty cells (·) = neutral (no contribution).
| Ticker | % port | Score | Smart $ | Insider | Track | Streak | Conc | Contra | Event | Dissent | Crowd |
|---|---|---|---|---|---|---|---|---|---|---|---|
| VST | 7.4 | 0 | +12 | · | -7 | +10 | +6 | · | · | +20 | · |
| ASML | 6.9 | 0 | +10 | · | -1 | · | +4 | +10 | · | +13 | · |
| CRS | 5.7 | 0 | +8 | · | -7 | · | +3 | · | · | +7 | · |
| LPLA | 4.9 | 0 | +3 | · | -8 | · | +3 | · | · | +8 | · |
| APP | 4.6 | 0 | +6 | · | -3 | · | +2 | · | · | +14 | · |
| TLN | 4.6 | 0 | +5 | · | -7 | · | +2 | · | · | +10 | · |
| CVNA | 4.4 | 0 | +3 | -1 | -5 | · | +2 | · | · | +11 | · |
| NU | 4.4 | 0 | +6 | · | -3 | · | +2 | · | · | +17 | · |
Factor definitions →
- Smart $
- Manager quality × consensus (0–30)
- Insider
- Form 4 net buy/sell (-15..+20)
- Track
- Buyer 10y CAGR × concentration (-10..+20)
- Streak
- Multi-quarter compounding (0–10)
- Conc
- Biggest position size as conviction (0–10)
- Contra
- Under-the-radar bonus (0–10)
- Event
- 8-K events last 90d (-15..+5)
- Dissent
- Sells subtract, weighted ×1.6 (0–60)
- Crowd
- Too many owners = priced in (0–10)
Factors are summed (positive add, penalties subtract), then clamped to the -100/+100 range. Each factor has a maximum contribution shown in parentheses next to its name. Read positive cells as bullish contributions, negative as bearish. See /learn/conviction-score-explained for the full methodology. ConvictionScore is descriptive synthesis of public filings — not investment advice.
Who else holds what Mandel holds
Top 6 highest-conviction overlap pairs containing Stephen Mandel. Each page is the full intersection of two 13F-filed portfolios.
- vs Chuck Akre4 shared positions · 52% joint convictionTop: MA, BN, KKR, V
- vs Dev Kantesaria3 shared positions · 51% joint convictionTop: MA, ASML, V
- vs Chase Coleman6 shared positions · 49% joint convictionTop: GOOGL, TSM, BN, APP
- vs William von Mueffling7 shared positions · 46% joint convictionTop: BN, TSM, GOOGL, LPLA
- vs Polen Capital10 shared positions · 39% joint convictionTop: BN, ASML, MA, V
- vs Lee Ainslie6 shared positions · 39% joint convictionTop: CRS, TSM, ASML, COF
Stephen Mandel's top 10 disclosed holdings (Q1 2026)
ASML
CRS
LPLA
APP
TLN
CVNA
NU
TSM
BNEstimate your withholding on cross-border dividends
Estimates for educational purposes only. Tax rules change; consult a qualified tax professional for your specific situation. Dividend-tax treatment depends on holding period, account type (taxable vs. retirement), investor type (individual vs. pension vs. mutual fund), limitation-on-benefits tests, and other factors not modeled here.
Want Stephen move-alerts?
One email per 13F filing. Summarizes every new position, exit, and trim.
Investors with portfolios similar to Stephen Mandel
Tracked managers whose top positions overlap with Stephen's portfolio.
Embed on your siteDrop Stephen's portfolio into your blog or wiki→
600px-wide iframe. Top-3 holdings + closest replicating ETF + investing-style tag. Updates when the underlying 13F filing updates. Free, attribution-only.
<iframe src="https://holdlens.com/embed/investor/stephen-mandel/" width="600" height="360" frameborder="0" loading="lazy" title="Stephen Mandel portfolio — HoldLens"></iframe>What Stephen Mandel did, quarter by quarter
Full move-by-move breakdown for each of the last 8 filed quarters.
Frequently asked questions
Who is Stephen Mandel?
Stephen Mandel runs Lone Pine Capital as founder. 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.
What fund does Stephen Mandel run?
Stephen Mandel is founder of Lone Pine Capital. Lone Pine Capital files SEC Form 13F-HR quarterly with the latest disclosure dated 2026-05-15 (Q1 2026). Full holdings, share counts, dollar values, and quarter-over-quarter changes are listed below.
What does Stephen Mandel invest in?
Stephen Mandel's Lone Pine Capital portfolio is disclosed quarterly via SEC Form 13F-HR. Each position below shows the ticker, share count, dollar value, percentage of portfolio, and quarter-over-quarter change. Data is sourced directly from SEC filings (public-domain regulatory disclosure).
What is Stephen Mandel's investment philosophy?
Stephen Mandel's stated investment philosophy: "Long-only growth at a reasonable price. Deep research. Tiger Cub.". Stephen Mandel has been founder of Lone Pine Capital; estimated net worth ~$3.5B.
What is Stephen Mandel's net worth?
Stephen Mandel's estimated net worth is ~$3.5B. Stephen Mandel runs Lone Pine Capital as founder; full 13F holdings disclosed quarterly with the SEC are listed below.
Data sourced from Lone Pine Capital 13F filings with the SEC. Approximate snapshot. Not investment advice.
Sister property: SecFilingDex — the encyclopedic reference for Form 13F (HR / NT / HR/A variants) and the regulatory citation behind every position shown above.