What Stephen Mandel did in Q4 2025

Lone Pine Capital filed 18 moves in Q4 2025: 6 new, 2 add, 5 trim, 5 exit.

13F filed 2026-02-14. Manager quality score: q9. Philosophy: Long-only growth at a reasonable price. Deep research. Tiger Cub.

← Q3 2025 Q4 2025 · fleet digest(archive end) →

New positions · 6

Fresh money

FTNT

NEW·2.8% book·+4

“New Fortinet cybersecurity position.”

THCTENET HEALTHCARE CORP

NEW·2.6% book·+6

MAMASTERCARD INCORPORATED

NEW·0.4% book·+17

HLTHILTON WORLDWIDE HLDGS INC

NEW·0.1% book·+1

SPOTSPOTIFY TECHNOLOGY S A

NEW·0.1% book·+1

VVISA INC

NEW·0.0% book·+8

Adds · 2

Adding to conviction

BNBROADCOM INC

ADD +50%·9.8% book·+23

Taking chips off

AMZNAMAZON COM INC

TRIM -14%·4.1% book·+6

COFCAPITAL ONE FINL CORP

TRIM -11%·4.1% book·−6

APPAPPLOVIN CORP

TRIM -30%·3.9% book·−12

PFEPHILIP MORRIS INTL INC

TRIM -43%·3.1% book·−5

BKNGBOOKING HOLDINGS INC

TRIM -85%·0.2% book·−4

Exits · 5

Closed positions

SBUXSTARBUCKS CORP

EXIT·0.0% book·−5

EQTEQT CORP

EXIT·0.0% book·−8

SEASEA LTD

EXIT·0.0% book·−1

CIENACIENA CORP

EXIT·0.0% book·−2

EQIXETSY INC

EXIT·0.0% book·0

Current top holdings

Stephen Mandel’s book, latest snapshot

#	Ticker	Weight	Conviction
1	META Meta Platforms	6.4%	+5
2	MSFT Microsoft	7.8%	+6
3	AMZN Amazon	6.9%	+6
4	NVDA NVIDIA	5.1%	+19
5	FTNT Fortinet	2.8%	+4

Not investment advice. Data from 13F filings with HoldLens parsing. Methodology.