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Stephen Mandel · quarter digest

What Stephen Mandel did in Q4 2025

Lone Pine Capital filed 29 moves in Q4 2025: 11 new, 6 add, 6 trim, 6 exit.

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

New positions · 11

Fresh money

ASMLASML HOLDING N V
NEW·4.8% book·+11
DASHDOORDASH INC
NEW·4.2% book·−17
CRSCARPENTER TECHNOLOGY CORP
NEW·3.0% book·−2
NEW·2.8% book·−4

New Fortinet cybersecurity position.

THCTENET HEALTHCARE CORP
NEW·2.6% book·−6
ENTGENTEGRIS INC
NEW·1.9% book·−8
MAMASTERCARD INCORPORATED
NEW·0.4% book·0
BSXBOSTON SCIENTIFIC CORP
NEW·0.1% book·−11
HLTHILTON WORLDWIDE HLDGS INC
NEW·0.1% book·−17
SPOTSPOTIFY TECHNOLOGY S A
NEW·0.1% book·0
VVISA INC
NEW·0.0% book·−14
Adds · 6

Adding to conviction

BNBROADCOM INC
ADD +50%·9.8% book·+12
ADD +3%·6.4% book·+3

Small add — already a top Lone Pine position.

VSTVISTRA CORP
ADD +11%·6.2% book·+1
KKRKKR & CO INC
ADD +23%·4.7% book·−12
NUNU HLDGS LTD
ADD +17%·3.6% book·−12
TLNTALEN ENERGY CORP
ADD +8%·3.6% book·−10
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Trims · 6

Taking chips off

LPLALPL FINL HLDGS INC
TRIM -8%·5.4% book·−10
AMZNAMAZON COM INC
TRIM -14%·4.1% book·−8
COFCAPITAL ONE FINL CORP
TRIM -11%·4.1% book·−17
APPAPPLOVIN CORP
TRIM -30%·3.9% book·−9
PFEPHILIP MORRIS INTL INC
TRIM -43%·3.1% book·−11
BKNGBOOKING HOLDINGS INC
TRIM -85%·0.2% book·−13
Exits · 6

Closed positions

SBUXSTARBUCKS CORP
EXIT·0.0% book·−11
EQTEQT CORP
EXIT·0.0% book·−5
FLUTFLUTTER ENTMT PLC
EXIT·0.0% book·−5
SEASEA LTD
EXIT·0.0% book·+1
CIENACIENA CORP
EXIT·0.0% book·−6
EQIXETSY INC
EXIT·0.0% book·−7
Current top holdings

Stephen Mandel’s book, latest snapshot

#TickerWeight
1META
Meta Platforms
6.4%
2MSFT
Microsoft
7.8%
3AMZN
Amazon
6.9%
4NVDA
NVIDIA
5.1%
5FTNT
Fortinet
2.8%
Other quarters for Stephen Mandel

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