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Investor profile

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.

"Long-only growth at a reasonable price. Deep research. Tiger Cub."

Data verified 2026-08-14 · sourced from SEC EDGAR

Informational only — not investment advice. HoldLens tracks institutional positioning from public 13F filings. We are not a registered investment advisor and do not provide recommendations to buy or sell securities. Our 2026 backtest over 221 ticker-quarter pairs found the ConvictionScore has no predictive signal for forward returns (Pearson r = −0.12). The rankings describe what tracked superinvestors were accumulating or selling at the latest 13F snapshot — useful as market intelligence, not as personal investment advice. 13F data is reported with a 45-day SEC filing lag.

See the backtest →

Today — 2026-04-21

All movers →

Portfolio day:+4.17%

Biggest winner:FTNT +8.35%

Biggest loser:AMZN +1.45%

Positions: Q1 2026 13F · Prices: EOD 2026-04-21

Latest 13F: Q2 2026(48d ago)Next due: Q3 2026by 2026-11-14● RSS — move alerts

Tracked positions

Top concentration

54%

Longest holding

Microsoft (since 2014)

Stephen's portfolio concentration: top-1, top-5, top-10

Diversified

Top 1 · NBIS

7.2%

Top 5 combined

30.9%

Top 10 combined

53.8%

Tracked positions

NBISTop-5 zoneTop-10

Stephen's single largest bet is NBIS at 7.2% of tracked positions. Exposure is spread across a broader basket, reducing single-name risk.

Realized 10-year track record

Lone Pine Capital partner letters

See leaderboard →

10y CAGR

8.6%

net of fees

Alpha vs S&P

-4.5%

vs 13.1% benchmark

Win rate

30%

years beating S&P

Quality score

2.5

computed 0–10

Best year

+35%

Worst year

-36%

Cumulative 10y

2.3×

Volatility

20%

Stephen Mandel's recent 13F moves: buys, adds, trims, and exits

Manager quality score: 2.5/10

Every tracked 13F move — buys, adds, trims, and exits — over the last two quarters.

Q2 2026

21 buys · 27 sells

Ticker	Activity	Share change	% portfolio
CVNA	Add 500%	+8.77M	4.20%
NBIS	Buy (new)	+4.26M	7.20%
STX	Buy (new)	+1.00M	5.90%
HD	Buy (new)	+2.60M	5.60%
AMAT	Buy (new)	+1.21M	5.30%
LIN	Buy (new)	+1.56M	4.90%
STRL	Buy (new)	+610K	3.10%
TTMI	Buy (new)	+2.74M	3.10%
ONON	Buy (new)	+13.28M	2.90%
BTDR	Buy (new)	+7.02M	0.70%
SHAZ	Buy (new)	+1.21M	0.60%
KGS	Buy (new)	+845K	0.40%
IBKR	Buy (new)	+578K	0.30%
SE	Buy (new)	+495K	0.30%
VST	Sell (exit)	-6.19M	0.00%
TLN	Sell (exit)	-1.82M	0.00%
CLH	Sell (exit)	-1.75M	0.00%
THC	Sell (exit)	-2.26M	0.00%
COF	Sell (exit)	-2.27M	0.00%
ENTG	Sell (exit)	-3.12M	0.00%

Showing top 20 by position change · 28 smaller moves hidden

Q1 2026

24 buys · 14 sells

Ticker	Activity	Share change	% portfolio
V	Add 510%	+78K	0.20%
SPOT	Add 288%	+51K	0.30%
TER	Buy (new)	+1.87M	4.40%
GLW	Buy (new)	+3.72M	4.00%
MTZ	Buy (new)	+1.53M	3.90%
USFD	Buy (new)	+3.80M	2.80%
MCK	Buy (new)	+392K	2.70%
PFGC	Buy (new)	+3.98M	2.70%
CIEN	Buy (new)	+810K	2.50%
HUT	Buy (new)	+6.08M	2.30%
WULF	Buy (new)	+19.92M	2.30%
AGX	Buy (new)	+393K	1.70%
GOOGL	Buy (new)	+188K	0.40%
APH	Buy (new)	+223K	0.20%
MSFT	Sell (exit)	-1.23M	0.00%
DASH	Sell (exit)	-2.53M	0.00%
AMZN	Sell (exit)	-2.41M	0.00%
PM	Sell (exit)	-2.64M	0.00%
APH	Sell (exit)	-2.81M	0.00%
WING	Sell (exit)	-1.60M	0.00%

Showing top 20 by position change · 18 smaller moves hidden

Q4 2025

23 buys · 13 sells

Ticker	Activity	Share change	% portfolio
ASML	Buy (new)	+605K	4.80%
DASH	Buy (new)	+2.53M	4.20%
MDLN	Buy (new)	+11.72M	3.60%
CRS	Buy (new)	+1.31M	3.00%
THC	Buy (new)	+1.79M	2.60%
CLH	Buy (new)	+1.38M	2.40%
AFRM	Buy (new)	+3.82M	2.10%
ENTG	Buy (new)	+3.05M	1.90%
MA	Buy (new)	+96K	0.40%
TDG	Buy (new)	+19K	0.20%
BSX	Buy (new)	+202K	0.10%
HLT	Buy (new)	+58K	0.10%
SPOT	Buy (new)	+18K	0.10%
V	Buy (new)	+15K	0.00%
SBUX	Sell (exit)	-5.56M	0.00%
EQT	Sell (exit)	-8.36M	0.00%
FLUT	Sell (exit)	-1.73M	0.00%
SE	Sell (exit)	-1.87M	0.00%
CIEN	Sell (exit)	-2.01M	0.00%
ETSY	Sell (exit)	-3.88M	0.00%

Showing top 20 by position change · 16 smaller moves hidden

Q3 2025

12 buys · 16 sells

Ticker	Activity	Share change	% portfolio
AVGO	Add 109%	+6.11M	8.80%
VMC	Buy (new)	+1.38M	3.10%
NU	Buy (new)	+25.41M	3.00%
APH	Buy (new)	+3.02M	2.70%
WING	Buy (new)	+1.49M	2.70%
SE	Buy (new)	+1.87M	2.40%
CIEN	Buy (new)	+2.01M	2.10%
ETSY	Buy (new)	+3.88M	1.90%
PM	Add 67%	+1.86M	5.40%
INTU	Sell (exit)	-772K	0.00%
UNH	Sell (exit)	-1.69M	0.00%
CRM	Sell (exit)	-1.86M	0.00%
ASML	Sell (exit)	-567K	0.00%
WIX	Sell (exit)	-2.16M	0.00%
BKNG	Reduce 48%	-29K	1.20%
AMZN	Reduce 44%	-2.22M	4.50%
MSFT	Reduce 35%	-646K	4.60%
APP	Reduce 30%	-468K	5.80%
VST	Reduce 27%	-1.77M	6.70%
KKR	Reduce 22%	-1.14M	3.90%

Showing top 20 by position change · 8 smaller moves hidden

Stephen's sector breakdown

How the top 10 positions are diversified across 1 sector. Weighted by stated portfolio percentage.

Other

10 positions · NBIS, ASML, STX, HD, AMAT, MDLN, LIN, TER +2

100.0%

53.8% of AUM

Position intelligence · 13F-derived

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.

Core

≥10% positions

Significant

3–10%

Starter

1–3%

Small

<1%

Building

Steady

Trimming

New

Exit pending

Position	% portfolio	Size	Trend
NBIS NEBIUS GROUP N.V.	7.2%	significant	★ new
ASML ASML HLDG NV	6.9%	significant	→ steady
STX SEAGATE TECHNOLOGY HLDNGS PL	5.9%	significant	★ new
HD HOME DEPOT INC	5.6%	significant	★ new
AMAT APPLIED MATLS INC	5.3%	significant	★ new
MDLN MEDLINE INC	5.1%	significant	↑ building
LIN LINDE PLC	4.9%	significant	★ new
TER TERADYNE INC	4.4%	significant	↑ building
GLW CORNING INC	4.3%	significant	↑ building
CVNA CARVANA CO	4.2%	significant	↑ building
HUT HUT 8 CORP	4.1%	significant	★ new
PFGC PERFORMANCE FOOD GROUP CO	4.0%	significant	↑ building
NU NU HLDGS LTD	3.9%	significant	↑ building
WULF TERAWULF INC	3.6%	significant	↑ building
CRS CARPENTER TECHNOLOGY CORP	3.6%	significant	↓ trimming
Showing top 15 of 34 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.

Score explainability · 9-factor breakdown

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
NBIS	7.2	−10	+2	-9	-6	·	+4	·	·	·	·
ASML	6.9	+9	+10	·	-2	·	+4	+10	·	+13	·
STX	5.9	−7	+8	-9	-1	·	+3	·	·	+8	·
HD	5.6	−4	+5	-1	-5	·	+3	·	·	+5	·
AMAT	5.3	−2	+5	·	-6	·	+3	·	·	+4	·
MDLN	5.1	+3	+6	·	-6	·	+3	·	·	·	·
LIN	4.9	+2	+6	·	-5	·	+2	·	·	+1	·
TER	4.4	−4	+4	-2	-5	·	+2	·	·	+3	·

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.

Cross-portfolio overlap

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.

See all 435 overlap pairs →

Stephen Mandel's top 10 disclosed holdings (Q2 2026)

Ticker	Company	% Portfolio	Shares (M)
NBIS	NEBIUS GROUP N.V.	7.2%	4.26
ASML	ASML HLDG NV	6.9%	0.57
STX	SEAGATE TECHNOLOGY HLDNGS PL	5.9%	1
HD	HOME DEPOT INC	5.6%	2.6
AMAT	APPLIED MATLS INC	5.3%	1.21
MDLN	MEDLINE INC	5.1%	20.97
LIN	LINDE PLC	4.9%	1.56
TER	TERADYNE INC	4.4%	1.49
GLW	CORNING INC	4.3%	2.73
CVNA	CARVANA CO	4.2%	10.52

Deep dive

The books behind Stephen's thinking

Long-only growth at a reasonable price. Deep research. Tiger Cub. These are the books that map Stephen's approach.

Amazon affiliate links — as an Amazon Associate, HoldLens earns from qualifying purchases and membership trials at no extra cost to you. These are books we genuinely recommend. Not investment advice; always do your own research.

Benjamin Graham

The Intelligent Investor

The foundational text. Buffett calls it 'by far the best book about investing ever written.'

See price on Amazon

Benjamin Graham & David Dodd

Security Analysis

The deep dive behind The Intelligent Investor — how to actually read a filing and value a business.

See price on Amazon

Charles T. Munger

Poor Charlie's Almanack

The latticework of mental models Munger used to sanity-check every bet Berkshire ever made.

See price on Amazon

Howard Marks

The Most Important Thing

Oaktree's Marks on risk, cycles, and second-level thinking — the framework behind reading any 13F.

See price on Amazon

Peter Lynch

One Up On Wall Street

The clearest writing about spotting great businesses early. Lynch compounded ~29% a year for 13 years.

See price on Amazon

Prefer to listen? Start a free Audible trial

New Audible members only · 30-day trial · many of these titles are included with membership.

See the full investing reading list

More by topic:Foundations Mental models & temperament In their own words

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Dividend tax by country

Estimate your withholding on cross-border dividends

Your country of residenceCompany is domiciled inGross dividend (example)

Withholding rate

Domestic (no cross-border)

Tax withheld

$0.00

You'd receive

$1000.00

Of $1000 gross

Source & treaty reference

Treaty: Domestic — no cross-border withholding

Citation: IRC §§ 1441–1446 (withholding applies to foreign persons; US residents not subject to WHT on US-source dividends)

U.S. residents receiving U.S.-source dividends: no cross-border withholding; taxed on return at qualified (0/15/20%) or ordinary rates.

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.

Full dividend-tax rules for United States investors →

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.

David Tepper

Appaloosa Management

4 shared positions: NVDA, META, AMZN, MSFT

Andreas Halvorsen

Viking Global Investors

3 shared positions: META, MSFT, NVDA

Lee Ainslie

Maverick Capital

3 shared positions: META, MSFT, NVDA

See all 29 investors ranked by portfolio similarity →

ETF replication

Which ETF replicates Stephen's portfolio?

Closest match: XLK · overlap score 159.0 across 2 shared top-10 names. Full ranked list of 5 ETFs →

Investing style

Stephen is a growth investor

See 7 other growth managers tracked. Tech-heavy. Concentrated. Holds through volatility on quality conviction.

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Per-quarter digests

What Stephen Mandel did, quarter by quarter

Full move-by-move breakdown for each of the last 8 filed quarters.

Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024

Latest quarterly analysis

Stephen Mandel's Q1 2026 13F moves

Bets on AI's infrastructure — Vistra + Talen (power), ASML + new Teradyne/Corning/MasTec (equipment + materials) — while halving TSMC.

Read the full breakdown →

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 2026-08-14 (Q2 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.