Smart Money
SM

Stephen Mandel

Lone Pine Capital·growth·Concentrated / activist
Accredited only

~18% since 1997

Portfolio value

$12.5B

Positions

36

Top 5 concentration

30%

New buys this quarter

11

Recent moves vs Dec 2025

$TERNew buy4.4%
$GLWNew buy4%
$MTZNew buy3.9%
$USFDNew buy2.8%
$PFGCNew buy2.7%
$MCKNew buy2.7%
$CIENNew buy2.5%
$WULFNew buy2.3%
$HUTNew buy2.3%
$AGXNew buy1.7%
$GOOGLNew buy0.4%
$VSTAdded7.4%
$ASMLAdded6.9%
$CRSAdded5.7%
$APPAdded4.6%
$TLNAdded4.6%
$NUAdded4.4%
$CLHAdded4%
$THCAdded3.4%
$TDGAdded0.3%
$SPOTAdded0.3%
$VAdded0.2%
$HLTAdded0.2%
$TSMTrimmed3.7%
$BNTrimmed3.6%
$VMCTrimmed0.3%
$MATrimmed0.2%
$APHTrimmed0.2%
$KKRTrimmed0.1%
$BKNGTrimmed0.1%
$BSXTrimmed0.1%
$DASHSold out
$PMSold out
$MSFTSold out
$AVGOSold out
$AMZNSold out
$WINGSold out
$AFRMSold out

Holdings

StockMove% of portfolioValue
$VST

VISTRA CORP

Added
7.4%
$930M
$ASML

ASML HLDG NV

Added
6.9%
$865M
$CRS

CARPENTER TECHNOLOGY CORP

Added
5.7%
$717M
$LPLA

LPL FINL HLDGS INC

Held
4.9%
$617M
$APP

APPLOVIN CORP

Added
4.6%
$583M
$TLN

TALEN ENERGY CORP

Added
4.6%
$580M
$TER

TERADYNE INC

New buy
4.4%
$555M
$CVNA

CARVANA CO

Held
4.4%
$552M
$NU

NU HLDGS LTD

Added
4.4%
$546M
$MDLN

MEDLINE INC

Held
4.2%
$525M
$GLW

CORNING INC

New buy
4%
$506M
$CLH

CLEAN HARBORS INC

Added
4%
$503M
$MTZ

MASTEC INC

New buy
3.9%
$493M
$TSM

TAIWAN SEMICONDUCTOR MANUFAC

Trimmed
3.7%
$470M
$BN

BROOKFIELD CORP

Trimmed
3.6%
$454M
$THC

TENET HEALTHCARE CORP

Added
3.4%
$426M
$COF

CAPITAL ONE FINL CORP

Held
3.3%
$414M
$ENTG

ENTEGRIS INC

Held
2.9%
$365M
$USFD

US FOODS HLDG CORP

New buy
2.8%
$350M
$PFGC

PERFORMANCE FOOD GROUP CO

New buy
2.7%
$341M
$MCK

MCKESSON CORP

New buy
2.7%
$339M
$CIEN

CIENA CORP

New buy
2.5%
$314M
$WULF

TERAWULF INC

New buy
2.3%
$287M
$HUT

HUT 8 CORP

New buy
2.3%
$285M
$AGX

ARGAN INC

New buy
1.7%
$214M
$GOOGL

ALPHABET INC

New buy
0.4%
$54M
$TDG

TRANSDIGM GROUP INC

Added
0.3%
$41M
$VMC

VULCAN MATLS CO

Trimmed
0.3%
$39M
$SPOT

SPOTIFY TECHNOLOGY S A

Added
0.3%
$33M
$MA

MASTERCARD INCORPORATED

Trimmed
0.2%
$29M
$APH

AMPHENOL CORP

Trimmed
0.2%
$28M
$V

VISA INC

Added
0.2%
$28M
$HLT

HILTON WORLDWIDE HLDGS INC

Added
0.2%
$27M
$KKR

KKR & CO INC

Trimmed
0.1%
$17M
$BKNG

BOOKING HOLDINGS INC

Trimmed
0.1%
$10M
$BSX

BOSTON SCIENTIFIC CORP

Trimmed
0.1%
$7M

Notable sell-outs this quarter: $DASH, $PM, $MSFT, $AVGO, $AMZN, $WING, $AFRM

Source: SEC 13F via FMP · Mar 2026 report · 45-day filing delay. Long equity positions only. Not financial advice.