Smart Money
SM

Stephen Mandel

Lone Pine Capital·growth·Concentrated / activist
Accredited only

~18% since 1997

Portfolio value

$16.3B

Positions

33

Top 5 concentration

31%

New buys this quarter

12

Recent moves vs Mar 2026

$NBISNew buy7.2%
$STXNew buy5.9%
$HDNew buy5.6%
$AMATNew buy5.4%
$LINNew buy5%
$TTMINew buy3.2%
$STRLNew buy3.1%
$ONONNew buy2.9%
$BTDRNew buy0.7%
$KGSNew buy0.4%
$IBKRNew buy0.3%
$SENew buy0.3%
$MDLNAdded5.1%
$CVNAAdded4.3%
$PFGCAdded4%
$NUAdded3.9%
$WULFAdded3.7%
$USFDAdded3.1%
$GOOGLAdded0.5%
$VAdded0.4%
$ASMLTrimmed7%
$TERTrimmed4.4%
$GLWTrimmed4.3%
$CRSTrimmed3.7%
$MTZTrimmed3.4%
$APPTrimmed3.3%
$LPLATrimmed2.1%
$AGXTrimmed1.8%
$TSMTrimmed0.3%
$MCKTrimmed0.3%
$TDGTrimmed0.2%
$BNTrimmed0.2%
$THCSold out
$CIENSold out
$VSTSold out
$BSXSold out
$CLHSold out
$VMCSold out
$APHSold out
$BKNGSold out
$COFSold out
$ENTGSold out
$HLTSold out
$KKRSold out
$MASold out
$SPOTSold out
$TLNSold out

Holdings

StockMove% of portfolioValue
$NBIS

NEBIUS GROUP N.V.

New buy
7.2%
$1.2B
$ASML

ASML HLDG NV

Trimmed
7%
$1.1B
$STX

SEAGATE TECHNOLOGY HLDNGS PL

New buy
5.9%
$965M
$HD

HOME DEPOT INC

New buy
5.6%
$918M
$AMAT

APPLIED MATLS INC

New buy
5.4%
$873M
$MDLN

MEDLINE INC

Added
5.1%
$827M
$LIN

LINDE PLC

New buy
5%
$809M
$TER

TERADYNE INC

Trimmed
4.4%
$722M
$GLW

CORNING INC

Trimmed
4.3%
$697M
$CVNA

CARVANA CO

Added
4.3%
$692M
$HUT

HUT 8 CORP

Held
4.1%
$666M
$PFGC

PERFORMANCE FOOD GROUP CO

Added
4%
$654M
$NU

NU HLDGS LTD

Added
3.9%
$631M
$WULF

TERAWULF INC

Added
3.7%
$596M
$CRS

CARPENTER TECHNOLOGY CORP

Trimmed
3.7%
$594M
$MTZ

MASTEC INC

Trimmed
3.4%
$560M
$APP

APPLOVIN CORP

Trimmed
3.3%
$537M
$TTMI

TTM TECHNOLOGIES INC

New buy
3.2%
$512M
$STRL

STERLING INFRASTRUCTURE INC

New buy
3.1%
$512M
$USFD

US FOODS HLDG CORP

Added
3.1%
$503M
$ONON

ON HLDG AG

New buy
2.9%
$470M
$LPLA

LPL FINL HLDGS INC

Trimmed
2.1%
$343M
$AGX

ARGAN INC

Trimmed
1.8%
$294M
$BTDR

BITDEER TECHNOLOGIES GROUP

New buy
0.7%
$111M
$GOOGL

ALPHABET INC

Added
0.5%
$77M
$KGS

KODIAK GAS SVCS INC

New buy
0.4%
$63M
$V

VISA INC

Added
0.4%
$57M
$IBKR

INTERACTIVE BROKERS GROUP IN

New buy
0.3%
$50M
$TSM

TAIWAN SEMICONDUCTOR MANUFAC

Trimmed
0.3%
$48M
$SE

SEA LTD

New buy
0.3%
$47M
$MCK

MCKESSON CORP

Trimmed
0.3%
$44M
$TDG

TRANSDIGM GROUP INC

Trimmed
0.2%
$38M
$BN

BROOKFIELD CORP

Trimmed
0.2%
$34M

Notable sell-outs this quarter: $THC, $CIEN, $VST, $BSX, $CLH, $VMC, $APH, $BKNG, $COF, $ENTG, $HLT, $KKR, $MA, $SPOT, $TLN

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