Stephen Mandel
Portfolio value$16.4B
Positions34
QuarterQ2 2026ended 2026-06-30
Filed08/142026
Lone Pine Capital LLC's Q2 2026 13F, filed Aug 14, 2026, reports 34 positions worth $16.4B. The ten largest are 53.9% of the book, led by Nebius Group at 7.2%, ASML at 6.9% and Seagate Technology at 5.9%. Against Q1 2026: 13 bought, 8 added to, 13 reduced, 15 sold; the largest moves were bought Nebius Group and bought Seagate Technology.
Where the money is
NBISASMLSTXHDAMATMDLNLINTERGLWCVNA24 other
Holdings
| Ticker | Issuer | Weight | Value | Q-end → now | Price vs model | Change |
|---|---|---|---|---|---|---|
| NBIS | Nebius Group N.v. | 7.2% | $1.2B4.3M sh | 276.17 → −40% | 923% overvalued | bought |
| ASML | Asml Hldg NV | 6.9% | $1.1B569,174 sh | 1,989.44 → −17% | no usable model value | reduced −13% |
| STX | Seagate Technology Hldngs Pl | 5.9% | $965.1M1.0M sh | 965.00 → −34% | 207% overvalued | bought |
| HD | Home Depot INC | 5.6% | $918.1M2.6M sh | 352.68 → −12% | 34% overvalued | bought |
| AMAT | Applied Matls INC | 5.3% | $873.2M1.2M sh | 723.00 → −43% | 89% overvalued | bought |
| MDLN | Medline INC | 5.1% | $827.0M21.0M sh | 39.44 | — | added +78% |
| LIN | Linde PLC | 4.9% | $808.6M1.6M sh | 518.94 → −4% | 72% overvalued | bought |
| TER | Teradyne INC | 4.4% | $722.4M1.5M sh | 483.84 → −33% | 254% overvalued | reduced −20% |
| GLW | Corning INC | 4.3% | $696.8M2.7M sh | 255.43 → −48% | 257% overvalued | reduced −27% |
| CVNA | Carvana CO | 4.2% | $692.5M10.5M sh | 65.82 → −11% | 174% overvalued | added +20% |
| HUT | Hut 8 Corp | 4.1% | $666.5M5.8M sh | 115.44 | — | reduced −5% |
| PFGC | Performance Food Group CO | 4.0% | $654.3M5.9M sh | 111.79 | — | added +47% |
| NU | Nu Hldgs LTD | 3.9% | $630.9M47.2M sh | 13.36 | — | added +24% |
| WULF | Terawulf INC | 3.6% | $596.4M24.1M sh | 24.70 | — | added +21% |
| CRS | Carpenter Technology Corp | 3.6% | $593.9M962,839 sh | 616.84 | — | reduced −47% |
| MTZ | Mastec INC | 3.4% | $559.7M1.3M sh | 416.06 | — | reduced −12% |
| APP | Applovin Corp | 3.3% | $537.0M1.0M sh | 515.23 → −48% | 1% overvalued | reduced −29% |
| TTMI | Ttm Technologies INC | 3.1% | $512.1M2.7M sh | 187.02 | — | bought |
| STRL | Sterling Infrastructure INC | 3.1% | $511.7M609,643 sh | 839.36 | — | bought |
| USFD | Us Foods Hldg Corp | 3.1% | $502.5M4.9M sh | 102.25 | — | added +29% |
| ONON | On Hldg AG | 2.9% | $470.4M13.3M sh | 35.42 | — | bought |
| LPLA | Lpl Finl Hldgs INC | 2.1% | $343.4M1.2M sh | 281.68 | — | reduced −41% |
| AGX | Argan INC | 1.8% | $294.4M368,673 sh | 798.55 | — | reduced −6% |
| BTDR | Bitdeer Technologies Group | 0.7% | $111.4M7.0M sh | 15.87 | — | bought |
| SHAZ | Sharonai Holdings INC | 0.6% | $102.4M1.2M sh | 84.66 | — | bought |
| GOOGL | Alphabet INC | 0.5% | $77.0M215,574 sh | 357.37 → −5% | 51% overvalued | added +15% |
| KGS | Kodiak Gas Svcs INC | 0.4% | $63.5M845,070 sh | 75.13 | — | bought |
| V | Visa INC | 0.3% | $56.9M165,960 sh | 343.09 → +17% | 40% overvalued | added +79% |
| IBKR | Interactive Brokers Group In | 0.3% | $50.3M577,666 sh | 87.04 → −5% | 35% overvalued | bought |
| TSM | Taiwan Semiconductor Manufac | 0.3% | $48.4M101,242 sh | 477.57 | — | reduced −93% |
| SE | Sea LTD | 0.3% | $47.4M494,581 sh | 95.83 | — | bought |
| MCK | Mckesson Corp | 0.3% | $43.7M57,851 sh | 755.60 → +33% | 18% undervalued | reduced −85% |
| TDG | Transdigm Group INC | 0.2% | $38.0M28,532 sh | 1,332.04 → −14% | 23% undervalued | reduced −20% |
| BN | Brookfield Corp | 0.2% | $33.8M792,717 sh | 42.59 | — | reduced −93% |
Source: the manager's Form 13F-HR on SEC EDGAR, kept as immutable quarterly snapshots; changes compare two consecutive filings. A 13F is filed up to 45 days after quarter end and covers US-listed long positions only. Tickers come from a self-maintained CUSIP map; a position without one shows its CUSIP. Method notes in where the numbers come from.