Stephen Mandel
Q2 2026 versus Q1 2026: 13 bought, 8 added to, 13 reduced, 15 sold. By dollars, the largest buy was Nebius Group, $1.2B more at the quarter-end price; the largest sale Vistra, $930.2M less. Net, $910.4M more bought than sold. What every tracked investor did in Q2 2026.
Every move, largest first
| Ticker | Issuer | Move | Shares Q1 2026 → Q2 2026 | Bought / sold | Of the portfolio | Weight now | Price vs model |
|---|---|---|---|---|---|---|---|
| NBIS | Nebius Group N.v. | bought | — → 4.3M | +$1.2B | +7.19% | 7.2% | 923% overvalued |
| STX | Seagate Technology Hldngs Pl | bought | — → 1.0M | +$965.1M | +5.90% | 5.9% | 207% overvalued |
| VST | Vistra Corp | sold | 6.2M → 0 | −$930.2M | −5.69% | — | — |
| HD | Home Depot INC | bought | — → 2.6M | +$918.1M | +5.61% | 5.6% | 34% overvalued |
| AMAT | Applied Matls INC | bought | — → 1.2M | +$873.2M | +5.34% | 5.3% | 89% overvalued |
| LIN | Linde PLC | bought | — → 1.6M | +$808.6M | +4.94% | 4.9% | 72% overvalued |
| TSM | Taiwan Semiconductor Manufac | reduced −93% | 1.4M → 101,242 | −$615.2M | −3.76% | 0.3% | — |
| TLN | Talen Energy Corp | sold | 1.8M → 0 | −$580.3M | −3.55% | — | — |
| CRS | Carpenter Technology Corp | reduced −47% | 1.8M → 962,839 | −$527.5M | −3.22% | 3.6% | — |
| TTMI | Ttm Technologies INC | bought | — → 2.7M | +$512.1M | +3.13% | 3.1% | — |
| STRL | Sterling Infrastructure INC | bought | — → 609,643 | +$511.7M | +3.13% | 3.1% | — |
| CLH | Clean Harbors INC | sold | 1.8M → 0 | −$503.2M | −3.08% | — | — |
| ONON | On Hldg AG | bought | — → 13.3M | +$470.4M | +2.88% | 2.9% | — |
| BN | Brookfield Corp | reduced −93% | 11.2M → 792,717 | −$443.6M | −2.71% | 0.2% | — |
| THC | Tenet Healthcare Corp | sold | 2.3M → 0 | −$426.2M | −2.61% | — | — |
| COF | Capital One Finl Corp | sold | 2.3M → 0 | −$413.6M | −2.53% | — | — |
| ENTG | Entegris INC | sold | 3.1M → 0 | −$365.2M | −2.23% | — | — |
| MDLN | Medline INC | added +78% | 11.8M → 21.0M | +$362.0M | +2.21% | 5.1% | — |
| CIEN | Ciena Corp | sold | 809,522 → 0 | −$314.3M | −1.92% | — | — |
| GLW | Corning INC | reduced −27% | 3.7M → 2.7M | −$252.9M | −1.55% | 4.3% | 257% overvalued |
| MCK | Mckesson Corp | reduced −85% | 392,224 → 57,851 | −$252.7M | −1.54% | 0.3% | 18% undervalued |
| LPLA | Lpl Finl Hldgs INC | reduced −41% | 2.0M → 1.2M | −$234.0M | −1.43% | 2.1% | — |
| APP | Applovin Corp | reduced −29% | 1.5M → 1.0M | −$217.8M | −1.33% | 3.3% | 1% overvalued |
| PFGC | Performance Food Group CO | added +47% | 4.0M → 5.9M | +$209.6M | +1.28% | 4.0% | — |
| TER | Teradyne INC | reduced −20% | 1.9M → 1.5M | −$183.8M | −1.12% | 4.4% | 254% overvalued |
| ASML | Asml Hldg NV | reduced −13% | 655,148 → 569,174 | −$171.0M | −1.05% | 6.9% | no usable model value |
| NU | Nu Hldgs LTD | added +24% | 38.0M → 47.2M | +$123.0M | +0.75% | 3.9% | — |
| CVNA | Carvana CO | added +20% | 8.8M → 10.5M | +$115.0M | +0.70% | 4.2% | 174% overvalued |
| USFD | Us Foods Hldg Corp | added +29% | 3.8M → 4.9M | +$114.4M | +0.70% | 3.1% | — |
| BTDR | Bitdeer Technologies Group | bought | — → 7.0M | +$111.4M | +0.68% | 0.7% | — |
| WULF | Terawulf INC | added +21% | 19.9M → 24.1M | +$104.3M | +0.64% | 3.6% | — |
| SHAZ | Sharonai Holdings INC | bought | — → 1.2M | +$102.4M | +0.63% | 0.6% | — |
| MTZ | Mastec INC | reduced −12% | 1.5M → 1.3M | −$77.3M | −0.47% | 3.4% | — |
| KGS | Kodiak Gas Svcs INC | bought | — → 845,070 | +$63.5M | +0.39% | 0.4% | — |
| IBKR | Interactive Brokers Group In | bought | — → 577,666 | +$50.3M | +0.31% | 0.3% | 35% overvalued |
| SE | Sea LTD | bought | — → 494,581 | +$47.4M | +0.29% | 0.3% | — |
| VMC | Vulcan Matls CO | sold | 144,179 → 0 | −$39.3M | −0.24% | — | — |
| HUT | Hut 8 Corp | reduced −5% | 6.1M → 5.8M | −$35.3M | −0.22% | 4.1% | — |
| SPOT | Spotify Technology S A | sold | 68,844 → 0 | −$33.4M | −0.20% | — | — |
| MA | Mastercard Incorporated | sold | 57,201 → 0 | −$28.6M | −0.17% | — | — |
| APH | Amphenol Corp | sold | 223,084 → 0 | −$28.2M | −0.17% | — | — |
| HLT | Hilton Worldwide Hldgs INC | sold | 89,249 → 0 | −$27.1M | −0.17% | — | — |
| V | Visa INC | added +79% | 92,775 → 165,960 | +$25.1M | +0.15% | 0.3% | 40% overvalued |
| AGX | Argan INC | reduced −6% | 393,134 → 368,673 | −$19.5M | −0.12% | 1.8% | — |
| KKR | Kkr & CO INC | sold | 179,308 → 0 | −$16.6M | −0.10% | — | — |
| BKNG | Booking Holdings INC | sold | 60,125 → 0 | −$10.1M | −0.06% | — | — |
| GOOGL | Alphabet INC | added +15% | 187,561 → 215,574 | +$10.0M | +0.06% | 0.5% | 51% overvalued |
| TDG | Transdigm Group INC | reduced −20% | 35,677 → 28,532 | −$9.5M | −0.06% | 0.2% | 23% undervalued |
| BSX | Boston Scientific Corp | sold | 104,655 → 0 | −$6.6M | −0.04% | — | — |
Bought / sold is the change in shares × the quarter's reported price (value ÷ shares in the filing); a position sold out is priced at the quarter before, since it has no price in this one. “Of the portfolio” is that amount against this quarter's reported book.
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.