Steve Mandel

Lone Pine Capital LLC

as of Jun 30, 2025 · filed Aug 14, 2025 · 45-day reporting lag · historical report

Source filings

13F-HR 0000902664-25-003627

QuarterCompare any two quarters

Portfolio value$14.1B 21.4% vs. previous quarter

Positions225 new · 5 sold

Top 537.6%largest VST at 8.9%

Largest moveVSTIncreased · +4.3% weight shift

Concentration

How much of the portfolio the biggest positions add up to. Hover the curve, or focus it and use the arrow keys, to inspect each rank.

Longest held

One block per imported quarter, oldest at the left. A full row means held in all of them, not that the position began there.

0%held throughout

AMZN24

MSFT24

META19

UNH19

TSM18

Top 3 moves

VST+4.3%

UNH+3.8%

EQT+3.1%

5 new positions and 5 sold; the largest portfolio-weight shift was VST gaining 4.3% of portfolio weight.

Holdings

Reported price is value divided by shares, the manager’s quarter-end mark rather than a traded price.

Sorted by portfolio weight, high to low

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Reported holdings for Q2 2025

VSTVISTRA CORPUtilities	8.9%+4.3%	Increased40.5%	6,469,719	$193.81	$1.25B
METAMETA PLATFORMS INC-CLASS ACommunication Services	8.7%	Reduced5.3%	1,665,017	$738.09	$1.23B
AMZNAMAZON.COM INCConsumer DiscretionarySupply chain (as of Q2 2026)	7.9%+0.7%	Increased15.6%	5,033,556	$219.39	$1.10B
MSFTMICROSOFT CORPInformation Technology	6.6%+0.2%	Reduced5.4%	1,854,856	$497.41	$922.6M
TSMTAIWAN SEMICONDUCTOR-SP ADRInformation TechnologySupply chain (as of Q3 2026)	5.5%	Reduced11.1%	3,435,920	$226.49	$778.2M
CVNACARVANA COConsumer Discretionary	5.2%+0.3%	Reduced20.3%	2,148,791	$336.96	$724.1M
LPLALPL FINANCIAL HOLDINGS INCFinancials	5.0%	Increased6.1%	1,872,248	$374.97	$702.0M
KKRKKR & CO INCFinancials	4.9%+0.2%	Increased9.6%	5,221,769	$133.03	$694.7M
COFCAPITAL ONE FINANCIAL CORPFinancials	4.7%-0.3%	Reduced3.0%	3,080,633	$212.76	$655.4M
INTUINTUIT INCInformation Technology	4.3%-3.1%	Reduced45.0%	771,666	$787.63	$607.8M
APPAPPLOVIN CORP-CLASS ACommunication Services	3.9%-0.4%	Reduced17.4%	1,576,934	$350.08	$552.1M
Ticker unavailableFLUTTER ENTMT PLCUnclassified	3.8%-0.5%	Reduced16.1%	1,862,764	$285.76	$532.3M
UNHNEWUNITEDHEALTH GROUP INCHealth Care	3.8%+3.8%	New	1,693,347	$311.97	$528.3M
SBUXSTARBUCKS CORPConsumer Discretionary	3.6%-2.0%	Reduced15.8%	5,561,954	$91.63	$509.6M
CRMSALESFORCE INCInformation Technology	3.6%-0.4%	Increased7.6%	1,863,179	$272.69	$508.1M
PMPHILIP MORRIS INTERNATIONALConsumer Staples	3.6%-0.6%	Reduced8.3%	2,757,694	$182.13	$502.3M
Ticker unavailableASML HOLDING N VUnclassified	3.2%-0.1%	Reduced2.7%	566,862	$801.39	$454.3M
EQTNEWEQT CORPEnergy	3.1%+3.1%	New	7,518,227	$58.32	$438.5M
BNNEWBROOKFIELD CORPReal Estate	2.5%+2.5%	New	5,621,385	$61.85	$347.7M
BKNGNEWBOOKING HOLDINGS INCIndustrials	2.5%+2.5%	New	59,972	$5789.24	$347.2M
Ticker unavailableNEWWIX COM LTDUnclassified	2.4%+2.4%	New	2,161,331	$158.46	$342.5M
TLNTALEN ENERGY CORPUtilities	2.3%+0.4%	Unchanged	1,089,380	$290.77	$316.8M