Stephen Mandel – Lone Pine Capital Portfolio Activity & Recent Trades (Dec 31, 2025)
As of Dec 31, 2025, the Lone Pine Capital portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Feb 17, 2026. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.
During Q4 2025, the filing reported:
New Buys – Affirm Holdings, Inc., ASML, Boston Scientific Corporation, Clean Harbors, Inc., Carpenter Technology Corporatio, and 8 more
Increases – Broadcom Inc., Brookfield Corporation, Carvana Co., Nu Holdings, KKR & Co. Inc., and 5 more
Reductions – Amazon.com, Inc., Amphenol Corporation, Applovin Corporation, Booking Holdings Inc. Common St, Capital One Financial Corporati, and 2 more
Complete Exits – Ciena Corporation, EQT Corporation, Etsy, Inc., Flutter Entertainment, Meta Platforms, Inc., and 2 more
These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.
| Date | Symbol | Name | Type | Change Qty | % Change | Value | Remaining |
|---|---|---|---|---|---|---|---|
Q4 2025 | AFRM Affirm Holdings, Inc. | Affirm Holdings, Inc. | Buy - Position Entry | +3,817,170 | - | $284.11M | 3,817,170 |
Q4 2025 | AMZN Amazon.com, Inc. | Amazon.com, Inc. | Sell | -397,408 | -14.1% | $557.32M | 2,414,520 |
Q4 2025 | APH Amphenol Corporation | Amphenol Corporation | Sell | -213,458 | -7.1% | $379.71M | 2,809,773 |
Q4 2025 | APP Applovin Corporation | Applovin Corporation | Sell | -328,608 | -29.6% | $525.94M | 780,530 |
Q4 2025 | ASML ASML | ASML | Buy - Position Entry | +605,017 | - | $647.28M | 605,017 |
Q4 2025 | AVGO Broadcom Inc. | Broadcom Inc. | Buy | +180,804 | +11.7% | $598.83M | 1,730,216 |
Q4 2025 | BKNG Booking Holdings Inc. Common St | Booking Holdings Inc. Common St | Sell | -26,521 | -85.1% | $24.80M | 4,630 |
Q4 2025 | BN Brookfield Corporation | Brookfield Corporation | Buy | +5,742,012 | +56.4% | $730.72M | 15,923,360 |
Q4 2025 | BSX Boston Scientific Corporation | Boston Scientific Corporation | Buy - Position Entry | +201,703 | - | $19.23M | 201,703 |
Q4 2025 | CIEN Ciena Corporation | Ciena Corporation | Sell - Position Exit | -2,006,662 | -100.0% | $0.00 | - |
Q4 2025 | CLH Clean Harbors, Inc. | Clean Harbors, Inc. | Buy - Position Entry | +1,378,125 | - | $323.14M | 1,378,125 |
Q4 2025 | COF Capital One Financial Corporati | Capital One Financial Corporati | Sell | -274,600 | -10.7% | $556.19M | 2,294,891 |
Q4 2025 | CRS Carpenter Technology Corporatio | Carpenter Technology Corporatio | Buy - Position Entry | +1,312,938 | - | $413.37M | 1,312,938 |
Q4 2025 | CVNA Carvana Co. | Carvana Co. | Buy | +14,037 | +0.8% | $750.91M | 1,779,328 |
Q4 2025 | DASH DoorDash, Inc. | DoorDash, Inc. | Buy - Position Entry | +2,529,879 | - | $572.97M | 2,529,879 |
Q4 2025 | ENTG Entegris, Inc. | Entegris, Inc. | Buy - Position Entry | +3,054,230 | - | $257.32M | 3,054,230 |
Q4 2025 | EQT EQT Corporation | EQT Corporation | Sell - Position Exit | -8,361,889 | -100.0% | $0.00 | - |
Q4 2025 | ETSY Etsy, Inc. | Etsy, Inc. | Sell - Position Exit | -3,880,316 | -100.0% | $0.00 | - |
Q4 2025 | FLUT Flutter Entertainment | Flutter Entertainment | Sell - Position Exit | -1,733,336 | -100.0% | $0.00 | - |
Q4 2025 | G6683N103 Nu Holdings | Nu Holdings | Buy | +4,223,788 | +16.6% | $496.01M | 29,630,237 |
Q4 2025 | HLT Hilton Worldwide Holdings Inc. | Hilton Worldwide Holdings Inc. | Buy - Position Entry | +57,817 | - | $16.61M | 57,817 |
Q4 2025 | KKR KKR & Co. Inc. | KKR & Co. Inc. | Buy | +920,524 | +22.6% | $637.54M | 5,001,085 |
Q4 2025 | LPLA LPL Financial Holdings Inc. | LPL Financial Holdings Inc. | Sell | -180,766 | -8.0% | $741.11M | 2,074,948 |
Q4 2025 | MA Mastercard Incorporated | Mastercard Incorporated | Buy - Position Entry | +96,338 | - | $55.00M | 96,338 |
Q4 2025 | META Meta Platforms, Inc. | Meta Platforms, Inc. | Sell - Position Exit | -1,322,260 | -100.0% | $0.00 | - |
Q4 2025 | MSFT Microsoft Corporation | Microsoft Corporation | Buy | +25,520 | +2.1% | $596.85M | 1,234,125 |
Q4 2025 | PM Philip Morris International Inc | Philip Morris International Inc | Sell | -1,970,864 | -42.7% | $424.03M | 2,643,579 |
Q4 2025 | SBUX Starbucks Corporation | Starbucks Corporation | Sell - Position Exit | -5,561,954 | -100.0% | $0.00 | - |
Q4 2025 | SE Sea Limited | Sea Limited | Sell - Position Exit | -1,869,501 | -100.0% | $0.00 | - |
Q4 2025 | SPOT Spotify | Spotify | Buy - Position Entry | +17,762 | - | $10.31M | 17,762 |