Stephen Mandel - Lone Pine Capital 13F Activity & Position Changes (Q4 2025)
According to the SEC 13F filed on Feb 17, 2026, the Lone Pine Capital portfolio showed several notable changes in holdings as of quarter-end Dec 31, 2025. 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 | Type | Change Qty |
|---|---|---|---|
|
Q4 2025
|
AFRM
Affirm Holdings, Inc.
|
Buy - Position Entry |
+3,817,170
|
|
Q4 2025
|
AMZN
Amazon.com, Inc.
|
Sell |
-397,408
|
|
Q4 2025
|
APH
Amphenol Corporation
|
Sell |
-213,458
|
|
Q4 2025
|
APP
Applovin Corporation
|
Sell |
-328,608
|
|
Q4 2025
|
ASML
ASML
|
Buy - Position Entry |
+605,017
|
|
Q4 2025
|
AVGO
Broadcom Inc.
|
Buy |
+180,804
|
|
Q4 2025
|
BKNG
Booking Holdings Inc. Common St
|
Sell |
-26,521
|
|
Q4 2025
|
BN
Brookfield Corporation
|
Buy |
+5,742,012
|
|
Q4 2025
|
BSX
Boston Scientific Corporation
|
Buy - Position Entry |
+201,703
|
|
Q4 2025
|
CIEN
Ciena Corporation
|
Sell - Position Exit |
-2,006,662
|
|
Q4 2025
|
CLH
Clean Harbors, Inc.
|
Buy - Position Entry |
+1,378,125
|
|
Q4 2025
|
COF
Capital One Financial Corporati
|
Sell |
-274,600
|
|
Q4 2025
|
CRS
Carpenter Technology Corporatio
|
Buy - Position Entry |
+1,312,938
|
|
Q4 2025
|
CVNA
Carvana Co.
|
Buy |
+14,037
|
|
Q4 2025
|
DASH
DoorDash, Inc.
|
Buy - Position Entry |
+2,529,879
|
|
Q4 2025
|
ENTG
Entegris, Inc.
|
Buy - Position Entry |
+3,054,230
|
|
Q4 2025
|
EQT
EQT Corporation
|
Sell - Position Exit |
-8,361,889
|
|
Q4 2025
|
ETSY
Etsy, Inc.
|
Sell - Position Exit |
-3,880,316
|
|
Q4 2025
|
FLUT
Flutter Entertainment
|
Sell - Position Exit |
-1,733,336
|
|
Q4 2025
|
G6683N103
Nu Holdings
|
Buy |
+4,223,788
|
|
Q4 2025
|
HLT
Hilton Worldwide Holdings Inc.
|
Buy - Position Entry |
+57,817
|
|
Q4 2025
|
KKR
KKR & Co. Inc.
|
Buy |
+920,524
|
|
Q4 2025
|
LPLA
LPL Financial Holdings Inc.
|
Sell |
-180,766
|
|
Q4 2025
|
MA
Mastercard Incorporated
|
Buy - Position Entry |
+96,338
|
|
Q4 2025
|
META
Meta Platforms, Inc.
|
Sell - Position Exit |
-1,322,260
|
|
Q4 2025
|
MSFT
Microsoft Corporation
|
Buy |
+25,520
|
|
Q4 2025
|
PM
Philip Morris International Inc
|
Sell |
-1,970,864
|
|
Q4 2025
|
SBUX
Starbucks Corporation
|
Sell - Position Exit |
-5,561,954
|
|
Q4 2025
|
SE
Sea Limited
|
Sell - Position Exit |
-1,869,501
|
|
Q4 2025
|
SPOT
Spotify
|
Buy - Position Entry |
+17,762
|
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