Stephen Mandel's Lone Pine Capital Investment Changes in Q2 2026

For the period ending June 30th, 2026 (Q2), Lone Pine Capital investor Stephen Mandel made notable adjustments to his holdings. His total portfolio value stood at $15.3 billion as of this date.

Prominent Purchases This Quarter

Mr. Mandel demonstrated significant buying activity during Q2, most notably establishing a major new position in NEBIUS GROUP N.V., commonly known as NBIS. The stake represents approximately 7.19% of his portfolio and shows an increase from the previous quarter, though its allocation percentage hasn't been explicitly detailed in prior periods for comparison.

Alongside this new position, Mr. Mandel also significantly increased his holdings in several existing stocks. SEAGATE TECHNOLOGY HLDNGS PL (STX) saw its share count quintuple to 1000,109 shares, maintaining a portfolio allocation of around 5.9%. Similarly, HOME DEPOT INC (HD) experienced a doubling in position size with an increase to about 2603,189 shares, boosting its allocation from roughly 5.6% previously.

The investor also bolstered his stake in APPLIED MATLS INC (AMAT), increasing the share count by 100% to approximately 1,207,737 shares. This position now accounts for roughly 5.34% of his portfolio value.

Furthermore, Mr. Mandel significantly expanded his holding in LINDE PLC (symbol LIN), increasing the share count by a factor of ten to about 1,558,081 shares.

Significant Sales and Portfolio Shifts

In contrast to these large purchases, Mr. Mandel also divested substantial portions of other holdings during Q2. The most significant exit was from TAIWAN SEMICONDUCTOR MANUFAC (TSM), where he completely liquidated his position, reducing its portfolio percentage allocation to 0%.

He also sold out another holding entirely: SEA LTD (SE). This exit resulted in the stock no longer appearing on Mr. Mandel's active list of holdings, effectively removing it from his portfolio.

Additionally, there were notable reductions elsewhere. The position in BROOKFIELD CORP (BN) was drastically cut by nearly 93%, leaving only a small residual stake accounting for about 0.21% of the portfolio.

New Positions and Portfolio Structure

A key development in Q2 was the establishment of several new positions that weren't present or were significantly reduced in previous periods. These include ON HLDG AG (symbol ONON), a holding valued at approximately $470 million, representing about 2.88% of the portfolio.

The investor also added NU HLDGS LTD (symbol G6683N103), valued at around $631 million, making up about 3.86% of the assets.

Furthermore, Mr. Mandel increased his stake in CARVANA CO (CVNA) by nearly 500%, significantly boosting its portfolio allocation to about 4.23%.

Overall Portfolio Indicators and Strategy

Lone Pine Capital's portfolio as of June 30, 2026, consists of holdings from various sectors including Technology, Consumer Cyclical, Financial Services, Industrials, and others. The top five holdings by value account for approximately 31% of the total portfolio.

Mr. Mandel's strategy appears focused on concentrated bets in specific companies he believes have strong potential, as evidenced by the large increases in positions like NBIS, STX, HD, AMAT, and LIN during this quarter. He also strategically exited positions such as TSM and SE when they no longer aligned with his investment thesis.

His portfolio shows diversification across different sectors but is characterized by significant changes throughout periods. The decision to both buy heavily into new names like NBIS and sell out existing ones suggests a dynamic approach focused on maximizing returns based on current opportunities.