Stephen Mandel's Lone Pine Capital Portfolio: Heavyweights in Utilities, Tech and Financials

Portfolio Overview

Lone Pine Capital, managed by Stephen Mandel, holds a portfolio valued at approximately $12 billion as of March 31, 2026. The strategy appears focused on specific sectors, with Technology and Financial Services showing particularly strong allocations.

Top Holdings by Value

The largest positions by total stock value in the portfolio are dominated by ASML, VST, and CRS:

• ASML (ASML HLDG NV): $865 million, representing 6.9% of the portfolio.
• VST (VISTRA CORP): $930 million, representing 7.4% of the portfolio.
• CRS (CARPENTER TECHNOLOGY CORP): $716 million, representing 5.7% of the portfolio.

Concentration in Key Sectors

The portfolio exhibits notable concentration in specific sectors:

• Technology: Holds significant positions in ASML, APP, TER, and GLW, collectively accounting for around 16.0% of the portfolio value.
• Utilities: VST, representing 7.4% of the portfolio, is the largest holding in this sector.
• Financial Services: LPLA, representing 4.9% of the portfolio, is a key holding in this sector.
• Industrials: CRS, representing 5.7% of the portfolio, is the largest holding in this sector.
• Consumer Cyclical: CVNA, representing 4.4% of the portfolio, is a significant holding in this sector.

Recent Changes in Holdings

Several holdings show significant changes in shares from the prior period:

• APP (APPLOVIN CORP) saw an 87.68% increase in shares, indicating strong conviction or a recent addition.
• G6683N103 (NU HLDGS LTD) experienced a 28.29% increase in shares, suggesting continued investment in this position.
• TER (TERADYNE INC) and GLW (CORNING INC) both saw a 100% increase in shares, meaning the position was rebuilt or significantly increased.
• LPLA (LPL FINL HLDGS INC) saw a slight decrease of 1.2% in shares.
• CVNA (CARVANA CO) saw a small decrease of 1.38% in shares.

Investment Strategy Analysis

The portfolio's structure suggests a strategy focused on deep value within select sectors. The heavy weighting in Technology (multiple large holdings) and Financial Services points to confidence in these areas. The significant position in Utilities (VST) and Industrials (CRS) further diversifies the core holdings. The substantial increases in positions like APP and G6683N103 indicate a focus on capitalizing on strong growth opportunities within these sectors. The strategy appears to involve concentrated bets on specific companies, given the prominence of these top holdings.