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

Portfolio Overview

Lone Pine Capital, managed by Stephen Mandel, held a substantial portfolio as of March 31, 2026. The analysis focuses on the top holdings and sector allocations within this portfolio.

Top Holdings by Value

The portfolio's largest individual positions, measured by total stock value, are dominated by holdings in the Technology and Utilities sectors.

• ASML Holdings NV (ASML): A Technology holding valued at approximately $865 million, representing about 6.9% of the portfolio.
• Vistra Corporation (VST): A Utilities holding valued at approximately $930 million, representing about 7.4% of the portfolio.
• Carpenter Technology Corp (CRS): An Industrials holding valued at approximately $716 million, representing about 5.7% of the portfolio.
• Applovin Corp (APP): A Technology holding valued at approximately $583 million, representing about 4.65% of the portfolio.
• Talen Energy Corp (TLN): A holding valued at approximately $580 million, representing about 4.63% of the portfolio.
• Teradyne Inc (TER): A Technology holding valued at approximately $555 million, representing about 4.43% of the portfolio.
• Nu Holdings Ltd (G6683N103): A holding valued at approximately $546 million, representing about 4.35% of the portfolio.
• Corning Inc (GLW): A Technology holding valued at approximately $505 million, representing about 4.03% of the portfolio.

Concentration in Key Sectors

The portfolio exhibits notable concentration in specific sectors:

• Technology: Multiple significant Technology holdings are present, including ASML, APP, TER, and GLW. These four Technology stocks alone account for a substantial portion of the portfolio's allocation.
• Utilities: Vistra Corporation (VST) is the primary Utilities holding, making up about 7.4% of the portfolio.
• Financial Services: LPL Financial Holdings Inc (LPLA) is a significant holding in this sector, representing about 4.92%.
• Industrials: Carpenter Technology Corp (CRS) is the main Industrials holding, accounting for about 5.71%.
• Consumer Cyclical: Carvana Co (CVNA) is present, representing about 4.4%.

Recent Changes in Holdings

Several holdings show significant changes from the previous period:

• Applovin Corp (APP): Experienced an 87.68% increase in shares, indicating strong conviction or a recent large purchase.
• Nu Holdings Ltd (G6683N103): Saw a 28.29% increase in shares, suggesting continued investment in this position.
• Carpenter Technology Corp (CRS): Increased by 38.46% in shares, pointing to a significant build-up.
• ASML Holdings NV (ASML): Increased by 8.29% in shares, showing steady growth.
• Talen Energy Corp (TLN): Increased by 40.65% in shares, indicating a substantial addition.
• LPL Financial Holdings Inc (LPLA): Experienced a slight decrease of 1.2% in shares.
• Carvana Co (CVNA): Experienced a slight decrease of 1.38% in shares.

Investment Strategy Insights

The portfolio's structure suggests a strategy focused on concentrated holdings within specific sectors, particularly Technology and Utilities. The significant increases in shares for several Technology and Industrials holdings (like ASML, CRS, APP, TLN) indicate a potential contrarian or deep-value approach, possibly betting on the long-term potential of these sectors or specific companies. The large allocations to Technology and Utilities, combined with the concentration observed, point towards a conviction-based strategy where a smaller number of positions are held with high confidence.