Stephen Mandel's Lone Pine Capital Portfolio Shows Significant Shifts in Top Holdings for Q4 2025
Lone Pine Capital's portfolio, valued at over $13 billion, saw major increases in ASML and VST, while DASH and AMZN experienced substantial decreases during the quarter.
Lone Pine Capital, managed by Stephen Mandel, reported a substantial portfolio value of $13.12 billion as of December 31, 2025. The firm's top holdings for the quarter reveal notable shifts in allocation, with several stocks seeing significant changes in share count and portfolio weight.
Among the most pronounced increases during the quarter were shares of ASML Holding N.V. (ASML), which saw a 6.73% rise in shares and climbed to a 4.76% allocation in the portfolio. Similarly, Vistra Corp (VST) experienced a 10.91% increase in shares, pushing its portfolio weight to 6.18%. The investor also significantly boosted their position in Brookfield Corp (BN), adding 5.64 million shares and increasing its allocation to 5.37%, and in KKR & Co. Inc. (KKR), adding over 2.25 million shares and raising its stake to 4.68%.
Conversely, DoorDash Inc. (DASH) suffered a dramatic reduction in position, with a 44.46% decrease in shares and its portfolio allocation dropping significantly to 4.21%. Amazon.com Inc. (AMZN) also saw a substantial decline, with a 14.13% reduction in shares and its allocation falling to 4.09%. Lone Pine Capital trimmed its stake in LPL Financial Holdings Inc. (LPLA) by 8.01%, and slightly reduced its position in CARVANA Co. (CVNA) by 0.8%.
Microsoft Corp (MSFT) and Broadcom Inc. (AVGO) maintained relatively stable positions during the quarter, with minimal changes in share count and portfolio allocation. Other sectors represented in the top holdings include Utilities, Technology, Consumer Cyclical, and Financial Services.
For a complete view of Stephen Mandel's investment activity, visit the investor profile at https://www.insiderset.com/investor/stephen-mandel-lone-pine-capital. Detailed analysis of each stock, including ASML https://www.insiderset.com/investors/stocks/ASML, VST https://www.insiderset.com/investors/stocks/VST, BN https://www.insiderset.com/investors/stocks/BN, and others, is available on the platform.