Stephen Mandel's Portfolio Concentration at Lone Pine Capital
Analysis of Stephen Mandel's largest holdings and sector concentration in his Lone Pine Capital portfolio as of December 31, 2025.
As of December 31, 2025, Stephen Mandel's portfolio at Lone Pine Capital, valued at approximately $13.1 billion, demonstrates significant concentration in specific sectors and individual stocks. The holdings reflect a focused approach to investment, with a limited number of stocks accounting for a substantial portion of the total portfolio value.
Mandel's largest individual holding by allocation is VISTRA CORP (VST), representing 6.18% of the portfolio. This position saw an increase in shares held during the prior period, growing by 10.91%. Other significant positions include CARVANA CO (CVNA) at 5.52%, LPL FINL HLDGS INC (LPLA) at 5.44%, BROOKFIELD CORP (BN) at 5.37%, and ASML HOLDING N V (ASML) at 4.76%. These top five holdings alone account for nearly 27% of the total portfolio allocation, highlighting the concentrated nature of this investment strategy.
The portfolio shows a clear tilt towards Technology and Consumer Cyclical sectors. Among the top holdings, AVGO (Technology) and AMZN (Consumer Cyclical) each hold around 4.4% and 4.09% respectively. Financial Services is another prominent sector, represented by LPLA, BN, and KKR & CO INC (KKR), with KKR showing particularly strong share growth of 22.56%.
Notable changes in share count from the previous period are evident across several holdings. BROOKFIELD CORP (BN) experienced the most significant increase in shares, rising by 56.4%. KKR & CO INC (KKR) also saw substantial growth with a 22.56% increase in its share count. Conversely, DOORDASH INC (DASH) and AMAZON COM INC (AMZN) showed significant declines, with share reductions of 44.46% and 14.13% respectively.
For a comprehensive view of Stephen Mandel's investment profile and complete portfolio data, please visit his profile on Insiderset: https://www.insiderset.com/investor/stephen-mandel-lone-pine-capital. Detailed information on each stock holding, including company profiles, can be found at https://www.insiderset.com/investors/stocks/.