Lone Pine Capital 13F, Q4 2025
Stephen Mandel · quarter ending 31 December 2025 · filed 17 February 2026 · SEC CIK 1061165
Common stock only: shares the fund reported owning at the quarter end, valued as filed.
Largest positions, Q4 2025
The 25 largest of 32 positions. Weights are against the whole filed book. Changes are in shares held, against the Q3 2025 filing.
| Company | Ticker | Value | % of book | vs Q3 2025 |
|---|---|---|---|---|
| TAIWAN SEMICONDUCTOR MFG LTD | TSM | $927.59M | 6.8% | unchanged |
| VISTRA CORP | VST | $840.83M | 6.2% | +11% shares |
| CARVANA CO | CVNA | $750.91M | 5.5% | unchanged |
| LPL FINL HLDGS INC | LPLA | $741.11M | 5.4% | -8% shares |
| BROOKFIELD CORP | BN | $730.72M | 5.4% | +56% shares |
| ASML HOLDING N V | $647.28M | 4.8% | new | |
| KKR & CO INC | KKR | $637.54M | 4.7% | +23% shares |
| BROADCOM INC | AVGO | $598.83M | 4.4% | +12% shares |
| MICROSOFT CORP | MSFT | $596.85M | 4.4% | +2% shares |
| DOORDASH INC | DASH | $572.97M | 4.2% | new |
| AMAZON COM INC | AMZN | $557.32M | 4.1% | -14% shares |
| CAPITAL ONE FINL CORP | COF | $556.19M | 4.1% | -11% shares |
| APPLOVIN CORP | APP | $525.94M | 3.9% | -30% shares |
| NU HLDGS LTD | $496.01M | 3.6% | +17% shares | |
| MEDLINE INC | MDLN | $492.10M | 3.6% | new |
| TALEN ENERGY CORP | TLN | $484.49M | 3.6% | +8% shares |
| VULCAN MATLS CO | VMC | $480.29M | 3.5% | +22% shares |
| PHILIP MORRIS INTL INC | PM | $424.03M | 3.1% | -43% shares |
| CARPENTER TECHNOLOGY CORP | CRS | $413.37M | 3.0% | new |
| WINGSTOP INC | WING | $380.45M | 2.8% | +7% shares |
| AMPHENOL CORP NEW | APH | $379.71M | 2.8% | -7% shares |
| TENET HEALTHCARE CORP | THC | $355.18M | 2.6% | new |
| CLEAN HARBORS INC | CLH | $323.14M | 2.4% | new |
| AFFIRM HLDGS INC | AFRM | $284.11M | 2.1% | new |
| ENTEGRIS INC | ENTG | $257.32M | 1.9% | new |
What changed since Q3 2025
Against the Q3 2025 filing, Lone Pine Capital opened 14 new positions, added to 9, trimmed 7, left 2 unchanged and exited 7. Every position is compared, matched on its CUSIP; a change of 2% or less in shares counts as unchanged.
Other quarters
Source: SEC Form 13F-HR, accession 0000902664-26-001084, filed by LONE PINE CAPITAL LLC. Values are as filed and cover US-listed positions only; a 13F does not show short positions or holdings outside the US. A 13F may be filed up to 45 days after the quarter ends, so the fund may have traded since. Educational information, not financial advice.