
	Steve Mandel 13F
	Lone Pine Capital

	Last update 2025-05-15	24 Stocks (4 new)
	Value $11.58 Bil	Turnover 18 %
	Countries: Top Holdings: META(8.75%)INTU(7.44%)AMZN(7.15%)MSFT(6.36%)SBUX(5.60%) SEC Filings Portfolio Report

Steve Mandel Profile

Steve Mandel is the founder of Lone Pine Capital, a long/short equity money manager, which he started in 1997. Prior to founding LPC, Mr. Mandel was senior managing director and consumer analyst at Tiger Management Corporation (1990-1997), mass-market retailing analyst at Goldman, Sachs (1984-1990) and senior consultant at Mars and Company (1982-1984). Lone Pine Capital is named after a tree at his alma mater Dartmouth College that survived a lightning strike. Mandel previously worked at Tiger Management under Julian Robertson.

Steve Mandel Investing Philosophy

Lone Pine Capital invests in public equity markets across the globe, and utilizes long-short strategy. The firm uses fundamental analysis and bottom up stock picking to build the portfolio. Mandel uses both value and growth methodologies, and does not hold many stocks for very long.

Steve Mandel Portfolio and Latest Trades

Ticker
Ticker
CVNA
TOL
PTC
PM
SPOT
WDAY
CEG
CDNS
HWM
XYZ
LEN
LLY
INTU
META
APP
MSFT
AMZN
WING
ASML
VST
KKR
FLUT
CRM
LPLA
BTDR
TSM
SBUX
HUT
ARES
COF
CIFR
WULF
IREN
LLY
COF
FLUT
UNH
BKNG
AMZN
GEV
XYZ
PM
SPOT
LEN
SBUX
CRM
VST
CEG
APP
INTU
ASML
META
TSM
KKR
LPLA
ARES
TLN
PTC
WDAY
CIFR
WULF
HUT
MSFT
BTDR
CRM
LEN
MA
BBWI
SBUX
WDAY
MCK
TSM
APP
META
PM
KKR
CEG
AMZN
MSFT
TLN
BKNG
LPLA
ARES
UNH
AVDX
GEV
HWM
SPOT
ASML
HUT
WULF
INTU
BTDR
IREN
VST
CRM
UNH
WDAY
META
LYV

Ticker	Company	Date	Action	Impact %	Price Range	Price	Price Change from Avrg%	Comment	Current Shares	Share Change
Ticker	Company	Date	Action	Impact %	Price Range	Price	Price Change from Avrg%	Comment	Current Shares	Share Change
CVNA	Carvana Co	2025-03-31	New Buy New Buy	+4.18%	● 166.52 ($221.24) 285.33	$336.96	52.31%	New holding	2,314,168	2,314,168
TOL	Toll Brothers Inc	2025-03-31	New Buy New Buy	+3.47%	● 103.02 ($120.06) 140.69	$114.13	-4.94%	New holding	3,800,580	3,800,580
PTC	PTC Inc	2025-03-31	Sold Out Sold Out	-3.18%	● 153.3 ($171.97) 193.48	$172.34	0.22%	Sold Out	0	-2,326,231
PM	Philip Morris International Inc	2025-03-31	Reduce Reduce	-3.09%	● 117.15 ($141.65) 158.79	$182.13	28.58%	Reduce -53.49%	3,008,542	-3,459,830
SPOT	Spotify Technology SA	2025-03-31	Sold Out Sold Out	-3.04%	● 457.79 ($558.87) 648.32	$767.34	37.30%	Sold Out	0	-913,564
WDAY	Workday Inc	2025-03-31	Sold Out Sold Out	-2.96%	● 233.53 ($255.22) 277.82	$240.00	-5.96%	Sold Out	0	-1,543,464
CEG	Constellation Energy Corp	2025-03-31	Sold Out Sold Out	-2.89%	● 201.63 ($268.03) 347.44	$322.76	20.42%	Sold Out	0	-1,737,526
CDNS	Cadence Design Systems Inc	2025-03-31	New Buy New Buy	+2.68%	● 233.96 ($278.09) 324.52	$308.15	10.81%	New holding	1,218,389	1,218,389
HWM	Howmet Aerospace Inc	2025-03-31	Sold Out Sold Out	-2.49%	● 110.79 ($127.01) 139.39	$186.13	46.55%	Sold Out	0	-3,061,707
XYZ	Block Inc	2025-03-31	Sold Out Sold Out	-2.38%	● 54.04 ($74.64) 92.95	$67.93	-8.99%	Sold Out	0	-3,765,793
LEN	Lennar Corp	2025-03-31	Sold Out Sold Out	-1.74%	● 113.93 ($123.84) 137.82	$110.61	-10.68%	Sold Out	0	-1,717,903
LLY	Eli Lilly and Co	2025-03-31	Reduce Reduce	-1.33%	● 725.72 ($832.09) 929.72	$779.53	-6.32%	Reduce -29.51%	551,827	-231,033
INTU	Intuit Inc	2025-03-31	Add Add	+1.31%	● 555.63 ($600.51) 630.23	$787.63	31.16%	Add 21.36%	1,403,802	247,040
META	Meta Platforms Inc	2025-03-31	Reduce Reduce	-1.21%	● 576.36 ($645.17) 736.67	$738.09	14.40%	Reduce -13.69%	1,758,062	-278,868
APP	AppLovin Corp	2025-03-31	Add Add	+1.17%	● 238.08 ($344.61) 510.13	$350.08	1.59%	Add 46.89%	1,593,928	508,815
MSFT	Microsoft Corp	2025-03-31	Add Add	+1.04%	● 375.39 ($407.71) 447.2	$497.41	22.00%	Add 19.55%	1,960,328	320,631
AMZN	Amazon.com Inc	2025-03-31	Add Add	+0.93%	● 190.26 ($217) 242.06	$219.39	1.10%	Add 14.88%	4,352,740	563,706
WING	Wingstop Inc	2025-03-31	New Buy New Buy	+0.87%	● 207 ($260.1) 311.93	$336.64	29.43%	New holding	449,056	449,056
ASML	ASML Holding NV	2025-03-31	Add Add	+0.80%	● 662.63 ($727.48) 776.99	$801.39	10.16%	Add 31.84%	582,427	140,661
VST	Vistra Corp	2025-03-31	Reduce Reduce	-0.77%	● 108.49 ($149.41) 191.89	$193.81	29.72%	Reduce -13.98%	4,604,788	-748,177
KKR	KKR & Co Inc	2025-03-31	Add Add	+0.72%	● 108.17 ($137.58) 167.07	$133.03	-3.31%	Add 17.68%	4,763,771	715,628
FLUT	Flutter Entertainment PLC	2025-03-31	Add Add	+0.59%	● 221.55 ($259.01) 298.81	$285.76	10.33%	Add 16.07%	2,219,896	307,377
CRM	Salesforce Inc	2025-03-31	Add Add	+0.39%	● 268.36 ($311.03) 359.95	$272.69	-12.33%	Add 10.64%	1,731,680	166,487
LPLA	LPL Financial Holdings Inc	2025-03-31	Reduce Reduce	-0.38%	● 308.87 ($348.21) 383.33	$374.97	7.69%	Reduce -8.26%	1,764,015	-158,733
BTDR	Bitdeer Technologies Group	2025-03-31	Sold Out Sold Out	-0.16%	● 8.83 ($14.93) 26.1	$11.48	-23.11%	Sold Out	0	-986,717
TSM	Taiwan Semiconductor Manufacturing Co Ltd Taiwan Semiconductor Manufacturing Co Ltd	2025-03-31	Add Add	+0.15%	● 165.25 ($194.34) 224.62	$226.49	16.54%	Add 2.79%	3,865,381	104,937
SBUX	Starbucks Corp	2025-03-31	Add Add	+0.11%	● 92.17 ($103.37) 115.81	$91.63	-11.36%	Add 2.05%	6,607,888	132,831
HUT	Hut 8 Corp	2025-03-31	Sold Out Sold Out	-0.11%	● 11.48 ($18.46) 26.92	$18.60	0.76%	Sold Out	0	-692,839
ARES	Ares Management Corp	2025-03-31	Reduce Reduce	-0.10%	● 140.19 ($172.79) 198.22	$173.20	0.24%	Reduce -4.33%	1,604,441	-72,602
COF	Capital One Financial Corp	2025-03-31	Reduce Reduce	-0.08%	● 163.87 ($188.9) 209.82	$212.76	12.63%	Reduce -1.84%	3,176,143	-59,680
CIFR	Cipher Mining Inc	2025-03-31	Sold Out Sold Out	-0.08%	● 2.3 ($4.55) 6.08	$4.78	5.05%	Sold Out	0	-2,344,380
WULF	TeraWulf Inc	2025-03-31	Sold Out Sold Out	-0.06%	● 2.72 ($4.45) 6.5	$4.37	-1.80%	Sold Out	0	-1,480,928
IREN	IREN Ltd	2025-03-31	Sold Out Sold Out	-0.05%	● 6.07 ($9.74) 13.32	$14.56	49.49%	Sold Out	0	-711,839
LLY	Eli Lilly and Co	2024-12-31	New Buy New Buy	+4.49%	● 727.2 ($827.11) 932.06	$779.53	-5.75%	New holding	782,860	782,860
COF	Capital One Financial Corp	2024-12-31	New Buy New Buy	+4.28%	● 145.2 ($173.53) 192.01	$212.76	22.61%	New holding	3,235,823	3,235,823
FLUT	Flutter Entertainment PLC	2024-12-31	New Buy New Buy	+3.67%	● 219.5 ($252.72) 282.64	$285.76	13.07%	New holding	1,912,519	1,912,519
UNH	UnitedHealth Group Inc	2024-12-31	Sold Out Sold Out	-3.58%	● 485.52 ($567.94) 625.25	$311.97	-45.07%	Sold Out	0	-821,880
BKNG	Booking Holdings Inc	2024-12-31	Sold Out Sold Out	-2.40%	● 4104.12 ($4816.41) 5300.34	$5,789.24	20.20%	Sold Out	0	-76,414
AMZN	Amazon.com Inc	2024-12-31	Reduce Reduce	-2.35%	● 180.8 ($204.89) 232.93	$219.39	7.08%	Reduce -30.89%	3,789,034	-1,693,233
GEV	GE Vernova Inc	2024-12-31	Sold Out Sold Out	-2.20%	● 252.29 ($313.49) 349.44	$529.15	68.79%	Sold Out	0	-1,156,011
XYZ	Block Inc	2024-12-31	Reduce Reduce	-1.95%	● 65.06 ($82.29) 98.92	$67.93	-17.45%	Reduce -50.91%	3,765,793	-3,904,730
PM	Philip Morris International Inc	2024-12-31	Add Add	+1.78%	● 118.38 ($126.25) 133.06	$182.13	44.26%	Add 44.36%	6,468,372	1,987,716
SPOT	Spotify Technology SA	2024-12-31	Reduce Reduce	-1.76%	● 362.95 ($429.06) 502.38	$767.34	78.84%	Reduce -41.16%	913,564	-638,965
LEN	Lennar Corp	2024-12-31	Reduce Reduce	-1.69%	● 126.07 ($155.08) 174.88	$110.61	-28.68%	Reduce -41.32%	1,717,903	-1,209,751
SBUX	Starbucks Corp	2024-12-31	Add Add	+1.64%	● 87.44 ($96.73) 102.5	$91.63	-5.27%	Add 59.84%	6,475,057	2,424,207
CRM	Salesforce Inc	2024-12-31	Reduce Reduce	-1.58%	● 279.48 ($319.91) 367.87	$272.69	-14.76%	Reduce -33.05%	1,565,193	-772,637
VST	Vistra Corp	2024-12-31	Reduce Reduce	-1.29%	● 115.74 ($139.1) 166.61	$193.81	39.33%	Reduce -21.35%	5,352,965	-1,453,326
CEG	Constellation Energy Corp	2024-12-31	Reduce Reduce	-1.27%	● 223.71 ($249.1) 285.52	$322.76	29.57%	Reduce -27.43%	1,737,526	-656,705
APP	AppLovin Corp	2024-12-31	Reduce Reduce	-1.25%	● 131.36 ($254.91) 401.5	$350.08	37.33%	Reduce -54.21%	1,085,113	-1,284,753
INTU	Intuit Inc	2024-12-31	Add Add	+1.10%	● 602.01 ($639.51) 706.25	$787.63	23.16%	Add 25.55%	1,156,762	235,401
ASML	ASML Holding NV	2024-12-31	Reduce Reduce	-0.68%	● 658.43 ($716.45) 872.27	$801.39	11.86%	Reduce -19.87%	441,766	-109,547
META	Meta Platforms Inc	2024-12-31	Add Add	+0.63%	● 554.08 ($587.14) 632.68	$738.09	25.71%	Add 7.7%	2,036,930	145,593
TSM	Taiwan Semiconductor Manufacturing Co Ltd Taiwan Semiconductor Manufacturing Co Ltd	2024-12-31	Reduce Reduce	-0.59%	● 175.8 ($193.87) 207.36	$226.49	16.83%	Reduce -10.74%	3,760,444	-452,417
KKR	KKR & Co Inc	2024-12-31	Reduce Reduce	-0.46%	● 130.9 ($146.98) 162.87	$133.03	-9.49%	Reduce -10.49%	4,048,143	-474,587
LPLA	LPL Financial Holdings Inc	2024-12-31	Reduce Reduce	-0.45%	● 231.07 ($296.76) 335.91	$374.97	26.35%	Reduce -11.81%	1,922,748	-257,389
ARES	Ares Management Corp	2024-12-31	Reduce Reduce	-0.44%	● 153.38 ($170.85) 183.7	$173.20	1.38%	Reduce -18.27%	1,677,043	-374,773
TLN	Talen Energy Corp	2024-12-31	Add Add	+0.35%	● 159.19 ($195.31) 223.54	$290.56	48.77%	Add 27.23%	1,089,380	233,165
PTC	PTC Inc	2024-12-31	Reduce Reduce	-0.30%	● 177.07 ($189.82) 201.89	$172.34	-9.21%	Reduce -8.71%	2,326,231	-221,968
WDAY	Workday Inc	2024-12-31	Reduce Reduce	-0.11%	● 233.85 ($255.7) 279.91	$240.00	-6.14%	Reduce -3.8%	1,543,464	-60,921
CIFR	Cipher Mining Inc	2024-12-31	New Buy New Buy	+0.08%	● 3.67 ($5.71) 7.43	$4.78	-16.29%	New holding	2,344,380	2,344,380
WULF	TeraWulf Inc	2024-12-31	Reduce Reduce	-0.06%	● 3.82 ($6.48) 8.82	$4.37	-32.56%	Reduce -51.73%	1,480,928	-1,586,868
HUT	Hut 8 Corp	2024-12-31	Reduce Reduce	-0.05%	● 10.97 ($20.56) 30.24	$18.60	-9.53%	Reduce -43.8%	692,839	-539,913
MSFT	Microsoft Corp	2024-12-31	Reduce Reduce	-0.05%	● 406.35 ($426.03) 454.46	$497.41	16.75%	Reduce -0.97%	1,639,697	-16,082
BTDR	Bitdeer Technologies Group	2024-12-31	Reduce Reduce	-0.02%	● 6.77 ($12.81) 24.46	$11.48	-10.38%	Reduce -23.98%	986,717	-311,248
CRM	Salesforce Inc	2024-09-30	New Buy New Buy	+4.77%	● 238.42 ($256.15) 276.64	$272.69	6.46%	New holding	2,337,830	2,337,830
LEN	Lennar Corp	2024-09-30	New Buy New Buy	+4.09%	● 142.5 ($173.06) 192.45	$110.61	-36.09%	New holding	2,927,654	2,927,654
MA	Mastercard Inc	2024-09-30	Sold Out Sold Out	-3.73%	● 429.6 ($465.04) 500.99	$561.94	20.84%	Sold Out	0	-1,043,557
BBWI	Bath & Body Works Inc	2024-09-30	Sold Out Sold Out	-3.58%	● 26.71 ($33.16) 39.42	$29.96	-9.65%	Sold Out	0	-11,315,515
SBUX	Starbucks Corp	2024-09-30	New Buy New Buy	+2.95%	● 72.51 ($85.8) 99.28	$91.63	6.79%	New holding	4,050,850	4,050,850
WDAY	Workday Inc	2024-09-30	New Buy New Buy	+2.93%	● 207.75 ($236.18) 264.68	$240.00	1.62%	New holding	1,604,385	1,604,385
MCK	McKesson Corp	2024-09-30	Sold Out Sold Out	-2.66%	● 479.06 ($556.84) 630.38	$732.78	31.60%	Sold Out	0	-560,936
TSM	Taiwan Semiconductor Manufacturing Co Ltd Taiwan Semiconductor Manufacturing Co Ltd	2024-09-30	Reduce Reduce	-2.52%	● 147.95 ($170.4) 191.05	$226.49	32.92%	Reduce -29.81%	4,212,861	-1,789,337
APP	AppLovin Corp	2024-09-30	Reduce Reduce	-2.25%	● 67.14 ($91.24) 130.71	$350.08	283.69%	Reduce -58.44%	2,369,866	-3,332,572
META	Meta Platforms Inc	2024-09-30	Add Add	+2.12%	● 453.41 ($514.55) 572.44	$738.09	43.44%	Add 35.63%	1,891,337	496,900
PM	Philip Morris International Inc	2024-09-30	Reduce Reduce	-1.80%	● 101.25 ($116.19) 127.45	$182.13	56.75%	Reduce -32.84%	4,480,656	-2,190,473
KKR	KKR & Co Inc	2024-09-30	Reduce Reduce	-1.59%	● 104.51 ($118.32) 133.23	$133.03	12.43%	Reduce -29.17%	4,522,730	-1,862,776
CEG	Constellation Energy Corp	2024-09-30	Add Add	+1.53%	● 167.08 ($198.7) 262.86	$322.76	62.44%	Add 49.18%	2,394,231	789,278
AMZN	Amazon.com Inc	2024-09-30	Add Add	+1.44%	● 161.02 ($182.46) 200	$219.39	20.24%	Add 23.24%	5,482,267	1,033,987
MSFT	Microsoft Corp	2024-09-30	Reduce Reduce	-1.32%	● 395.15 ($427.47) 467.56	$497.41	16.36%	Reduce -18.04%	1,655,779	-364,426
TLN	Talen Energy Corp	2024-09-30	New Buy New Buy	+1.14%	● 109.08 ($138.87) 190.02	$290.56	109.23%	New holding	856,215	856,215
BKNG	Booking Holdings Inc	2024-09-30	Reduce Reduce	-0.92%	● 3305.62 ($3834.96) 4268.94	$5,789.24	50.96%	Reduce -27.35%	76,414	-28,763
LPLA	LPL Financial Holdings Inc	2024-09-30	Add Add	+0.86%	● 193 ($225.33) 282.1	$374.97	66.41%	Add 29.38%	2,180,137	495,067
ARES	Ares Management Corp	2024-09-30	Add Add	+0.56%	● 133.73 ($145.09) 158.05	$173.20	19.37%	Add 30.29%	2,051,816	477,053
UNH	UnitedHealth Group Inc	2024-09-30	Reduce Reduce	-0.51%	● 488.01 ($565.61) 604.18	$311.97	-44.84%	Reduce -12.97%	821,880	-122,437
AVDX	AvidXchange Holdings Inc	2024-09-30	Sold Out Sold Out	-0.50%	● 7.44 ($9.42) 12.86	$9.79	3.93%	Sold Out	0	-5,078,341
GEV	GE Vernova Inc	2024-09-30	Reduce Reduce	-0.45%	● 160 ($192.02) 255.48	$529.15	175.57%	Reduce -21.73%	1,156,011	-320,997
HWM	Howmet Aerospace Inc	2024-09-30	Reduce Reduce	-0.38%	● 77.3 ($90.29) 100.25	$186.13	106.15%	Reduce -16.47%	3,061,707	-603,614
SPOT	Spotify Technology SA	2024-09-30	Reduce Reduce	-0.34%	● 290.16 ($332.48) 383.96	$767.34	130.79%	Reduce -7.99%	1,552,529	-134,886
ASML	ASML Holding NV	2024-09-30	Reduce Reduce	-0.30%	● 749.82 ($894) 1098.95	$801.39	-10.36%	Reduce -6.22%	551,313	-36,578
HUT	Hut 8 Corp	2024-09-30	New Buy New Buy	+0.11%	● 9 ($13.3) 20.93	$18.60	39.85%	New holding	1,232,752	1,232,752
WULF	TeraWulf Inc	2024-09-30	New Buy New Buy	+0.11%	● 3.31 ($4.54) 6.38	$4.37	-3.74%	New holding	3,067,796	3,067,796
INTU	Intuit Inc	2024-09-30	Add Add	+0.09%	● 602.97 ($638.32) 670.49	$787.63	23.39%	Add 2.1%	921,361	18,911
BTDR	Bitdeer Technologies Group	2024-09-30	New Buy New Buy	+0.08%	● 5.45 ($8.3) 12.42	$11.48	38.31%	New holding	1,297,965	1,297,965
IREN	Iris Energy Ltd	2024-09-30	New Buy New Buy	+0.04%	● 6.44 ($9.19) 15.03	$14.56	58.43%	New holding	711,839	711,839
VST	Vistra Corp	2024-09-30	Reduce Reduce	-0.02%	● 69 ($84.87) 119.08	$193.81	128.36%	Reduce -0.46%	6,806,291	-31,716
CRM	Salesforce Inc	2024-06-30	Sold Out Sold Out	-5.71%	● 218.01 ($267.58) 304.74	$272.69	1.91%	Sold Out	0	-2,400,267
UNH	UnitedHealth Group Inc	2024-06-30	New Buy New Buy	+3.90%	● 439.2 ($490.13) 524.63	$311.97	-36.35%	New holding	944,317	944,317
WDAY	Workday Inc	2024-06-30	Sold Out Sold Out	-3.05%	● 207.08 ($240.75) 272.44	$240.00	-0.31%	Sold Out	0	-1,414,824
META	Meta Platforms Inc	2024-06-30	Reduce Reduce	-2.85%	● 430.17 ($486.09) 527.34	$738.09	51.84%	Reduce -34.77%	1,394,437	-743,380
LYV	Live Nation Entertainment Inc	2024-06-30	Sold Out Sold Out	-2.69%	● 88.27 ($94.54) 104.88	$151.28	60.02%	Sold Out	0	-3,217,551

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