2026년 2월 18일 · Unknown · financial · 출처 Yahoo Finance
This article first appeared on GuruFocus.
Exploring the Fourth Quarter 2025 13F Filing of Lone Pine Capital
Steve Mandel (Trades, Portfolio) recently submitted the 13F filing for the fourth quarter of 2025, providing insights into his investment moves during this period. Steve Mandel (Trades, Portfolio) 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 (Trades, Portfolio) 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 (Trades, Portfolio) under Julian Robertson. 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.
Warning! GuruFocus has detected 5 Warning Signs with MDGL. Is TSM fairly valued? Test your thesis with our free DCF calculator.Steve Mandel's Strategic Moves: Meta Platforms Inc. Exit Impacts Portfolio by -7.07%
Summary of New Buy
Steve Mandel (Trades, Portfolio) added a total of 14 stocks, among them:
The most significant addition was ASML Holding NV (NASDAQ:ASML), with 605,017 shares, accounting for 4.76% of the portfolio and a total value of $647.28 million. The second largest addition to the portfolio was DoorDash Inc (NASDAQ:DASH), consisting of 2,529,879 shares, representing approximately 4.21% of the portfolio, with a total value of $572.97 million. The third largest addition was Medline Inc (NASDAQ:MDLN), with 11,716,697 shares, accounting for 3.62% of the portfolio and a total value of $492.10 million.
Key Position Increases
Steve Mandel (Trades, Portfolio) also increased stakes in a total of 10 stocks, among them:
The most notable increase was KKR & Co Inc (NYSE:KKR), with an additional 920,524 shares, bringing the total to 5,001,085 shares. This adjustment represents a significant 22.56% increase in share count, a 0.86% impact on the current portfolio, with a total value of $637.54 million. The second largest increase was Vulcan Materials Co (NYSE:VMC), with an additional 299,308 shares, bringing the total to 1,683,932. This adjustment represents a significant 21.62% increase in share count, with a total value of $480.29 million.
Summary of Sold Out
Steve Mandel (Trades, Portfolio) completely exited 7 holdings in the fourth quarter of 2025, as detailed below:
Story Continues
Meta Platforms Inc (NASDAQ:META): Steve Mandel (Trades, Portfolio) sold all 1,322,260 shares, resulting in a -7.07% impact on the portfolio. Starbucks Corp (NASDAQ:SBUX): Steve Mandel (Trades, Portfolio) liquidated all 5,561,954 shares, causing a -3.42% impact on the portfolio.
Key Position Reduces
Steve Mandel (Trades, Portfolio) also reduced positions in 7 stocks. The most significant changes include:
Reduced Philip Morris International Inc (NYSE:PM) by 1,970,864 shares, resulting in a -42.71% decrease in shares and a -2.33% impact on the portfolio. The stock traded at an average price of $154.83 during the quarter and has returned 21.32% over the past 3 months and 14.50% year-to-date. Reduced AppLovin Corp (NASDAQ:APP) by 328,608 shares, resulting in a -29.63% reduction in shares and a -1.72% impact on the portfolio. The stock traded at an average price of $628.92 during the quarter and has returned -30.21% over the past 3 months and -44.14% year-to-date.
Portfolio Overview
At the fourth quarter of 2025, Steve Mandel (Trades, Portfolio)'s portfolio included 32 stocks, with top holdings including 6.81% in Taiwan Semiconductor Manufacturing Co Ltd (NYSE:TSM), 6.18% in Vistra Corp (NYSE:VST), 5.52% in Carvana Co (NYSE:CVNA), 5.44% in LPL Financial Holdings Inc (NASDAQ:LPLA), and 5.37% in Brookfield Corp (NYSE:BN).Steve Mandel's Strategic Moves: Meta Platforms Inc. Exit Impacts Portfolio by -7.07%
The holdings are mainly concentrated in 9 of the 11 industries: Financial Services, Technology, Consumer Cyclical, Utilities, Healthcare, Industrials, Communication Services, Basic Materials, and Consumer Defensive.Steve Mandel's Strategic Moves: Meta Platforms Inc. Exit Impacts Portfolio by -7.07%
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