Stephen Mandel’s Lone Pine Capital disclosed in an SEC filing its holdings as of December 31, 2025. The fund’s new buys during the fourth quarter included, by size of position, ASML (ASML), DoorDash (DASH), Carpenter Technology (CRS), Tenet (THC), and Clean Harbors (CLH). Lone Pine exited a number of positions during the quarter, including by size of previous position, Meta (META), Starbucks (SBUX), EQT Corp (EQT), Flutter (FLUT), and Sea Ltd (SE). The fund increased its stake in a number of holdings, including by size of previous position, KKR (KKR), Nubank (NU), Broadcom (AVGO), Carvana (CVNA), and Vulcan Materials (VMC). Lone Pine reduced its stake in several holdings, including by size of previous position, Philip Morris (PM), AppLovin (APP), Booking (BKNG), Amazon (AMZN), and LPL Financial (LPLA). FUND’S top holdings as of December 31, in order of size, were TSMC (TSM), Vistra (VST), Carvana, LPL Financial, and Brookfield (BAM).
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