The 2026 Q2 filing of Stephen Mandel's Lone Pine Capital shows 20 of the 36 stock positions held at the start of the quarter reduced or sold out, according to the 13F-HR filed with the SEC on August 14, 2026, most of them sold out. Of those, 15 were sold out and 5 trimmed. The total portfolio value is about $16.4B, up 30% from the prior quarter.
What did the 2026 Q2 filing report?
As of June 30, 2026, from the 13F-HR filed August 14, 2026.
| Value | |
|---|---|
| Stock positions | 36 to 34 |
| Positions cut | 20 |
| Median cut | 100% |
| Sold out | 15 |
| Trimmed | 5 |
| Reported value | $12.5B to $16.4B |
What was cut?
The largest cuts by percent change to portfolio were VST (sold out from 7.42%), TSM (trimmed from 3.74% to 0.3%) and TLN (sold out from 4.63%). Against that, Stephen Mandel opened 13 and added to 8.
What does the Stephen Mandel portfolio look like now?
Stephen Mandel's Lone Pine Capital reported 34 stock positions in its 2026 Q2 portfolio, down from 36 a quarter earlier. The total portfolio value is about $16.4B, up 30% from the prior quarter. The largest stock position is NBIS at 7.19%. Next come ASML at 6.92% and STX at 5.9%. The three largest stocks together are 20.01% of the book.
FAQ
How many positions did Stephen Mandel cut in 2026 Q2?
Stephen Mandel cut 20 of the 36 stock positions it went into 2026 Q2 with: 15 sold out and 5 trimmed by 30% or more of the shares.
Did Stephen Mandel sell everything?
No. The 2026 Q2 filing still lists 34 stock positions, and the reported portfolio value is about $16.4B.
How did the reported portfolio value change?
The reported portfolio value went from about $12.5B to about $16.4B, up 30% from the prior quarter. A 13F marks the positions it lists at quarter-end prices, so the value mixes sales with price moves, while the count of positions cut does not.