Stephen Mandel's Trades and Holdings in Q3 2025

Breaking down the stocks Stephen Mandel (Lone Pine) bought, sold, and held in Q3 2025, including their holdings at the end of the quarter. All data sourced from Lone Pine's 13F filed on November 14, 2025.

Who are Stephen Mandel and Lone Pine Capital?

Stephen Mandel is the founder and managing director of Lone Pine Capital LLC (commonly referred to as Lone Pine Capital). The fund is known for its concentrated portfolio, typically consisting of 20-25 stocks, with the top 10 holdings comprising approximately 57% of assets, and minimal cash holdings as it aims to remain close to fully invested over time. His investment strategy is a growth-oriented long/short equity approach inspired by Julian Robertson's Tiger Management, emphasizing long-term capital appreciation through an integrated, iterative research process that generates differentiated insights and high-conviction ideas across public and private markets. Mandel focuses on innovative companies undergoing catalysts for change that can compound value over multiple years, with strong qualitative factors like management caliber, growth potential, favorable unit economics, high margin profiles, durable competitive advantages, franchise value, and alignment with secular trends and inflection points.

Lonepinecapital.com
Q3 '25 13F filed with SEC

Holdings in Q3 2025

Current Investment Strategy

Stephen Mandel's Lone Pine Capital maintained its concentrated, growth-oriented approach in Q3 2025, anchoring the portfolio around high-conviction turnaround and transformation stories including top holdings Carvana and Starbucks while rotating into new technology and infrastructure plays. The Tiger Cub fund executed a notable portfolio shift during the quarter, initiating positions in AI beneficiary Broadcom, construction materials play Vulcan Materials, Brazilian fintech Nu Holdings, fast-casual concept Wingstop, and interconnect specialist Amphenol, while exiting legacy holdings Intuit, UnitedHealth, Salesforce, ASML, and Wix to focus capital on companies undergoing catalytic change aligned with secular growth trends.

New Investments

Broadcom AVGO

Stephen Mandel bought $511.17M of Broadcom in Q3 2025. Broadcom delivered exceptional Q3 FY 2025 results with record $16.0 billion revenue, up 22% year-over-year, driven by explosive 63% year-over-year growth in AI semiconductor revenue to $5.2 billion. The company is gaining substantial market share in the AI accelerator market with strong operational leverage reflected in 30% year-over-year adjusted EBITDA growth to $10.7 billion and 47% year-over-year free cash flow expansion to $7.0 billion. Elevated Q4 guidance of $17.4 billion revenue (up 24% YoY) and a record $110 billion backlog with at least 50% tied to semiconductor demand underscore sustained momentum from AI infrastructure investments and provide multi-year visibility.

• AI semiconductor revenue accelerated 63% year-over-year in Q3 to $5.2 billion, with Q4 guidance projecting 66% year-over-year growth to $6.2 billion, marking eleven consecutive quarters of AI growth.
• Free cash flow surged 47% year-over-year to $7.0 billion, representing 44% of revenue, while the company returned $2.8 billion to shareholders in Q3.
• Operating margin expanded 20 basis points sequentially to 65.5%, with operating income up 32% year-over-year to a record $10.5 billion.

Vulcan Materials VMC

Stephen Mandel bought $425.94M of Vulcan Materials in Q3 2025. Vulcan Materials delivered a robust Q3 2025 with EPS of $2.84 beating consensus by 4.41% and driving 27.9% year-over-year growth, while adjusted EBITDA surged 27% to $735 million with substantial margin expansion of 310 basis points, demonstrating strong operational execution across its aggregates-led portfolio. The company maintained disciplined capital allocation, deploying $2 billion in acquisitions while returning $300 million to shareholders and improving return on invested capital by 40 basis points, positioning it well for continued growth despite residential demand weakness and near-term tariff uncertainties. Management's full-year guidance projects $2.35-$2.45 billion in adjusted EBITDA (representing 17% growth at midpoint) with expectations for organic shipment growth resumption and mid-single-digit pricing improvements in 2026, though the market's initial reaction saw the stock decline 3.5% in pre-market trading.

• EPS increased 27.9% year-over-year to $2.84 with a 4.41% earnings beat; revenue growth of 14.4% to $2.29 billion.
• Adjusted EBITDA expanded 27% year-over-year to $735 million with margin expansion of 310 basis points to 32.1%.
• Free cash flow surged 31% to over $1 billion; aggregate shipments grew 12% in Q3 and 3% year-to-date.

Nu Holdings NU

Stephen Mandel bought $406.76M of Nu Holdings in Q3 2025. Nu Holdings delivered a strong Q3 2025 performance, with revenue reaching $4.17 billion and significantly outpacing analyst expectations on both top and bottom-line metrics. The company's expansion across Latin America, coupled with its strategic pivot toward AI-first operations, positions it favorably within the fintech sector, driving a positive market reaction. This momentum reflects the company's ability to scale efficiently while maintaining profitability gains across its diversifying revenue streams.

• Revenue surged 41.8% year-over-year to $4.17 billion, beating consensus estimates of $4.04 billion by 3.36%.
• EPS delivered $0.17 per share, beating consensus by 13.33% versus the $0.15 estimate.
• Stock outperformed the broader market by 200 basis points, up 6.6% over the past month versus the S&P 500's 4.6% gain.

Wingstop WING

Stephen Mandel bought $375.32M of Wingstop in Q3 2025. Wingstop delivered record profitability in Q3 2025 with adjusted EBITDA growing 18.6% to $63.7 million and EPS beating forecasts by 18%, driven by strong cost control and record unit expansion of 114 net new openings. However, the company faces near-term headwinds with domestic same-store sales declining 5.6%, prompting management to lower full-year comparable sales guidance to -3% to -4%. The asset-light franchising model and international expansion opportunity, including a landmark agreement in India, position the company for long-term value creation despite current domestic market challenges.

• Adjusted EBITDA grew 18.6% to $63.7 million, the highest quarter on record, with total revenue increasing 8.1% to $175.7 million.
• Record 114 net new openings achieved in Q3 representing 19.3% net unit growth; digital sales now represent 72.8% of system-wide sales.
• Domestic same-store sales declined 5.6%, resulting in full-year guidance reduction to -3% to -4% comparable sales versus prior guidance of approximately 1%.

Amphenol APH

Stephen Mandel bought $374.12M of Amphenol in Q3 2025. Amphenol delivered exceptional Q3 2025 results with $6.2 billion in revenue, representing a 53% year-over-year increase, significantly outpacing analyst expectations and demonstrating broad-based strength across end markets. The company achieved record operating margins of 27.5% and 86% adjusted diluted EPS growth to $0.93, driven by robust 41% organic growth with particular strength in IT datacom powered by artificial intelligence demand. Strategic acquisitions including the completed Trexon acquisition and pending CCS integration, combined with accelerating electronics innovation and a 52% dividend increase, position the company for sustained expansion with full-year 2025 sales guidance of $22.66-22.76 billion (49-50% increase).

• Adjusted diluted EPS grew 86% year-over-year to $0.93 in Q3 2025, with full-year 2025 guidance of $3.26-3.28 representing 72-74% annual growth.
• Communications Solutions segment led with 96% sales growth while overall organic growth reached 41%.
• Operating margin expanded to record 27.5% with stock up 91.7% over the past six months.

Sea SE

Stephen Mandel bought $334.14M of Sea in Q3 2025. Sea Limited delivered record profitability in Q3 2025 with group revenue of $6.0 billion (+38.3% YoY) and net income more than doubling to $375 million. All three business segments—e-commerce, digital finance, and entertainment—showed robust growth, with Shopee achieving record $32.2 billion GMV and Monee posting +60.8% revenue growth. The company's strong balance sheet of $9.9 billion in cash and improved margins across all divisions position it well for sustained expansion despite competitive pressures in key markets.

• Total adjusted EBITDA surged 67.7% to $874.3 million, demonstrating strong operational leverage and profitability improvement.
• Shopee's core marketplace revenue expanded 52.8% with adjusted EBITDA growing 440.1%, reflecting superior monetization gains in transactions and advertising.
• Management reiterated full-year e-commerce GMV growth surpassing 25% and entertainment bookings growth of 30%+, signaling sustained momentum.

Ciena CIEN

Stephen Mandel bought $292.31M of Ciena in Q3 2025. Ciena delivered exceptional Q3 results with 29.4% revenue growth and 91% EPS growth driven by strong cloud provider adoption growing at 94% year-over-year and commanding 40% of total revenue, positioning the company at the forefront of AI infrastructure buildout. Operating margin expanded 270 basis points to 10.7% despite gross margin declining 180 basis points to 41.9% due to product mix headwinds, while positive free cash flow of $135 million versus negative $179 million in the prior year demonstrates improving operational efficiency. Management raised FY2026 revenue guidance to 17% growth and accelerated long-term operating margin targets to 15-16% by FY2026, signaling confidence in sustained demand from cloud and non-telco customers representing 53% of revenue.

• Adjusted EPS surged 91% year-over-year to $0.67, significantly exceeding the $0.54 consensus estimate, with non-telco customers now representing 53% of total revenue.
• Adjusted operating margin improved 270 basis points to 10.7% and free cash flow swung to positive $135 million from negative $179 million year-over-year.
• Cloud provider direct revenue grew 94% year-over-year to represent 40% of total revenue, with management guiding for 17% revenue growth and 15-16% operating margins in FY2026.

Etsy ETSY

Stephen Mandel bought $257.61M of Etsy in Q3 2025. Etsy demonstrated resilience in Q3 2025 with revenue of $678.0 million growing 6.1% year-over-year and net income surging 31.6% to $75.5 million, with earnings per share of $0.63 beating consensus estimates by $0.06. However, growth is heavily reliant on increased take rates and advertising revenue rather than marketplace transaction volume, with core marketplace gross merchandise sales declining 2.4% year-over-year while Depop showed strong momentum at 39.4% GMS growth. The company's adjusted EBITDA margin compressed to 25.4% from 27.7% year-over-year despite profitability improvements, reflecting strategic investments in brand marketing for Depop.

• EPS grew to $0.63 in Q3 2025, beating consensus by $0.06 and representing a 40% increase versus Q3 2024's $0.45.
• Core Etsy marketplace GMS declined 2.4% year-over-year while Depop surged 39.4%, indicating divergent growth trajectories between core and growth segments.
• Net income increased 31.6% year-over-year to $75.5 million while adjusted EBITDA margin compressed 230 basis points to 25.4%.

Added, Trimmed, and Exited

Added

Stephen Mandel significantly increased positions in Brookfield (BN) by adding $350.6M (+101% to $698.2M total), Carvana (CVNA) by adding $71.1M (+415% return to $665.9M total), AppLovin (APP) by adding $686.5M (+621% return to $797.0M total), Philip Morris (PM) by adding $246.2M (+49% to $748.5M total), Talen Energy (TLN) by adding $190.5M (+60% to $507.3M total), LPL Financial (LPLA) by adding $48.4M (+7% to $750.5M total), and EQT (EQT) by adding $16.7M (+4% to $455.1M total).
What it means: The aggressive additions reveal a strategic pivot toward alternative asset managers, energy infrastructure, and high-conviction growth stories. The massive increases in Brookfield and AppLovin (both seeing triple-digit percentage gains) suggest Mandel is capitalizing on momentum in alternative investments and mobile advertising technology. The substantial additions to Carvana and Talen Energy—each up over 400% and 60% respectively—demonstrate willingness to double down on turnaround stories and energy transition plays. The Philip Morris increase signals growing conviction in the tobacco giant's transformation, while LPL Financial and EQT additions reflect continued confidence in wealth management platforms and natural gas production during an energy infrastructure buildout cycle.

Trimmed

Lone Pine reduced positions in Amazon (AMZN) by $486.9M (-44% to $617.4M), Vistra (VST) by $333.2M (-27% to $920.7M), Microsoft (MSFT) by $296.6M (-32% to $626.0M), Meta (META) by $257.9M (-21% to $971.0M), KKR (KKR) by $164.4M (-24% to $530.3M), Booking Holdings (BKNG) by $179.0M (-52% to $168.2M), Capital One (COF) by $109.2M (-17% to $546.2M), Flutter Entertainment (FLUT) by $92.0M (-17% to $440.3M), and Taiwan Semiconductor (TSM) by trimming shares despite a 9.5% return (value declined from $778.2M to $852.5M).
What it means: The broad-based profit-taking across mega-cap technology and consumer discretionary leaders suggests Mandel is rotating capital from expensive, well-established positions into newer opportunities with more compelling risk-reward profiles. The substantial reductions in Amazon, Microsoft, and Meta—collectively freeing over $1 billion in capital—indicate concerns about valuation stretch in large-cap tech despite strong fundamentals. The Vistra trim, one of the portfolio's largest positions, represents prudent risk management after significant appreciation in power generation assets. The dramatic Booking Holdings reduction (-52%) signals diminished conviction in online travel, while KKR and Capital One trims suggest tactical rebalancing rather than thesis changes. This disciplined selling across winners funded the aggressive new positions in AI infrastructure (Broadcom, Amphenol, Ciena) and emerging market fintech (Nu Holdings, Sea).

Exited

Stephen Mandel completely liquidated positions in Intuit (INTU) worth $607.8M, UnitedHealth (UNH) worth $528.3M, Salesforce (CRM) worth $508.1M, ASML (ASML) worth $454.3M, and Wix (WIX) worth $342.5M—totaling approximately $2.4 billion in exits.
What it means: The wholesale exits from these high-quality franchises reveal a dramatic portfolio reconstitution driven by both valuation discipline and sector rotation. The UnitedHealth exit likely reflects concerns about regulatory pressures and margin compression in managed care, while the Salesforce sale suggests skepticism about enterprise software growth rates amid economic uncertainty. The ASML liquidation is particularly notable given the company's semiconductor equipment monopoly, potentially signaling concerns about China exposure or a preference for more direct AI beneficiaries like Broadcom and Amphenol (both new positions). The Intuit and Wix exits represent a clear retreat from SMB-focused software, possibly due to small business spending concerns. These exits funded Lone Pine's eight new positions totaling $2.98 billion, demonstrating Mandel's willingness to completely overhaul portfolio positioning to align with his highest-conviction opportunities in AI infrastructure, fintech expansion, and alternative investments.

Disclaimer: All posts are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.