Lone Pine Capital · Stephen Mandel
Latest 13F holdings with ERM3 risk decomposition — how much of the portfolio's return is market beta versus genuine stock-picking, and where the residual risk concentrates.
- Reported AUM
- $8.4B
- Holdings
- 21
- Top-10 weight
- 74%
- As of
- 2025-12-31
- Filed
- 2026-03-16
Return attribution — beta or stock-picking?
Sum of monthly ERM3 attribution over the trailing 12 months (2025-01-31 → 2025-12-31), modeled subset of holdings. Stock selection (residual return) detracted about 19% of the gross return over this window — the factor legs carried the book.
Gross
+20.9%
Market
+21.8%
Sector
+2.3%
Subsector
-1.1%
Stock selection
-4.0%
Top holdings
21 reported positions; top 15 shown. “Stock-specific” is the share of each position's variance not explained by market, sector, or subsector factors.
| # | Holding | Weight | Value | Stock-specific |
|---|---|---|---|---|
| 1 | VST | 10.0% | $841M | 66% |
| 2 | CVNA | 8.9% | $751M | 76% |
| 3 | BN | 8.7% | $731M | 51% |
| 4 | KKR | 7.5% | $638M | 57% |
| 5 | MSFT | 7.1% | $597M | 52% |
| 6 | DASH | 6.8% | $573M | 80% |
| 7 | AMZN | 6.6% | $557M | 48% |
| 8 | COF | 6.6% | $556M | 43% |
| 9 | APP | 6.2% | $526M | 76% |
| 10 | VMC | 5.7% | $480M | 58% |
| 11 | PM | 5.0% | $424M | 78% |
| 12 | CRS | 4.9% | $413M | 87% |
| 13 | WING | 4.5% | $380M | 91% |
| 14 | CLH | 3.8% | $323M | 67% |
| 15 | AFRM | 3.4% | $284M | 67% |
100% of reported AUM is in the ERM3 model universe; attribution and risk shares cover that subset. Source: SEC Form 13F-HR, filed 2026-03-16.
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