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
- $7.7B
- Holdings
- 20
- Top-10 weight
- 77%
- 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. Roughly 16% of the gross return was idiosyncratic — most of the return came from factor exposure, not stock selection.
Gross
+19.9%
Market
+21.3%
Sector
+2.1%
Subsector
-1.2%
Stock-specific
-3.2%
Top holdings
20 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 | 10.9% | $841M | 68% |
| 2 | CVNA | 9.7% | $751M | 96% |
| 3 | KKR | 8.3% | $638M | 56% |
| 4 | MSFT | 7.7% | $597M | 56% |
| 5 | DASH | 7.4% | $573M | 83% |
| 6 | AMZN | 7.2% | $557M | 52% |
| 7 | COF | 7.2% | $556M | 40% |
| 8 | APP | 6.8% | $526M | 76% |
| 9 | VMC | 6.2% | $480M | 60% |
| 10 | PM | 5.5% | $424M | 82% |
| 11 | CRS | 5.4% | $413M | 86% |
| 12 | WING | 4.9% | $380M | 91% |
| 13 | CLH | 4.2% | $323M | 66% |
| 14 | AFRM | 3.7% | $284M | 69% |
| 15 | ENTG | 3.3% | $257M | 53% |
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.
Interrogate this portfolio
Ask the AI risk analyst what changed last quarter, where the concentration risk sits, or how your portfolio overlaps with Stephen Mandel's.