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
- $16.4B
- Holdings
- 34
- Top-10 weight
- 54%
- As of
- 2026-06-30
- Filed
- 2026-08-14
Return attribution — beta or stock-picking?
Sum of monthly ERM3 attribution over the trailing 12 months (2025-07-31 → 2026-06-30), modeled subset of holdings. Stock selection (residual return) detracted about 48% of the gross return over this window — the factor legs carried the book.
Gross
+18.4%
Market
+30.8%
Sector
-0.3%
Subsector
+0.6%
Stock selection
-8.8%
Top holdings
34 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 | NBISNebius Group N.V. Class A | 7.2% | $1.2B | 76% |
| 2 | ASMLASML HOLDING NV | 6.9% | $1.1B | 55% |
| 3 | STXSeagate Technology Holdings PLC | 5.9% | $965M | 66% |
| 4 | HDHome Depot, Inc. | 5.6% | $918M | 53% |
| 5 | AMATApplied Materials, Inc. | 5.3% | $873M | 34% |
| 6 | MDLNMedline, Inc. Class A | 5.1% | $827M | 93% |
| 7 | LINLinde plc | 4.9% | $809M | 65% |
| 8 | TERTeradyne, Inc. | 4.4% | $722M | 41% |
| 9 | GLWCorning Inc | 4.3% | $697M | 65% |
| 10 | CVNACarvana Co. Class A | 4.2% | $692M | 72% |
| 11 | HUTHut 8 Corp. | 4.1% | $666M | 71% |
| 12 | PFGCPerformance Food Group Co | 4.0% | $654M | 82% |
| 13 | NUNu Holdings Ltd. Class A | 3.9% | $631M | 75% |
| 14 | WULFTeraWulf Inc. | 3.6% | $596M | — |
| 15 | CRSCarpenter Technology Corporation | 3.6% | $594M | 82% |
96% of reported AUM is in the ERM3 model universe; attribution and risk shares cover that subset. Source: SEC Form 13F-HR, filed 2026-08-14.
How concentrated is this book?
Quarter-end concentration across 83 filings from 2005-12-31 to 2026-06-30, with the latest filing set against this manager's own median.
- Effective N
- 22.6
- median 23.5
- Top 5 weight
- —
- no median
- Top 10 weight
- 53.9%
- median 53.6%
- Weight HHI
- —
- no median
Effective N is inverse-Herfindahl breadth, not a holding count: it falls well below the number of positions when one name dominates, which is the case worth seeing. This book held 34 positions at 2026-06-30.
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.