Stephen Mandel
Portfolio
$16.4B
▲ 22% over 8 quarters
Stocks
34
0 option positions not counted
Bought
+$8.1B
13 new · 8 added
Sold
−$6.8B
15 sold out · 13 cut
Largest holdings
% of portfolio · = Q1 2026nowchange, pts
NBISNebius Group N.V.
7.2%
new
ASMLAsml Holding N V
6.9%
+0.0
MDLNMedline Inc
5.1%
+0.9
What they did in Q2 2026 · dollars at the quarter-end price
SoldBought
-$930.2MVSTOUT
NBISNEW+$1.2B
-$615.2MTSM
STXNEW+$965.1M
-$580.3MTLNOUT
HDNEW+$918.1M
-$527.5MCRS
AMATNEW+$873.2M
-$503.2MCLHOUT
LINNEW+$808.6M
-$443.6MBN
CVNA+$577.0M
-$426.2MTHCOUT
TTMINEW+$512.1M
-$413.6MCOFOUT
STRLNEW+$511.7M
The 8 largest each way of 28 sells and 21 buys; all of them are in the table below.
How the portfolio's mix changed · % of the money, last 8 quarters
Every holding in Q2 2026
| Stock | % of portfolio | Shares | Value | Price | Activity |
|---|---|---|---|---|---|
| NBIS Nebius Group N.v. · SHS CLASS A | 7.19% | 4.26M | $1.2B | 276.17 | New |
| ASML Asml Hldg Nv · N Y REGISTRY SHS | 6.92% | 569K | $1.1B | 1989.44 | Reduced -13.1% |
| STX Seagate Technology Hldngs Pl · ORD SHS | 5.90% | 1.00M | $965.1M | 965.00 | New |
| HD Home Depot Inc | 5.61% | 2.60M | $918.1M | 352.68 | New |
| AMAT Applied Matls Inc | 5.34% | 1.21M | $873.2M | 723.00 | New |
| MDLN Medline Inc · COM CL A | 5.06% | 20.97M | $827.0M | 39.44 | Added +77.9% |
| LIN Linde Plc · SHS | 4.94% | 1.56M | $808.6M | 518.94 | New |
| TER Teradyne Inc | 4.42% | 1.49M | $722.4M | 483.84 | Reduced -20.3% |
| GLW Corning Inc | 4.26% | 2.73M | $696.8M | 255.43 | Reduced -26.6% |
| CVNA Carvana Co · CL A | 4.23% | 10.52M | $692.5M | 65.82 | Added +499.6% |
| HUT Hut 8 Corp | 4.07% | 5.77M | $666.5M | 115.44 | Reduced -5.0% |
| PFGC Performance Food Group Co | 4.00% | 5.85M | $654.3M | 111.79 | Added +47.1% |
| NU Nu Hldgs Ltd · ORD SHS CL A | 3.86% | 47.22M | $630.9M | 13.36 | Added +24.2% |
| WULF Terawulf Inc | 3.65% | 24.14M | $596.4M | 24.70 | Added +21.2% |
| CRS Carpenter Technology Corp | 3.63% | 963K | $593.9M | 616.84 | Reduced -47.0% |
| MTZ Mastec Inc | 3.42% | 1.35M | $559.7M | 416.06 | Reduced -12.1% |
| APP Applovin Corp · COM CL A | 3.28% | 1.04M | $537.0M | 515.23 | Reduced -28.9% |
| TTMI Ttm Technologies Inc | 3.13% | 2.74M | $512.1M | 187.02 | New |
| STRL Sterling Infrastructure Inc | 3.13% | 610K | $511.7M | 839.36 | New |
| USFD Us Foods Hldg Corp | 3.07% | 4.91M | $502.5M | 102.25 | Added +29.5% |
| ONON On Hldg Ag · NAMEN AKT A | 2.88% | 13.28M | $470.4M | 35.42 | New |
| LPLA Lpl Finl Hldgs Inc | 2.10% | 1.22M | $343.4M | 281.68 | Reduced -40.5% |
| AGX Argan Inc | 1.80% | 369K | $294.4M | 798.55 | Reduced -6.2% |
| BTDR Bitdeer Technologies Group · CL A ORD SHS | 0.68% | 7.02M | $111.4M | 15.87 | New |
| SHAZ Sharonai Holdings Inc · COM CL A | 0.63% | 1.21M | $102.4M | 84.66 | New |
| GOOGL Alphabet Inc · CAP STK CL A | 0.47% | 216K | $77.0M | 357.37 | Added +14.9% |
| KGS Kodiak Gas Svcs Inc | 0.39% | 845K | $63.5M | 75.13 | New |
| V Visa Inc · COM CL A | 0.35% | 166K | $56.9M | 343.09 | Added +78.9% |
| IBKR Interactive Brokers Group In · COM CL A | 0.31% | 578K | $50.3M | 87.04 | New |
| TSM Taiwan Semiconductor Manufac · SPONSORED ADS | 0.30% | 101K | $48.4M | 477.57 | Reduced -92.7% |
| SE Sea Ltd · SPONSORD ADS | 0.29% | 495K | $47.4M | 95.83 | New |
| MCK Mckesson Corp | 0.27% | 58K | $43.7M | 755.60 | Reduced -85.2% |
| TDG Transdigm Group Inc | 0.23% | 29K | $38.0M | 1332.04 | Reduced -20.0% |
| BN Brookfield Corp · CL A LTD VT SH | 0.21% | 793K | $33.8M | 42.59 | Reduced -92.9% |
Sold out this quarter
| Stock | Shares the quarter before | % of portfolio then |
|---|---|---|
| VST Vistra Corp | 6.19M | 7.42% |
| TLN Talen Energy Corp | 1.82M | 4.63% |
| CLH Clean Harbors Inc | 1.75M | 4.01% |
| THC Tenet Healthcare Corp | 2.26M | 3.40% |
| COF Capital One Finl Corp | 2.27M | 3.30% |
| ENTG Entegris Inc | 3.12M | 2.91% |
| CIEN Ciena Corp | 810K | 2.51% |
| VMC Vulcan Matls Co | 144K | 0.31% |
| SPOT Spotify Technology S A | 69K | 0.27% |
| MA Mastercard Incorporated | 57K | 0.23% |
| APH Amphenol Corp | 223K | 0.22% |
| HLT Hilton Worldwide Hldgs Inc | 89K | 0.22% |
| KKR Kkr & Co Inc | 179K | 0.13% |
| BKNG Booking Holdings Inc | 2K | 0.08% |
| BSX Boston Scientific Corp | 105K | 0.05% |
From the information table of the 13F-HR (and any amendment for the same quarter), lines added up by CUSIP. Values are as reported by the manager. Changes compare share counts with the previous quarter on file; a share split between the two is detected and adjusted for.