管理人记录 · ✦ 精选 · 已归档季度

Lone Pine Capital

Founded by Stephen Mandel · Greenwich, CT · CIK 1061165 · EDGAR 文件 ↗

Growth-oriented long/short equity.

$13.74B13F报告持仓市值

25持仓明细

55.6%前十大权重

21.90有效持仓

31.2%预计换手率

+8新增

−5清仓

申报的13F投资组合价值仅涵盖美国应申报多头仓位，不含现金、债券、空头仓位或非美国持仓，不等同于管理规模。

各季度报告持仓市值 Q2 2024 → Q2 2026

板块敞口

科技 25.1% (-4.3pp)

可选消费 24.2% (+1.8pp)

金融服务 21.3% (+3.9pp)

公用事业 10.4% (-1.0pp)

通信服务 7.1% (-1.8pp)

必选消费 5.4% (+1.8pp)

能源 3.3% (+0.1pp)

基础材料 3.1%

占已申报普通股权益价值的比例；（±pp）较上一季度。

持仓组合 · Q3 2025

#	证券	权重	价值	股份	Δ股份		持有
1	META Meta Platforms, Inc.	7.1%	$971.04M	1.32M	-20.6%	▼ Trim	6
2	VST Vistra Corp.	6.7%	$920.68M	4.70M	-27.4%	▼ Trim	6
3	TSM Taiwan Semiconductor…	6.2%	$852.50M	3.05M	-11.2%	▼ Trim	6
4	APP AppLovin Corporation	5.8%	$796.96M	1.11M	-12.1%	▼ Trim	6
5	LPLA LPL Financial Holdings Inc.	5.5%	$750.45M	2.26M	+20.5%	▲ Add	6
6	PM Philip Morris International…	5.4%	$748.46M	4.61M	+67.3%	▲ Add	6
7	BN Brookfield Corporation	5.1%	$698.24M	10.18M	+81.1%	▲ Add	2
8	CVNA Carvana Co.	4.8%	$665.94M	1.77M	0.0%	Held	3
9	MSFT Microsoft Corporation	4.6%	$626.00M	1.21M	-34.8%	▼ Trim	6
10	AMZN Amazon.com, Inc.	4.5%	$617.42M	2.81M	-44.1%	▼ Trim	6
11	COF Capital One Financial…	4.0%	$546.22M	2.57M	-16.6%	▼ Trim	4
12	KKR KKR & Co. Inc.	3.9%	$530.27M	4.08M	-21.9%	▼ Trim	6
13	AVGO Broadcom Inc.	3.7%	$511.17M	1.55M	新增	New	1
14	TLN Talen Energy Corporation	3.7%	$507.27M	1.19M	+9.5%	▲ Add	5
15	SBUX Starbucks Corporation	3.4%	$470.54M	5.56M	0.0%	Held	5
16	EQT EQT Corporation	3.3%	$455.14M	8.36M	+11.2%	▲ Add	2
17	FLTR.L Flutter Entertainment plc	3.2%	$440.27M	1.73M	-7.0%	▼ Trim	4
18	VMC Vulcan Materials Company	3.1%	$425.94M	1.38M	新增	New	1
19	NU Nu Holdings Ltd.	3.0%	$406.76M	25.41M	新增	New	1
20	WING Wingstop Inc.	2.7%	$375.32M	1.49M	新增	New	1
21	APH Amphenol Corporation	2.7%	$374.12M	3.02M	新增	New	1
22	SE Sea Limited	2.4%	$334.14M	1.87M	新增	New	1
23	CIEN Ciena Corporation	2.1%	$292.31M	2.01M	新增	New	1
24	ETSY Etsy, Inc.	1.9%	$257.61M	3.88M	新增	New	1
25	BKNG Booking Holdings Inc.	1.2%	$168.19M	31.15K	-48.1%	▼ Trim	2

仅含普通股（SH）持仓；期权行显示于"期权"标签页，且不作净额处理。✂ = 变动基于拆股调整后的前期持股数计算。"持有 N+ 季度"= 在我们的数据窗口内每季度均有持仓，实际持有时间可能更长。

证券	股份	上期	变动	价值	权重
AVGO Broadcom Inc.	1.55M	n/a	新增	$511.17M	3.7%
VMC Vulcan Materials Company	1.38M	n/a	新增	$425.94M	3.1%
NU Nu Holdings Ltd.	25.41M	n/a	新增	$406.76M	3.0%
WING Wingstop Inc.	1.49M	n/a	新增	$375.32M	2.7%
APH Amphenol Corporation	3.02M	n/a	新增	$374.12M	2.7%
SE Sea Limited	1.87M	n/a	新增	$334.14M	2.4%
CIEN Ciena Corporation	2.01M	n/a	新增	$292.31M	2.1%
ETSY Etsy, Inc.	3.88M	n/a	新增	$257.61M	1.9%

证券	股份	上期	变动	价值	权重	连续记录
LPLA LPL Financial Holdings…	2.26M	1.87M	+20.5%	$750.45M	5.5%	●●○○○○
PM Philip Morris…	4.61M	2.76M	+67.3%	$748.46M	5.4%
BN Brookfield Corporation	10.18M	5.62M	+81.1%	$698.24M	5.1%	●●○○○○
TLN Talen Energy Corporation	1.19M	1.09M	+9.5%	$507.27M	3.7%
EQT EQT Corporation	8.36M	7.52M	+11.2%	$455.14M	3.3%	●●○○○○

证券	股份	上期	变动	价值	权重	连续记录
VST Vistra Corp.	4.70M	6.47M	-27.4%	$920.68M	6.7%
META Meta Platforms, Inc.	1.32M	1.67M	-20.6%	$971.04M	7.1%	●●●○○○
AMZN Amazon.com, Inc.	2.81M	5.03M	-44.1%	$617.42M	4.5%
MSFT Microsoft Corporation	1.21M	1.85M	-34.8%	$626.00M	4.6%	●●○○○○
TSM Taiwan Semiconductor…	3.05M	3.44M	-11.2%	$852.50M	6.2%	●●○○○○
APP AppLovin Corporation	1.11M	1.26M	-12.1%	$796.96M	5.8%	●●○○○○
KKR KKR & Co. Inc.	4.08M	5.22M	-21.9%	$530.27M	3.9%
COF Capital One Financial…	2.57M	3.08M	-16.6%	$546.22M	4.0%	●●●○○○
FLTR.L Flutter Entertainment…	1.73M	1.86M	-7.0%	$440.27M	3.2%	●●○○○○
BKNG Booking Holdings Inc.	31.15K	59.97K	-48.1%	$168.19M	1.2%

持仓持有时长

80–1 季度

62–4 季度

115–8 季度

当前各持仓在我们数据窗口内已连续报告的季度数。

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