Lone Pine Capital (Mandel)

Lone Pine in its last quarter before the Q1 housecleaning: Meta fully exited after 45 straight quarters (a marquee multi-decade winner gone), Starbucks/EQT/Flutter/Sea Ltd all closed, and 7 new positions opened (ASML, DoorDash, Medline, Carpenter Tech, Tenet Healthcare, Clean Harbors, Affirm). TSMC, Vistra, Carvana, LPL, AppLovin form the persistent quality-growth core. The exit count is unusually high for a Mandel-era book — the manager is running a deliberate cleanup ahead of the AI-hardware rotation that follows.

• × EXIT
  META PLATFORMS INC META

  Full exit after 45 straight quarters — one of the longest-running Lone Pine positions ever, sold completely.

• + NEW
  ASML HOLDING N V ASML

  Initiated at 4.8% weight — kept and grown in Q1-2026 to 6.9%, validating it as a real conviction rather than a try.

• ★ HELD
  VISTRA CORP VST

  8 quarters in the book, weight 6.2%, +57% unrealized — power/AI infrastructure thesis still central.

• ★ HELD
  TAIWAN SEMICONDUCTOR MFG LTD TSM

  17 quarters held, +382% unrealized, full position size — the trim doesn't come until Q1-2026.

• + NEW
  DOORDASH INC DASH

  New at 4.2%; exited in Q1-2026 — a one-quarter holding period, unusually short for Lone Pine.

• × EXIT
  STARBUCKS CORP SBUX

  Closed after 5 quarters; consumer-services rotation.

• × EXIT
  SEA LTD SE

  Closed after 11 quarters at unstated unrealized — emerging-markets exposure pruned alongside the AI rotation.