Lone Pine Capital (Mandel)

Lone Pine ran a high-turnover quarter: 8 fresh names initiated (Teradyne, Corning, MasTec, US Foods, Performance Food, McKesson, Ciena, TeraWulf, Hut 8 — a curious mix of semi-cap, food distribution, and bitcoin miners) while pulling the plug on Microsoft (48 straight quarters!), Broadcom, Amazon (40 quarters), DoorDash, Wingstop, Affirm, Philip Morris. The 48-quarter Microsoft exit is the headline — that's a 12-year stake completely cleared. ASML, LPLA, AppLovin remain anchors; TSMC trimmed by half but kept.

• × EXIT
  MICROSOFT CORP MSFT

  Full exit after 48 straight quarters held — by far the longest-tenured position in the book. A 12-year Microsoft stake closed out completely in one quarter.

• × EXIT
  AMAZON COM INC AMZN

  Also fully exited after 40 quarters — alongside the MSFT clearance, this is a wholesale shedding of the legacy mega-cap-tech allocation.

• × EXIT
  BROADCOM INC AVGO

  Cleared out after only 2 quarters — the AVGO bet didn't survive a single year.

• + NEW
  TERADYNE INC TER

  Brand-new at 4.4% — semi-cap exposure rotated in as TSMC was being trimmed.

• ▼ REDUCED
  TAIWAN SEMICONDUCTOR MANUFAC TSM

  Cut by 54% even at +435% unrealized — taking massive profits on the multi-year winner while still keeping a ~4% residual.

• + NEW
  CORNING INC GLW

  New 4% position — AI/datacenter glass and fiber thesis; pairs with the MasTec and Ciena adds as a hardware/infra rotation.

• + NEW
  TERAWULF INC WULF

  Bitcoin miner pivoting to AI compute — small (2.3%) but signals the manager is leaning into hyperscale-power-and-compute names.

• ◐ CONCENTRATION

  Position count grew 32 → 36 despite the big exits — diffused into many smaller new bets rather than concentrated rotation.