Lone Pine Capital

Full summary

Lone Pine executed its largest single-quarter reshuffle on record with us — $14.4B (since 2025-Q2) — in the second quarter of 2026, signaling a broad rebalancing across its portfolio. The fund opened eight new positions totaling roughly $3.7B, including stakes in NBIS (7% of disclosed book, 4.3M shares, $1.2B), LIN (5% of disclosed book, 1.6M shares, $808.6M), and HD (6% of disclosed book, 2.6M shares, $918.1M), alongside smaller entries in STRL, TTMI, SHAZ, SE, and BTDR. Simultaneously, the fund trimmed or exited several holdings, most notably MCK (−85% QoQ, −$295.7M) and CRS (−47% QoQ, −$122.6M), signaling a pullback from healthcare and select consumer names. Within existing positions, Lone Pine added to MDLN for a 3rd consecutive quarter (+9.2M shares, +78% QoQ, 2% of portfolio), PFGC (+47% QoQ, +$313.5M, 2% of portfolio), WULF (+21% QoQ, +$308.9M, 2% of portfolio), and CVNA (+500% QoQ, +$140.8M). The fund also trimmed BKNG for a 4th consecutive quarter (−2.4k shares in Q2 2026), TER (−20% QoQ, −$379.8k shares), and HUT (−5% QoQ, −305.9k shares). Smaller adjustments included a trim to AGX (−6% QoQ) and modest additions to V (+79% QoQ) and GOOGL (+15% QoQ). The window reflects a rebalancing away from travel and software exposure toward industrial, financial services, and select consumer-discretionary names, with the largest reduction in VST on record with us — −$930.2M (since 2025-Q2) — underscoring a strategic shift in sector positioning.

Underlying filings

1. Institutional holdingLone Pine CapitalJun 30, 2026Opened position in NBIS · 4.3M shares · $1.2B
2. Institutional holdingLone Pine CapitalJun 30, 2026Trimmed AGX · −24.5k shares · +$80.3M
3. Institutional holdingLone Pine CapitalJun 30, 2026Opened position in LIN · 1.6M shares · $808.6M
4. Institutional holdingLone Pine CapitalJun 30, 2026Added to V · +73.2k shares · +$28.9M
5. Institutional holdingLone Pine CapitalJun 30, 2026Opened position in HD · 2.6M shares · $918.1M
6. Institutional holdingLone Pine CapitalJun 30, 2026Opened position in SE · 494.6k shares · $47.4M
7. Institutional holdingLone Pine CapitalJun 30, 2026Added to WULF · +4.2M shares · +$308.9M
8. Institutional holdingLone Pine CapitalJun 30, 2026Trimmed TER · −379.8k shares · +$167.2M
9. Institutional holdingLone Pine CapitalJun 30, 2026Opened position in SHAZ · 1.2M shares · $102.4M
10. Institutional holdingLone Pine CapitalJun 30, 2026Opened position in STRL · 609.6k shares · $511.7M
11. Institutional holdingLone Pine CapitalJun 30, 2026Opened position in TTMI · 2.7M shares · $512.1M
12. Institutional holdingLone Pine CapitalJun 30, 2026Added to CVNA · +8.8M shares · +$140.8M
13. Institutional holdingLone Pine CapitalJun 30, 2026Added to GOOGL · +28.0k shares · +$23.1M
14. Institutional holdingLone Pine CapitalJun 30, 2026Trimmed HUT · −305.9k shares · +$381.3M
15. Institutional holdingLone Pine CapitalJun 30, 2026Trimmed CRS · −855.1k shares · −$122.6M
16. Institutional holdingLone Pine CapitalJun 30, 2026Trimmed TDG · −7.1k shares · −$3.3M
17. Institutional holdingLone Pine CapitalJun 30, 2026Added to PFGC · +1.9M shares · +$313.5M
18. Institutional holdingLone Pine CapitalJun 30, 2026Added to MDLN · +9.2M shares · +$302.4M
19. Institutional holdingLone Pine CapitalJun 30, 2026Trimmed MTZ · −185.9k shares · +$67.1M
20. Institutional holdingLone Pine CapitalJun 30, 2026Trimmed MCK · −334.4k shares · −$295.7M
21. Institutional holdingLone Pine CapitalJun 30, 2026Opened position in BTDR · 7.0M shares · $111.4M
22. Institutional holdingLone Pine CapitalJun 30, 2026Trimmed APP · −422.7k shares · −$46.0M