Lone Pine Capital

Full summary

Lone Pine Capital's Q2 2026 quarterly filing marks the largest single-quarter reshuffle on record with us — $14.4B (since 2025-Q2) — spanning eight new positions opened, six additions to existing holdings, and eight trims or reductions. The biggest new entries were in NBIS ($1.2B, ≈7% of disclosed book), HD ($918.1M, ≈6% of portfolio), and LIN ($808.6M, ≈5% of portfolio). Lone Pine also opened positions in STRL ($511.7M, ≈3% of portfolio), TTMI ($512.1M, ≈3% of portfolio), SHAZ ($102.4M), SE ($47.4M), and BTDR ($111.4M). On the additions side, PFGC received the largest increase in dollar terms — +$313.5M, +47% QoQ — while MDLN was added to for a 3rd consecutive quarter (+9.2M shares in 2026-Q2, +78% QoQ, ≈2% of portfolio). WULF was also added to (+$308.9M, +21% QoQ), and CVNA saw a +500% QoQ increase in share count. The largest single reduction was in VST — the largest reduction in VST on record with us — −$930.2M (since 2025-Q2). MCK was cut by 85% QoQ (−$295.7M), CRS was trimmed by 47% QoQ, and BKNG was trimmed for a 4th consecutive quarter (−2.4k shares in 2026-Q2). Taken together, the Q2 2026 filing reflects a broad repositioning away from prior holdings — most notably VST and MCK — and into infrastructure, industrial, and data-center-adjacent names, with the MDLN conviction build now spanning three consecutive quarters.

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