Lone Pine Capital

Full summary

Lone Pine Capital's Q2 2026 quarterly filing marks the largest single-quarter reshuffle on record with us (since 2025-Q2) — $14.4B in disclosed moves spanning eight new positions, multiple additions, and a cluster of trims. The headline new positions were in Nebius Group (NBIS) at $1.2B, roughly 7% of disclosed book; Home Depot (HD) at $918.1M, roughly 6% of portfolio; and Linde (LIN) at $808.6M, roughly 5% of portfolio. Smaller new stakes were opened in Sterling Infrastructure (STRL) at $511.7M, TTM Technologies (TTMI) at $512.1M, and Shazam-listed SHAZ, SE, and BTDR. On the additions side, Lone Pine added to MDLN for a 3rd consecutive quarter — +9.2M shares (+78% QoQ), now roughly 2% of portfolio. Performance Food Group (PFGC) received a +$313.5M addition (+47% QoQ), and TeraWulf (WULF) was added to at +$308.9M (+21% QoQ). Carvana (CVNA) saw the sharpest percentage jump among additions at +500% QoQ, though it remains under 1% of portfolio. The most consequential reduction was the largest cut to Vistra (VST) on record with us — −$930.2M (since 2025-Q2). McKesson (MCK) was trimmed by 85% QoQ, and Carpenter Technology (CRS) was cut by 47% QoQ. BKNG was trimmed for a 4th consecutive quarter (−2.4k shares). Taken together, the Q2 2026 filing reflects a broad rebalancing away from prior energy and healthcare names toward infrastructure, industrials, and data-center-adjacent themes.

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