Lone Pine Capital

Q4 2025 13F · by David Craver, CIO

As of: Dec 31, 2025
Filed: Feb 17, 2026
US stock: $13.6B · prev $13.7B
Positions: 32 · prev 25
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves38 since the prior filing

+28.4 pp in · −29.0 pp out

New 14 +25.56 pp
Added 10 +2.81 pp
Trimmed 7 −5.54 pp
Exited 7 −23.43 pp

The book

Focused · behaves like 23 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 118% a year, about 0.8 years per position

Low
Moderate
High

Top 5 positions29% of US stock

TSM Taiwan Semiconductor Manufacturing Company Ltd. held held6.8%
VST Vistra Corp. added−0.52 pp added−0.526.2%
CVNA Carvana Co. added+0.67 pp added+0.675.5%
LPLA LPL Financial Holdings Inc. trimmed−0.02 pp trimmed−0.025.4%
BN Brookfield Corporation added+0.29 pp added+0.295.4%

Positions32 in this filing · 7 exited


TSMTaiwan Semiconductor Manufacturing Company Ltd.	6.81%	3,052,400	$928M	held	—	16 q
VSTVistra Corp.	6.18%	5,211,885	$841M	added+11%	−0.52 pp	8 q
CVNACarvana Co.	5.52%	1,779,328	$751M	added+1%	+0.67 pp	4 q
LPLALPL Financial Holdings Inc.	5.44%	2,074,948	$741M	trimmed−8%	−0.02 pp	15 q
BNBrookfield Corporation	5.37%	15,923,360	$731M	added+4%	+0.29 pp	3 q
ASMLASML Holding NV	4.76%	605,017	$647M	new	+4.76 pp	new
KKRKKR & Co. Inc.	4.68%	5,001,085	$638M	added+23%	+0.82 pp	12 q
AVGOBroadcom Inc.	4.40%	1,730,216	$599M	added+12%	+0.68 pp	2 q
MSFTMicrosoft Corp	4.38%	1,234,125	$597M	added+2%	−0.18 pp	35 q
DASHDoorDash, Inc. Class A	4.21%	2,529,879	$573M	new	+4.21 pp	new
AMZNAmazon.Com Inc	4.09%	2,414,520	$557M	trimmed−14%	−0.40 pp	33 q
COFCapital One Financial	4.09%	2,294,891	$556M	trimmed−11%	+0.12 pp	5 q
APPApplovin Corporation Class A	3.86%	780,530	$526M	trimmed−30%	−1.94 pp	8 q
NUNu Holdings Ltd.	3.64%	29,630,237	$496M	added+17%	+0.68 pp	2 q
MDLNMedline Inc. Class A	3.62%	11,716,697	$492M	new	+3.62 pp	new
TLNTalen Energy Corporation	3.56%	1,292,516	$484M	added+8%	−0.13 pp	6 q
VMCVulcan Materials Company(Holding Company)	3.53%	1,683,932	$480M	added+22%	+0.43 pp	2 q
PMPhilip Morris International Inc.	3.12%	2,643,579	$424M	trimmed−43%	−2.33 pp	9 q
CRSCarpenter Technology Corp	3.04%	1,312,938	$413M	new	+3.04 pp	new
WINGWingstop Inc	2.80%	1,595,258	$380M	added+7%	+0.07 pp	2 q
APHAmphenol Corporation	2.79%	2,809,773	$380M	trimmed−7%	+0.07 pp	2 q
THCTenet Healthcare Corporation New	2.61%	1,787,326	$355M	new	+2.61 pp	new
CLHClean Harbors, Inc	2.37%	1,378,125	$323M	new	+2.37 pp	new
AFRMAffirm Holdings, Inc. Class A	2.09%	3,817,170	$284M	new	+2.09 pp	new
ENTGEntegris Inc	1.89%	3,054,230	$257M	new	+1.89 pp	new
MAMastercard Incorporated	0.40%	96,338	$55M	new	+0.40 pp	new
TDGTransDigm Group Incorporated	0.19%	19,228	$26M	new	+0.19 pp	new
BKNGBooking Holdings Inc.	0.18%	4,630	$25M	trimmed−85%	−1.04 pp	3 q
BSXBoston Scientific Corp.	0.14%	201,703	$19M	new	+0.14 pp	new
HLTHilton Worldwide Holdings Inc.	0.12%	57,817	$17M	new	+0.12 pp	new
SPOTSpotify Technology S.A.	0.08%	17,762	$10M	new	+0.08 pp	new
VVISA Inc.	0.04%	15,217	$5M	new	+0.04 pp	new
METAMeta Platforms, Inc. Class A	—	−1,322,260	—	exited	−7.07 pp	—
SBUXStarbucks Corp	—	−5,561,954	—	exited	−3.42 pp	—
EQTEqt Corp	—	−8,361,889	—	exited	−3.31 pp	—
FLUTFlutter Entertainment plc	—	−1,733,336	—	exited	−3.20 pp	—
SESea Limited	—	−1,869,501	—	exited	−2.43 pp	—
CIENCiena Corporation	—	−2,006,662	—	exited	−2.13 pp	—
ETSYEtsy, Inc.	—	−3,880,316	—	exited	−1.87 pp	—