The latest 13F filing from Steve Mandel’s Lone Pine Capital reveals a series of meaningful portfolio adjustments, concentrated among large-cap technology, consumer platforms, and financial services. While the fund maintained its characteristic focus on high-quality growth franchises, several significant trims and selective additions suggest a more risk-balanced stance heading into year-end. Here are some of the largest position moves.
Meta Platforms Inc. (META): –342,757 shares (–20.59%)
Lone Pine reduced its position in Meta by more than 340,000 shares, though the stock remains a major holding at over $971 million. This appears to be profit-taking after a strong run rather than a loss of conviction, as the position size remains substantial.
Vistra Corp (VST): –1,770,478 shares (–27.37%)
A significant trim in one of the top performers of 2024–2025. Lone Pine is likely locking in gains following a major multi-year appreciation driven by power-generation strength and data-center demand themes.
Taiwan Semiconductor (TSM): –383,520 shares (–11.16%)
Despite the reduction, TSM remains a core holding worth $852 million. This is a modest trim amid elevated expectations and cyclical uncertainty in semiconductor demand.
AppLovin (APP): –152,196 shares (–12.07%)
A moderate reduction in one of Lone Pine’s high-conviction digital advertising and app-ecosystem investments. This appears to be portfolio resizing rather than a fundamental shift.
LPL Financial Holdings (LPLA): +383,466 shares (+20.48%)
One of the quarter’s most notable increases, expanding the position to $750 million. Lone Pine continues to show confidence in LPLA’s scalable advisor platform, strong cash generation, and secular growth tailwinds in independent wealth management.
Philip Morris (PM): +1,856,749 shares (+67.33%)
A major addition bringing the position to $748 million. This fits Lone Pine’s pattern of leaning into stable, cash-rich compounders during valuation compression.
Brookfield Corp (BN): +4,559,963 shares (+81.12%)
One of the biggest increases in the entire filing. Lone Pine appears to be building exposure to Brookfield’s diversified real-asset and asset-management ecosystem, likely viewing the stock as meaningfully undervalued relative to its sum-of-the-parts.
Carvana Co (CVNA): 0% change
The position remained unchanged. After a massive recovery in 2024, Lone Pine seems content to maintain its existing exposure.
Microsoft Corp (MSFT): –646,251 shares (–34.84%)
A significant trim to one of Lone Pine’s largest mega-cap tech positions. This looks like profit-taking rather than a drop in conviction, with Microsoft still representing a large $625 million stake.
Amazon.com Inc. (AMZN): –2,221,628 shares (–44.14%)
One of the largest reductions of the quarter. Despite the cut, the remaining position is still meaningful at $617 million. This likely reflects a reallocation within the mega-cap tech complex.
Capital One Financial (COF): –511,142 shares (–16.59%)
A modest reduction following strong performance and a shifting credit environment.
KKR & Co (KKR): –1,141,208 shares (–21.85%)
A sizable trim in the alternative-asset manager. This appears valuation-driven after meaningful appreciation.
Broadcom Inc. (AVGO): +1,549,412 shares (New Position, +100.00%)
This quarter marks the establishment of a new, sizable position in Broadcom—one of the most meaningful additions in the entire filing. Lone Pine is initiating major exposure to AI-infrastructure growth through Broadcom’s custom accelerators, networking silicon, and hyperscaler demand channels.
Big Picture Themes
Selective Trimming of Mega-Cap Tech Winners
Cuts to META, MSFT, AMZN, and TSM reflect disciplined risk management after substantial multi-year rallies. These remain core positions, but sizing is being moderated to control concentration risk.
Reallocation Toward Cash-Heavy Compounders
Large additions to PM, BN, and LPLA indicate a growing emphasis on resilient earnings profiles, strong free cash flow generation, and attractive valuations.
New Conviction Bet on AI Infrastructure via Broadcom
The initiation of a large AVGO position signals a strong belief in semiconductors, custom silicon, and the accelerating demand cycle for AI hardware.
Active, High-Conviction Portfolio Rotation
Lone Pine continues its hallmark approach: selectively trimming oversized winners, reallocating to durable cash-flow engines, and initiating fresh positions where long-term industry fundamentals appear strongest.
In Summary:
Steve Mandel’s Q3 2025 13F reveals a portfolio undergoing thoughtful recalibration—reducing oversized mega-cap exposures, reinforcing durable cash-generators, and launching a major new position in Broadcom to capture AI-infrastructure tailwinds. The result is a portfolio still geared toward long-term growth but increasingly balanced as year-end volatility approaches.
For all the latest news and podcasts, join our free newsletter here.
Don’t forget to check out our FREE Large Cap 1000 – Stock Screener, here at The Acquirer’s Multiple:
