In plain English: this page lists every stock Stephen Mandel's fund told the SEC it owned at the end of the quarter, biggest first, and what changed since the quarter before — "New" means they bought it for the first time, "Sold" means they sold all of it. The list is at least 6 weeks old, and it is only part of their investments (no cash, bonds or bets against stocks).
Educational and informational only, not personalized investment advice. Based on public filings that may be delayed or contain errors; verify with the original filings. Disclaimer
Reported value ⓘTotal of long stock positions in this 13F. Options are listed separately and not included.
$16.36B
Q2 2026
Quarter change
+30.4%
vs Q1 2026 ($12.54B)
Holdings
34
Top-10 weight 53.9%
Activity
13 new · 15 sold out
8 added to · 13 trimmed
Investing style at a glance · Q2 2026
- Concentrated: 34 stocks, with 53.9% of the portfolio in the 10 largest.
- Biggest sector: Information Technology (30.2% of the portfolio).
- Turnover this quarter: high — 13 new positions and 15 sold out (8 added to, 13 trimmed).
- Largest position: NBIS at 7.2% of the portfolio.
Worked out from this 13F only (long stock positions). ⓘConcentration: The share of a portfolio in its 10 largest positions. High = a few big bets; low = spread out. Guide ⓘTurnover: How many positions were opened or closed this quarter compared with the number held. Guide
Portfolio value over time
Reported 13F value per quarter
Sector allocation
Q2 2026
- Information Technology30.2%
- Industrials15.8%
- Materials15.7%
- Financials15.0%
- Consumer Discretionary9.8%
- Consumer Staples7.1%
- Health Care5.3%
- Communication Services0.5%
- Utilities0.4%
- Real Estate0.2%
Top holdings over time
Share of the portfolio each quarter (current top 5)
Quarter-by-quarter activity
Positions bought (new or added) vs sold (trimmed or exited)
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Column filters
| Ticker | Company | Sector | Shares | Value ↓ | % of portfolio | Change | Δ shares | Δ shares % | Est. Δ value ⓘChange in shares × this quarter's price |
|---|---|---|---|---|---|---|---|---|---|
| NBIS | Nebius Group N.V. (Class A) | Information Technology | 4.26M | $1.18B | 7.2% | New | +4.3M | — | +$1.18B |
| ASML | ASML Holding NV | Industrials | 569.17K | $1.13B | 6.9% | Reduced | -86.0K | -13.1% | -$171.04M |
| STX | Seagate Technology Holdings plc | Information Technology | 1.00M | $965.11M | 5.9% | New | +1.0M | — | +$965.11M |
| HD | Home Depot, Inc | Consumer Discretionary | 2.60M | $918.09M | 5.6% | New | +2.6M | — | +$918.09M |
| AMAT | Applied Materials Inc | Information Technology | 1.21M | $873.19M | 5.3% | New | +1.2M | — | +$873.19M |
| MDLN | Medline Inc (Class A) | Health Care | 20.97M | $826.99M | 5.1% | Added | +9.2M | +77.9% | +$362.03M |
| LIN | Linde plc | Materials | 1.56M | $808.55M | 4.9% | New | +1.6M | — | +$808.55M |
| TER | Teradyne, Inc | Information Technology | 1.49M | $722.41M | 4.4% | Reduced | -379.8K | -20.3% | -$183.76M |
| GLW | Corning Inc | Materials | 2.73M | $696.83M | 4.3% | Reduced | -990.1K | -26.6% | -$252.90M |
| CVNA | Carvana Co (Class A) | Consumer Discretionary | 10.52M | $692.47M | 4.2% | Added | +8.8M | +499.6% | +$576.98M |
| HUT | Hut 8 Corp | Financials | 5.77M | $666.47M | 4.1% | Reduced | -305.9K | -5.0% | -$35.32M |
| PFGC | Performance Food Group Co | Consumer Staples | 5.85M | $654.28M | 4.0% | Added | +1.9M | +47.1% | +$209.56M |
| NU | Nu Holdings Ltd (Class A) | Financials | 47.22M | $630.86M | 3.9% | Added | +9.2M | +24.2% | +$123.03M |
| WULF | Terawulf Inc | Financials | 24.14M | $596.37M | 3.6% | Added | +4.2M | +21.2% | +$104.31M |
| CRS | Carpenter Technology Corp | Materials | 962.84K | $593.92M | 3.6% | Reduced | -855.1K | -47.0% | -$527.46M |
| MTZ | Mastec Inc | Industrials | 1.35M | $559.67M | 3.4% | Reduced | -185.9K | -12.1% | -$77.34M |
| APP | AppLovin Corp (Class A) | Information Technology | 1.04M | $537.01M | 3.3% | Reduced | -422.7K | -28.9% | -$217.76M |
| TTMI | TTM Technologies Inc | Information Technology | 2.74M | $512.07M | 3.1% | New | +2.7M | — | +$512.07M |
| STRL | Sterling Infrastructure, Inc | Industrials | 609.64K | $511.71M | 3.1% | New | +609.6K | — | +$511.71M |
| USFD | US Foods Holding Corp | Consumer Staples | 4.91M | $502.51M | 3.1% | Added | +1.1M | +29.5% | +$114.37M |
| ONON | On Holding AG (Class A) | Materials | 13.28M | $470.38M | 2.9% | New | +13.3M | — | +$470.38M |
| LPLA | LPL Financial Holdings Inc | Financials | 1.22M | $343.40M | 2.1% | Reduced | -830.9K | -40.5% | -$234.04M |
| AGX | Argan Inc | Industrials | 368.67K | $294.40M | 1.8% | Reduced | -24.5K | -6.2% | -$19.53M |
| BTDR | Bitdeer Technologies Group (Class A) | Financials | 7.02M | $111.41M | 0.7% | New | +7.0M | — | +$111.41M |
| SHAZ | SharonAI Holdings Inc (Class A) | Information Technology | 1.21M | $102.43M | 0.6% | New | +1.2M | — | +$102.43M |
| GOOGL | Alphabet Inc (Class A) | Communication Services | 215.57K | $77.04M | 0.5% | Added | +28.0K | +14.9% | +$10.01M |
| KGS | Kodiak Gas Services, Inc | Utilities | 845.07K | $63.49M | 0.4% | New | +845.1K | — | +$63.49M |
| V | Visa Inc (Class A) | Financials | 165.96K | $56.94M | 0.3% | Added | +73.2K | +78.9% | +$25.11M |
| IBKR | Interactive Brokers Group, Inc (Class A) | Financials | 577.67K | $50.28M | 0.3% | New | +577.7K | — | +$50.28M |
| TSM | Taiwan Semiconductor Manufacturing Co Ltd | Information Technology | 101.24K | $48.35M | 0.3% | Reduced | -1.3M | -92.7% | -$615.25M |
| SE | Sea Ltd | Industrials | 494.58K | $47.40M | 0.3% | New | +494.6K | — | +$47.40M |
| MCK | McKesson Corp | Health Care | 57.85K | $43.71M | 0.3% | Reduced | -334.4K | -85.3% | -$252.65M |
| TDG | TransDigm Group INC | Industrials | 28.53K | $38.01M | 0.2% | Reduced | -7.1K | -20.0% | -$9.52M |
| BN | Brookfield Corp (Class A) | Real Estate | 792.72K | $33.76M | 0.2% | Reduced | -10.4M | -92.9% | -$443.63M |
Column filters
| Ticker | Company | Sector | Shares sold | Value last quarter ↓ |
|---|---|---|---|---|
| VST | Vistra Corp | Utilities | -6.2M | $930.18M |
| TLN | Talen Energy Corp | Utilities | -1.8M | $580.34M |
| CLH | Clean Harbors Inc | Utilities | -1.8M | $503.20M |
| THC | Tenet Healthcare Corp | Health Care | -2.3M | $426.24M |
| COF | Capital One Financial Corp | Financials | -2.3M | $413.58M |
| ENTG | Entegris Inc | Materials | -3.1M | $365.21M |
| CIEN | Ciena Corp | Information Technology | -809.5K | $314.28M |
| VMC | Vulcan Materials CO | Materials | -144.2K | $39.26M |
| SPOT | Spotify Technology S.A. | Communication Services | -68.8K | $33.38M |
| MA | Mastercard Inc (Class A) | Financials | -57.2K | $28.58M |
| APH | Amphenol Corp (Class A) | Information Technology | -223.1K | $28.19M |
| HLT | Hilton Worldwide Holdings Inc | Consumer Discretionary | -89.2K | $27.14M |
| KKR | KKR & Co. Inc | Financials | -179.3K | $16.59M |
| BKNG | Booking Holdings Inc | Consumer Discretionary | -2.4K | $10.13M |
| BSX | Boston Scientific Corp | Health Care | -104.7K | $6.57M |
13F filings on record (4)
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