Investor: Stephen Mandel
Number of Assets: 32
Reporting Period: Q4 - 2025
Holdings at Report: $13,611,137,640
Return Since Report: -$1,286,129,749
Return Since Report: -9.45%
Company | Position | Activity | Shares | Port. % | Rep. Price | Curr. Price | Rep. Value | Curr. Value | Return Value | Return % |
|---|---|---|---|---|---|---|---|---|---|---|
| Affirm Holdings Inc. (AFRM) | Equity | +100% | 3,817,170 | 2.09% | $74.43 | $45.93 | $284,111,963 | $175,322,618 | -$108,789,345 | -38.29% |
| Amazon.com Inc. (AMZN) | Equity | -14.13% | 2,414,520 | 4.09% | $230.82 | $208.30 | $557,319,506 | $502,944,516 | -$54,374,990 | -9.76% |
| Amphenol Corp. (APH) | Equity | -7.06% | 2,809,773 | 2.79% | $135.14 | $126.35 | $379,712,723 | $355,014,819 | -$24,697,904 | -6.50% |
| Applovin Corp. (APP) | Equity | -29.63% | 780,530 | 3.86% | $673.82 | $398.48 | $525,936,725 | $311,025,594 | -$214,911,131 | -40.86% |
| ASML Holding N.V. (ASML) | Equity | +100% | 605,017 | 4.76% | $1,069.86 | $1,319.08 | $647,283,488 | $798,065,824 | +$150,782,336 | +23.29% |
| Booking Holdings Inc. (BKNG) | Equity | -85.14% | 4,630 | 0.18% | $5,355.33 | $4,202.83 | $24,795,178 | $19,459,103 | -$5,336,075 | -21.52% |
| Boston Scientific Corp. (BSX) | Equity | +100% | 201,703 | 0.14% | $95.35 | $62.36 | $19,232,381 | $12,577,191 | -$6,655,190 | -34.60% |
| Broadcom Inc. (AVGO) | Equity | +11.67% | 1,730,216 | 4.40% | $346.10 | $309.45 | $598,827,758 | $535,406,690 | -$63,421,068 | -10.59% |
| Brookfield Corp. (BN) | Equity | +56.40% | 15,923,360 | 5.37% | $45.89 | $40.47 | $730,722,990 | $644,338,762 | -$86,384,228 | -11.82% |
| Capital One Financial Corp. (COF) | Equity | -10.69% | 2,294,891 | 4.09% | $242.36 | $182.19 | $556,189,783 | $418,106,191 | -$138,083,592 | -24.83% |
| Carpenter Technology Corp. (CRS) | Equity | +100% | 1,312,938 | 3.04% | $314.84 | $395.50 | $413,365,400 | $519,260,414 | +$105,895,014 | +25.62% |
| Carvana Co. (CVNA) | Equity | +0.80% | 1,779,328 | 5.52% | $422.02 | $314.62 | $750,912,003 | $559,803,279 | -$191,108,724 | -25.45% |
| Clean Harbors Inc. (CLH) | Equity | +100% | 1,378,125 | 2.37% | $234.48 | N/A | $323,142,750 | N/A | N/A | N/A |
| Doordash Inc. (DASH) | Equity | +100% | 2,529,879 | 4.21% | $226.48 | $150.82 | $572,966,996 | $381,556,351 | -$191,410,645 | -33.41% |
| Entegris Inc. (ENTG) | Equity | +100% | 3,054,230 | 1.89% | $84.25 | $117.35 | $257,318,878 | $358,413,891 | +$101,095,013 | +39.29% |
| Hilton Worldwide Holdings Inc. (HLT) | Equity | +100% | 57,817 | 0.12% | $287.25 | $305.17 | $16,607,933 | $17,643,725 | +$1,035,792 | +6.24% |
| KKR & Co. Inc. (KKR) | Equity | +22.56% | 5,001,085 | 4.68% | $127.48 | $93.01 | $637,538,316 | $465,150,916 | -$172,387,400 | -27.04% |
| Lpl Financial Holdings Inc. (LPLA) | Equity | -8.01% | 2,074,948 | 5.44% | $357.17 | $302.28 | $741,109,177 | $627,215,281 | -$113,893,896 | -15.37% |
| Mastercard Inc. (MA) | Equity | +100% | 96,338 | 0.40% | $570.88 | $499.72 | $54,997,437 | $48,142,025 | -$6,855,412 | -12.46% |
| Medline INC | Equity | +100% | 11,716,697 | 3.62% | $42.00 | N/A | $492,101,274 | N/A | N/A | N/A |
| Microsoft Corp. (MSFT) | Equity | +2.11% | 1,234,125 | 4.38% | $483.62 | $370.17 | $596,847,533 | $456,836,051 | -$140,011,482 | -23.46% |
| Nu Holdings Ltd. (NU) | Equity | +16.62% | 29,630,237 | 3.64% | $16.74 | $14.39 | $496,010,167 | $426,379,110 | -$69,631,057 | -14.04% |
| Philip Morris International Inc. (PM) | Equity | -42.71% | 2,643,579 | 3.12% | $160.40 | $165.49 | $424,030,072 | $437,485,889 | +$13,455,817 | +3.17% |
| Spotify Technology S.A. (SPOT) | Equity | +100% | 17,762 | 0.08% | $580.71 | $485.45 | $10,314,571 | $8,622,563 | -$1,692,008 | -16.40% |
| Taiwan Semiconductor Manufacturing Company Limited (TSM) | Equity | 0% | 3,052,400 | 6.81% | $303.89 | $337.70 | $927,593,836 | $1,030,795,480 | +$103,201,644 | +11.13% |
| Talen Energy Corp. (TLN) | Equity | +8.39% | 1,292,516 | 3.56% | $374.84 | $319.72 | $484,486,697 | $413,243,216 | -$71,243,481 | -14.70% |
| Tenet Healthcare Corp. (THC) | Equity | +100% | 1,787,326 | 2.61% | $198.72 | $188.67 | $355,177,423 | $337,214,796 | -$17,962,627 | -5.06% |
| Transdigm Group Inc. (TDG) | Equity | +100% | 19,228 | 0.19% | $1,329.85 | $1,159.06 | $25,570,356 | $22,286,406 | -$3,283,950 | -12.84% |
| Visa Inc. (V) | Equity | +100% | 15,217 | 0.04% | $350.71 | $301.42 | $5,336,754 | $4,586,632 | -$750,122 | -14.06% |
| Vistra Corp. (VST) | Equity | +10.91% | 5,211,885 | 6.18% | $161.33 | $150.26 | $840,833,407 | $783,137,840 | -$57,695,567 | -6.86% |
| Vulcan Materials Company (VMC) | Equity | +21.62% | 1,683,932 | 3.53% | $285.22 | $272.74 | $480,291,085 | $459,275,614 | -$21,015,471 | -4.38% |
| Wingstop Inc. (WING) | Equity | +6.97% | 1,595,258 | 2.80% | $238.49 | N/A | $380,453,080 | N/A | N/A | N/A |