Lone Pine Capital enters Nebius, Seagate, and Home Depot, while exiting Vistra and Talen Energy in Q2 2026

Lone Pine Capital's Q2 2026 13F filing reflects substantial portfolio turnover across its $16.36 billion in reported equity holdings. The fund initiated several large new stakes, led by Nebius Group N.V. ($1.18 billion, representing 7.2% of the portfolio), Seagate Technology Holdings ($965.11 million, 5.9%), Home Depot ($918.09 million, 5.6%), Applied Materials ($873.19 million, 5.3%), and Linde PLC ($808.55 million, 4.9%). Other notable new entrants include TTM Technologies ($512.07 million), Sterling Infrastructure ($511.71 million), and On Holding AG ($470.38 million).

On the disposition side, Lone Pine completely liquidated prominent positions, most notably power producer Vistra Corp (previously $930.18 million) and Talen Energy Corp (previously $580.34 million). The firm also closed out stakes in Clean Harbors ($503.20 million), Tenet Healthcare ($426.24 million), Capital One Financial ($413.58 million), Entegris ($365.21 million), and Ciena ($314.28 million). Additionally, Lone Pine drastically scaled back its positions in Taiwan Semiconductor Manufacturing (-93% to $48.35 million), Brookfield Corp (-93% to $33.76 million), and McKesson Corp (-85% to $43.71 million).

Among existing holdings, Lone Pine meaningfully built up positions in Carvana (+500% in share count to $692.47 million), Medline Inc (+78% to $826.99 million), Performance Food Group (+47% to $654.28 million), US Foods Holding (+29% to $502.51 million), Nu Holdings (+24% to $630.86 million), and TeraWulf (+21% to $596.37 million).

Position changes