Stephen Mandel Q1 2026 Portfolio — Full Exit from Big Tech, Pivot to Energy & AI Infrastructure

Stephen Mandel (Lone Pine Capital) disclosed in his Q1 2026 13F filing a complete liquidation of five positions: AVGO ($599M), MSFT ($597M), DASH ($573M), AMZN ($557M), and PM ($424M). Simultaneously, the firm initiated new positions in TER ($555M), GLW ($506M), and MTZ ($493M), fully repositioning the portfolio around energy, AI infrastructure, and industrials. Total AUM at quarter-end was $10.8B, with holdings concentrated in just 20 positions.

Top 5 Holdings — Q1 2026

• VST: $930M (7.4%)
• ASML: $865M (6.9%)
• CRS: $717M (5.7%)
• LPLA: $617M (4.9%)
• APP: $583M (4.6%)

Q1 2026 Key Portfolio Moves

The most striking development this quarter was the large-scale liquidation of Big Tech. AVGO, MSFT, and AMZN alone accounted for roughly $1.65B in exits; adding DASH and PM brings the total to over $2.7B removed from the portfolio. Meanwhile, power infrastructure company VST saw its weighting expanded by 19%, ascending to the top holding at $930M (7.4% of portfolio), while semiconductor equipment leader ASML was increased by 8%, holding steady at second place with $865M (6.9%).

• VST: Position increased +19% ($930M, 7.4% of portfolio) — Bet on surging power demand; elevated to largest holding
• TER: New position $555M — Anticipated growth in AI/semiconductor test equipment demand; immediately 4.4% of portfolio
• GLW: New position $506M — Exposure to data center fiber optic demand growth; secures AI infrastructure supply chain position
• AVGO: Full exit $599M → 0 — Complete reduction of Big Tech semiconductor exposure; signals major rebalancing
• MSFT: Full exit $597M → 0 — Liquidation of Big Tech software position; shift toward infrastructure and hard assets
• CRS: Position increased +38% ($717M, 5.7% of portfolio) — Bet on rising aerospace and defense specialty alloy demand; rose to third-largest holding

The newly initiated positions also reflect a clear directional thesis. Test and measurement equipment maker TER ($555M) and fiber optic/optical materials company GLW ($506M) are positioned as beneficiaries of the AI data center supply chain, while engineering and construction firm MTZ ($493M) aligns with the accelerating buildout of power grid and telecom infrastructure. CRS was increased by 38% to reach the third-largest position at $717M, while KKR, APH, and VMC were slashed by 96%, 92%, and 91%, respectively, effectively signaling near-full liquidation.

Energy & AI Infrastructure Focus — Mandel's Next Big Bet

Stephen Mandel's Q1 2026 portfolio overhaul makes a clear structural statement: a deliberate rotation away from software and platform Big Tech toward power infrastructure, AI hardware supply chains, and physical build-out. The portfolio arc — VST and TLN in power infrastructure, TER and GLW in AI data center materials and equipment, and MTZ in grid construction — reflects a conviction that AI demand ultimately flows through physical infrastructure investment. Given the highly concentrated structure of just 20 holdings, the key variable going forward is likely to be position-sizing adjustments within the current lineup rather than further wholesale turnover.