Lone Pine's $5.3B Quarter: Portfolio Jumped 64% While Holdings Doubled from 15 to 32
Lone Pine Capital's Q4 2025 13F shows a dramatic scale-up with breadth expansion, a full META exit, and a new CVNA position entering the top three.
Lone Pine''s Q4 read is less about one stock and more about portfolio architecture. Value rose from $8.29B to $13.61B (+64.1%), while unique holdings jumped from 15 to 32. That is not a tweak. It is a structural reset.
TL;DR
- Portfolio value: $8.29B -> $13.61B (+$5.32B, +64.10%)
- Breadth shock: 15 -> 32 holdings (+113.3%)
- Concentration down: top-1 down 4.89 pts, top-5 down 20.56 pts, top-10 down 28.87 pts
- Largest new adds: TSM, CVNA, ASML, MSFT, DASH
- Largest cuts: full META exit, EQT exit, Flutter exit, SEA exit
- Primary source: SEC 13F-HR accession 0000902664-26-001084 (Q4) vs 0000902664-25-004988 (Q3)
What Changed: From Concentrated Conviction to Multi-Leg Offense
In Q3, Lone Pine''s top two positions were 22.81% of portfolio weight. In Q4, that dropped to 12.99%. The manager replaced concentration risk with a broader set of medium-sized convictions, including TSM, VST, CVNA, LPLA, BN, ASML, and KKR.
SEC sources: Q4 filing package, Q3 filing package.
Lone Pine Concentration Compression: Q3 vs Q4
CVNA as Signal, Not Sideshow
Carvana entered as a new $750.9M position (5.52% weight), immediately ranking top-three. That timing aligns with renewed focus on operating leverage after the company''s 2025 execution stretch. For context, see the company''s own update stream: Carvana investor relations.
The equally important counterpoint: Lone Pine fully exited META ($971.0M prior value). This was not simply a "buy more everything" quarter; it was a re-ranking of opportunity.
Largest Q4 Adds (Billions USD)
Largest Q4 Cuts and Exits (Billions USD)
Researcher View: The Breadth Expansion Is the Story to Track into Q1
When a manager doubles breadth and cuts top-10 concentration by nearly 29 points in one quarter, forward performance usually depends less on one headline winner and more on hit-rate across a wider book. That shifts monitoring from "Did top position work?" to "How many new sleeves are compounding?"
Related reading and pages: Lone Pine filer page, CVNA holders, TSM holders, ASML holders, Appaloosa breadth reset, Millennium Q4 turnover map.
Q&A
What did Lone Pine buy in Q4 2025?
Largest new dollar adds were TSM ($927.6M), CVNA ($750.9M), ASML ($647.3M), MSFT ($596.8M), and DASH ($573.0M).
Did Lone Pine sell Meta in Q4 2025?
Yes. META was fully exited from a prior-quarter value of $971.0M (11.71% prior weight).
What did Thoma Bravo buy in Q4 2025?
We covered that separately here: Thoma Bravo Q4 2025 deep dive.
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