基本面成长Fundamental growth · famous

Lone Pine Capital

孤松资本

研究可用度高High research usability

13F-RS 研究可用度13F-RS research usability 75.2 覆盖coverage 75% · 置信confidence B

结论先行Answer first

前五大占31.0%，最值得继续核验的动作是退出候选VISTRA CORPTop five represent 31.0%; apparent exit candidate in VISTRA CORP is the clearest next diligence lead

最大可见非期权证券持仓为NEBIUS GROUP N.V.（7.2%）；季度快照换手代理为48.3%，前十大延续率为46.2%。该机构归入“基本面成长”，13F只能解释公开的美国可报告证券多头。

The largest visible non-option security is NEBIUS GROUP N.V. (7.2%). The quarterly snapshot turnover proxy is 48.3%, and top-ten persistence is 46.2%. The manager is classified as Fundamental growth; 13F covers only visible reportable U.S. long securities.

最重要的可比减持Most material comparable reductionTAIWAN SEMICONDUCTOR MANUFACSPONSORED ADS · CUSIP 874039100股数 -92.7%；上季 3.74% → 本季 0.30%Shares -92.7%; prior 3.74% → current 0.30%减仓影响代理 ≈ 3.47 个百分点Sale-impact proxy ≈ 3.47 pp

最大退出候选Largest apparent exitVISTRA CORPCOM · CUSIP 92840M102本期同一换算后证券未见；上季权重 7.42%No comparable adjusted security this quarter; prior weight 7.42%减仓影响代理 ≈ 7.42 个百分点Sale-impact proxy ≈ 7.42 pp

按上季可见权重 × 股数降幅排序；完整非期权证券变化见下方。Ranked by prior visible weight × share decline; the full non-option security changes appear below.

下一步Next diligence

把退出候选VISTRA CORP作为研究线索，结合公司基本面、估值、催化剂及13D/G核验；不要直接跟单。

Treat the apparent exit candidate in VISTRA CORP as a research lead and verify fundamentals, valuation, catalysts and any 13D/G filings; do not copy mechanically.

可见总值Visible value$16.36bn前期 2026-03-31: $12.54bn（仅作规模对照）Prior 2026-03-31: $12.54bn (scale context only)

经济持仓数Economic positions34按 CUSIP / 证券类型规范化normalized by CUSIP / security type

前五集中度Top-five concentration31.0%集中度不是能力评分concentration is not skill

季度换手代理Quarterly turnover proxy48.3%范围变化时不估算not estimated when scope changes

前十大延续Top-ten persistence46.2%范围变化时不估算not estimated when scope changes

最新申报日Latest filing date2026-08-14报告期report date 2026-06-30

CIK · accession · accepted date

本季申报链Current filing chain

先展示 13F-NT 关系通知，再展示解析到的 13F-HR / HR-A。价值单位说明保留检测结果和归一化倍数。

Relationship notices appear before resolved 13F-HR / HR-A filings. Unit notes preserve the detection result and normalization multiplier.

法律申报人Legal filer	CIK	Form	Accession	申报日Filed	解析 / 单位说明Resolution / unit note
LONE PINE CAPITAL LLC	CIK 0001061165	13F-HR	0000919574-26-005485	2026-08-14	usd_consistent_with_implied_prices

2026-03-31 → 2026-06-30

持仓与季度变化Holdings and quarterly change

前十大可见非期权证券Top visible non-option holdings 10

证券Security	Put / Call	申报价值Filed value	权重Weight	股数 / 标的股数Shares / underlying shares	股数变化Share change
NEBIUS GROUP N.V.SHS CLASS A · CUSIP N97284108	—	$1.18bn	7.19%	4,258,008	—
ASML HLDG NVN Y REGISTRY SHS · CUSIP N07059210	—	$1.13bn	6.92%	569,174	-13.1%
SEAGATE TECHNOLOGY HLDNGS PLORD SHS · CUSIP G7997R103	—	$965.1m	5.90%	1,000,109	—
HOME DEPOT INCCOM · CUSIP 437076102	—	$918.1m	5.61%	2,603,189	—
APPLIED MATLS INCCOM · CUSIP 038222105	—	$873.2m	5.34%	1,207,737	—
MEDLINE INCCOM CL A · CUSIP 58507V107	—	$827.0m	5.06%	20,968,367	77.9%
LINDE PLCSHS · CUSIP G54950103	—	$808.6m	4.94%	1,558,081	—
TERADYNE INCCOM · CUSIP 880770102	—	$722.4m	4.42%	1,493,080	-20.3%
CORNING INCCOM · CUSIP 219350105	—	$696.8m	4.26%	2,728,058	-26.6%
CARVANA COCL A · CUSIP 146869102	—	$692.5m	4.23%	10,520,666	499.6%

新建仓位New positions 10

证券Security	Put / Call	申报价值Filed value	权重Weight	股数 / 标的股数Shares / underlying shares	股数变化Share change
NEBIUS GROUP N.V.SHS CLASS A · CUSIP N97284108	—	$1.18bn	7.19%	4,258,008	—
SEAGATE TECHNOLOGY HLDNGS PLORD SHS · CUSIP G7997R103	—	$965.1m	5.90%	1,000,109	—
HOME DEPOT INCCOM · CUSIP 437076102	—	$918.1m	5.61%	2,603,189	—
APPLIED MATLS INCCOM · CUSIP 038222105	—	$873.2m	5.34%	1,207,737	—
LINDE PLCSHS · CUSIP G54950103	—	$808.6m	4.94%	1,558,081	—
TTM TECHNOLOGIES INCCOM · CUSIP 87305R109	—	$512.1m	3.13%	2,738,075	—
STERLING INFRASTRUCTURE INCCOM · CUSIP 859241101	—	$511.7m	3.13%	609,643	—
ON HLDG AGNAMEN AKT A · CUSIP H5919C104	—	$470.4m	2.88%	13,280,030	—
BITDEER TECHNOLOGIES GROUPCL A ORD SHS · CUSIP G11448100	—	$111.4m	0.68%	7,020,026	—
SHARONAI HOLDINGS INCCOM CL A · CUSIP 778920306	—	$102.4m	0.63%	1,209,848	—

增持仓位Added positions 8

证券Security	Put / Call	申报价值Filed value	权重Weight	股数 / 标的股数Shares / underlying shares	股数变化Share change
TERAWULF INCCOM · CUSIP 88080T104	—	$596.4m	3.65%	24,144,625	21.2%
PERFORMANCE FOOD GROUP COCOM · CUSIP 71377A103	—	$654.3m	4.00%	5,852,740	47.1%
MEDLINE INCCOM CL A · CUSIP 58507V107	—	$827.0m	5.06%	20,968,367	77.9%
NU HLDGS LTDORD SHS CL A · CUSIP G6683N103	—	$630.9m	3.86%	47,219,717	24.2%
US FOODS HLDG CORPCOM · CUSIP 912008109	—	$502.5m	3.07%	4,914,492	29.5%
CARVANA COCL A · CUSIP 146869102	—	$692.5m	4.23%	10,520,666	499.6%
VISA INCCOM CL A · CUSIP 92826C839	—	$56.9m	0.35%	165,960	78.9%
ALPHABET INCCAP STK CL A · CUSIP 02079K305	—	$77.0m	0.47%	215,574	14.9%

减持仓位Reduced positions 10

用公司行动调整后的股数判断，按上季可见权重 × 股数降幅排序；报告权重变化不是交易量。Classified from corporate-action-adjusted shares and ranked by prior visible weight × share decline; reported weight change is not trading volume.

证券Security	Put / Call	申报价值Filed value	权重Weight	股数 / 标的股数Shares / underlying shares	股数变化Share change
TAIWAN SEMICONDUCTOR MANUFACSPONSORED ADS · CUSIP 874039100	—	$48.4m	0.30%	101,242	-92.7%
BROOKFIELD CORPCL A LTD VT SH · CUSIP 11271J107	—	$33.8m	0.21%	792,717	-92.9%
CARPENTER TECHNOLOGY CORPCOM · CUSIP 144285103	—	$593.9m	3.63%	962,839	-47.0%
MCKESSON CORPCOM · CUSIP 58155Q103	—	$43.7m	0.27%	57,851	-85.2%
LPL FINL HLDGS INCCOM · CUSIP 50212V100	—	$343.4m	2.10%	1,219,099	-40.5%
APPLOVIN CORPCOM CL A · CUSIP 03831W108	—	$537.0m	3.28%	1,042,268	-28.9%
CORNING INCCOM · CUSIP 219350105	—	$696.8m	4.26%	2,728,058	-26.6%
ASML HLDG NVN Y REGISTRY SHS · CUSIP N07059210	—	$1.13bn	6.92%	569,174	-13.1%
TERADYNE INCCOM · CUSIP 880770102	—	$722.4m	4.42%	1,493,080	-20.3%
MASTEC INCCOM · CUSIP 576323109	—	$559.7m	3.42%	1,345,157	-12.1%

退出候选Apparent exits 10

仅表示排除已知公司事件后，本期未见同一可比证券；到期、退市及未知事件仍须核验。Only means the comparable security is absent after known event checks; maturities, delistings and unknown events still require review.

证券Security	Put / Call	申报价值Filed value	权重Weight	股数 / 标的股数Shares / underlying shares	股数变化Share change
VISTRA CORPCOM · CUSIP 92840M102	—	$930.2m	7.42%	6,187,585	-100.0%
TALEN ENERGY CORPCOM · CUSIP 87422Q109	—	$580.3m	4.63%	1,817,947	-100.0%
CLEAN HARBORS INCCOM · CUSIP 184496107	—	$503.2m	4.01%	1,754,950	-100.0%
TENET HEALTHCARE CORPCOM NEW · CUSIP 88033G407	—	$426.2m	3.40%	2,258,717	-100.0%
CAPITAL ONE FINL CORPCOM · CUSIP 14040H105	—	$413.6m	3.30%	2,267,056	-100.0%
ENTEGRIS INCCOM · CUSIP 29362U104	—	$365.2m	2.91%	3,115,054	-100.0%
CIENA CORPCOM NEW · CUSIP 171779309	—	$314.3m	2.50%	809,522	-100.0%
VULCAN MATLS COCOM · CUSIP 929160109	—	$39.3m	0.31%	144,179	-100.0%
SPOTIFY TECHNOLOGY S ASHS · CUSIP L8681T102	—	$33.4m	0.27%	68,844	-100.0%
MASTERCARD INCORPORATEDCL A · CUSIP 57636Q104	—	$28.6m	0.23%	57,201	-100.0%

期权切片Options slice 0

Put/Call 股数是标的股数；13F 没有执行价、到期日、权利金或净方向。Put/call shares are underlying shares; 13F omits strike, expiry, premium and net direction.

证券Security	Put / Call	申报价值Filed value	权重Weight	股数 / 标的股数Shares / underlying shares	股数变化Share change
无可展示记录No records to display

13F-RS-v1.0

评分拆解Score breakdown

完整方法Full methodology

维度Dimension	得分Score	比例Ratio
申报完整性Filing integrity	15.0 / 15	100%
实体映射Entity mapping	10.0 / 10	100%
策略适配度Strategy fit	11.2 / 15	75%
集中度信息密度Concentration signal	9.2 / 10	92%
高确信度可识别性Conviction identifiability	12.1 / 15	81%
延续性 / 换手Persistence / turnover	4.9 / 10	49%
申报时滞Filing lag	0.0 / 10	0%
不可见风险Opacity risk	9.2 / 10	92%
独立共识Independent consensus	3.6 / 5	72%

策略分类：基本面成长。分数衡量公开13F的研究可用度，不评价未来收益。Strategy classification: Fundamental growth. The score measures public-13F research usability, not future returns.

H（高确信度可识别性）当前以单仓≥2%为有限代理，尚未接入风格基准主动权重，因此该分项覆盖度只有50%。H (conviction identifiability) currently uses positions ≥2% as a limited proxy; style-benchmark active weights are not yet available, so this component has only 50% coverage.