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Lone Pine Capital’s long-short fund drops 31% in Q3

The firm’s long-only vehicle fell 23% in the quarter, while the long-short strategy left the fund broadly flat for 2026.

Reported · Written up by our desk · Hedge Funds

Stephen Mandel Jr’s Lone Pine Capital saw a sharp reversal in the third quarter, with its long-short fund losing 31% over the three months to September, according to a report cited by Hedgeweek that referenced Institutional Investor.

The same reporting said the long-only vehicle dropped 23% in the quarter, while remaining up 6% year to date, after earlier strength in the first half and a strong second quarter.

Hedgeweek also reported that Lone Pine’s long-short strategy gained 51% in Q2 and that the decline left the overall fund broadly flat for 2026, with guidance tied to weakness in tech and AI-related stocks.

The report further said Lone Pine manages between $18bn and $19bn, with roughly two-thirds to three-quarters allocated to the long-only strategy, and about 80% invested in US assets.

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