Stephen Mandel's Lone Pine Capital fully exited its stake in Capital One Financial (COF) during the second quarter of 2026. The sale liquidated the firm's entire holding of 2.27 million shares, a position valued at approximately $413.6 million as of the prior quarter. Before the sale, the Capital One stake represented a significant 3.3% of Lone Pine's reported portfolio.
This investment change was revealed in a mandatory quarterly 13F filing, which discloses positions as of June 30 but is filed with a delay. The specific reasons for the exit were not publicly disclosed. However, the sale occurred during a quarter where Capital One reported a strong return to profitability, with net income of $3.0 billion, citing improved credit conditions and continued integration of its Discover acquisition.