In this article, we will list the 5 non-AI stocks weighing down Stephen Mandel’s 2026 returns. Please visit Lone Pine’s Non-AI Strategy Falters: 10 Non-AI Stocks Weighing Down Stephen Mandel’s 2026 Returns if you would like to see the extended list and the methodology behind it.
Stephen Mandel of Lone Pine Capital
5. Booking Holdings Inc. (NASDAQ:BKNG)
Lone Pine Capital’s Stake: $25 Million
YTD Decline in Share Price: 17%
Booking Holdings Inc. (NASDAQ:BKNG) has been a long-term holding of Lone Pine Capital. The fund first disclosed a stake in the company back in the first quarter of 2018. This position comprised 12.7 million shares. The fund sold off this holding before the end of that year. A new position was then opened in late 2018 and was sold off by late 2019. The latest stake was bought in the second quarter of 2025. It comprised 1.5 million shares. In the next quarter, the fund trimmed this holding by 48%, reducing ownership to around 770,000 shares. Filings for the fourth quarter of 2025 show that the fund owned over 115,000 shares in the company, down 85% compared to filings for the previous quarter.
The biggest weight on Booking Holdings Inc. (NASDAQ:BKNG) this year has been investor anxiety over how generative AI will reshape travel discovery. In March, Bernstein highlighted that a core concern was that advanced AI agents could bypass traditional online travel agencies by allowing users to book directly through platforms like OpenAI or Google, reducing the role of a middleman. After the record-breaking surges of 2024 and 2025, the global travel industry is entering a period of measured normalization. While international travel remains a growth engine, the US market has shown signs of stagnation.
4. Capital One Financial Corporation (NYSE:COF)
Lone Pine Capital’s Stake: $556 Million
YTD Decline in Share Price: 20%
Capital One Financial Corporation (NYSE:COF) first appeared in the 13F portfolio of Lone Pine Capital in the fourth quarter of 2012. This holding comprised 4.4 million shares. The fund added to this stake by 14% in the following quarter before selling it off completely in the next. A new position in the stock was opened in mid-2020 but sold off before the end of the year. The latest stake was bought in the fourth quarter of 2024, consisting of 3.2 million shares. Filings for the fourth quarter of 2025 show that the fund owned just under 2.3 million shares in the firm, down over 10% compared to filings for the previous quarter.
Despite the Q1 2026 EPS miss, $4.42 versus $4.51 estimate, several under the hood metrics have remained robust for Capital One Financial Corporation (NYSE:COF), attracting value-oriented hedge funds. The company reported a significant increase in net interest income to $12.15 billion in Q1 2026, up from $8.01 billion the previous year. It also maintains a fortress-like balance sheet with a Common Equity Tier 1 (CET1) capital ratio of 14.4% and total liquidity reserves of approximately $165 billion. The ongoing integration of Brex and the expansion of the Venture X franchise are seen as key to capturing prime transactor market share. Strategic initiatives in the payments and travel businesses are projected to drive double-digit profit growth through fiscal 2029.
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3. DoorDash, Inc. (NASDAQ:DASH)
Lone Pine Capital’s Stake: $573 Million
YTD Decline in Share Price: 23%
DoorDash, Inc. (NASDAQ:DASH) first featured in the 13F portfolio of Lone Pine Capital in the fourth quarter of 2020. Back then, this position comprised 2.2 million shares. By the end of 2021, the fund had grown this position to more than 8.2 million shares. In the first quarter of 2022, the fund trimmed the stake by 44% and then sold it off completely in the next quarter. A new position in the stock was then opened in the fourth quarter of 2025, comprising a little over 2.5 million shares. The firm operates a commerce platform that connects merchants, consumers, and dashers in the United States and internationally.
While DoorDash, Inc. (NASDAQ:DASH) was historically viewed as a volatile gig-economy stock, institutional investors are now piling in as the firm successfully diversifies beyond restaurant delivery into high-margin retail and grocery infrastructure. In late 2025 and Q1 2026, the non-restaurant categories of the firm like grocery, alcohol, and retail grew at nearly double the rate of the core food delivery business. Landmark partnerships with retailers like Lowe’s and Academy Sports + Outdoors in early 2026 have convinced institutional investors that DoorDash can effectively compete with Amazon on last-mile speed for physical goods.
2. Wingstop Inc. (NASDAQ:WING)
Lone Pine Capital’s Stake: $380 Million
YTD Decline in Share Price: 25%
Wingstop Inc. (NASDAQ:WING) is a relatively recent addition to the 13F portfolio of Lone Pine Capital. The fund first disclosed a stake in the company back in the first quarter of 2025, comprising just under 450,000 shares. This stake was sold off by the next quarter. A new position in the company was then opened in the third quarter of 2025, consisting of a little under 1.5 million shares. Filings for the fourth quarter of 2025 show that the fund owned 1.6 million shares in the firm, up slightly compared to filings for the previous quarter. The firm franchises and operates restaurants under the Wingstop brand.
Wingstop Inc. (NASDAQ:WING) is aggressively expanding in international and domestic markets. In February, management reaffirmed a long-term vision of reaching 10,000 restaurants globally. With only 3,000 units currently open, institutional investors see a massive white space for growth. The Small Box model of the firm, high delivery/carryout mix, allows for some of the best cash-on-cash returns in the fast-casual industry, which top-tier funds have historically rewarded. Piper Sandler recently upgraded the stock to Overweight, signaling to the market that the risk-reward profile has become highly attractive for long-term holders at these lower levels.
1. Boston Scientific Corporation (NYSE:BSX)
Lone Pine Capital’s Stake: $19 Million
YTD Decline in Share Price: 37%
Boston Scientific Corporation (NYSE:BSX) is a new addition to the 13F portfolio of Lone Pine Capital. Filings for the fourth quarter of 2025 show that the fund owned a little over 200,000 shares in the company. Boston Scientific develops, manufactures, and markets medical devices for use in various interventional medical specialties worldwide. It offers devices to diagnose and treat a range of gastrointestinal conditions, such as resolution clips, biliary stent systems, stents and electrocautery enhanced delivery systems, and single-use scopes used for diagnostic and therapeutic procedures.
Boston Scientific Corporation (NYSE:BSX) beat Q1 estimates with $5.20 billion in revenue and $0.80 EPS, but the stock price experienced volatility because management lowered full-year 2026 guidance. Many hedge funds view this guidance cut, now projecting 6.5%–8% organic growth, as a strategic reset. By lowering the bar, management has cleared the way for future beat and raise quarters. Funds are particularly bullish on the Cardiovascular segment, which grew 11.2% organically in Q1. The Pulsed Field Ablation (PFA) platform of the firm remains a major structural moat. Recent clinical trials showed superior long-term success for atrial fibrillation treatment compared to traditional methods. Institutional investors are rewarding the 19% global growth of the WATCHMAN device as well. New data from the CHAMPION-AF study positioned it as a first-line option for stroke risk reduction.
While we acknowledge the potential of BSX to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than BSX and that has 100x upside potential, check out our report about the cheapest AI stock.
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