LPL Financial Holdings Inc. (LPLA): Stephen Mandel Trims Holding

We just covered Lone Pine’s Non-AI Strategy Falters: 10 Non-AI Stocks Weighing Down Stephen Mandel’s 2026 Returns and LPL Financial Holdings Inc. (NASDAQ:LPLA) ranks 9th on this list.

LPL Financial Holdings Inc. (NASDAQ:LPLA) first appeared in the 13F portfolio of Lone Pine Capital in the first quarter of 2014. Back then, this position comprised more than 8.5 million shares. By late 2014, this holding had been sold off completely. A new position in the stock was opened in the second quarter of 2022, consisting of just under 2.3 million shares. Filings for the fourth quarter of 2025 show that the fund owned a little over 2 million shares in the company, down more than 8% compared to filings for the third quarter of 2025.

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While LPL Financial Holdings Inc. (NASDAQ:LPLA) beat earnings estimates in late January, the stock dropped because total quarterly expenses jumped 43% year-over-year to $4.53 billion. The costs associated with integrating massive acquisitions like Atria Wealth Solutions and preparing for the Commonwealth Financial Network conversion have been higher than some analysts have modeled. Investors are favoring firms with leaner cost structures until LPL can prove the promised synergies from these deals. As the Federal Reserve began gradual rate cuts in early 2026, the yield LPL earns on its $61 billion in client cash has started to face pressure. Management noted in their Q1 2026 outlook that ICA (Insured Cash Account) yields are expected to decrease by about 10 basis points.

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