Billionaire Investor Stephen Mandel Boosts Stake in Surging Energy Firm Vistra

Hedge fund titan Stephen Mandel has added a 40.5% position to Lone Pine Capital's stake in Vistra Corp., now its top holding, despite the energy generator's 80% rally since April. The MOVE signals conviction in the Texas-based power producer's wholesale electricity model amid volatile energy markets.

Vistra operates America's largest competitive generation fleet at 41,000 megawatts, predominantly fueled by natural gas. Unlike regulated utilities, the company sells power directly to grid operators and large consumers—a structure that benefits from pricing flexibility during supply crunches.

Mandel's bet comes as institutional investors increasingly target infrastructure plays with inflation-resistant cash flows. The position build follows high praise from Tiger Management's Julian Robertson, who called the Lone Pine founder "the greatest analyst of all time."