Stephen Mandel – Lone Pine Capital Portfolio Activity & Recent Trades (Sep 30, 2025)
As of Sep 30, 2025, the Lone Pine Capital portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Nov 14, 2025. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.
During Q3 2025, the filing reported:
New Buys – Amphenol Corporation, Broadcom Inc., Ciena Corporation, Etsy, Inc., Nu Holdings, and 3 more
Increases – Brookfield Corporation, EQT Corporation, LPL Financial Holdings Inc., Philip Morris International Inc, Talen Energy
Reductions – Amazon.com, Inc., Applovin Corporation, Booking Holdings Inc. Common St, Capital One Financial Corporati, Flutter Entertainment, and 5 more
Complete Exits – ASML, Salesforce, Inc., Intuit Inc., UnitedHealth Group Incorporated, Wix
These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.
| Date | Symbol | Name | Type | Change Qty | % Change | Value | Remaining |
|---|---|---|---|---|---|---|---|
Q3 2025 | AMZN Amazon.com, Inc. | Amazon.com, Inc. | Sell | -2,221,628 | -44.1% | $617.42M | 2,811,928 |
Q3 2025 | APH Amphenol Corporation | Amphenol Corporation | Buy - Position Entry | +3,023,231 | - | $374.12M | 3,023,231 |
Q3 2025 | APP Applovin Corporation | Applovin Corporation | Sell | -152,196 | -12.1% | $796.96M | 1,109,138 |
Q3 2025 | ASML ASML | ASML | Sell - Position Exit | -566,862 | -100.0% | $0.00 | - |
Q3 2025 | AVGO Broadcom Inc. | Broadcom Inc. | Buy - Position Entry | +1,549,412 | - | $511.17M | 1,549,412 |
Q3 2025 | BKNG Booking Holdings Inc. Common St | Booking Holdings Inc. Common St | Sell | -28,821 | -48.1% | $168.19M | 31,151 |
Q3 2025 | BN Brookfield Corporation | Brookfield Corporation | Buy | +4,559,963 | +81.1% | $698.24M | 10,181,348 |
Q3 2025 | CIEN Ciena Corporation | Ciena Corporation | Buy - Position Entry | +2,006,662 | - | $292.31M | 2,006,662 |
Q3 2025 | COF Capital One Financial Corporati | Capital One Financial Corporati | Sell | -511,142 | -16.6% | $546.22M | 2,569,491 |
Q3 2025 | CRM Salesforce, Inc. | Salesforce, Inc. | Sell - Position Exit | -1,863,179 | -100.0% | $0.00 | - |
Q3 2025 | EQT EQT Corporation | EQT Corporation | Buy | +843,662 | +11.2% | $455.14M | 8,361,889 |
Q3 2025 | ETSY Etsy, Inc. | Etsy, Inc. | Buy - Position Entry | +3,880,316 | - | $257.61M | 3,880,316 |
Q3 2025 | FLUT Flutter Entertainment | Flutter Entertainment | Sell | -129,428 | -6.9% | $440.27M | 1,733,336 |
Q3 2025 | G6683N103 Nu Holdings | Nu Holdings | Buy - Position Entry | +25,406,449 | - | $406.76M | 25,406,449 |
Q3 2025 | INTU Intuit Inc. | Intuit Inc. | Sell - Position Exit | -771,666 | -100.0% | $0.00 | - |
Q3 2025 | KKR KKR & Co. Inc. | KKR & Co. Inc. | Sell | -1,141,208 | -21.9% | $530.27M | 4,080,561 |
Q3 2025 | LPLA LPL Financial Holdings Inc. | LPL Financial Holdings Inc. | Buy | +383,466 | +20.5% | $750.45M | 2,255,714 |
Q3 2025 | META Meta Platforms, Inc. | Meta Platforms, Inc. | Sell | -342,757 | -20.6% | $971.04M | 1,322,260 |
Q3 2025 | MSFT Microsoft Corporation | Microsoft Corporation | Sell | -646,251 | -34.8% | $626.00M | 1,208,605 |
Q3 2025 | PM Philip Morris International Inc | Philip Morris International Inc | Buy | +1,856,749 | +67.3% | $748.46M | 4,614,443 |
Q3 2025 | SE Sea Limited | Sea Limited | Buy - Position Entry | +1,869,501 | - | $334.14M | 1,869,501 |
Q3 2025 | TLN Talen Energy | Talen Energy | Buy | +103,136 | +9.5% | $507.27M | 1,192,516 |
Q3 2025 | TSM Taiwan Semiconductor Manufactur | Taiwan Semiconductor Manufactur | Sell | -383,520 | -11.2% | $852.50M | 3,052,400 |
Q3 2025 | UNH UnitedHealth Group Incorporated | UnitedHealth Group Incorporated | Sell - Position Exit | -1,693,347 | -100.0% | $0.00 | - |
Q3 2025 | VMC Vulcan Materials Company (Holdi | Vulcan Materials Company (Holdi | Buy - Position Entry | +1,384,624 | - | $425.94M | 1,384,624 |
Q3 2025 | VST Vistra Corp. | Vistra Corp. | Sell | -1,770,478 | -27.4% | $920.68M | 4,699,241 |
Q3 2025 | WING Wingstop Inc. | Wingstop Inc. | Buy - Position Entry | +1,491,245 | - | $375.32M | 1,491,245 |
Q3 2025 | WIX Wix | Wix | Sell - Position Exit | -2,161,331 | -100.0% | $0.00 | - |
Q2 2025 | AMZN Amazon.com, Inc. | Amazon.com, Inc. | Buy | +680,816 | +15.6% | $1.10B | 5,033,556 |
Q2 2025 | APP Applovin Corporation | Applovin Corporation | Sell | -332,594 | -20.9% | $441.57M | 1,261,334 |