Stephen Mandel - Lone Pine Capital 13F Activity & Position Changes (Q1 2025)

According to the SEC 13F filed on May 15, 2025, the Lone Pine Capital portfolio showed several notable changes in holdings as of quarter-end Mar 31, 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 Q1 2025, the filing reported:

New Buys - Cadence Design Systems, Inc., Carvana Co., Toll Brothers, Inc., Wingstop Inc.

Increases - Amazon.com, Inc., Applovin Corporation, ASML, Salesforce, Inc., Flutter Entertainment, and 5 more

Reductions - Ares Management Corporation, Capital One Financial Corporati, Eli Lilly and Company, LPL Financial Holdings Inc., Meta Platforms, Inc., and 2 more

Complete Exits - Constellation Energy Corporatio, Cipher Mining Inc., Hut 8 Corp., Howmet Aerospace Inc., Lennar Corporation, and 5 more

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
Q1 2025	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Buy	+563,706	+14.9%	$828.15M	4,352,740
Q1 2025	APP Applovin Corporation	Applovin Corporation	Buy	+508,815	+46.9%	$422.34M	1,593,928
Q1 2025	ARES Ares Management Corporation	Ares Management Corporation	Sell	-72,602	-4.3%	$235.23M	1,604,441
Q1 2025	ASML ASML	ASML	Buy	+140,661	+31.8%	$385.93M	582,427
Q1 2025	CDNS Cadence Design Systems, Inc.	Cadence Design Systems, Inc.	Buy - Position Entry	+1,218,389	-	$309.87M	1,218,389
Q1 2025	CEG Constellation Energy Corporatio	Constellation Energy Corporatio	Sell - Position Exit	-1,737,526	-100.0%	$0.00	-
Q1 2025	CIFR Cipher Mining Inc.	Cipher Mining Inc.	Sell - Position Exit	-2,344,380	-100.0%	$0.00	-
Q1 2025	COF Capital One Financial Corporati	Capital One Financial Corporati	Sell	-59,680	-1.8%	$569.48M	3,176,143
Q1 2025	CRM Salesforce, Inc.	Salesforce, Inc.	Buy	+166,487	+10.6%	$464.71M	1,731,680
Q1 2025	CVNA Carvana Co.	Carvana Co.	Buy - Position Entry	+2,314,168	-	$483.85M	2,314,168
Q1 2025	FLUT Flutter Entertainment	Flutter Entertainment	Buy	+307,377	+16.1%	$491.82M	2,219,896
Q1 2025	HUT Hut 8 Corp.	Hut 8 Corp.	Sell - Position Exit	-692,839	-100.0%	$0.00	-
Q1 2025	HWM Howmet Aerospace Inc.	Howmet Aerospace Inc.	Sell - Position Exit	-3,061,707	-100.0%	$0.00	-
Q1 2025	INTU Intuit Inc.	Intuit Inc.	Buy	+247,040	+21.4%	$861.92M	1,403,802
Q1 2025	KKR KKR & Co. Inc.	KKR & Co. Inc.	Buy	+715,628	+17.7%	$550.74M	4,763,771
Q1 2025	LEN Lennar Corporation	Lennar Corporation	Sell - Position Exit	-1,717,903	-100.0%	$0.00	-
Q1 2025	LLY Eli Lilly and Company	Eli Lilly and Company	Sell	-231,033	-29.5%	$455.76M	551,827
Q1 2025	LPLA LPL Financial Holdings Inc.	LPL Financial Holdings Inc.	Sell	-158,733	-8.3%	$577.08M	1,764,015
Q1 2025	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-278,868	-13.7%	$1.01B	1,758,062
Q1 2025	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+320,631	+19.6%	$735.89M	1,960,328
Q1 2025	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-3,459,830	-53.5%	$477.55M	3,008,542
Q1 2025	PTC PTC Inc.	PTC Inc.	Sell - Position Exit	-2,326,231	-100.0%	$0.00	-
Q1 2025	SBUX Starbucks Corporation	Starbucks Corporation	Buy	+132,831	+2.1%	$648.17M	6,607,888
Q1 2025	SPOT Spotify	Spotify	Sell - Position Exit	-913,564	-100.0%	$0.00	-
Q1 2025	SQ Block, Inc.	Block, Inc.	Sell - Position Exit	-3,765,793	-100.0%	$0.00	-
Q1 2025	TOL Toll Brothers, Inc.	Toll Brothers, Inc.	Buy - Position Entry	+3,800,580	-	$401.30M	3,800,580
Q1 2025	TSM Taiwan Semiconductor Manufactur	Taiwan Semiconductor Manufactur	Buy	+104,937	+2.8%	$641.65M	3,865,381
Q1 2025	VST Vistra Corp.	Vistra Corp.	Sell	-748,177	-14.0%	$540.79M	4,604,788
Q1 2025	WDAY Workday, Inc.	Workday, Inc.	Sell - Position Exit	-1,543,464	-100.0%	$0.00	-
Q1 2025	WING Wingstop Inc.	Wingstop Inc.	Buy - Position Entry	+449,056	-	$101.30M	449,056

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