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

As of Mar 31, 2025, the Lone Pine Capital portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on May 15, 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

Page 1 of 2