Stephen Mandel - Lone Pine Capital 13F Activity & Position Changes (Q2 2025)

According to the SEC 13F filed on Aug 14, 2025, the Lone Pine Capital portfolio showed several notable changes in holdings as of quarter-end Jun 30, 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 Q2 2025, the filing reported:

New Buys - Booking Holdings Inc. Common St, Brookfield Corporation, EQT Corporation, UnitedHealth Group Incorporated, Wix

Increases - Amazon.com, Inc., Salesforce, Inc., KKR & Co. Inc., LPL Financial Holdings Inc., Vistra Corp.

Reductions - Applovin Corporation, ASML, Capital One Financial Corporati, Carvana Co., Flutter Entertainment, and 6 more

Complete Exits - Ares Management Corporation, Cadence Design Systems, Inc., Eli Lilly and Company, Toll Brothers, Inc., Wingstop Inc.

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
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
Q2 2025	ARES Ares Management Corporation	Ares Management Corporation	Sell - Position Exit	-1,604,441	-100.0%	$0.00	-
Q2 2025	ASML ASML	ASML	Sell	-15,565	-2.7%	$454.28M	566,862
Q2 2025	BKNG Booking Holdings Inc. Common St	Booking Holdings Inc. Common St	Buy - Position Entry	+59,972	-	$347.19M	59,972
Q2 2025	BN Brookfield Corporation	Brookfield Corporation	Buy - Position Entry	+5,621,385	-	$347.68M	5,621,385
Q2 2025	CDNS Cadence Design Systems, Inc.	Cadence Design Systems, Inc.	Sell - Position Exit	-1,218,389	-100.0%	$0.00	-
Q2 2025	COF Capital One Financial Corporati	Capital One Financial Corporati	Sell	-95,510	-3.0%	$655.44M	3,080,633
Q2 2025	CRM Salesforce, Inc.	Salesforce, Inc.	Buy	+131,499	+7.6%	$508.07M	1,863,179
Q2 2025	CVNA Carvana Co.	Carvana Co.	Sell	-548,877	-23.7%	$594.83M	1,765,291
Q2 2025	EQT EQT Corporation	EQT Corporation	Buy - Position Entry	+7,518,227	-	$438.46M	7,518,227
Q2 2025	FLUT Flutter Entertainment	Flutter Entertainment	Sell	-357,132	-16.1%	$532.30M	1,862,764
Q2 2025	INTU Intuit Inc.	Intuit Inc.	Sell	-632,136	-45.0%	$607.79M	771,666
Q2 2025	KKR KKR & Co. Inc.	KKR & Co. Inc.	Buy	+457,998	+9.6%	$694.65M	5,221,769
Q2 2025	LLY Eli Lilly and Company	Eli Lilly and Company	Sell - Position Exit	-551,827	-100.0%	$0.00	-
Q2 2025	LPLA LPL Financial Holdings Inc.	LPL Financial Holdings Inc.	Buy	+108,233	+6.1%	$702.04M	1,872,248
Q2 2025	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-93,045	-5.3%	$1.23B	1,665,017
Q2 2025	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-105,472	-5.4%	$922.62M	1,854,856
Q2 2025	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-250,848	-8.3%	$502.26M	2,757,694
Q2 2025	SBUX Starbucks Corporation	Starbucks Corporation	Sell	-1,045,934	-15.8%	$509.64M	5,561,954
Q2 2025	TOL Toll Brothers, Inc.	Toll Brothers, Inc.	Sell - Position Exit	-3,800,580	-100.0%	$0.00	-
Q2 2025	TSM Taiwan Semiconductor Manufactur	Taiwan Semiconductor Manufactur	Sell	-429,461	-11.1%	$778.20M	3,435,920
Q2 2025	UNH UnitedHealth Group Incorporated	UnitedHealth Group Incorporated	Buy - Position Entry	+1,693,347	-	$528.27M	1,693,347
Q2 2025	VST Vistra Corp.	Vistra Corp.	Buy	+1,864,931	+40.5%	$1.25B	6,469,719
Q2 2025	WING Wingstop Inc.	Wingstop Inc.	Sell - Position Exit	-449,056	-100.0%	$0.00	-
Q2 2025	WIX Wix	Wix	Buy - Position Entry	+2,161,331	-	$342.48M	2,161,331