Stephen Mandel - Lone Pine Capital 13F Activity & Position Changes (Q3 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	-