Stephen Mandel – Lone Pine Capital Portfolio Activity & Recent Trades (Jun 30, 2025)

As of Jun 30, 2025, the Lone Pine Capital portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Aug 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 Q2 2025, the filing reported:

New Buys – EQT Corporation (EQT), Brookfield Corporation (BN), Wix (WIX), UnitedHealth Group Incorporated (UNH), Booking Holdings Inc. Common St (BKNG)

Increases – Vistra Corp. (VST), Amazon.com, Inc. (AMZN), KKR & Co. Inc. (KKR), Salesforce, Inc. (CRM), LPL Financial Holdings Inc. (LPLA)

Reductions – ASML (ASML), Meta Platforms, Inc. (META), Capital One Financial Corporati (COF), Microsoft Corporation (MSFT), Philip Morris International Inc (PM), and 6 more

Complete Exits – Wingstop Inc. (WING), Eli Lilly and Company (LLY), Cadence Design Systems, Inc. (CDNS), Ares Management Corporation (ARES), Toll Brothers, Inc. (TOL)

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Lone Pine Capital Activity

Date	Symbol	Name	Type	Quantity	Value	Remaining
Q2 2022Jun 30, 2022	FICO Fair Isaac Corporation	Fair Isaac Corporation	Buy - Position Entry	+42,616	$17.09K	42,616
Q2 2022Jun 30, 2022	UNH UnitedHealth Group Incorporated	UnitedHealth Group Incorporated	Sell	-65,266-7.5%	$411.06K	800,312
Q2 2022Jun 30, 2022	WDAY Workday, Inc.	Workday, Inc.	Sell	-103,322-2.0%	$700.58K	5,019,190
Q2 2022Jun 30, 2022	HUBS HubSpot, Inc.	HubSpot, Inc.	Sell - Position Exit	-446,951-100.0%	$0.00	-
Q2 2022Jun 30, 2022	NOW ServiceNow, Inc.	ServiceNow, Inc.	Sell	-686,749-34.7%	$614.56K	1,292,399
Q2 2022Jun 30, 2022	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-874,248-36.1%	$487.39K	1,544,912
Q2 2022Jun 30, 2022	SHOP Shopify Inc.	Shopify Inc.	Sell	-1,009,303-97.6%	$781.00	25,000
Q2 2022Jun 30, 2022	V Visa Inc.	Visa Inc.	Sell	-1,281,353-37.2%	$425.49K	2,161,028
Q2 2022Jun 30, 2022	BILL BILL Holdings, Inc.	BILL Holdings, Inc.	Sell - Position Exit	-1,365,353-100.0%	$0.00	-
Q2 2022Jun 30, 2022	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-1,515,416-30.3%	$894.20K	3,481,673
Q2 2022Jun 30, 2022	SQ Block, Inc.	Block, Inc.	Sell	-2,960,328-99.2%	$1.46K	23,787
Q2 2022Jun 30, 2022	DDOG Datadog, Inc.	Datadog, Inc.	Sell - Position Exit	-2,965,288-100.0%	$0.00	-
Q2 2022Jun 30, 2022	DASH DoorDash, Inc.	DoorDash, Inc.	Sell - Position Exit	-4,554,779-100.0%	$0.00	-
Q2 2022Jun 30, 2022	MTCH Match Group, Inc.	Match Group, Inc.	Sell - Position Exit	-6,201,440-100.0%	$0.00	-
Q2 2022Jun 30, 2022	VSCO Victorias Secret & Co.	Victorias Secret & Co.	Sell - Position Exit	-7,396,702-100.0%	$0.00	-
Q2 2022Jun 30, 2022	SNAP Snap Inc.	Snap Inc.	Sell - Position Exit	-18,461,748-100.0%	$0.00	-
Q1 2022Mar 31, 2022	TSM Taiwan Semiconductor Manufactur	Taiwan Semiconductor Manufactur	Buy - Position Entry	+7,981,414	$832.14K	7,981,414
Q1 2022Mar 31, 2022	DKS Dick's Sporting Goods Inc	Dick's Sporting Goods Inc	Buy - Position Entry	+3,731,656	$373.24K	3,731,656
Q1 2022Mar 31, 2022	META Meta Platforms, Inc.	Meta Platforms, Inc.	Buy - Position Entry	+3,662,065	$814.30K	3,662,065
Q1 2022Mar 31, 2022	SQ Block, Inc.	Block, Inc.	Buy	+2,706,743+975.9%	$404.65K	2,984,115
Q1 2022Mar 31, 2022	BILL BILL Holdings, Inc.	BILL Holdings, Inc.	Buy - Position Entry	+1,365,353	$309.65K	1,365,353
Q1 2022Mar 31, 2022	TMO Thermo Fisher Scientific Inc	Thermo Fisher Scientific Inc	Buy - Position Entry	+520,709	$307.56K	520,709
Q1 2022Mar 31, 2022	HUBS HubSpot, Inc.	HubSpot, Inc.	Buy - Position Entry	+446,951	$212.28K	446,951
Q1 2022Mar 31, 2022	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+302,617+6.4%	$1.54M	4,997,089
Q1 2022Mar 31, 2022	RH RH	RH	Buy	+105,305+6.6%	$557.35K	1,709,193
Q1 2022Mar 31, 2022	FCNCA First Citizens BancShares, Inc.	First Citizens BancShares, Inc.	Buy - Position Entry	+91,634	$60.99K	91,634
Q1 2022Mar 31, 2022	NOW ServiceNow, Inc.	ServiceNow, Inc.	Sell	-26,438-1.3%	$1.10M	1,979,148
Q1 2022Mar 31, 2022	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Sell	-171,523-27.8%	$1.45M	445,798
Q1 2022Mar 31, 2022	FRSH Freshworks Inc.	Freshworks Inc.	Sell - Position Exit	-275,000-100.0%	$0.00	-
Q1 2022Mar 31, 2022	DDOG Datadog, Inc.	Datadog, Inc.	Sell	-307,393-9.4%	$449.15K	2,965,288

Page 12 of 50 • 1487 total trades

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