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
Q1 2022Mar 31, 2022	SHOP Shopify Inc.	Shopify Inc.	Sell	-355,332-25.6%	$699.15K	1,034,303
Q1 2022Mar 31, 2022	WDAY Workday, Inc.	Workday, Inc.	Sell	-692,155-11.9%	$1.23M	5,122,512
Q1 2022Mar 31, 2022	VSCO Victorias Secret & Co.	Victorias Secret & Co.	Sell	-799,108-9.8%	$379.89K	7,396,702
Q1 2022Mar 31, 2022	MQ Marqeta, Inc.	Marqeta, Inc.	Sell	-866,969-5.0%	$183.37K	16,609,826
Q1 2022Mar 31, 2022	ADBE Adobe Inc.	Adobe Inc.	Sell - Position Exit	-1,093,713-100.0%	$0.00	-
Q1 2022Mar 31, 2022	V Visa Inc.	Visa Inc.	Sell	-1,391,244-28.8%	$763.42K	3,442,381
Q1 2022Mar 31, 2022	UNH UnitedHealth Group Incorporated	UnitedHealth Group Incorporated	Sell	-1,430,509-62.3%	$441.42K	865,578
Q1 2022Mar 31, 2022	SNOW Snowflake Inc.	Snowflake Inc.	Sell - Position Exit	-1,646,640-100.0%	$0.00	-
Q1 2022Mar 31, 2022	AMPL Amplitude, Inc.	Amplitude, Inc.	Sell - Position Exit	-1,877,000-100.0%	$0.00	-
Q1 2022Mar 31, 2022	BBWI Bath & Body Works, Inc.	Bath & Body Works, Inc.	Sell	-2,078,555-8.6%	$1.06M	22,221,713
Q1 2022Mar 31, 2022	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-2,403,636-49.8%	$864.56K	2,419,160
Q1 2022Mar 31, 2022	MTCH Match Group, Inc.	Match Group, Inc.	Sell	-2,670,840-30.1%	$674.35K	6,201,440
Q1 2022Mar 31, 2022	PVH PVH Corp.	PVH Corp.	Sell - Position Exit	-3,065,646-100.0%	$0.00	-
Q1 2022Mar 31, 2022	DASH DoorDash, Inc.	DoorDash, Inc.	Sell	-3,697,290-44.8%	$533.77K	4,554,779
Q1 2022Mar 31, 2022	CFLT Confluent, Inc.	Confluent, Inc.	Sell - Position Exit	-4,398,572-100.0%	$0.00	-
Q1 2022Mar 31, 2022	NTES NetEase, Inc.	NetEase, Inc.	Sell - Position Exit	-4,452,541-100.0%	$0.00	-
Q1 2022Mar 31, 2022	SNAP Snap Inc.	Snap Inc.	Sell	-15,016,889-44.9%	$664.44K	18,461,748
Q1 2022Mar 31, 2022	BEKE KE Holdings Inc	KE Holdings Inc	Sell - Position Exit	-30,957,063-100.0%	$0.00	-
Q4 2021Dec 31, 2021	MQ Marqeta, Inc.	Marqeta, Inc.	Buy	+14,855,275+566.7%	$300.08K	17,476,795
Q4 2021Dec 31, 2021	SNAP Snap Inc.	Snap Inc.	Buy	+10,839,980+47.9%	$1.57M	33,478,637
Q4 2021Dec 31, 2021	AVDX AvidXchange Holdings, Inc.	AvidXchange Holdings, Inc.	Buy - Position Entry	+5,080,632	$76.51K	5,080,632
Q4 2021Dec 31, 2021	V Visa Inc.	Visa Inc.	Buy - Position Entry	+4,833,625	$1.05M	4,833,625
Q4 2021Dec 31, 2021	MA Mastercard Incorporated	Mastercard Incorporated	Buy - Position Entry	+4,822,796	$1.73M	4,822,796
Q4 2021Dec 31, 2021	SG Sweetgreen, Inc.	Sweetgreen, Inc.	Buy - Position Entry	+4,556,503	$145.81K	4,556,503
Q4 2021Dec 31, 2021	NTES NetEase, Inc.	NetEase, Inc.	Buy	+3,437,153+338.5%	$453.18K	4,452,541
Q4 2021Dec 31, 2021	CFLT Confluent, Inc.	Confluent, Inc.	Buy	+3,003,928+215.4%	$335.35K	4,398,572
Q4 2021Dec 31, 2021	SNOW Snowflake Inc.	Snowflake Inc.	Buy - Position Entry	+1,646,640	$557.80K	1,646,640
Q4 2021Dec 31, 2021	MTCH Match Group, Inc.	Match Group, Inc.	Buy	+1,098,413+14.1%	$1.17M	8,872,280
Q4 2021Dec 31, 2021	WDAY Workday, Inc.	Workday, Inc.	Buy	+840,799+16.9%	$1.59M	5,814,667
Q4 2021Dec 31, 2021	DASH DoorDash, Inc.	DoorDash, Inc.	Buy	+791,912+10.6%	$1.23M	8,252,069

Page 13 of 50 • 1487 total trades

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