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 2021Mar 31, 2021	DASH DoorDash, Inc.	DoorDash, Inc.	Buy	+4,466,620+197.9%	$881.66K	6,723,551
Q1 2021Mar 31, 2021	WDAY Workday, Inc.	Workday, Inc.	Buy - Position Entry	+2,153,463	$534.99K	2,153,463
Q1 2021Mar 31, 2021	META Meta Platforms, Inc.	Meta Platforms, Inc.	Buy	+2,086,813+58.4%	$1.67M	5,662,359
Q1 2021Mar 31, 2021	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+1,512,102+24.0%	$1.84M	7,824,597
Q1 2021Mar 31, 2021	SNOW Snowflake Inc.	Snowflake Inc.	Buy	+965,366+319.6%	$290.60K	1,267,426
Q1 2021Mar 31, 2021	MTCH Match Group, Inc.	Match Group, Inc.	Buy	+937,602+17.8%	$852.40K	6,204,685
Q1 2021Mar 31, 2021	FATE Fate Therapeutics, Inc.	Fate Therapeutics, Inc.	Buy	+865,618+98.0%	$144.23K	1,749,284
Q1 2021Mar 31, 2021	ADBE Adobe Inc.	Adobe Inc.	Buy	+601,668+29.8%	$1.25M	2,622,406
Q1 2021Mar 31, 2021	ASND Ascendis Pharma A/S	Ascendis Pharma A/S	Buy	+542,448+60.6%	$185.20K	1,436,981
Q1 2021Mar 31, 2021	PODD Insulet Corporation	Insulet Corporation	Buy - Position Entry	+380,690	$99.33K	380,690
Q1 2021Mar 31, 2021	NOW ServiceNow, Inc.	ServiceNow, Inc.	Buy	+268,139+22.1%	$739.52K	1,478,725
Q1 2021Mar 31, 2021	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Buy	+224,618+87.4%	$1.49M	481,744
Q1 2021Mar 31, 2021	MELI MercadoLibre, Inc.	MercadoLibre, Inc.	Buy	+118,041+19.8%	$1.05M	715,152
Q1 2021Mar 31, 2021	DXCM DexCom, Inc.	DexCom, Inc.	Buy	+105,339+4.6%	$852.89K	2,373,148
Q1 2021Mar 31, 2021	BILL BILL Holdings, Inc.	BILL Holdings, Inc.	Buy	+52,006+1.9%	$410.41K	2,820,713
Q1 2021Mar 31, 2021	ARGX argenx SE	argenx SE	Buy	+10,000+1.9%	$150.43K	546,259
Q1 2021Mar 31, 2021	UNH UnitedHealth Group Incorporated	UnitedHealth Group Incorporated	Sell	-33,446-1.1%	$1.17M	3,146,574
Q1 2021Mar 31, 2021	CVNA Carvana Co.	Carvana Co.	Sell	-40,056-1.6%	$631.91K	2,408,209
Q1 2021Mar 31, 2021	XP XP Inc	XP Inc	Sell - Position Exit	-80,569-100.0%	$0.00	-
Q1 2021Mar 31, 2021	SHOP Shopify Inc.	Shopify Inc.	Sell	-82,800-4.6%	$1.89M	1,712,490
Q1 2021Mar 31, 2021	DDOG Datadog, Inc.	Datadog, Inc.	Sell	-548,135-7.7%	$545.21K	6,541,966
Q1 2021Mar 31, 2021	NFLX Netflix, Inc.	Netflix, Inc.	Sell	-624,000-25.4%	$953.66K	1,828,120
Q1 2021Mar 31, 2021	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-687,664-25.3%	$723.40K	2,031,733
Q1 2021Mar 31, 2021	MDB MongoDB, Inc.	MongoDB, Inc.	Sell	-748,461-85.1%	$35.13K	131,371
Q1 2021Mar 31, 2021	SQ Block, Inc.	Block, Inc.	Sell	-1,054,279-25.1%	$714.11K	3,145,145
Q1 2021Mar 31, 2021	HUM Humana Inc.	Humana Inc.	Sell - Position Exit	-1,508,296-100.0%	$0.00	-
Q1 2021Mar 31, 2021	BILI Bilibili Inc.	Bilibili Inc.	Sell	-1,803,795-30.0%	$449.69K	4,200,332
Q1 2021Mar 31, 2021	GPN Global Payments Inc.	Global Payments Inc.	Sell	-2,085,724-32.9%	$855.77K	4,245,296
Q1 2021Mar 31, 2021	ADSK Autodesk, Inc.	Autodesk, Inc.	Sell - Position Exit	-2,212,480-100.0%	$0.00	-
Q1 2021Mar 31, 2021	FIS Fidelity National Information S	Fidelity National Information S	Sell - Position Exit	-2,799,907-100.0%	$0.00	-

Page 17 of 50 • 1487 total trades

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