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	DOCU DocuSign, Inc.	DocuSign, Inc.	Sell - Position Exit	-4,056,072-100.0%	$0.00	-
Q1 2021Mar 31, 2021	FOLD Amicus Therapeutics, Inc.	Amicus Therapeutics, Inc.	Sell - Position Exit	-6,678,788-100.0%	$0.00	-
Q1 2021Mar 31, 2021	HWM Howmet Aerospace Inc.	Howmet Aerospace Inc.	Sell - Position Exit	-7,527,593-100.0%	$0.00	-
Q4 2020Dec 31, 2020	SNAP Snap Inc.	Snap Inc.	Buy - Position Entry	+19,510,587	$976.89K	19,510,587
Q4 2020Dec 31, 2020	FOLD Amicus Therapeutics, Inc.	Amicus Therapeutics, Inc.	Buy - Position Entry	+6,678,788	$154.21K	6,678,788
Q4 2020Dec 31, 2020	BILI Bilibili Inc.	Bilibili Inc.	Buy - Position Entry	+6,004,127	$514.67K	6,004,127
Q4 2020Dec 31, 2020	FIS Fidelity National Information S	Fidelity National Information S	Buy - Position Entry	+2,799,907	$396.07K	2,799,907
Q4 2020Dec 31, 2020	BPMC Blueprint Medicines Corporation	Blueprint Medicines Corporation	Buy - Position Entry	+2,709,138	$303.83K	2,709,138
Q4 2020Dec 31, 2020	CVNA Carvana Co.	Carvana Co.	Buy - Position Entry	+2,448,265	$586.46K	2,448,265
Q4 2020Dec 31, 2020	DASH DoorDash, Inc.	DoorDash, Inc.	Buy - Position Entry	+2,256,931	$322.18K	2,256,931
Q4 2020Dec 31, 2020	DXCM DexCom, Inc.	DexCom, Inc.	Buy	+1,804,722+389.7%	$838.45K	2,267,809
Q4 2020Dec 31, 2020	MA Mastercard Incorporated	Mastercard Incorporated	Buy	+955,826+54.2%	$970.66K	2,719,397
Q4 2020Dec 31, 2020	ASND Ascendis Pharma A/S	Ascendis Pharma A/S	Buy - Position Entry	+894,533	$149.19K	894,533
Q4 2020Dec 31, 2020	FATE Fate Therapeutics, Inc.	Fate Therapeutics, Inc.	Buy - Position Entry	+883,666	$80.35K	883,666
Q4 2020Dec 31, 2020	MDB MongoDB, Inc.	MongoDB, Inc.	Buy - Position Entry	+879,832	$315.89K	879,832
Q4 2020Dec 31, 2020	BILL BILL Holdings, Inc.	BILL Holdings, Inc.	Buy	+552,441+24.9%	$377.93K	2,768,707
Q4 2020Dec 31, 2020	DDOG Datadog, Inc.	Datadog, Inc.	Buy	+541,225+8.3%	$697.95K	7,090,101
Q4 2020Dec 31, 2020	ARGX argenx SE	argenx SE	Buy - Position Entry	+536,259	$157.71K	536,259
Q4 2020Dec 31, 2020	MELI MercadoLibre, Inc.	MercadoLibre, Inc.	Buy	+383,509+179.5%	$1.00M	597,111
Q4 2020Dec 31, 2020	ADBE Adobe Inc.	Adobe Inc.	Buy	+331,125+19.6%	$1.01M	2,020,738
Q4 2020Dec 31, 2020	NFLX Netflix, Inc.	Netflix, Inc.	Buy	+200,897+8.9%	$1.33M	2,452,120
Q4 2020Dec 31, 2020	XP XP Inc	XP Inc	Buy - Position Entry	+80,569	$3.20K	80,569
Q4 2020Dec 31, 2020	SHOP Shopify Inc.	Shopify Inc.	Buy	+72,742+4.2%	$2.03M	1,795,290
Q4 2020Dec 31, 2020	BKNG Booking Holdings Inc. Common St	Booking Holdings Inc. Common St	Sell - Position Exit	-58,920-100.0%	$0.00	-
Q4 2020Dec 31, 2020	GPN Global Payments Inc.	Global Payments Inc.	Sell	-64,006-1.0%	$1.36M	6,331,020
Q4 2020Dec 31, 2020	DOCU DocuSign, Inc.	DocuSign, Inc.	Sell	-79,281-1.9%	$901.66K	4,056,072
Q4 2020Dec 31, 2020	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Sell	-80,182-23.8%	$837.44K	257,126
Q4 2020Dec 31, 2020	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-127,999-2.0%	$1.40M	6,312,495
Q4 2020Dec 31, 2020	HWM Howmet Aerospace Inc.	Howmet Aerospace Inc.	Sell	-361,000-4.6%	$214.84K	7,527,593
Q4 2020Dec 31, 2020	SNOW Snowflake Inc.	Snowflake Inc.	Sell	-397,940-56.8%	$85.00K	302,060

Page 18 of 50 • 1487 total trades

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