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 2020Mar 31, 2020	ADSK Autodesk, Inc.	Autodesk, Inc.	Buy	+735,213+22.4%	$628.05K	4,023,409
Q1 2020Mar 31, 2020	HUM Humana Inc.	Humana Inc.	Buy	+691,296+46.9%	$679.56K	2,164,071
Q1 2020Mar 31, 2020	HUBS HubSpot, Inc.	HubSpot, Inc.	Buy	+550,843+244.1%	$103.42K	776,490
Q1 2020Mar 31, 2020	UNH UnitedHealth Group Incorporated	UnitedHealth Group Incorporated	Buy	+370,917+8.7%	$1.15M	4,613,971
Q1 2020Mar 31, 2020	META Meta Platforms, Inc.	Meta Platforms, Inc.	Buy	+106,113+3.1%	$589.14K	3,532,011
Q1 2020Mar 31, 2020	BABA Alibaba Group Holding Limited	Alibaba Group Holding Limited	Buy	+96,801+1.6%	$1.23M	6,336,587
Q1 2020Mar 31, 2020	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Buy	+67,467+13.1%	$1.14M	582,971
Q1 2020Mar 31, 2020	CSX CSX Corporation	CSX Corporation	Sell - Position Exit	-12,000-100.0%	$0.00	-
Q1 2020Mar 31, 2020	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-74,625-3.1%	$558.36K	2,311,471
Q1 2020Mar 31, 2020	NFLX Netflix, Inc.	Netflix, Inc.	Sell	-81,789-3.3%	$905.46K	2,411,338
Q1 2020Mar 31, 2020	SHOP Shopify Inc.	Shopify Inc.	Sell	-142,519-7.9%	$696.33K	1,670,133
Q1 2020Mar 31, 2020	NOW ServiceNow, Inc.	ServiceNow, Inc.	Sell	-173,801-11.3%	$392.24K	1,368,688
Q1 2020Mar 31, 2020	ADBE Adobe Inc.	Adobe Inc.	Sell	-193,847-6.8%	$844.43K	2,653,450
Q1 2020Mar 31, 2020	EFX Equifax, Inc.	Equifax, Inc.	Sell	-276,738-8.0%	$378.85K	3,171,575
Q1 2020Mar 31, 2020	TDG Transdigm Group Incorporated	Transdigm Group Incorporated	Sell	-478,475-38.1%	$248.45K	775,953
Q1 2020Mar 31, 2020	ILMN Illumina, Inc.	Illumina, Inc.	Sell - Position Exit	-519,808-100.0%	$0.00	-
Q1 2020Mar 31, 2020	MELI MercadoLibre, Inc.	MercadoLibre, Inc.	Sell - Position Exit	-970,749-100.0%	$0.00	-
Q1 2020Mar 31, 2020	DXCM DexCom, Inc.	DexCom, Inc.	Sell - Position Exit	-1,058,895-100.0%	$0.00	-
Q1 2020Mar 31, 2020	XP XP Inc	XP Inc	Sell - Position Exit	-1,200,000-100.0%	$0.00	-
Q1 2020Mar 31, 2020	DPZ Domino's Pizza Inc	Domino's Pizza Inc	Sell - Position Exit	-1,731,133-100.0%	$0.00	-
Q1 2020Mar 31, 2020	SQ Block, Inc.	Block, Inc.	Sell	-2,100,577-23.9%	$350.84K	6,698,049
Q1 2020Mar 31, 2020	IQV IQVIA Holdings, Inc.	IQVIA Holdings, Inc.	Sell - Position Exit	-3,082,174-100.0%	$0.00	-
Q1 2020Mar 31, 2020	UBER Uber Technologies, Inc.	Uber Technologies, Inc.	Sell - Position Exit	-3,084,950-100.0%	$0.00	-
Q1 2020Mar 31, 2020	UNP Union Pacific Corporation	Union Pacific Corporation	Sell - Position Exit	-3,230,202-100.0%	$0.00	-
Q1 2020Mar 31, 2020	MO Altria Group, Inc.	Altria Group, Inc.	Sell - Position Exit	-3,536,654-100.0%	$0.00	-
Q1 2020Mar 31, 2020	CHWY Chewy, Inc.	Chewy, Inc.	Sell	-3,771,782-74.4%	$48.73K	1,299,749
Q1 2020Mar 31, 2020	G4412G101 Herbalife	Herbalife	Sell - Position Exit	-3,892,688-100.0%	$0.00	-
Q1 2020Mar 31, 2020	CRM Salesforce, Inc.	Salesforce, Inc.	Sell - Position Exit	-4,140,694-100.0%	$0.00	-
Q1 2020Mar 31, 2020	SE Sea Limited	Sea Limited	Sell	-6,138,422-99.6%	$1.20K	27,000
Q4 2019Dec 31, 2019	UAA Under Armour, Inc.	Under Armour, Inc.	Buy - Position Entry	+8,979,557	$193.96K	8,979,557

Page 22 of 50 • 1487 total trades

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