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 2018Jun 30, 2018	UNH UnitedHealth Group Incorporated	UnitedHealth Group Incorporated	Sell	-133,000-3.1%	$1.01M	4,121,415
Q2 2018Jun 30, 2018	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Sell	-153,092-26.5%	$721.91K	424,704
Q2 2018Jun 30, 2018	CSX CSX Corporation	CSX Corporation	Sell	-178,072-1.3%	$841.40K	13,192,235
Q2 2018Jun 30, 2018	EA Electronic Arts Inc.	Electronic Arts Inc.	Sell	-820,596-11.5%	$890.88K	6,317,420
Q2 2018Jun 30, 2018	BLK BlackRock, Inc.	BlackRock, Inc.	Sell - Position Exit	-918,870-100.0%	$0.00	-
Q2 2018Jun 30, 2018	STZ Constellation Brands, Inc.	Constellation Brands, Inc.	Sell	-971,254-20.0%	$848.74K	3,877,836
Q2 2018Jun 30, 2018	ADBE Adobe Inc.	Adobe Inc.	Sell	-1,192,966-21.1%	$1.09M	4,456,362
Q2 2018Jun 30, 2018	EXAS Exact Sciences Corporation	Exact Sciences Corporation	Sell - Position Exit	-1,298,001-100.0%	$0.00	-
Q2 2018Jun 30, 2018	TRU TransUnion	TransUnion	Sell	-1,611,666-13.7%	$725.70K	10,129,801
Q2 2018Jun 30, 2018	TMUS T-Mobile US, Inc.	T-Mobile US, Inc.	Sell - Position Exit	-3,486,629-100.0%	$0.00	-
Q2 2018Jun 30, 2018	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-4,296,692-55.8%	$661.57K	3,404,550
Q2 2018Jun 30, 2018	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Sell	-4,339,053-40.7%	$526.32K	6,320,681
Q2 2018Jun 30, 2018	TSM Taiwan Semiconductor Manufactur	Taiwan Semiconductor Manufactur	Sell - Position Exit	-12,349,027-100.0%	$0.00	-
Q1 2018Mar 31, 2018	TSM Taiwan Semiconductor Manufactur	Taiwan Semiconductor Manufactur	Buy - Position Entry	+12,349,027	$540.39K	12,349,027
Q1 2018Mar 31, 2018	DLTR Dollar Tree, Inc.	Dollar Tree, Inc.	Buy - Position Entry	+6,344,385	$602.08K	6,344,385
Q1 2018Mar 31, 2018	TMUS T-Mobile US, Inc.	T-Mobile US, Inc.	Buy - Position Entry	+3,486,629	$212.82K	3,486,629
Q1 2018Mar 31, 2018	SBAC SBA Communications Corporation	SBA Communications Corporation	Buy - Position Entry	+3,385,152	$578.59K	3,385,152
Q1 2018Mar 31, 2018	META Meta Platforms, Inc.	Meta Platforms, Inc.	Buy	+3,300,795+75.0%	$1.23M	7,701,242
Q1 2018Mar 31, 2018	SQ Block, Inc.	Block, Inc.	Buy - Position Entry	+2,694,573	$132.57K	2,694,573
Q1 2018Mar 31, 2018	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+2,491,700+26.0%	$1.10M	12,076,471
Q1 2018Mar 31, 2018	CSX CSX Corporation	CSX Corporation	Buy	+1,986,925+17.5%	$744.86K	13,370,307
Q1 2018Mar 31, 2018	G68707101 PagSeguro Digital	PagSeguro Digital	Buy - Position Entry	+1,821,925	$69.82K	1,821,925
Q1 2018Mar 31, 2018	EXAS Exact Sciences Corporation	Exact Sciences Corporation	Buy - Position Entry	+1,298,001	$52.35K	1,298,001
Q1 2018Mar 31, 2018	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Buy	+1,171,506+12.3%	$808.75K	10,659,734
Q1 2018Mar 31, 2018	TRU TransUnion	TransUnion	Buy	+1,168,919+11.1%	$666.68K	11,741,467
Q1 2018Mar 31, 2018	WYNN Wynn Resorts, Limited	Wynn Resorts, Limited	Buy	+990,698+78.0%	$412.27K	2,260,749
Q1 2018Mar 31, 2018	SE Sea Limited	Sea Limited	Buy	+740,000+23.0%	$44.67K	3,963,222
Q1 2018Mar 31, 2018	UNH UnitedHealth Group Incorporated	UnitedHealth Group Incorporated	Buy	+612,852+16.8%	$910.45K	4,254,415
Q1 2018Mar 31, 2018	BKNG Booking Holdings Inc. Common St	Booking Holdings Inc. Common St	Buy - Position Entry	+507,847	$1.06M	507,847
Q1 2018Mar 31, 2018	MELI MercadoLibre, Inc.	MercadoLibre, Inc.	Buy	+86,673+5.6%	$578.83K	1,624,158

Page 29 of 50 • 1487 total trades

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