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
Q3 2016Sep 30, 2016	EXPE Expedia Group, Inc.	Expedia Group, Inc.	Buy - Position Entry	+7,143,331	$833.77K	7,143,331
Q3 2016Sep 30, 2016	BABA Alibaba Group Holding Limited	Alibaba Group Holding Limited	Buy - Position Entry	+5,151,461	$544.97K	5,151,461
Q3 2016Sep 30, 2016	EA Electronic Arts Inc.	Electronic Arts Inc.	Buy	+5,063,664+142.4%	$736.06K	8,619,020
Q3 2016Sep 30, 2016	ALGN Align Technology, Inc.	Align Technology, Inc.	Buy - Position Entry	+2,436,920	$228.46K	2,436,920
Q3 2016Sep 30, 2016	DLTR Dollar Tree, Inc.	Dollar Tree, Inc.	Buy	+2,030,596+15.2%	$1.21M	15,392,747
Q3 2016Sep 30, 2016	HCA HCA Healthcare, Inc.	HCA Healthcare, Inc.	Buy - Position Entry	+1,669,543	$126.27K	1,669,543
Q3 2016Sep 30, 2016	VMC Vulcan Materials Company (Holdi	Vulcan Materials Company (Holdi	Buy	+1,227,394+32.5%	$568.66K	5,000,113
Q3 2016Sep 30, 2016	ICE Intercontinental Exchange Inc.	Intercontinental Exchange Inc.	Buy - Position Entry	+1,207,229	$325.18K	1,207,229
Q3 2016Sep 30, 2016	CHTR Charter Communications, Inc.	Charter Communications, Inc.	Buy	+457,698+9.6%	$1.42M	5,250,106
Q3 2016Sep 30, 2016	COMM CommScope Holding Company, Inc.	CommScope Holding Company, Inc.	Buy	+300,000+8.6%	$114.20K	3,792,871
Q3 2016Sep 30, 2016	MNST Monster Beverage Corporation	Monster Beverage Corporation	Buy	+7,918+0.2%	$609.19K	4,149,493
Q3 2016Sep 30, 2016	AXP American Express Company	American Express Company	Sell - Position Exit	-25,000-100.0%	$0.00	-
Q3 2016Sep 30, 2016	GOOG Alphabet Inc.	Alphabet Inc.	Sell	-40,439-4.6%	$655.60K	843,449
Q3 2016Sep 30, 2016	TDG Transdigm Group Incorporated	Transdigm Group Incorporated	Sell	-129,645-5.4%	$650.74K	2,250,775
Q3 2016Sep 30, 2016	GOOGL Alphabet Inc.	Alphabet Inc.	Sell - Position Exit	-165,008-100.0%	$0.00	-
Q3 2016Sep 30, 2016	EQIX Equinix, Inc.	Equinix, Inc.	Sell	-341,384-15.9%	$648.30K	1,799,578
Q3 2016Sep 30, 2016	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Sell	-351,140-21.4%	$1.08M	1,292,728
Q3 2016Sep 30, 2016	ADBE Adobe Inc.	Adobe Inc.	Sell	-380,461-7.6%	$501.24K	4,617,977
Q3 2016Sep 30, 2016	ULTA Ulta Beauty, Inc.	Ulta Beauty, Inc.	Sell	-382,216-11.5%	$702.20K	2,950,670
Q3 2016Sep 30, 2016	MHK Mohawk Industries, Inc.	Mohawk Industries, Inc.	Sell	-641,442-35.3%	$235.77K	1,176,827
Q3 2016Sep 30, 2016	NKE Nike, Inc.	Nike, Inc.	Sell	-852,929-4.7%	$918.89K	17,452,774
Q3 2016Sep 30, 2016	STZ Constellation Brands, Inc.	Constellation Brands, Inc.	Sell	-1,099,320-16.5%	$926.80K	5,566,692
Q3 2016Sep 30, 2016	SHW Sherwin-Williams Company (The)	Sherwin-Williams Company (The)	Sell - Position Exit	-1,143,668-100.0%	$0.00	-
Q3 2016Sep 30, 2016	LULU lululemon athletica inc.	lululemon athletica inc.	Sell	-1,824,262-24.6%	$340.64K	5,586,042
Q3 2016Sep 30, 2016	HDB HDFC Bank Limited	HDFC Bank Limited	Sell	-1,843,270-31.4%	$290.06K	4,034,823
Q3 2016Sep 30, 2016	ANET Arista Networks, Inc.	Arista Networks, Inc.	Sell - Position Exit	-1,871,465-100.0%	$0.00	-
Q3 2016Sep 30, 2016	LNG Cheniere Energy, Inc.	Cheniere Energy, Inc.	Sell	-2,143,259-16.6%	$468.33K	10,741,417
Q3 2016Sep 30, 2016	NOC Northrop Grumman Corporation	Northrop Grumman Corporation	Sell - Position Exit	-2,647,065-100.0%	$0.00	-
Q3 2016Sep 30, 2016	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-2,785,000-16.1%	$836.01K	14,513,996
Q3 2016Sep 30, 2016	YUM Yum! Brands, Inc.	Yum! Brands, Inc.	Sell	-3,706,451-37.2%	$569.00K	6,265,804

Page 36 of 50 • 1487 total trades

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