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
Q4 2015Dec 31, 2015	VMC Vulcan Materials Company (Holdi	Vulcan Materials Company (Holdi	Sell	-299,549-9.4%	$275.64K	2,902,347
Q4 2015Dec 31, 2015	EQIX Equinix, Inc.	Equinix, Inc.	Sell	-540,266-20.4%	$638.22K	2,110,509
Q4 2015Dec 31, 2015	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-916,947-8.6%	$1.02M	9,785,312
Q4 2015Dec 31, 2015	HOUS Anywhere Real Estate Inc.	Anywhere Real Estate Inc.	Sell - Position Exit	-979,197-100.0%	$0.00	-
Q4 2015Dec 31, 2015	EXPE Expedia Group, Inc.	Expedia Group, Inc.	Sell - Position Exit	-1,094,269-100.0%	$0.00	-
Q4 2015Dec 31, 2015	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-2,193,308-26.3%	$598.82K	6,150,587
Q4 2015Dec 31, 2015	ADBE Adobe Inc.	Adobe Inc.	Sell	-2,197,034-35.4%	$376.90K	4,012,185
Q4 2015Dec 31, 2015	EA Electronic Arts Inc.	Electronic Arts Inc.	Sell	-2,338,999-26.6%	$442.81K	6,443,613
Q4 2015Dec 31, 2015	FNF FNF Group of Fidelity National	FNF Group of Fidelity National	Sell - Position Exit	-6,512,113-100.0%	$0.00	-
Q4 2015Dec 31, 2015	DVA DaVita Inc.	DaVita Inc.	Sell - Position Exit	-7,918,998-100.0%	$0.00	-
Q4 2015Dec 31, 2015	SCHW Charles Schwab Corporation (The	Charles Schwab Corporation (The	Sell - Position Exit	-13,396,145-100.0%	$0.00	-
Q4 2015Dec 31, 2015	JD JD.com, Inc.	JD.com, Inc.	Sell	-16,500,488-37.9%	$871.01K	26,995,511
Q3 2015Sep 30, 2015	SCHW Charles Schwab Corporation (The	Charles Schwab Corporation (The	Buy	+12,647,625+1689.7%	$382.59K	13,396,145
Q3 2015Sep 30, 2015	EA Electronic Arts Inc.	Electronic Arts Inc.	Buy	+7,988,172+1005.5%	$595.02K	8,782,612
Q3 2015Sep 30, 2015	DLTR Dollar Tree, Inc.	Dollar Tree, Inc.	Buy - Position Entry	+5,139,395	$342.59K	5,139,395
Q3 2015Sep 30, 2015	STZ Constellation Brands, Inc.	Constellation Brands, Inc.	Buy - Position Entry	+4,684,214	$586.51K	4,684,214
Q3 2015Sep 30, 2015	LNG Cheniere Energy, Inc.	Cheniere Energy, Inc.	Buy	+4,298,264+54.1%	$591.28K	12,241,775
Q3 2015Sep 30, 2015	WMB Williams Companies, Inc. (The)	Williams Companies, Inc. (The)	Buy	+3,732,081+26.8%	$651.33K	17,675,229
Q3 2015Sep 30, 2015	HDB HDFC Bank Limited	HDFC Bank Limited	Buy	+3,334,673+165.5%	$326.79K	5,349,293
Q3 2015Sep 30, 2015	DVA DaVita Inc.	DaVita Inc.	Buy	+2,463,224+45.1%	$572.78K	7,918,998
Q3 2015Sep 30, 2015	TAP Molson Coors Beverage Company	Molson Coors Beverage Company	Buy - Position Entry	+1,944,601	$161.44K	1,944,601
Q3 2015Sep 30, 2015	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Buy - Position Entry	+1,937,002	$991.53K	1,937,002
Q3 2015Sep 30, 2015	JD JD.com, Inc.	JD.com, Inc.	Buy	+1,605,441+3.8%	$1.13M	43,495,999
Q3 2015Sep 30, 2015	WBA Walgreens Boots Alliance, Inc.	Walgreens Boots Alliance, Inc.	Buy	+1,589,612+30.6%	$564.07K	6,787,816
Q3 2015Sep 30, 2015	EXPE Expedia Group, Inc.	Expedia Group, Inc.	Buy - Position Entry	+1,094,269	$128.77K	1,094,269
Q3 2015Sep 30, 2015	META Meta Platforms, Inc.	Meta Platforms, Inc.	Buy	+940,537+9.6%	$962.13K	10,702,259
Q3 2015Sep 30, 2015	ULTA Ulta Beauty, Inc.	Ulta Beauty, Inc.	Buy	+938,738+40.2%	$535.20K	3,276,408
Q3 2015Sep 30, 2015	V Visa Inc.	Visa Inc.	Buy	+868,925+9.8%	$680.54K	9,769,463
Q3 2015Sep 30, 2015	ANET Arista Networks, Inc.	Arista Networks, Inc.	Buy	+280,000+14.8%	$133.15K	2,175,925
Q3 2015Sep 30, 2015	HBI Hanesbrands Inc.	Hanesbrands Inc.	Buy	+101,579+1.3%	$222.54K	7,689,684

Page 40 of 50 • 1487 total trades

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