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 2013Jun 30, 2013	HRB H&R Block, Inc.	H&R Block, Inc.	Buy - Position Entry	+7,636,044	$211.90K	7,636,044
Q2 2013Jun 30, 2013	VRSN VeriSign, Inc.	VeriSign, Inc.	Buy - Position Entry	+7,498,853	$334.90K	7,498,853
Q2 2013Jun 30, 2013	SBH Sally Beauty Holdings, Inc. (Na	Sally Beauty Holdings, Inc. (Na	Buy - Position Entry	+7,496,661	$233.15K	7,496,661
Q2 2013Jun 30, 2013	ULTA Ulta Beauty, Inc.	Ulta Beauty, Inc.	Buy - Position Entry	+5,119,504	$512.57K	5,119,504
Q2 2013Jun 30, 2013	GRFS Grifols, S.A.	Grifols, S.A.	Buy - Position Entry	+4,439,693	$124.88K	4,439,693
Q2 2013Jun 30, 2013	CME CME Group Inc.	CME Group Inc.	Buy - Position Entry	+3,899,076	$296.13K	3,899,076
Q2 2013Jun 30, 2013	AXP American Express Company	American Express Company	Buy - Position Entry	+3,719,848	$278.10K	3,719,848
Q2 2013Jun 30, 2013	WDAY Workday, Inc.	Workday, Inc.	Buy - Position Entry	+3,522,285	$225.74K	3,522,285
Q2 2013Jun 30, 2013	OII Oceaneering International, Inc.	Oceaneering International, Inc.	Buy - Position Entry	+3,467,861	$250.38K	3,467,861
Q2 2013Jun 30, 2013	JBHT J.B. Hunt Transport Services, I	J.B. Hunt Transport Services, I	Buy - Position Entry	+2,831,614	$204.56K	2,831,614
Q2 2013Jun 30, 2013	TMO Thermo Fisher Scientific Inc	Thermo Fisher Scientific Inc	Buy - Position Entry	+2,766,476	$234.13K	2,766,476
Q2 2013Jun 30, 2013	RL Ralph Lauren Corporation	Ralph Lauren Corporation	Buy - Position Entry	+2,630,438	$457.01K	2,630,438
Q2 2013Jun 30, 2013	TDG Transdigm Group Incorporated	Transdigm Group Incorporated	Buy - Position Entry	+2,556,210	$400.74K	2,556,210
Q2 2013Jun 30, 2013	TRIP TripAdvisor, Inc.	TripAdvisor, Inc.	Buy - Position Entry	+1,991,854	$121.24K	1,991,854
Q2 2013Jun 30, 2013	V Visa Inc.	Visa Inc.	Buy - Position Entry	+1,320,105	$241.25K	1,320,105
Q2 2013Jun 30, 2013	ISRG Intuitive Surgical, Inc.	Intuitive Surgical, Inc.	Buy - Position Entry	+1,161,068	$587.65K	1,161,068
Q2 2013Jun 30, 2013	ASML ASML	ASML	Buy - Position Entry	+1,032,466	$81.68K	1,032,466

Page 50 of 50 • 1487 total trades

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