Stephen Mandel – Lone Pine Capital Options Positions & Derivatives (Jun 30, 2025)

As of Jun 30, 2025, the Lone Pine Capital portfolio disclosed options positions in its latest SEC 13F filing reported on Aug 14, 2025. These filings include call and put options tied to underlying equity holdings, providing a deeper look at the fund's use of derivatives for exposure and hedging.

The reported options activity included 47 call contracts and 7 put contracts across companies such as Applovin Corporation (APP), Carvana Co. (CVNA), CSX Corporation (CSX). Options positions can signal strategies around hedging risk, enhancing leverage, or adjusting portfolio exposure during market shifts.

Balances

Lone Pine Capital Options Activity

Date	Symbol	Name	Option	Quantity	Value
Q3 2014	GAP Gap, Inc. (The)	Gap, Inc. (The)	CALL	1,741,200	$72,591
Q3 2014	ICE Intercontinental Exchange Inc.	Intercontinental Exchange Inc.	CALL	240,000	$46,812
Q3 2014	INTC Intel Corporation	Intel Corporation	PUT	2,320,000	$80,782
Q2 2014	BIDU Baidu, Inc.	Baidu, Inc.	CALL	780,000	$145,712
Q2 2014	CMCSA Comcast Corporation	Comcast Corporation	CALL	1,830,000	$98,234
Q2 2014	GAP Gap, Inc. (The)	Gap, Inc. (The)	CALL	1,741,200	$72,382
Q2 2014	INTC Intel Corporation	Intel Corporation	PUT	2,320,000	$71,688
Q2 2014	MSFT Microsoft Corporation	Microsoft Corporation	CALL	1,400,000	$58,380
Q1 2014	ICE Intercontinental Exchange Inc.	Intercontinental Exchange Inc.	CALL	60,600	$11,988
Q1 2014	MSFT Microsoft Corporation	Microsoft Corporation	CALL	2,020,800	$82,833
Q1 2014	QCOM QUALCOMM Incorporated	QUALCOMM Incorporated	CALL	1,722,000	$135,797
Q4 2013	AXP American Express Company	American Express Company	CALL	1,670,000	$151,519
Q4 2013	CME CME Group Inc.	CME Group Inc.	CALL	2,000,000	$156,920
Q4 2013	ICE Intercontinental Exchange Inc.	Intercontinental Exchange Inc.	CALL	60,600	$13,630
Q4 2013	MSFT Microsoft Corporation	Microsoft Corporation	CALL	1,650,000	$61,727
Q4 2013	QCOM QUALCOMM Incorporated	QUALCOMM Incorporated	CALL	1,722,000	$127,859
Q3 2013	AXP American Express Company	American Express Company	CALL	1,670,000	$126,118
Q3 2013	BB BlackBerry Limited	BlackBerry Limited	PUT	25,000	$199
Q3 2013	CME CME Group Inc.	CME Group Inc.	CALL	2,000,000	$147,760
Q3 2013	QCOM QUALCOMM Incorporated	QUALCOMM Incorporated	CALL	2,297,000	$154,634
Q2 2013	CME CME Group Inc.	CME Group Inc.	CALL	2,000,000	$151,900
Q2 2013	QCOM QUALCOMM Incorporated	QUALCOMM Incorporated	CALL	575,000	$35,127
Q2 2013	QUAD Quad Graphics, Inc	Quad Graphics, Inc	PUT	56,800	$1,369
Q2 2013	TSLA Tesla, Inc.	Tesla, Inc.	PUT	3,208,000	$344,411

Page 2 of 2 • 54 total positions

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