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 2022Dec 31, 2022	HDB HDFC Bank Limited	HDFC Bank Limited	Buy	+679,576+30.6%	$198.57M	2,902,586
Q4 2022Dec 31, 2022	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+663,003+23.4%	$838.24M	3,495,275
Q4 2022Dec 31, 2022	VAL Valaris Ltd	Valaris Ltd	Buy - Position Entry	+653,320	$44.18M	653,320
Q4 2022Dec 31, 2022	CRM Salesforce, Inc.	Salesforce, Inc.	Buy - Position Entry	+549,003	$72.79M	549,003
Q4 2022Dec 31, 2022	ASML ASML	ASML	Buy - Position Entry	+236,190	$129.05M	236,190
Q4 2022Dec 31, 2022	PTC PTC Inc.	PTC Inc.	Buy	+161,459+6.4%	$321.88M	2,681,447
Q4 2022Dec 31, 2022	UNH UnitedHealth Group Incorporated	UnitedHealth Group Incorporated	Buy	+124,144+13.2%	$563.90M	1,063,600
Q4 2022Dec 31, 2022	FCNCA First Citizens BancShares, Inc.	First Citizens BancShares, Inc.	Buy	+111,089+172.1%	$133.20M	175,642
Q4 2022Dec 31, 2022	TDG Transdigm Group Incorporated	Transdigm Group Incorporated	Buy	+38,167+5.2%	$488.41M	775,690
Q4 2022Dec 31, 2022	LPLA LPL Financial Holdings Inc.	LPL Financial Holdings Inc.	Buy	+26,960+1.4%	$433.92M	2,007,322
Q4 2022Dec 31, 2022	EFX Equifax, Inc.	Equifax, Inc.	Buy - Position Entry	+7,278	$1.41M	7,278
Q4 2022Dec 31, 2022	LNG Cheniere Energy, Inc.	Cheniere Energy, Inc.	Sell	-2,110-20.2%	$1.25M	8,338
Q4 2022Dec 31, 2022	CHK		Sell - Position Exit	-15,740-100.0%	$0.00	-
Q4 2022Dec 31, 2022	SQ Block, Inc.	Block, Inc.	Sell - Position Exit	-23,787-100.0%	$0.00	-
Q4 2022Dec 31, 2022	BKNG Booking Holdings Inc. Common St	Booking Holdings Inc. Common St	Sell	-33,195-13.1%	$444.12M	220,375
Q4 2022Dec 31, 2022	V Visa Inc.	Visa Inc.	Sell	-77,281-3.6%	$432.92M	2,083,747
Q4 2022Dec 31, 2022	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-198,200-12.8%	$468.29M	1,346,712
Q4 2022Dec 31, 2022	TMO Thermo Fisher Scientific Inc	Thermo Fisher Scientific Inc	Sell	-297,630-33.6%	$323.64M	587,696
Q4 2022Dec 31, 2022	WDAY Workday, Inc.	Workday, Inc.	Sell	-348,788-6.9%	$781.50M	4,670,402
Q4 2022Dec 31, 2022	EPAM EPAM Systems, Inc.	EPAM Systems, Inc.	Sell	-640,184-51.5%	$197.58M	602,860
Q4 2022Dec 31, 2022	ADSK Autodesk, Inc.	Autodesk, Inc.	Sell - Position Exit	-2,221,479-100.0%	$0.00	-
Q4 2022Dec 31, 2022	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell - Position Exit	-2,913,821-100.0%	$0.00	-
Q4 2022Dec 31, 2022	EQT EQT Corporation	EQT Corporation	Sell - Position Exit	-5,935,782-100.0%	$0.00	-
Q4 2022Dec 31, 2022	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Sell - Position Exit	-8,294,340-100.0%	$0.00	-
Q3 2022Sep 30, 2022	IBN ICICI Bank Limited	ICICI Bank Limited	Buy - Position Entry	+11,692,652	$245.19K	11,692,652
Q3 2022Sep 30, 2022	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Buy	+4,005,315+93.4%	$713.89K	8,294,340
Q3 2022Sep 30, 2022	PTC PTC Inc.	PTC Inc.	Buy - Position Entry	+2,519,988	$263.59K	2,519,988
Q3 2022Sep 30, 2022	HDB HDFC Bank Limited	HDFC Bank Limited	Buy - Position Entry	+2,223,010	$129.87K	2,223,010
Q3 2022Sep 30, 2022	ADSK Autodesk, Inc.	Autodesk, Inc.	Buy - Position Entry	+2,221,479	$414.97K	2,221,479
Q3 2022Sep 30, 2022	TDG Transdigm Group Incorporated	Transdigm Group Incorporated	Buy - Position Entry	+737,523	$387.07K	737,523

Page 10 of 50 • 1487 total trades

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