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 2021Dec 31, 2021	BEKE KE Holdings Inc	KE Holdings Inc	Buy	+755,277+2.5%	$622.86K	30,957,063
Q4 2021Dec 31, 2021	RH RH	RH	Buy	+313,268+24.3%	$859.59K	1,603,888
Q4 2021Dec 31, 2021	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Buy	+256,209+71.0%	$2.06M	617,321
Q4 2021Dec 31, 2021	AMPL Amplitude, Inc.	Amplitude, Inc.	Buy	+250,000+15.4%	$99.37K	1,877,000
Q4 2021Dec 31, 2021	SHOP Shopify Inc.	Shopify Inc.	Sell	-40,500-2.8%	$1.91M	1,389,635
Q4 2021Dec 31, 2021	NOW ServiceNow, Inc.	ServiceNow, Inc.	Sell	-188,355-8.6%	$1.30M	2,005,586
Q4 2021Dec 31, 2021	PVH PVH Corp.	PVH Corp.	Sell	-231,963-7.0%	$326.95K	3,065,646
Q4 2021Dec 31, 2021	VSCO Victorias Secret & Co.	Victorias Secret & Co.	Sell	-413,733-4.8%	$455.19K	8,195,810
Q4 2021Dec 31, 2021	UNH UnitedHealth Group Incorporated	UnitedHealth Group Incorporated	Sell	-709,903-23.6%	$1.15M	2,296,087
Q4 2021Dec 31, 2021	TDG Transdigm Group Incorporated	Transdigm Group Incorporated	Sell - Position Exit	-784,342-100.0%	$0.00	-
Q4 2021Dec 31, 2021	ADBE Adobe Inc.	Adobe Inc.	Sell	-861,474-44.1%	$620.20K	1,093,713
Q4 2021Dec 31, 2021	DDOG Datadog, Inc.	Datadog, Inc.	Sell	-1,374,036-29.6%	$582.90K	3,272,681
Q4 2021Dec 31, 2021	ASND Ascendis Pharma A/S	Ascendis Pharma A/S	Sell - Position Exit	-1,436,981-100.0%	$0.00	-
Q4 2021Dec 31, 2021	DXCM DexCom, Inc.	DexCom, Inc.	Sell - Position Exit	-1,441,227-100.0%	$0.00	-
Q4 2021Dec 31, 2021	CVNA Carvana Co.	Carvana Co.	Sell - Position Exit	-2,142,309-100.0%	$0.00	-
Q4 2021Dec 31, 2021	FATE Fate Therapeutics, Inc.	Fate Therapeutics, Inc.	Sell - Position Exit	-2,199,284-100.0%	$0.00	-
Q4 2021Dec 31, 2021	FIGS FIGS, Inc.	FIGS, Inc.	Sell - Position Exit	-2,485,894-100.0%	$0.00	-
Q4 2021Dec 31, 2021	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell - Position Exit	-3,074,926-100.0%	$0.00	-
Q4 2021Dec 31, 2021	MRNA Moderna, Inc.	Moderna, Inc.	Sell - Position Exit	-3,316,199-100.0%	$0.00	-
Q4 2021Dec 31, 2021	SQ Block, Inc.	Block, Inc.	Sell	-5,103,492-94.8%	$44.80K	277,372
Q4 2021Dec 31, 2021	BILI Bilibili Inc.	Bilibili Inc.	Sell - Position Exit	-8,612,782-100.0%	$0.00	-
Q4 2021Dec 31, 2021	IBN ICICI Bank Limited	ICICI Bank Limited	Sell - Position Exit	-39,750,227-100.0%	$0.00	-
Q3 2021Sep 30, 2021	BBWI Bath & Body Works, Inc.	Bath & Body Works, Inc.	Buy - Position Entry	+24,300,268	$1.53M	24,300,268
Q3 2021Sep 30, 2021	BEKE KE Holdings Inc	KE Holdings Inc	Buy	+17,132,569+131.1%	$551.49K	30,201,786
Q3 2021Sep 30, 2021	BILI Bilibili Inc.	Bilibili Inc.	Buy - Position Entry	+8,612,782	$569.91K	8,612,782
Q3 2021Sep 30, 2021	VSCO Victorias Secret & Co.	Victorias Secret & Co.	Buy - Position Entry	+8,609,543	$475.76K	8,609,543
Q3 2021Sep 30, 2021	AMPL Amplitude, Inc.	Amplitude, Inc.	Buy - Position Entry	+1,627,000	$88.41K	1,627,000
Q3 2021Sep 30, 2021	WDAY Workday, Inc.	Workday, Inc.	Buy	+1,546,502+45.1%	$1.24M	4,973,868
Q3 2021Sep 30, 2021	NTES NetEase, Inc.	NetEase, Inc.	Buy - Position Entry	+1,015,388	$86.71K	1,015,388
Q3 2021Sep 30, 2021	PVH PVH Corp.	PVH Corp.	Buy	+577,900+21.2%	$338.96K	3,297,609

Page 14 of 50 • 1487 total trades

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