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 2020Jun 30, 2020	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-107,200-4.6%	$651.80K	2,204,271
Q2 2020Jun 30, 2020	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Sell	-125,430-21.5%	$1.26M	457,541
Q2 2020Jun 30, 2020	GPN Global Payments Inc.	Global Payments Inc.	Sell	-165,056-3.3%	$812.40K	4,789,516
Q2 2020Jun 30, 2020	HUBS HubSpot, Inc.	HubSpot, Inc.	Sell - Position Exit	-776,490-100.0%	$0.00	-
Q2 2020Jun 30, 2020	NFLX Netflix, Inc.	Netflix, Inc.	Sell	-805,136-33.4%	$730.89K	1,606,202
Q2 2020Jun 30, 2020	ADBE Adobe Inc.	Adobe Inc.	Sell	-834,737-31.5%	$791.70K	1,818,713
Q2 2020Jun 30, 2020	V Visa Inc.	Visa Inc.	Sell	-918,851-27.6%	$465.76K	2,411,124
Q2 2020Jun 30, 2020	CDNS Cadence Design Systems, Inc.	Cadence Design Systems, Inc.	Sell - Position Exit	-1,288,594-100.0%	$0.00	-
Q2 2020Jun 30, 2020	CHWY Chewy, Inc.	Chewy, Inc.	Sell - Position Exit	-1,299,749-100.0%	$0.00	-
Q2 2020Jun 30, 2020	UNH UnitedHealth Group Incorporated	UnitedHealth Group Incorporated	Sell	-1,589,932-34.5%	$891.94K	3,024,039
Q2 2020Jun 30, 2020	ADSK Autodesk, Inc.	Autodesk, Inc.	Sell	-1,931,517-48.0%	$500.36K	2,091,892
Q2 2020Jun 30, 2020	HLT Hilton Worldwide Holdings Inc.	Hilton Worldwide Holdings Inc.	Sell - Position Exit	-2,952,652-100.0%	$0.00	-
Q2 2020Jun 30, 2020	LYV Live Nation Entertainment, Inc.	Live Nation Entertainment, Inc.	Sell - Position Exit	-3,046,095-100.0%	$0.00	-
Q2 2020Jun 30, 2020	EFX Equifax, Inc.	Equifax, Inc.	Sell - Position Exit	-3,171,575-100.0%	$0.00	-
Q2 2020Jun 30, 2020	CVNA Carvana Co.	Carvana Co.	Sell	-4,250,510-83.3%	$102.13K	849,665
Q2 2020Jun 30, 2020	BABA Alibaba Group Holding Limited	Alibaba Group Holding Limited	Sell - Position Exit	-6,336,587-100.0%	$0.00	-
Q2 2020Jun 30, 2020	SQ Block, Inc.	Block, Inc.	Sell - Position Exit	-6,698,049-100.0%	$0.00	-
Q2 2020Jun 30, 2020	UA Under Armour, Inc.	Under Armour, Inc.	Sell - Position Exit	-9,890,481-100.0%	$0.00	-
Q2 2020Jun 30, 2020	UAA Under Armour, Inc.	Under Armour, Inc.	Sell - Position Exit	-17,431,613-100.0%	$0.00	-
Q1 2020Mar 31, 2020	UA Under Armour, Inc.	Under Armour, Inc.	Buy - Position Entry	+9,890,481	$79.72K	9,890,481
Q1 2020Mar 31, 2020	UAA Under Armour, Inc.	Under Armour, Inc.	Buy	+8,452,056+94.1%	$160.54K	17,431,613
Q1 2020Mar 31, 2020	CVNA Carvana Co.	Carvana Co.	Buy	+4,097,265+408.5%	$280.97K	5,100,175
Q1 2020Mar 31, 2020	V Visa Inc.	Visa Inc.	Buy - Position Entry	+3,329,975	$536.53K	3,329,975
Q1 2020Mar 31, 2020	DAY Dayforce, Inc.	Dayforce, Inc.	Buy - Position Entry	+3,244,680	$162.46K	3,244,680
Q1 2020Mar 31, 2020	LYV Live Nation Entertainment, Inc.	Live Nation Entertainment, Inc.	Buy - Position Entry	+3,046,095	$138.47K	3,046,095
Q1 2020Mar 31, 2020	HLT Hilton Worldwide Holdings Inc.	Hilton Worldwide Holdings Inc.	Buy - Position Entry	+2,952,652	$201.49K	2,952,652
Q1 2020Mar 31, 2020	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Buy	+1,901,160+56.5%	$504.12K	5,265,480
Q1 2020Mar 31, 2020	GPN Global Payments Inc.	Global Payments Inc.	Buy	+1,709,354+52.7%	$714.60K	4,954,572
Q1 2020Mar 31, 2020	CDNS Cadence Design Systems, Inc.	Cadence Design Systems, Inc.	Buy - Position Entry	+1,288,594	$85.10K	1,288,594
Q1 2020Mar 31, 2020	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+854,877+16.9%	$934.26K	5,923,926

Page 21 of 50 • 1487 total trades

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