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 2019Dec 31, 2019	ADBE Adobe Inc.	Adobe Inc.	Sell	-706,341-19.9%	$939.07K	2,847,297
Q4 2019Dec 31, 2019	CRM Salesforce, Inc.	Salesforce, Inc.	Sell	-964,066-18.9%	$673.44K	4,140,694
Q4 2019Dec 31, 2019	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-990,500-16.3%	$799.39K	5,069,049
Q4 2019Dec 31, 2019	BABA Alibaba Group Holding Limited	Alibaba Group Holding Limited	Sell	-1,052,776-14.4%	$1.32M	6,239,786
Q4 2019Dec 31, 2019	ADSK Autodesk, Inc.	Autodesk, Inc.	Sell	-1,219,603-27.1%	$603.25K	3,288,196
Q4 2019Dec 31, 2019	SPGI S&P Global Inc.	S&P Global Inc.	Sell - Position Exit	-1,724,511-100.0%	$0.00	-
Q4 2019Dec 31, 2019	DHI D.R. Horton, Inc.	D.R. Horton, Inc.	Sell - Position Exit	-3,333,812-100.0%	$0.00	-
Q3 2019Sep 30, 2019	SQ Block, Inc.	Block, Inc.	Buy	+4,695,296+141.6%	$496.23K	8,010,127
Q3 2019Sep 30, 2019	GPN Global Payments Inc.	Global Payments Inc.	Buy - Position Entry	+3,655,380	$581.21K	3,655,380
Q3 2019Sep 30, 2019	EFX Equifax, Inc.	Equifax, Inc.	Buy - Position Entry	+3,068,747	$431.68K	3,068,747
Q3 2019Sep 30, 2019	NFLX Netflix, Inc.	Netflix, Inc.	Buy - Position Entry	+2,355,038	$630.25K	2,355,038
Q3 2019Sep 30, 2019	CRM Salesforce, Inc.	Salesforce, Inc.	Buy	+2,163,027+73.5%	$757.75K	5,104,760
Q3 2019Sep 30, 2019	G4412G101 Herbalife	Herbalife	Buy - Position Entry	+2,101,639	$79.57K	2,101,639
Q3 2019Sep 30, 2019	CHWY Chewy, Inc.	Chewy, Inc.	Buy	+1,778,608+54.0%	$124.66K	5,071,531
Q3 2019Sep 30, 2019	HUM Humana Inc.	Humana Inc.	Buy - Position Entry	+1,588,743	$406.19K	1,588,743
Q3 2019Sep 30, 2019	BABA Alibaba Group Holding Limited	Alibaba Group Holding Limited	Buy	+1,416,900+24.1%	$1.22M	7,292,562
Q3 2019Sep 30, 2019	DPZ Domino's Pizza Inc	Domino's Pizza Inc	Buy	+930,487+74.6%	$532.65K	2,177,742
Q3 2019Sep 30, 2019	UNH UnitedHealth Group Incorporated	UnitedHealth Group Incorporated	Buy	+756,600+20.1%	$984.21K	4,528,854
Q3 2019Sep 30, 2019	SE Sea Limited	Sea Limited	Buy	+728,100+11.9%	$212.39K	6,862,222
Q3 2019Sep 30, 2019	ADSK Autodesk, Inc.	Autodesk, Inc.	Buy	+517,907+13.0%	$665.80K	4,507,799
Q3 2019Sep 30, 2019	SMAR Smartsheet Inc.	Smartsheet Inc.	Buy - Position Entry	+506,100	$18.23K	506,100
Q3 2019Sep 30, 2019	NOW ServiceNow, Inc.	ServiceNow, Inc.	Buy	+386,300+29.5%	$430.99K	1,697,825
Q3 2019Sep 30, 2019	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Buy	+155,468+33.3%	$1.08M	621,979
Q3 2019Sep 30, 2019	MELI MercadoLibre, Inc.	MercadoLibre, Inc.	Buy	+104,044+21.8%	$319.94K	580,417
Q3 2019Sep 30, 2019	TWLO Twilio Inc.	Twilio Inc.	Buy - Position Entry	+15,835	$1.74K	15,835
Q3 2019Sep 30, 2019	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-63,700-3.8%	$436.48K	1,607,257
Q3 2019Sep 30, 2019	BKNG Booking Holdings Inc. Common St	Booking Holdings Inc. Common St	Sell	-110,139-34.3%	$414.62K	211,257
Q3 2019Sep 30, 2019	SHOP Shopify Inc.	Shopify Inc.	Sell	-125,600-8.4%	$429.21K	1,377,171
Q3 2019Sep 30, 2019	ADBE Adobe Inc.	Adobe Inc.	Sell	-190,300-5.1%	$981.69K	3,553,638
Q3 2019Sep 30, 2019	SPGI S&P Global Inc.	S&P Global Inc.	Sell	-206,000-10.7%	$422.47K	1,724,511

Page 24 of 50 • 1487 total trades

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