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
Q1 2018Mar 31, 2018	GOOG Alphabet Inc.	Alphabet Inc.	Buy	+52,500+8.8%	$670.67K	650,003
Q1 2018Mar 31, 2018	IQV IQVIA Holdings, Inc.	IQVIA Holdings, Inc.	Buy	+22,600+0.2%	$970.40K	9,890,932
Q1 2018Mar 31, 2018	STZ Constellation Brands, Inc.	Constellation Brands, Inc.	Sell	-20,019-0.4%	$1.11M	4,849,090
Q1 2018Mar 31, 2018	ADBE Adobe Inc.	Adobe Inc.	Sell	-141,200-2.4%	$1.22M	5,649,328
Q1 2018Mar 31, 2018	EA Electronic Arts Inc.	Electronic Arts Inc.	Sell	-170,168-2.3%	$865.41K	7,138,016
Q1 2018Mar 31, 2018	BLK BlackRock, Inc.	BlackRock, Inc.	Sell	-185,000-16.8%	$497.77K	918,870
Q1 2018Mar 31, 2018	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Sell	-192,200-25.0%	$836.27K	577,796
Q1 2018Mar 31, 2018	BABA Alibaba Group Holding Limited	Alibaba Group Holding Limited	Sell	-365,816-5.8%	$1.10M	5,982,159
Q1 2018Mar 31, 2018	EQIX Equinix, Inc.	Equinix, Inc.	Sell - Position Exit	-1,122,529-100.0%	$0.00	-
Q1 2018Mar 31, 2018	NOW ServiceNow, Inc.	ServiceNow, Inc.	Sell	-1,439,075-35.0%	$442.93K	2,677,118
Q1 2018Mar 31, 2018	CHTR Charter Communications, Inc.	Charter Communications, Inc.	Sell - Position Exit	-1,727,722-100.0%	$0.00	-
Q1 2018Mar 31, 2018	MA Mastercard Incorporated	Mastercard Incorporated	Sell - Position Exit	-3,362,667-100.0%	$0.00	-
Q1 2018Mar 31, 2018	A Agilent Technologies, Inc.	Agilent Technologies, Inc.	Sell - Position Exit	-3,607,622-100.0%	$0.00	-
Q1 2018Mar 31, 2018	CRM Salesforce, Inc.	Salesforce, Inc.	Sell - Position Exit	-4,864,570-100.0%	$0.00	-
Q1 2018Mar 31, 2018	BUD Anheuser-Busch Inbev SA Sponsor	Anheuser-Busch Inbev SA Sponsor	Sell - Position Exit	-5,254,307-100.0%	$0.00	-
Q1 2018Mar 31, 2018	TV Grupo Televisa S.A.B.	Grupo Televisa S.A.B.	Sell - Position Exit	-20,091,736-100.0%	$0.00	-
Q4 2017Dec 31, 2017	CSX CSX Corporation	CSX Corporation	Buy - Position Entry	+11,383,382	$626.20K	11,383,382
Q4 2017Dec 31, 2017	IQV IQVIA Holdings, Inc.	IQVIA Holdings, Inc.	Buy - Position Entry	+9,868,332	$966.11K	9,868,332
Q4 2017Dec 31, 2017	BUD Anheuser-Busch Inbev SA Sponsor	Anheuser-Busch Inbev SA Sponsor	Buy	+4,538,756+634.3%	$586.17K	5,254,307
Q4 2017Dec 31, 2017	A Agilent Technologies, Inc.	Agilent Technologies, Inc.	Buy - Position Entry	+3,607,622	$241.60K	3,607,622
Q4 2017Dec 31, 2017	SE Sea Limited	Sea Limited	Buy - Position Entry	+3,223,222	$42.97K	3,223,222
Q4 2017Dec 31, 2017	EA Electronic Arts Inc.	Electronic Arts Inc.	Buy	+3,074,082+72.6%	$767.80K	7,308,184
Q4 2017Dec 31, 2017	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Buy	+2,774,998+41.3%	$698.52K	9,488,228
Q4 2017Dec 31, 2017	ADBE Adobe Inc.	Adobe Inc.	Buy	+1,858,632+47.3%	$1.01M	5,790,528
Q4 2017Dec 31, 2017	TDG Transdigm Group Incorporated	Transdigm Group Incorporated	Buy - Position Entry	+1,410,402	$387.32K	1,410,402
Q4 2017Dec 31, 2017	BLK BlackRock, Inc.	BlackRock, Inc.	Buy - Position Entry	+1,103,870	$567.07K	1,103,870
Q4 2017Dec 31, 2017	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Buy - Position Entry	+769,996	$900.49K	769,996
Q4 2017Dec 31, 2017	GOOG Alphabet Inc.	Alphabet Inc.	Buy - Position Entry	+597,503	$625.23K	597,503
Q4 2017Dec 31, 2017	MELI MercadoLibre, Inc.	MercadoLibre, Inc.	Sell	-93,039-5.7%	$483.79K	1,537,485
Q4 2017Dec 31, 2017	EQIX Equinix, Inc.	Equinix, Inc.	Sell	-151,123-11.9%	$508.75K	1,122,529

Page 30 of 50 • 1487 total trades

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