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
Q3 2017Sep 30, 2017	AAP Advance Auto Parts Inc.	Advance Auto Parts Inc.	Buy	+310,065+15.1%	$234.00K	2,358,917
Q3 2017Sep 30, 2017	TV Grupo Televisa S.A.B.	Grupo Televisa S.A.B.	Buy	+308,100+1.5%	$514.21K	20,843,467
Q3 2017Sep 30, 2017	EXPE Expedia Group, Inc.	Expedia Group, Inc.	Buy	+132,404+2.9%	$670.19K	4,656,018
Q3 2017Sep 30, 2017	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-154,000-3.3%	$633.62K	4,487,369
Q3 2017Sep 30, 2017	CHTR Charter Communications, Inc.	Charter Communications, Inc.	Sell	-693,180-15.9%	$1.33M	3,660,652
Q3 2017Sep 30, 2017	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-1,135,793-18.4%	$859.86K	5,032,256
Q3 2017Sep 30, 2017	ALB Albemarle Corporation	Albemarle Corporation	Sell - Position Exit	-1,158,452-100.0%	$0.00	-
Q3 2017Sep 30, 2017	ULTA Ulta Beauty, Inc.	Ulta Beauty, Inc.	Sell - Position Exit	-1,438,673-100.0%	$0.00	-
Q3 2017Sep 30, 2017	ANET Arista Networks, Inc.	Arista Networks, Inc.	Sell - Position Exit	-1,845,638-100.0%	$0.00	-
Q3 2017Sep 30, 2017	TMUS T-Mobile US, Inc.	T-Mobile US, Inc.	Sell	-2,561,944-36.0%	$281.27K	4,561,573
Q3 2017Sep 30, 2017	ORLY O'Reilly Automotive, Inc.	O'Reilly Automotive, Inc.	Sell - Position Exit	-2,841,170-100.0%	$0.00	-
Q3 2017Sep 30, 2017	BABA Alibaba Group Holding Limited	Alibaba Group Holding Limited	Sell	-2,851,789-24.4%	$1.52M	8,815,009
Q3 2017Sep 30, 2017	FWONK Liberty Media Corp Formula One Group	Liberty Media Corp Formula One Group	Sell - Position Exit	-2,919,817-100.0%	$0.00	-
Q3 2017Sep 30, 2017	LNG Cheniere Energy, Inc.	Cheniere Energy, Inc.	Sell - Position Exit	-5,186,332-100.0%	$0.00	-
Q3 2017Sep 30, 2017	SNAP Snap Inc.	Snap Inc.	Sell - Position Exit	-7,599,408-100.0%	$0.00	-
Q3 2017Sep 30, 2017	ATUS Altice USA, Inc.	Altice USA, Inc.	Sell - Position Exit	-8,395,511-100.0%	$0.00	-
Q3 2017Sep 30, 2017	CSX CSX Corporation	CSX Corporation	Sell - Position Exit	-10,314,868-100.0%	$0.00	-
Q2 2017Jun 30, 2017	MSFT Microsoft Corporation	Microsoft Corporation	Buy - Position Entry	+9,687,742	$667.78K	9,687,742
Q2 2017Jun 30, 2017	TRU TransUnion	TransUnion	Buy - Position Entry	+8,905,062	$385.68K	8,905,062
Q2 2017Jun 30, 2017	ATUS Altice USA, Inc.	Altice USA, Inc.	Buy - Position Entry	+8,395,511	$271.18K	8,395,511
Q2 2017Jun 30, 2017	CMCSA Comcast Corporation	Comcast Corporation	Buy	+6,698,312+48.8%	$795.46K	20,438,394
Q2 2017Jun 30, 2017	ICE Intercontinental Exchange Inc.	Intercontinental Exchange Inc.	Buy - Position Entry	+6,356,905	$419.05K	6,356,905
Q2 2017Jun 30, 2017	SNAP Snap Inc.	Snap Inc.	Buy	+5,809,044+324.5%	$130.49K	7,599,408
Q2 2017Jun 30, 2017	MA Mastercard Incorporated	Mastercard Incorporated	Buy - Position Entry	+4,641,369	$563.69K	4,641,369
Q2 2017Jun 30, 2017	NOW ServiceNow, Inc.	ServiceNow, Inc.	Buy - Position Entry	+3,220,940	$341.42K	3,220,940
Q2 2017Jun 30, 2017	FWONK Liberty Media Corp Formula One Group	Liberty Media Corp Formula One Group	Buy - Position Entry	+2,919,817	$106.92K	2,919,817
Q2 2017Jun 30, 2017	ORLY O'Reilly Automotive, Inc.	O'Reilly Automotive, Inc.	Buy - Position Entry	+2,841,170	$621.48K	2,841,170
Q2 2017Jun 30, 2017	CRM Salesforce, Inc.	Salesforce, Inc.	Buy - Position Entry	+2,648,428	$229.35K	2,648,428
Q2 2017Jun 30, 2017	EXPE Expedia Group, Inc.	Expedia Group, Inc.	Buy	+2,401,713+113.2%	$673.79K	4,523,614
Q2 2017Jun 30, 2017	TV Grupo Televisa S.A.B.	Grupo Televisa S.A.B.	Buy	+2,096,700+11.4%	$500.45K	20,535,367

Page 32 of 50 • 1487 total trades

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