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 2016Sep 30, 2016	BUD Anheuser-Busch Inbev SA Sponsor	Anheuser-Busch Inbev SA Sponsor	Sell - Position Exit	-4,207,607-100.0%	$0.00	-
Q3 2016Sep 30, 2016	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-4,694,796-42.9%	$801.23K	6,246,441
Q3 2016Sep 30, 2016	V Visa Inc.	Visa Inc.	Sell	-4,870,096-67.6%	$193.33K	2,337,675
Q3 2016Sep 30, 2016	MA Mastercard Incorporated	Mastercard Incorporated	Sell - Position Exit	-4,968,587-100.0%	$0.00	-
Q3 2016Sep 30, 2016	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Sell - Position Exit	-11,080,118-100.0%	$0.00	-
Q2 2016Jun 30, 2016	YUM Yum! Brands, Inc.	Yum! Brands, Inc.	Buy	+8,459,686+559.3%	$826.90K	9,972,255
Q2 2016Jun 30, 2016	NKE Nike, Inc.	Nike, Inc.	Buy	+6,309,324+52.6%	$1.01M	18,305,703
Q2 2016Jun 30, 2016	CHTR Charter Communications, Inc.	Charter Communications, Inc.	Buy - Position Entry	+4,792,408	$1.10M	4,792,408
Q2 2016Jun 30, 2016	MNST Monster Beverage Corporation	Monster Beverage Corporation	Buy	+3,027,014+271.6%	$665.59K	4,141,575
Q2 2016Jun 30, 2016	COMM CommScope Holding Company, Inc.	CommScope Holding Company, Inc.	Buy	+2,639,885+309.5%	$108.38K	3,492,871
Q2 2016Jun 30, 2016	BUD Anheuser-Busch Inbev SA Sponsor	Anheuser-Busch Inbev SA Sponsor	Buy	+2,329,803+124.1%	$554.06K	4,207,607
Q2 2016Jun 30, 2016	LULU lululemon athletica inc.	lululemon athletica inc.	Buy	+2,224,220+42.9%	$547.33K	7,410,304
Q2 2016Jun 30, 2016	DLTR Dollar Tree, Inc.	Dollar Tree, Inc.	Buy	+1,755,667+15.1%	$1.26M	13,362,151
Q2 2016Jun 30, 2016	EA Electronic Arts Inc.	Electronic Arts Inc.	Buy	+1,644,713+86.1%	$269.35K	3,555,356
Q2 2016Jun 30, 2016	SHW Sherwin-Williams Company (The)	Sherwin-Williams Company (The)	Buy - Position Entry	+1,143,668	$335.86K	1,143,668
Q2 2016Jun 30, 2016	STZ Constellation Brands, Inc.	Constellation Brands, Inc.	Buy	+769,791+13.1%	$1.10M	6,666,012
Q2 2016Jun 30, 2016	PYPL PayPal Holdings, Inc.	PayPal Holdings, Inc.	Buy	+650,000+6.2%	$404.54K	11,080,118
Q2 2016Jun 30, 2016	VMC Vulcan Materials Company (Holdi	Vulcan Materials Company (Holdi	Buy	+525,937+16.2%	$454.08K	3,772,719
Q2 2016Jun 30, 2016	TDG Transdigm Group Incorporated	Transdigm Group Incorporated	Buy	+262,561+12.4%	$627.69K	2,380,420
Q2 2016Jun 30, 2016	GOOG Alphabet Inc.	Alphabet Inc.	Buy	+105,000+13.5%	$611.74K	883,888
Q2 2016Jun 30, 2016	ULTA Ulta Beauty, Inc.	Ulta Beauty, Inc.	Sell	-30,082-0.9%	$812.02K	3,332,886
Q2 2016Jun 30, 2016	ADBE Adobe Inc.	Adobe Inc.	Sell	-74,670-1.5%	$478.80K	4,998,438
Q2 2016Jun 30, 2016	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-108,000-2.1%	$437.53K	4,968,587
Q2 2016Jun 30, 2016	EQIX Equinix, Inc.	Equinix, Inc.	Sell	-183,368-7.9%	$830.12K	2,140,962
Q2 2016Jun 30, 2016	V Visa Inc.	Visa Inc.	Sell	-277,581-3.7%	$534.60K	7,207,771
Q2 2016Jun 30, 2016	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Sell	-342,500-17.2%	$1.18M	1,643,868
Q2 2016Jun 30, 2016	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-472,271-4.1%	$1.25M	10,941,237
Q2 2016Jun 30, 2016	GOOGL Alphabet Inc.	Alphabet Inc.	Sell	-480,851-74.5%	$116.09K	165,008
Q2 2016Jun 30, 2016	NOC Northrop Grumman Corporation	Northrop Grumman Corporation	Sell	-602,724-18.5%	$588.39K	2,647,065
Q2 2016Jun 30, 2016	ILMN Illumina, Inc.	Illumina, Inc.	Sell - Position Exit	-1,675,158-100.0%	$0.00	-

Page 37 of 50 • 1487 total trades

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