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 2016Mar 31, 2016	EA Electronic Arts Inc.	Electronic Arts Inc.	Sell	-4,532,970-70.3%	$126.31K	1,910,643
Q1 2016Mar 31, 2016	JD JD.com, Inc.	JD.com, Inc.	Sell	-4,916,296-18.2%	$585.10K	22,079,215
Q1 2016Mar 31, 2016	V Visa Inc.	Visa Inc.	Sell	-5,283,907-41.4%	$572.48K	7,485,352
Q1 2016Mar 31, 2016	ADSK Autodesk, Inc.	Autodesk, Inc.	Sell - Position Exit	-5,732,050-100.0%	$0.00	-
Q1 2016Mar 31, 2016	WBA Walgreens Boots Alliance, Inc.	Walgreens Boots Alliance, Inc.	Sell - Position Exit	-6,787,816-100.0%	$0.00	-
Q1 2016Mar 31, 2016	HBI Hanesbrands Inc.	Hanesbrands Inc.	Sell - Position Exit	-9,336,411-100.0%	$0.00	-
Q1 2016Mar 31, 2016	WMB Williams Companies, Inc. (The)	Williams Companies, Inc. (The)	Sell - Position Exit	-28,940,290-100.0%	$0.00	-
Q4 2015Dec 31, 2015	WMB Williams Companies, Inc. (The)	Williams Companies, Inc. (The)	Buy	+11,265,061+63.7%	$743.76K	28,940,290
Q4 2015Dec 31, 2015	DLTR Dollar Tree, Inc.	Dollar Tree, Inc.	Buy	+8,054,727+156.7%	$1.02M	13,194,122
Q4 2015Dec 31, 2015	LULU lululemon athletica inc.	lululemon athletica inc.	Buy - Position Entry	+6,348,148	$333.09K	6,348,148
Q4 2015Dec 31, 2015	NKE Nike, Inc.	Nike, Inc.	Buy	+5,795,333+101.7%	$718.51K	11,496,188
Q4 2015Dec 31, 2015	ADSK Autodesk, Inc.	Autodesk, Inc.	Buy - Position Entry	+5,732,050	$349.25K	5,732,050
Q4 2015Dec 31, 2015	V Visa Inc.	Visa Inc.	Buy	+2,999,796+30.7%	$990.26K	12,769,259
Q4 2015Dec 31, 2015	NOC Northrop Grumman Corporation	Northrop Grumman Corporation	Buy - Position Entry	+2,132,094	$402.56K	2,132,094
Q4 2015Dec 31, 2015	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+1,923,000+7.6%	$1.51M	27,262,024
Q4 2015Dec 31, 2015	HBI Hanesbrands Inc.	Hanesbrands Inc.	Buy	+1,646,727+21.4%	$274.77K	9,336,411
Q4 2015Dec 31, 2015	BUD Anheuser-Busch Inbev SA Sponsor	Anheuser-Busch Inbev SA Sponsor	Buy - Position Entry	+1,487,392	$185.92K	1,487,392
Q4 2015Dec 31, 2015	STZ Constellation Brands, Inc.	Constellation Brands, Inc.	Buy	+666,779+14.2%	$762.20K	5,350,993
Q4 2015Dec 31, 2015	HDB HDFC Bank Limited	HDFC Bank Limited	Buy	+528,800+9.9%	$362.09K	5,878,093
Q4 2015Dec 31, 2015	GOOG Alphabet Inc.	Alphabet Inc.	Buy - Position Entry	+412,616	$313.13K	412,616
Q4 2015Dec 31, 2015	TAP Molson Coors Beverage Company	Molson Coors Beverage Company	Buy	+410,000+21.1%	$221.14K	2,354,601
Q4 2015Dec 31, 2015	GOOGL Alphabet Inc.	Alphabet Inc.	Buy - Position Entry	+404,297	$314.55K	404,297
Q4 2015Dec 31, 2015	LNG Cheniere Energy, Inc.	Cheniere Energy, Inc.	Buy	+350,000+2.9%	$469.04K	12,591,775
Q4 2015Dec 31, 2015	ULTA Ulta Beauty, Inc.	Ulta Beauty, Inc.	Buy	+300,556+9.2%	$661.74K	3,576,964
Q4 2015Dec 31, 2015	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Buy	+270,250+14.0%	$1.49M	2,207,252
Q4 2015Dec 31, 2015	DEO Diageo plc	Diageo plc	Buy	+281+28.1%	$140.00	1,281
Q4 2015Dec 31, 2015	AXP American Express Company	American Express Company	Buy	+281+28.1%	$89.00	1,281
Q4 2015Dec 31, 2015	ILMN Illumina, Inc.	Illumina, Inc.	Buy	+100+0.0%	$692.89K	3,609,835
Q4 2015Dec 31, 2015	TDG Transdigm Group Incorporated	Transdigm Group Incorporated	Sell	-44,064-2.0%	$496.05K	2,171,359
Q4 2015Dec 31, 2015	MHK Mohawk Industries, Inc.	Mohawk Industries, Inc.	Sell	-84,700-4.3%	$357.33K	1,886,750

Page 39 of 50 • 1487 total trades

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