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
Q2 2015Jun 30, 2015	AAP Advance Auto Parts Inc.	Advance Auto Parts Inc.	Buy - Position Entry	+1,217,455	$193.93K	1,217,455
Q2 2015Jun 30, 2015	LOW Lowe's Companies, Inc.	Lowe's Companies, Inc.	Buy	+1,137,583+19.2%	$472.40K	7,053,887
Q2 2015Jun 30, 2015	EA Electronic Arts Inc.	Electronic Arts Inc.	Buy - Position Entry	+794,440	$52.83K	794,440
Q2 2015Jun 30, 2015	SCHW Charles Schwab Corporation (The	Charles Schwab Corporation (The	Buy - Position Entry	+748,520	$24.44K	748,520
Q2 2015Jun 30, 2015	ANET Arista Networks, Inc.	Arista Networks, Inc.	Buy	+405,100+27.2%	$154.97K	1,895,925
Q2 2015Jun 30, 2015	G97822103 Perrigo	Perrigo	Buy - Position Entry	+375,924	$69.48K	375,924
Q2 2015Jun 30, 2015	EQIX Equinix, Inc.	Equinix, Inc.	Buy	+276,566+10.1%	$763.51K	3,005,944
Q2 2015Jun 30, 2015	LNG Cheniere Energy, Inc.	Cheniere Energy, Inc.	Sell	-74,975-0.9%	$550.17K	7,943,511
Q2 2015Jun 30, 2015	ULTA Ulta Beauty, Inc.	Ulta Beauty, Inc.	Sell	-136,272-5.5%	$361.05K	2,337,670
Q2 2015Jun 30, 2015	V Visa Inc.	Visa Inc.	Sell	-609,730-6.4%	$597.67K	8,900,538
Q2 2015Jun 30, 2015	HCA HCA Healthcare, Inc.	HCA Healthcare, Inc.	Sell	-829,630-14.2%	$454.26K	5,007,242
Q2 2015Jun 30, 2015	CTSH Cognizant Technology Solutions	Cognizant Technology Solutions	Sell - Position Exit	-1,093,374-100.0%	$0.00	-
Q2 2015Jun 30, 2015	ADSK Autodesk, Inc.	Autodesk, Inc.	Sell	-1,945,038-24.0%	$308.41K	6,158,948
Q2 2015Jun 30, 2015	ADBE Adobe Inc.	Adobe Inc.	Sell	-2,780,954-23.1%	$750.51K	9,264,439
Q2 2015Jun 30, 2015	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-3,247,021-25.0%	$909.25K	9,726,632
Q2 2015Jun 30, 2015	BIDU Baidu, Inc.	Baidu, Inc.	Sell - Position Exit	-5,281,484-100.0%	$0.00	-
Q2 2015Jun 30, 2015	AAPL Apple Inc.	Apple Inc.	Sell - Position Exit	-6,838,522-100.0%	$0.00	-
Q2 2015Jun 30, 2015	VIPS Vipshop Holdings Limited	Vipshop Holdings Limited	Sell - Position Exit	-10,943,918-100.0%	$0.00	-
Q1 2015Mar 31, 2015	JD JD.com, Inc.	JD.com, Inc.	Buy	+29,709,608+336.9%	$1.13M	38,527,260
Q1 2015Mar 31, 2015	MTG MGIC Investment Corporation	MGIC Investment Corporation	Buy - Position Entry	+12,403,003	$119.44K	12,403,003
Q1 2015Mar 31, 2015	WMB Williams Companies, Inc. (The)	Williams Companies, Inc. (The)	Buy - Position Entry	+12,015,299	$607.85K	12,015,299
Q1 2015Mar 31, 2015	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+9,036,165+165.8%	$588.93K	14,486,109
Q1 2015Mar 31, 2015	FNF FNF Group of Fidelity National	FNF Group of Fidelity National	Buy - Position Entry	+7,855,396	$288.76K	7,855,396
Q1 2015Mar 31, 2015	V Visa Inc.	Visa Inc.	Buy	+7,738,749+436.8%	$622.07K	9,510,268
Q1 2015Mar 31, 2015	LOW Lowe's Companies, Inc.	Lowe's Companies, Inc.	Buy - Position Entry	+5,916,304	$440.11K	5,916,304
Q1 2015Mar 31, 2015	NKE Nike, Inc.	Nike, Inc.	Buy - Position Entry	+5,678,660	$569.74K	5,678,660
Q1 2015Mar 31, 2015	AAPL Apple Inc.	Apple Inc.	Buy	+4,654,400+213.1%	$850.92K	6,838,522
Q1 2015Mar 31, 2015	ILMN Illumina, Inc.	Illumina, Inc.	Buy - Position Entry	+2,890,103	$536.52K	2,890,103
Q1 2015Mar 31, 2015	EQIX Equinix, Inc.	Equinix, Inc.	Buy - Position Entry	+2,729,378	$635.54K	2,729,378
Q1 2015Mar 31, 2015	HDB HDFC Bank Limited	HDFC Bank Limited	Buy - Position Entry	+2,014,620	$118.64K	2,014,620

Page 42 of 50 • 1487 total trades

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