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 2015Mar 31, 2015	DVA DaVita Inc.	DaVita Inc.	Buy	+1,515,605+38.5%	$443.44K	5,455,774
Q1 2015Mar 31, 2015	VMC Vulcan Materials Company (Holdi	Vulcan Materials Company (Holdi	Buy - Position Entry	+1,420,997	$119.79K	1,420,997
Q1 2015Mar 31, 2015	TDG Transdigm Group Incorporated	Transdigm Group Incorporated	Buy	+428,587+24.0%	$484.56K	2,215,423
Q1 2015Mar 31, 2015	ANET Arista Networks, Inc.	Arista Networks, Inc.	Buy	+165,179+12.5%	$105.15K	1,490,825
Q1 2015Mar 31, 2015	ADBE Adobe Inc.	Adobe Inc.	Sell	-133,854-1.1%	$890.64K	12,045,393
Q1 2015Mar 31, 2015	WYNN Wynn Resorts, Limited	Wynn Resorts, Limited	Sell - Position Exit	-285,023-100.0%	$0.00	-
Q1 2015Mar 31, 2015	MHK Mohawk Industries, Inc.	Mohawk Industries, Inc.	Sell	-507,917-20.6%	$363.80K	1,958,565
Q1 2015Mar 31, 2015	WDAY Workday, Inc.	Workday, Inc.	Sell - Position Exit	-527,482-100.0%	$0.00	-
Q1 2015Mar 31, 2015	NFLX Netflix, Inc.	Netflix, Inc.	Sell - Position Exit	-779,647-100.0%	$0.00	-
Q1 2015Mar 31, 2015	LNG Cheniere Energy, Inc.	Cheniere Energy, Inc.	Sell	-800,436-9.1%	$620.63K	8,018,486
Q1 2015Mar 31, 2015	ULTA Ulta Beauty, Inc.	Ulta Beauty, Inc.	Sell	-871,049-26.0%	$373.19K	2,473,942
Q1 2015Mar 31, 2015	WBA Walgreens Boots Alliance, Inc.	Walgreens Boots Alliance, Inc.	Sell	-969,252-27.3%	$218.86K	2,584,527
Q1 2015Mar 31, 2015	ICE Intercontinental Exchange Inc.	Intercontinental Exchange Inc.	Sell - Position Exit	-1,142,789-100.0%	$0.00	-
Q1 2015Mar 31, 2015	CVLT Commvault Systems, Inc.	Commvault Systems, Inc.	Sell - Position Exit	-1,321,288-100.0%	$0.00	-
Q1 2015Mar 31, 2015	UAA Under Armour, Inc.	Under Armour, Inc.	Sell - Position Exit	-1,560,114-100.0%	$0.00	-
Q1 2015Mar 31, 2015	BIDU Baidu, Inc.	Baidu, Inc.	Sell	-1,749,096-24.9%	$1.10M	5,281,484
Q1 2015Mar 31, 2015	HUM Humana Inc.	Humana Inc.	Sell - Position Exit	-1,911,536-100.0%	$0.00	-
Q1 2015Mar 31, 2015	VIPS Vipshop Holdings Limited	Vipshop Holdings Limited	Sell	-2,991,809-21.5%	$322.19K	10,943,918
Q1 2015Mar 31, 2015	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-5,395,693-40.0%	$666.51K	8,106,922
Q1 2015Mar 31, 2015	ADSK Autodesk, Inc.	Autodesk, Inc.	Sell	-6,359,350-44.0%	$475.22K	8,103,986
Q1 2015Mar 31, 2015	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-7,056,807-35.2%	$1.12M	12,973,653
Q1 2015Mar 31, 2015	CTSH Cognizant Technology Solutions	Cognizant Technology Solutions	Sell	-11,136,490-91.1%	$68.22K	1,093,374
Q1 2015Mar 31, 2015	DG Dollar General Corporation	Dollar General Corporation	Sell - Position Exit	-12,918,112-100.0%	$0.00	-
Q4 2014Dec 31, 2014	VIPS Vipshop Holdings Limited	Vipshop Holdings Limited	Buy - Position Entry	+13,935,727	$272.30M	13,935,727
Q4 2014Dec 31, 2014	ADSK Autodesk, Inc.	Autodesk, Inc.	Buy	+10,061,891+228.6%	$868.67M	14,463,336
Q4 2014Dec 31, 2014	JD JD.com, Inc.	JD.com, Inc.	Buy - Position Entry	+8,817,652	$204.04M	8,817,652
Q4 2014Dec 31, 2014	HCA HCA Healthcare, Inc.	HCA Healthcare, Inc.	Buy - Position Entry	+5,836,872	$428.37M	5,836,872
Q4 2014Dec 31, 2014	MA Mastercard Incorporated	Mastercard Incorporated	Buy	+4,947,673+32.8%	$1.73B	20,030,460
Q4 2014Dec 31, 2014	META Meta Platforms, Inc.	Meta Platforms, Inc.	Buy	+4,864,102+56.3%	$1.05B	13,502,615
Q4 2014Dec 31, 2014	DVA DaVita Inc.	DaVita Inc.	Buy - Position Entry	+3,940,169	$298.43M	3,940,169

Page 43 of 50 • 1487 total trades

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