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
Q4 2014Dec 31, 2014	DG Dollar General Corporation	Dollar General Corporation	Buy	+3,612,267+38.8%	$913.31M	12,918,112
Q4 2014Dec 31, 2014	WBA Walgreens Boots Alliance, Inc.	Walgreens Boots Alliance, Inc.	Buy - Position Entry	+3,553,779	$270.80M	3,553,779
Q4 2014Dec 31, 2014	AAPL Apple Inc.	Apple Inc.	Buy - Position Entry	+2,184,122	$241.08M	2,184,122
Q4 2014Dec 31, 2014	LNG Cheniere Energy, Inc.	Cheniere Energy, Inc.	Buy	+1,912,013+27.7%	$620.85M	8,818,922
Q4 2014Dec 31, 2014	V Visa Inc.	Visa Inc.	Buy - Position Entry	+1,771,519	$464.49M	1,771,519
Q4 2014Dec 31, 2014	CVLT Commvault Systems, Inc.	Commvault Systems, Inc.	Buy - Position Entry	+1,321,288	$68.30M	1,321,288
Q4 2014Dec 31, 2014	NFLX Netflix, Inc.	Netflix, Inc.	Buy - Position Entry	+779,647	$266.34M	779,647
Q4 2014Dec 31, 2014	ADBE Adobe Inc.	Adobe Inc.	Buy	+712,237+6.2%	$885.43M	12,179,247
Q4 2014Dec 31, 2014	ANET Arista Networks, Inc.	Arista Networks, Inc.	Buy	+603,364+83.5%	$80.55M	1,325,646
Q4 2014Dec 31, 2014	ICE Intercontinental Exchange Inc.	Intercontinental Exchange Inc.	Sell	-172,179-13.1%	$250.60M	1,142,789
Q4 2014Dec 31, 2014	HUM Humana Inc.	Humana Inc.	Sell	-262,586-12.1%	$274.55M	1,911,536
Q4 2014Dec 31, 2014	MHK Mohawk Industries, Inc.	Mohawk Industries, Inc.	Sell	-623,599-20.2%	$383.19M	2,466,482
Q4 2014Dec 31, 2014	BIDU Baidu, Inc.	Baidu, Inc.	Sell	-1,157,813-14.1%	$1.60B	7,030,580
Q4 2014Dec 31, 2014	ULTA Ulta Beauty, Inc.	Ulta Beauty, Inc.	Sell	-1,857,620-35.7%	$427.62M	3,344,991
Q4 2014Dec 31, 2014	WYNN Wynn Resorts, Limited	Wynn Resorts, Limited	Sell	-2,519,966-89.8%	$42.40M	285,023
Q4 2014Dec 31, 2014	TRIP TripAdvisor, Inc.	TripAdvisor, Inc.	Sell - Position Exit	-2,771,438-100.0%	$0.00	-
Q4 2014Dec 31, 2014	UAA Under Armour, Inc.	Under Armour, Inc.	Sell	-2,958,356-65.5%	$105.93M	1,560,114
Q4 2014Dec 31, 2014	WDAY Workday, Inc.	Workday, Inc.	Sell	-2,988,578-85.0%	$43.05M	527,482
Q4 2014Dec 31, 2014	HOUS Anywhere Real Estate Inc.	Anywhere Real Estate Inc.	Sell	-3,246,420-23.8%	$462.98M	10,406,478
Q4 2014Dec 31, 2014	SAVE Spirit Airlines, Inc.	Spirit Airlines, Inc.	Sell - Position Exit	-4,262,432-100.0%	$0.00	-
Q4 2014Dec 31, 2014	WSM Williams-Sonoma, Inc.	Williams-Sonoma, Inc.	Sell - Position Exit	-4,390,577-100.0%	$0.00	-
Q4 2014Dec 31, 2014	ABBV AbbVie Inc.	AbbVie Inc.	Sell - Position Exit	-5,247,201-100.0%	$0.00	-
Q4 2014Dec 31, 2014	CTSH Cognizant Technology Solutions	Cognizant Technology Solutions	Sell	-5,838,824-32.3%	$644.02M	12,229,864
Q4 2014Dec 31, 2014	LPLA LPL Financial Holdings Inc.	LPL Financial Holdings Inc.	Sell - Position Exit	-8,518,366-100.0%	$0.00	-
Q4 2014Dec 31, 2014	CMCSA Comcast Corporation	Comcast Corporation	Sell - Position Exit	-13,772,459-100.0%	$0.00	-
Q4 2014Dec 31, 2014	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-16,885,746-75.6%	$253.15M	5,449,944
Q4 2014Dec 31, 2014	GAP Gap, Inc. (The)	Gap, Inc. (The)	Sell - Position Exit	-19,265,265-100.0%	$0.00	-
Q3 2014Sep 30, 2014	META Meta Platforms, Inc.	Meta Platforms, Inc.	Buy - Position Entry	+8,638,513	$682.79K	8,638,513
Q3 2014Sep 30, 2014	LNG Cheniere Energy, Inc.	Cheniere Energy, Inc.	Buy	+6,339,309+1116.9%	$552.76K	6,906,909
Q3 2014Sep 30, 2014	ABBV AbbVie Inc.	AbbVie Inc.	Buy - Position Entry	+5,247,201	$303.08K	5,247,201

Page 44 of 50 • 1487 total trades

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