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 2014Sep 30, 2014	ADSK Autodesk, Inc.	Autodesk, Inc.	Buy - Position Entry	+4,401,445	$242.52K	4,401,445
Q3 2014Sep 30, 2014	MA Mastercard Incorporated	Mastercard Incorporated	Buy	+3,316,475+28.2%	$1.11M	15,082,787
Q3 2014Sep 30, 2014	MHK Mohawk Industries, Inc.	Mohawk Industries, Inc.	Buy - Position Entry	+3,090,081	$416.61K	3,090,081
Q3 2014Sep 30, 2014	WSM Williams-Sonoma, Inc.	Williams-Sonoma, Inc.	Buy	+2,907,398+196.0%	$292.28K	4,390,577
Q3 2014Sep 30, 2014	DG Dollar General Corporation	Dollar General Corporation	Buy	+2,196,502+30.9%	$568.68K	9,305,845
Q3 2014Sep 30, 2014	HUM Humana Inc.	Humana Inc.	Buy - Position Entry	+2,174,122	$283.27K	2,174,122
Q3 2014Sep 30, 2014	TRIP TripAdvisor, Inc.	TripAdvisor, Inc.	Buy	+1,677,351+153.3%	$253.37K	2,771,438
Q3 2014Sep 30, 2014	CMCSA Comcast Corporation	Comcast Corporation	Buy	+1,621,170+13.3%	$740.68K	13,772,459
Q3 2014Sep 30, 2014	TDG Transdigm Group Incorporated	Transdigm Group Incorporated	Buy	+807,441+82.4%	$329.37K	1,786,836
Q3 2014Sep 30, 2014	SAVE Spirit Airlines, Inc.	Spirit Airlines, Inc.	Buy	+761,672+21.8%	$294.70K	4,262,432
Q3 2014Sep 30, 2014	WYNN Wynn Resorts, Limited	Wynn Resorts, Limited	Buy	+733,936+35.4%	$524.76K	2,804,989
Q3 2014Sep 30, 2014	ANET Arista Networks, Inc.	Arista Networks, Inc.	Buy	+193,162+36.5%	$63.80K	722,282
Q3 2014Sep 30, 2014	UAA Under Armour, Inc.	Under Armour, Inc.	Sell	-230,494-4.9%	$312.23K	4,518,470
Q3 2014Sep 30, 2014	ADBE Adobe Inc.	Adobe Inc.	Sell	-422,474-3.6%	$793.40K	11,467,010
Q3 2014Sep 30, 2014	IBN ICICI Bank Limited	ICICI Bank Limited	Sell - Position Exit	-659,729-100.0%	$0.00	-
Q3 2014Sep 30, 2014	BIDU Baidu, Inc.	Baidu, Inc.	Sell	-735,000-8.2%	$1.79M	8,188,393
Q3 2014Sep 30, 2014	ICE Intercontinental Exchange Inc.	Intercontinental Exchange Inc.	Sell	-2,088,745-61.4%	$256.49K	1,314,968
Q3 2014Sep 30, 2014	LLFLQ LL Flooring Holdings, Inc.	LL Flooring Holdings, Inc.	Sell - Position Exit	-2,619,839-100.0%	$0.00	-
Q3 2014Sep 30, 2014	AAL American Airlines Group, Inc.	American Airlines Group, Inc.	Sell - Position Exit	-2,684,674-100.0%	$0.00	-
Q3 2014Sep 30, 2014	OII Oceaneering International, Inc.	Oceaneering International, Inc.	Sell - Position Exit	-3,809,894-100.0%	$0.00	-
Q3 2014Sep 30, 2014	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-4,011,514-15.2%	$1.04M	22,335,690
Q3 2014Sep 30, 2014	WMB Williams Companies, Inc. (The)	Williams Companies, Inc. (The)	Sell - Position Exit	-4,895,000-100.0%	$0.00	-
Q3 2014Sep 30, 2014	AN AutoNation, Inc.	AutoNation, Inc.	Sell - Position Exit	-5,067,310-100.0%	$0.00	-
Q3 2014Sep 30, 2014	JD JD.com, Inc.	JD.com, Inc.	Sell - Position Exit	-8,405,200-100.0%	$0.00	-
Q3 2014Sep 30, 2014	CTSH Cognizant Technology Solutions	Cognizant Technology Solutions	Sell	-11,441,147-38.8%	$808.93K	18,068,688
Q2 2014Jun 30, 2014	CMCSA Comcast Corporation	Comcast Corporation	Buy - Position Entry	+12,151,289	$652.28K	12,151,289
Q2 2014Jun 30, 2014	JD JD.com, Inc.	JD.com, Inc.	Buy - Position Entry	+8,405,200	$239.63K	8,405,200
Q2 2014Jun 30, 2014	ADBE Adobe Inc.	Adobe Inc.	Buy	+5,289,150+80.1%	$860.32K	11,889,484
Q2 2014Jun 30, 2014	WMB Williams Companies, Inc. (The)	Williams Companies, Inc. (The)	Buy - Position Entry	+4,895,000	$284.94K	4,895,000
Q2 2014Jun 30, 2014	UAA Under Armour, Inc.	Under Armour, Inc.	Buy - Position Entry	+4,748,964	$282.52K	4,748,964

Page 45 of 50 • 1487 total trades

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