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 2014Mar 31, 2014	AN AutoNation, Inc.	AutoNation, Inc.	Buy - Position Entry	+3,991,755	$212.48K	3,991,755
Q1 2014Mar 31, 2014	MSFT Microsoft Corporation	Microsoft Corporation	Buy	+2,589,978+10.2%	$1.15M	28,064,888
Q1 2014Mar 31, 2014	BIDU Baidu, Inc.	Baidu, Inc.	Buy	+2,419,744+44.9%	$1.19M	7,813,332
Q1 2014Mar 31, 2014	LLFLQ LL Flooring Holdings, Inc.	LL Flooring Holdings, Inc.	Buy	+2,124,981+429.4%	$245.74K	2,619,839
Q1 2014Mar 31, 2014	WYNN Wynn Resorts, Limited	Wynn Resorts, Limited	Buy - Position Entry	+1,184,878	$263.22K	1,184,878
Q1 2014Mar 31, 2014	ICE Intercontinental Exchange Inc.	Intercontinental Exchange Inc.	Buy	+1,118,707+50.9%	$656.43K	3,318,131
Q1 2014Mar 31, 2014	NBIS Nebius Group	Nebius Group	Buy - Position Entry	+987,950	$29.83K	987,950
Q1 2014Mar 31, 2014	OII Oceaneering International, Inc.	Oceaneering International, Inc.	Buy	+684,400+21.9%	$273.78K	3,809,894
Q1 2014Mar 31, 2014	HOUS Anywhere Real Estate Inc.	Anywhere Real Estate Inc.	Buy	+470,000+3.8%	$560.51K	12,900,198
Q1 2014Mar 31, 2014	ULTA Ulta Beauty, Inc.	Ulta Beauty, Inc.	Buy	+393,485+8.2%	$506.94K	5,202,611
Q1 2014Mar 31, 2014	ASML ASML	ASML	Buy	+154,352+12.8%	$126.62K	1,356,218
Q1 2014Mar 31, 2014	WDAY Workday, Inc.	Workday, Inc.	Sell	-99,005-3.2%	$273.01K	2,986,060
Q1 2014Mar 31, 2014	GAP Gap, Inc. (The)	Gap, Inc. (The)	Sell	-645,973-3.1%	$798.16K	19,924,198
Q1 2014Mar 31, 2014	PRKS United Parks & Resorts Inc.	United Parks & Resorts Inc.	Sell	-944,137-30.9%	$63.91K	2,114,123
Q1 2014Mar 31, 2014	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-1,000,441-33.3%	$120.48K	2,000,000
Q1 2014Mar 31, 2014	TDG Transdigm Group Incorporated	Transdigm Group Incorporated	Sell	-1,734,711-62.7%	$191.48K	1,033,918
Q1 2014Mar 31, 2014	LOW Lowe's Companies, Inc.	Lowe's Companies, Inc.	Sell - Position Exit	-2,114,588-100.0%	$0.00	-
Q1 2014Mar 31, 2014	CME CME Group Inc.	CME Group Inc.	Sell - Position Exit	-3,614,948-100.0%	$0.00	-
Q1 2014Mar 31, 2014	QCOM QUALCOMM Incorporated	QUALCOMM Incorporated	Sell	-4,355,675-40.0%	$515.03K	6,530,923
Q1 2014Mar 31, 2014	AXP American Express Company	American Express Company	Sell - Position Exit	-4,392,879-100.0%	$0.00	-
Q1 2014Mar 31, 2014	DVA DaVita Inc.	DaVita Inc.	Sell	-4,815,038-56.8%	$251.70K	3,655,739
Q1 2014Mar 31, 2014	VRSN VeriSign, Inc.	VeriSign, Inc.	Sell - Position Exit	-6,344,858-100.0%	$0.00	-
Q1 2014Mar 31, 2014	DLTR Dollar Tree, Inc.	Dollar Tree, Inc.	Sell - Position Exit	-8,128,196-100.0%	$0.00	-
Q1 2014Mar 31, 2014	DG Dollar General Corporation	Dollar General Corporation	Sell	-8,564,020-45.3%	$573.70K	10,340,612
Q4 2013Dec 31, 2013	MSFT Microsoft Corporation	Microsoft Corporation	Buy - Position Entry	+25,474,910	$953.02K	25,474,910
Q4 2013Dec 31, 2013	ICE Intercontinental Exchange Inc.	Intercontinental Exchange Inc.	Buy - Position Entry	+2,199,424	$494.69K	2,199,424
Q4 2013Dec 31, 2013	DVA DaVita Inc.	DaVita Inc.	Buy	+2,168,750+34.4%	$536.79K	8,470,777
Q4 2013Dec 31, 2013	VRSN VeriSign, Inc.	VeriSign, Inc.	Buy	+1,456,228+29.8%	$379.30K	6,344,858
Q4 2013Dec 31, 2013	PRKS United Parks & Resorts Inc.	United Parks & Resorts Inc.	Buy	+1,322,067+76.1%	$87.99K	3,058,260
Q4 2013Dec 31, 2013	DG Dollar General Corporation	Dollar General Corporation	Buy	+1,220,028+6.9%	$1.14M	18,904,632

Page 47 of 50 • 1487 total trades

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