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 2013Sep 30, 2013	PRKS United Parks & Resorts Inc.	United Parks & Resorts Inc.	Buy - Position Entry	+1,736,193	$51.44K	1,736,193
Q3 2013Sep 30, 2013	CME CME Group Inc.	CME Group Inc.	Buy	+1,724,224+44.2%	$415.45K	5,623,300
Q3 2013Sep 30, 2013	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Buy - Position Entry	+773,737	$241.90K	773,737
Q3 2013Sep 30, 2013	MA Mastercard Incorporated	Mastercard Incorporated	Buy - Position Entry	+700,604	$471.35K	700,604
Q3 2013Sep 30, 2013	GRFS Grifols, S.A.	Grifols, S.A.	Buy	+13,807+0.3%	$134.38K	4,453,500
Q3 2013Sep 30, 2013	V Visa Inc.	Visa Inc.	Sell	-76,590-5.8%	$237.64K	1,243,515
Q3 2013Sep 30, 2013	ULTA Ulta Beauty, Inc.	Ulta Beauty, Inc.	Sell	-381,574-7.5%	$565.99K	4,737,930
Q3 2013Sep 30, 2013	OII Oceaneering International, Inc.	Oceaneering International, Inc.	Sell	-398,363-11.5%	$249.37K	3,069,498
Q3 2013Sep 30, 2013	DLTR Dollar Tree, Inc.	Dollar Tree, Inc.	Sell	-405,000-5.0%	$437.17K	7,648,196
Q3 2013Sep 30, 2013	ISRG Intuitive Surgical, Inc.	Intuitive Surgical, Inc.	Sell - Position Exit	-1,161,068-100.0%	$0.00	-
Q3 2013Sep 30, 2013	CTSH Cognizant Technology Solutions	Cognizant Technology Solutions	Sell	-1,282,164-9.7%	$981.89K	11,956,751
Q3 2013Sep 30, 2013	KMI Kinder Morgan, Inc.	Kinder Morgan, Inc.	Sell	-1,379,251-11.2%	$388.19K	10,913,487
Q3 2013Sep 30, 2013	TRIP TripAdvisor, Inc.	TripAdvisor, Inc.	Sell - Position Exit	-1,991,854-100.0%	$0.00	-
Q3 2013Sep 30, 2013	META Meta Platforms, Inc.	Meta Platforms, Inc.	Sell	-2,228,624-22.6%	$383.56K	7,635,995
Q3 2013Sep 30, 2013	VRSN VeriSign, Inc.	VeriSign, Inc.	Sell	-2,610,223-34.8%	$248.78K	4,888,630
Q3 2013Sep 30, 2013	RL Ralph Lauren Corporation	Ralph Lauren Corporation	Sell - Position Exit	-2,630,438-100.0%	$0.00	-
Q3 2013Sep 30, 2013	TMO Thermo Fisher Scientific Inc	Thermo Fisher Scientific Inc	Sell - Position Exit	-2,766,476-100.0%	$0.00	-
Q3 2013Sep 30, 2013	JBHT J.B. Hunt Transport Services, I	J.B. Hunt Transport Services, I	Sell - Position Exit	-2,831,614-100.0%	$0.00	-
Q3 2013Sep 30, 2013	EBAY eBay Inc.	eBay Inc.	Sell	-4,592,828-29.6%	$609.44K	10,922,795
Q3 2013Sep 30, 2013	HRB H&R Block, Inc.	H&R Block, Inc.	Sell	-5,332,200-69.8%	$61.42K	2,303,844
Q3 2013Sep 30, 2013	SBH Sally Beauty Holdings, Inc. (Na	Sally Beauty Holdings, Inc. (Na	Sell - Position Exit	-7,496,661-100.0%	$0.00	-
Q2 2013Jun 30, 2013	GAP Gap, Inc. (The)	Gap, Inc. (The)	Buy - Position Entry	+19,156,482	$799.40K	19,156,482
Q2 2013Jun 30, 2013	EBAY eBay Inc.	eBay Inc.	Buy - Position Entry	+15,515,623	$802.47K	15,515,623
Q2 2013Jun 30, 2013	DG Dollar General Corporation	Dollar General Corporation	Buy - Position Entry	+13,655,169	$688.63K	13,655,169
Q2 2013Jun 30, 2013	CTSH Cognizant Technology Solutions	Cognizant Technology Solutions	Buy - Position Entry	+13,238,915	$829.29K	13,238,915
Q2 2013Jun 30, 2013	KMI Kinder Morgan, Inc.	Kinder Morgan, Inc.	Buy - Position Entry	+12,292,738	$468.97K	12,292,738
Q2 2013Jun 30, 2013	META Meta Platforms, Inc.	Meta Platforms, Inc.	Buy - Position Entry	+9,864,619	$245.43K	9,864,619
Q2 2013Jun 30, 2013	QCOM QUALCOMM Incorporated	QUALCOMM Incorporated	Buy - Position Entry	+9,316,298	$569.13K	9,316,298
Q2 2013Jun 30, 2013	DLTR Dollar Tree, Inc.	Dollar Tree, Inc.	Buy - Position Entry	+8,053,196	$409.42K	8,053,196
Q2 2013Jun 30, 2013	HOUS Anywhere Real Estate Inc.	Anywhere Real Estate Inc.	Buy - Position Entry	+7,900,805	$379.56K	7,900,805

Page 49 of 50 • 1487 total trades

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