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 2023Dec 31, 2023	EPAM EPAM Systems, Inc.	EPAM Systems, Inc.	Sell	-203,969-19.3%	$252.82M	850,260
Q4 2023Dec 31, 2023	KKR KKR & Co. Inc.	KKR & Co. Inc.	Sell	-338,318-5.2%	$515.83M	6,226,064
Q4 2023Dec 31, 2023	LYV Live Nation Entertainment, Inc.	Live Nation Entertainment, Inc.	Sell	-368,181-9.9%	$313.12M	3,345,296
Q4 2023Dec 31, 2023	TDG Transdigm Group Incorporated	Transdigm Group Incorporated	Sell - Position Exit	-436,740-100.0%	$0.00	-
Q4 2023Dec 31, 2023	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-645,552-37.0%	$469.50M	1,100,790
Q4 2023Dec 31, 2023	TSM Taiwan Semiconductor Manufactur	Taiwan Semiconductor Manufactur	Sell	-852,228-10.9%	$722.58M	6,947,924
Q4 2023Dec 31, 2023	WDAY Workday, Inc.	Workday, Inc.	Sell	-1,031,749-40.0%	$427.30M	1,547,870
Q4 2023Dec 31, 2023	FND Floor & Decor Holdings, Inc.	Floor & Decor Holdings, Inc.	Sell - Position Exit	-2,160,808-100.0%	$0.00	-
Q4 2023Dec 31, 2023	BILL BILL Holdings, Inc.	BILL Holdings, Inc.	Sell - Position Exit	-2,546,689-100.0%	$0.00	-
Q4 2023Dec 31, 2023	GOOGL Alphabet Inc.	Alphabet Inc.	Sell - Position Exit	-3,113,001-100.0%	$0.00	-
Q4 2023Dec 31, 2023	TPX Tempur Sealy International, Inc	Tempur Sealy International, Inc	Sell - Position Exit	-4,771,772-100.0%	$0.00	-
Q3 2023Sep 30, 2023	TPX Tempur Sealy International, Inc	Tempur Sealy International, Inc	Buy - Position Entry	+4,771,772	$206.81M	4,771,772
Q3 2023Sep 30, 2023	SQ Block, Inc.	Block, Inc.	Buy - Position Entry	+3,886,146	$172.00M	3,886,146
Q3 2023Sep 30, 2023	GOOGL Alphabet Inc.	Alphabet Inc.	Buy - Position Entry	+3,113,001	$407.37M	3,113,001
Q3 2023Sep 30, 2023	META Meta Platforms, Inc.	Meta Platforms, Inc.	Buy - Position Entry	+2,779,103	$834.31M	2,779,103
Q3 2023Sep 30, 2023	TSM Taiwan Semiconductor Manufactur	Taiwan Semiconductor Manufactur	Buy	+1,389,785+21.7%	$677.83M	7,800,152
Q3 2023Sep 30, 2023	CRM Salesforce, Inc.	Salesforce, Inc.	Buy	+804,634+47.5%	$506.87M	2,499,630
Q3 2023Sep 30, 2023	BILL BILL Holdings, Inc.	BILL Holdings, Inc.	Buy	+723,151+39.7%	$276.49M	2,546,689
Q3 2023Sep 30, 2023	MA Mastercard Incorporated	Mastercard Incorporated	Buy	+569,534+48.4%	$691.39M	1,746,342
Q3 2023Sep 30, 2023	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Buy	+569,245+11.6%	$694.68M	5,464,789
Q3 2023Sep 30, 2023	HDB HDFC Bank Limited	HDFC Bank Limited	Buy	+563,566+13.8%	$274.02M	4,643,541
Q3 2023Sep 30, 2023	EPAM EPAM Systems, Inc.	EPAM Systems, Inc.	Buy	+88,641+9.2%	$269.56M	1,054,229
Q3 2023Sep 30, 2023	PTC PTC Inc.	PTC Inc.	Sell	-1,057-0.0%	$448.62M	3,166,463
Q3 2023Sep 30, 2023	LNG Cheniere Energy, Inc.	Cheniere Energy, Inc.	Sell - Position Exit	-8,338-100.0%	$0.00	-
Q3 2023Sep 30, 2023	BKNG Booking Holdings Inc. Common St	Booking Holdings Inc. Common St	Sell	-61,101-29.0%	$460.89M	149,449
Q3 2023Sep 30, 2023	ASML ASML	ASML	Sell	-80,653-17.5%	$223.97M	380,480
Q3 2023Sep 30, 2023	TDG Transdigm Group Incorporated	Transdigm Group Incorporated	Sell	-146,246-25.1%	$368.23M	436,740
Q3 2023Sep 30, 2023	LPLA LPL Financial Holdings Inc.	LPL Financial Holdings Inc.	Sell	-162,944-8.1%	$437.30M	1,840,114
Q3 2023Sep 30, 2023	LYV Live Nation Entertainment, Inc.	Live Nation Entertainment, Inc.	Sell	-259,785-6.5%	$308.37M	3,713,477
Q3 2023Sep 30, 2023	DKS Dick's Sporting Goods Inc	Dick's Sporting Goods Inc	Sell	-343,888-10.5%	$317.32M	2,922,460

Page 7 of 50 • 1487 total trades

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