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 2023Sep 30, 2023	NVDA NVIDIA Corporation	NVIDIA Corporation	Sell - Position Exit	-641,649-100.0%	$0.00	-
Q3 2023Sep 30, 2023	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-690,276-27.6%	$572.08M	1,811,809
Q3 2023Sep 30, 2023	V Visa Inc.	Visa Inc.	Sell - Position Exit	-1,241,941-100.0%	$0.00	-
Q3 2023Sep 30, 2023	MRNA Moderna, Inc.	Moderna, Inc.	Sell - Position Exit	-1,529,618-100.0%	$0.00	-
Q3 2023Sep 30, 2023	FND Floor & Decor Holdings, Inc.	Floor & Decor Holdings, Inc.	Sell	-1,596,491-42.5%	$195.55M	2,160,808
Q3 2023Sep 30, 2023	RH RH	RH	Sell - Position Exit	-1,773,069-100.0%	$0.00	-
Q3 2023Sep 30, 2023	SG Sweetgreen, Inc.	Sweetgreen, Inc.	Sell - Position Exit	-4,556,503-100.0%	$0.00	-
Q3 2023Sep 30, 2023	MQ Marqeta, Inc.	Marqeta, Inc.	Sell - Position Exit	-4,902,192-100.0%	$0.00	-
Q3 2023Sep 30, 2023	BBWI Bath & Body Works, Inc.	Bath & Body Works, Inc.	Sell	-7,650,514-46.8%	$294.28M	8,706,401
Q2 2023Jun 30, 2023	LYV Live Nation Entertainment, Inc.	Live Nation Entertainment, Inc.	Buy - Position Entry	+3,973,262	$362.00M	3,973,262
Q2 2023Jun 30, 2023	HDB HDFC Bank Limited	HDFC Bank Limited	Buy	+1,089,426+36.4%	$284.37M	4,079,975
Q2 2023Jun 30, 2023	FND Floor & Decor Holdings, Inc.	Floor & Decor Holdings, Inc.	Buy	+732,562+24.2%	$390.61M	3,757,299
Q2 2023Jun 30, 2023	NVDA NVIDIA Corporation	NVIDIA Corporation	Buy - Position Entry	+641,649	$271.43M	641,649
Q2 2023Jun 30, 2023	PTC PTC Inc.	PTC Inc.	Buy	+486,073+18.1%	$450.74M	3,167,520
Q2 2023Jun 30, 2023	LPLA LPL Financial Holdings Inc.	LPL Financial Holdings Inc.	Buy	+143,417+7.7%	$435.52M	2,003,058
Q2 2023Jun 30, 2023	MA Mastercard Incorporated	Mastercard Incorporated	Buy	+127,799+12.2%	$462.84M	1,176,808
Q2 2023Jun 30, 2023	BKNG Booking Holdings Inc. Common St	Booking Holdings Inc. Common St	Buy	+5,950+2.9%	$568.55M	210,550
Q2 2023Jun 30, 2023	TDG Transdigm Group Incorporated	Transdigm Group Incorporated	Sell	-115,862-16.6%	$521.29M	582,986
Q2 2023Jun 30, 2023	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-177,147-6.6%	$852.06M	2,502,085
Q2 2023Jun 30, 2023	V Visa Inc.	Visa Inc.	Sell	-241,029-16.3%	$294.94M	1,241,941
Q2 2023Jun 30, 2023	CRM Salesforce, Inc.	Salesforce, Inc.	Sell	-340,300-16.7%	$358.08M	1,694,996
Q2 2023Jun 30, 2023	DKS Dick's Sporting Goods Inc	Dick's Sporting Goods Inc	Sell	-1,299,678-28.5%	$431.78M	3,266,348
Q2 2023Jun 30, 2023	WDAY Workday, Inc.	Workday, Inc.	Sell	-1,687,141-39.5%	$582.71M	2,579,619
Q2 2023Jun 30, 2023	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Sell	-1,709,767-25.9%	$638.18M	4,895,544
Q2 2023Jun 30, 2023	TSM Taiwan Semiconductor Manufactur	Taiwan Semiconductor Manufactur	Sell	-1,773,563-21.7%	$646.93M	6,410,367
Q2 2023Jun 30, 2023	VAL Valaris Ltd	Valaris Ltd	Sell - Position Exit	-1,912,363-100.0%	$0.00	-
Q2 2023Jun 30, 2023	AMD Advanced Micro Devices, Inc.	Advanced Micro Devices, Inc.	Sell - Position Exit	-2,833,633-100.0%	$0.00	-
Q2 2023Jun 30, 2023	BBWI Bath & Body Works, Inc.	Bath & Body Works, Inc.	Sell	-3,209,020-16.4%	$613.38M	16,356,915
Q1 2023Mar 31, 2023	KKR KKR & Co. Inc.	KKR & Co. Inc.	Buy - Position Entry	+6,564,382	$344.76M	6,564,382
Q1 2023Mar 31, 2023	BILL BILL Holdings, Inc.	BILL Holdings, Inc.	Buy - Position Entry	+1,823,538	$147.96M	1,823,538

Page 8 of 50 • 1487 total trades

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