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 2023Mar 31, 2023	CRM Salesforce, Inc.	Salesforce, Inc.	Buy	+1,486,293+270.7%	$406.61M	2,035,296
Q1 2023Mar 31, 2023	VAL Valaris Ltd	Valaris Ltd	Buy	+1,259,043+192.7%	$124.42M	1,912,363
Q1 2023Mar 31, 2023	FND Floor & Decor Holdings, Inc.	Floor & Decor Holdings, Inc.	Buy	+1,198,549+65.6%	$297.09M	3,024,737
Q1 2023Mar 31, 2023	EPAM EPAM Systems, Inc.	EPAM Systems, Inc.	Buy	+362,728+60.2%	$288.71M	965,588
Q1 2023Mar 31, 2023	IBN ICICI Bank Limited	ICICI Bank Limited	Buy	+349,611+3.0%	$259.87M	12,042,263
Q1 2023Mar 31, 2023	ASML ASML	ASML	Buy	+224,943+95.2%	$313.90M	461,133
Q1 2023Mar 31, 2023	MRNA Moderna, Inc.	Moderna, Inc.	Buy	+177,100+13.1%	$234.92M	1,529,618
Q1 2023Mar 31, 2023	HDB HDFC Bank Limited	HDFC Bank Limited	Buy	+87,963+3.0%	$199.38M	2,990,549
Q1 2023Mar 31, 2023	EFX Equifax, Inc.	Equifax, Inc.	Sell - Position Exit	-7,278-100.0%	$0.00	-
Q1 2023Mar 31, 2023	BKNG Booking Holdings Inc. Common St	Booking Holdings Inc. Common St	Sell	-15,775-7.2%	$542.68M	204,600
Q1 2023Mar 31, 2023	TDG Transdigm Group Incorporated	Transdigm Group Incorporated	Sell	-76,842-9.9%	$515.09M	698,848
Q1 2023Mar 31, 2023	LPLA LPL Financial Holdings Inc.	LPL Financial Holdings Inc.	Sell	-147,681-7.4%	$376.39M	1,859,641
Q1 2023Mar 31, 2023	UNH UnitedHealth Group Incorporated	UnitedHealth Group Incorporated	Sell	-172,433-16.2%	$421.16M	891,167
Q1 2023Mar 31, 2023	FCNCA First Citizens BancShares, Inc.	First Citizens BancShares, Inc.	Sell - Position Exit	-175,642-100.0%	$0.00	-
Q1 2023Mar 31, 2023	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-297,703-22.1%	$381.22M	1,049,009
Q1 2023Mar 31, 2023	WDAY Workday, Inc.	Workday, Inc.	Sell	-403,642-8.6%	$881.26M	4,266,760
Q1 2023Mar 31, 2023	DKS Dick's Sporting Goods Inc	Dick's Sporting Goods Inc	Sell	-449,128-9.0%	$647.87M	4,566,026
Q1 2023Mar 31, 2023	TMO Thermo Fisher Scientific Inc	Thermo Fisher Scientific Inc	Sell - Position Exit	-587,696-100.0%	$0.00	-
Q1 2023Mar 31, 2023	V Visa Inc.	Visa Inc.	Sell	-600,777-28.8%	$334.35M	1,482,970
Q1 2023Mar 31, 2023	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-816,043-23.3%	$772.42M	2,679,232
Q1 2023Mar 31, 2023	BBWI Bath & Body Works, Inc.	Bath & Body Works, Inc.	Sell	-1,064,296-5.2%	$715.72M	19,565,935
Q1 2023Mar 31, 2023	AMD Advanced Micro Devices, Inc.	Advanced Micro Devices, Inc.	Sell	-1,076,635-27.5%	$277.72M	2,833,633
Q1 2023Mar 31, 2023	TSM Taiwan Semiconductor Manufactur	Taiwan Semiconductor Manufactur	Sell	-2,207,470-21.2%	$761.27M	8,183,930
Q1 2023Mar 31, 2023	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Sell	-3,037,286-31.5%	$682.26M	6,605,311
Q1 2023Mar 31, 2023	MQ Marqeta, Inc.	Marqeta, Inc.	Sell	-11,707,634-70.5%	$22.40M	4,902,192
Q4 2022Dec 31, 2022	AMD Advanced Micro Devices, Inc.	Advanced Micro Devices, Inc.	Buy - Position Entry	+3,910,268	$253.27M	3,910,268
Q4 2022Dec 31, 2022	AMZN Amazon.com, Inc.	Amazon.com, Inc.	Buy	+2,955,699+44.2%	$809.98M	9,642,597
Q4 2022Dec 31, 2022	FND Floor & Decor Holdings, Inc.	Floor & Decor Holdings, Inc.	Buy - Position Entry	+1,826,188	$127.16M	1,826,188
Q4 2022Dec 31, 2022	MRNA Moderna, Inc.	Moderna, Inc.	Buy - Position Entry	+1,352,518	$242.94M	1,352,518
Q4 2022Dec 31, 2022	TSM Taiwan Semiconductor Manufactur	Taiwan Semiconductor Manufactur	Buy	+782,730+8.1%	$774.06M	10,391,400

Page 9 of 50 • 1487 total trades

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