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Stephen Mandel · quarter digest

What Stephen Mandel did in Q2 2025

Lone Pine Capital filed 13 moves in Q2 2025: 4 new, 3 add, 5 trim, 1 exit.

13F filed 2025-08-14. Manager quality score: q9. Philosophy: Long-only growth at a reasonable price. Deep research. Tiger Cub.

← Q1 2025Q2 2025 · fleet digestQ3 2025 →
New positions · 4

Fresh money

UNHUNITEDHEALTH GROUP INC
NEW·3.8% book·+12
EQTEQT CORP
NEW·3.1% book·−8
BKNGBOOKING HOLDINGS INC
NEW·2.5% book·−4
BNBROOKFIELD CORP
NEW·2.5% book·+23
Adds · 3

Adding to conviction

AMZN
ADD +8%·6.5% book·+6

“Building Amazon.”

META
ADD +6%·6.0% book·+5

“Steady META add.”

CRMSALESFORCE INC
ADD +8%·3.6% book·−8
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Trims · 5

Taking chips off

TSMTAIWAN SEMICONDUCTOR MFG LTD
TRIM -11%·5.5% book·+16
INTUINTUIT
TRIM -45%·4.3% book·−8
APPAPPLOVIN CORP
TRIM -17%·3.9% book·−12
PFEPHILIP MORRIS INTL INC
TRIM -8%·3.6% book·−5
SBUXSTARBUCKS CORP
TRIM -16%·3.6% book·−5
Exits · 1

Closed positions

LLYELI LILLY & CO
EXIT·0.0% book·−9
Current top holdings

Stephen Mandel’s book, latest snapshot

#TickerWeight
1META
Meta Platforms
6.4%
2MSFT
Microsoft
7.8%
3AMZN
Amazon
6.9%
4NVDA
NVIDIA
5.1%
5FTNT
Fortinet
2.8%

Not investment advice. Data from 13F filings with HoldLens parsing. Methodology.