What Stephen Mandel did in Q2 2025

Lone Pine Capital filed 18 moves in Q2 2025: 4 new, 6 add, 7 trim, 1 exit.

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

New positions · 4

Fresh money

UNHUNITEDHEALTH GROUP INC

NEW·3.8% book·−24

EQTEQT CORP

NEW·3.1% book·−4

BKNGBOOKING HOLDINGS INC

NEW·2.5% book·−10

BNBROOKFIELD CORP

NEW·2.5% book·+11

Adds · 6

VSTVISTRA CORP

ADD +40%·8.9% book·+1

ADD +8%·6.5% book·−6

“Building Amazon.”

TSMTAIWAN SEMICONDUCTOR MFG LTD

TRIM -11%·5.5% book·−2

CVNACARVANA CO

TRIM -20%·5.2% book·−10

INTUINTUIT

TRIM -45%·4.3% book·−20

APPAPPLOVIN CORP

TRIM -17%·3.9% book·−8

FLUTFLUTTER ENTMT PLC

TRIM -16%·3.8% book·−6

PFEPHILIP MORRIS INTL INC

TRIM -8%·3.6% book·−10

SBUXSTARBUCKS CORP

TRIM -16%·3.6% book·−12

Exits · 1

LLYELI LILLY & CO

EXIT·0.0% book·−6

Current top holdings

#	Ticker	Weight	Conviction
1	META Meta Platforms	6.4%	+3
2	MSFT Microsoft	7.8%	−11
3	AMZN Amazon	6.9%	−6
4	NVDA NVIDIA	5.1%	+7
5	FTNT Fortinet	2.8%	−4

Other quarters for Stephen Mandel

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