Great investors · Stephen Mandel · Q2 2025
What Stephen Mandel bought and sold in Q2 2025
Lone Pine Capital 13F portfolio as of Jun 30, 2025: 22 positions worth $13.8 bn. Largest: VST, META, AMZN, MSFT. Filed with the SEC on Aug 14, 2025.
The 13F is filed by Lone Pine Capital, not by Stephen Mandel personally: these are the whole firm's positions. A “position” is a distinct security in the filing (by CUSIP); share classes of the same company are shown added together.
Buys in Q2 2025
- NewUnitedHealth GroupUNH+3.8 pp
- NewEQTEQT+3.2 pp
- IncreasedVistra OperationsVST+2.6 pp
- NewBrookfieldBN+2.5 pp
- NewBooking HoldingsBKNG+2.5 pp
- NewWIXWIX+2.5 pp
- IncreasedAmazon.comAMZN+1.1 pp
Sells in Q2 2025
- ReducedIntuitINTU−3.6 pp
- Sold outEli LillyLLY−3.3 pp
- Sold outToll BrothersTOL−2.9 pp
- Sold outCadence Design SystemsCDNS−2.2 pp
- Sold outARES ManagementARES−1.7 pp
- ReducedCarvanaCVNA−1.3 pp
- ReducedAppLovinAPP−0.8 pp
- ReducedFlutter EntertainmentFLUT−0.7 pp
- Sold outWingstopWING−0.7 pp
- ReducedTaiwan Semiconductor ManufacturingTSM−0.7 pp
- ReducedStarbucksSBUX−0.7 pp
18 companies with material moves, out of 26 positions with a change. Only moves of 0.5 points of the portfolio or more are listed, measured as “traded weight” (what was bought or sold, excluding price effects). Smaller changes exist and are not listed: a position may have gone up or down without appearing above.
The full 13F, line by line
Lone Pine Capital's Q2 2025 13F lists 22 lines of US-listed securities worth $13.8 bn; the largest is VST at 9.08% of the portfolio. It was accepted by the SEC on Aug 14, 2025 at 4:06 PM ET.
Against the previous quarter, it opened 5 positions (UNH, EQT, BN and BKNG and 1 more), closed 5 (LLY, TOL, CDNS and ARES and 1 more), added to 5 (VST, AMZN, KKR and LPLA and 1 more) and trimmed 11 (INTU, CVNA, APP and TSM and 7 more). 1 line shows the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Vistra Operations VST | 6.5 M | $1.3 bn | 9.08% | +40% |
| 2 | Meta Platforms META | 1.7 M | $1.2 bn | 8.90% | −5.3% |
| 3 | Amazon.com AMZN | 5.0 M | $1.1 bn | 8.00% | +16% |
| 4 | Microsoft MSFT | 1.9 M | $923M | 6.68% | −5.4% |
| 5 | Taiwan Semiconductor Manufacturing TSM | 3.4 M | $778M | 5.63% | −11% |
| 6 | LPL Financial Holdings LPLA | 1.9 M | $702M | 5.08% | +6.1% |
| 7 | KKR KKR | 5.2 M | $695M | 5.03% | +9.6% |
| 8 | Capital One Financial COF | 3.1 M | $655M | 4.75% | −3% |
| 9 | Intuit INTU | 771,666 | $608M | 4.40% | −45% |
| 10 | Carvana CVNA | 1.8 M | $595M | 4.31% | −24% |
| 11 | Flutter Entertainment FLUT | 1.9 M | $532M | 3.85% | −16% |
| 12 | UnitedHealth Group UNH | 1.7 M | $528M | 3.82% | new |
| 13 | Starbucks SBUX | 5.6 M | $510M | 3.69% | −16% |
| 14 | Salesforce CRM | 1.9 M | $508M | 3.68% | +7.6% |
| 15 | Philip Morris International PM | 2.8 M | $502M | 3.64% | −8.3% |
| 16 | ASML Holding ASML | 566,862 | $454M | 3.29% | −2.7% |
| 17 | AppLovin APP | 1.3 M | $442M | 3.20% | −21% |
| 18 | EQT EQT | 7.5 M | $438M | 3.17% | new |
| 19 | Brookfield BN | 5.6 M | $348M | 2.52% | new |
| 20 | Booking Holdings BKNG | 59,972 | $347M | 2.51% | new |
| 21 | WIX WIX | 2.2 M | $342M | 2.48% | new |
| 22 | Talen Energy TLN | 1.1 M | $317M | 2.29% | no change |
Positions it closed (5)
- Eli Lilly LLYwas 3.99% · 551,827 shares
- Toll Brothers TOLwas 3.52% · 3.8 M shares
- Cadence Design Systems CDNSwas 2.71% · 1.2 M shares
- ARES Management ARESwas 2.06% · 1.6 M shares
- Wingstop WINGwas 0.89% · 449,056 shares
One row per line of the filing (by CUSIP): share classes of the same company are listed separately here. “Change in shares” compares the count with the previous quarter, split-adjusted; the value is the one reported in the 13F at quarter end, not today's price.
Original documents: Lone Pine Capital's 13F filings on EDGAR (SEC) ↗
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Source: 13F filings with the SEC. A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions. Not investment advice.