Lone Pine Capital 13F, Q1 2025
Stephen Mandel · quarter ending 31 March 2025 · filed 15 May 2025 · SEC CIK 1061165
Common stock only: shares the fund reported owning at the quarter end, valued as filed. The filing also lists 2 put and call lines, reported at the value of the underlying shares; they are not ownership and are not in these totals.
Largest positions, Q1 2025
Weights are against the whole filed book. Changes are in shares held, against the Q4 2024 filing.
| Company | Ticker | Value | % of book | vs Q4 2024 |
|---|---|---|---|---|
| META PLATFORMS INC | META | $1.01B | 8.9% | -14% shares |
| INTUIT | INTU | $861.92M | 7.5% | +21% shares |
| AMAZON COM INC | AMZN | $828.15M | 7.3% | +15% shares |
| MICROSOFT CORP | MSFT | $735.89M | 6.5% | +20% shares |
| STARBUCKS CORP | SBUX | $648.17M | 5.7% | +2% shares |
| TAIWAN SEMICONDUCTOR MFG LTD | TSM | $641.65M | 5.6% | +3% shares |
| LPL FINL HLDGS INC | LPLA | $577.08M | 5.1% | -8% shares |
| CAPITAL ONE FINL CORP | COF | $569.48M | 5.0% | unchanged |
| KKR & CO INC | KKR | $550.74M | 4.8% | +18% shares |
| VISTRA CORP | VST | $540.79M | 4.7% | -14% shares |
| FLUTTER ENTMT PLC | $491.82M | 4.3% | +16% shares | |
| CARVANA CO | CVNA | $483.85M | 4.2% | new |
| PHILIP MORRIS INTL INC | PM | $477.55M | 4.2% | -54% shares |
| SALESFORCE INC | CRM | $464.71M | 4.1% | +11% shares |
| ELI LILLY & CO | LLY | $455.76M | 4.0% | -30% shares |
| APPLOVIN CORP | APP | $422.34M | 3.7% | +47% shares |
| TOLL BROTHERS INC | TOL | $401.30M | 3.5% | new |
| ASML HOLDING N V | $385.93M | 3.4% | +32% shares | |
| CADENCE DESIGN SYSTEM INC | CDNS | $309.87M | 2.7% | new |
| ARES MANAGEMENT CORPORATION | ARES | $235.23M | 2.1% | -4% shares |
| TALEN ENERGY CORP | TLN | $217.52M | 1.9% | unchanged |
| WINGSTOP INC | WING | $101.30M | 0.9% | new |
What changed since Q4 2024
Against the Q4 2024 filing, Lone Pine Capital opened 4 new positions, added to 10, trimmed 6, left 2 unchanged and exited 12. Every position is compared, matched on its CUSIP; a change of 2% or less in shares counts as unchanged.
Exited
- PTCwas $427.72M
- SPOTIFY TECHNOLOGY S Awas $408.71M
- WDAYwas $398.26M
- CEGwas $388.70M
- HWMwas $334.86M
- XYZwas $320.05M
- LENwas $234.27M
- BITDEER TECHNOLOGIES GROUPwas $21.38M
and 4 more
Other quarters
Source: SEC Form 13F-HR, accession 0000902664-25-002417, filed by LONE PINE CAPITAL LLC. Values are as filed and cover US-listed positions only; a 13F does not show short positions or holdings outside the US. A 13F may be filed up to 45 days after the quarter ends, so the fund may have traded since. Educational information, not financial advice.