Lone Pine Capital 13F, Q2 2025
Stephen Mandel · quarter ending 30 June 2025 · filed 14 August 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, Q2 2025
Weights are against the whole filed book. Changes are in shares held, against the Q1 2025 filing.
| Company | Ticker | Value | % of book | vs Q1 2025 |
|---|---|---|---|---|
| VISTRA CORP | VST | $1.25B | 9.1% | +41% shares |
| META PLATFORMS INC | META | $1.23B | 8.9% | -5% shares |
| AMAZON COM INC | AMZN | $1.10B | 8.0% | +16% shares |
| MICROSOFT CORP | MSFT | $922.62M | 6.7% | -5% shares |
| TAIWAN SEMICONDUCTOR MFG LTD | TSM | $778.20M | 5.6% | -11% shares |
| LPL FINL HLDGS INC | LPLA | $702.04M | 5.1% | +6% shares |
| KKR & CO INC | KKR | $694.65M | 5.0% | +10% shares |
| CAPITAL ONE FINL CORP | COF | $655.44M | 4.8% | -3% shares |
| INTUIT | INTU | $607.79M | 4.4% | -45% shares |
| CARVANA CO | CVNA | $594.83M | 4.3% | -24% shares |
| FLUTTER ENTMT PLC | $532.30M | 3.9% | -16% shares | |
| UNITEDHEALTH GROUP INC | UNH | $528.27M | 3.8% | new |
| STARBUCKS CORP | SBUX | $509.64M | 3.7% | -16% shares |
| SALESFORCE INC | CRM | $508.07M | 3.7% | +8% shares |
| PHILIP MORRIS INTL INC | PM | $502.26M | 3.6% | -8% shares |
| ASML HOLDING N V | $454.28M | 3.3% | -3% shares | |
| APPLOVIN CORP | APP | $441.57M | 3.2% | -21% shares |
| EQT CORP | EQT | $438.46M | 3.2% | new |
| BROOKFIELD CORP | BN | $347.68M | 2.5% | new |
| BOOKING HOLDINGS INC | BKNG | $347.19M | 2.5% | new |
| WIX COM LTD | $342.48M | 2.5% | new | |
| TALEN ENERGY CORP | TLN | $316.76M | 2.3% | unchanged |
What changed since Q1 2025
Against the Q1 2025 filing, Lone Pine Capital opened 5 new positions, added to 5, trimmed 11, left 1 unchanged and exited 5. Every position is compared, matched on its CUSIP; a change of 2% or less in shares counts as unchanged.
Other quarters
Source: SEC Form 13F-HR, accession 0000902664-25-003627, 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.