Lone Pine Capital 13F, Q3 2025
Stephen Mandel · quarter ending 30 September 2025 · filed 14 November 2025 · SEC CIK 1061165
Common stock only: shares the fund reported owning at the quarter end, valued as filed.
Largest positions, Q3 2025
Weights are against the whole filed book. Changes are in shares held, against the Q2 2025 filing.
| Company | Ticker | Value | % of book | vs Q2 2025 |
|---|---|---|---|---|
| META PLATFORMS INC | META | $971.04M | 7.1% | -21% shares |
| VISTRA CORP | VST | $920.68M | 6.7% | -27% shares |
| TAIWAN SEMICONDUCTOR MFG LTD | TSM | $852.50M | 6.2% | -11% shares |
| APPLOVIN CORP | APP | $796.96M | 5.8% | -12% shares |
| LPL FINL HLDGS INC | LPLA | $750.45M | 5.5% | +21% shares |
| PHILIP MORRIS INTL INC | PM | $748.46M | 5.5% | +67% shares |
| BROOKFIELD CORP | BN | $698.24M | 5.1% | +81% shares |
| CARVANA CO | CVNA | $665.94M | 4.8% | unchanged |
| MICROSOFT CORP | MSFT | $626.00M | 4.6% | -35% shares |
| AMAZON COM INC | AMZN | $617.42M | 4.5% | -44% shares |
| CAPITAL ONE FINL CORP | COF | $546.22M | 4.0% | -17% shares |
| KKR & CO INC | KKR | $530.27M | 3.9% | -22% shares |
| BROADCOM INC | AVGO | $511.17M | 3.7% | new |
| TALEN ENERGY CORP | TLN | $507.27M | 3.7% | +10% shares |
| STARBUCKS CORP | SBUX | $470.54M | 3.4% | unchanged |
| EQT CORP | EQT | $455.14M | 3.3% | +11% shares |
| FLUTTER ENTMT PLC | $440.27M | 3.2% | -7% shares | |
| VULCAN MATLS CO | VMC | $425.94M | 3.1% | new |
| NU HLDGS LTD | $406.76M | 3.0% | new | |
| WINGSTOP INC | WING | $375.32M | 2.7% | new |
| AMPHENOL CORP NEW | APH | $374.12M | 2.7% | new |
| SEA LTD | SE | $334.14M | 2.4% | new |
| CIENA CORP | CIEN | $292.31M | 2.1% | new |
| ETSY INC | ETSY | $257.61M | 1.9% | new |
| BOOKING HOLDINGS INC | BKNG | $168.19M | 1.2% | -48% shares |
What changed since Q2 2025
Against the Q2 2025 filing, Lone Pine Capital opened 8 new positions, added to 5, trimmed 10, left 2 unchanged and exited 5. Every position is compared, matched on its CUSIP; a change of 2% or less in shares counts as unchanged.
New positions
Exited
Other quarters
Source: SEC Form 13F-HR, accession 0000902664-25-004988, 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.