13F filing recap · Q2 2025

What did Lone Pine Capital buy in Q2 2025?

Reported stock-position changes between this filing and the previous one.

Stock value

$13.81B

Positions

Estimated turnover

43.2%

Turnover is a proxy: verified trade-origin share changes valued at period-end and divided by average reported stock value. SEC holdings reports do not disclose execution dates or prices. Corporate actions and unreconciled activity are excluded.

Quarter in review

Lone Pine Capital opened new positions in UnitedHealth Group, Eqt Corporation, Brookfield Corporation, Booking Holdings, and Wix.com, while exiting Ares Management, Cadence Design Systems, Eli Lilly, Toll Brothers, and Wingstop. The firm substantially increased its Vistra Corp. stake and significantly trimmed Intuit. It also added to Amazon and trimmed Taiwan Semiconductor Manufacturing, Carvana, Flutter Entertainment, Starbucks, and Applovin.

New positions

UNHUnitedHealth Group Incorporated$528.27Mreported value+1.69M shares EQTEqt Corporation$438.46Mreported value+7.52M shares BNBrookfield Corporation$347.68Mreported value+5.62M shares BKNGBooking Holdings Inc.$347.19Mreported value+60.0K shares

Increased positions

VSTVistra Corp.$1.25Breported value+1.86M shares+40.5%AMZNAmazon.com Inc$1.10Breported value+680.8K shares+15.6%LPLALpl Financial Holdings Inc.$702.04Mreported value+108.2K shares+6.1%KKRKkr & Co. Inc.$694.65Mreported value+458.0K shares

Reduced positions

METAMeta Platforms, Inc.$1.23Breported value-93.0K shares-5.3%MSFTMicrosoft Corporation$922.62Mreported value-105.5K shares-5.4%TSMTaiwan Semiconductor Manufacturing$778.20Mreported value-429.5K shares-11.1%COFCapital One Financial Corp$655.44Mreported value-95.5K shares

Exited positions

LLYEli Lilly & Co$455.76Mprior reported value-551.8K shares-100.0%TOLToll Brothers, Inc.$401.30Mprior reported value-3.80M shares-100.0%CDNSCadence Design Systems, Inc.$309.87Mprior reported value-1.22M shares-100.0%ARESAres Management Corporation$235.23Mprior reported value-1.60M shares