13F filing recap · Q3 2025

What did Lone Pine Capital buy in Q3 2025?

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

Stock value

$13.74B

Positions

Estimated turnover

60.5%

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 Broadcom, Vulcan Materials, Nu Holdings, Wingstop, Amphenol, Sea Limited, Ciena, and Etsy. It exited Intuit, Salesforce, UnitedHealth Group, Wix.com, and ASML Holding. The firm trimmed Meta Platforms, Vistra, Taiwan Semiconductor Manufacturing, AppLovin, Microsoft, Amazon, Capital One, KKR, Flutter Entertainment, and Booking Holdings, while adding to LPL Financial, Philip Morris International, Brookfield Corporation, Talen Energy, and EQT Corporation.

New positions

AVGOBroadcom Inc.$511.17Mreported value+1.55M shares VMCVulcan Materials Company$425.94Mreported value+1.38M shares NUNu Holdings Ltd.$406.76Mreported value+25.41M shares WINGWingstop Inc.$375.32Mreported value+1.49M shares APH

Increased positions

LPLALpl Financial Holdings Inc.$750.45Mreported value+383.5K shares+20.5%PMPhilip Morris International Inc.$748.46Mreported value+1.86M shares+67.3%BNBrookfield Corporation$698.24Mreported value+4.56M shares+81.1%TLNTalen Energy Corporation$507.27Mreported value+103.1K shares

Reduced positions

METAMeta Platforms, Inc.$971.04Mreported value-342.8K shares-20.6%VSTVistra Corp.$920.68Mreported value-1.77M shares-27.4%TSMTaiwan Semiconductor Manufacturing$852.50Mreported value-383.5K shares-11.2%APPApplovin Corp$796.96Mreported value-152.2K shares

Exited positions

INTUIntuit Inc.$607.79Mprior reported value-771.7K shares-100.0%UNHUnitedHealth Group Incorporated$528.27Mprior reported value-1.69M shares-100.0%CRMSalesforce, Inc.$508.07Mprior reported value-1.86M shares-100.0%ASMLAsml Holding N.v.$454.28Mprior reported value-566.9K shares