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Lone Pine Capital (Mandel)

CIK: 0001061165 · Filing period: 2025-12-31

Innovation Edge

1.4×

Trust Weight

Positions

In our model

New

Increasing

Decreasing

Unchanged

In Our Model Portfolio

These holdings also appear in the Bogen Capital model

MSFT 4.4% AMZN 4.1% SPOT 0.1%

Recent Moves

What Lone Pine Capital opened, added to, or trimmed in their latest 13F — 30 position changes

VST VISTRA CORP ▲ Added +11% 6.2% of port. — LPL FINL HLDGS INC ▼ Trimmed -8% 5.4% of port. BN BROOKFIELD CORP ▲ Added +56% 5.4% of port. ASML ASML HOLDING N V ● New 4.8% of port. KKR KKR & CO INC ▲ Added +23% 4.7% of port. AVGO BROADCOM INC ▲ Added +12% 4.4% of port. MSFT MICROSOFT CORP ▲ Added +2% 4.4% of port. DASH DOORDASH INC ● New 4.2% of port. AMZN AMAZON COM INC ▼ Trimmed -14% 4.1% of port. COF CAPITAL ONE FINL CORP ▼ Trimmed -11% 4.1% of port.

Top 10 positions (% of portfolio)

Sector breakdown

All Holdings

32 positions, sorted by portfolio weight

← swipe to see all columns

#	Company	Ticker	Sector	% of Portfolio	Activity	Change
1	TAIWAN SEMICONDUCTOR MFG LTD	TSM	Technology	6.8%	— Unchanged	—
2	VISTRA CORP	VST	Other	6.2%	▲ Increasing	+11%
3	CARVANA CO	CVNA	Other	5.5%	— Unchanged	+1%
4	LPL FINL HLDGS INC	—	Other	5.4%	▼ Decreasing	-8%
5	BROOKFIELD CORP	BN	Financials	5.4%	▲ Increasing	+56%
6	ASML HOLDING N V	ASML	Other	4.8%	● New	NEW
7	KKR & CO INC	KKR	Other	4.7%	▲ Increasing	+23%
8	BROADCOM INC	AVGO	Technology	4.4%	▲ Increasing	+12%
9	MICROSOFT CORP	MSFT	Technology	4.4%	▲ Increasing	+2%
10	DOORDASH INC	DASH	Other	4.2%	● New	NEW
11	AMAZON COM INC	AMZN	Technology	4.1%	▼ Decreasing	-14%
12	CAPITAL ONE FINL CORP	COF	Financials	4.1%	▼ Decreasing	-11%
13	APPLOVIN CORP	APP	Technology	3.9%	▼ Decreasing	-30%
14	NU HLDGS LTD	NU	Other	3.6%	▲ Increasing	+17%
15	MEDLINE INC	—	Other	3.6%	● New	NEW
16	TALEN ENERGY CORP	—	Other	3.6%	▲ Increasing	+8%
17	VULCAN MATLS CO	—	Other	3.5%	▲ Increasing	+22%
18	PHILIP MORRIS INTL INC	PM	Other	3.1%	▼ Decreasing	-43%
19	CARPENTER TECHNOLOGY CORP	CRS	Other	3.0%	● New	NEW
20	WINGSTOP INC	—	Other	2.8%	▲ Increasing	+7%
21	AMPHENOL CORP NEW	APH	Other	2.8%	▼ Decreasing	-7%
22	TENET HEALTHCARE CORP	THC	Other	2.6%	● New	NEW
23	CLEAN HARBORS INC	—	Other	2.4%	● New	NEW
24	AFFIRM HLDGS INC	—	Other	2.1%	● New	NEW
25	ENTEGRIS INC	—	Other	1.9%	● New	NEW
26	MASTERCARD INCORPORATED	MA	Technology	0.4%	● New	NEW
27	TRANSDIGM GROUP INC	TDG	Other	0.2%	● New	NEW
28	BOOKING HOLDINGS INC	BKNG	Other	0.2%	▼ Decreasing	-85%
29	BOSTON SCIENTIFIC CORP	BSX	Other	0.1%	● New	NEW
30	HILTON WORLDWIDE HLDGS INC	HLT	Other	0.1%	● New	NEW
31	SPOTIFY TECHNOLOGY S A	SPOT	Communications	0.1%	● New	NEW
32	VISA INC	V	Technology	0.0%	● New	NEW

#1 TAIWAN SEMICONDUCTOR MFG LTD 6.8%

TSM · Technology — Unchanged

#2 VISTRA CORP 6.2%

VST · Other ▲ Increasing +11%

#3 CARVANA CO 5.5%

CVNA · Other — Unchanged

#4 LPL FINL HLDGS INC 5.4%

Other ▼ Decreasing -8%

#5 BROOKFIELD CORP 5.4%

BN · Financials ▲ Increasing +56%

#6 ASML HOLDING N V 4.8%

ASML · Other ● New

#7 KKR & CO INC 4.7%

KKR · Other ▲ Increasing +23%

#8 BROADCOM INC 4.4%

AVGO · Technology ▲ Increasing +12%

#9 MICROSOFT CORP 4.4%

MSFT · Technology ▲ Increasing +2%

#10 DOORDASH INC 4.2%

DASH · Other ● New

#11 AMAZON COM INC 4.1%

AMZN · Technology ▼ Decreasing -14%

#12 CAPITAL ONE FINL CORP 4.1%

COF · Financials ▼ Decreasing -11%

#13 APPLOVIN CORP 3.9%

APP · Technology ▼ Decreasing -30%

#14 NU HLDGS LTD 3.6%

NU · Other ▲ Increasing +17%

#15 MEDLINE INC 3.6%

Other ● New

#16 TALEN ENERGY CORP 3.6%

Other ▲ Increasing +8%

#17 VULCAN MATLS CO 3.5%

Other ▲ Increasing +22%

#18 PHILIP MORRIS INTL INC 3.1%

PM · Other ▼ Decreasing -43%

#19 CARPENTER TECHNOLOGY CORP 3.0%

CRS · Other ● New

#20 WINGSTOP INC 2.8%

Other ▲ Increasing +7%

#21 AMPHENOL CORP NEW 2.8%

APH · Other ▼ Decreasing -7%

#22 TENET HEALTHCARE CORP 2.6%

THC · Other ● New

#23 CLEAN HARBORS INC 2.4%

Other ● New

#24 AFFIRM HLDGS INC 2.1%

Other ● New

#25 ENTEGRIS INC 1.9%

Other ● New

#26 MASTERCARD INCORPORATED 0.4%

MA · Technology ● New

#27 TRANSDIGM GROUP INC 0.2%

TDG · Other ● New

#28 BOOKING HOLDINGS INC 0.2%

BKNG · Other ▼ Decreasing -85%

#29 BOSTON SCIENTIFIC CORP 0.1%

BSX · Other ● New

#30 HILTON WORLDWIDE HLDGS INC 0.1%

HLT · Other ● New

#31 SPOTIFY TECHNOLOGY S A 0.1%

SPOT · Communications ● New

#32 VISA INC 0.0%

V · Technology ● New

⚠ Disclaimer: Holdings data from SEC EDGAR 13F filings for Lone Pine Capital (Mandel), delayed up to 135 days after quarter-end. This is not investment advice. The investor may have already changed these positions.

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