Stephen Mandel's Trades and Holdings in Q2 2025

Breaking down the stocks Stephen Mandel (Lone Pine) bought, sold, and held in Q2 2025, including their holdings at the end of the quarter. All data sourced from Lone Pine's 13F filed on August 14, 2025.

Who are Stephen Mandel and Lone Pine Capital?

Stephen Mandel is the founder and managing director of Lone Pine Capital LLC (commonly referred to as Lone Pine Capital). The fund is known for its concentrated portfolio, typically consisting of 20-25 stocks, with the top 10 holdings comprising approximately 57% of assets, and minimal cash holdings as it aims to remain close to fully invested over time. His investment strategy is a growth-oriented long/short equity approach inspired by Julian Robertson's Tiger Management, emphasizing long-term capital appreciation through an integrated, iterative research process that generates differentiated insights and high-conviction ideas across public and private markets. Mandel focuses on innovative companies undergoing catalysts for change that can compound value over multiple years, with strong qualitative factors like management caliber, growth potential, favorable unit economics, high margin profiles, durable competitive advantages, franchise value, and alignment with secular trends and inflection points.

Lonepinecapital.com
Q2 '25 13F filed with SEC

Holdings in Q2 2025

Current Investment Strategy

Stephen Mandel's Lone Pine Capital maintained its concentrated, growth-oriented Tiger Cub approach in Q2 2025, channeling capital into AI infrastructure beneficiaries including data center power provider Talen Energy and AI-driven advertising platform AppLovin, while initiating positions in diversified blue-chips UnitedHealth, EQT, Brookfield, and Booking Holdings. The $14 billion portfolio exited pharmaceutical giant Eli Lilly and software names Cadence and Ares Management, reflecting a pivot toward technology enablers and select reopening plays exemplified by used-car retailer Carvana among the fund's top holdings.

New Investments

UnitedHealth UNH

Stephen Mandel bought $528.27M of UnitedHealth in Q2 2025. UnitedHealth demonstrated robust top-line growth of 12% year-over-year to $113.2 billion in Q3 2025, driven by strong membership gains of 795,000 consumers and broad expansion across UnitedHealthcare and Optum segments, though profitability faced significant headwinds from elevated medical cost trends and regulatory impacts. Earnings from operations declined sharply by 50% year-over-year to $4.3 billion with net margins compressing to 2.1% from 6.0%, primarily due to a 470 basis point increase in the medical care ratio reflecting cost pressures and Medicare funding reductions from the Inflation Reduction Act. Management demonstrated confidence by raising full-year 2025 adjusted EPS guidance to at least $16.25 and outlining a clear path to margin recovery in 2026 through repricing initiatives and operational efficiencies, with strong cash generation of $5.9 billion (2.3x net income) supporting strategic investments in value-based care and technology.

• Consolidated revenues grew 12% year-over-year to $113.2B with UnitedHealthcare up 16% and Optum up 8%, supported by 50.1 million domestic consumers served.
• Adjusted EPS of $2.92 beat estimates despite 59% year-over-year decline due to elevated medical care ratios (89.9%) and regulatory headwinds.
• Full-year 2025 adjusted EPS guidance raised to at least $16.25 with management targeting 2026 margin improvement through repricing and Optum Rx expansion.

EQT EQT

Stephen Mandel bought $438.46M of EQT in Q2 2025. EQT Corporation delivered a remarkable turnaround in 2025, posting $1.36 billion in net income for the nine-month period against a prior-year loss of $187.8 million, driven by strong natural gas and oil production alongside record-low operating costs of $1.00 per Mcfe in Q3. In the third quarter specifically, revenue increased 12% to $1.23 billion with net income of $143 million compared to a loss of $21 million in the prior year period, while operating cash flow surged 93% year-over-year to $4.0 billion for the nine-month period. Strategic acquisitions including Olympus Energy, successful execution of the MVP Boost project, and new LNG offtake agreements demonstrate management's ability to drive operational efficiency and position the company for sustained value creation.

• Q3 2025 EPS recovered to $0.23 per diluted share versus a $0.03 loss in the prior year, with nine-month EPS of $2.23 versus -$0.39 representing an exceptional turnaround.
• Operating cash flow surged 93% to $4.0 billion in nine months 2025, while the company generated $484 million in free cash flow during Q3 alone.
• Maintained disciplined capital allocation with debt-to-equity of 0.55, interest coverage of 4.3 times, and Q3 sales volume of 634 Bcfe toward the high-end of guidance.

Brookfield BN

Stephen Mandel bought $347.68M of Brookfield in Q2 2025. Brookfield demonstrated operational recovery in 2025 following a challenging 2024, with Q2 2025 results meeting analyst expectations at $0.59 per share. The company's alternative asset management operations show strong momentum with record capital raising of $30 billion in Q3 and strategic portfolio expansion through the Oaktree acquisition agreement. Strong Buy analyst consensus reflects confidence in the company's positioning within infrastructure and renewable energy assets, though current valuation appears elevated.

• Q2 2025 EPS of $0.59 per share met expectations after 2024's 50.93% earnings decline.
• Brookfield Asset Management achieved 19% year-over-year fee-related earnings growth over the last twelve months with $581 billion in fee-bearing capital.
• Stock trades at P/E ratio of 154.93x with analyst price target 21.23% below current levels despite Strong Buy consensus.

Booking Holdings BKNG

Stephen Mandel bought $347.19M of Booking Holdings in Q2 2025. Booking delivered strong Q3 2025 results with 13% revenue growth and 19% adjusted EPS growth, significantly outperforming guidance and demonstrating resilience in the global travel market despite macroeconomic uncertainties. The company raised its full-year guidance substantially, now expecting 20%+ adjusted EPS growth and 12% revenue growth, driven by improving unit economics, operational leverage from its Transformation Program, and successful execution of its Connected Trip and GenAI initiatives. Key margin expansion with adjusted EBITDA margins reaching 47.0% from 45.8% year-over-year reflects enhanced marketing efficiency and disciplined cost management, positioning the company favorably for ongoing shareholder value creation.

• Adjusted EPS increased 19% to $99.50 in Q3 2025 with full year guidance raised to 20%+ growth.
• Adjusted EBITDA margins expanded 120 basis points to 47.0%, with marketing efficiency improving to 4.7% of gross bookings from 5.0% year-over-year.
• Transformation Program savings guidance raised to $500-550 million annual run-rate from $400-450 million, supporting continued margin expansion and enhanced shareholder returns.

Wix WIX

Stephen Mandel bought $342.48M of Wix in Q2 2025. Wix is experiencing strong revenue growth with Q3 2025 revenue forecasted at $502.65 million, up 13.04% year-over-year, though near-term profitability is under pressure with Q3 EPS expected to decline 3.33% to $1.45. The stock has significantly underperformed both the broader market and peers, declining 4.1% over the past month while the S&P 500 gained 2.38% and the technology sector gained 6.61%, reflecting investor concerns about margin expansion despite healthy top-line growth. Despite recent weakness, the investment community remains constructive with a consensus "Strong Buy" rating and an average price target of $214.58, implying 57.33% upside potential from current levels.

• Q3 2025 revenue projected at $502.65 million, +13.04% YoY with full-year revenue forecast of $1.99 billion, +13.07% YoY.
• Q3 2025 EPS expected at $1.45, down 3.33% YoY with full-year EPS guidance of $6.74, +5.48% YoY.
• Stock underperformance: down 4.1% in past month versus S&P 500 up 2.38% and tech sector up 6.61%, with analyst price target implying 57.33% upside.

Added, Trimmed, and Exited

Added

Stephen Mandel added to five existing positions, most notably increasing Vistra (VST) by 1.86 million shares (+40.5% position size), Amazon (AMZN) by 680,816 shares (+15.6%), KKR (KKR) by 458,000 shares (+9.6%), LPL Financial (LPLA) by 108,233 shares (+6.1%), and Salesforce (CRM) by 131,499 shares (+7.6%).
What it means: Lone Pine is demonstrating high conviction in the energy transition and power generation themes through its aggressive accumulation of Vistra, which has delivered exceptional returns of 131.9% on the position. The simultaneous additions to cloud computing leaders Amazon and Salesforce, combined with increased exposure to alternative asset managers KKR and wealth management platform LPL Financial, suggests Mandel is positioning for a sustained period of AI-driven enterprise transformation and continued strength in private markets. The selective nature of these additions—concentrated in just five positions while trimming eleven others—reflects a portfolio management strategy focused on doubling down on the highest-conviction winners rather than broad-based expansion.

Trimmed

Stephen Mandel reduced eleven existing positions, with the largest reductions in Carvana (CVNA) by 1.93 million shares (-83.4% position size), AppLovin (APP) by 1.28 million shares (-80.2%), Starbucks (SBUX) by 1.05 million shares (-15.8%), Intuit (INTU) by 632,136 shares (-45.0%), and Taiwan Semiconductor (TSM) by 429,461 shares (-11.1%). Additional trims included Flutter Entertainment (FLUT), Philip Morris (PM), Microsoft (MSFT), Capital One (COF), Meta (META), and ASML (ASML).
What it means: Lone Pine is executing a disciplined profit-taking and risk management strategy across two distinct categories. First, Mandel dramatically reduced concentration in volatile growth stories Carvana and AppLovin (both trimmed by over 80%), likely managing position sizing after significant appreciation made them outsized risks. Second, he's systematically trimming mega-cap technology winners including Microsoft, Meta, Taiwan Semiconductor, and ASML—all of which generated positive returns between 17-25%—suggesting a rebalancing away from consensus Big Tech positions toward higher-conviction opportunities. The trim to Starbucks amid its -21% return indicates reduced conviction in the turnaround story, while the Intuit reduction (-29% return, -45% position size) signals a meaningful strategic retreat from fintech software exposure.

Exited

Stephen Mandel fully liquidated five positions: Eli Lilly (LLY) worth $455.8 million, Toll Brothers (TOL) worth $401.3 million, Cadence (CDNS) worth $309.9 million, Ares Management (ARES) worth $235.2 million, and Wingstop (WING) worth $101.3 million.
What it means: The complete exit from Eli Lilly—the largest liquidation at $455.8 million—represents a significant rotation out of high-valuation pharmaceutical exposure amid concerns about GLP-1 market dynamics and competitive pressures. The Toll Brothers exit signals Lone Pine's bearish view on the housing market cycle, particularly in the luxury homebuilder segment facing affordability headwinds. Exiting Cadence while maintaining semiconductor exposure through Taiwan Semiconductor and ASML (albeit trimmed) suggests Mandel is differentiating between EDA software tools and semiconductor manufacturing as AI beneficiaries. The liquidation of Ares Management while adding to competitor KKR indicates a clear preference within the alternative asset management space, and the Wingstop exit reflects reduced conviction in the restaurant sector's growth trajectory. Collectively, these exits freed up approximately $1.5 billion in capital, which was redeployed into new healthcare exposure via UnitedHealth, energy via EQT, and alternative assets via Brookfield.

Disclaimer: All posts are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.