Lone Pine Capital

Q2 2025 13F · by David Craver, CIO

As of: Jun 30, 2025
Filed: Aug 14, 2025
US stock: $13.8B · prev $11.4B
Positions: 22 · prev 22
Options notional: $240M
Documents: 1· no amendments

Picture98.3% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 98.3%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 1.7%

Moves26 since the prior filing

+19.4 pp in · −19.8 pp out

New 5 +14.50 pp
Added 5 +4.92 pp
Trimmed 11 −6.64 pp
Exited 5 −13.17 pp

The book

Concentrated · behaves like 19 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 77% a year, about 1.3 years per position

Low
Moderate
High

Top 5 positions38% of US stock

Positions22 in this filing · 5 exited


VSTVistra Corp.	9.08%	6,469,719	$1.3B	added+41%	+4.34 pp	6 q
METAMeta Platforms, Inc. Class A	8.90%	1,665,017	$1.2B	trimmed−5%	+0.02 pp	8 q
AMZNAmazon.Com Inc	8.00%	5,033,556	$1.1B	added+16%	+0.74 pp	31 q
MSFTMicrosoft Corp	6.68%	1,854,856	$923M	trimmed−5%	+0.23 pp	33 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	5.63%	3,435,920	$778M	trimmed−11%	+0.01 pp	14 q
LPLALPL Financial Holdings Inc.	5.08%	1,872,248	$702M	added+6%	+0.02 pp	13 q
KKRKKR & Co. Inc.	5.03%	5,221,769	$695M	added+10%	+0.21 pp	10 q
COFCapital One Financial	4.75%	3,080,633	$655M	trimmed−3%	−0.24 pp	3 q
INTUIntuit Inc	4.40%	771,666	$608M	trimmed−45%	−3.15 pp	7 q
CVNACarvana Co.	4.31%	1,765,291	$595M	trimmed−24%	+0.07 pp	2 q
FLUTFlutter Entertainment plc	3.85%	1,862,764	$532M	trimmed−16%	−0.46 pp	3 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	3.82%	1,693,347	$528M	new	+3.82 pp	new
SBUXStarbucks Corp	3.69%	5,561,954	$510M	trimmed−16%	−1.99 pp	4 q
CRMSalesforce, Inc.	3.68%	1,863,179	$508M	added+8%	−0.39 pp	4 q
PMPhilip Morris International Inc.	3.64%	2,757,694	$502M	trimmed−8%	−0.54 pp	7 q
ASMLASML Holding NV	3.29%	566,862	$454M	trimmed−3%	−0.09 pp	11 q
APPApplovin Corporation Class A	3.20%	1,261,334	$442M	trimmed−21%	−0.50 pp	6 q
EQTEqt Corp	3.17%	7,518,227	$438M	new	+3.17 pp	new
BNBrookfield Corporation	2.52%	5,621,385	$348M	new	+2.52 pp	new
BKNGBooking Holdings Inc.	2.51%	59,972	$347M	new	+2.51 pp	new
WIXWIX.com Ltd.	2.48%	2,161,331	$342M	new	+2.48 pp	new
TLNTalen Energy Corporation	2.29%	1,089,380	$317M	held	—	4 q
LLYEli Lilly & Co.	—	−551,827	—	exited	−3.99 pp	—
TOLToll Brothers, Inc.	—	−3,800,580	—	exited	−3.52 pp	—
CDNSCadence Design Systems	—	−1,218,389	—	exited	−2.71 pp	—
ARESAres Management Corporation Class A	—	−1,604,441	—	exited	−2.06 pp	—
WINGWingstop Inc	—	−449,056	—	exited	−0.89 pp	—