What Stephen Mandel bought and sold in Q2 2025
In Q2 2025, Stephen Mandel (Lone Pine Capital) opened 5 new positions — including UNH (3.8%), EQT (3.2%), BN (2.5%), added to 1, trimmed 3, exited 5 (LLY, TOL, CDNS). The book stood at $13.81B across 22 positions, filed Aug 14, 2025.
5New1Added3Trimmed5Exited
New positions (5)
Added to (1)
Trimmed (3)
Exited (5)
- LLYEli Lilly & COwas 4.0% of book
- TOLToll Brothers Incwas 3.5% of book
- CDNSCadence Design Sys Incwas 2.7% of book
- ARESAres Management Corp - Awas 2.1% of book
- WINGWingstop Incwas 0.9% of book
Stephen Mandel's other filings
Changes vs the prior quarter's 13F, long US equity positions only (no shorts, options, or non-US listings). ADD/TRIM are share- count changes of ±20% or more. Sourced from SEC EDGAR. Not investment advice.