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.

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.