What Stephen Mandel bought and sold in Q3 2025

In Q3 2025, Stephen Mandel (Lone Pine Capital) opened 8 new positions — including AVGO (3.7%), VMC (3.1%), NU (3.0%), added to 3, trimmed 6, exited 5 (INTU, UNH, CRM). The book stood at $13.74B across 25 positions, filed Nov 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.