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Lone Pine buys Capital One, cuts Block in Q1

Stephen Mandel’s Lone Pine Capital disclosed in an SEC filing its holdings as of March 31, 2025, The fund’s four new buys during the first quarter included, by size of position, Eli Lilly (LLY), Capital One (COF), Flutter (FLUT), and Cipher Mining (CIFR). Lone Pine exited three positions during the quarter, including by size of previous position UnitedHealth (UNH), Booking (BKNG), and GE Vernova (GEV). The fund increased its stake in Philip Morris (PM), Starbucks (SBUX), Intuit (INTU), Meta (META), and Talen Energy (TLN) and reduced its stake in Lennar (LEN), Constellation Energy (CEG), Block (XYZ), Amazon (AMZN), and Spotify (SPOT). Lone Pine’s top holdings as of March 31, in order of size, were Meta, Amazon, Philip Morris, TSMC (TSM), and Vistra (VST).

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