Acquirersmultiple·2025-12-17 22:26Core Insights - The latest 13F filing from Lone Pine Capital indicates significant portfolio adjustments, particularly in large-cap technology, consumer platforms, and financial services, reflecting a more risk-balanced approach as year-end approaches [1] Portfolio Adjustments - Meta Platforms Inc. (META): Reduced by 342,757 shares (20.59%), maintaining a substantial holding worth over $971 million, indicating profit-taking rather than a loss of conviction [2] - Vistra Corp (VST): Trimmed by 1,770,478 shares (27.37%), likely locking in gains after significant appreciation driven by power-generation strength [3] - Taiwan Semiconductor (TSM): Reduced by 383,520 shares (11.16%), remaining a core holding valued at $852 million amid cyclical uncertainty [4] - AppLovin (APP): Reduced by 152,196 shares (12.07%), reflecting portfolio resizing rather than a fundamental shift [5] - Microsoft Corp (MSFT): Trimmed by 646,251 shares (34.84%), still representing a large stake of $625 million, indicating profit-taking [10] - Amazon.com Inc. (AMZN): Reduced by 2,221,628 shares (44.14%), with a remaining position valued at $617 million, reflecting reallocation within mega-cap tech [11] - Capital One Financial (COF): Reduced by 511,142 shares (16.59%) following strong performance [12] - KKR & Co (KKR): Trimmed by 1,141,208 shares (21.85%), appearing valuation-driven after appreciation [13] Notable Increases - LPL Financial Holdings (LPLA): Increased by 383,466 shares (20.48%), expanding the position to $750 million, reflecting confidence in its scalable advisor platform [6] - Philip Morris (PM): Increased by 1,856,749 shares (67.33%), bringing the position to $748 million, aligning with a strategy of investing in stable, cash-rich companies [7] - Brookfield Corp (BN): Increased by 4,559,963 shares (81.12%), indicating a belief in the stock's undervaluation relative to its diversified asset management ecosystem [8] - Broadcom Inc. (AVGO): New position established with 1,549,412 shares (100.00%), indicating a strong belief in AI infrastructure growth [14] Strategic Themes - Selective Trimming of Mega-Cap Tech Winners: Reductions in META, MSFT, AMZN, and TSM reflect disciplined risk management after substantial rallies, moderating concentration risk while maintaining core positions [15] - Reallocation Toward Cash-Heavy Compounders: Additions to PM, BN, and LPLA emphasize resilient earnings profiles and attractive valuations [16] - New Conviction Bet on AI Infrastructure via Broadcom: The initiation of a large AVGO position signals confidence in the accelerating demand for AI hardware [17] - Active, High-Conviction Portfolio Rotation: Lone Pine's approach involves selectively trimming oversized winners and reallocating to durable cash-flow engines while initiating new positions in strong long-term fundamentals [18] Summary - Lone Pine Capital's Q3 2025 13F reveals a portfolio recalibration focused on reducing oversized mega-cap exposures, reinforcing durable cash generators, and launching a significant new position in Broadcom to capture AI-infrastructure tailwinds, resulting in a portfolio geared toward long-term growth while balancing risk as year-end volatility approaches [19]