Lone Pine's Q2 Portfolio Update: Buys UNH, EQT, and Sells LLY, TOL, and WING.

Lone Pine Capital, a fund led by Stephen Mandel, disclosed its holdings as of June 30, 2025. The fund's new buys included UnitedHealth, EQT Corp, Brookfield Corp, Booking Holdings, and Wix.com, while exiting positions in Eli Lilly, Toll Brothers, Cadence Design, and Wingstop. Lone Pine increased its stakes in Vistra, Amazon, KKR, LPL Financial, and Salesforce, and reduced its stakes in Intuit, Starbucks, AppLovin, Philip Morris, and Flutter Entertainment. The fund's top holdings were Vistra, Meta, Amazon, Microsoft, and TSMC.

Fidelis Insurance Holdings Limited (NYSE: FIHL), a Bermuda-based insurance group, announced its financial results for the second quarter ended June 30, 2025. The company reported mixed results, with gross premiums written (GPW) of $1.2 billion, a combined ratio of 103.7%, and net income of $19.7 million, or $0.18 per diluted common share. The quarter was marked by significant adverse developments, including the impact of the English High Court judgment related to the Russia-Ukraine aviation litigation and the California wildfires.

Fidelis' Chief Executive Officer, Dan Burrows, commented on the company's strategy, stating, "We have continued to successfully execute on our strategy of balancing the pursuit of profitable underwriting opportunities with returning meaningful capital to shareholders." The company's annualized operating return on average common equity (Annualized Operating ROAE) was 2.3% for the quarter, down from 10.0% in the prior year period. The company's net loss for the six months ended June 30, 2025, was $22.8 million, or $(0.21) per diluted common share, driven primarily by the impact of the English High Court judgment and the California wildfires.

The company's underwriting loss for the second quarter of 2025 was $20.6 million, compared to underwriting income of $36.7 million in the prior year period. The combined ratio increased to 103.7% from 92.7% in the prior year period. Net adverse prior year loss reserve development for the second quarter of 2025 was $89.2 million, compared to $68.6 million of favorable prior year loss reserve development in the prior year period.

Fidelis also announced its capital management initiatives, including the $200 million renewal of its share repurchase program and an increase in its quarterly dividend to $0.15 per share. The company's book value per diluted common share was $22.04 at June 30, 2025, an increase of 1.1% from December 31, 2024.

References:
[1] https://finance.yahoo.com/news/fidelis-insurance-group-reports-2025-201500630.html