Lone-Pine 13-F: Raises stake in V and Exits BKNG

For a fund of this pedigree the filing is read primarily as a positioning map: additions to large-cap technology and payments names alongside wholesale exits elsewhere fit a concentration pattern that long-biased fundamental managers in this cohort have shown before, rotating within mega-cap quality rather than changing gross exposure. The exits matter as much as the additions; full closures, as opposed to trims, have tended to be the more durable signal of lost conviction in these filings. The usual caveats apply: options, shorts, and any hedging overlay are invisible in a long-only filing, so net exposure cannot be inferred. The follow-ons are whether peer funds filing in the same window show a similar rotation, which would indicate a cohort-level view rather than idiosyncratic repositioning.