Scott Olson
Scott Olson
This article is part of a series that provides an ongoing analysis of the changes made to Ole Andreas Halvorsen’s 13F stock portfolio on a quarterly basis. It is based on Viking Global’s regulatory 13F Form filed on 2/14/2024. Please visit our Tracking Ole Andreas Halvorsen’s Viking Global Portfolio series to get an idea of his investment philosophy and our previous update for the fund’s moves during Q3 2023.
This quarter, Halvorsen’s 13F stock portfolio value increased from $24.64B to $27.30B. The number of holdings decreased from 80 to 79. The largest five individual stock positions are Visa, United Parcel Service, APi Group, Workday, and Meta Platforms. They add up to ~23% of the portfolio.
Ole Andreas Halvorsen is one of the most successful “tiger cubs” (protégés of Julian Robertson & his legendary Tiger Fund). To know more about "tiger cubs", check out the book Julian Robertson: A Tiger in the Land of Bulls and Bears.
Advanced Micro Devices (AMD) and Deere & Co (DE): AMD is a 2.56% of the portfolio stake established this quarter at prices between ~$94 and ~$149 and the stock currently trades well above that range at ~$176. The ~2% stake in DE was purchased at prices between ~$359 and ~$402 and it is now near the bottom of that range at ~$363.
Alphabet Inc. (GOOG), CBOE Global Markets (CBOE), U.S. Bancorp (USB), Take-Two Interactive (TTWO), Lamb Weston (LW), Intuitive Surgical (ISRG), T-Mobile US (TMUS), HCA Healthcare (HCA), and KBR Inc. (KBR): These are small (less than ~1.75% of the portfolio each) new stakes established this quarter.
Microsoft Corporation (MSFT): The 3.88% MSFT position saw a ~150% stake increase last quarter at prices between ~$312 and ~$358. The disposal this quarter was at prices between ~$313 and ~$383. The stock currently trades at ~$408.
Block Inc. (SQ): SQ was a 2.21% of the portfolio position established last quarter at prices between ~$44 and ~$81. It was sold this quarter at prices between ~$39 and ~$80. The stock currently trades at $74.66.
Fortinet Inc. (FTNT): The 1.68% FTNT stake was established during Q4 2022 at prices between ~$46 and ~$57. Q1 2023 saw a two-thirds increase at prices between ~$48 and ~$67 while the next quarter saw a ~35% reduction at prices between ~$60 and ~$76. The elimination this quarter was at prices between ~$49.50 and ~$60. It is now at $68.40.
Arthur J. Gallagher & Co (AJG), Intuit (INTU), Karuna Therapeutics (KRTX), Lululemon Athletica (LULU), Synopsys (SNPS), and Unum Group (UNM): These small (less than ~1% of the portfolio each) stakes were dropped during the quarter.
United Parcel Service (UPS): The 4.72% UPS stake was primarily built last quarter at prices between ~$150 and ~$185. This quarter saw a ~23% stake increase at prices between ~$135 and ~$163. The stock is now at ~$148.
APi Group (APG): Viking Global was an early investor in J2 Acquisition, a SPAC which acquired APi Group in October 2019. APi Group started trading at $10.40 and now goes for $35.79. There was a marginal increase over the last several quarters.
Note: Viking Global has a ~17% ownership stake in the business.
McKesson Corp (MCK): The 3.79% MCK position was increased by 178% in the last quarter at prices between ~$402 and ~$446. That was followed by a ~53% increase this quarter at prices between ~$435 and ~$471. The stock is now well above those ranges at ~$519.
Progressive Corp (PGR): PGR is now a 3.42% of the portfolio position. The position saw a whopping ~400% stake increase this quarter at prices between ~$139 and ~$165. The stock currently trades well above that range at ~$194.
Philip Morris International (PM): The 3.32% PM stake was purchased during Q2 2023 at prices between ~$90 and ~$102. The last quarter saw a ~ 34% selling at prices between $90.32 and $99.10 while this quarter there was a ~60% increase at prices between ~$87 and ~$95. The stock is now at $90.42.
Fortive Corp (FTV): The 2.84% FTV stake was increased by ~55% during Q2 2023 at prices between ~$63 and ~$75. The stake was decreased by 15% in the last quarter at prices between $72.16 and $79.72. This quarter saw a ~25% increase at prices between ~$64.60 and ~$77. The stock currently trades at ~$86.
Ameriprise Financial (AMP): The 2.66% AMP stake saw a 54% increase last quarter at prices between ~$326 and ~$354. The stock currently trades at ~$408. There was a ~10% stake increase this quarter.
Mastercard (MA): The 1.81% MA stake was primarily built this quarter at prices between ~$364 and ~$427 and it is now at ~$475.
BioMarin Pharma (BMRN): The 1.73% BMRN stake was built during the three quarters through Q2 2022 at prices between ~$74 and ~$92. Q1 2023 saw a ~60% selling at prices between ~$88 and ~$117 while the next quarter saw a stake doubling at prices between ~$87 and ~$100. The stock currently trades at ~$90. This quarter saw a ~16% further increase.
Freeport-McMoRan (FCX) and MetLife Inc. (MET): The small 1.72% FCX stake was purchased last quarter at prices between $36.40 and $44.47 and it now goes for ~$38. There was a ~13% stake increase this quarter. The small 1.36% MET position was purchased last quarter at prices between $55.76 and $65.79. The position was almost doubled this quarter at prices between ~$58 and ~$67. The stock currently trades at $68.57.
Acadia Healthcare (ACHC), Coupang (CPNG), CBRE Group (CBRE), and Royalty Pharma (RPRX): These small (less than ~2% of the portfolio each) stakes were increased during the quarter.
Visa Inc. (V): Visa is currently the largest 13F position at 5.43% of the portfolio. It was primarily built in Q4 2020 at prices between ~$181 and ~$219. There was a ~45% reduction over the next two quarters at prices between ~$193 and ~$237. H2 2021 saw a stake doubling at prices between ~$190 and ~$251 while in the next quarter there was one-third selling at prices between ~$191 and ~$235. Q3 2022 saw another stake doubling at prices between ~$178 and ~$217. That was followed by a one-third increase in the three quarters through Q2 2023 at prices between ~$178 and ~$240. The stock currently trades at ~$284. This quarter saw a ~18% reduction.
Workday Inc. (WDAY): WDAY is a 4.15% of the portfolio position built during H1 2023 at prices between ~$160 and ~$227. The position was increased by 72% last quarter at prices between ~$211 and ~$252. This quarter saw a ~22% selling at prices between ~$205 and ~$279. The stock is now at ~$307.
Meta Platforms (META): META is a 3.88% of the portfolio position established over the two quarters through Q1 2021 at prices between ~$246 and ~$295. The next two quarters saw a ~27% selling at prices between ~$295 and ~$382. There was another one-third selling in Q1 2022 at prices between ~$187 and ~$339. The next two quarters saw the stake rebuilt at prices between ~$134 and ~$234 while in Q4 2022 there was a ~55% reduction at prices between ~$89 and ~$140. Q1 2023 saw a ~35% increase at prices between ~$125 and ~$212 while the next quarter saw a ~20% reduction at prices between ~$208 and ~$289. The position was increased by 18% in the last quarter at prices between ~$283 and ~$326. The stock is now at ~$482. There was a minor ~2% trimming this quarter.
Danaher Corp (DHR): DHR is a 3.39% of the portfolio position established during Q2 2023 at prices between ~$225 and ~$256 and the stock currently trades at ~$252. There was minor trimming in the last two quarters.
Roivant Sciences (ROIV): ROIV came to market last September through a SPAC merger with Montes Archimedes. The stock currently goes for $11.70. Viking Global’s 2.85% of the portfolio stake goes back to a private investment made in July 2016. There was a ~14% trimming during Q2 2023 and minor trimming in the last two quarters.
Note: Viking Global controls ~8.6% of Roivant Sciences.
Amazon.com Inc. (AMZN): AMZN is now a 2.74% of the portfolio position. It was established in Q2 2015 at prices between ~$19 and ~$22 and increased by roughly one-third the following quarter at prices between ~$22 and ~$27. The position has wavered. Recent activity follows: H2 2022 saw a ~55% stake increase at prices between ~$82 and ~$145. H1 2023 saw a two-thirds selling at prices between ~$83 and ~$130. The last quarter saw the stake doubled at prices between ~$126 and ~$145. This quarter saw a ~45% selling at prices between ~$120 and ~$154. The stock currently trades at ~$175.
HDFC Bank (HDB): HDB is a 2.39% of the portfolio position built over the three quarters through Q2 2022 at prices between ~$51 and ~$78 and the stock is now at ~$54. Q2 2023 saw a ~12% increase and that was followed by a ~9% increase last quarter. This quarter saw a ~4% trimming.
General Electric (GE): The 2.38% of the portfolio GE stake was purchased over the five quarters through Q4 2021 at prices between ~$44 and ~$115. There was a ~50% selling over the next two quarters at prices between ~$64 and ~$103. Q3 2022 saw a similar increase at prices between ~$61 and ~$81 while the next quarter saw a ~40% selling at prices between ~$48 and ~$69. There was a ~17% trimming during Q2 2023 while the last quarter saw a ~12% increase. This quarter saw a ~36% selling at prices between ~$106 and ~$128. The stock is now at ~$155.
UnitedHealth (UNH): The 0.89% UNH stake was built in the three quarters through Q1 2023 at prices between ~$460 and ~$555. The next quarter saw a ~15% trimming while in the last quarter there was a ~4% increase. The position was sold down by ~75% this quarter at prices between ~$509 and ~$553. The stock currently trades at ~$525.
Cadence Design Systems (CDNS), CSX Corp (CSX), DoorDash (DASH), EPAM Systems (EPAM), Everest RE Group (EG), Five9 (FIVN), International Flavors & Fragrances (IFF), PPG Industries (PPG), Thermo Fisher Scientific (TMO), and Valvoline (VVV): These small (less than ~1.6% of the portfolio each) stakes were reduced during the quarter.
BridgeBio Pharma (BBIO): BBIO is a 3.71% stake. It had an IPO in Q1 2019. Viking Global’s position goes back to earlier funding rounds prior to the IPO. The stock started trading at ~$27 per share and currently goes for $34.87.
Note: They own ~16% of the business.
RayzeBio (RYZB): RYZB had an IPO in September 2023. Shares started trading at ~$23 and it is now at $62.49. Viking Global’s position goes back to a Series D funding round in 2022.
Note: They have a ~11% ownership stake in RayzeBio. Bristol Myers Squibb (BMY) is acquiring RYZB in a $62.50 cash transaction announced last December.
Ginkgo Bioworks (DNA): Shares of Ginkgo Bioworks started trading in September 2021 after the close of their De-SPAC transaction with Soaring Eagle Acquisition. Viking Global started investing in Gingko Bioworks in 2015 when the business raised ~$45M in a Series B funding round. The valuation at the time was ~$200M. The position was sold down by ~85% in Q1 2022 at prices between ~$2.80 and ~$8.70. Q2 2022 saw further selling. The position was rebuilt next quarter at prices between ~$2.40 and ~$3.75. Q4 2022 saw a ~40% selling at prices between $1.58 and $3.52. There was a ~125% stake increase during Q1 2023 at prices between $1.20 and $2.20. The stock now trades at $1.40.
Note: they control ~9% of the business.
Adaptive Biotechnologies (ADPT): ADPT position is now at 0.54% of the portfolio. It came about as a result of Adaptive’s IPO in June 2019. Viking Global was a majority investor in Adaptive. Shares started trading at ~$48 and currently go for $4.16. Q1 2020 saw a ~13% trimming at ~$25 per share. There was another ~10% trimming in Q4 2020 at ~$50 average price.
Note: Viking Global still controls ~17% of Adaptive Biotechnologies.
Inhibrx (INBX): The very small 1% stake in INBX was kept steady this quarter. They control ~15% of the business.
Note: Viking Global has significant ownership stakes in the following businesses: 4D Molecular (FDMT), Amylyx Pharma (AMLX), Edgewise Therapeutics (EWTX), NewAmsterdam Pharma (NAMS), ORIC Pharma (ORIC), PepGen (PEPG), Pharvaris NV (PHVS), Rallybio Corp (RLYB), Standard Bio Tools (LAB), Trevi Therapeutics (TRVI), Verastem (VSTM), and Viking Therapeutics (VKTX).
The spreadsheet below highlights changes to Halvorsen’s 13F stock holdings in Q4 2023:
Ole Andreas Halvorsen - Viking Global Portfolio - Q4 2023 13F Report Q/Q Comparison (John Vincent (author))
Source: John Vincent. Data constructed from Viking Global's 13F filings for Q3 2023 and Q4 2023.