Tracking Ole Andreas Halvorsen’s Viking Global Portfolio – Q3 2022 Update

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 11/14/2022. 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 Q2 2022.

This quarter, Halvorsen’s 13F stock portfolio value decreased marginally from $21.86B to $21.66B. The number of holdings increased from 82 to 88. Largest five individual stock positions are Elevance Health, Amazon.com, Visa, McKesson, and Microsoft. They add up to ~22% 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.

New Stakes:

Salesforce, Inc. (CRM): CRM is a 1.59% of the portfolio stake purchased this quarter at prices between ~$144 and ~$191 and the stock currently trades below that range at ~$129.

UnitedHealth (UNH), Valvoline (VVV), PayPal Holdings (PYPL), KKR & Company (KKR), Sea Limited (SE), and Rogers Communications (RCI): These small (less than ~1% of the portfolio each) stakes were established during the quarter.

Stake Disposals:

American International Group (AIG): The 2.36% of the portfolio position in AIG was established last quarter at prices between ~$50 and ~$64. The disposal this quarter was at prices between ~$47.50 and ~$57.50. The stock is now at ~$63.

Centene Corp (CNC): Most of the 3.21% of the portfolio stake in CNC was purchased in H1 2019 at prices between $47and $66. H2 2019 saw a ~22% selling while next quarter there was a ~50% stake increase at prices between $45.50 and $68. The two quarters through Q1 2021 had seen a one-third selling at prices between ~$58 and ~$71. That was followed with a ~20% reduction in Q1 2022 at prices between ~$75 and ~$88. The elimination this quarter was at prices between ~$77 and ~$97. The stock is now at $81.63.

AON plc (AON), Boeing Company (BA), Booking Holdings (BKNG), Lam Research (LRCX), Walt Disney (DIS), and Workday (WDAY): These small (less than ~1.5% of the portfolio each) stakes were dropped during the quarter.

Stake Increases:

Elevance Health (ELV): The 4.90% ELV stake is now the largest position in the portfolio. It was built last quarter at prices between ~$444 and ~$530. There was a ~60% stake increase this quarter at prices between ~$446 and ~$507. The stock is now at ~$514.

Amazon.com Inc. (AMZN): AMZN is now a large (top three) 4.85% 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: The four quarters through Q1 2021 had seen a ~80% selling at prices between ~$95 and ~$177. The stake was rebuilt next quarter at prices between ~$155 and ~$175 but was again sold down in Q3 2021 at prices between ~$159 and ~$187. The pattern continued over the next two quarters: stake more than doubled at prices between ~$136 and ~$185. The stock currently trades at ~$85. This quarter also saw a ~15% stake increase.

Visa Inc. (V): The large (top three) 4.39% Visa position 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 next quarter there was a one-third selling at prices between ~$191 and ~$235. This quarter saw another stake doubling at prices between ~$178 and ~$217. The stock currently trades at ~$206.

McKesson Corp (MCK): MCK is a large (top five) ~4% of the portfolio position purchased last quarter at prices between ~$300 and ~$336 and the stock currently trades above that range at ~$384. There was a ~60% stake increase this quarter at prices between ~$321 and ~$374.

Microsoft Corporation (MSFT): MSFT is now at 3.77% of the portfolio. It was established in Q2 2016 at prices between $48.50 and $56.50 and increased by ~140% in the following quarter at prices between $51 and $58.50. Recent activity follows. Last year saw the position sold down by ~75% at prices between ~$212 and ~$343. There was a ~18% stake increase this quarter at prices between ~$225 and ~$294. The stock is now at ~$239.

General Electric (GE): The 3.68% 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 last two quarters at prices between ~$64 and ~$103. This quarter saw a similar increase at prices between ~$61 and ~$81. The stock is now at $81.79.

Meta Platforms (META) previously Facebook: META is a ~2% of the portfolio position established over the two quarters through Q1 2021 at prices between ~$246 and ~$295. The next two quarters had seen a ~27% selling at prices between ~$295 and ~$382. There was another one-third selling in Q1 2022 at prices between ~$187 and ~$339. Last two quarters saw the stake rebuilt at prices between ~$134 and ~$234. The stock is now at ~$118.

Boston Scientific (BSX): The 2.89% BSX stake saw a ~175% stake increase in Q4 2021 at prices between ~$38 and ~$45. Next quarter saw a roughly one-third selling at prices between ~$41 and ~$45. The stock currently trades at ~$46. Last two quarters saw a ~25% stake increase at prices between ~$35 and ~$47.

Brookfield Corp (BN): BN is a 2.79% of the portfolio position purchased over the two quarters through Q3 2021 at prices between ~$32 and ~$45 and it is now at ~$32. There was a ~25% reduction last quarter while this quarter saw a similar increase.

Note: the prices quoted above are adjusted for the Asset Management Business spinoff completed earlier this month. Shares of the spinoff which assumed the name Brookfield Asset Management was distributed at a ratio of 1 share of the separated business for every 4 Class A shares held. The parent company was then renamed Brookfield Corp. The spinoff was valued at ~$12 per share.

Dollar General (DG): The 2.69% of the portfolio position in DG saw a stake doubling this quarter at prices between ~$236 and ~$258. The stock is now at $248.

HDFC Bank (HDB): HDB is a 2.62% of the portfolio position built over the last three quarters at prices between ~$51 and ~$78 and the stock is now at $66.84. This quarter saw a minor ~6% stake increase.

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 $18.60. Last three quarters have seen marginal increases.

Note: Viking Global has a ~17% ownership stake in the business.

Intuit (INTU): INTU is a ~2% of the portfolio stake purchased last quarter at prices between ~$353 and ~$506 and it now goes for ~$385. There was a minor ~4% stake increase this quarter.

Ginkgo Bioworks (DNA): Shares of Ginkgo Bioworks started trading last September 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. Last quarter saw further selling. The position was rebuilt this quarter at prices between ~$2.40 and ~$3.75. The stock now trades at $1.66.

Ameriprise Financial (AMP), BioMarin Pharma (BMRN), Charles River (CRL), CME Group (CME), Insulet Corp (PODD), Micron Technology (MU), ServiceNow (NOW), Take-Two Software (TTWO), and Unum Group (UNUM): These small (less than ~2.2% of the portfolio each) stakes were increased this quarter.

Stake Decreases:

Chubb Ltd. (CB): CB is a ~3% position that saw a ~20% stake increase in Q4 2021 at prices between ~$174 and ~$196. It is now at ~$220. There was a ~13% trimming next quarter while last quarter saw a similar increase. There was a minor ~5% trimming this quarter.

MasterCard (MA): The 2.32% MA stake saw a ~30% increase last quarter at prices between ~$309 and ~$379. The stock currently trades at ~$344. This quarter saw a ~23% reduction at prices between ~$284 and ~$360.

T-Mobile US (TMUS): The ~2% TMUS stake was purchased over the six quarters through Q1 2021 at prices between ~$74 and ~$135. Next quarter saw a ~25% reduction at prices between ~$125 and ~$147 while in Q3 2021 there was a ~35% stake increase at around the same price range. That was followed with a ~30% stake increase in Q4 2021 at prices between ~$107 and ~$128. Last quarter saw a similar reduction at prices between ~$122 and ~$139. That was followed with a ~65% selling this quarter at prices between ~$132 and ~$147. The stock is now at ~$140.

Royalty Pharma (RPRX): The ~2% RPRX stake was built in Q4 2021 at prices between ~$35 and ~$43. The stock currently trades at $39.44. Last quarter saw a ~14% stake increase while this quarter there was similar trimming.

Parker Hannifin (PH): The ~2% PH stake was built during Q3 2021 at prices between ~$279 and ~$313. There was a ~42% reduction this quarter at prices between ~$238 and ~$308. The stock currently trades at ~$291.

Fortive Corp (FTV): FTV is a 1.64% of the portfolio position established during the three quarters through Q1 2020 at prices between $42 and $83. There was a ~40% stake increase in Q1 2021 at prices between ~$66 and ~$73. Q4 2021 saw a ~20% selling at prices between ~$70 and ~$79 while next quarter there was a ~40% stake increase at prices between ~$56 and ~$74. That was followed with a ~50% reduction this quarter at prices between ~$54 and ~$69. The stock currently goes for ~$64.

International Flavors & Fragrances (IFF): The 1.56% IFF stake was built in Q1 2022 at prices between ~$116 and ~$150 and the stock currently trades at ~$104. Last quarter saw a roughly one-third increase while this quarter saw a similar reduction.

Acadia Healthcare (ACAD), Amylyx Pharma (AMLX), Avantor Inc. (AVTR), Block Inc. (SQ), Catalent (CTLT), Guardant Health (GH), Intellia Therapeutics (NTLA), KE Holdings (KE), Karuna Therapeutics (KRTX), Marsh & McLennan (MMC), Molina Healthcare (MOH), Thermo Fisher Scientific (TMO), Uber Technologies (UBER), and Zai Lab (ZLAB): These very small (less than ~1% of the portfolio each) stakes were reduced during the quarter.

Note: Viking Global has a ~9.8% ownership stake in Amylyx Pharma.

Kept Steady:

Roivant Sciences (ROIV): ROIV came to market last September through a SPAC merger with Montes Archimedes. The stock currently goes for ~$7. Viking Global’s 1.31% of the portfolio stake goes back to a private investment made in July 2016.

Note: Viking Global controls ~13% of Roivant Sciences.

BridgeBio Pharma (BBIO): BBIO is a 1.22% 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 $7.88.

Note: Viking Global controls ~21% of BridgeBio Pharma.

Adaptive Biotechnologies (ADPT): ADPT position is now at ~1% 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 goes for $7.50. 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 ~21% of Adaptive Biotechnologies.

Note: Viking Global has significant ownership stakes in the following businesses: 4D Molecular (FDMT), Cazoo (CZOO), Edgewise Therapeutics (EWTX), Inhibrx (INBX), PepGen (PEPG), Pharvaris NV (PHVS), Rallybio Corp (RLYB), Talaris Therapeutics (TALS), and Trevi Therapeutics (TRVI).

The spreadsheet below highlights changes to Halvorsen’s 13F stock holdings in Q3 2022:

Source: John Vincent. Data constructed from Viking Global’s 13F filings for Q2 2022 and Q3 2022.

Editor’s Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.