Great investors · Andreas Halvorsen · Q1 2025
What Andreas Halvorsen bought and sold in Q1 2025
Viking Global 13F portfolio as of Mar 31, 2025: 91 positions worth $31.5 bn. Largest: USB, SCHW, BAC, UNH. Filed with the SEC on May 15, 2025.
The 13F is filed by Viking Global, not by Andreas Halvorsen personally: these are the whole firm's positions. A “position” is a distinct security in the filing (by CUSIP); share classes of the same company are shown added together.
Buys in Q1 2025
- NewMeta PlatformsMETA+2.7 pp
- NewCapital One FinancialCOF+2.6 pp
- NewChubbCB+1.9 pp
- NewSeaSE+1.7 pp
- IncreasedNVIDIANVDA+1.6 pp
- IncreasedUS Bancorp \de\USB+1.4 pp
- NewMcDONALD’SMCD+1.1 pp
- NewDeutsche Bank AktiengesellschaftDB+1.1 pp
- NewNikeNKE+1.1 pp
- IncreasedCarvanaCVNA+1.1 pp
- IncreasedRoss StoresROST+1.1 pp
- IncreasedBank of AmericaBAC+1.0 pp
Sells in Q1 2025
- ReducedJPMorgan ChaseJPM−4.1 pp
- Sold outComcastCMCSA−2.4 pp
- Sold outAlphabetGOOGL−2.2 pp
- ReducedSpotify TechnologySPOT−2.2 pp
- ReducedMicrosoftMSFT−2.0 pp
- ReducedDoorDashDASH−1.8 pp
- Sold outAdobeADBE−1.7 pp
- Sold outStarbucksSBUX−1.5 pp
- ReducedVisaV−1.5 pp
- ReducedMetLifeMET−1.5 pp
- Sold outSalesforceCRM−1.3 pp
- ReducedProgressivePGR−1.0 pp
46 companies with material moves, out of 99 positions with a change. Only moves of 0.5 points of the portfolio or more are listed, measured as “traded weight” (what was bought or sold, excluding price effects). Smaller changes exist and are not listed: a position may have gone up or down without appearing above.
The full 13F, line by line
Viking Global's Q1 2025 13F lists 91 lines of US-listed securities worth $31.5 bn; the largest is USB at 4.68% of the portfolio. It was accepted by the SEC on May 15, 2025 at 3:48 PM ET.
Against the previous quarter, it opened 27 positions (META, COF, CB and SE and 23 more), closed 22 (CMCSA, GOOGL, ADBE and SBUX and 18 more), added to 27 (NVDA, CVNA, ROST and QCOM and 23 more) and trimmed 27 (JPM, V, DASH and PM and 23 more). 10 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | US Bancorp \de\ USB | 34.9 M | $1.5 bn | 4.68% | +43% |
| 2 | Charles Schwab SCHW | 17.7 M | $1.4 bn | 4.41% | +21% |
| 3 | Bank of America BAC | 32.2 M | $1.3 bn | 4.27% | +30% |
| 4 | UnitedHealth Group UNH | 2.1 M | $1.1 bn | 3.56% | +12% |
| 5 | Intuit INTU | 1.7 M | $1.0 bn | 3.33% | no change |
| 6 | Fortive FTV | 13.0 M | $948M | 3.01% | −1.8% |
| 7 | Meta Platforms META | 1.5 M | $845M | 2.69% | new |
| 8 | Capital One Financial COF | 4.6 M | $823M | 2.62% | new |
| 9 | Taiwan Semiconductor Manufacturing TSM | 4.9 M | $812M | 2.58% | +20% |
| 10 | APi Group APG | 21.5 M | $770M | 2.45% | no change |
| 11 | BioMarin Pharmaceutical BMRN | 10.8 M | $763M | 2.43% | +2.8% |
| 12 | BridgeBio Pharma BBIO | 22.1 M | $762M | 2.42% | −12% |
| 13 | Visa V | 2.1 M | $745M | 2.37% | −39% |
| 14 | NVIDIA NVDA | 6.5 M | $709M | 2.25% | +222% |
| 15 | Netflix NFLX | 749,431 | $699M | 2.22% | +49% |
| 16 | Chubb CB | 1.9 M | $589M | 1.87% | new |
| 17 | Flutter Entertainment FLUT | 2.6 M | $566M | 1.80% | +37% |
| 18 | Ross Stores ROST | 4.3 M | $552M | 1.75% | +153% |
| 19 | Intercontinental Exchange ICE | 3.2 M | $552M | 1.75% | +16% |
| 20 | Boeing BA | 3.2 M | $551M | 1.75% | +8.6% |
| 21 | Sea SE | 4.2 M | $543M | 1.72% | new |
| 22 | Carvana CVNA | 2.6 M | $534M | 1.70% | +192% |
| 23 | JPMorgan Chase JPM | 2.2 M | $533M | 1.69% | −71% |
| 24 | Amazon.com AMZN | 2.7 M | $518M | 1.65% | +4.1% |
| 25 | Philip Morris International PM | 3.2 M | $510M | 1.62% | −37% |
| 26 | CSX CSX | 17.1 M | $502M | 1.60% | +16% |
| 27 | Roivant Sciences ROIV | 46.0 M | $464M | 1.47% | −3.8% |
| 28 | T-mobile US TMUS | 1.6 M | $418M | 1.33% | +157% |
| 29 | HCA Healthcare HCA | 1.2 M | $408M | 1.30% | +6.4% |
| 30 | TIC Solutions TIC | 34.4 M | $382M | 1.21% | new |
| 31 | McDONALD’S MCD | 1.2 M | $359M | 1.14% | new |
| 32 | Deutsche Bank Aktiengesellschaft DB | 15.1 M | $356M | 1.13% | new |
| 33 | Allstate ALL | 1.7 M | $353M | 1.12% | −12% |
| 34 | Nike NKE | 5.5 M | $352M | 1.12% | new |
| 35 | Camden Property Trust CPT | 2.8 M | $341M | 1.08% | −17% |
| 36 | DoorDash DASH | 1.9 M | $340M | 1.08% | −62% |
| 37 | Sherwin-williams SHW | 972,230 | $339M | 1.08% | +57% |
| 38 | General Motors GM | 7.2 M | $338M | 1.07% | +179% |
| 39 | Skechers U SKAA | 5.8 M | $329M | 1.05% | +60% |
| 40 | Royalty Pharma RPRX | 10.6 M | $329M | 1.04% | −13% |
| 41 | Regal Rexnord RRX | 2.7 M | $311M | 0.99% | +215% |
| 42 | Progressive PGR | 1.1 M | $302M | 0.96% | −51% |
| 43 | Synopsys SNPS | 703,912 | $302M | 0.96% | −2.4% |
| 44 | Chipotle Mexican Grill CMG | 6.0 M | $302M | 0.96% | new |
| 45 | Cencora COR | 1.1 M | $297M | 0.94% | new |
| 46 | Microsoft MSFT | 683,918 | $257M | 0.82% | −71% |
| 47 | Carnival CCL | 12.4 M | $242M | 0.77% | new |
| 48 | Boston Scientific BSX | 2.4 M | $240M | 0.76% | +9.4% |
| 49 | Arthur J. Gallagher AJG | 666,552 | $230M | 0.73% | new |
| 50 | Adaptive Biotechnologies ADPT | 30.0 M | $223M | 0.71% | no change |
| 51 | Qualcomm QCOM | 1.4 M | $220M | 0.70% | +344% |
| 52 | Mid-america Apartment Communities MAA | 1.1 M | $188M | 0.60% | new |
| 53 | American Tower AMT | 838,796 | $183M | 0.58% | −6.5% |
| 54 | First Solar FSLR | 1.4 M | $178M | 0.57% | new |
| 55 | Primo Brands PRMB | 5.0 M | $178M | 0.57% | new |
| 56 | D.R. Horton DHI | 1.4 M | $173M | 0.55% | new |
| 57 | Equitable Holdings EQH | 3.3 M | $171M | 0.54% | +329% |
| 58 | Monster Beverage MNST | 2.9 M | $167M | 0.53% | −65% |
| 59 | TEVA Pharmaceutical Industries TEVA | 10.1 M | $156M | 0.49% | +56% |
| 60 | Lennar LEN | 1.4 M | $155M | 0.49% | new |
| 61 | NewAmsterdam Pharma NAMS | 7.0 M | $143M | 0.45% | no change |
| 62 | Integer Holdings ITGR | 1.2 M | $139M | 0.44% | +1.9% |
| 63 | M&t Bank MTB | 746,309 | $133M | 0.42% | new |
| 64 | TransUnion TRU | 1.3 M | $111M | 0.35% | −67% |
| 65 | Spotify Technology SPOT | 192,877 | $106M | 0.34% | −88% |
| 66 | Danaher DHR | 451,521 | $92.6M | 0.29% | new |
| 67 | Tesla TSLA | 350,084 | $90.7M | 0.29% | new |
| 68 | BioNTech BNTX | 879,972 | $80.1M | 0.25% | −6.5% |
| 69 | Autodesk ADSK | 304,494 | $79.7M | 0.25% | −60% |
| 70 | RYAN Specialty Holdings RYAN | 955,889 | $70.6M | 0.22% | new |
| 71 | Standard Biotools LAB | 58.7 M | $63.3M | 0.20% | no change |
| 72 | Amer Sports AS | 2.4 M | $62.9M | 0.20% | new |
| 73 | Regeneron Pharmaceuticals REGN | 97,739 | $62.0M | 0.20% | new |
| 74 | Ferrari RACE | 135,397 | $57.4M | 0.18% | new |
| 75 | Pharvaris PHVS | 3.7 M | $57.4M | 0.18% | no change |
| 76 | Travere Therapeutics TVTX | 2.6 M | $46.6M | 0.15% | −10% |
| 77 | Metsera | 1.6 M | $44.0M | 0.14% | new |
| 78 | ORIC Pharmaceuticals ORIC | 6.6 M | $36.7M | 0.12% | +48% |
| 79 | AppLovin APP | 137,093 | $36.3M | 0.12% | −8% |
| 80 | Sionna Therapeutics SION | 3.0 M | $30.9M | 0.10% | new |
| 81 | Twilio TWLO | 255,514 | $25.0M | 0.08% | −70% |
| 82 | Inhibrx Biosciences INBX | 1.8 M | $25.0M | 0.08% | no change |
| 83 | Ginkgo Bioworks Holdings DNA | 3.6 M | $20.4M | 0.06% | no change |
| 84 | Trevi Therapeutics TRVI | 3.2 M | $20.3M | 0.06% | −27% |
| 85 | Immunovant IMVT | 1.1 M | $19.1M | 0.06% | −21% |
| 86 | SailPoint SAIL | 1.0 M | $18.9M | 0.06% | new |
| 87 | Edgewise Therapeutics EWTX | 490,035 | $10.8M | 0.03% | −60% |
| 88 | MetLife MET | 84,312 | $6.8M | 0.02% | −99% |
| 89 | Rallybio | 4.2 M | $2.7M | 0.01% | no change |
| 90 | Li Auto LI | 96,031 | $2.4M | 0.01% | −98% |
| 91 | Pepgen PEPG | 1.5 M | $2.1M | 0.01% | no change |
Positions it closed (22)
- Comcast CMCSAwas 2.41% · 19.8 M shares
- Alphabet GOOGLwas 2.24% · 3.7 M shares
- Adobe ADBEwas 1.78% · 1.2 M shares
- Starbucks SBUXwas 1.58% · 5.3 M shares
- Salesforce CRMwas 1.31% · 1.2 M shares
- Aon AONwas 0.84% · 720,364 shares
- American Airlines Group AALwas 0.76% · 13.5 M shares
- Cooper COS COOwas 0.60% · 2.0 M shares
- Zscaler ZSwas 0.53% · 914,969 shares
- Travelers Companies TRVwas 0.52% · 671,750 shares
- KKR KKRwas 0.42% · 875,778 shares
- Atlassian TEAMwas 0.39% · 496,185 shares
- GE Vernova GEVwas 0.38% · 361,475 shares
- Apollo Global Management APOwas 0.30% · 569,435 shares
- Charter Communications CHTRwas 0.28% · 251,441 shares
- CoStar Group CSGPwas 0.27% · 1.2 M shares
- Vistra Operations VSTwas 0.27% · 601,501 shares
- Aptiv APTVwas 0.20% · 1.0 M shares
- SNAP SNAPwas 0.18% · 5.3 M shares
- Oscar Health OSCRwas 0.13% · 3.1 M shares
- lululemon athletica LULUwas 0.10% · 83,105 shares
- Pony AI PONYwas 0.03% · 739,797 shares
One row per line of the filing (by CUSIP): share classes of the same company are listed separately here. “Change in shares” compares the count with the previous quarter, split-adjusted; the value is the one reported in the 13F at quarter end, not today's price.
Original documents: Viking Global's 13F filings on EDGAR (SEC) ↗
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Source: 13F filings with the SEC. A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions. Not investment advice.