Great investors · Andreas Halvorsen · Q2 2025
What Andreas Halvorsen bought and sold in Q2 2025
Viking Global 13F portfolio as of Jun 30, 2025: 83 positions worth $34.6 bn. Largest: BAC, SCHW, COF, JPM. Filed with the SEC on Aug 14, 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 Q2 2025
- NewWalt DisneyDIS+2.1 pp
- NewAir Products and ChemicalsAPD+1.8 pp
- IncreasedMcDONALD’SMCD+1.7 pp
- IncreasedJPMorgan ChaseJPM+1.6 pp
- IncreasedDanaherDHR+1.4 pp
- NewPNC Financial Services GroupPNC+1.3 pp
- IncreasedAmerican TowerAMT+1.3 pp
- IncreasedPrimo BrandsPRMB+1.2 pp
- NewBlockXYZ+1.1 pp
- IncreasedSherwin-williamsSHW+1.0 pp
- NewEli LillyLLY+0.9 pp
- IncreasedT-mobile USTMUS+0.9 pp
Sells in Q2 2025
- Sold outUnitedHealth GroupUNH−3.2 pp
- Sold outIntuitINTU−3.0 pp
- ReducedMeta PlatformsMETA−2.4 pp
- Sold outNetflixNFLX−2.0 pp
- Sold outChubbCB−1.7 pp
- Sold outIntercontinental ExchangeICE−1.6 pp
- ReducedAPi GroupAPG−1.5 pp
- ReducedCarvanaCVNA−1.4 pp
- ReducedUS Bancorp \de\USB−1.4 pp
- ReducedNVIDIANVDA−1.3 pp
- Sold outDeutsche Bank AktiengesellschaftDB−1.0 pp
- Sold outAllstateALL−1.0 pp
47 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 Q2 2025 13F lists 83 lines of US-listed securities worth $34.6 bn; the largest is BAC at 4.27% of the portfolio. It was accepted by the SEC on Aug 14, 2025 at 4:55 PM ET.
Against the previous quarter, it opened 19 positions (DIS, APD, PNC and XYZ and 15 more), closed 28 (UNH, INTU, NFLX and CB and 24 more), added to 34 (DHR, PRMB, MCD and RACE and 30 more) and trimmed 18 (USB, APG, NVDA and CVNA and 14 more). 11 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Bank of America BAC | 31.2 M | $1.5 bn | 4.27% | −3% |
| 2 | Charles Schwab SCHW | 15.8 M | $1.4 bn | 4.16% | −11% |
| 3 | Capital One Financial COF | 5.7 M | $1.2 bn | 3.49% | +24% |
| 4 | JPMorgan Chase JPM | 4.0 M | $1.2 bn | 3.39% | +86% |
| 5 | US Bancorp \de\ USB | 24.1 M | $1.1 bn | 3.15% | −31% |
| 6 | Taiwan Semiconductor Manufacturing TSM | 4.3 M | $981M | 2.83% | −11% |
| 7 | McDONALD’S MCD | 3.1 M | $913M | 2.64% | +172% |
| 8 | Amazon.com AMZN | 3.9 M | $855M | 2.47% | +43% |
| 9 | Fortive FTV | 15.9 M | $830M | 2.40% | +23% |
| 10 | BridgeBio Pharma BBIO | 18.6 M | $801M | 2.32% | −16% |
| 11 | Walt Disney DIS | 5.8 M | $725M | 2.10% | new |
| 12 | HCA Healthcare HCA | 1.9 M | $717M | 2.07% | +58% |
| 13 | T-mobile US TMUS | 2.8 M | $678M | 1.96% | +82% |
| 14 | BioMarin Pharmaceutical BMRN | 12.3 M | $676M | 1.95% | +14% |
| 15 | Sherwin-williams SHW | 2.0 M | $672M | 1.94% | +101% |
| 16 | Flutter Entertainment FLUT | 2.3 M | $653M | 1.89% | −11% |
| 17 | General Motors GM | 13.0 M | $641M | 1.85% | +81% |
| 18 | Philip Morris International PM | 3.5 M | $629M | 1.82% | +7.5% |
| 19 | Cencora COR | 2.1 M | $624M | 1.80% | +95% |
| 20 | American Tower AMT | 2.8 M | $618M | 1.79% | +233% |
| 21 | CSX CSX | 18.9 M | $616M | 1.78% | +11% |
| 22 | Air Products and Chemicals APD | 2.2 M | $608M | 1.76% | new |
| 23 | Ross Stores ROST | 4.7 M | $606M | 1.75% | +9.9% |
| 24 | Boeing BA | 2.8 M | $594M | 1.72% | −12% |
| 25 | APi Group APG | 11.5 M | $589M | 1.70% | −46% |
| 26 | NVIDIA NVDA | 3.7 M | $582M | 1.68% | −44% |
| 27 | Primo Brands PRMB | 19.6 M | $581M | 1.68% | +290% |
| 28 | Visa V | 1.6 M | $575M | 1.66% | −24% |
| 29 | Danaher DHR | 2.9 M | $574M | 1.66% | +544% |
| 30 | Sea SE | 3.5 M | $566M | 1.64% | −15% |
| 31 | Qualcomm QCOM | 3.2 M | $502M | 1.45% | +120% |
| 32 | Regal Rexnord RRX | 3.4 M | $497M | 1.44% | +26% |
| 33 | Nike NKE | 7.0 M | $495M | 1.43% | +26% |
| 34 | PNC Financial Services Group PNC | 2.4 M | $443M | 1.28% | new |
| 35 | Roivant Sciences ROIV | 34.2 M | $386M | 1.12% | −26% |
| 36 | TIC Solutions TIC | 34.4 M | $379M | 1.10% | no change |
| 37 | First Solar FSLR | 2.3 M | $375M | 1.08% | +61% |
| 38 | Carnival CCL | 13.2 M | $371M | 1.07% | +6.4% |
| 39 | Block XYZ | 5.4 M | $368M | 1.06% | new |
| 40 | D.R. Horton DHI | 2.8 M | $364M | 1.05% | +108% |
| 41 | Carvana CVNA | 1.1 M | $363M | 1.05% | −58% |
| 42 | Ferrari RACE | 721,269 | $354M | 1.02% | +433% |
| 43 | Tesla TSLA | 1.1 M | $350M | 1.01% | +214% |
| 44 | Adaptive Biotechnologies ADPT | 30.0 M | $349M | 1.01% | no change |
| 45 | Boston Scientific BSX | 3.0 M | $327M | 0.95% | +28% |
| 46 | Eli Lilly LLY | 416,918 | $325M | 0.94% | new |
| 47 | Chipotle Mexican Grill CMG | 5.7 M | $319M | 0.92% | −5.3% |
| 48 | Camden Property Trust CPT | 2.7 M | $306M | 0.88% | −2.6% |
| 49 | Lennar LEN | 2.5 M | $279M | 0.81% | +87% |
| 50 | Advanced Micro Devices AMD | 1.9 M | $271M | 0.78% | new |
| 51 | CoStar Group CSGP | 3.2 M | $259M | 0.75% | new |
| 52 | Ralliant RAL | 5.3 M | $257M | 0.74% | from a spin-off |
| 53 | Arthur J. Gallagher AJG | 725,795 | $232M | 0.67% | +8.9% |
| 54 | Saia SAIA | 827,659 | $227M | 0.66% | new |
| 55 | BlackRock BLK | 195,104 | $205M | 0.59% | new |
| 56 | Meta Platforms META | 265,499 | $196M | 0.57% | −82% |
| 57 | TEVA Pharmaceutical Industries TEVA | 11.7 M | $196M | 0.57% | +15% |
| 58 | Trade Desk TTD | 2.7 M | $193M | 0.56% | new |
| 59 | Maplebear CART | 3.8 M | $170M | 0.49% | new |
| 60 | CME Group CME | 597,374 | $165M | 0.48% | new |
| 61 | Integer Holdings ITGR | 1.3 M | $158M | 0.46% | +9.1% |
| 62 | American International Group AIG | 1.8 M | $155M | 0.45% | new |
| 63 | Johnson Controls International JCI | 1.5 M | $153M | 0.44% | new |
| 64 | Amer Sports AS | 3.9 M | $150M | 0.43% | +65% |
| 65 | AppLovin APP | 372,973 | $131M | 0.38% | +172% |
| 66 | Masimo MASI | 767,426 | $129M | 0.37% | new |
| 67 | NewAmsterdam Pharma NAMS | 7.0 M | $126M | 0.37% | no change |
| 68 | RYAN Specialty Holdings RYAN | 1.4 M | $96.1M | 0.28% | +48% |
| 69 | Royalty Pharma RPRX | 2.6 M | $93.6M | 0.27% | −75% |
| 70 | UBS Group UBS | 2.6 M | $87.3M | 0.25% | new |
| 71 | Molina Healthcare MOH | 267,421 | $79.7M | 0.23% | new |
| 72 | Standard Biotools LAB | 58.7 M | $70.4M | 0.20% | no change |
| 73 | ORIC Pharmaceuticals ORIC | 6.6 M | $66.7M | 0.19% | no change |
| 74 | Pharvaris PHVS | 3.7 M | $64.3M | 0.19% | no change |
| 75 | Sionna Therapeutics SION | 3.2 M | $55.4M | 0.16% | +8.2% |
| 76 | Metsera | 1.6 M | $46.0M | 0.13% | no change |
| 77 | Ginkgo Bioworks Holdings DNA | 3.6 M | $40.2M | 0.12% | no change |
| 78 | Inhibrx Biosciences INBX | 1.8 M | $25.5M | 0.07% | no change |
| 79 | Healthequity HQY | 219,746 | $23.0M | 0.07% | new |
| 80 | Establishment Labs Holdings ESTA | 343,465 | $14.7M | 0.04% | new |
| 81 | Trevi Therapeutics TRVI | 1.5 M | $8.4M | 0.02% | −52% |
| 82 | Pepgen PEPG | 1.5 M | $1.6M | 0.00% | no change |
| 83 | Rallybio | 4.2 M | $1.4M | 0.00% | no change |
Positions it closed (28)
- UnitedHealth Group UNHwas 3.56% · 2.1 M shares
- Intuit INTUwas 3.33% · 1.7 M shares
- Netflix NFLXwas 2.22% · 749,431 shares
- Chubb CBwas 1.87% · 1.9 M shares
- Intercontinental Exchange ICEwas 1.75% · 3.2 M shares
- Deutsche Bank Aktiengesellschaft DBwas 1.13% · 15.1 M shares
- Allstate ALLwas 1.12% · 1.7 M shares
- DoorDash DASHwas 1.08% · 1.9 M shares
- Skechers U SKAAwas 1.05% · 5.8 M shares
- Progressive PGRwas 0.96% · 1.1 M shares
- Synopsys SNPSwas 0.96% · 703,912 shares
- Microsoft MSFTwas 0.82% · 683,918 shares
- Mid-america Apartment Communities MAAwas 0.60% · 1.1 M shares
- Equitable Holdings EQHwas 0.54% · 3.3 M shares
- Monster Beverage MNSTwas 0.53% · 2.9 M shares
- M&t Bank MTBwas 0.42% · 746,309 shares
- TransUnion TRUwas 0.35% · 1.3 M shares
- Spotify Technology SPOTwas 0.34% · 192,877 shares
- BioNTech BNTXwas 0.25% · 879,972 shares
- Autodesk ADSKwas 0.25% · 304,494 shares
- Regeneron Pharmaceuticals REGNwas 0.20% · 97,739 shares
- Travere Therapeutics TVTXwas 0.15% · 2.6 M shares
- Twilio TWLOwas 0.08% · 255,514 shares
- Immunovant IMVTwas 0.06% · 1.1 M shares
- SailPoint SAILwas 0.06% · 1.0 M shares
- Edgewise Therapeutics EWTXwas 0.03% · 490,035 shares
- MetLife METwas 0.02% · 84,312 shares
- Li Auto LIwas 0.01% · 96,031 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.