Great investors · Andreas Halvorsen · Q3 2025
What Andreas Halvorsen bought and sold in Q3 2025
Viking Global 13F portfolio as of Sep 30, 2025: 78 positions worth $38.5 bn. Largest: PNC, JPM, SCHW, COF. Filed with the SEC on Nov 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 Q3 2025
- NewMicrosoftMSFT+3.3 pp
- IncreasedPNC Financial Services GroupPNC+2.9 pp
- NewNetflixNFLX+1.6 pp
- IncreasedJohnson Controls InternationalJCI+1.5 pp
- NewDraftkingsDKNG+1.5 pp
- IncreasedWalt DisneyDIS+1.4 pp
- NewAonAON+1.3 pp
- IncreasedBlackRockBLK+1.3 pp
- IncreasedMeta PlatformsMETA+1.3 pp
- IncreasedVisaV+1.1 pp
- IncreasedUBS GroupUBS+1.1 pp
- NewCelesticaCLS+1.1 pp
Sells in Q3 2025
- Sold outUS Bancorp \de\USB−2.8 pp
- ReducedBank of AmericaBAC−2.6 pp
- Sold outAmazon.comAMZN−2.2 pp
- Sold outFlutter EntertainmentFLUT−1.7 pp
- Sold outAmerican TowerAMT−1.6 pp
- Sold outNVIDIANVDA−1.5 pp
- Sold outQualcommQCOM−1.3 pp
- ReducedRoss StoresROST−1.1 pp
- Sold outCarnivalCCL−1.0 pp
- Sold outBlockXYZ−1.0 pp
- Sold outD.R. HortonDHI−0.9 pp
- Sold outFerrariRACE−0.9 pp
43 companies with material moves, out of 86 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 Q3 2025 13F lists 78 lines of US-listed securities worth $38.5 bn; the largest is PNC at 4.15% of the portfolio. It was accepted by the SEC on Nov 14, 2025 at 4:42 PM ET.
Against the previous quarter, it opened 15 positions (MSFT, NFLX, DKNG and AON and 11 more), closed 20 (USB, AMZN, FLUT and AMT and 16 more), added to 30 (PNC, JCI, UBS and META and 26 more) and trimmed 22 (BAC, ROST, HCA and BMRN and 18 more). 11 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | PNC Financial Services Group PNC | 8.0 M | $1.6 bn | 4.15% | +235% |
| 2 | JPMorgan Chase JPM | 5.1 M | $1.6 bn | 4.14% | +25% |
| 3 | Charles Schwab SCHW | 16.6 M | $1.6 bn | 4.11% | +5.1% |
| 4 | Capital One Financial COF | 7.4 M | $1.6 bn | 4.08% | +30% |
| 5 | Microsoft MSFT | 2.4 M | $1.3 bn | 3.27% | new |
| 6 | Walt Disney DIS | 10.4 M | $1.2 bn | 3.11% | +79% |
| 7 | Taiwan Semiconductor Manufacturing TSM | 3.9 M | $1.1 bn | 2.86% | −8.9% |
| 8 | McDONALD’S MCD | 3.4 M | $1.0 bn | 2.66% | +8% |
| 9 | Fortive FTV | 20.5 M | $1.0 bn | 2.61% | +29% |
| 10 | Air Products and Chemicals APD | 3.7 M | $1.0 bn | 2.60% | +70% |
| 11 | Sherwin-williams SHW | 2.9 M | $998M | 2.59% | +47% |
| 12 | Visa V | 2.9 M | $989M | 2.57% | +79% |
| 13 | BridgeBio Pharma BBIO | 16.0 M | $830M | 2.16% | −14% |
| 14 | General Motors GM | 13.0 M | $794M | 2.06% | no change |
| 15 | Carvana CVNA | 2.1 M | $793M | 2.06% | +95% |
| 16 | T-mobile US TMUS | 3.3 M | $781M | 2.03% | +15% |
| 17 | Johnson Controls International JCI | 6.8 M | $747M | 1.94% | +368% |
| 18 | BlackRock BLK | 619,492 | $722M | 1.88% | +218% |
| 19 | Philip Morris International PM | 4.4 M | $718M | 1.86% | +28% |
| 20 | Tesla TSLA | 1.6 M | $716M | 1.86% | +46% |
| 21 | Meta Platforms META | 929,003 | $682M | 1.77% | +250% |
| 22 | Advanced Micro Devices AMD | 4.2 M | $676M | 1.76% | +119% |
| 23 | Boeing BA | 3.0 M | $650M | 1.69% | +6.2% |
| 24 | Nike NKE | 9.0 M | $627M | 1.63% | +29% |
| 25 | Netflix NFLX | 500,812 | $600M | 1.56% | new |
| 26 | Bank of America BAC | 11.5 M | $593M | 1.54% | −63% |
| 27 | HCA Healthcare HCA | 1.4 M | $588M | 1.53% | −26% |
| 28 | CSX CSX | 15.9 M | $566M | 1.47% | −15% |
| 29 | Draftkings DKNG | 15.0 M | $561M | 1.46% | new |
| 30 | Cencora COR | 1.8 M | $556M | 1.44% | −15% |
| 31 | Danaher DHR | 2.8 M | $545M | 1.42% | −5.4% |
| 32 | Sea SE | 3.0 M | $543M | 1.41% | −14% |
| 33 | UBS Group UBS | 13.1 M | $535M | 1.39% | +408% |
| 34 | Primo Brands PRMB | 23.0 M | $509M | 1.32% | +18% |
| 35 | Aon AON | 1.4 M | $504M | 1.31% | new |
| 36 | TIC Solutions TIC | 34.4 M | $457M | 1.19% | no change |
| 37 | BioMarin Pharmaceutical BMRN | 8.3 M | $451M | 1.17% | −32% |
| 38 | Adaptive Biotechnologies ADPT | 30.0 M | $449M | 1.17% | no change |
| 39 | Regal Rexnord RRX | 3.1 M | $448M | 1.16% | −8.9% |
| 40 | Celestica CLS | 1.7 M | $424M | 1.10% | new |
| 41 | APi Group APG | 12.3 M | $423M | 1.10% | −29% |
| 42 | Saia SAIA | 1.4 M | $414M | 1.08% | +67% |
| 43 | Camden Property Trust CPT | 3.8 M | $411M | 1.07% | +42% |
| 44 | Mid-america Apartment Communities MAA | 2.6 M | $370M | 0.96% | new |
| 45 | Roivant Sciences ROIV | 23.6 M | $357M | 0.93% | −31% |
| 46 | KKR KKR | 2.7 M | $352M | 0.91% | new |
| 47 | Ross Stores ROST | 2.0 M | $308M | 0.80% | −57% |
| 48 | Chipotle Mexican Grill CMG | 6.6 M | $260M | 0.68% | +17% |
| 49 | Boston Scientific BSX | 2.6 M | $258M | 0.67% | −13% |
| 50 | Edwards Lifesciences EW | 3.1 M | $239M | 0.62% | new |
| 51 | Ralliant RAL | 5.1 M | $222M | 0.58% | −4.2% |
| 52 | Chewy CHWY | 5.5 M | $222M | 0.58% | new |
| 53 | Amer Sports AS | 6.3 M | $220M | 0.57% | +63% |
| 54 | Deutsche Bank Aktiengesellschaft DB | 6.1 M | $215M | 0.56% | new |
| 55 | CBRE Group CBRE | 1.2 M | $191M | 0.50% | new |
| 56 | NewAmsterdam Pharma NAMS | 6.5 M | $184M | 0.48% | −7.2% |
| 57 | Intuit INTU | 264,136 | $180M | 0.47% | new |
| 58 | Deckers Outdoor DECK | 1.7 M | $175M | 0.45% | new |
| 59 | First Solar FSLR | 767,996 | $169M | 0.44% | −66% |
| 60 | Masimo MASI | 1.1 M | $158M | 0.41% | +40% |
| 61 | CoStar Group CSGP | 1.8 M | $156M | 0.41% | −43% |
| 62 | AppLovin APP | 162,525 | $117M | 0.30% | −56% |
| 63 | RYAN Specialty Holdings RYAN | 1.9 M | $109M | 0.28% | +37% |
| 64 | Integer Holdings ITGR | 1.0 M | $106M | 0.27% | −20% |
| 65 | Sionna Therapeutics SION | 3.2 M | $94.0M | 0.24% | no change |
| 66 | Pharvaris PHVS | 3.7 M | $91.2M | 0.24% | no change |
| 67 | ORIC Pharmaceuticals ORIC | 6.6 M | $78.9M | 0.20% | no change |
| 68 | Standard Biotools LAB | 58.7 M | $76.2M | 0.20% | no change |
| 69 | Inhibrx Biosciences INBX | 1.8 M | $60.2M | 0.16% | no change |
| 70 | Ginkgo Bioworks Holdings DNA | 3.6 M | $52.2M | 0.14% | no change |
| 71 | Oruka Therapeutics ORKA | 2.7 M | $51.3M | 0.13% | new |
| 72 | TEVA Pharmaceutical Industries TEVA | 2.5 M | $51.1M | 0.13% | −78% |
| 73 | Trevi Therapeutics TRVI | 5.1 M | $46.9M | 0.12% | +232% |
| 74 | Stubhub Holdings STUB | 2.0 M | $34.4M | 0.09% | new |
| 75 | Maplebear CART | 832,857 | $30.6M | 0.08% | −78% |
| 76 | Pepgen PEPG | 3.5 M | $16.1M | 0.04% | +135% |
| 77 | Establishment Labs Holdings ESTA | 343,465 | $14.1M | 0.04% | no change |
| 78 | Rallybio | 4.2 M | $2.1M | 0.01% | no change |
Positions it closed (20)
- US Bancorp \de\ USBwas 3.15% · 24.1 M shares
- Amazon.com AMZNwas 2.47% · 3.9 M shares
- Flutter Entertainment FLUTwas 1.89% · 2.3 M shares
- American Tower AMTwas 1.79% · 2.8 M shares
- NVIDIA NVDAwas 1.68% · 3.7 M shares
- Qualcomm QCOMwas 1.45% · 3.2 M shares
- Carnival CCLwas 1.07% · 13.2 M shares
- Block XYZwas 1.06% · 5.4 M shares
- D.R. Horton DHIwas 1.05% · 2.8 M shares
- Ferrari RACEwas 1.02% · 721,269 shares
- Eli Lilly LLYwas 0.94% · 416,918 shares
- Lennar LENwas 0.81% · 2.5 M shares
- Arthur J. Gallagher AJGwas 0.67% · 725,795 shares
- The Trade Desk TTDwas 0.56% · 2.7 M shares
- CME Group CMEwas 0.48% · 597,374 shares
- American International Group AIGwas 0.45% · 1.8 M shares
- Royalty Pharma RPRXwas 0.27% · 2.6 M shares
- Molina Healthcare MOHwas 0.23% · 267,421 shares
- Metsera was 0.13% · 1.6 M shares
- Healthequity HQYwas 0.07% · 219,746 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.