Great investors · Andreas Halvorsen · Q4 2025
What Andreas Halvorsen bought and sold in Q4 2025
Viking Global 13F portfolio as of Dec 31, 2025: 76 positions worth $37.7 bn. Largest: MSFT, PNC, TSM, V. Filed with the SEC on Feb 17, 2026.
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 Q4 2025
- NewAlphabetGOOGL+2.2 pp
- NewIntercontinental ExchangeICE+2.0 pp
- NewAmazon.comAMZN+1.9 pp
- NewDICK'S Sporting GoodsDKS+1.3 pp
- NewThermo Fisher ScientificTMO+1.2 pp
- NewStellantisSTLA+1.1 pp
- NewCarnivalCCL+1.1 pp
- NewUnitedHealth GroupUNH+1.0 pp
- IncreasedVisaV+1.0 pp
- IncreasedMicrosoftMSFT+1.0 pp
- NewChubbCB+0.8 pp
- NewProgressivePGR+0.8 pp
Sells in Q4 2025
- ReducedCapital One FinancialCOF−2.8 pp
- ReducedJPMorgan ChaseJPM−2.6 pp
- Sold outBlackRockBLK−1.9 pp
- Sold outPhilip Morris InternationalPM−1.9 pp
- Sold outMeta PlatformsMETA−1.8 pp
- Sold outNikeNKE−1.6 pp
- Sold outNetflixNFLX−1.6 pp
- Sold outCencoraCOR−1.4 pp
- Sold outDanaherDHR−1.4 pp
- Sold outPrimo BrandsPRMB−1.3 pp
- ReducedGeneral MotorsGM−1.3 pp
- ReducedCarvanaCVNA−1.1 pp
44 companies with material moves, out of 88 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 Q4 2025 13F lists 76 lines of US-listed securities worth $37.7 bn; the largest is MSFT at 4.13% of the portfolio. It was accepted by the SEC on Feb 17, 2026 at 4:59 PM ET.
Against the previous quarter, it opened 21 positions (GOOGL, ICE, AMZN and DKS and 17 more), closed 23 (BLK, PM, META and NKE and 19 more), added to 17 (CHWY, V, MSFT and TSM and 13 more) and trimmed 28 (COF, JPM, GM and SCHW and 24 more). 10 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | Microsoft MSFT | 3.2 M | $1.6 bn | 4.13% | +32% |
| 2 | PNC Financial Services Group PNC | 7.3 M | $1.5 bn | 4.04% | −8.4% |
| 3 | Taiwan Semiconductor Manufacturing TSM | 4.9 M | $1.5 bn | 3.96% | +25% |
| 4 | Visa V | 4.0 M | $1.4 bn | 3.71% | +38% |
| 5 | Charles Schwab SCHW | 13.9 M | $1.4 bn | 3.68% | −16% |
| 6 | Walt Disney DIS | 11.2 M | $1.3 bn | 3.38% | +7.1% |
| 7 | Air Products and Chemicals APD | 4.8 M | $1.2 bn | 3.14% | +30% |
| 8 | McDONALD’S MCD | 3.6 M | $1.1 bn | 2.94% | +7.2% |
| 9 | BridgeBio Pharma BBIO | 14.4 M | $1.1 bn | 2.92% | −9.9% |
| 10 | Fortive FTV | 19.2 M | $1.1 bn | 2.82% | −6.1% |
| 11 | Sherwin-williams SHW | 3.2 M | $1.0 bn | 2.73% | +10% |
| 12 | Boeing BA | 4.0 M | $858M | 2.28% | +31% |
| 13 | Alphabet GOOGL | 2.7 M | $835M | 2.21% | new |
| 14 | Advanced Micro Devices AMD | 3.7 M | $801M | 2.13% | −11% |
| 15 | Intercontinental Exchange ICE | 4.8 M | $778M | 2.06% | new |
| 16 | Tesla TSLA | 1.7 M | $764M | 2.03% | +5.6% |
| 17 | T-mobile US TMUS | 3.8 M | $762M | 2.02% | +15% |
| 18 | Amazon.com AMZN | 3.1 M | $722M | 1.92% | new |
| 19 | Capital One Financial COF | 3.0 M | $716M | 1.90% | −60% |
| 20 | Johnson Controls International JCI | 5.9 M | $709M | 1.88% | −13% |
| 21 | Draftkings DKNG | 19.1 M | $659M | 1.75% | +27% |
| 22 | JPMorgan Chase JPM | 1.9 M | $614M | 1.63% | −62% |
| 23 | Ross Stores ROST | 3.2 M | $571M | 1.51% | +57% |
| 24 | General Motors GM | 6.8 M | $553M | 1.47% | −48% |
| 25 | Mid-america Apartment Communities MAA | 3.9 M | $539M | 1.43% | +47% |
| 26 | Camden Property Trust CPT | 4.8 M | $524M | 1.39% | +24% |
| 27 | DICK'S Sporting Goods DKS | 2.6 M | $509M | 1.35% | new |
| 28 | Celestica CLS | 1.7 M | $502M | 1.33% | −1.4% |
| 29 | CSX CSX | 13.8 M | $501M | 1.33% | −13% |
| 30 | Adaptive Biotechnologies ADPT | 30.0 M | $487M | 1.29% | no change |
| 31 | Sea SE | 3.7 M | $468M | 1.24% | +21% |
| 32 | HCA Healthcare HCA | 999,180 | $466M | 1.24% | −28% |
| 33 | Thermo Fisher Scientific TMO | 793,187 | $460M | 1.22% | new |
| 34 | Regal Rexnord RRX | 3.2 M | $452M | 1.20% | +3.2% |
| 35 | Carvana CVNA | 1.1 M | $448M | 1.19% | −49% |
| 36 | Chewy CHWY | 13.5 M | $447M | 1.19% | +147% |
| 37 | APi Group APG | 11.5 M | $441M | 1.17% | −6.2% |
| 38 | Stellantis STLA | 39.1 M | $434M | 1.15% | new |
| 39 | Carnival CCL | 14.1 M | $429M | 1.14% | new |
| 40 | UBS Group UBS | 9.1 M | $426M | 1.13% | −30% |
| 41 | UnitedHealth Group UNH | 1.2 M | $395M | 1.05% | new |
| 42 | BioMarin Pharmaceutical BMRN | 6.0 M | $359M | 0.95% | −27% |
| 43 | Saia SAIA | 1.1 M | $355M | 0.94% | −21% |
| 44 | TIC Solutions TIC | 34.4 M | $347M | 0.92% | no change |
| 45 | Chubb CB | 1.0 M | $316M | 0.84% | new |
| 46 | Progressive PGR | 1.3 M | $303M | 0.80% | new |
| 47 | Lennox International LII | 621,311 | $302M | 0.80% | new |
| 48 | Tradeweb Markets TW | 2.8 M | $298M | 0.79% | new |
| 49 | Medline MDLN | 7.0 M | $292M | 0.78% | new |
| 50 | Aon AON | 783,650 | $277M | 0.73% | −45% |
| 51 | Arthur J. Gallagher AJG | 1.0 M | $269M | 0.72% | new |
| 52 | Bank of America BAC | 4.5 M | $247M | 0.66% | −61% |
| 53 | Boston Scientific BSX | 2.5 M | $239M | 0.64% | −5% |
| 54 | Digital Realty Trust DLR | 1.5 M | $233M | 0.62% | new |
| 55 | Lowe's LOW | 912,040 | $220M | 0.58% | new |
| 56 | Figma FIG | 5.8 M | $215M | 0.57% | new |
| 57 | Itau Unibanco Holding ITUB | 28.4 M | $203M | 0.54% | new |
| 58 | Amer Sports AS | 4.8 M | $180M | 0.48% | −24% |
| 59 | Ralliant RAL | 3.2 M | $161M | 0.43% | −38% |
| 60 | RIOT Platforms RIOT | 12.4 M | $157M | 0.42% | new |
| 61 | NewAmsterdam Pharma NAMS | 4.2 M | $147M | 0.39% | −35% |
| 62 | Roivant Sciences ROIV | 6.4 M | $140M | 0.37% | −73% |
| 63 | IQVIA Holdings IQV | 619,236 | $140M | 0.37% | new |
| 64 | Sionna Therapeutics SION | 3.2 M | $131M | 0.35% | no change |
| 65 | Inhibrx Biosciences INBX | 1.4 M | $114M | 0.30% | −20% |
| 66 | Pharvaris PHVS | 3.7 M | $101M | 0.27% | no change |
| 67 | CoStar Group CSGP | 1.4 M | $97.0M | 0.26% | −22% |
| 68 | West Pharmaceutical Services WST | 295,028 | $81.2M | 0.22% | new |
| 69 | Oruka Therapeutics ORKA | 2.7 M | $80.8M | 0.21% | no change |
| 70 | Standard Biotools LAB | 58.7 M | $75.1M | 0.20% | no change |
| 71 | Masimo MASI | 514,340 | $66.9M | 0.18% | −52% |
| 72 | ORIC Pharmaceuticals ORIC | 6.6 M | $53.8M | 0.14% | no change |
| 73 | Trevi Therapeutics TRVI | 3.2 M | $40.0M | 0.11% | −38% |
| 74 | Ginkgo Bioworks Holdings DNA | 3.6 M | $29.7M | 0.08% | no change |
| 75 | Pepgen PEPG | 3.5 M | $22.7M | 0.06% | no change |
| 76 | Rallybio | 4.2 M | $2.9M | 0.01% | no change |
Positions it closed (23)
- BlackRock BLKwas 1.88% · 619,492 shares
- Philip Morris International PMwas 1.86% · 4.4 M shares
- Meta Platforms METAwas 1.77% · 929,003 shares
- Nike NKEwas 1.63% · 9.0 M shares
- Netflix NFLXwas 1.56% · 5.0 M shares
- Cencora CORwas 1.44% · 1.8 M shares
- Danaher DHRwas 1.42% · 2.8 M shares
- Primo Brands PRMBwas 1.32% · 23.0 M shares
- KKR KKRwas 0.91% · 2.7 M shares
- Chipotle Mexican Grill CMGwas 0.68% · 6.6 M shares
- Edwards Lifesciences EWwas 0.62% · 3.1 M shares
- Deutsche Bank Aktiengesellschaft DBwas 0.56% · 6.1 M shares
- CBRE Group CBREwas 0.50% · 1.2 M shares
- Intuit INTUwas 0.47% · 264,136 shares
- Deckers Outdoor DECKwas 0.45% · 1.7 M shares
- First Solar FSLRwas 0.44% · 767,996 shares
- AppLovin APPwas 0.30% · 162,525 shares
- RYAN Specialty Holdings RYANwas 0.28% · 1.9 M shares
- Integer Holdings ITGRwas 0.27% · 1.0 M shares
- TEVA Pharmaceutical Industries TEVAwas 0.13% · 2.5 M shares
- Stubhub Holdings STUBwas 0.09% · 2.0 M shares
- Maplebear CARTwas 0.08% · 832,857 shares
- Establishment Labs Holdings ESTAwas 0.04% · 343,465 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.