DASH - Tracking Ole Andreas Halvorsen's Viking Global Portfolio - Q3 2023 Update

2023-12-12 20:24:54 ET

Summary

• Ole Andreas Halvorsen's 13F stock portfolio value increased slightly to $24.64B, with 80 holdings.
• The largest positions in the portfolio are Visa, Workday, Amazon.com, United Parcel Service, and Danaher Corp.
• New stakes include Block Inc., Freeport-McMoRan, MetLife Inc., and RayzeBio, while stakes in Arista Networks, Chubb Ltd., and others were dropped.

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 11/14/2023. 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 2023.

This quarter, Halvorsen’s 13F stock portfolio value increased marginally from $24.43B to $24.64B. The number of holdings decreased from 86 to 80. The largest five individual stock positions are Visa, Workday, Amazon.com, United Parcel Service, and Danaher Corp. They add up to ~24% 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:

Block Inc. (SQ), Freeport-McMoRan (FCX), MetLife Inc. (MET), and RayzeBio (RYZB): SQ is a 2.21% of the portfolio position established this quarter at prices between $44.14 and $80.53. The stock currently trades at $69.57. The small 1.48% FCX stake was purchased this quarter at prices between $36.40 and $44.47 and it now goes for $37.42. The very small 0.75% MET position was purchased at prices between $55.76 and $65.79. It is now at $65.20. RYZB had an IPO in September. Shares started trading at ~$23 and it is now at $25.06. Viking Global’s position goes back to a Series D funding round in 2022.

Note: They have a ~11% ownership stake in RayzeBio.

Stake Disposals:

Elevance Health ( ELV ) : The 2.57% ELV stake was built during Q2 2022 at prices between ~$444 and ~$530. There was a ~60% stake increase in the next quarter at prices between ~$446 and ~$507. Q4 2022 saw a ~20% reduction at prices while last quarter there was a similar increase. The last quarter saw another one-third selling at prices between ~$436 and ~$496. The stake was disposed this quarter at prices between ~$413 and ~$474. The stock is now at ~$484.

Sherwin Williams ( SHW ) : The 2.47% SHW stake was established during Q1 2023 at prices between ~$209 and ~$249. The stake was disposed this quarter at prices between ~$250 and ~$280. The stock is now at ~$295.

Arista Networks (ANET), Chubb Ltd. (CB), Emerson Electric (EMR), Micron Technology (MU), Netflix (NFLX), Nvidia (NVDA), and Seagate Technology (STX): These small (less than ~1.5% of the portfolio each) stakes were dropped during the quarter.

Stake Increases:

Workday Inc. ( WDAY ) : WDAY is a 4.57% of the portfolio position built during the last two quarters at prices between ~$160 and ~$227. The position was increased by 72% this quarter at prices between ~$211 and ~$252. The stock is now well above those ranges at ~$277.

Amazon.com Inc. ( AMZN ) : AMZN is now a 4.51% 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: H2 2022 saw a ~55% stake increase at prices between ~$82 and ~$145. The last two quarters saw a two-thirds selling at prices between ~$83 and ~$130. This quarter saw the stake doubled at prices between ~$126 and ~$145. The stock currently trades at ~$148.

United Parcel Service ( UPS ) : The 4.21% UPS stake was primarily built this quarter at prices between ~$150 and ~$185. The stock is now at ~$155.

Microsoft Corporation ( MSFT ) : The 3.88% MSFT position saw a ~150% stake increase this quarter at prices between ~$312 and ~$358. The stock currently trades above that range at ~$374.

UnitedHealth ( UNH ) : The 3.80% UNH stake was built in the three quarters through Q1 2023 at prices between ~$460 and ~$555. The last quarter saw a ~15% trimming while this quarter there was a ~4% increase. The stock currently trades at ~$546.

Meta Platforms ( META ) : META is a 3.72% of the portfolio position established over the two quarters through Q1 2021 at prices between ~$246 and ~$295. The next two quarters saw a ~27% selling at prices between ~$295 and ~$382. There was another one-third selling in Q1 2022 at prices between ~$187 and ~$339. The next two quarters saw the stake rebuilt at prices between ~$134 and ~$234 while in Q4 2022 there was a ~55% reduction at prices between ~$89 and ~$140. Q1 2023 saw a ~35% increase at prices between ~$125 and ~$212 while the last quarter saw a ~20% reduction at prices between ~$208 and ~$289. The position was increased by 18% this quarter at prices between ~$283 and ~$326. The stock is now at ~$334.

General Electric ( GE ) : The 3.59% 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 next two quarters at prices between ~$64 and ~$103. Q3 2022 saw a similar increase at prices between ~$61 and ~$81 while the next quarter saw a ~40% selling at prices between ~$48 and ~$69. There was a ~17% trimming last quarter while this quarter saw a ~12% increase. The stock is now at ~$122.

McKesson Corp ( MCK ) : The 3.57% MCK position was increased by 178% this quarter at prices between ~$402 and ~$446. The stock is now above that range at ~$462.

HDFC Bank ( HDB ) : HDB is a 2.42% of the portfolio position built over the three quarters through Q2 2022 at prices between ~$51 and ~$78 and the stock is now at $64.65. The last quarter saw a ~12% increase and that was followed by a ~9% increase this quarter.

Ameriprise Financial ( AMP ) : The 2.32% AMP stake saw a 54% increase this quarter at prices between ~$326 and ~$354. The stock currently trades at ~$370.

PPG Industries ( PPG ) : PPG is a 2.13% position built this quarter at prices between ~$127 and ~$150. The stock is now at ~$145.

BioMarin Pharma ( BMRN ) : The 1.51% BMRN stake was built during the three quarters through Q2 2022 at prices between ~$74 and ~$92. Q1 2023 saw a ~60% selling at prices between ~$88 and ~$117 while the last quarter saw a stake doubling at prices between ~$87 and ~$100. The stock currently trades at $95.90. There was a marginal increase this quarter.

Doordash (DASH), EPAM Systems (EPAM), Five9 (FIVN), Gallagher Arthur J & Co (AJG), Inhibrx (INBX), Karuna Therapeutics (KRTX), Progressive Corp (PGR), Thermo Fisher Scientific (TMO), and Valvoline (VVV): These small (less than ~2% of the portfolio each) stakes were increased during the quarter.

Stake Decreases:

Visa Inc. ( V ) : Visa is currently the largest 13F position at 6.51% of the portfolio. It 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 in the next quarter there was one-third selling at prices between ~$191 and ~$235. Q3 2022 saw another stake doubling at prices between ~$178 and ~$217. That was followed by a one-third increase in the last three quarters at prices between ~$178 and ~$240. The stock currently trades at ~$260. There was a minor ~2% trimming this quarter.

Danaher Corp ( DHR ) : DHR is a 4.14% of the portfolio position established last quarter at prices between ~$225 and ~$256 and the stock currently trades just below that range at ~$220. There was a minor ~3% trimming this quarter.

Roivant Sciences (ROIV) : ROIV came to market last September through a SPAC merger with Montes Archimedes. The stock currently goes for $10.35. Viking Global’s ~3% of the portfolio stake goes back to a private investment made in July 2016. There was a ~14% trimming last quarter and a minor ~2% trimming this quarter.

Note: Viking Global controls ~10% of Roivant Sciences.

BridgeBio Pharma ( BBIO ) : BBIO is a 2.69% 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 $33.48. There was a ~6% trimming this quarter.

Note: Regulatory filings since the quarter ended show them owning ~25.12M shares (~15.7% of business) of BBIO. This is compared to 26.62M shares in the 13F report.

Fortive Corp (FTV) : The 2.51% FTV stake was increased by ~55% last quarter at prices between ~$63 and ~$75. The stock currently trades at $71.03. The stake was decreased by 15% this quarter at prices between $72.16 and $79.72.

Philip Morris International ( PM ) : The 2.24% PM stake was purchased last quarter at prices between ~$90 and ~$102 and it is now at $92.88. This quarter saw a ~ 34% selling at prices between $90.32 and $99.10.

Fortinet Inc. ( FTNT ) : The 1.68% FTNT stake was established during Q4 2022 at prices between ~$46 and ~$57 and it is now at $55.04. Q1 2023 saw a two-thirds increase at prices between ~$48 and ~$67 while the last quarter saw a ~35% reduction at prices between ~$60 and ~$76. There was a ~8% trimming this quarter.

Acadia Healthcare (ACAD), CBRE Group (CBRE), Coupang (CPNG), Cadence Design Systems (CDNS), CSX Corp (CSX), Everest RE Group (EG), Guardant Health (GH), Intuit (INTU), International Flavors and Fragrances (IFF), Lululemon Athletica (LULU), MasterCard (MA), Royalty Pharma (RPRX), Synopsys (SNPS), and Unum Group (UNM): These small (less than ~1.6% of the portfolio each) stakes were reduced during the quarter.

Kept Steady:

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 $31.50. There was a marginal increase over the last two quarters.

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

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. Q2 2022 saw further selling. The position was rebuilt next quarter at prices between ~$2.40 and ~$3.75. Q4 2022 saw a ~40% selling at prices between $1.58 and $3.52. There was a ~125% stake increase during Q1 2023 at prices between $1.20 and $2.20. The stock now trades at $1.33.

Adaptive Biotechnologies ( ADPT ) : ADPT position is now at 0.66% 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 go for $4.38. 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), Amylyx Pharma (AMLX), Edgewise Therapeutics (EWTX), New Amsterdam Pharma (NAMS), PepGen (PEPG), Pharvaris NV (PHVS), Rallybio Corp (RLYB), Trevi Therapeutics (TRVI), Verastem (VSTM), and Viking Therapeutics (VKTX).

The spreadsheet below highlights changes to Halvorsen’s 13F stock holdings in Q3 2023:

Source: John Vincent. Data constructed from Viking Global's 13F filings for Q2 2023 and Q3 2023.

For further details see: