"Tracking Ole Andreas Halvorsen’s Viking Global Portfolio – Q1 2021 Update"
"Halvorsen's 13F portfolio value decreased from $36.37B to $33.58B. The number of positions decreased from 96 to 94.Viking Global added Bank of America while reducing JP Morgan Chase and dropping Walt Disney.The top three positions are Microsoft, BridgeBio Pharma, and Fidelity National Information Services. Together, they are at ~15% of the portfolio.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  filed on 5/17/2021. Please visit our  series to get an idea of his investment philosophy and our  for the fund’s moves during Q4 2020.This quarter, Halvorsen’s 13F stock portfolio value decreased ~8% from $36.37B to $33.58B. The number of holdings decreased from 96 to 94. Largest five individual stock positions are Microsoft, BridgeBio Pharma, Fidelity National Information Services, T-Mobile US, and Bank of America. They add up to ~22% 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 .New Stakes:Bank of America (BAC): BAC is a large (top five) 3.61% of the portfolio position established this quarter at prices between ~$29.50 and ~$39 and the stock currently trades at $39.80.O’Reilly Automotive (ORLY), Coupa Software (COUP), and Netflix Inc. (NFLX): The 1.61% of the portfolio ORLY stake was purchased at prices between ~$425 and ~$509 and it is now just above that range at ~$538. COUP is a 1.36% of the portfolio position established at prices between ~$239 and ~$370 and it currently trades near the low end of that range at ~$241. The 1.17% NFLX stake was purchased at prices between ~$493 and ~$586 and it is now at ~$498.Sunrun Inc. (RUN), Deere & Co (DE), and Ameriprise Financial (AMP): These are very small (less than ~0.80% of the portfolio each) new positions established during the quarter.Stake Disposals:Walt Disney (DIS): DIS was a 2.13% of the portfolio position established last quarter at prices between ~$118 and ~$181. This quarter saw the stake disposed at prices between ~$163 and ~$202. The stock currently trades at ~$175.American Express (AXP): The 1.74% AXP position was built in H1 2020 at prices between ~$69 and ~$137 and it is now at ~$162. Last quarter saw a ~50% selling at prices between ~$91 and ~$125. The remaining stake was disposed this quarter at prices between ~$114 and ~$150.Booking Holdings (BKNG): BKNG was a 1.15% position purchased in Q4 2019 at prices between $1838 and $2073. Next quarter saw a ~45% stake increase at prices between ~$1152 and ~$2087. There was another ~70% stake increase in Q3 2020 at prices between $1638 and $1949. Last quarter saw a ~45% selling at prices between ~$1604 and ~$2227. The rest was sold this quarter at prices between ~$1886 and ~$2462. It is currently at ~$2294.Hilton Worldwide (HLT): The 1.44% HLT stake was established in Q2 2020 at prices between ~$56 and ~$90. There was a ~20% stake increase next quarter at prices between $73.50 and $94. Last quarter saw a ~45% reduction at prices between ~$84 and ~$111. The remaining stake was disposed this quarter at prices between ~$99 and ~$127. The stock is now at ~$126Taiwan Semi (TSM): TSM was a 1.68% of the portfolio stake purchased in Q3 2020 at prices between ~$57 and ~$86 and the stock currently trades at ~$119. There was a ~9% trimming last quarter and the disposal this quarter was at prices between ~$109 and ~$140.Advanced Micro Devices (AMD), Avalon Bay Communities (AVB), Encompass Health (EHC), and Micron Technology (MU): These very small (less than ~1% of the portfolio each) stakes were eliminated during the quarter.Stake Increases:T-Mobile US (TMUS): The large (top five) 3.84% TMUS stake was purchased over the last six quarters at prices between ~$74 and ~$135 and it now goes for ~$147.UnitedHealth Group (UNH) and Palo Alto Networks (PANW): UNH is a 3.41% of the portfolio position purchased last quarter at prices between ~$304 and ~$357 and the stock currently trades above that range at ~$397. There was a ~10% stake increase this quarter. The 2.41% of the portfolio PANW stake was purchased last quarter at prices between ~$221 and ~$372 and it is now at ~$372. There was a one-third increase this quarter at prices between ~$317 and ~$397.General Electric (GE), Facebook (FB), Match Group (MTCH), and ServiceNow (NOW): These four positions were built over the last two quarters. The 2.37% of the portfolio GE stake was purchased at prices between ~$6 and ~$14 and the stock currently trades at ~$13. FB is a ~2% of the portfolio position established at prices between ~$246 and ~$295 and it is now well above that range at ~$337. The small 0.83% MTCH stake was built at prices between ~$110 and ~$172 and it now goes for ~$150. NOW is a 1.34% of the portfolio position purchased at prices between ~$464 and ~$595 and it currently trades at ~$530.Fortive Corp (FTV): FTV is a 2.35% of the portfolio position established in Q3 2019 at prices between $67 and $83. Q4 2019 saw a ~50% stake increase at prices between $64 and $77 and that was followed with a one-third further increase next quarter at prices between ~$42 and ~$79. Q3 2020 saw a ~22% selling at prices between ~$56 and ~$65 while last quarter there was a ~17% stake increase. There was another ~40% stake increase this quarter at prices between ~$66 and ~$73. It currently goes for $69.50.FleetCor Technologies (FLT): The 2.11% FLT stake was established in Q3 2020 and increased by ~400% last quarter at prices between ~$219 and ~$282. The stock is now at ~$263. There was a ~15% further increase this quarter.Chubb Ltd. (CB): The ~2% CB stake was built during Q1-Q3 2020 at prices between ~$94 and ~$165 and it currently trades at ~$160. There was a ~20% selling last quarter at prices between ~$116 and ~$155 while this quarter saw a ~55% stake increase at prices between ~$145 and ~$175.Moody’s Corp (MCO): The 1.53% MCO position was established in Q2 2020 at prices between ~$198 and ~$283. Next quarter saw a one-third increase at prices between ~$271 and ~$305. That was followed with a ~25% stake increase last quarter at prices between ~$262 and ~$295. There was a minor ~4% further increase this quarter. The stock is now at ~$355Align Technology (ALGN), Assurant Inc. (AIZ), Avantor Inc. (AVTR), Bristol Myers Squibb (BMY), Equitable Holdings (EQH), Insulet Corp (PODD), Laboratory Cop (LH), MetLife Inc. (MET), Marsh & McLennan (MMC), Molina Healthcare (MOH), Otis Worldwide (OTIS), and Thermo Fisher Scientific (TMO): These small (less than ~1.4% of the portfolio each) stakes were increased during the quarter.Stake Decreases:Microsoft Corporation (MSFT): MSFT is now the largest 13F stake at ~6% of the portfolio. It was established in Q2 2016 at prices between $48.50 and $56.50 and increased by ~140% in the following quarter at prices between $51 and $58.50. Recent activity follows. 2019 had seen a ~90% reduction at prices between $102 and $159. Q1 2020 saw the stake rebuilt at prices between $135 and $189. There was a ~25% reduction next quarter at prices between $152 and $202. Q3 2020 saw a ~120% stake increase at prices between ~$200 and ~$232. There was another ~45% increase last quarter at prices between ~$202 and ~$225. This quarter saw a ~30% selling at prices between ~$212 and ~$245. The stock is now at ~$261.Fidelity National Information Services (FIS): FIS is a top-three ~4% position built last year at prices between ~$102 and ~$157 and it now goes for ~$146. There was a ~20% selling this quarter at prices between ~$123 and ~$146.Alphabet (GOOG): GOOG is a 2.79% stake established in Q3 2020 at prices between ~$1415 and ~$1728 and increased by ~225% last quarter at prices between ~$1451 and ~$1824. This quarter saw a ~25% reduction at prices between ~$1728 and ~$2138. It currently trades at ~$2527.Visa Inc. (V) and Zimmer Biomet Holdings (ZBH): The 2.55% Visa position was primarily built last quarter at prices between ~$181 and ~$219. There was a ~25% reduction this quarter at prices between ~$193 and ~$226. The stock currently trades at ~$232. ZBH is a 1.82% of the portfolio position built over the last two quarters at prices between ~$117 and ~$156 and it is now at ~$160. There was marginal trimming this quarter.Centene Corp (CNC): Most of the ~2% of the portfolio stake in CNC was purchased in H1 2019 at prices between $47and $66. H2 2019 saw a ~22% selling while next quarter there was a ~50% stake increase at prices between $45.50 and $68. Last two quarters saw a ~35% reduction at prices between ~$58 and ~$71. The stock is now at $74.31.Boston Scientific (BSX): The ~2% BSX stake was established in H2 2018 at prices between $33 and $38.50. Recent activity follows. There was a ~40% selling in Q2 2020 at prices between $30 and $39 while last quarter there was a ~60% stake increase at prices between ~$33 and ~$42. This quarter saw a ~40% selling at prices between ~$35 and ~$40. The stock is currently at $43.35.AbCellera Biologics (ABCL): ABCL had an IPO in December. Shares started trading at ~$59 and currently goes for half that at $22.81. Viking Global’s 1.93% of the portfolio position goes back to funding rounds prior to the IPO. There was marginal trimming this quarter.Amazon.com Inc. (AMZN): AMZN is now at 1.67% of the portfolio. It was established in Q2 2015 at prices between $370 and $446 and increased by roughly one-third the following quarter at prices between $429 and $548. The position has wavered. Recent activity follows: Q2 2019 saw a ~160% stake increase at prices between $1693 and $1963. Last four quarters have seen a ~80% selling at prices between $1908 and $3531. The stock currently trades at ~$3489.Aon plc (AON): The 1.48% AON stake was primarily built in H1 2020 at prices between $146 and $237 and the stock currently trades at ~$233. Last two quarters have seen a ~30% selling at prices between ~$180 and ~$234.Nuance Communications (NUAN): The 1.44% NUAN stake was purchased in Q2 2020 at prices between ~$16 and ~$26. Next quarter saw a one-third increase at prices between ~$25 and ~$34 while this quarter there was a one-third selling at prices between ~$40 and ~$50.50. The stock currently trades at $54.64.Note: Viking Global controls ~4% of Nuance Communications. Nuance is getting acquired by Microsoft in a $56 per share all-cash deal announced in April.Mercadolibre Inc. (MELI): MELI is now a small 0.71% of the portfolio stake. It was purchased in Q1 2019 at prices between $258 and $518 and increased by ~40% next quarter at prices between $482 and $641. The four quarters through Q2 2020 had seen the stake almost sold out at prices between ~$490 and ~$975. Next quarter saw the stake rebuilt at prices between ~$957 and ~$1225. There was a ~60% selling this quarter at prices between ~$1370 and ~$1984. The stock is now at ~$1463.Parker Hannifin (PH): PH is a small 0.77% position purchased in Q2 2020 at prices between ~$116 and ~$202. Next quarter saw a ~75% stake increase at prices between ~$175 and ~$214 while last quarter there was a one-third reduction at prices between ~$201 and ~$280. This quarter saw another ~50% selling at prices between ~$250 and ~$318. The stock currently goes for ~$285.JP Morgan Chase (JPM): JPM was a ~3% of the portfolio stake built between Q2 & Q4 2020 at prices between ~$84 and ~$114. This quarter saw the position sold down by ~90% to a very small 0.40% portfolio stake at prices between ~$126 and ~$158. The stock is now at ~$152Cigna Corp (CI), Guardant Health (GH), HCA Healthcare (HCA), Hartford Financial (HIG), Horizon Therapeutics (HZNP), Ingersoll Rand (IR), Sea Limited (SE), and Verisign Inc. (VRSN): These small (less than ~1.35% of the portfolio each) stakes were reduced during the quarter.Kept Steady:BridgeBio Pharma (BBIO): BBIO is a top-three 4.88% stake. It had an IPO in Q1 2019. The stake goes back to earlier funding rounds prior to the IPO. The stock started trading at ~$27 per share and currently goes for $62.63.Note: Viking Global controls ~21% of BridgeBio Pharma.Adaptive Biotechnologies (ADPT): ADPT position is now at 4.88% of the portfolio. It came about as a result of Adaptive’s IPO last June. Viking Global was a majority investor in Adaptive. Shares started trading at ~$48 and currently goes for $39.82. Q1 2020 saw a ~13% trimming at ~$25 per share. There was another ~10% trimming last quarter at ~$50 average price. Viking Global still controls ~22% of Adaptive Biotechnologies.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 $21.66. Viking Global has a ~13% ownership stake in the business.4D Molecular Therapeutics (FDMT) and Unity Software (U): These two very small (less than ~0.50% of the portfolio each)  stakes were kept steady this quarter.The 13F portfolio also include the following minutely small (less than 0.5% of the portfolio each) positions: Acadia Healthcare (ACHC), Affirm Holdings (AFRM), Alignment Healthcare (ALHC), Arena Pharma (ARNA), Arista Networks (ANET), Athira Pharma (ATHA), Bilibili Inc. (BILI), Blueprint Medicines (BPMC), Bumble Inc. (BMBL), Catalent (CTLT), CM Life Sciences (CMLF), Dominos Pizza (DPZ), DoorDash Inc. (DASH), Edgewise Therapeutics (EWTX), Gracell Biotechnologies (GRCL), Inhibrx (INBX0, Karuna Therapeutics (KRTX), Kinnate Biopharma (KNTE), Orion Acquisition (OHPA) units, Pacific Biosciences (PACB), Pharvaris NV (PHVS), PMV Pharma (PMVP), PVH Corporation (PVH), RLX Technology (RLX), Royalty Pharma (RPRX), Shopify (SHOP), Snowflake (SNOW), Tenet Healthcare (THC), Tuya Inc. (TUYA), Unity Software (U), Verisign (VRSN), VMWare (VMW), Walgreens Boots Alliance (WBA), Willis Towers Watson (WLTW), Xpeng (XPEV), Zai Lab (ZLAB), and Zentalis Pharma (ZNTL).Note 1: Viking Global has significant ownership stakes in the following businesses: Edgewise Therapeutics (EWTX) and Zentalis Pharma (ZNTL).Note 2: Regulatory filings since the quarter ended show them owning significant stakes in the following businesses: FIGS Inc. (FIGS), Talaris Therapeutics (TALS), and Mudrick Capital II (MUDS).The spreadsheet below highlights changes to Halvorsen’s 13F stock holdings in Q1 2021:Source: John Vincent. Data constructed from Viking Global's 13F filings for Q4 2020 and Q1 2021.Regulatory filings thru 3/13/2021: 13G – 3/12 – Orion Acquisition – OHPAU – 3.6M shares – 8.7% of business, 13G, G/As – 2/16 – Pharvaris – PHVS -  2.42M shares – 7.6% of business, AbCellera Biologics – ABCL – 19.3M shares – 7.2% of business, 13G/A – 12/28, 12/21 – 19.3M shares – 7.2%, 4D Molecular Therapeutics – FDMD – 3.94M shares – 14.9% of business, 12/21 – same, Form 4 – 12/17 - ~4M shares @ 23, Form 3 – 12/10 – 2.84M shares, Athira Pharma – ATHA – 2.12M shares – 6% of business, Zentalis Pharma – ZNTL – 3M shares – 7.4% of business, Form 4 – 12/3 – 500K shares disposed @ 50.5, 3.94M shares, PMV Pharma – PMVP – 2.36M shares – 5.3% of business, Inhibrx – INBX – 5.31M shares – 14.1% of business, GoHealth – GOCO – 2.6M shares – 3.1% of business, ADPT – ~30M shares – 21.9% of business. 12/16 – Form 4 – 1M shares disposed @ 55.65, 29.99M shares remain, Change Healthcare – CHNG – zero, VRTX – zero, CHWY – zero, aTyr Pharma – LIFE – zero, Canada Goose – GOOS – zero. 2/12 – 13G/A – 16.38M shares – 5.8% of business."