"Tracking Ole Andreas Halvorsen’s Viking Global Portfolio – Q1 2017 Update"
"Halvorsen's 13F portfolio increased from $22B to $22.64B. The number of positions increased from 60 to 62.Viking Global increased Deere, Walgreens Boots Alliance, and Microsoft while reducing Amazon.com, Dow Chemical, and Cabot Oil & Gas.The top three positions are Facebook Inc., Alphabet Inc., and Microsoft Corporation.This article is part of a series that provides an ongoing analysis of the changes made to Ole Andreas Halvorsen’s US stock portfolio on a quarterly basis. It is based on Viking Global’s regulatory  filed on 05/15/2017. Please visit our  series to get an idea of his investment philosophy and our  for the fund’s moves during Q4 2016.This quarter, Halvorsen’s US long portfolio increased ~3% from $22B to $22.64B. The number of holdings increased from 60 to 62. Largest five individual stock positions are Facebook Inc., Alphabet Inc., Microsoft Corporation, Deere & Company, and JD.com and they add up to ~40% of the entire 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:Liberty Media Formula One (FWONK), JPMorgan Chase (JPM), and Lennar Corporation (LEN): These are small (less than ~2% of the portfolio each) new stakes established this quarter. FWONK is a 1.86% position purchased at prices between $27.50 and $35 and the stock is now at $30.95. The ~1.5% JPM stake was established at prices between $83 and $94 and it currently trades near the low-end of that range at $84.70. LEN is a 1.26% position purchased at prices between $43 and $53 and the stock is now at $52.45.D R Horton Inc. (DHI) and Salesforce.com (CRM): DHI and CRM are very small ~1% portfolio stakes established this quarter. The 0.91% DHI position was purchased at prices between $27.50 and $34 and the stock is now at $33.91. CRM is a 0.97% stake established at prices between $70.50 and $84 and the stock currently trades well above that range at $88.94.Hartford Financial (HIG), Allergan plc (AGN), Parken Hannifin (PH), Lincoln National (LNC), HDFC Bank (HDB), Acadia Healthcare (ACHC), Coach Inc. (COH), AveXis Inc. (AVXS), Jazz Pharmaceuticals (JAZZ), Calithera Biosciences (CALA), Davita Inc. (DVA), Patheon N V (PTI), and Adobe Systems (ADBE): These are minutely small (less than 0.5% of the portfolio each) stakes established this quarter.Note: Viking Global owns 6.5% of Calithera Biosciences.Stake Disposals:Constellation Brands (STZ): STZ stake was a 2.74% of the portfolio position as of last quarter. The original minutely small position saw an almost ~500% increase in Q3 2016 at prices between $161 and $168 and that was followed with a ~50% increase last quarter at prices between $145 and $171. The stock currently trades at $184. The entire position was disposed of this quarter at prices between $147 and $165. The quick about-turn indicates a bearish bias.T-Mobile US (TMUS): The 2.20% TMUS position saw a 4-times increase in Q2 2016 at prices between $38 and $44. Last quarter saw a ~40% selling at prices between $45 and $59 and the elimination this quarter happened at prices between $56.50 and $65. The stock is currently at $67.22.Alibaba Group Holding (BABA), AstraZeneca plc (AZN), Eaton Corp. (ETN), Emerson Electric (EMR), Envision Healthcare (EVHC), 58.com (WUBA), and Range Resources (RRC): These are small (less than ~1% of the portfolio each) stakes that were disposed of this quarter.Allstate Corporation (ALL), Arch Coal Inc. (ARCH), Illumina Inc. (ILMN), Manulife Financial (MFC), Marsh & McLennan (MMC), Teck Resources (TCK), and VCA Inc. (WOOF): These are minutely small (less than ~0.5% of the portfolio each) stakes established last quarter but sold out this quarter.Stake Increases:Microsoft Corporation (MSFT): MSFT is a top-three ~9% portfolio stake 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. There was another ~60% increase last quarter at prices between $57 and $64 and that was followed with a one-third increase this quarter at prices between $62 and $66. The stock is now at $68.45.Deere & Co. (DE): DE is now a top-five ~7% portfolio stake. The position was established last quarter at prices between $85 and $104 and increased by ~55% this quarter at prices between $104 and $111. It now goes for $122.Walgreen Boots Alliance (WBA): WBA was first purchased in Q4 2013 and substantially increased in Q1 2014 at prices between $54 and $69. The position had wavered since and by Q3 2016, the position was almost sold out. The pattern reversed again last quarter as the position was rebuilt to a ~3% portfolio stake at prices between $77 and $88. There was another ~50% increase this quarter at prices between $80.50 and $88. The stock currently trades at $81.34 and the stake is now fairly large at 4.55%. For investors attempting to follow Viking Global, WBA is a good option to consider for further research.United Health (UNH) and Twenty First Century Fox (FOXA): These two positions were established last quarter and increased substantially this quarter. UNH is a ~2.7% portfolio stake established at prices between $134 and $164 and increased by ~62% this quarter at prices between $158 and $172. The stock is now at $175. The ~3% FOXA position was purchased at prices between $24 and $29 and increased by roughly two-thirds this quarter at prices between $28.50 and $32.50. The stock currently trades at $27.26. For investors attempting to follow Viking Global, FOXA is a good option to consider for further research.Canadian Pacific Railway (CP): The CP stake saw a huge ~280% increase to a 2.37% portfolio position (3.6M shares) in Q3 2016 at prices between $129 and $156. Last quarter saw the position reduced by one-third at prices between $140 and $156. This quarter saw another about-turn: ~37% increase at prices between $141 and $155. The stock is now at $157 and the stake is at ~2%.Note: CP has been in the portfolio since Q4 2013. The position size peaked in Q1 2015 at ~6.2M shares. The build-up was at prices between $123 and $215. The next five quarters thru Q2 2016 saw a combined ~85% stake reduction at prices between $104 and $162.Charles Schwab (SCHW): SCHW is a ~2% stake established last quarter at prices between $31 and $40.50 and increased by roughly one-third this quarter at prices between $39 and $43.50. It is now at $38.52.Rice Energy (RICE): The ~2% RICE stake was first purchased in Q2 2016 at prices between $13.50 and $22. The position has wavered since. This quarter saw a ~55% increase at prices between $18.50 and $24. The stock is now at $21.42.Note: Viking Global owns ~8.6% of Rice Energy.Centene Corp. (CNC), Extraction Oil & Gas (XOG), Gulfport Energy (GPOR), Intercontinental Exchange (ICE), Lyondellbasell Industries (LYB), NuVasive Inc. (NUVA), Progressive Corp. (PGR), Universal Health Services (UHS), United Technologies (UTX), and Western Digital (WDC): These are small positions (less than ~1% of the portfolio each) that saw increases this quarter.Note: Viking Global owns ~4.8% of Gulfport Energy.Stake Decreases:Facebook Inc. (FB): FB is Viking Global’s largest 13F stake at ~10% of the portfolio. It was purchased in Q1 2016 at prices between $94 and $116 and the stock is now at ~$148. Q3 2016 saw a ~7% trimming and that was followed with another ~17% selling this quarter at prices between $117 and $143.Alphabet Inc. (GOOG) (GOOGL): GOOG is the second-largest 13F position at 9.52% of the portfolio. It was established in Q3 2014 at prices between $563 and $596. H1 2015 saw a huge ~425% increase at prices between $493 and $575. Q4 2015 & Q1 2016 saw a combined ~40% reduction at prices between $608 and $777. Q3 2016 saw the pattern reverse again: ~15% increase at prices between $692 and $787. The stock currently trades at $942 There was a minor ~5% trimming last quarter and that was followed with a ~14% selling this quarter at prices between $786 and $852.JD.com (JD): JD is a top-five 4.70% of the US long portfolio position established in H1 2016 at prices between $20 and $32.50. H2 2016 saw a two-thirds increase at prices between $20 and $28. The stock is now well above that range at $41.66. There was a ~12% trimming this quarter at prices between $25.50 and $32. Viking Global is starting to realize gains.Amazon.com Inc. (AMZN): AMZN is a fairly large ~4.4% of the US long portfolio position. 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 since. Last quarter saw a ~45% reduction at prices between $719 and $844 and that was followed with another one-third selling this quarter at prices between $753 and $887. The stock currently trades at $971. Halvorsen is harvesting gains.Encana Corp. (ECA): ECA is a fairly large 4.22% portfolio stake. The vast majority of the position was purchased in Q1 2016 at prices between $3 and $6. This quarter saw a ~11% trimming at prices between $10 and $14. The stock is now at $11.28. Viking Global is starting to harvest huge gains.Note: Viking Global owns ~8.2% of Encana.Netflix Inc. (NFLX): NFLX is a ~4% of the 13F portfolio stake. It was established in H2 2015 at prices between $93 and $131. Q2 2016 saw a ~22% reduction at prices between $85 and $112 and that was followed with another ~60% selling in the following quarter at prices between $85 and $100. Last quarter saw the pattern reverse: ~150% increase at prices between $98.50 and $128. The stock currently trades at $157. There was a ~9% trimming this quarter.Dow Chemical (DOW): The 3.85% DOW stake was purchased last quarter at prices between $52 and $59. This quarter saw a one-third reduction at prices between $57 and $65. The stock is now at $60.98.Note: In December 2015, Dow and DuPont (DD) announced a merger of equals with plans to separate into three businesses after the merger.Broadcom Ltd. (AVGO) previously Avago: AVGO is a ~3.5% of the portfolio stake established in Q2 & Q3 2015 at prices between $109 and $148. There was a one-third stake increase in Q1 2016 primarily due to the acquisition of Broadcom Corporation that closed in January. Q3 2016 saw an about turn: ~55% reduction at prices between $150 and $177. The stock is currently at $238. This quarter saw a ~20% selling at prices between $174 and $227. Viking Global is realizing gains.Cabot Oil & Gas (COG): The ~2% COG position was purchased in Q4 2015 & Q1 2016 at prices between $15.50 and $23.50. Last two quarters saw a combined ~50% selling at prices between $20 and $26.50. The stock is now at $23.48.Note: Viking Global owns ~3.8% of Cabot Oil & Gas.Visa Inc. (V): The 1.72% V stake was purchased in H2 2016 at prices between $74 and $83. This quarter saw a ~12% trimming at prices between $80 and $90 and the stock is now at $93.31.Biogen Inc. (BIIB): BIIB saw a roughly 13-times increase in Q2 2016 at prices between $225 and $290. A third of that stake was sold in the following quarter at prices between $242 and $330 and that was followed with another ~10% trimming last quarter. There was a two-thirds selling this quarter at prices between $264 and $299. The stock currently trades at ~$250 and the stake is at ~1% of the portfolio.MasterCard Inc. (MA): MA was a ~2% of the US long portfolio position as of last quarter. The original stake was purchased in Q4 2011 at prices between $31 and $38 and the stake was sold down at much higher prices since. Q2 & Q3 2016 had seen a ~300% increase at prices between $87 and $102. There was a ~44% reduction last quarter at prices between $100 and $107 and the position was almost eliminated this quarter at prices between $105 and $113. The stock currently trades at ~$119. Viking Global harvested huge gains.Bank of America (BAC), BioMarin Pharmaceuticals (BMRN), Chesapeake Energy (CHK), Dentsply Sirona (XRAY), Extraction Oil & Gas (XOG), GW Pharmaceuticals (GWPH), Humana Inc. (HUM), Incyte Corp. (INCY), Liberty Global (LBTYA)(LBTYK), Shire plc (SHPG), TJX Companies (TJX), Union Pacific (UNP), Walt Disney (DIS), and Wynn Resorts (WYNN): These are very small (less than ~1% of the portfolio each) stakes that saw further reductions this quarter.Kept Steady:Editas Medicine (EDIT): EDIT is a minutely small 0.17% portfolio stake kept steady this quarter. Viking Global owns 4.7% of Editas.Note: Regulatory filings show Viking Global owning 37.2M shares (~62% of the business) of Myovant Sciences (MYOV), 16M shares (29.3% of the business) of Arbutus Biopharma Corp (ABUS) and 75M shares (75.6% of the business) of Axovant Sciences Ltd (AXON). The three positions are indirectly held thru Roivant Sciences, whom they acquired in 2015.The spreadsheet below highlights changes to Halvorsen’s US stock holdings in Q1 2017:Regulatory Filings thru 2/23/2017: 13G - 2/21/2017 - CALA - 1.6M shares - 7.8%. 13G/A Filings on 2/14/2017: CPN - 0, DYN - 0, RICE - 11.2M shares - 5.5%, KITE - 0, QUNR - 0, PXD - 0, LNG - 0, EDIT - 1.7M shares - 4.7%, ECA - 88.8M shares - 9.1%. GPOR - 6.3M shares - 4%, RRC - 3.1M shares - 1.3%. SWN - 0, COG - 27M shares - 5.8%. 13G/A - 2/10/2017 - MYOV - 37.2M shares - 61.8%."