"Tracking Ole Andreas Halvorsen’s Viking Global Portfolio – Q2 2017 Update"
"Halvorsen's 13F portfolio value decreased from $22.64B to $14.85B. The number of positions decreased from 62 to 53.Viking Global added Wells Fargo, increased Visa, and dropped Charles Schwab.The top three positions are Microsoft, Deere, and Facebook.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 08/14/2017. Please visit our  series to get an idea of his investment philosophy and our  for the fund’s moves during Q1 2017.This quarter, Halvorsen’s US long portfolio value decreased ~34% from $22.64B to $14.85B. The number of holdings decreased from 62 to 53. Largest five individual stock positions are Microsoft Corporation, Deere & Company, Facebook Inc., Broadcom Ltd., and Visa and they add up to one-third 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:Wells Fargo (WFC): WFC is a large 4.6% of the portfolio stake established this quarter at prices between $51 and $56 and the stock is now at $51.68. For investors attempting to follow Viking Global, WFC is a good option to consider for further research.Anadarko Petroleum (APC), Aflac Inc. (AFL), Alibaba Group Holdings (BABA), and Transdigm Group (TDG): These are small (~1% of the portfolio each) positions purchased this quarter. The 1.2% APC position was established at prices between $43.50 and $63 and the stock currently trades below that range at $42.17. AFL is a 1.12% stake purchased at prices between $72 and $79 and it now goes for $79.84. The 1% BABA position was established at prices between $107 and $144 and it is now well above that range at $168. TDG is a 0.97% position at prices between $219 and $273 and it is currently at $273.Molina Healthcare (MOH), Raymond James (RJF), Fleetcor Tech. (FLT), Norfolk Southern (NSC), Lowes Cos (LOW), Marsh & McLennan (MMC), Anthem Inc. (ANTM), Zimmer Biomet (ZBH), Kite Pharmaceuticals (KITE), Expedia Inc. (EXPE), and Neuroderm Ltd. (NDRM): These are very small (less than ~0.5% of the portfolio each) stakes established this quarter.Stake Disposals:Charles Schwab (SCHW): SCHW was a ~2% stake established in Q4 2016 at prices between $31 and $40.50 and increased by roughly one-third last quarter at prices between $39 and $43.50. The disposal this quarter was at prices between $37.50 and $43. It is now at $39.51.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 in Q4 2016. There was a two-third reduction last quarter at prices between $264 and $299 and the elimination this quarter was at prices between $247 and $287. The stock currently trades at ~$282.JPMorgan Chase (JPM): The ~1.5% JPM stake established last quarter at prices between $83 and $94 was sold this quarter at prices between $82 and $91. It currently trades at $90.74.Acadia Healthcare (ACHC), Adobe Systems (ADBE), Allergan plc (AGN), Bank of America (BAC), Chesapeake Energy (CHK), Centene Corp. (CNC), Coach Inc. (COH), Davita Inc. (DVA), Gulfport Energy (GPOR), Hartford Financial (HIG), Intercontinental Exchange (ICE), Incyte Corp. (INCY), Liberty Global (LBTYA)(LBTYK), Lincoln National (LNC), Patheon N V (PTI), Progressive Corp. (PGR), TJX Companies (TJX), Union Pacific (UNP), United Technologies (UTX), Western Digital (WDC), Walt Disney (DIS), and Wynn Resorts (WYNN): These are very small (less than ~1% of the portfolio each) stakes disposed this quarter.Note: Viking Global owned ~4.8% of Gulfport Energy as of last quarter.Stake Increases:Visa Inc. (V): The large (top five) ~5% V stake was purchased in H2 2016 at prices between $74 and $83. Last quarter had seen a ~12% trimming at prices between $80 and $90. There was a ~85% increase this quarter at prices between $89 and $97. The stock is now at $103.Twenty First Century Fox (FOXA): The 4.27% FOXA position was purchased at prices between $24 and $29 and increased by roughly two-thirds last quarter at prices between $28.50 and $32.50. The stock currently trades at $27.26. There was a ~10% further increase this quarter. For investors attempting to follow Viking Global, FOXA is a good option to consider for further research.Salesforce.com (CRM): CRM 2.76% portfolio position established last quarter at prices between $70.50 and $84. There was a ~80% stake increase this quarter at prices between $82 and $91 and the stock currently trades near the top end of those ranges at $90.76.Lyondellbasell Industries (LYB) and Universal Health Services (UHS): These two positions established in Q3 2016 were increased significantly in the last two quarters. LYB is a 2.2% portfolio position first purchased in Q3 2016 at prices between $74.50 and $81 and increased by ~70% this year at prices between $79 and $96. The stock is now at $87.34. The ~1.4% UHS stake saw a whopping ~500% increase this year at prices between $106 and $127. It now goes for $108.Parken Hannifin (PH): PH is a ~1.4% portfolio position established last quarter at prices between $140 and $160 and increased by ~280% this quarter at prices between $152 and $165. The stock currently trades at $155.AveXis Inc. (AVXS), Calithera Biosciences (CALA), Dentsply Sirona (XRAY), Extraction Oil & Gas (XOG), GW Pharmaceuticals (GWPH), HDFC Bank (HDB), Jazz Pharmaceuticals (JAZZ), NuVasive Inc. (NUVA), and Shire plc (SHPG): These very small (less than ~1% of the portfolio each) positions saw increases this quarter.Note: Viking Global owns 6.4% of Calithera Biosciences.Stake Decreases:Microsoft Corporation (MSFT): MSFT is the largest position at ~9% 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. There was another ~60% increase in Q4 2016 at prices between $57 and $64 and that was followed with a one-third increase last quarter at prices between $62 and $66. This quarter saw the pattern reverse: one-third selling at prices between $65 and $72.50. The stock is now at $72.49.Deere & Co. (DE): DE is now a top-three ~8% portfolio stake. The position was established in Q4 2016 at prices between $85 and $104 and increased by ~55% last quarter at prices between $103 and $111. There was a one-third reduction this quarter at prices between $108 and $128. It now goes for $117.Facebook Inc. (FB): FB is Viking Global’s third-largest 13F stake at 6.29% of the portfolio. It was purchased in Q1 2016 at prices between $94 and $116 and the stock is now at ~$167. Q3 2016 saw a ~7% trimming and that was followed with another ~17% selling last quarter at prices between $117 and $143. There was a ~60% reduction this quarter at prices between $139 and $155. Viking Global is harvesting gains.Broadcom Ltd. (AVGO) previously Avago: AVGO is a top five 5.25% of the portfolio stake established in Q2 & Q3 2015 at prices between $109 and $148. Q3 2016 saw an about turn: ~55% reduction at prices between $150 and $177. The stock is currently at $249. Last quarter saw a ~20% selling at prices between $174 and $227 and that was followed with a ~6% trimming this quarter. Viking Global is realizing gains.Encana Corp. (ECA): ECA is a fairly large 4.31% portfolio stake. The vast majority of the position was purchased in Q1 2016 at prices between $3 and $6. Last quarter saw a ~11% trimming at prices between $10 and $14 and that was followed with another ~8% trimming this quarter at prices between $8 and $12. The stock is now at $9.17. Viking Global is starting to harvest huge gains.Note: Viking Global owns ~7.5% of Encana.Alphabet Inc. (GOOG) (GOOGL): GOOG is a fairly large 13F position at 4.27% 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 $911. There was a minor ~5% trimming in Q4 2016 and that was followed with a ~14% selling last quarter at prices between $786 and $852. There was another ~73% reduction this quarter at prices between $823 and $984. Viking Global is harvesting huge gains.Amazon.com Inc. (AMZN): AMZN is a ~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. Q4 2016 saw a ~45% reduction at prices between $719 and $844 and that was followed with another one-third selling last quarter at prices between $753 and $887. This quarter saw a ~44% further reduction at prices between $885 and $1011. The stock currently trades at $959. Halvorsen is harvesting gains.United Health (UNH): UNH is a ~3.3% portfolio stake established in Q4 2016 at prices between $134 and $164 and increased by ~62% last quarter at prices between $158 and $172. There was a ~27% selling this quarter at prices between $164 and $187. The stock is now at $191.JD.com (JD): JD is a 2.41% 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 $40.13. There was a ~12% trimming last quarter at prices between $25.50 and $32. This quarter saw another ~73% reduction at prices between $31 and $43. Viking Global is harvesting huge gains.Cabot Oil & Gas (COG): The 2.39% COG position was purchased in Q4 2015 & Q1 2016 at prices between $15.50 and $23.50. Last three quarters saw a combined ~60% selling at prices between $20 and $26. The stock is now at $24.39.Note: Viking Global owns ~3.5% of Cabot Oil & Gas.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. Last quarter saw a ~55% increase at prices between $18.50 and $24 while this quarter saw a one-third reduction at prices between $19 and $27. The stock is now at $26.32.Note: Viking Global owns ~5.8% of Rice Energy.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. Q4 2016 saw the position reduced by one-third at prices between $140 and $156. Last quarter saw another about-turn: ~37% increase at prices between $141 and $155. There was a ~42% selling this quarter at prices between $147 and $161. The stock is now at $152 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.Lennar Corporation (LEN): LEN is a 1.93% position purchased last quarter at prices between $43 and $53 and the stock is now at $51.88. There was marginal trimming this quarter.Netflix Inc. (NFLX): NFLX is a 1.69% 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. Q4 2016 saw the pattern reverse: ~150% increase at prices between $98.50 and $128. The stock currently trades at $167. This quarter saw a ~72% reduction at prices between $140 and $166.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 in Q4 2016 as the stake was rebuilt to a ~3% portfolio stake at prices between $77 and $88. There was another ~50% increase last quarter at prices between $80.50 and $88. This quarter saw a ~75% reduction at prices between $76 and $86.50. The stock currently trades at $80.03 and the stake is now at 1.59%.D R Horton Inc. (DHI): The 1.2% DHI position was purchased last quarter at prices between $27.50 and $34. The stock is now at $35.69. There was a ~15% trimming this quarter.BioMarin Pharmaceuticals (BMRN), Dow Chemical (DOW), Humana Inc. (HUM), and MasterCard Inc. (MA): These are very small (less than ~1% of the portfolio each) stakes that saw reductions this quarter.Note: In December 2015, Dow and DuPont (DD) announced a merger of equals with plans to separate into three businesses after the merger.Kept Steady:Liberty Media Formula One (FWONK): FWONK is a ~3% position purchased last quarter at prices between $27.50 and $35 and the stock is now at $34.20.Editas Medicine (EDIT): EDIT is a minutely small 0.19% 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% of the business) of Arbutus Biopharma Corp (ABUS) and 75M shares (~70% 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 Q2 2017:Regulatory Filings thru 5/22/2017: 13G - 3/20 - GPOR - 9.1M shares - 5.8%."