"Tracking Ole Andreas Halvorsen’s Viking Global Portfolio – Q2 2020 Update"
"Halvorsen's 13F portfolio value increased from $19.21B to $23.14B. The number of positions increased from 64 to 71.Viking Global increased Comcast, American Express, and Fidelity National Information Services while reducing Amazon.com, Boston Scientific, and JD.com.The top three positions are Amazon.com, Adaptive Biotechnologies, and Comcast. Together, they are at ~19% 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 08/7/2020. Please visit our  series to get an idea of his investment philosophy and our  for the fund’s moves during Q1 2020.This quarter, Halvorsen’s 13F stock portfolio value increased ~20% from $19.21B to $23.14B. The number of holdings increased from 64 to 71. Largest five individual stock positions are Amazon.com, Adaptive Biotechnologies, Comcast, Centene, and American Express. They add up to ~28% 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 .Note: Regulatory filings since the quarter ended show them owning 5.13M shares (13.6% of business) of Inhibrx (INBX), 1.85M shares (8.2% of business) of Vertex Inc. (VERX), and 4.56M shares (5.4% of business) of GoHealth (GOCO).New Stakes:Thermo Fisher Scientific (TMO), Hilton Worldwide (HLT), and APi Group (APG): These are medium-sized new positions established this quarter. TMO is a 2.72% of the portfolio position purchased at prices between $275 and $362 and the stock currently trades well above that range at ~$420. The 2.31% HLT stake was established at prices between ~$56 and ~$90 and it is now at $89.36. Viking Global was an early investor in J2 Acquisition, a SPAC which acquired APi Group last October. APi Group started trading at $10.40 and now goes for $14.09. Viking Global has a ~13% ownership stake in the business.Nuance Communications (NUAN), Moody’s Corp (MCO), Parker Hannifin (PH), and Analog Devices (ADI): These are small (less than ~1.5% of the portfolio each) new positions established this quarter. The 1.40% NUAN stake was purchased at prices between ~$16 and ~$26 and it currently trades at $30.72. The 1.16% MCO position was established at prices between ~$198 and ~$283 and it is now at ~$284. PH is a 1.14% position purchased at prices between ~$116 and ~$202 and it currently goes for ~$204. The ~1% ADI stake was established at prices between ~$84 and ~$125 and it is now at ~$114.Note: Regulatory filings since the quarter ended show them owning 14.35M shares (5.1% of business) of Nuance Communications. This is compared to 12.80M shares in the 13F report.Alibaba Group Holdings (BABA), Align Technology (ALGN), Allstate Corp (ALL), Danaher Corp (DHR), Darden Restaurants (DRI), Linde plc (LIN), Royalty Pharma (RPRX), Sherwin Williams (SHW), and Zentalis Pharma (ZNTL): These are very small (less than ~1% of the portfolio each) new positions established during the quarter.Note 1: Viking Global has a ~19% ownership stake in Zentalis Pharmaceuticals. Zentalis had an IPO in April. Shares started trading at ~$23 and currently goes for $28.90. Viking Global’s stake goes back to a funding round last December prior to the IPO.Note 2: Alibaba Group Holdings and Align Technology are back in the portfolio after a quarter’s gap.Envista Holdings (NVST), Everest RE Group (RE), TJX Companies (TJX), PVH Corp (PVH), Momenta Pharma (MNTA), Agora Inc. (API), and UniQure NV (QURE): These are minutely small (less than ~0.5% of the portfolio each) new stakes established this quarter.Note: Envista Holdings is back in the portfolio after a quarter’s gap.Stake Disposals:Anthem Inc. (ANTM): ANTM was a 2.14% of the portfolio position. It was first purchased in Q2 2017 at prices between $165 and $193 and increased by ~15x over the next three quarters at prices between $181 and $258. The three quarters thru Q1 2019 had seen a ~40% further increase at prices between $236 and $318. The position was reduced by ~71% over the last four quarters at prices between ~$175 and ~$310. The disposal this quarter was at prices between ~$203 and ~$301. The stock is now at ~$261.Alphabet Inc. (GOOG) (GOOGL): GOOG was a 1.89% position. It was first purchased in Q3 2014 and H1 2015 saw a huge ~425% increase at prices between $493 and $575. Recent activity follows: Q3 2018 saw the position almost sold out at prices between $1102 and $1268. The stake was rebuilt to a top five position next quarter at prices between $976 and $1203. Last year had seen the stake almost eliminated at prices between $1036 and $1360. The position was rebuilt again last quarter at prices between $1054 and $1525. The disposal this quarter was at prices between $1093 and $1465. The stock is now at $1526.Facebook Inc. (FB): FB was a 1.74% of the portfolio stake. It was purchased in Q1 2016 at prices between $94 and $116 but was sold down in the first three quarters of 2018 realizing huge gains. The position was built back up in Q4 2018 at prices between $124 and $169. Next quarter saw a ~55% reduction at prices between $131 and $173 while Q2 2019 there was a 230% stake increase at prices between $177 and $205. At the time, it was a top-three position. Last quarter saw a ~70% selling at prices between ~$146 and ~$223. The remainder was sold this quarter at prices between $154 and $242. The stock currently trades at ~$268.Agilent Technologies (A), BioMarin Pharma (BMRN), Canada Goose (GOOS), Covetrus Inc. (CVET), CSX Corp. (CSX), Gallagher Arthur (AJG), Moderna Inc. (MRNA), Microchip Technology (MCHP), Norfolk Southern (NSC), O’Reilly Automotive (ORLY), Progressive Corp (PGR), ServiceNow (NOW), and SmileDirectClub (SDC): These small (less than ~1.5% of the portfolio each) positions were eliminated this quarter.Stake Increases:JP Morgan Chase (JPM) and American Express (AXP): These two positions established last quarter were increased substantially this quarter. The 2.61% JPM stake was purchased at prices between ~$79 and $141 and the stock currently trades at ~$100. The large (top five) 4.32% AXP position was established at prices between ~$69 and ~$137 and it is now at ~$103.Cigna Corp (CI), Comcast Corp (CMCSA), and Fidelity National Information Services (FIS): These three positions were substantially increased over the last two quarters. The 2.39% CI position was purchased at prices between ~$130 and ~$223 and the stock currently trades at ~$170. CMCSA is a large (top three) 4.80% stake established at prices between ~$32 and ~$48 and it is now at ~$44. FIS is a 3.89% position purchased at prices between ~$102 and ~$157 and it now goes for ~$146.Aon plc (AON): The 2.46% AON stake saw a ~200% stake increase last quarter at prices between $146 and $237 and the stock currently trades at ~$202. There was a ~30% further increase this quarter at prices between $154 and $200.Chubb Ltd. (CB), Las Vegas Sands (LVS), and T-Mobile US (TMUS): These three positions were built over the last two quarters. The 1.20% CB stake was purchased at prices between $94 and $165 and it currently trades at $119. LVS is a 2.19% of the portfolio position established at prices between $38 and $74 and it is now at $52.32. The 1.71% TMUS stake was purchased at prices between $74 and $110 and it now goes for $112.Booking Holdings (BKNG): BKNG is a 1.40% position purchased in Q4 2019 at prices between $1838 and $2073. Last quarter saw a ~45% stake increase at prices between ~$1152 and ~$2087. It is currently at $1817. This quarter also saw a ~9% increase.Anaplan (PLAN), Assurant Inc. (AIZ), Blueprint Medicines (BPMC), Sea Limited (SE), and Encompass Health (EHC): These very small (less than ~1.25% of the portfolio each) positions saw substantial increases this quarter.Stake Decreases:Amazon.com Inc. (AMZN): AMZN is the largest 13F portfolio position at 7.31% 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: Q4 2018 saw a 260% stake increase at prices between $1344 and $2005 and that was followed with a ~53% selling in Q1 2019 at prices between $1344 and $1819. Next quarter saw a ~160% stake increase at prices between $1693 and $1963. There was a ~30% reduction this quarter at prices between $1906 and $2765. The stock currently trades at $3175.Centene Corp (CNC): Most of the 4.42% of the portfolio stake in CNC was purchased in H1 2019 at prices between $47and $66. H2 2019 saw a ~22% selling while last quarter there was a ~50% stake increase at prices between $45.50 and $68. The stock is now at $57.10. There was marginal trimming this quarter.Microsoft Corporation (MSFT): MSFT is now a 3.26% position. 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. Q4 2018 saw a ~28% increase at prices between $94 and $116. 2019 had seen a ~90% reduction at prices between $102 and $159. Last quarter saw the stake rebuilt at prices between $135 and $189. The stock is now at ~$205. There was a ~25% reduction this quarter at prices between $152 and $202.Boston Scientific (BSX): The 2.80% BSX stake was established in H2 2018 at prices between $33 and $38.50. Q1 2019 saw a ~38% selling at prices between $32.90 and $40.75 while next quarter there was a 185% stake increase at prices between $34.90 and $43. Last three quarters had seen a ~250% increase at prices between ~$26 and ~$46. There was a ~40% selling this quarter at prices between $30 and $39. The stock is currently at ~$41.Fortive Corp (FTV): FTV is a 2.56% of the portfolio position established in Q3 2019 at prices between $67 and $83 and it currently goes for $76.45. Q4 2019 saw a ~50% stake increase at prices between $64 and $77 and that was followed with a one-third further increase last quarter at prices between ~$42 and ~$79. There was a ~7% trimming this quarter.Uber Technologies (UBER): UBER had an IPO in Q2 2019. It started trading at ~$41.50. Q4 2019 saw a ~160% stake increase at prices between $26 and $34. Last two quarters have seen a ~55% selling at prices between $15 and $41. The stock is now at ~$36 and the stake is at 2.21% of the portfolio.JD.com (JD) and Mercadolibre Inc. (MELI): JD is a ~2% of the portfolio stake purchased in Q1 2019 at prices between $19.75 and $31.25 and increased by ~175% next quarter at prices between $25.75 and $31.50. Last four quarters have seen a ~75% reduction at prices between $27 and $59. The stock currently trades at $74.53. MELI is now a minutely small 0.30% 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. Last four quarters saw the stake almost sold out at prices between ~$490 and ~$975. The stock is now at ~$1041.Salesforce.com (CRM): CRM is a 1.74% portfolio stake established in Q2 2019 at prices between $145 and $166 and it is now at ~$248. Q3 2019 saw a ~70% stake increase at prices between $140 and $160. Last three quarters have seen a ~55% reduction at prices between $124 and $194.Note: CRM had a recent roundtrip: it was a ~4% portfolio position established in Q1 2017 at prices between $70.50 and $84 and increased by ~80% the following quarter at prices between $82 and $91. The position had wavered and was disposed in Q1 2019 at prices between $121 and $167.Lowes Companies (LOW): The ~1% LOW position was purchased in Q2 & Q3 2019 at prices between $92 and $117 and it is now at ~$158.  Last quarter saw a ~25% stake increase at prices between ~$65 and ~$127. There was a two-thirds selling this quarter at prices between $80 and $136.Netflix Inc. (NFLX): NFLX was a large (top three) 5.20% of the 13F portfolio stake as of last quarter. It was established in H2 2015 at prices between $93 and $131. The five quarters thru Q2 2018 had seen the position almost sold out at prices between $146 and $417 realizing huge gains. The stake was rebuilt in Q4 2018 at prices between $234 and $381.  There was a one-third selling in Q1 2019 at around the same price range. Q3 2019 saw a stake doubling at prices between $255 and $382 while next quarter saw a ~20% trimming. Last quarter saw another ~25% selling at prices between ~$299 and ~$388. This quarter saw the stake almost sold out at prices between $362 and $468. The stock is now at ~$481.Avantor Inc. (AVTR), Bristol Myers Squibb CVRs, Catalent Inc. (CTLT), Change Healthcare (CHNG), Cooper Companies (COO), CME Group (CME), Editas Medicine (EDIT), Exact Sciences (EXAS), Genmab A S (GMAB), Guardant Health (GH), Horizon Therapeutics (HZNP), Ingersoll Rand (IR), Micron Technology (MU), Molina Healthcare (MOH), Varian Medical (VAR), Viela Bio (VIE), Visa Inc. (V), and Workday Inc. (WDAY): These small (less than ~1.25% of the portfolio each) positions saw reductions this quarter.Kept Steady:Adaptive Biotechnologies (ADPT): ADPT is currently Viking Global’s second-largest 13F position at ~7% 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 $39.17. Last quarter saw a ~13% trimming at ~$25 per share. Viking Global still controls ~27% of Adaptive Biotechnologies.BridgeBio Pharma (BBIO): BBIO is a fairly large 3.75% stake established in Q2 2019. It had an IPO during the quarter. The stake goes back to earlier funding rounds prior to the IPO. The stock started trading at ~$27 per share and currently goes for $33.09.Note: Viking Global controls ~21% of BridgeBio Pharma.aTyr Pharma (LIFE) and Liberty Media Formula One (FWONK): These are very small (less than ~0.5% of the portfolio each) stakes kept steady this quarter.The spreadsheet below highlights changes to Halvorsen’s 13F stock holdings in Q2 2020:Regulatory filings thru 5/30/2020: Form 3 – 4/28 – API – APi Group (APG) - 33.33M shares. 13G – 4/15 – ZNTL – 4.44M shares - ~13% of business, Form 4 – 4/8 – 725K shares acquired @ 18, 4.44M shares, Form 3 – 4/3 – 3.72M shares – they participated in an $85M funding round prior to the IPO in December 2019. 13G – 3/13 – CHNG – 7.85M shares – 6.3% of business."