"Tracking Ole Andreas Halvorsen’s Viking Global Portfolio – Q3 2019 Update"
"Halvorsen's 13F portfolio value decreased from $22.29B to $19.20B. The number of positions increased from 58 to 61.Viking Global increased Netflix, Square, Lowes, and Alibaba while decreasing Adobe Systems and dropping UnitedHealth.The top three positions are Amazon.com, Adaptive Biotechnologies, and Netflix. Together, they are at ~20% 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 11/13/2019. Please visit our  series to get an idea of his investment philosophy and our  for the fund’s moves during Q2 2019.This quarter, Halvorsen’s 13F stock portfolio value decreased ~14% from $22.29B to $19.20B. The number of holdings increased from 58 to 61. Largest five individual stock positions are Amazon.com, Adaptive Biotechnologies, Netflix, Facebook, and Anthem Inc. They add up to 31% 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:ServiceNow (NOW), Fortive Corp (FTV), Guardant Health (GH), Molina Healthcare (MOH), and Middleby Corp (MIDD): These are small new positions established this quarter. The 2.34% NOW stake was purchased at prices between $250 and $302 and the stock currently trades near the middle of that range at $276. FTV is a 1.73% of the portfolio position established at prices between $67 and $83 and it currently goes for $76.74. The 0.96% GH stake was purchased at prices between $60 and $110 and it is now at $79.51. MOH is a very small 0.84% position established at prices between $107 and $145 and the stock is now at $133. MIDD is a very small 0.68% stake purchased at prices between $107 and $142 and it is now at $111.Progressive Corp (PGR), United Rentals (URI), Edwards Lifesciences (EW), Sage Therapeutics (SAGE), Envista Holdings (NVST), Datadog Inc. (DDOG), Cloudflare Inc. (NET), Genmab A S (GMAB), Carvana (CVNA), and 10X Genomics (TXG): These are minutely small (less than ~0.50% of the portfolio each) new positions established during the quarter. Envista, Datadog, Cloudflare, and 10x Genomics had IPOs in September. Envista is a subsidiary of Danaher (DHR).Note: Viking Global has a 5.4% ownership stake in CHWY.Stake Disposals:United Health (UNH): UNH was a top five 5.27% portfolio stake established in Q4 2016 at prices between $134 and $164 and increased by ~62% the following quarter at prices between $158 and $172. The next three quarters had seen a ~58% selling at prices between $164 and $228. Q4 2018 saw a ~130% stake increase at prices between $233 and $286 and that was followed with a ~31% stake increase next quarter at prices between $233 and $272. Last quarter also saw a ~30% stake increase at prices between $217 and $252. The position was disposed this quarter at prices between $215 and $267. The stock is currently at $291.Micron Technology (MU): MU was a 1.11% of the portfolio position established in H1 2019 at prices between $31 and $44. The stake was disposed this quarter at prices between $39 and $51. The stock is now at ~$53.Berry Global (BERY): BERY was a 2.39% of the portfolio position first purchased in Q3 2018 at prices between $45.50 and $51. Last quarter saw the position almost sold out at prices between $47 and $59. The remainder stake was eliminated this quarter. The stock is now at $46.84.American International Group (AIG), AO Smith (AOS), Chewy Inc. (CHWY), Davita Inc. (DVA), Eidos Therapeutics (EIDX), Nvidia Corp (NVDA), NXP Semiconductors (NXPI), Slack Technologies (WORK), and Wellcare Health Plans (WCG): These very small (less than ~1% of the portfolio each) positions were disposed this quarter.Stake Increases:Amazon.com Inc. (AMZN): AMZN is the largest 13F portfolio position at 8.18% 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 follow: 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. Last quarter saw a ~160% stake increase at prices between $1693 and $1963. The stock currently trades at $1791. This quarter also saw a ~13% stake increase.Netflix Inc. (NFLX): NFLX is a large (top three) ~6% of the 13F portfolio stake. 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 position was built back up in Q4 2018 at prices between $234 and $381.  There was a one-third selling in Q1 2019 at around the same price range. This quarter saw a stake doubling at prices between $255 and $382. The stock is now at ~$315.Illumina Inc. (ILMN): The 3.05% ILMN stake was established in Q2 2018 at prices between ~$275 and ~$365 and increased by ~200% next quarter at around the same price range. The stock is now at $324. Last two quarters have seen a ~64% stake increase at prices between $267 and $378.Boston Scientific (BSX): The 2.21% 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 last quarter there was a 185% stake increase at prices between $34.90 and $43. The stock is currently at $44.75. This quarter also saw a ~13% stake increase.Square Inc. (SQ), Lowes Companies (LOW), and Coupa Software (COUP): These three stakes established last quarter saw large increases this quarter. SQ is a 3.24% position built at prices between $57 and $82 and the stock currently trades at $65.55. The 2.79% LOW position was purchased at prices between $92 and $117 and it now goes for $119. COUP is a small 0.90% stake established at prices between $90 and $153 and the stock is currently at $141. For investors attempting to follow, SQ is a good option to consider for further research.Monster Beverage (MNST), Salesforce.com (CRM), and Uber Technologies (UBER): These are medium-sized positions established last quarter and increased this quarter. The 3.19% MNST position was purchased at prices between $52.50 and $66 and increased by ~19% this quarter. The stock is now at $62.77. CRM is a ~4% portfolio stake established at prices between $145 and $166 and it is now at $162. This quarter saw a ~70% stake increase at prices between $140 and $160. UBER had an IPO last quarter. It started trading at ~$41.50 and currently goes for ~$29.75. Viking Global’s stake is at 2.30% of the portfolio. This quarter saw a ~9% stake increase.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.BioMarin Pharma (BMRN): The ~1% BMRN stake was built last year at prices between $76 and $106. It is currently at $83.38. There was a ~50% selling last quarter at prices between $80 and $94. This quarter saw a ~18% stake increase.Alibaba Group Holdings (BABA): BABA was the third-largest 13F position at 6% of the portfolio as of Q1 2019. It was established in Q1 2018 at prices between $172 and $205. There was a whopping ~355% stake increase in Q4 2018 at prices between $156 and $198. Next quarter saw a ~44% selling at prices between $131 and $187. The position was almost sold out last quarter at prices between $149 and $195. It was built back up to a ~2% portfolio stake this quarter at prices between $154 and $183. The stock currently trades at ~$208.Note: BABA is a frequently traded position in Viking’s portfolio.AXA Equitable (EQH), Assurant Inc. (AIZ), Athene Holding (ATH), Blueprint Medicines (BPMC), GrubHub Inc. (GRUB), and Gardner Denver Holdings (GDI): These small (less than ~1% of the portfolio each) positions were increased this quarter.Stake Decreases:Facebook Inc. (FB): FB is a top five 5.79% of the portfolio stake. It was purchased in Q1 2016 at prices between $94 and $116. It was sold down last year 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 last quarter there was a 230% stake increase at prices between $177 and $205. This quarter saw a ~12% trimming. The stock currently trades at ~$198.JD.com (JD) and Mercadolibre Inc. (MELI): JD is a fairly large ~4% of the portfolio stake purchased in Q1 2019 at prices between $19.75 and $31.25 and increased by ~175% last quarter at prices between $25.75 and $31.50. The stock currently trades above those ranges at $34.69. This quarter saw a ~15% trimming. MELI is a 2.32% of the portfolio stake purchased in Q1 2019 at prices between $258 and $518 and increased by ~40% last quarter at prices between $482 and $641. The stock is now at ~$586. This quarter saw a ~6% trimming.Centene Corp (CNC): Most of the 2.78% of the portfolio stake in CNC was purchased this year at prices between $47and $66. The stock is now at $58.94. This quarter saw a ~12% trimming.Activison Blizzard (ATVI): ATVI is now a minutely small 0.21% position. The stake was purchased in Q1 2019 at prices between $40 and $51 and increased by ~60% last quarter at prices between $42 and $50. This quarter saw the position almost sold out at prices between $45 and $56. It currently goes for $58.26.Adobe Systems (ADBE): ADBE is now a very small 0.46% portfolio stake. It was established in Q4 2018 at prices between $205 and $275. Last three quarters saw the stake reduced by ~90% at prices between $216 and $311. The stock currently trades at $323.Alphabet Inc. (GOOG) (GOOGL): The GOOG stake was established in Q3 2014 and H1 2015 saw a huge ~425% increase at prices between $493 and $575. The position has wavered since. Recent activity follow: Q3 2018 saw the position almost sold out at prices between $1102 and $1268. The stake was built back up to a top five position next quarter at prices between $976 and $1203. Last three quarters have seen a ~80% selling at prices between $1016 and $1288. The stock is now at $1355 and the stake is at 1.28% of the portfolio.Anthem Inc. (ANTM): ANTM is a top five ~5% 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 ~37% over the last two quarters at prices between $236 and $311. The stock is now at ~$291.Microsoft Corporation (MSFT): MSFT is a fairly large 4.30% 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. The position has wavered. Recent activity follow. Q4 2018 saw a ~28% increase at prices between $94 and $116. Last three quarters have seen a ~55% reduction at prices between $97 and $141. The stock is now at $155.Boeing Inc. (BA): BA is a fairly large 4.54% of the portfolio stake established last quarter at prices between $337 and $396 and the stock currently trades below that range at $327. This quarter saw a ~20% selling at prices between $320 and $387.Liberty Media Formula One (FWONK): FWONK is a 2.17% position purchased in Q2 2017 at prices between $27.50 and $35. It is now at $44.14. The position has seen minor trimming over the last two quarters.Moderna Inc. (MRNA): MRNA had an IPO last December. It was priced at $23 per share (~$18.50 first day close) and currently trades at $18.44. Viking Global’s stake goes back to 2015 when they made an investment in Moderna’s funding round. Last two quarters have seen a ~70% selling at prices between $12.25 and $28.35.United Technologies (UTX): UTX is a 1.42% of the portfolio position purchased in Q3 2017 at prices between $110 and $124 and increased by ~43% the following quarter at prices between $116 and $128. This quarter saw the stake reduced by ~70% at prices between $123 and $138. It is now at ~$149.Note: United Technologies has had a previous round-trip in the portfolio. A small 0.73% stake was disposed in Q2 2017.Visa Inc. (V): The Visa stake was built in the Q3 2016 to Q3 2017 timeframe at prices between $74 and $106. The next four quarters saw the stake almost sold out at prices between $105 and $150. The position was rebuilt in Q4 2018 at prices between $122 and $151. Last three quarters saw the pattern repeat: stake almost eliminated at prices between $128 and $186. The stock currently trades at $186.Align Technology (ALGN), AnaptysBio Inc. (ANAB), aTyr Pharma (LIFE), Aon plc (AON), Avantor Inc. (AVTR), Crown Holdings (CCK), Catalent Inc. (CTLT), Editas Medicine (EDIT), Exact Sciences (EXAS), Raytheon Co (RTN), and Syneos Health (SYNH): These very small stakes (less than ~1% of the portfolio each) were decreased this quarter.Note: Viking Global has a 4.5% ownership stake in Editas Medicine. They had a ~10% stake in aTyr Pharma as of last quarter. The stake was almost eliminated this quarter.Kept Steady:Adaptive Biotechnologies (ADPT): ADPT is currently Viking Global’s second-largest 13F position at 6.18% of the portfolio. It came about as a result of Adaptive’s IPO in June. Viking Global was a majority investor in Adaptive. They control ~31% of the business. Shares started trading at ~$48 and currently goes for $29.35.BridgeBio Pharma (BBIO): BBIO is a medium-sized ~3% stake established last quarter. It had an IPO during the quarter. The stake goes back to earlier funding rounds prior to the IPO. Viking Global controls ~21% of the business. The stock started trading at ~$27 per share and currently goes for ~$35.Covetrus Inc. (CVET): The minutely small 0.21% of the portfolio stake in CVET was kept steady this quarter.The spreadsheet below highlights changes to Halvorsen’s 13F stock holdings in Q3 2019:Regulatory filings thru 9/5/2019: 13D/A, Form 4 – 7/12 – Axovant - AXGT – 0 - info, Form 4, 13D/A – 7/10 – Arbutus – ABUS, MYOV, UROV – 0 - info, Form 4 6/19, 6/14 UROV minor. 13D 6/14 MYOV – 40.8M shares – 45.6% of business, Form 4 6/13 MYOV – 2.4M shares acquired at 8.25 – 40.77M shares indirect ownership thru Roivant. Form 4 611 UROV – minor. 13D – 7/8 – BBIO – 26.6M shares – 22.1% of business, Form 4 6/28 – IPO related conversion of 21.9M shares & acquisition of 4.7M shares at $17, Form 3 6/27 – preferred ownership regarding. Form 4 – 7/2 – ADPT – IPO related conversion – 38.4M shares, Form 3 6/26 – preferred ownership regarding."