"Tracking Ole Andreas Halvorsen’s Viking Global Portfolio – Q3 2020 Update"
"Halvorsen's 13F portfolio value increased from $23.14B to $27.68B. The number of positions increased 71 to 86.Viking Global increased Microsoft, Mecadolibre, and CME Group while reducing Amazon.com and dropping Uber Technologies & JD.com.The top three positions are Microsoft, Adaptive Biotechnologies, and Fidelity National Information Services. Together, they are at ~17% 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 11/16/2020. Please visit our  series to get an idea of his investment philosophy and our  for the fund’s moves during Q2 2020.This quarter, Halvorsen’s 13F stock portfolio value increased ~20% from $23.14B to $27.68B. The number of holdings increased from 71 to 86. Largest five individual stock positions are Microsoft, Adaptive Biotechnologies, Fidelity National Information Services, American Express, and Centene Corp. They add up to ~25% 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 from earlier this week show them owning 2.83M shares (series B/C redeemable convertible preferred stock) of 4D Molecular Therapeutics (FDMT). FDMT had an IPO priced at $23 today. Shares closed at ~$40.New Stakes:Taiwan Semi (TSM): TSM is a 1.80% of the portfolio stake purchased this quarter at prices between ~$57 and ~$86 and the stock currently trades well above that range at ~$104.Avalon Bay Communities (AVB), Advanced Micro Devices (AMD), Raytheon Technologies (RTX), and Alphabet (GOOG): These are small new stakes established during the quarter. The 1.38% AVB position was purchased at prices between ~$146 and ~$162 and it is now at $162. AMD is a 1.33% of the portfolio stake established at prices between ~$52 and ~$92 and the stock currently trades at $91.65. The 1.28% RTX position was purchased at prices between ~$56 and ~$64 and it now goes for $72.89. GOOG is a ~1% stake established at prices between ~$1415 and ~$1728 and it currently trades at $1782.CoStar Group (CSGP), Zimmer Biomet Holdings (ZBH), Bill.com (BILL), Bristol Myers Squibb (BMY), Otis Worldwide (OTIS), Atlassian Corp (TEAM), Ceridian HCM Holdings (CDAY), Snowflake (SNOW), and Anthem Inc. (ANTM): These are very small (less than ~1% of the portfolio each) new stakes established this quarter.Verisign Inc. (VRSN), Unity Software (U), FleetCor Technologies (FLT), Inhibrx (INBX), PMV Pharma (PMVP), Laboratory Cop (LH), GoHealth Inc. (GOCO), Karuna Therapeutics (KRTX), Insulet Corp (PODD), Vertex Inc. (VRTX), Pacific Biosciences (PACB), Athira Pharma (ATHA), Nikola Corp (NKLA), Li Auto (LI), VBI Vaccines (VBIV), Chindata Group Holdings (CD), Jamf Holding (JAMF), and JFrog Ltd. (FROG): These are minutely small (less than ~0.5% of the portfolio each) new stakes established during the quarter.Note: Although the stakes relative to the overall portfolio are minutely small, it is significant that they have substantial ownership positions in the following businesses: 6.1% of PMV Pharma, 6.9% of Athira Pharma, 5.5% of GoHealth, 8.5% of Vertex Inc., and 14% of Inhibrx.Stake Disposals:JD.com (JD): JD was 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 had seen a ~75% reduction at prices between $27 and $59. The disposal this quarter was at prices between ~$60 and ~$83. The stock currently trades at $82.61.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 had seen a ~55% selling at prices between $15 and $41. That was followed with the elimination this quarter at prices between ~$29.40 and ~$38. The stock is now at $52.63.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.  Q1 2020 saw a ~25% stake increase at prices between ~$65 and ~$127. There was a two-thirds selling last quarter at prices between $80 and $136. The remaining position was disposed this quarter at prices between ~$135 and ~$171.Netflix Inc. (NFLX): NFLX was a large (top three) 5.20% of the 13F portfolio stake as of Q1 2020. 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. Q1 2020 saw another ~25% selling at prices between ~$299 and ~$388. Last quarter saw the stake almost sold out at prices between $362 and $468. The stock is now at ~$503. The remainder stake was disposed this quarter.Salesforce.com (CRM): CRM was a 1.74% portfolio stake established in Q2 2019 at prices between $145 and $166 and it is now at ~$222. Q3 2019 saw a ~70% stake increase at prices between $140 and $160. Last three quarters had seen a ~55% reduction at prices between $124 and $194. The remaining position was sold this quarter at prices between ~$186 and ~$281.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.Alibaba Group Holdings (BABA), Danaher Corp (DHR), Envista Holdings (NVST), Linde plc (LIN), Momenta Pharma (MNTA), Sherwin Williams (SHW), TJX Companies (TJX), and UniQure NV (QURE): These small (less than ~1% of the portfolio each) stakes established last quarter were disposed this quarter.Anaplan (PLAN), Change Healthcare (CHNG), Editas Medicine (EDIT), and Varian Medical (VAR): These small (less than ~1% of the portfolio each) positions were eliminated during the quarter.Stake Increases:Microsoft Corporation (MSFT): MSFT is now the largest 13F stake at 6.27% 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. Q4 2018 saw a ~28% increase at prices between $94 and $116. 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 last quarter at prices between $152 and $202. This quarter saw a ~120% stake increase at prices between ~$200 and ~$232. The stock is now at ~$213.American Express (AXP), Fidelity National Information Services (FIS), and JP Morgan Chase (JPM): These three positions were built this year. The top five 3.93% AXP position was established at prices between ~$69 and ~$137 and it is now at ~$120. FIS is a top three 4.73% position built this year at prices between ~$102 and ~$157 and it now goes for ~$148. The 3.29% JPM stake was purchased at prices between ~$79 and ~$141 and the stock currently trades at ~$120.Centene Corp (CNC): Most of the 3.68% 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. The stock is now at $60.71. This quarter saw a ~8% stake increase.T-Mobile US (TMUS): The 3.33% TMUS stake was purchased over the last three quarters at prices between ~$74 and ~$119 and it now goes for ~$131.Hilton Worldwide (HLT): The 2.72% HLT stake was established last quarter at prices between ~$56 and ~$90 and it is now at ~$105. There was a ~20% stake increase this quarter at prices between $73.50 and $94.Boston Scientific (BSX): The 2.60% 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. The three quarters thru Q1 2020 had seen a ~250% increase at prices between ~$26 and ~$46. There was a ~40% selling last quarter at prices between $30 and $39. The stock is currently at ~$33.60. This quarter saw a minor ~2% stake increase.Aon plc (AON): The 2.25% AON stake saw a ~200% stake increase in Q1 2020 at prices between $146 and $237 and the stock currently trades at ~$204. There was a ~30% further increase last quarter at prices between $154 and $200. This quarter also saw a ~2% increase.Booking Holdings (BKNG): BKNG is a 2.15% 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 this quarter at prices between $1638 and $1949. It is currently at $2089.Nuance Communications (NUAN), Moody’s Corp (MCO), Parker Hannifin (PH), and Analog Devices (ADI): These four stakes established last quarter were increased this quarter. The ~2% NUAN stake was purchased at prices between ~$16 and ~$26 and it currently trades at $43.65. This quarter saw a one-third increase at prices between ~$25 and ~$34. The 1.36% MCO position was established at prices between ~$198 and ~$283 and it is now at ~$275. This quarter saw a one-third increase at prices between ~$271 and ~$305. PH is a 1.84% position purchased at prices between ~$116 and ~$202 and it currently goes for ~$275. This quarter saw a ~75% stake increase at prices between ~$175 and ~$214. The 1.24% ADI stake was established at prices between ~$84 and ~$125 and it is now at ~$141. There was a ~50% stake increase this quarter at prices between ~$112 and ~$125.Note: Viking Global controls ~6% of Nuance Communications.Mercadolibre Inc. (MELI): MELI is now a 1.85% 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 had seen the stake almost sold out at prices between ~$490 and ~$975. This quarter saw the stake rebuilt at prices between ~$957 and ~$1225. The stock is now at ~$1607.Chubb Ltd. (CB): The 1.43% CB stake was built this year at prices between ~$94 and ~$165 and it currently trades at ~$154.Avantor Inc. (AVTR), Align Technology (ALGN), CME Group (CME), Cooper Companies (COO), Guardant Health (GH), Exact Sciences (EXAS), Encompass Health (EHC), Everest RE Group (RE), Molina Healthcare (MOH), PVH Corp (PVH), and Visa Inc. (V): These small (less than ~1.5% of the portfolio each) stakes saw increases this quarter.Stake Decreases:Amazon.com Inc. (AMZN): AMZN is now at 3.10% 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. Last two quarters have seen a ~70% selling at prices between $1908 and $3531. The stock currently trades at ~$3116.Thermo Fisher Scientific (TMO): TMO is a 2.20% of the portfolio position purchased last quarter at prices between $275 and $362 and the stock currently trades at ~$471. There was a ~20% reduction this quarter at prices between ~$360 and ~$442.Fortive Corp (FTV): FTV is a 1.88% of the portfolio position established in Q3 2019 at prices between $67 and $83 and it currently goes for $68.55. 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. This quarter saw a ~22% selling at prices between ~$56 and ~$65.Cigna Corp (CI) and Comcast Corp (CMCSA): The 0.89% CI position was built in H1 2020 at prices between ~$130 and ~$223 and the stock currently trades at ~$209. This quarter saw a ~50% selling at prices between ~$161 and ~$191. CMCSA is a 1.68% stake established in H1 2020 at prices between ~$32 and ~$48 and it is now at $50.93. This quarter saw a two-thirds selling at prices between ~$39 and ~$47.Las Vegas Sands (LVS): LVS is a 1.45% of the portfolio position established in H1 2020 at prices between $38 and $74 and it is now at $56.75. There was a ~23% selling this quarter at prices between ~$43 and ~$53.Allstate Corp (ALL), Assurant Inc. (AIZ), Blueprint Medicines (BPMC), Bristol Myers Squibb CVRs, Catalent Inc. (CTLT), Darden Restaurants (DRI), Genmab A S (GMAB), Horizon Therapeutics (HZNP), Ingersoll Rand (IR), Liberty Media Formula One (FWONK), Micron Technology (MU), Royalty Pharma (RPRX), Sea Limited (SE), Viela Bio (VIE), and Workday Inc. (WDAY): These very small (less than ~1.25% of the portfolio each) positions saw substantial increases this quarter.Kept Steady:Adaptive Biotechnologies (ADPT): ADPT is currently Viking Global’s second-largest 13F position at ~6% 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 $56.05. Q1 2020 saw a ~13% trimming at ~$25 per share. Viking Global controls ~27% of Adaptive Biotechnologies.Note: Regulatory filings since the quarter ended show them owning 30.99M shares. This is compared to 33.49M shares in the 13F report. Around 2.5M shares were sold at ~$49.50 average price.BridgeBio Pharma (BBIO): BBIO is a fairly large 3.61% stake established in Q2 2019. It had an IPO last 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 $61.35.Note: Viking Global controls ~21% of BridgeBio Pharma.APi Group (APG): 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 $17.74. Viking Global has a ~13% ownership stake in the business.Agora Inc. (API), aTyr Pharma (LIFE), and Zentalis Pharma (ZNTL): These very small (less than ~0.5% of the portfolio each) positions were kept steady this quarter.Note: Viking Global has a ~17% ownership stake in Zentalis Pharmaceuticals. Zentalis had an IPO in April. Shares started trading at ~$23 and currently goes for ~$52. Viking Global’s stake goes back to a funding round last December prior to the IPO. Regulatory filings since the quarter ended show them owning 3.93M shares. This is compared to 4.44M shares in the 13F report. The ~10% trimming happened at ~$50.50 per share.The spreadsheet below highlights changes to Halvorsen’s 13F stock holdings in Q3 2020:Regulatory filings thru 8/30/2020: 13G – 8/30 – INBX – 5.13M shares – 13.6% of business, Form 4 – 8/28– 180K shares purchased @ ~$18.9, 3.88M shares total, Form 4 – 8/25 - ~130K shares purchased @ ~$19.35, 3.88M shares total, Form 3 – 8/25 – same info. 13G – 8/10 – NUAN – 14.35M shares – 5.1% of business. 13G – 8/10 – VERX – 1.85M shares – 8.2% of business. 13G – 7/27 – GoHealth – GOCO – 4.56M shares – 5.4% of business."