"Tracking Ole Andreas Halvorsen’s Viking Global Portfolio – Q3 2021 Update"
"Halvorsen's 13F portfolio value increased from $32.98B to $36.04B this quarter. The number of positions increased from 88 to 96.Viking Global added McDonald’s and increased General Electric, Humana, Brookfield Asset Management, and Parker Hannifin while dropping Aon plc during the quarter. They also reduced Amazon, Thermo Fisher Scientific, and Align Technology.The top three positions are Ginkgo Bioworks, General Electric, and T-Mobile US. Together, they are at ~18% 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 11/15/2021. Please visit our  series to get an idea of his investment philosophy and our  for the fund’s moves during Q2 2021.This quarter, Halvorsen’s 13F stock portfolio value increased from $32.98B to $36.04B. The number of holdings increased from 88 to 96. Largest five individual stock positions are Ginkgo Bioworks, General Electric, T-Mobile US, BridgeBio Pharma, and Humana. 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 since the quarter ended show them owning 1M shares (4.6% of business) of TDCX Inc. (TDCX) which had an IPO in October.New Stakes:Ginkgo Bioworks (DNA): Shares of Ginkgo Bioworks started trading in September after the close of their De-SPAC transaction with Soaring Eagle Acquisition. Viking Global started investing in Gingko Bioworks in 2015 when the business raised ~$45M in a Series B funding round. The valuation at the time was ~$200M. The current valuation is ~80x that at ~$16B. They have 22.8% ownership stake in the business. The stock now trades at $10.48.McDonald’s Corp (MCD), Comcast Corp (CMCSA), and Farfetch Ltd. (FTCH): These are small new stakes established this quarter. The ~2% of the portfolio position in MCD was purchased at prices between ~$229 and ~$248 and the stock currently trades at ~$266. CMCSA is a 1.58% of the portfolio stake established at prices between ~$55 and ~$62 and it is now well below that range at $48.84. The 1.20% FTCH position was purchased at prices between ~$37 and ~$51 and the stock currently trades below that range at $29.73.Pinterest Inc. (PINS), Zoom Video Communications (ZM), Tesla Inc. (TSLA), Uber Technologies (UBER), Willis Towers Watson (WLTW), and Procept BioRobotics (PRCT): These are very small (less than ~1% of the portfolio each) new positions established during the quarter.Note: They have a 11.3% ownership stake in Procept BioRobotics.Stake Disposals:Aon plc (AON): The 2.10% AON stake was primarily built in H1 2020 at prices between $146 and $237 and the stock currently trades at ~$295. The two quarters through Q1 2021 had seen a ~30% selling at prices between ~$180 and ~$234 while last quarter there was a similar increase at prices between ~$230 and ~$259. The disposal this quarter was at prices between ~$227 and ~$299.Bank of America (BAC): A large stake in BAC was established in Q1 2021 at prices between ~$29.50 and ~$39 but was sold down last quarter at prices between ~$38 and ~$43. The stock currently trades at ~$45. The remainder stake was disposed during the quarter.Horizon Therapeutics (HZNP): The very small 0.33% of the portfolio stake in HZNP was eliminated this quarter.Stake Increases:General Electric (GE): The large (top three) 4.84% of the portfolio GE stake was purchased over the last four quarters at prices between ~$44 and ~$115 and the stock currently trades at $92.53.T-Mobile US (TMUS): The large (top three) 3.62% TMUS stake was purchased over the six quarters through Q1 2021 at prices between ~$74 and ~$135. Last quarter saw a ~25% reduction at prices between ~$125 and ~$147 while this quarter there was a ~35% stake increase at around the same price range. The stock is now at ~$121.Humana Inc. (HUM), Brookfield Asset Management (BAM), and Parker Hannifin (PH): These three positions saw substantial buying this quarter. The 3.25% HUM stake was built over the last two quarters at prices between ~$407 and ~$471. The stock currently trades at ~$457. BAM is a 2.52% of the portfolio position purchased over the last two quarters at prices between ~$44 and ~$57 and it is now at $58.31. The 2.41% PH stake saw a huge stake build-up this quarter at prices between ~$279 and ~$313. The stock currently trades at ~$313.Coupa Software (COUP): COUP is a 2.38% of the portfolio position built over the last two quarters at prices between ~$217 and ~$370 and it currently trades at ~$152. This quarter also saw a ~9% stake increase.Guardant Health (GH): The 1.70% GH stake saw a two-thirds stake increase over the last two quarters at prices between ~$99 and ~$166. The stock is now at $97.75.Visa Inc. (V) and Zimmer Biomet Holdings (ZBH): The 1.63% Visa position was primarily built in Q4 2020 at prices between ~$181 and ~$219. There was a ~45% reduction over the last two quarters at prices between ~$193 and ~$237. This quarter saw a ~50% stake increase at prices between ~$220 and ~$251. The stock currently trades at ~$214. ZBH is a 1.38% of the portfolio position built in H2 2020 at prices between ~$117 and ~$156 and it is now at ~$121. Last quarter saw a ~23% reduction at prices between ~$157 and ~$179 while this quarter there was a ~15% stake increase.Peloton Interactive (PTON) and Snowflake (SNOW): These two stakes saw large increases this quarter. The 1.57% PTON position was primarily built this quarter at prices between ~$85 and ~$126. The stock currently trades way below that range at $39.81. SNOW is a 1.21% of the portfolio position that saw a ~160% stake increase this quarter at prices between ~$237 and ~$324. The stock is now at ~$325.Booking Holdings (BKNG), Sunrun Inc. (RUN), Tenet Healthcare (THC), ZoomInfo Technologies (ZI), and Zai Lab (ZLAB): These very small (less than ~1.10% of the portfolio each) stakes were increased during the quarter.Stake Decreases:Microsoft Corporation (MSFT): MSFT is now at 2.85% 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. 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 next quarter at prices between $152 and $202. H2 2020 saw a ~180% stake increase at prices between ~$200 and ~$232. Last three quarters saw the position sold down by ~70% at prices between ~$212 and ~$305. The stock is now at ~$325.Fidelity National Information Services (FIS): FIS is a 2.42% position built last year at prices between ~$102 and ~$157 and it now goes for ~$109. There was a ~20% selling in Q1 2021 at prices between ~$123 and ~$146. That was followed with a ~22% reduction this quarter at prices between ~$121 and ~$151.Fortive Corp (FTV): FTV is a 2.12% of the portfolio position established in Q3 2019 at prices between $67 and $83. 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. Q3 2020 saw a ~22% selling at prices between ~$56 and ~$65 while next quarter there was a ~17% stake increase. There was another ~40% stake increase in Q1 2021 at prices between ~$66 and ~$73. It currently goes for $75.34. Last two quarters have seen only minor adjustments.Amazon.com Inc. (AMZN): AMZN is now at 1.85% 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: Q2 2019 saw a ~160% stake increase at prices between $1693 and $1963. The four quarters through Q1 2021 had seen a ~80% selling at prices between $1908 and $3531. The stake was rebuilt last quarter at prices between ~$3094 and ~$3505 but was again sold down this quarter at prices between ~$3188 and ~$3731. The stock currently trades at ~$3377.FleetCor Technologies (FLT): The 1.79% FLT stake was established in Q3 2020 and increased by ~400% next quarter at prices between ~$219 and ~$282. There was a ~25% increase over the last two quarters at prices between ~$243 and ~$293. The stock is now at ~$216. This quarter saw a ~14% trimming.Centene Corp (CNC): Most of the 1.71% 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 two quarters through Q1 2021 had seen a one-third selling at prices between ~$58 and ~$71. The stock is now at ~$83. This quarter saw a ~11% trimming.Palo Alto Networks (PANW): The 1.69% of the portfolio PANW stake was purchased in Q4 2020 at prices between ~$221 and ~$372. There was a one-third increase in Q1 2021 at prices between ~$317 and ~$397. This quarter saw the stake sold down by ~50% at prices between ~$362 and ~$491. The stock is now at ~$524.Facebook (FB): FB is a 1.61% of the portfolio position established over the two quarters through Q1 2021 at prices between ~$246 and ~$295 and it is now well above that range at ~$335. Last two quarters have seen a ~27% selling at prices between ~$295 and ~$382.FIGS Inc. (FIGS): FIGS had an IPO in May. Shares started trading at ~$30 and currently goes for $22.94. Viking Global’s 1.52% of the portfolio stake goes back to funding rounds prior to the IPO. This quarter saw marginal trimming.Align Technology (ALGN), Ameriprise Financial (AMP), Assurant Inc. (AIZ), Avantor Inc. (AVTR), Boston Scientific (BSX), Bristol Myers Squibb (BMY), Chubb Ltd. (CB), Deere & Co (DE), ICICI Bank (IBN), Ingersoll Rand (IR), Insulet Corp (PODD), JD.com (JD), Lithia Motors (LAD), Laboratory Cop (LH), Marsh & McLennan (MMC), Molina Healthcare (MOH), Match Group (MTCH), Netflix Inc. (NFLX), ServiceNow (NOW), Thermo Fisher Scientific (TMO), and UnitedHealth Group (UNH): These very small (less than ~1.50% of the portfolio each) stakes were reduced this quarter.Kept Steady:BridgeBio Pharma (BBIO): BBIO is a top-five 3.46% stake. It had an IPO in Q1 2019. The stake goes back to earlier funding rounds prior to the IPO. The stock started trading at ~$27 per share and currently goes for $37.05.Note: Viking Global controls ~21% of BridgeBio Pharma.Adaptive Biotechnologies (ADPT): ADPT position is now at 2.83% 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 $26.28. Q1 2020 saw a ~13% trimming at ~$25 per share. There was another ~10% trimming in Q4 2020 at ~$50 average price. Viking Global still controls ~22% of Adaptive Biotechnologies.APi Group (APG): Viking Global was an early investor in J2 Acquisition, a SPAC which acquired APi Group in October 2019. APi Group started trading at $10.40 and now goes for $23.32. Viking Global has a ~13% ownership stake in the business.Note: Viking Global has significant ownership stakes in the following businesses: Edgewise Therapeutics (EWTX), FIGS Inc. (FIGS), Rallybio Corp (RLYB), Talaris Therapeutics (TALS), and Zentalis Pharma (ZNTL). Rallybio had an IPO in July. Viking Global’s investment goes back to previous funding rounds.The spreadsheet below highlights changes to Halvorsen’s 13F stock holdings in Q3 2021:Source: John Vincent. Data constructed from Viking Global's 13F filings for Q2 2021 and Q3 2021.8/24/2021 – MIT Tech Review  ( downloaded) on Ginkgo says Viking Global owns ~20% of Ginkgo.Regulatory filings from 6/17/2021 thru 9/27/2021: Form 3 – 9/23 – DNA – Ginkgo Bioworks – 339M shares. 9/21 – Form 4 – PROCEPT BioRobotics – PRCT – Series E thru G preferred coverts related filing - ~4.9M shares. Form 3 – similar. Form 4 – 9/3 – FIGS - ~200K shares disposed at ~$46 per share – 14.74M shares remain. 13G – 8/9 – Rallybio corp – RLYB – 4.19M shares – 13.1% of business. Form 4 – 8/2 & Form 3 – 7/29  – Series B convert of 3.39M shares and 806K shares @ $13. 13G – 7/20 – COUP – 3.85M shares – 5.2% of business."