"Tracking Ole Andreas Halvorsen’s Viking Global Portfolio – Q2 2021 Update"
"Halvorsen's 13F portfolio value decreased marginally from $33.58B to $32.98B this quarter. The number of positions decreased from 94 to 88.Viking Global added FIGS Inc. & JD.com and increased Amazon.com & General Electric during the quarter.The top three positions are Amazon.com, BridgeBio Pharma, and Fidelity National Information Services. Together, they are at ~14% 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 8/16/2021. Please visit our  series to get an idea of his investment philosophy and our  for the fund’s moves during Q1 2021.This quarter, Halvorsen’s 13F stock portfolio value decreased from $33.58B to $32.98B. The number of holdings decreased from 94 to 88. Largest five individual stock positions are Amazon.com, BridgeBio Pharma, Fidelity National Information Services, Microsoft, and General Electric. They add up to ~21% 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 1: Regulatory filings from last week show them owning ~339M shares (~20% of the business) of Ginkgo Bioworks (DNA). Shares of Ginkgo Bioworks started trading last week 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 ~75x that at ~$15B.Note 2: Regulatory filings since the quarter ended show them owning ~4.2M shares (~13% of the business) of Rallybio Corp (RLYB) and ~4.9M shares (~12% of the business) of PROCEPT BioRobotics (PRCT). Rallybio and PROCEPT BioRobotics had IPOs in July and earlier this month respectively. Viking Global’s investments go back to previous funding rounds.New Stakes:FIGS Inc. (FIGS): FIGS had an IPO in May. Shares started trading at ~$30 and currently goes for $39.02. Viking Global’s 2.27% of the portfolio stake goes back to funding rounds prior to the IPO.JD.com (JD): JD is a ~2% of the portfolio position established this quarter at prices between ~$67 and ~$84 and the stock currently trades at $76.43.ICICI Bank (IBN), Humana Inc. (HUM), Brookfield Asset Management (BAM), and Booking Holdings (BKNG): These are small (less than ~1.1% of the portfolio each) new stakes established this quarter.Note: Booking Holdings is back in the portfolio after a quarter’s gap.Stake Disposals:O’Reilly Automotive (ORLY), : The 1.61% of the portfolio ORLY stake was purchased last quarter at prices between ~$425 and ~$509. It was sold this quarter at prices between ~$507 and ~$566. It is now at ~$624.Moody’s Corp (MCO): The 1.53% MCO position was established in Q2 2020 at prices between ~$198 and ~$283. Next quarter saw a one-third increase at prices between ~$271 and ~$305. That was followed with a ~25% stake increase in Q4 2020 at prices between ~$262 and ~$295. The disposal this quarter was at prices between ~$299 and ~$366. The stock is now at ~$368.AbCellera Biologics (ABCL): ABCL had an IPO in December. Shares started trading at ~$59 and currently goes for half that at $20.99. Viking Global’s 1.93% of the portfolio position goes back to funding rounds prior to the IPO. The elimination this quarter was at prices between ~$20 and ~$34.JP Morgan Chase (JPM): JPM was a ~3% of the portfolio stake built between Q2 & Q4 2020 at prices between ~$84 and ~$114. Last quarter saw the position sold down by ~90% to a very small 0.40% portfolio stake at prices between ~$126 and ~$158. The stock is now at ~$167. The remainder stake was disposed this quarter.Mercadolibre Inc. (MELI): MELI stake was purchased in Q1 2019 at prices between $258 and $518 and increased by ~40% next quarter at prices between $482 and $641. The four quarters through Q2 2020 had seen the stake almost sold out at prices between ~$490 and ~$975. Next quarter saw the stake rebuilt at prices between ~$957 and ~$1225. There was a ~60% selling last quarter at prices between ~$1370 and ~$1984. This quarter saw the position eliminated at prices between ~$1297 and ~$1623. The stock is now at ~$1768.Nuance Communications (NUAN): The 1.44% NUAN stake was purchased in Q2 2020 at prices between ~$16 and ~$26. Next quarter saw a one-third increase at prices between ~$25 and ~$34 while last quarter there was a one-third selling at prices between ~$40 and ~$50.50. The elimination this quarter was at prices between ~$44 and ~$55. The stock currently trades at $55.12.Note: Nuance is getting acquired by Microsoft in a $56 per share all-cash deal announced in April.Cigna Corp (CI), Equitable Holdings (EQH), HCA Healthcare (HCA), Hartford Financial (HIG), MetLife Inc. (MET), Otis Worldwide (OTIS), Sea Limited (SE), Unity Software (U), and Verisign Inc. (VRSN): These small (less than ~1% of the portfolio each)  stakes were disposed this quarter.Stake Increases:Amazon.com Inc. (AMZN): AMZN is now the top position at ~5% 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. Last four quarters had seen a ~80% selling at prices between $1908 and $3531. The stake was rebuilt this quarter at prices between ~$3094 and ~$3505. The stock currently trades at ~$3406.General Electric (GE), Match Group (MTCH), and ServiceNow (NOW): These three positions were built over the last three quarters. The 3.75% of the portfolio GE stake was purchased at prices between ~$48 and ~$115 and the stock currently trades at ~$105. The small 1.15% MTCH stake was built at prices between ~$110 and ~$172 and it now goes for ~$165. NOW is a 2.47% of the portfolio position purchased at prices between ~$454 and ~$595 and it currently trades at ~$650.Palo Alto Networks (PANW): The 2.41% of the portfolio PANW stake was purchased in Q4 2020 at prices between ~$221 and ~$372 and it is now at ~$486. There was a one-third increase last quarter at prices between ~$317 and ~$397. That was followed with a ~5% stake increase this quarter.Coupa Software (COUP) and Netflix Inc. (NFLX): COUP is a 2.86% of the portfolio position built over the last two quarters at prices between ~$217 and ~$370 and it currently trades at ~$240. The 1.41% NFLX stake was purchased at prices between ~$486 and ~$586 and it is now at ~$593.Note: Regulatory filings since the quarter ended show them owning 3.85M shares (5.2% of the business) of Coupa Software. This is compared to ~3.6M shares in the 13F report.Fortive Corp (FTV): FTV is a 2.49% 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 last quarter at prices between ~$66 and ~$73. It currently goes for $73.29. This quarter also saw a ~5% stake increase.Centene Corp (CNC): Most of the 2.48% 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. Last two quarters had seen a one-third selling at prices between ~$58 and ~$71. The stock is now at $63.83. There was a minor ~2% stake increase this quarter.Chubb Ltd. (CB): The 2.37% CB stake was built during Q1-Q3 2020 at prices between ~$94 and ~$165 and it currently trades at ~$178. There was a ~20% selling in Q4 2020 at prices between ~$116 and ~$155 while last quarter saw a ~55% stake increase at prices between ~$145 and ~$175. That was followed with a ~18% stake increase this quarter.FleetCor Technologies (FLT): The 2.23% FLT stake was established in Q3 2020 and increased by ~400% next quarter at prices between ~$219 and ~$282. The stock is now at ~$270. There was a ~25% further increase over the last two quarters at prices between ~$243 and ~$293.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 ~$294. Last two quarters had seen a ~30% selling at prices between ~$180 and ~$234 while this quarter there was a similar increase at prices between ~$230 and ~$259.Bristol Myers Squibb (BMY): The bulk of the 2.29% of the portfolio stake in BMY was built over the last two quarters at prices between ~$59 and ~$67. The stock is now at $59.84.Ameriprise Financial (AMP), Deere & Co (DE), Guardant Health (GH), Ingersoll Rand (IR), Insulet Corp (PODD), Laboratory Cop (LH), Lithia Motors (LAD), Sunrun Inc. (RUN), Thermo Fisher Scientific (TMO), and Zai Lab (ZLAB): These small (less than ~1.6% of the portfolio each) stakes were increased this quarter.Stake Decreases:Fidelity National Information Services (FIS): FIS is a top-three 3.95% position built last year at prices between ~$102 and ~$157 and it now goes for ~$124. There was a ~20% selling last quarter at prices between ~$123 and ~$146. This quarter also saw a ~4% trimming.Microsoft Corporation (MSFT): MSFT is now at 3.82% 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 two quarters saw the position sold down by ~60% at prices between ~$212 and ~$271. The stock is now at ~$294.T-Mobile US (TMUS): The 3.31% TMUS stake was purchased over the last six quarters at prices between ~$74 and ~$135. This quarter saw a ~25% reduction at prices between ~$125 and ~$147. The stock is now at ~$128.UnitedHealth Group (UNH): UNH is a 2.18% of the portfolio position purchased in Q4 2020 at prices between ~$304 and ~$357 and the stock currently trades above that range at ~$405. There was a ~40% selling this quarter at prices between ~$364 and ~$421.Facebook (FB): FB is a ~2% of the portfolio position established over the last two quarters at prices between ~$246 and ~$295 and it is now well above that range at ~$354. This quarter saw a ~14% trimming.Boston Scientific (BSX): The 1.73% BSX stake was established in H2 2018 at prices between $33 and $38.50. Recent activity follows. There was a ~40% selling in Q2 2020 at prices between $30 and $39 while in Q4 2020 there was a ~60% stake increase at prices between ~$33 and ~$42. Last two quarters saw a two-thirds selling at prices between ~$35 and ~$44. The stock is currently at $44.46.Visa Inc. (V) and Zimmer Biomet Holdings (ZBH): The 1.57% 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. The stock currently trades at ~$230. ZBH is a 1.44% of the portfolio position built in H2 2020 at prices between ~$117 and ~$156 and it is now at ~$152. This quarter saw a ~23% reduction at prices between ~$157 and ~$179.Bank of America (BAC): BAC is now a small 0.90% of the portfolio position. A large stake was established last quarter at prices between ~$29.50 and ~$39 but was sold down this quarter at prices between ~$38 and ~$43. The stock currently trades at $43.26.Alphabet (GOOG): GOOG is now a minutely small 0.40% of the portfolio position. A 2.79% stake was established in Q3 2020 at prices between ~$1415 and ~$1728 and increased by ~225% next quarter at prices between ~$1451 and ~$1824. Last quarter saw a ~25% reduction at prices between ~$1728 and ~$2138. The position was almost sold out this quarter at prices between ~$2069 and ~$2546. It currently trades at ~$2830.Assurant Inc. (AIZ), Avantor Inc. (AVTR), Align Technology (ALGN), Horizon Therapeutics (HZNP), Marsh & McLennan (MMC), Molina Healthcare (MOH), and Parker Hannifin (PH): These small (less than ~1.3% of the portfolio each) stakes were decreased during the quarter.Kept Steady:BridgeBio Pharma (BBIO): BBIO is a top-three 4.92% 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 $50.44.Note: Viking Global controls ~21% of BridgeBio Pharma.Adaptive Biotechnologies (ADPT): ADPT position is now at 3.72% 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 $35.83. 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 $21.03. Viking Global has a ~13% ownership stake in the business.4D Molecular Therapeutics (FDMT): The minutely small 0.29% FDMT stake was kept steady this quarter. .Note: Viking Global has significant ownership stakes in the following businesses: Edgewise Therapeutics (EWTX), FIGS Inc. (FIGS), Mudrick Capital II (MUDS), Talaris Therapeutics (TALS), and Zentalis Pharma (ZNTL).The spreadsheet below highlights changes to Halvorsen’s 13F stock holdings in Q2 2021:Source: John Vincent. Data constructed from Viking Global's 13F filings for Q1 2021 and Q2 2021.Regulatory filings from 3/14/2021 thru 6/17/2021: 13G – 6/16 – APG – 33.33M shares – 16.6% of business. Form 3, 13G – 6/7 – FIGS – 14.94M shares – 10.12% of business. 13G – 5/17 – Talaris Therapeutics – TALS – 3.3M shares – 8.2% of business. 13G – 4/16 – MUDS – 3.05M shares – 9.6% of business. 13G – 4/5 – Edgewise Therapeutics - EWTX – 3.35M shares – 7% of business."