"Tracking Ole Andreas Halvorsen’s Viking Global Portfolio – Q1 2020 Update"
"Halvorsen's 13F portfolio value decreased from $21.35B to $19.21B. The number of positions decreased from 66 to 64.Viking Global increased Comcast, Fidelity National Information Services, & Google while reducing Facebook and dropping Square & Monster Beverage.The top three positions are Amazon.com, Boston Scientific, 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 05/13/2020. Please visit our  series to get an idea of his investment philosophy and our  for the fund’s moves during Q4 2019.This quarter, Halvorsen’s 13F stock portfolio value decreased ~10% from $21.35B to $19.21B. The number of holdings decreased from 66 to 64. Largest five individual stock positions are Amazon.com, Boston Scientific, Netflix, Centene, and Adaptive Biotechnologies. They add up to ~29% 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 4.44M shares (~13% of the business) of Zentalis Pharmaceuticals (ZNTL) and 33.33M shares (~19% of the business) of APi Group (APG). Zentalis had an IPO in April. Shares started trading at ~$23 and currently goes for $45.60. Viking Global’s stake goes back to a funding round last December prior to the IPO. 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 ~$12.New Stakes:JP Morgan Chase (JPM), American Express (AXP), Workday Inc. (WDAY), Ingersoll Rand (IR), CME Group, and Micron Technology (MU): These are small (less than ~2% of the portfolio each) new positions established during the quarter.O’Reilly Automotive (ORLY), Agilent Technologies (A), Progressive Corp (PGR), Las Vegas Sands (LVS), Change Healthcare (CHNG), and Cooper Companies (COO): These are very small (less than ~1% of the portfolio each) stakes purchased this quarter.Note: Viking Global has a ~6.3% ownership stake in Change Healthcare.T-Mobile US (TMUS), Chubb Ltd. (CB), Gallagher Arthur (AJG), Encompass Health (EHC), Varian Medical (VAR), Horizon Therapeutics (HZNP), CSX Corp. (CSX), Microchip Technology (MCHP), and SmileDirectClub (SDC): These are minutely small (less than ~0.5% of the portfolio each) stakes established during the quarter.Stake Disposals:Monster Beverage (MNST): The 3.85% MNST position was purchased in Q2 2019 at prices between $52.50 and $66 and increased by ~45% over the next two quarters at prices between $55 and $66. The entire stake was sold this quarter at prices between ~$51 and ~$70. The stock is now at $72.23.Square Inc. (SQ): SQ was a 2.94% position built in Q2 2019 at prices between $57 and $82. The elimination this quarter was at prices between $38 and $86. The stock currently trades at ~$90.Middleby Corp (MIDD): MIDD was a very small ~1% stake purchased in Q3 2019 at prices between $107 and $142 and it is now at ~$87. Last quarter saw a two-thirds stake increase at prices between $108 and $125 but the stake was disposed this quarter at prices between ~$45 and ~$115.Coupa Software (COUP): COUP was a small ~1% stake established in Q2 2019 at prices between $90 and $153 and the stock is currently at ~$217. The disposal this quarter was at prices between ~$110 and ~$173.Activison Blizzard (ATVI): ATVI was a ~1% of the portfolio. The stake was purchased in Q1 2019 at prices between $40 and $51 and increased by ~60% next quarter at prices between $42 and $50. Q3 2019 saw the position almost sold out at prices between $45 and $56. The stake was rebuilt last quarter at prices between $52 and $59.50 but was sold this quarter at prices between $52 and $64. ATVI currently trades at $69.43.Alibaba Group Holdings (BABA), Align Technology (ALGN), American International Group (AIG), AXA Equitable (EQH), Chewy Inc. (CHWY), Datadog Inc. (DDOG), Edwards Lifesciences (EW), Envista Holdings (NVST), Gardner Denver Holdings (GDI), Humana Inc. (HUM), Illumina Inc. (ILMN), McKesson Corp (MCK), Metlife Inc. (MET), Raytheon Co (RTN), Tesla Inc. (TSLA), Textron Inc. (TXT), UnitedHealth Group (UNH), and United Rentals (URI): These very small stakes (less than ~1% of the portfolio each) were dropped during the quarter.Stake Increases:Boston Scientific (BSX): The large (top three) 5.40% 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 have seen a ~250% increase at prices between ~$26 and ~$46. The stock is currently at ~$39. For investors attempting to follow, BSX is a good option to consider for further research.Centene Corp (CNC): Most of the 5% of the portfolio stake in CNC was purchased last year at prices between $47and $66. Last two quarters saw a ~22% selling while this quarter there was a ~50% stake increase at prices between $45.50 and $68. The stock is now at ~$65.Microsoft Corporation (MSFT): MSFT is now a ~4% 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. Last four quarters had seen a ~90% reduction at prices between $102 and $159. This quarter saw the stake rebuilt at prices between $135 and $189. The stock is now at ~$187.Cigna Corp (CI), Comcast Corp (CMCSA), and Fidelity National Information Services (FIS): These very small positions established last quarter were built to substantial stakes this quarter. The 2.35% CI position was purchased at prices between ~$130 and $223 and the stock currently trades at ~$210. CMCSA is a 3.20% stake established at prices between ~$32 and ~$48 and it is now at ~$42. FIS is a 2.41% position purchased at prices between ~$102 and ~$157 and it now goes for ~$143.Fortive Corp (FTV): FTV is a 2.71% of the portfolio position established in Q3 2019 at prices between $67 and $83 and it currently goes for $70.61. Last quarter saw a ~50% stake increase at prices between $64 and $77 and that was followed with a one-third further increase this quarter at prices between ~$42 and ~$79.Lowes Companies (LOW): The 2.45% LOW position was purchased in Q2 & Q3 2019 at prices between $92 and $117 and it is now at ~$131.  This quarter saw a ~25% stake increase at prices between ~$65 and ~$127.Alphabet Inc. (GOOG) (GOOGL): GOOG is now 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. The position has wavered since. 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 four quarters had seen the stake almost eliminated at prices between $1036 and $1360. The position was rebuilt again this quarter at prices between $1054 and $1525. The stock is now at $1440.Booking Holdings (BKNG): BKNG is a 1.31% position purchased last quarter at prices between $1838 and $2073. This quarter saw a ~45% stake increase at prices between ~$1152 and ~$2087. It is currently at $1813.Aon plc (AON): The ~2% AON stake saw a ~200% stake increase this quarter at prices between $146 and $237 and the stock currently trades at ~$200.Assurant Inc. (AIZ), aTyr Pharma (LIFE), Avantor Inc. (AVTR), Blueprint Medicines (BPMC), Catalent Inc. (CTLT), Exact Sciences (EXAS), Genmab A S (GMAB), Norfolk Southern (NSC), Sea Limited (SE), and Visa Inc. (V): These very small stakes (less than ~1% of the portfolio each) were decreased this quarter.Stake Decreases:Amazon.com Inc. (AMZN): AMZN is the largest 13F portfolio position at ~9% 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. The stock currently trades at $2483. Q3 2019 also saw a ~13% stake increase while last two quarters saw marginal trimming.Netflix Inc. (NFLX): NFLX is a large (top three) 5.20% 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 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 last quarter saw a ~20% trimming. This quarter saw another ~25% selling at prices between ~$299 and ~$388. The stock is now at ~$420.Adaptive Biotechnologies (ADPT): ADPT is currently Viking Global’s fifth-largest 13F position at ~5% 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 $38.73. This quarter saw a ~13% trimming at ~$25 per share. Viking Global still controls ~27% of Adaptive Biotechnologies.JD.com (JD) and Mercadolibre Inc. (MELI): JD is a ~4% 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 two quarters had seen a ~30% reduction at prices between $26 and $36. This quarter also saw a ~15% trimming. The stock currently trades at ~$59. MELI is a ~1% of the portfolio stake purchased in Q1 2019 at prices between $258 and $518 and increased by ~40% next quarter at prices between $482 and $641. Last three quarters saw a ~55% selling at prices between ~$450 and ~$740. The stock is now at ~$867.Uber Technologies (UBER): UBER had an IPO in Q2 2019. It started trading at ~$41.50. Last quarter saw a ~160% stake increase to a top five 5.31% portfolio position at prices between $26 and $34. The stock is now at $37.21. There was a one-third selling this quarter at prices between ~$15 and ~$41.Facebook Inc. (FB): FB is now 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. This quarter saw a ~70% selling at prices between ~$146 and ~$223. The stock currently trades at ~$231.Salesforce.com (CRM): CRM is a 2.63% portfolio stake established in Q2 2019 at prices between $145 and $166 and it is now at $174. Q3 2019 saw a ~70% stake increase at prices between $140 and $160. There was a ~11% trimming last quarter and that was followed with a ~20% selling this quarter.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.Anthem Inc. (ANTM): ANTM is 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 stock is now at ~$288.Anaplan (PLAN), BioMarin Pharma (BMRN), Bristol Myers Squibb CVRs, Canada Goose (GOOS), Covetrus Inc. (CVET), Editas Medicine (EDIT), Guardant Health (GH), Liberty Media Formula One (FWONK), Moderna Inc. (MRNA), Molina Healthcare (MOH), ServiceNow (NOW), and Viela Bio (VIE): These are very small (less than ~0.5% of the portfolio each) stakes that were reduced during the quarter.Kept Steady:BridgeBio Pharma (BBIO): BBIO is a fairly large ~4% 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 ~$29.Note: Viking Global controls ~21% of BridgeBio Pharma.The spreadsheet below highlights changes to Halvorsen’s 13F stock holdings in Q1 2020:Regulatory filings thru 2/25/2020: 13G/As – 2/11 – LIFE – 817K shares – 9.4% of business including preferred stock that could be converted, MRNA – 3.32M shares – 1% of business, MIDD – 1.86M shares – 3.3% of business, CHWY – 2.9M shares – 5.4% of business, 12/12 – 3.65M shares – 6.8% of business, EIDX – 0, BERY – 0, ADPT -38.4M shares – 30.4% of business (EOY INFO), Form 4 – 1/30 – 4.9M shares disposed at ~$25, 33.5M shares remain . 13G – 1/21 – GOOS – 3M shares – 5.2% of business,"