"Tracking Ole Andreas Halvorsen’s Viking Global Portfolio – Q4 2019 Update"
"Halvorsen's 13F portfolio value increased from $19.20B to $21.35B. The number of positions increased from 61 to 66.Viking Global increased Uber Technologies while decreasing Alibaba Group Holdings and dropping Boeing.The top three positions are Amazon.com, Facebook, and Adaptive Biotechnologies. 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 02/13/2020. Please visit our  series to get an idea of his investment philosophy and our  for the fund’s moves during Q3 2019.This quarter, Halvorsen’s 13F stock portfolio value increased ~11% from $19.20B to $21.35B. The number of holdings increased from 61 to 66. Largest five individual stock positions are Amazon.com, Facebook, Adaptive Biotechnologies, Netflix, and Uber Technologies. They add up to ~30% 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:Metlife Inc. (MET), UnitedHealth Group (UNH), Booking Holdings (BKNG), Textron Inc. (TXT), and McKesson Corp (MCK): These are small new positions established this quarter. MET is a 1.61% of the portfolio position purchased at prices between $44 and $51 and the stock currently trades below that range at $39.18. The 1.32% UNH stake was established at prices between $215 and $296 and it is now at $284. BKNG is a 1.23% position purchased at prices between $1838 and $2073 and it is currently below that range at $1612. The ~1% of the portfolio TXT stake was established at prices between $43.50 and $50.50 and the stock is currently well below that range at ~$36. MCK is a ~1% position purchased at prices between $130 and $153 and the stock currently trades at $142.American International Group (AIG), Anaplan (PLAN), Bristol Myers Squibb CVRs, Cigna Corp (CI), Canada Goose (GOOS), Chewy Inc. (CHWY), Comcast Corp (CMCSA), Fidelity National Information Services (FIS), Humana Inc. (HUM), Norfolk Southern (NSC), Sea Limited (SEA), Tesla Inc. (TSLA), and Viela Bio (VIE): These are minutely small (less than ~0.5% of the portfolio each) new stakes established during the quarter.Note: Regulatory filings since the quarter ended show them owning 3M shares of Canada Goose. This is compared to 2.4M shares in the 13F Report. Viking Global controls ~7% of the business.Stake Disposals:Boeing Inc. (BA): BA was a fairly large 4.54% of the portfolio stake established in Q2 2019 at prices between $337 and $396 and the stock currently trades well below that range at $262. Last quarter saw a ~20% selling at prices between $320 and $387 and that was followed with the disposal this quarter was at prices between $326 and $383.Adobe Systems (ADBE): ADBE stake 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 remaining very small 0.46% position was disposed this quarter at prices between $261 and $310. The stock currently trades at $337.United Technologies (UTX): UTX was 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. Last quarter saw the stake reduced by ~70% at prices between $123 and $138. The remaining position was eliminated this quarter at prices between $130 and $151.  It is now at ~$127.Note: United Technologies has had a previous round-trip in the portfolio. A small 0.73% stake was disposed in Q2 2017.10X Genomics (TXG), Athene Holding (ATH), AnaptysBio Inc. (ANAB), Cloudflare Inc. (NET), Carvana (CVNA), Crown Holdings (CCK), GrubHub Inc. (GRUB), Progressive Corp (PGR), Sage Therapeutics (SAGE), and Syneos Health (SYNH): These very small stakes (less than ~1% of the portfolio each) were dropped this quarter.Stake Increases:Facebook Inc. (FB): FB is a top three 6.12% 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. The stock currently trades at ~$181. This quarter saw a marginal increase.Monster Beverage (MNST) and Uber Technologies (UBER): These two positions established in Q2 2019 were increased over the last two quarters. The 3.85% MNST position was purchased at prices between $52.50 and $66 and increased by ~45% over the last two quarters at prices between $55 and $66. The stock is now at $66.19. UBER had an IPO in Q2 2019. It started trading at ~$41.50. This 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 $31.68.Boston Scientific (BSX): The 3.92% 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 stock is currently at $37.60. Last two quarters have seen a stake doubling at prices between $38 and $45.ServiceNow (NOW), Fortive Corp (FTV), Guardant Health (GH), Molina Healthcare (MOH), and Middleby Corp (MIDD): These are small positions established last quarter and increased this quarter. The 2.34% NOW stake was purchased at prices between $250 and $302 and increased by ~55% this quarter at prices between $220 and $287. The stock currently trades at $317. FTV is a 2.56% of the portfolio position established at prices between $67 and $83 and it currently goes for $66.81. This quarter saw a ~50% stake increase at prices between $64 and $77. The 1.40 % GH stake was purchased at prices between $60 and $110 and it is now at $78.13. This quarter saw a one-third increase at prices between $59.50 and $83. MOH is a 1.47% position established at prices between $107 and $145 and increased by ~60% this quarter at prices between $109 and $138. The stock is now at $138. MIDD is a very small ~1% stake purchased at prices between $107 and $142 and it is now at ~$101. This quarter saw a two-thirds stake increase at prices between $108 and $125.Square Inc. (SQ) and Coupa Software (COUP): These two stakes established in Q2 2019 were increased over the last two quarters. SQ is a 2.94% position built at prices between $57 and $82 and the stock currently trades at ~$73. COUP is a small 0.97% stake established at prices between $90 and $153 and the stock is currently at $141. Both positions saw minor increases this quarter.Activison Blizzard (ATVI): ATVI is now at 1.12% 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. Last quarter saw the position almost sold out at prices between $45 and $56. The position was rebuilt this quarter at prices between $52 and $59.50. It currently goes for ~$60.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 ~$184. This quarter saw a one-third increase.Assurant Inc. (AIZ), Blueprint Medicines (BPMC), Avantor Inc. (AVTR), Raytheon Co (RTN), and United Rentals (URI): These very small (less than ~1% of the portfolio each) stakes were increased during the quarter.Stake Decreases:Amazon.com Inc. (AMZN): AMZN is the largest 13F portfolio position at 7.70% 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 $1901. Last quarter also saw a ~13% stake increase while this quarter there was marginal trimming.Netflix Inc. (NFLX): NFLX is a large (top five) 5.35% 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 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. Last quarter saw a stake doubling at prices between $255 and $382 while this quarter saw a ~20% trimming. The stock is now at ~$369.Anthem Inc. (ANTM): ANTM is a 4.37% 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 ~50% over the last three quarters at prices between $235 and $311. The stock is now at ~$282.JD.com (JD) and Mercadolibre Inc. (MELI): JD is a medium-sized 3.67% 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. The stock currently trades above those ranges at $42.16. Last two quarters have seen a ~30% reduction at prices between $26 and $36. MELI is a 1.89% 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. The stock is now at ~$615. Last two quarters saw a ~17% selling at prices between $485 and $690.Centene Corp (CNC): Most of the 3.21% of the portfolio stake in CNC was purchased last year at prices between $47and $66. The stock is now at $58.56. Last two quarters saw a ~22% selling.Lowes Companies (LOW): The 2.48% LOW position was purchased in Q2 & Q3 2019 at prices between $92 and $117 and it now goes for ~$105.  This quarter saw a ~9% trimming.Salesforce.com (CRM): CRM is a 3.33% portfolio stake established in Q2 2019 at prices between $145 and $166 and it is now at $164. Last quarter saw a ~70% stake increase at prices between $140 and $160. There was a ~11% trimming 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.Liberty Media Formula One (FWONK): FWONK is a 1.86% position purchased in Q2 2017 at prices between $27.50 and $35. It is now at ~$35. Last three quarters have seen a ~25% selling at prices between $35 and $46.Microsoft Corporation (MSFT): MSFT is now a small ~1% 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 have seen a ~90% reduction at prices between $102 and $159. The stock is now at ~$162. They are harvesting gains.Alphabet Inc. (GOOG) (GOOGL): GOOG is now a minutely small 0.35% 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 built back up to a top five position next quarter at prices between $976 and $1203. Last four quarters have seen the stake almost eliminated at prices between $1036 and $1360. The stock is now at $1298. Viking Global harvested gains.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 $29.61. Viking Global’s stake goes back to 2015 when they made an investment in Moderna’s funding round. Last three quarters have seen a ~80% selling at prices between $12.25 and $28.35.Illumina Inc. (ILMN): The 0.63% 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. Last two quarters had seen a ~64% stake increase at prices between $267 and $378 while this quarter there was a ~80% selling at prices between $288 and $336. The stock is now at ~$274.BioMarin Pharma (BMRN): The 0.64% BMRN stake was built in 2018 at prices between $76 and $106. It is currently at $94.27. There was a ~50% selling in Q2 2019 at prices between $80 and $94. Last quarter saw a ~18% stake increase while this quarter there was a ~45% selling at prices between $64 and $86.50.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 in Q2 2019 at prices between $149 and $195. It was built back up to a ~2% portfolio stake last quarter at prices between $154 and $183. This quarter saw the position reduced by ~85% to a minutely small 0.33% portfolio stake at prices between $162 and $216. The stock currently trades at ~$205.Note: BABA is a frequently traded position in Viking’s portfolio.Align Technology (ALGN), AXA Equitable (EQH), Aon plc (AON), Catalent Inc. (CTLT), Datadog Inc. (DDOG), Edwards Lifesciences (EW), Envista Holdings (NVST), Exact Sciences (EXAS), Gardner Denver Holdings (GDI), and Genmab A S (GMAB): These very small stakes (less than ~1% of the portfolio each) were decreased this quarter. Cloudflare, Datadog, and Envista had IPOs last September. Envista is a subsidiary of Danaher (DHR).Kept Steady:Adaptive Biotechnologies (ADPT): ADPT is currently Viking Global’s third-largest 13F position at 5.38% 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 ~$27.Note: Regulatory filings since the quarter ended show them owning 33.5M shares. This is compared to 38.4M shares in the 13F report – 4.9M shares disposed at ~$25 per share. Viking Global still controls ~27% of Adaptive Biotechnologies.BridgeBio Pharma (BBIO): BBIO is a fairly large 4.37% 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.aTyr Pharma (LIFE), Covetrus Inc. (CVET), and Editas Medicine (EDIT): These very small stakes (less than ~1% of the portfolio each) were kept steady this quarter.Note: Viking Global has a 4.5% ownership stake in Editas Medicine and 9.4% of aTyr Pharma (includes preferred stock that could be converted).The spreadsheet below highlights changes to Halvorsen’s 13F stock holdings in Q4 2019:Regulatory filings thru 12/17/2019: 13G – 12/12 – CHWY – 3.65M shares – 6.8% of business."