"Tracking Ole Andreas Halvorsen’s Viking Global Portfolio – Q1 2022 Update"
"Halvorsen's 13F portfolio value decreased from $34.49B to $24.74B this quarter. The number of positions decreased from 107 to 56.Viking Global increased Amazon.com, Fortive, and International Flavors & Fragrances while dropping Humana, Coupa Software and Twilio.The top three positions are T-Mobile US, Amazon.com, and General Electric. Together, they are at ~16% 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 5/16/2022. Please visit our  series to get an idea of his investment philosophy and our  for the fund’s moves during Q4 2021.This quarter, Halvorsen’s 13F stock portfolio value decreased from $34.49B to $24.74B. The number of holdings decreased from 107 to 56. Largest five individual stock positions are T-Mobile US, Amazon.com, General Electric, Microsoft, and Brookfield Asset Management. They add up to ~24% 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:Otis Worldwide (OTIS), Shopify (SHOP), and Charles Schwab (SCHW): These are small new positions purchased this quarter. The ~1% OTIS stake was established at prices between ~$72 and ~$87 and the stock currently trades near the low end of that range at ~$75. SHOP is a 0.57% of the portfolio position purchased at prices between ~$513 and ~$1363 and it is now well below that range at ~$354. The 0.56% SCHW stake was established at prices between ~$76 and ~$96 and it currently goes for ~$70.Stake Disposals:Humana Inc. (HUM): The 3.58% HUM stake was built over the two quarters through Q3 2021 at prices between ~$407 and ~$471. The disposal this quarter was at prices between ~$363 and ~$466. The stock currently trades at ~$442.Twilio Inc. (TWLO): TWLO was a 2.28% of the portfolio position purchased last quarter at prices between ~$248 and ~$369. The stake was eliminated this quarter at prices between ~$125 and ~$262. The stock currently trades at ~$102.Coupa Software (COUP): COUP was a 1.91% of the portfolio position built in H1 2021 at prices between ~$217 and ~$370 and it currently trades at ~$71. The stake was sold this quarter at prices between ~$73 and ~$164.FIGS Inc. (FIGS): FIGS had an IPO last May. Shares started trading at ~$30 and currently goes for $8.56. Viking Global’s 1.18% of the portfolio stake goes back to funding rounds prior to the IPO. The position was sold this quarter at prices between ~$13.50 and ~$27.Assurant Inc. (AIZ), Bristol Myers Squibb (BMY), FleetCor Technologies (FLT), McDonald’s Corp (MCD), Palo Alto Networks (PANW), Peloton Interactive (PTON), Sunrun Inc. (RUN), Tesla Inc. (TSLA), Willis Towers Watson (WLTW), and Zimmer Biomet Holdings (ZBH): These small (less than ~1% of the portfolio each) stakes were disposed during the quarter.Stake Increases:T-Mobile US (TMUS): TMUS is currently the largest position at 6.51% of the portfolio. It was purchased over the six quarters through Q1 2021 at prices between ~$74 and ~$135. Next quarter saw a ~25% reduction at prices between ~$125 and ~$147 while Q3 2021 there was a ~35% stake increase at around the same price range. That was followed with a ~30% stake increase last quarter at prices between ~$107 and ~$128. The stock is now at ~$137. This quarter also saw a minor ~2% stake increase.Amazon.com Inc. (AMZN): AMZN is now a large (top three) 5.21% of the portfolio position. 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: The four quarters through Q1 2021 had seen a ~80% selling at prices between $1908 and $3531. The stake was rebuilt next quarter at prices between ~$3094 and ~$3505 but was again sold down in Q3 2021 at prices between ~$3188 and ~$3731. The pattern continued over the last two quarters: stake more than doubled at prices between ~$2720 and ~$3696. The stock currently trades at ~$2447.Microsoft Corporation (MSFT): MSFT is now at 3.87% 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 four quarters saw the position sold down by ~75% at prices between ~$212 and ~$343. The stock is now at ~$270. There was a ~13% stake increase this quarter.Parker Hannifin (PH): The 3.39% PH stake was built during Q3 2021 at prices between ~$279 and ~$313. The stock currently trades at ~$277. Last two quarters have seen only minor adjustments.Fortive Corp (FTV): FTV is a 2.77% of the portfolio position established during the three quarters through Q1 2020 at prices between $42 and $83. There was a ~40% stake increase in Q1 2021 at prices between ~$66 and ~$73. Last quarter saw a ~20% selling at prices between ~$70 and ~$79 while this quarter there was a ~40% stake increase at prices between ~$56 and ~$74. The stock currently goes for $62.58.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 $17.77. There was a marginal increase this quarter.Note: Viking Global has a ~17% ownership stake in the business.Workday (WDAY), and AON plc (AON): The ~2% of the portfolio position in WDAY was established over the last two quarters at prices between ~$213 and ~$301 and it is now at ~$162. AON is a ~2% stake purchased last quarter at prices between ~$285 and ~$321 and it now goes for ~$269. There was a minor ~5% stake increase this quarter.International Flavors & Fragrances (IFF): The 1.88% IFF stake was built this quarter at prices between ~$116 and ~$150 and the stock currently trades at ~$133.Guardant Health (GH): The 1.46% GH stake saw a two-thirds stake increase over the two quarters through Q3 2021 at prices between ~$99 and ~$166. The stock is now at ~$38. Last two quarters have also seen a ~20% stake increase.Note: Viking Global controls ~6% of the business.Acadia Healthcare (ACAD), BioMarin Pharma (BMRN), Catalent (CTLT), Global-e Online (GLBE), HDFC Bank (HDB), Intellia Therapeutics (NTLA), KE Holdings (KE), Marsh & McLennan (MMC), Match Group (MTCH), Royalty Pharma (RPRX), ServiceNow (NOW), Thermo Fisher Scientific (TMO), and Zai Lab (ZLAB): These small (less than ~1.75% of the portfolio each) stakes were increased this quarter.Stake Decreases:General Electric (GE): The large (top three) 4.43% of the portfolio GE stake was purchased over the last five quarters at prices between ~$44 and ~$115 and the stock currently trades at ~$77. There was a ~30% selling this quarter at prices between ~$85 and ~$103.Brookfield Asset Management (BAM): BAM is a 3.49% of the portfolio position purchased over the two quarters through Q3 2021 at prices between ~$44 and ~$57 and it is now at ~$50. Last two quarters have seen only minor adjustments.Boston Scientific (BSX) and Chubb Ltd. (CB): The 2.15% BSX stake saw a ~175% stake increase last quarter at prices between ~$38 and ~$45. The stock currently trades at $39.91. This quarter saw a roughly one-third selling at prices between ~$41 and ~$45. CB is a 2.59% position that saw a ~20% stake increase last quarter at prices between ~$174 and ~$196. It is now at ~$209. There was a ~13% trimming this quarter.Comcast Corp (CMCSA): CMCSA is a 2.49% of the portfolio stake built over the last two quarters at prices between ~$48 and ~$62 and it is now well below that range at $42.93. There was marginal trimming this quarter.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. The two quarters through Q1 2021 had seen a one-third selling at prices between ~$58 and ~$71. That was followed with a ~20% reduction this quarter at prices between ~$75 and ~$88. The stock is now at ~$82.Visa Inc. (V): The 2.18% Visa position was primarily built in Q4 2020 at prices between ~$181 and ~$219. There was a ~45% reduction over the next two quarters at prices between ~$193 and ~$237. Last two quarters saw a stake doubling at prices between ~$190 and ~$251 while this quarter there was a one-third selling at prices between ~$191 and ~$235. The stock currently trades at ~$213.Ginkgo Bioworks (DNA): Shares of Ginkgo Bioworks started trading last 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 position was sold down by ~85% this quarter at prices between ~$2.80 and ~$8.70. They still have ~5% ownership stake in the business. The stock now trades at $3.66.Meta Platforms (FB) previously Facebook: FB is a ~1% of the portfolio position established over the two quarters through Q1 2021 at prices between ~$246 and ~$295. The next two quarters had seen a ~27% selling at prices between ~$295 and ~$382. There was another one-third selling this quarter at prices between ~$187 and ~$339. The stock is now at ~$191.Farfetch Ltd. (FTCH): FTCH is now a minutely small 0.16% position. The original stake was purchased in Q3 2021 at prices between ~$37 and ~$51. There was a ~50% reduction last quarter at prices between ~$30 and ~$47. That was followed with similar selling this quarter at prices between ~$11 and ~$34. The stock currently trades at $8.85.Ameriprise Financial (AMP), Avantor Inc. (AVTR), Booking Holdings (BKNG), Deere & Co (DE), Insulet Corp (PODD), JD.com (JD), Lithia Motors (LAD), Laboratory Cop (LH), Molina Healthcare (MOH), Tenet Healthcare (THC), Take-Two Software (TTWO), Uber Technologies (UBER), and ZoomInfo Technologies (ZI): These small (less than ~1% of the portfolio each) stakes were reduced this quarter.Kept Steady:Roivant Sciences (ROIV): ROIV came to market last September through a SPAC merger with Montes Archimedes. The stock currently goes for $4.36. Viking Global’s 1.65% of the portfolio stake goes back to a private investment made in July 2016.Note: Viking Global controls ~13% of Roivant Sciences.Adaptive Biotechnologies (ADPT): ADPT position is now at 2.44% of the portfolio. It came about as a result of Adaptive’s IPO in June 2019. Viking Global was a majority investor in Adaptive. Shares started trading at ~$48 and currently goes for $6.94. Q1 2020 saw a ~13% trimming at ~$25 per share. There was another ~10% trimming in Q4 2020 at ~$50 average price.Note: Viking Global still controls ~21% of Adaptive Biotechnologies.BridgeBio Pharma (BBIO): BBIO is a ~1% stake. It had an IPO in Q1 2019. Viking Global’s position goes back to earlier funding rounds prior to the IPO. The stock started trading at ~$27 per share and currently goes for $7.22.Note: Viking Global controls ~21% of BridgeBio Pharma.Inhibrx (INBX), Procept BioRobotics (PRCT), and Rivian Automotive (RIVN): These very small (less than ~1% of the portfolio each) positions were kept steady this quarter.Note: They have a 8.4% ownership stake in Procept BioRobotics and a 14% ownership stake in Inhibrx.Note: Viking Global has significant ownership stakes in the following businesses: 4D Molecular (FDMT), Amlylyx (AMLX), Edgewise Therapeutics (EWTX), PepGen (PEPG), Pharvaris NV (PHVS), PMV Pharma (PMVP), Rallybio Corp (RLYB), Standard BioTools (LAB), Talaris Therapeutics (TALS), and Zentalis Pharma (ZNTL).The spreadsheet below highlights changes to Halvorsen’s 13F stock holdings in Q1 2022:Source: John Vincent. Data constructed from Viking Global's 13F filings for Q4 2021 and Q1 2022.Regulatory filings from 11/28/2021 to 3/1/2022: 13G/As – 2/14 – FIGS – 13.34M shares – 8.8% of business, NUAN – zero, OHPA – Orion Acquisition – 3.67M shares – 8.9% of business, FDMT – 4D Molecular – 3.94M shares – 12.3% of business, ADPT – 29.99M shares – 21.3% of business, ATHA – Athira Pharma – zero, Inhibrx – INBX – 5.31M shares – 14% of business, EWTX – Edgewise Therapeutics – 2.73M shares – 5.5% of business, MUDS – zero, PHVS – Pharvaris NV – 2.46M shares – 7.4% of business, PRCT – Procept Bio – 4.91M shares – 11.3% of business, PMVP – PMV Pharma – 1.79M shares – 3.9% of business, RLYB – Rallybio – 4.19M shares – 13.1% of business, ROIV – 88.24M shares – 12.8% of business, TALS – Talaris Therapeutics – 3.29M shares – 8% of business, ZNTL – Zentalis – 2.12M shares – 4.7% of business, ABCL – AbCellera Biologics – zero, COUP – 4.17M shares – 5.6% of business. 13G/A – 1/21 - AMLX – Amylyx – 7.17M shares – 12.4% of business – Form 4 – 1/13 – 2.3M shares acquired at 19 - Form 3 – 1/11 – 4.87M shares - , 13G – 1/18 – GH – Guardant Health – 5.12M shares – 5% of business. Form 4 – 1/5 – API – Api Group -  Series perpetual preferred releated. – 13G/A – 1/5 – 41.46M shares – 17.3% of business."