"Tracking Ole Andreas Halvorsen’s Viking Global Portfolio – Q4 2020 Update"
"Halvorsen's 13F portfolio value increased from $27.68B to $36.37B. The number of positions increased from 86 to 96.Viking Global added UnitedHealth, AbCellera Biologics, Walt Disney, and Palo Alto Networks while dropping Analog Devices, CME Group, Comcast, and Exact Sciences.The top three positions are Microsoft, BridgeBio Pharma, and Adaptive Biotechnologies. Together, they are at ~17% 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 2/16/2021. Please visit our  series to get an idea of his investment philosophy and our  for the fund’s moves during Q3 2020.This quarter, Halvorsen’s 13F stock portfolio value increased ~31% from $27.68B to $36.37B. The number of holdings increased from 86 to 96. Largest five individual stock positions are Microsoft, BridgeBio Pharma, Adaptive Biotechnologies, Fidelity National Information Services, and T-Mobile US. 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 .New Stakes:UnitedHealth Group (UNH), AbCellera Biologics (ABCL), Walt Disney (DIS), and Palo Alto Networks (PANW): These are medium-sized new stakes established this quarter. UNH is a 2.69% of the portfolio position purchased at prices between ~$304 and ~$357 and the stock currently trades above that range at ~$369. ABCL had an IPO in December. Shares started trading at ~$59 and currently goes for half that at $29.23. Viking Global’s position goes back to funding rounds prior to the IPO. DIS is a 2.13% of the portfolio position established at prices between ~$118 and ~$181 and the stock currently trades above that range at ~$189. The 1.84% of the portfolio PANW stake was purchased at prices between ~$221 and ~$372 and it is now at ~$324.ServiceNow (NOW), Hartford Financial (HIG), General Electric (GE), HCA Healthcare (HCA), and Facebook (FB): These are very small (less than ~1% of the portfolio each) stakes established during the quarter.Air Products & Chemicals (APD), 4D Molecular Therapeutics (FDMT), MetLife Inc. (MET), Marsh & McLennan (MMC), Match Group (MTCH), Becton Dickinson (BDX), Bilibili Inc. (BILI), Equitable Holdings (EQH), Progressive Corp (PGR), McAfee Corp (MCFE), Doordash (DASH), CarMax Inc. (KMX), Kinnate Biopharma (KNTE), Arena Pharma (ARNA), Acadia Healthcare (ACHC), and Seer Inc. (SEER): These are minutely small (less than 0.5% of the portfolio each) positions established this quarter.Note: Regulatory filings from earlier this week show them owning 2.83M shares (series B/C redeemable convertible preferred stock) of 4D Molecular Therapeutics (FDMT). FDMT had an IPO priced at $23 in December. It currently trades at $42.80.Stake Disposals:Analog Devices (ADI): The 1.24% ADI stake was established in Q2 2020 at prices between ~$84 and ~$125. There was a ~50% stake increase last quarter at prices between ~$112 and ~$125. The disposal this quarter was at prices between ~$114 and ~$148. The stock is now at ~$151Comcast Corp (CMCSA): CMCSA was a 1.68% stake established in H1 2020 at prices between ~$32 and ~$48. Last quarter saw a two-thirds selling at prices between ~$39 and ~$47. The elimination this quarter was at prices between $41.40 and $52.40. The stock currently trades at $56.14.Allstate Corp (ALL), Anthem Inc. (ANTM), Atlassian Corp (TEAM), aTyr Pharma (LIFE), Bill.com (BILL), Ceridian HCM Holdings (CDAY),  CME Group (CME), Exact Sciences (EXAS), Li Auto (LI), Liberty Media Formula One (FWONK), Nikola Corp (NKLA), Raytheon Technologies (RTX), and VBI Vaccines (VBIV): These small (less than ~1.5% of the portfolio each) stakes were disposed this quarter.Stake Increases:Microsoft Corporation (MSFT): MSFT is now the largest 13F stake at 7.24% 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. Q4 2018 saw a ~28% increase at prices between $94 and $116. 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. Last quarter saw a ~120% stake increase at prices between ~$200 and ~$232. There was another ~45% increase this quarter at prices between ~$202 and ~$225. The stock is now at ~$238.Fidelity National Information Services (FIS): FIS is a top-five 4.60% position built last year at prices between ~$102 and ~$157 and it now goes for ~$142.T-Mobile US (TMUS): The 3.23% TMUS stake was purchased over the last three quarters at prices between ~$74 and ~$119 and it now goes for ~$124. There was a ~8% further increase this quarter.Alphabet (GOOG): GOOG is a ~3% stake established last quarter at prices between ~$1415 and ~$1728 and increased by ~225% this quarter at prices between ~$1451 and ~$1824. It currently trades at ~$2041.Boston Scientific (BSX): The ~3% 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 three quarters thru Q1 2020 had seen a ~250% increase at prices between ~$26 and ~$46. There was a ~40% selling next quarter at prices between $30 and $39. This quarter saw a ~60% stake increase at prices between ~$33 and ~$42. The stock is currently at $37.24.FleetCor Technologies (FLT), Visa Inc. (V), and Zimmer Biomet Holdings (ZBH): These three stakes saw large increases this quarter. The 1.70% FLT stake was established last quarter and increased by ~400% this quarter at prices between ~$219 and ~$282. The stock is now at ~$272. The 2.46% Visa position was primarily built this quarter at prices between ~$181 and ~$219. The stock currently trades at ~$208. ZBH is a 1.64% of the portfolio position built over the last two quarters at prices between ~$117 and ~$156 and it is now at ~$156.Fortive Corp (FTV): FTV is a 1.55% of the portfolio position established in Q3 2019 at prices between $67 and $83 and it currently goes for $67.70. 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. Last quarter saw a ~22% selling at prices between ~$56 and ~$65 while this quarter there was a ~17% stake increase.Moody’s Corp (MCO): The 1.31% MCO position was established in Q2 2020 at prices between ~$198 and ~$283 and it is now at ~$291. Last quarter saw a one-third increase at prices between ~$271 and ~$305. That was followed with a ~25% stake increase this quarter at prices between ~$262 and ~$295.Cigna Corp (CI): The 1.12% CI position was built in H1 2020 at prices between ~$130 and ~$223 and the stock currently trades at ~$238. Last quarter saw a ~50% selling at prices between ~$161 and ~$191 while this quarter there was a one-third increase at prices between ~$163 and ~$221.Avantor Inc. (AVTR), Catalent Inc. (CTLT), Horizon Therapeutics (HZNP), Insulet Corp (PODD), Otis Worldwide (OTIS), Sea Limited (SE), Royalty Pharma (RPRX), Verisign Inc. (VRSN): These small (less than ~1% of the portfolio each) stakes saw increases this quarter.Stake Decreases:Adaptive Biotechnologies (ADPT): ADPT is currently Viking Global’s third-largest 13F position at 4.88% 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 $41.96. Q1 2020 saw a ~13% trimming at ~$25 per share. Viking Global controls ~22% of Adaptive Biotechnologies. There was a ~10% trimming this quarter at ~$50 average price.American Express (AXP) and JP Morgan Chase (JPM): The 1.74% AXP position was built in H1 2020 at prices between ~$69 and ~$137 and it is now at ~$136. This quarter saw a ~50% selling at prices between ~$91 and ~$125. JPM is a ~3% of the portfolio stake built over the last three quarters at prices between ~$84 and ~$114 and it is now at ~$150. There was a ~10% trimming this quarter.Centene Corp (CNC): Most of the 2.16% 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 stock is now at ~$64. This quarter saw a ~25% reduction at prices between ~$58 and ~$71.Nuance Communications (NUAN) and Parker Hannifin (PH): The ~2% NUAN stake was purchased at prices between ~$16 and ~$26 and it currently trades at ~$44. Last quarter saw a one-third increase at prices between ~$25 and ~$34 while this quarter there was a ~4% trimming. PH is a 1.26% position purchased at prices between ~$116 and ~$202 and it currently goes for ~$306. Last quarter saw a ~75% stake increase at prices between ~$175 and ~$214 while this quarter there was a one-third reduction at prices between ~$201 and ~$280.Note: Viking Global controls ~6% of Nuance Communications.Mercadolibre Inc. (MELI): MELI is now a 1.90% of the portfolio stake. It 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. Last quarter saw the stake rebuilt at prices between ~$957 and ~$1225. The stock is now at ~$1447. There was a ~13% trimming this quarter.Amazon.com Inc. (AMZN): AMZN is now at 1.80% 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 three quarters have seen a ~77% selling at prices between $1908 and $3531. The stock currently trades at ~$3138.Taiwan Semi (TSM): TSM is a 1.68% of the portfolio stake purchased last quarter at prices between ~$57 and ~$86 and the stock currently trades well above that range at ~$115. There was a ~9% trimming this quarter.Aon plc (AON): The 1.49% AON stake was primarily built in H1 2020 at prices between $146 and $237 and the stock currently trades at ~$224. This quarter saw a ~15% trimming.Hilton Worldwide (HLT): The 1.44% HLT stake was established in Q2 2020 at prices between ~$56 and ~$90 and it is now at ~$119. There was a ~20% stake increase last quarter at prices between $73.50 and $94. This quarter saw a ~45% reduction at prices between ~$84 and ~$111.Booking Holdings (BKNG): BKNG is a 1.15% position purchased in Q4 2019 at prices between $1838 and $2073. Next quarter saw a ~45% stake increase at prices between ~$1152 and ~$2087. There was another ~70% stake increase last quarter at prices between $1638 and $1949. This quarter saw a ~45% selling at prices between ~$1604 and ~$2227. It is currently at ~$2215.Chubb Ltd. (CB): The 1.15% CB stake was built during Q1-Q3 2020 at prices between ~$94 and ~$165 and it currently trades at ~$157. There was a ~20% selling this quarter at prices between ~$116 and ~$155.Advanced Micro Devices (AMD), Align Technology (ALGN), Assurant Inc. (AIZ), Avalon Bay Communities (AVB), Blueprint Medicines (BPMC), Bristol Myers Squibb CVRs, Bristol Myers Squibb (BMY), Chindata Group Holdings (CD), Cooper Companies (COO), CoStar Group (CSGP), Darden Restaurants (DRI), Encompass Health (EHC), Everest RE Group (RE), Genmab A S (GMAB), GoHealth Inc. (GOCO), Guardant Health (GH), Ingersoll Rand (IR), Karuna Therapeutics (KRTX), Las Vegas Sands (LVS), Laboratory Cop (LH), Micron Technology (MU), Molina Healthcare (MOH), PMV Pharma (PMVP), PVH Corp (PVH), Pacific Biosciences (PACB), Snowflake (SNOW), Thermo Fisher Scientific (TMO), Viela Bio (VIE), Workday Inc. (WDAY), Zentalis Pharma (ZNTL): These very small (less than ~0.5% of the portfolio each) positions were reduced this quarter.Note: Viking Global has a ~17% ownership stake in Zentalis Pharmaceuticals. Zentalis had an IPO in April. Shares started trading at ~$23 and currently goes for ~$52. Viking Global’s stake goes back to a funding round last December prior to the IPO. Regulatory filings since the quarter ended show them owning 3.93M shares. This is compared to 4.44M shares in the 13F report. The ~10% trimming happened at ~$50.50 per share.Kept Steady:BridgeBio Pharma (BBIO): BBIO is a fairly large 5.21% 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 $65.79.Note: Viking Global controls ~21% of BridgeBio Pharma.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 $19.23. Viking Global has a ~13% ownership stake in the business.Agora Inc. (API), Athira Pharma (ATHA), Inhibrx (INBX), JFrog Ltd. (FROG), Jamf Holding (JAMF), Unity Software (U), and Vertex Inc. (VRTX): These are minutely small (less than ~0.5% of the portfolio each) stakes kept steady this quarter.Note: Viking Global has substantial ownership stakes in the following businesses: 6.1% of PMV Pharma, 6.9% of Athira Pharma, 5.5% of GoHealth, 8.5% of Vertex Inc., and 14% of Inhibrx.The spreadsheet below highlights changes to Halvorsen’s 13F stock holdings in Q4 2020:Source: John Vincent. Data constructed from Viking Global's 13F filings for Q3 and Q4 2020.Regulatory filings thru 12/11/2020: Form 3 – 12/10 – FDMT (4D Molecular Therapeutics) – 2.83M shares in Series B/C Redeemable Convertible Preferred stock. Form 4 – 12/3 – ZNTL – 500K shares disposed @ 50.5, 3.94M shares remain. Form 4 – 11/13 – ADPT – 2.5M shares disposed @ 49.515, 30.99M shares remain. 13G – 10/5 – PMV Pharma - PMVP – 2.64M shares – 6.1% of business. 13G – 9/28 – Athira Pharma – ATHA – 2.12M shares – 6.9% of business. 13G – 8/31 – InhibRX – INRX – 5.12M shares – 13.6% of business. Form 4 – 8/28– 180K shares purchased @ ~$18.9, 3.88M shares total, Form 4 – 8/25 - ~130K shares purchased @ ~$19.35, 3.88M shares total, Form 3 – 8/25 – same info."