Viking Fund Management LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 10, 2025), Viking Fund Management LLC reported 141 stock positions worth $827.4 million. Its top holding was Broadcom (AVGO) at 3.8% of the portfolio, followed by Nextera Energy (NEE, 3.6%) and TC Energy (TRP, 3.6%). Compared with Q2 2025, it opened 12 new positions, sold out of 14, added to 41 and reduced 24. The biggest buy was a new position in McCormick & Co.-Non VTG SHRS (MKC) and the biggest sale an exit from American Electric Power (AEP).
- Most Recent 13F
- Q2 2026
- Location
- MINOT, ND
- CIK
- 0001169069
- Portfolio Value
- $827.4M (Q3 2025)
- SEC Filing
- 0001169069-25-000009 ↗ filed Oct 10, 2025
Holdings Value
Holdings 141 stocks · $827.4M
| AVGO Broadcom Inc. | 3.79% | 95,000 | $31.3M | Reduce -12.0% |
| NEE Nextera Energy Inc. | 3.60% | 395,000 | $29.8M | Reduce -7.1% |
| TRP TC Energy Corp. | 3.56% | 542,000 | $29.5M | Add +8.0% |
| CVX Chevron Corp. | 2.84% | 151,500 | $23.5M | Add +0.3% |
| ETR Entergy Corp. | 2.48% | 220,000 | $20.5M | Add +69.2% |
| GLW Corning Inc. | 2.28% | 230,000 | $18.9M | Reduce -11.5% |
| PEP Pepsico Inc. | 2.22% | 131,000 | $18.4M | Add +4.8% |
| ABBV Abbvie Inc. | 2.15% | 77,000 | $17.8M | No change |
| XEL Xcel Energy Inc. | 2.14% | 220,000 | $17.7M | Add +4.8% |
| MS Morgan Stanley | 1.96% | 102,000 | $16.2M | No change |
| BMY Bristol-Myers Squibb Co. | 1.75% | 321,000 | $14.5M | Add +0.7% |
| XOM Exxon Mobil Corp. | 1.70% | 125,000 | $14.1M | No change |
| C Citigroup Inc. | 1.59% | 130,000 | $13.2M | Reduce -10.3% |
| PRU Prudential Financial Inc. | 1.55% | 124,000 | $12.9M | Add +42.5% |
| VZ Verizon Communications Inc. | 1.52% | 286,000 | $12.6M | Add +21.2% |
| QCOM Qualcomm Inc. | 1.51% | 75,000 | $12.5M | No change |
| JPM JPMorgan Chase & Co. | 1.49% | 39,000 | $12.3M | Reduce -7.1% |
| NVDA Nvidia Corp. | 1.47% | 65,000 | $12.1M | No change |
| T AT&T Inc. | 1.45% | 425,000 | $12.0M | Add +9.8% |
| PSX Phillips 66 | 1.43% | 87,000 | $11.8M | Reduce -5.4% |
| MO Altria Group Inc. | 1.41% | 177,000 | $11.7M | Add +1.0% |
| CME Cme Group Inc. | 1.37% | 42,000 | $11.3M | Add +68.0% |
| HD Home Depot Inc. | 1.27% | 26,000 | $10.5M | No change |
| MKC McCormick & Co.-Non VTG SHRS | 1.21% | 150,000 | $10.0M | New |
| BTI British American Tob-SP ADR | 1.21% | 188,000 | $10.0M | Add +19.4% |
| HPE Hewlett Packard Enterprise | 1.19% | 400,000 | $9.8M | New |
| KVUE Kenvue Inc. | 1.19% | 605,000 | $9.8M | Add +36.0% |
| PR Permian Resources Corp. Class A | 1.15% | 741,000 | $9.5M | Reduce -11.9% |
| KMB Kimberly-Clark Corp. | 1.14% | 76,000 | $9.4M | Add +7.0% |
| LRCX Lam Research Corp. | 1.13% | 70,000 | $9.4M | Reduce -34.6% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 1.12% | 180,000 | $9.3M | No change |
| ENB Enbridge Inc. | 1.06% | 174,500 | $8.8M | Add +6.1% |
| PFE Pfizer Inc. | 1.03% | 334,000 | $8.5M | Add +9.9% |
| LLY Eli Lilly & Co. | 1.01% | 11,000 | $8.4M | New |
| MRK Merck & Co. Inc. | 1.01% | 100,000 | $8.4M | Add +23.5% |
| DELL Dell Technologies -C | 0.98% | 57,000 | $8.1M | No change |
| KO The Coca-Cola Co. | 0.96% | 120,000 | $8.0M | Add +20.0% |
| TGT Target Corp. | 0.95% | 88,000 | $7.9M | No change |
| ORI Old Republic Intl Corp. | 0.92% | 180,000 | $7.6M | Add +20.0% |
| GPC Genuine Parts Co. | 0.92% | 55,000 | $7.6M | No change |
| EVRG Evergy Inc. | 0.92% | 100,000 | $7.6M | No change |
| LMT Lockheed Martin Corp. | 0.91% | 15,000 | $7.5M | No change |
| APD Air Products & Chemicals Inc. | 0.86% | 26,000 | $7.1M | No change |
| BKR Baker Hughes Co. | 0.85% | 144,000 | $7.0M | Add +9.1% |
| IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS | 0.82% | 24,000 | $6.8M | Add +9.1% |
| KLAC KLA Corp. | 0.78% | 6,000 | $6.5M | No change |
| LNG Cheniere Energy Inc. | 0.77% | 27,000 | $6.3M | Reduce -6.9% |
| MCD McDonald's Corp. | 0.73% | 20,000 | $6.1M | No change |
| AFG American Financial Group Inc. | 0.72% | 41,000 | $6.0M | No change |
| TXN Texas Instruments Inc. | 0.71% | 32,000 | $5.9M | No change |
| BLK BlackRock Inc. | 0.70% | 5,000 | $5.8M | Reduce -28.6% |
| PM Philip Morris International | 0.69% | 35,000 | $5.7M | No change |
| NRG NRG Energy Inc. | 0.69% | 35,000 | $5.7M | Add +25.0% |
| PAYX Paychex Inc. | 0.66% | 43,000 | $5.5M | No change |
| UNM Unum Group | 0.66% | 70,000 | $5.4M | No change |
| PEG Public Service Enterprise GP | 0.66% | 65,000 | $5.4M | New |
| ALL Allstate Corp. | 0.65% | 25,000 | $5.4M | Add +38.9% |
| AAPL Apple Inc. | 0.65% | 21,000 | $5.3M | No change |
| V Visa Inc. Class A | 0.62% | 15,000 | $5.1M | No change |
| AROC Archrock Inc. | 0.60% | 190,000 | $5.0M | Add +35.7% |
| VRT Vertiv Holdings Co. Class A | 0.60% | 33,000 | $5.0M | Reduce -5.7% |
| VLO Valero Energy Corp. | 0.60% | 29,000 | $4.9M | Reduce -9.4% |
| ACN Accenture PLC Class A | 0.60% | 20,000 | $4.9M | New |
| SR Spire Inc. | 0.59% | 60,000 | $4.9M | New |
| UPS United Parcel Service Class B | 0.59% | 58,500 | $4.9M | Add +0.9% |
| AR Antero Resources Corp. | 0.59% | 145,000 | $4.9M | Add +20.8% |
| KGS Kodiak Gas Services Inc. | 0.57% | 127,000 | $4.7M | Add +42.7% |
| TT Trane Technologies PLC | 0.56% | 11,000 | $4.6M | No change |
| NET Cloudflare Inc. Class A | 0.54% | 21,000 | $4.5M | No change |
| ITW Illinois Tool Works | 0.54% | 17,000 | $4.4M | No change |
| FSLR First Solar Inc. | 0.53% | 20,000 | $4.4M | Reduce -13.0% |
| GPOR Gulfport Energy Corp. | 0.53% | 24,000 | $4.3M | No change |
| TRGP Targa Resources Corp. | 0.51% | 25,000 | $4.2M | No change |
| VST Vistra Corp. | 0.50% | 21,000 | $4.1M | Reduce -25.0% |
| MA Mastercard Inc. Class A | 0.48% | 7,000 | $4.0M | No change |
| EQT Eqt Corp. | 0.46% | 70,000 | $3.8M | Add +75.0% |
| INTU Intuit Inc. | 0.41% | 5,000 | $3.4M | No change |
| SBUX Starbucks Corp. | 0.41% | 40,000 | $3.4M | No change |
| EXE Expand Energy Corp. | 0.39% | 30,000 | $3.2M | Add +200.0% |
| MSFT Microsoft Corp. | 0.38% | 6,000 | $3.1M | No change |
| CYBR Cyberark Software Ltd./Israel | 0.35% | 6,000 | $2.9M | No change |
| WM Waste Management Inc. | 0.35% | 13,000 | $2.9M | No change |
| PBA Pembina Pipeline Corp. | 0.34% | 70,000 | $2.8M | No change |
| PG The Procter & Gamble Co. | 0.33% | 18,000 | $2.8M | No change |
| AMD Advanced Micro Devices | 0.33% | 17,000 | $2.8M | No change |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.33% | 80,000 | $2.7M | No change |
| EXC Exelon Corp. | 0.33% | 60,000 | $2.7M | Reduce -3.2% |
| DOCN Digitalocean Holdings Inc. | 0.31% | 75,000 | $2.6M | No change |
| COP Conocophillips | 0.31% | 27,000 | $2.6M | No change |
| LOW Lowe's Cos Inc. | 0.30% | 10,000 | $2.5M | No change |
| PRIM Primoris Services Corp. | 0.30% | 18,000 | $2.5M | Reduce -25.0% |
| SPGI S&P Global Inc. | 0.29% | 5,000 | $2.4M | No change |
| FANG Diamondback Energy Inc. | 0.29% | 17,000 | $2.4M | No change |
| TMO Thermo Fisher Scientific Inc. | 0.29% | 5,000 | $2.4M | No change |
| DE Deere & Co. | 0.28% | 5,000 | $2.3M | No change |
| EE Excelerate Energy Inc. Class A | 0.27% | 90,000 | $2.3M | No change |
| LB Landbridge Co. LLC-A | 0.26% | 40,000 | $2.1M | New |
| KMI Kinder Morgan Inc. | 0.26% | 75,000 | $2.1M | No change |
| UNH Unitedhealth Group Inc. | 0.25% | 6,000 | $2.1M | No change |
| PNC PNC Financial Services Group | 0.24% | 10,000 | $2.0M | No change |
Portfolio Sells Q2 2025 → Q3 2025
| AEP American Electric Power | Sold out | 0.00% | −1.57 |
| LYB Lyondellbasell Indu Class A | Reduce -94.0% | 0.03% | −0.64 |
| NEE Nextera Energy Inc. | Reduce -7.1% | 3.60% | −0.45 |
| PR Permian Resources Corp. Class A | Reduce -11.9% | 1.15% | −0.43 |
| AES AES Corp. | Reduce -89.3% | 0.05% | −0.36 |
| PPC Pilgrim's Pride Corp. | Sold out | 0.00% | −0.31 |
| BLK BlackRock Inc. | Reduce -28.6% | 0.70% | −0.30 |
| AVGO Broadcom Inc. | Reduce -12.0% | 3.79% | −0.30 |
| LRCX Lam Research Corp. | Reduce -34.6% | 1.13% | −0.30 |
| GTLS Chart Industries Inc. | Sold out | 0.00% | −0.27 |
| VST Vistra Corp. | Reduce -25.0% | 0.50% | −0.25 |
| LNG Cheniere Energy Inc. | Reduce -6.9% | 0.77% | −0.20 |
| JPM JPMorgan Chase & Co. | Reduce -7.1% | 1.49% | −0.19 |
| CTRA Coterra Energy Inc. | Reduce -36.4% | 0.20% | −0.18 |
| DINO HF Sinclair Corp. | Sold out | 0.00% | −0.14 |
| C Citigroup Inc. | Reduce -10.3% | 1.59% | −0.10 |
| HAL Halliburton Co. | Sold out | 0.00% | −0.08 |
| PSX Phillips 66 | Reduce -5.4% | 1.43% | −0.08 |
| NE Noble Corp. PLC | Reduce -57.1% | 0.05% | −0.08 |
| GEV GE Vernova Inc. | Reduce -26.3% | 0.21% | −0.07 |
| ARRY Array Technologies Inc. | Sold out | 0.00% | −0.06 |
| EXC Exelon Corp. | Reduce -3.2% | 0.33% | −0.04 |
| PBR Petroleo Brasileiro-Spon ADR | Sold out | 0.00% | −0.04 |
| MOD Modine Manufacturing Co. | Reduce -38.5% | 0.14% | −0.04 |
| USB US Bancorp | Sold out | 0.00% | −0.03 |
| DOW Dow Inc. | Sold out | 0.00% | −0.03 |
| STX Seagate Technology Holdings | Sold out | 0.00% | −0.02 |
| BKE The Buckle Inc. | Sold out | 0.00% | −0.02 |
| GNRC Generac Holdings Inc. | Reduce -20.0% | 0.08% | −0.02 |
| VRT Vertiv Holdings Co. Class A | Reduce -5.7% | 0.60% | −0.02 |
| ING ING Groep N.V.-Sponsored ADR | Sold out | 0.00% | −0.01 |
| UMC United Microelectron-SP ADR | Sold out | 0.00% | −0.01 |
| TROW T Rowe Price Group Inc. | Sold out | 0.00% | −0.01 |
| VLO Valero Energy Corp. | Reduce -9.4% | 0.60% | +0.01 |
| FSLR First Solar Inc. | Reduce -13.0% | 0.53% | +0.01 |
| SHLS Shoals Technologies Group -A | Reduce -23.1% | 0.13% | +0.02 |
| PRIM Primoris Services Corp. | Reduce -25.0% | 0.30% | +0.04 |
| GLW Corning Inc. | Reduce -11.5% | 2.28% | +0.40 |
Portfolio Buys Q2 2025 → Q3 2025
| MKC McCormick & Co.-Non VTG SHRS | New | 1.21% | +1.21 |
| HPE Hewlett Packard Enterprise | New | 1.19% | +1.19 |
| LLY Eli Lilly & Co. | New | 1.01% | +1.01 |
| ETR Entergy Corp. | Add +69.2% | 2.48% | +0.99 |
| PEG Public Service Enterprise GP | New | 0.66% | +0.66 |
| ACN Accenture PLC Class A | New | 0.60% | +0.60 |
| SR Spire Inc. | New | 0.59% | +0.59 |
| CME Cme Group Inc. | Add +68.0% | 1.37% | +0.42 |
| PRU Prudential Financial Inc. | Add +42.5% | 1.55% | +0.27 |
| LB Landbridge Co. LLC-A | New | 0.26% | +0.26 |
| VG Venture Global Inc. Class A | New | 0.24% | +0.24 |
| EXE Expand Energy Corp. | Add +200.0% | 0.39% | +0.22 |
| TRP TC Energy Corp. | Add +8.0% | 3.56% | +0.20 |
| BTI British American Tob-SP ADR | Add +19.4% | 1.21% | +0.18 |
| XEL Xcel Energy Inc. | Add +4.8% | 2.14% | +0.18 |
| BKR Baker Hughes Co. | Add +9.1% | 0.85% | +0.15 |
| ALL Allstate Corp. | Add +38.9% | 0.65% | +0.15 |
| KGS Kodiak Gas Services Inc. | Add +42.7% | 0.57% | +0.15 |
| EQT Eqt Corp. | Add +75.0% | 0.46% | +0.14 |
| MRK Merck & Co. Inc. | Add +23.5% | 1.01% | +0.13 |
| ORI Old Republic Intl Corp. | Add +20.0% | 0.92% | +0.13 |
| AROC Archrock Inc. | Add +35.7% | 0.60% | +0.13 |
| TYL Tyler Technologies Inc. | New | 0.13% | +0.13 |
| VZ Verizon Communications Inc. | Add +21.2% | 1.52% | +0.12 |
| NRG NRG Energy Inc. | Add +25.0% | 0.69% | +0.07 |
| TPL Texas Pacific Land Corp. | Add +81.8% | 0.23% | +0.07 |
| NXT Nextpower Inc. | Add +15.8% | 0.20% | +0.05 |
| BHP BHP Group Ltd.-Spon ADR | Add +400.0% | 0.07% | +0.05 |
| ENB Enbridge Inc. | Add +6.1% | 1.06% | +0.04 |
| CALM Cal-Maine Foods Inc. | New | 0.03% | +0.03 |
| RIO Rio Tinto PLC-Spon ADR | Add +133.3% | 0.06% | +0.03 |
| CEG Constellation Energy | Add +33.3% | 0.16% | +0.03 |
| DEC Diversified Energy Co. PLC | New | 0.03% | +0.03 |
| RF Regions Financial Corp. | Add +100.0% | 0.04% | +0.02 |
| PFE Pfizer Inc. | Add +9.9% | 1.03% | +0.02 |
| TDG Transdigm Group Inc. | New | 0.02% | +0.02 |
| SOBO South Bow Corp. | Add +150.0% | 0.02% | +0.01 |
| BBY Best Buy Co. Inc. | Add +25.0% | 0.05% | +0.01 |
| POR Portland General Electric Co. | Add +37.5% | 0.03% | +0.01 |
| MO Altria Group Inc. | Add +1.0% | 1.41% | +0.00 |
| WEN The Wendy's Co. | Add +50.0% | 0.01% | +0.00 |
| WHR Whirlpool Corp. | Add +50.0% | 0.01% | +0.00 |
| KO The Coca-Cola Co. | Add +20.0% | 0.96% | −0.01 |
| PEP Pepsico Inc. | Add +4.8% | 2.22% | −0.04 |
| MNDY Monday.com Ltd. | Add +42.9% | 0.23% | −0.07 |
| IBM Intl Business Machines Corp. | Add +9.1% | 0.82% | −0.07 |
| AR Antero Resources Corp. | Add +20.8% | 0.59% | −0.08 |
| T AT&T Inc. | Add +9.8% | 1.45% | −0.09 |
| KVUE Kenvue Inc. | Add +36.0% | 1.19% | −0.09 |
| KMB Kimberly-Clark Corp. | Add +7.0% | 1.14% | −0.12 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 146 | $1.1B | AVGO, GLW, CVX, TRP, ABBV |
| Q1 2026 | 142 | $975.6M | AVGO, CVX, TRP, NEE, GLW |
| Q4 2025 | 137 | $862.8M | AVGO, TRP, NEE, CVX, GLW |
| Q3 2025 | 141 | $827.4M | AVGO, NEE, TRP, CVX, ETR |
| Q2 2025 | 143 | $728.0M | AVGO, NEE, TRP, CVX, PEP |
| Q1 2025 | 140 | $693.6M | NEE, AVGO, CVX, BMY, ABBV |
| Q4 2024 | 132 | $642.3M | AVGO, NEE, ABBV, TRP, CVX |
| Q3 2024 | 131 | $615.5M | AVGO, ABBV, NEE, ETR, BLK |
| Q2 2024 | 126 | $558.5M | AVGO, ABBV, NEE, QCOM, ETR |
| Q1 2024 | 123 | $552.6M | AVGO, ABBV, NEE, QCOM, BLK |