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

0$500.0M$1.0B$1.5B Q1 2024: $552.6M Q1 2024 Q2 2024: $558.5M Q2 2024 Q3 2024: $615.5M Q3 2024 Q4 2024: $642.3M Q4 2024 Q1 2025: $693.6M Q1 2025 Q2 2025: $728.0M Q2 2025 Q3 2025: $827.4M $827.4M Q3 2025 Q4 2025: $862.8M Q4 2025 Q1 2026: $975.6M Q1 2026 Q2 2026: $1.1B Q2 2026

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
VG Venture Global Inc. Class A 0.24% 140,000 $2.0M New
MNDY Monday.com Ltd. 0.23% 10,000 $1.9M Add +42.9%
CAT Caterpillar Inc. 0.23% 4,000 $1.9M No change
TPL Texas Pacific Land Corp. 0.23% 2,000 $1.9M Add +81.8%
TSLA Tesla Inc. 0.21% 4,000 $1.8M No change
GEV GE Vernova Inc. 0.21% 2,800 $1.7M Reduce -26.3%
CTRA Coterra Energy Inc. 0.20% 70,000 $1.7M Reduce -36.4%
FDX FedEx Corp. 0.20% 7,000 $1.7M No change
NXT Nextpower Inc. filed as NEXTRACKER INC 0.20% 22,000 $1.6M Add +15.8%
FTI Technipfmc PLC 0.19% 40,000 $1.6M No change
EW Edwards Lifesciences Corp. 0.19% 20,000 $1.6M No change
CCJ Cameco Corp. 0.17% 17,000 $1.4M No change
CEG Constellation Energy 0.16% 4,000 $1.3M Add +33.3%
MOD Modine Manufacturing Co. 0.14% 8,000 $1.1M Reduce -38.5%
SHLS Shoals Technologies Group -A 0.13% 150,000 $1.1M Reduce -23.1%
TYL Tyler Technologies Inc. 0.13% 2,000 $1.0M New
PWR Quanta Services Inc. 0.13% 2,500 $1.0M No change
CSCO Cisco Systems Inc. 0.12% 15,000 $1.0M No change
TS Tenaris SA-ADR 0.12% 28,000 $1.0M No change
GNRC Generac Holdings Inc. 0.08% 4,000 $670K Reduce -20.0%
BHP BHP Group Ltd.-Spon ADR 0.07% 10,000 $558K Add +400.0%
PTEN Patterson-Uti Energy Inc. 0.06% 100,000 $518K No change
RIO Rio Tinto PLC-Spon ADR 0.06% 7,000 $462K Add +133.3%
NE Noble Corp. PLC 0.05% 15,000 $424K Reduce -57.1%
AES AES Corp. 0.05% 30,000 $395K Reduce -89.3%
BBY Best Buy Co. Inc. 0.05% 5,000 $378K Add +25.0%
XPRO Expro Group Holdings NV 0.04% 30,000 $356K No change
RF Regions Financial Corp. 0.04% 12,000 $316K Add +100.0%
ES Eversource Energy 0.03% 4,000 $285K No change
CALM Cal-Maine Foods Inc. 0.03% 3,000 $282K New
LPG Dorian LPG Ltd. 0.03% 9,000 $268K No change
LYB Lyondellbasell Indu Class A 0.03% 5,000 $245K Reduce -94.0%
POR Portland General Electric Co. 0.03% 5,500 $242K Add +37.5%
D Dominion Energy Inc. 0.03% 3,500 $214K No change
DEC Diversified Energy Co. PLC 0.03% 15,000 $210K New
SOBO South Bow Corp. 0.02% 6,000 $170K Add +150.0%
BCE Bce Inc. 0.02% 6,000 $140K No change
TFC Truist Financial Corp. 0.02% 3,000 $137K No change
TDG Transdigm Group Inc. 0.02% 100 $132K New
WHR Whirlpool Corp. 0.01% 1,500 $118K Add +50.0%
WEN The Wendy's Co. 0.01% 12,000 $110K Add +50.0%

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

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 146$1.1BAVGO, GLW, CVX, TRP, ABBV
Q1 2026 142$975.6MAVGO, CVX, TRP, NEE, GLW
Q4 2025 137$862.8MAVGO, TRP, NEE, CVX, GLW
Q3 2025 141$827.4MAVGO, NEE, TRP, CVX, ETR
Q2 2025 143$728.0MAVGO, NEE, TRP, CVX, PEP
Q1 2025 140$693.6MNEE, AVGO, CVX, BMY, ABBV
Q4 2024 132$642.3MAVGO, NEE, ABBV, TRP, CVX
Q3 2024 131$615.5MAVGO, ABBV, NEE, ETR, BLK
Q2 2024 126$558.5MAVGO, ABBV, NEE, QCOM, ETR
Q1 2024 123$552.6MAVGO, ABBV, NEE, QCOM, BLK