Viking Fund Management LLC

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed January 12, 2026), Viking Fund Management LLC reported 137 stock positions worth $862.8 million. Its top holding was Broadcom (AVGO) at 3.6% of the portfolio, followed by TC Energy (TRP, 3.5%) and Nextera Energy (NEE, 3.0%). Compared with Q3 2025, it opened 6 new positions, sold out of 10, added to 32 and reduced 25. The biggest buy was a new position in Novo-Nordisk A/S-Spons ADR (NVO) and the biggest sale Exxon Mobil (XOM, shares −36%).

Most Recent 13F
Q2 2026
Location
MINOT, ND
CIK
0001169069
Portfolio Value
$862.8M (Q4 2025)
SEC Filing
0001169069-26-000002 ↗ filed Jan 12, 2026

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 Q3 2025 Q4 2025: $862.8M $862.8M Q4 2025 Q1 2026: $975.6M Q1 2026 Q2 2026: $1.1B Q2 2026

Holdings 137 stocks · $862.8M
AVGO Broadcom Inc. 3.57% 89,000 $30.8M Reduce -6.3%
TRP TC Energy Corp. 3.46% 542,000 $29.8M No change
NEE Nextera Energy Inc. 3.02% 325,000 $26.1M Reduce -17.7%
CVX Chevron Corp. 2.68% 151,500 $23.1M No change
GLW Corning Inc. 2.33% 230,000 $20.1M No change
PEP Pepsico Inc. 2.31% 139,000 $19.9M Add +6.1%
ETR Entergy Corp. 2.25% 210,000 $19.4M Reduce -4.5%
BMY Bristol-Myers Squibb Co. 2.01% 321,000 $17.3M No change
ABBV Abbvie Inc. 1.93% 73,000 $16.7M Reduce -5.2%
MS Morgan Stanley 1.85% 90,000 $16.0M Reduce -11.8%
VZ Verizon Communications Inc. 1.64% 347,000 $14.1M Add +21.3%
CME Cme Group Inc. 1.63% 51,600 $14.1M Add +22.9%
XEL Xcel Energy Inc. 1.63% 190,000 $14.0M Reduce -13.6%
PRU Prudential Financial Inc. 1.62% 124,000 $14.0M No change
AFG American Financial Group Inc. 1.60% 101,000 $13.8M Add +146.3%
QCOM Qualcomm Inc. 1.49% 75,000 $12.8M No change
NVO Novo-Nordisk A/S-Spons ADR 1.47% 250,000 $12.7M New
T AT&T Inc. 1.43% 495,000 $12.3M Add +16.5%
HPE Hewlett Packard Enterprise 1.36% 490,000 $11.8M Add +22.5%
MO Altria Group Inc. 1.35% 202,000 $11.6M Add +14.1%
JPM JPMorgan Chase & Co. 1.34% 36,000 $11.6M Reduce -7.7%
C Citigroup Inc. 1.33% 98,000 $11.4M Reduce -24.6%
ENB Enbridge Inc. 1.31% 236,000 $11.3M Add +35.2%
PSX Phillips 66 1.30% 87,000 $11.2M No change
BTI British American Tob-SP ADR 1.25% 190,000 $10.8M Add +1.1%
MRK Merck & Co. Inc. 1.22% 100,000 $10.5M No change
BBY Best Buy Co. Inc. 1.20% 155,000 $10.4M Add +3000.0%
NVDA Nvidia Corp. 1.19% 55,000 $10.3M Reduce -15.4%
MKC McCormick & Co.-Non VTG SHRS 1.18% 150,000 $10.2M No change
BAC Bank of America Corp. filed as BANK AMERICA CORP 1.15% 180,000 $9.9M No change
PR Permian Resources Corp. Class A 1.12% 691,000 $9.7M Reduce -6.8%
HD Home Depot Inc. 1.12% 28,000 $9.6M Add +7.7%
XOM Exxon Mobil Corp. 1.12% 80,000 $9.6M Reduce -36.0%
ORI Old Republic Intl Corp. 1.06% 200,000 $9.1M Add +11.1%
LLY Eli Lilly & Co. 1.03% 8,300 $8.9M Reduce -24.6%
LNG Cheniere Energy Inc. 1.01% 45,000 $8.7M Add +66.7%
KVUE Kenvue Inc. 1.00% 500,000 $8.6M Reduce -17.4%
TGT Target Corp. 1.00% 88,000 $8.6M No change
KO The Coca-Cola Co. 0.97% 120,000 $8.4M No change
PFE Pfizer Inc. 0.97% 335,500 $8.4M Add +0.5%
KMB Kimberly-Clark Corp. 0.95% 81,000 $8.2M Add +6.6%
KLAC KLA Corp. 0.84% 6,000 $7.3M No change
LMT Lockheed Martin Corp. 0.84% 15,000 $7.3M No change
EVRG Evergy Inc. 0.84% 100,000 $7.2M No change
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.82% 24,000 $7.1M No change
LRCX Lam Research Corp. 0.79% 40,000 $6.8M Reduce -42.9%
GPC Genuine Parts Co. 0.78% 55,000 $6.8M No change
BKR Baker Hughes Co. 0.76% 144,000 $6.6M No change
MCD McDonald's Corp. 0.71% 20,000 $6.1M No change
KGS Kodiak Gas Services Inc. 0.68% 157,000 $5.9M Add +23.6%
UPS United Parcel Service Class B 0.68% 59,000 $5.9M Add +0.8%
ALL Allstate Corp. 0.68% 28,000 $5.8M Add +12.0%
AROC Archrock Inc. 0.66% 220,000 $5.7M Add +15.8%
TRGP Targa Resources Corp. 0.66% 31,000 $5.7M Add +24.0%
AAPL Apple Inc. 0.66% 21,000 $5.7M No change
PM Philip Morris International 0.65% 35,000 $5.6M No change
TXN Texas Instruments Inc. 0.64% 32,000 $5.6M No change
TPL Texas Pacific Land Corp. 0.63% 18,900 $5.4M Add +215.0%
UNM Unum Group 0.63% 70,000 $5.4M No change
DELL Dell Technologies -C 0.63% 43,000 $5.4M Reduce -24.6%
PAYX Paychex Inc. 0.62% 48,000 $5.4M Add +11.6%
ACN Accenture PLC Class A 0.62% 20,000 $5.4M No change
BLK BlackRock Inc. 0.62% 5,000 $5.4M No change
V Visa Inc. Class A 0.61% 15,000 $5.3M No change
PEG Public Service Enterprise GP 0.60% 65,000 $5.2M No change
NRG NRG Energy Inc. 0.59% 32,000 $5.1M Reduce -8.6%
GPOR Gulfport Energy Corp. 0.58% 24,000 $5.0M No change
SR Spire Inc. 0.58% 60,000 $5.0M No change
VLO Valero Energy Corp. 0.55% 29,000 $4.7M No change
SBUX Starbucks Corp. 0.51% 52,000 $4.4M Add +30.0%
TT Trane Technologies PLC 0.50% 11,000 $4.3M No change
VRT Vertiv Holdings Co. Class A 0.49% 26,000 $4.2M Reduce -21.2%
ITW Illinois Tool Works 0.49% 17,000 $4.2M No change
FSLR First Solar Inc. 0.48% 16,000 $4.2M Reduce -20.0%
NET Cloudflare Inc. Class A 0.48% 21,000 $4.1M No change
AR Antero Resources Corp. 0.48% 120,000 $4.1M Reduce -17.2%
VST Vistra Corp. 0.47% 25,000 $4.0M Add +19.1%
PG The Procter & Gamble Co. 0.47% 28,000 $4.0M Add +55.6%
MA Mastercard Inc. Class A 0.46% 7,000 $4.0M No change
LB Landbridge Co. LLC-A 0.45% 80,000 $3.9M Add +100.0%
EQT Eqt Corp. 0.43% 70,000 $3.8M No change
AMD Advanced Micro Devices 0.42% 17,000 $3.6M No change
DOCN Digitalocean Holdings Inc. 0.42% 75,000 $3.6M No change
INTU Intuit Inc. 0.38% 5,000 $3.3M No change
EXE Expand Energy Corp. 0.38% 30,000 $3.3M No change
MRSH Marsh & McLennan Cos 0.37% 17,000 $3.2M New
SLB SLB Ltd. filed as SLB LIMITED 0.36% 80,000 $3.1M No change
MSFT Microsoft Corp. 0.34% 6,000 $2.9M No change
TMO Thermo Fisher Scientific Inc. 0.34% 5,000 $2.9M No change
WM Waste Management Inc. 0.33% 13,000 $2.9M No change
APD Air Products & Chemicals Inc. 0.31% 11,000 $2.7M Reduce -57.7%
CYBR Cyberark Software Ltd./Israel 0.31% 6,000 $2.7M No change
EXC Exelon Corp. 0.30% 60,000 $2.6M No change
SPGI S&P Global Inc. 0.30% 5,000 $2.6M No change
FANG Diamondback Energy Inc. 0.30% 17,000 $2.6M No change
COP Conocophillips 0.29% 27,000 $2.5M No change
EE Excelerate Energy Inc. Class A 0.29% 90,000 $2.5M No change
MUSA Murphy USA Inc. 0.28% 6,000 $2.4M New
LOW Lowe's Cos Inc. 0.28% 10,000 $2.4M No change
WMB Williams Cos Inc. 0.28% 40,000 $2.4M New

Show all 137 holdings

Portfolio Sells Q3 2025 → Q4 2025
XOM Exxon Mobil Corp. Reduce -36.0% 1.12% −0.59
NEE Nextera Energy Inc. Reduce -17.7% 3.02% −0.58
APD Air Products & Chemicals Inc. Reduce -57.7% 0.31% −0.54
XEL Xcel Energy Inc. Reduce -13.6% 1.63% −0.52
DELL Dell Technologies -C Reduce -24.6% 0.63% −0.35
PBA Pembina Pipeline Corp. Sold out 0.00% −0.34
LRCX Lam Research Corp. Reduce -42.9% 0.79% −0.34
NVDA Nvidia Corp. Reduce -15.4% 1.19% −0.28
C Citigroup Inc. Reduce -24.6% 1.33% −0.27
ETR Entergy Corp. Reduce -4.5% 2.25% −0.23
ABBV Abbvie Inc. Reduce -5.2% 1.93% −0.22
AVGO Broadcom Inc. Reduce -6.3% 3.57% −0.22
CTRA Coterra Energy Inc. Sold out 0.00% −0.20
KVUE Kenvue Inc. Reduce -17.4% 1.00% −0.19
JPM JPMorgan Chase & Co. Reduce -7.7% 1.34% −0.14
MOD Modine Manufacturing Co. Sold out 0.00% −0.14
PWR Quanta Services Inc. Sold out 0.00% −0.13
VRT Vertiv Holdings Co. Class A Reduce -21.2% 0.49% −0.11
AR Antero Resources Corp. Reduce -17.2% 0.48% −0.11
MS Morgan Stanley Reduce -11.8% 1.85% −0.11
NRG NRG Energy Inc. Reduce -8.6% 0.59% −0.09
PTEN Patterson-Uti Energy Inc. Sold out 0.00% −0.06
PRIM Primoris Services Corp. Reduce -5.6% 0.24% −0.05
FSLR First Solar Inc. Reduce -20.0% 0.48% −0.05
AES AES Corp. Sold out 0.00% −0.05
BHP BHP Group Ltd.-Spon ADR Reduce -50.0% 0.04% −0.03
PR Permian Resources Corp. Class A Reduce -6.8% 1.12% −0.02
RIO Rio Tinto PLC-Spon ADR Reduce -42.9% 0.04% −0.02
BCE Bce Inc. Sold out 0.00% −0.02
TDG Transdigm Group Inc. Sold out 0.00% −0.02
WHR Whirlpool Corp. Sold out 0.00% −0.01
WEN The Wendy's Co. Sold out 0.00% −0.01
SHLS Shoals Technologies Group -A Reduce -13.3% 0.13% −0.01
NXT Nextpower Inc. Reduce -13.6% 0.19% −0.00
LLY Eli Lilly & Co. Reduce -24.6% 1.03% +0.02

Portfolio Buys Q3 2025 → Q4 2025
NVO Novo-Nordisk A/S-Spons ADR New 1.47% +1.47
BBY Best Buy Co. Inc. Add +3000.0% 1.20% +1.16
AFG American Financial Group Inc. Add +146.3% 1.60% +0.88
TPL Texas Pacific Land Corp. Add +215.0% 0.63% +0.40
MRSH Marsh & McLennan Cos New 0.37% +0.37
MUSA Murphy USA Inc. New 0.28% +0.28
WMB Williams Cos Inc. New 0.28% +0.28
CME Cme Group Inc. Add +22.9% 1.63% +0.26
LNG Cheniere Energy Inc. Add +66.7% 1.01% +0.25
ENB Enbridge Inc. Add +35.2% 1.31% +0.24
LB Landbridge Co. LLC-A Add +100.0% 0.45% +0.20
HPE Hewlett Packard Enterprise Add +22.5% 1.36% +0.18
TRGP Targa Resources Corp. Add +24.0% 0.66% +0.16
ORI Old Republic Intl Corp. Add +11.1% 1.06% +0.13
PG The Procter & Gamble Co. Add +55.6% 0.47% +0.13
BE Bloom Energy Corp. Class A New 0.12% +0.12
VZ Verizon Communications Inc. Add +21.3% 1.64% +0.12
KGS Kodiak Gas Services Inc. Add +23.6% 0.68% +0.11
SBUX Starbucks Corp. Add +30.0% 0.51% +0.10
PEP Pepsico Inc. Add +6.1% 2.31% +0.09
UPS United Parcel Service Class B Add +0.8% 0.68% +0.09
AROC Archrock Inc. Add +15.8% 0.66% +0.06
BTI British American Tob-SP ADR Add +1.1% 1.25% +0.04
ALL Allstate Corp. Add +12.0% 0.68% +0.03
TSLA Tesla Inc. Add +12.5% 0.23% +0.02
GEV GE Vernova Inc. Add +7.1% 0.23% +0.02
LPG Dorian LPG Ltd. Add +100.0% 0.05% +0.02
SOBO South Bow Corp. Add +100.0% 0.04% +0.02
KHC The Kraft Heinz Co. New 0.02% +0.02
LYB Lyondellbasell Indu Class A Add +20.0% 0.03% +0.00
T AT&T Inc. Add +16.5% 1.43% −0.03
VST Vistra Corp. Add +19.1% 0.47% −0.03
PAYX Paychex Inc. Add +11.6% 0.62% −0.03
PFE Pfizer Inc. Add +0.5% 0.97% −0.06
MO Altria Group Inc. Add +14.1% 1.35% −0.06
VG Venture Global Inc. Class A Add +7.1% 0.12% −0.12
HD Home Depot Inc. Add +7.7% 1.12% −0.16
KMB Kimberly-Clark Corp. Add +6.6% 0.95% −0.19

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