Viking Global Investors
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Andreas Halvorsen's Viking Global Investors reported 78 stock positions worth $38.5 billion. Its top holding was PNC Financial Services (PNC) at 4.2% of the portfolio, followed by JPMorgan Chase (JPM, 4.1%) and Schwab (charles) (SCHW, 4.1%). Compared with Q2 2025, it opened 15 new positions, sold out of 20, added to 31 and reduced 22. The biggest buy was a new position in Microsoft (MSFT) and the biggest sale an exit from US Bancorp (USB).
- Most Recent 13F
- Q2 2026
- Notable People
- Andreas Halvorsen
- Location
- STAMFORD, CT
- CIK
- 0001103804
- Portfolio Value
- $38.5B (Q3 2025)
- SEC Filing
- 0001103804-25-000010 ↗ filed Nov 14, 2025
Holdings Value
Holdings 78 stocks · $38.5B
| PNC PNC Financial Services Group | 4.15% | 7,956,766 | $1.6B | Add +234.9% |
| JPM JPMorgan Chase & Co. | 4.14% | 5,059,060 | $1.6B | Add +25.2% |
| SCHW Schwab (charles) Corp. | 4.11% | 16,583,101 | $1.6B | Add +5.1% |
| COF Capital One Financial Corp. | 4.08% | 7,388,506 | $1.6B | Add +30.3% |
| MSFT Microsoft Corp. | 3.27% | 2,429,412 | $1.3B | New |
| DIS The Walt Disney Co. filed as DISNEY WALT CO | 3.11% | 10,449,711 | $1.2B | Add +78.7% |
| TSM Taiwan Semiconductor-SP ADR | 2.86% | 3,944,366 | $1.1B | Reduce -8.9% |
| MCD McDonald's Corp. | 2.66% | 3,374,875 | $1.0B | Add +8.0% |
| FTV Fortive Corp. | 2.61% | 20,483,680 | $1.0B | Add +28.7% |
| APD Air Products & Chemicals Inc. | 2.60% | 3,667,119 | $1.0B | Add +70.2% |
| SHW The Sherwin-Williams Co. | 2.59% | 2,881,091 | $997.6M | Add +47.2% |
| V Visa Inc. Class A | 2.57% | 2,897,030 | $989.0M | Add +78.8% |
| BBIO Bridgebio Pharma Inc. | 2.16% | 15,977,849 | $829.9M | Reduce -13.9% |
| GM General Motors Co. | 2.06% | 13,027,139 | $794.3M | Add +0.1% |
| CVNA Carvana Co. | 2.06% | 2,101,241 | $792.7M | Add +94.9% |
| TMUS T-Mobile US Inc. | 2.03% | 3,262,466 | $781.0M | Add +14.7% |
| JCI Johnson Controls Internation | 1.94% | 6,796,942 | $747.3M | Add +368.5% |
| BLK BlackRock Inc. | 1.88% | 619,492 | $722.2M | Add +217.5% |
| PM Philip Morris International | 1.86% | 4,426,128 | $717.9M | Add +28.1% |
| TSLA Tesla Inc. | 1.86% | 1,609,828 | $715.9M | Add +46.3% |
| META Meta Platforms Inc. Class A | 1.77% | 929,003 | $682.2M | Add +249.9% |
| AMD Advanced Micro Devices | 1.76% | 4,181,269 | $676.5M | Add +118.8% |
| BA The Boeing Co. | 1.69% | 3,010,551 | $649.8M | Add +6.2% |
| NKE Nike Inc. Class B | 1.63% | 8,996,579 | $627.3M | Add +29.1% |
| NFLX Netflix Inc. | 1.56% | 500,812 | $600.4M | New |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 1.54% | 11,500,290 | $593.3M | Reduce -63.2% |
| HCA HCA Healthcare Inc. | 1.53% | 1,380,583 | $588.4M | Reduce -26.3% |
| CSX CSX Corp. | 1.47% | 15,947,719 | $566.3M | Reduce -15.5% |
| DKNG Draftkings Inc. Class A | 1.46% | 15,003,351 | $561.1M | New |
| COR Cencora Inc. | 1.44% | 1,778,135 | $555.7M | Reduce -14.6% |
| DHR Danaher Corp. | 1.42% | 2,751,245 | $545.5M | Reduce -5.4% |
| SE Sea Ltd.-ADR | 1.41% | 3,039,203 | $543.2M | Reduce -14.1% |
| UBS UBS Group AG-Reg | 1.39% | 13,096,560 | $534.9M | Add +407.5% |
| PRMB Primo Brands Corp. | 1.32% | 23,033,970 | $509.1M | Add +17.5% |
| AON Aon PLC Class A | 1.31% | 1,414,618 | $504.4M | New |
| TIC Tic Solutions Inc. filed as ACUREN CORP | 1.19% | 34,360,000 | $457.3M | No change |
| BMRN Biomarin Pharmaceutical Inc. | 1.17% | 8,322,179 | $450.7M | Reduce -32.3% |
| ADPT Adaptive Biotechnologies | 1.17% | 29,993,708 | $448.7M | No change |
| RRX Regal Rexnord Corp. | 1.16% | 3,123,262 | $448.0M | Reduce -8.9% |
| CLS Celestica Inc. | 1.10% | 1,722,780 | $424.5M | New |
| APG Api Group Corp. | 1.10% | 12,306,277 | $423.0M | Reduce -28.9% |
| SAIA Saia Inc. | 1.08% | 1,383,888 | $414.3M | Add +67.2% |
| CPT Camden Property Trust | 1.07% | 3,846,740 | $410.8M | Add +41.6% |
| MAA Mid-America Apartment Comm | 0.96% | 2,645,082 | $369.6M | New |
| ROIV Roivant Sciences Ltd. | 0.93% | 23,594,831 | $357.0M | Reduce -31.1% |
| KKR KKR & Co. Inc. | 0.91% | 2,709,024 | $352.0M | New |
| ROST Ross Stores Inc. | 0.80% | 2,023,868 | $308.4M | Reduce -57.4% |
| CMG Chipotle Mexican Grill Inc. | 0.68% | 6,636,563 | $260.1M | Add +16.7% |
| BSX Boston Scientific Corp. | 0.67% | 2,641,682 | $257.9M | Reduce -13.3% |
| EW Edwards Lifesciences Corp. | 0.62% | 3,069,151 | $238.7M | New |
| RAL Ralliant Corp. | 0.58% | 5,082,472 | $222.3M | Reduce -4.2% |
| CHWY Chewy Inc. Class A | 0.58% | 5,483,690 | $221.8M | New |
| AS Amer Sports Inc. | 0.57% | 6,343,481 | $220.4M | Add +63.5% |
| DB Deutsche Bank AG-Registered | 0.56% | 6,102,855 | $214.6M | New |
| CBRE CBRE Group Inc. Class A | 0.50% | 1,210,004 | $190.6M | New |
| NAMS Newamsterdam Pharma Co. NV | 0.48% | 6,475,534 | $184.2M | Reduce -7.2% |
| INTU Intuit Inc. | 0.47% | 264,136 | $180.4M | New |
| DECK Deckers Outdoor Corp. | 0.45% | 1,726,926 | $175.1M | New |
| FSLR First Solar Inc. | 0.44% | 767,996 | $169.4M | Reduce -66.1% |
| MASI Masimo Corp. | 0.41% | 1,073,433 | $158.4M | Add +39.9% |
| CSGP Costar Group Inc. | 0.41% | 1,849,729 | $156.1M | Reduce -42.5% |
| APP AppLovin Corp. Class A | 0.30% | 162,525 | $116.8M | Reduce -56.4% |
| RYAN Ryan Specialty Holdings Inc. | 0.28% | 1,934,957 | $109.1M | Add +37.0% |
| ITGR Integer Holdings Corp. | 0.28% | 1,024,942 | $105.9M | Reduce -20.2% |
| SION Sionna Therapeutics Inc. | 0.24% | 3,195,181 | $94.0M | No change |
| PHVS Pharvaris NV | 0.24% | 3,653,310 | $91.2M | No change |
| ORIC Oric Pharmaceuticals Inc. | 0.20% | 6,572,700 | $78.9M | No change |
| LAB Standard Biotools Inc. | 0.20% | 58,651,170 | $76.2M | No change |
| INBX Inhibrx Biosciences Inc. | 0.16% | 1,787,705 | $60.2M | No change |
| DNA Ginkgo Bioworks Holdings Inc. | 0.14% | 3,577,128 | $52.2M | No change |
| ORKA Oruka Therapeutics Inc. | 0.13% | 2,666,690 | $51.3M | New |
| TEVA Teva Pharmaceutical-SP ADR | 0.13% | 2,532,119 | $51.1M | Reduce -78.3% |
| TRVI Trevi Therapeutics Inc. | 0.12% | 5,128,875 | $46.9M | Add +232.4% |
| STUB Stubhub Holdings Inc. Class A | 0.09% | 2,040,816 | $34.4M | New |
| CART Maplebear Inc. | 0.08% | 832,857 | $30.6M | Reduce -77.8% |
| PEPG Pepgen Inc. | 0.04% | 3,482,434 | $16.1M | Add +134.9% |
| ESTA Establishment Labs Holdings | 0.04% | 343,465 | $14.1M | No change |
| RLYB Rallybio Corp. | 0.01% | 4,194,777 | $2.1M | No change |
Portfolio Sells Q2 2025 → Q3 2025
| USB US Bancorp | Sold out | 0.00% | −3.15 |
| BAC Bank of America Corp. | Reduce -63.2% | 1.54% | −2.73 |
| AMZN Amazon.com Inc. | Sold out | 0.00% | −2.47 |
| FLUT Flutter Entertainment PLC-Di | Sold out | 0.00% | −1.89 |
| AMT American Tower Corp. | Sold out | 0.00% | −1.79 |
| NVDA Nvidia Corp. | Sold out | 0.00% | −1.68 |
| QCOM Qualcomm Inc. | Sold out | 0.00% | −1.45 |
| CCL Carnival Corp. | Sold out | 0.00% | −1.07 |
| XYZ Block Inc. | Sold out | 0.00% | −1.06 |
| DHI D.R. Horton Inc. | Sold out | 0.00% | −1.05 |
| RACE Ferrari NV | Sold out | 0.00% | −1.02 |
| ROST Ross Stores Inc. | Reduce -57.4% | 0.80% | −0.95 |
| LLY Eli Lilly & Co. | Sold out | 0.00% | −0.94 |
| LEN Lennar Corp. Class A | Sold out | 0.00% | −0.81 |
| BMRN Biomarin Pharmaceutical Inc. | Reduce -32.3% | 1.17% | −0.78 |
| AJG Arthur J Gallagher & Co. | Sold out | 0.00% | −0.67 |
| FSLR First Solar Inc. | Reduce -66.1% | 0.44% | −0.64 |
| APG Api Group Corp. | Reduce -28.9% | 1.10% | −0.60 |
| TTD Trade Desk Inc./the Class A | Sold out | 0.00% | −0.56 |
| HCA HCA Healthcare Inc. | Reduce -26.3% | 1.53% | −0.55 |
| CME Cme Group Inc. | Sold out | 0.00% | −0.48 |
| AIG American International Group | Sold out | 0.00% | −0.45 |
| TEVA Teva Pharmaceutical-SP ADR | Reduce -78.3% | 0.13% | −0.43 |
| CART Maplebear Inc. | Reduce -77.8% | 0.08% | −0.41 |
| COR Cencora Inc. | Reduce -14.6% | 1.44% | −0.36 |
| CSGP Costar Group Inc. | Reduce -42.5% | 0.41% | −0.34 |
| CSX CSX Corp. | Reduce -15.5% | 1.47% | −0.31 |
| BSX Boston Scientific Corp. | Reduce -13.3% | 0.67% | −0.28 |
| RRX Regal Rexnord Corp. | Reduce -8.9% | 1.16% | −0.27 |
| RPRX Royalty Pharma PLC Class A | Sold out | 0.00% | −0.27 |
| DHR Danaher Corp. | Reduce -5.4% | 1.42% | −0.24 |
| MOH Molina Healthcare Inc. | Sold out | 0.00% | −0.23 |
| SE Sea Ltd.-ADR | Reduce -14.1% | 1.41% | −0.22 |
| ROIV Roivant Sciences Ltd. | Reduce -31.1% | 0.93% | −0.19 |
| ITGR Integer Holdings Corp. | Reduce -20.2% | 0.28% | −0.18 |
| RAL Ralliant Corp. | Reduce -4.2% | 0.58% | −0.17 |
| BBIO Bridgebio Pharma Inc. | Reduce -13.9% | 2.16% | −0.16 |
| MTSR Metsera Inc. | Sold out | 0.00% | −0.13 |
| APP AppLovin Corp. Class A | Reduce -56.4% | 0.30% | −0.07 |
| HQY Healthequity Inc. | Sold out | 0.00% | −0.07 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -8.9% | 2.86% | +0.03 |
| NAMS Newamsterdam Pharma Co. NV | Reduce -7.2% | 0.48% | +0.11 |
Portfolio Buys Q2 2025 → Q3 2025
| MSFT Microsoft Corp. | New | 3.27% | +3.27 |
| PNC PNC Financial Services Group | Add +234.9% | 4.15% | +2.87 |
| NFLX Netflix Inc. | New | 1.56% | +1.56 |
| JCI Johnson Controls Internation | Add +368.5% | 1.94% | +1.50 |
| DKNG Draftkings Inc. Class A | New | 1.46% | +1.46 |
| AON Aon PLC Class A | New | 1.31% | +1.31 |
| BLK BlackRock Inc. | Add +217.5% | 1.88% | +1.28 |
| META Meta Platforms Inc. Class A | Add +249.9% | 1.77% | +1.21 |
| UBS UBS Group AG-Reg | Add +407.5% | 1.39% | +1.14 |
| CLS Celestica Inc. | New | 1.10% | +1.10 |
| DIS The Walt Disney Co. | Add +78.7% | 3.11% | +1.01 |
| CVNA Carvana Co. | Add +94.9% | 2.06% | +1.01 |
| AMD Advanced Micro Devices | Add +118.8% | 1.76% | +0.97 |
| MAA Mid-America Apartment Comm | New | 0.96% | +0.96 |
| KKR KKR & Co. Inc. | New | 0.91% | +0.91 |
| V Visa Inc. Class A | Add +78.8% | 2.57% | +0.90 |
| TSLA Tesla Inc. | Add +46.3% | 1.86% | +0.85 |
| APD Air Products & Chemicals Inc. | Add +70.2% | 2.60% | +0.84 |
| JPM JPMorgan Chase & Co. | Add +25.2% | 4.14% | +0.76 |
| SHW The Sherwin-Williams Co. | Add +47.2% | 2.59% | +0.65 |
| EW Edwards Lifesciences Corp. | New | 0.62% | +0.62 |
| COF Capital One Financial Corp. | Add +30.3% | 4.08% | +0.59 |
| CHWY Chewy Inc. Class A | New | 0.58% | +0.58 |
| DB Deutsche Bank AG-Registered | New | 0.56% | +0.56 |
| CBRE CBRE Group Inc. Class A | New | 0.50% | +0.50 |
| INTU Intuit Inc. | New | 0.47% | +0.47 |
| DECK Deckers Outdoor Corp. | New | 0.45% | +0.45 |
| SAIA Saia Inc. | Add +67.2% | 1.08% | +0.42 |
| GM General Motors Co. | Add +0.1% | 2.06% | +0.21 |
| FTV Fortive Corp. | Add +28.7% | 2.61% | +0.21 |
| NKE Nike Inc. Class B | Add +29.1% | 1.63% | +0.20 |
| CPT Camden Property Trust | Add +41.6% | 1.07% | +0.18 |
| AS Amer Sports Inc. | Add +63.5% | 0.57% | +0.14 |
| ORKA Oruka Therapeutics Inc. | New | 0.13% | +0.13 |
| TRVI Trevi Therapeutics Inc. | Add +232.4% | 0.12% | +0.10 |
| STUB Stubhub Holdings Inc. Class A | New | 0.09% | +0.09 |
| TMUS T-Mobile US Inc. | Add +14.7% | 2.03% | +0.07 |
| PM Philip Morris International | Add +28.1% | 1.86% | +0.05 |
| MASI Masimo Corp. | Add +39.9% | 0.41% | +0.04 |
| PEPG Pepgen Inc. | Add +134.9% | 0.04% | +0.04 |
| MCD McDonald's Corp. | Add +8.0% | 2.66% | +0.02 |
| RYAN Ryan Specialty Holdings Inc. | Add +37.0% | 0.28% | +0.01 |
| BA The Boeing Co. | Add +6.2% | 1.69% | −0.03 |
| SCHW Schwab (charles) Corp. | Add +5.1% | 4.11% | −0.05 |
| CMG Chipotle Mexican Grill Inc. | Add +16.7% | 0.68% | −0.25 |
| PRMB Primo Brands Corp. | Add +17.5% | 1.32% | −0.36 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 90 | $35.1B | V, TSM, APD, SHW, FTV |
| Q1 2026 | 77 | $35.7B | V, TSM, SCHW, DIS, FTV |
| Q4 2025 | 76 | $37.7B | MSFT, PNC, TSM, V, SCHW |
| Q3 2025 | 78 | $38.5B | PNC, JPM, SCHW, COF, MSFT |
| Q2 2025 | 83 | $34.6B | BAC, SCHW, COF, JPM, USB |
| Q1 2025 | 91 | $31.5B | USB, SCHW, BAC, UNH, INTU |
| Q4 2024 | 86 | $30.9B | JPM, USB, V, BAC, SCHW |
| Q3 2024 | 83 | $27.4B | USB, ADBE, AAPL, PM, V |
| Q2 2024 | 82 | $26.0B | AMZN, ADBE, PM, MSFT, APG |
| Q1 2024 | 83 | $26.9B | V, WDAY, AMZN, PM, APG |