Andreas Halvorsen

Viking Global Investors

Tiger Cub investor

📍 Greenwich, CTEst. 1999💰 ~$45B AUM

$37.68B

Portfolio Value

Holdings

Q4 '25

Period

2026-02-17

Filed

📈

Simulated 13F Return

⚠️ Approximation

Total Return

+17.68%

Q4 '24 → Q3 '25

Annualized

+24.34%/yr

S&P: +18.77%/yr

Alpha (vs S&P)

+3.96%

3 quarters tracked

1-Year Return

—

⚠️ Approximation only. 13F filings are delayed ~45 days. Options, shorts, and intra-quarter trades not captured.

📈 Recent Activity

Changes from previous quarter

MSFTINCREASED

4.1% of portfolio

+32% shares+1.0pp

PNCREDUCED

4.0% of portfolio

-8% shares+0.1pp

TSMINCREASED

4.0% of portfolio

+25% shares+1.3pp

VINCREASED

3.7% of portfolio

+38% shares+1.3pp

SCHWREDUCED

3.7% of portfolio

-16% shares-0.2pp

DISINCREASED

3.4% of portfolio

+7% shares+0.4pp

APDINCREASED

3.1% of portfolio

+30% shares+0.7pp

MCDINCREASED

2.9% of portfolio

+7% shares+0.4pp

BBIOREDUCED

2.9% of portfolio

-10% shares+0.9pp

FTVREDUCED

2.8% of portfolio

-6% shares+0.3pp

SHWINCREASED

2.7% of portfolio

+10% shares+0.3pp

BA-PAINCREASED

2.3% of portfolio

+31% shares+0.7pp

GOOGLNEW

2.2% of portfolio

New position

AMDREDUCED

2.1% of portfolio

-11% shares+0.5pp

IEPNEW

2.1% of portfolio

New position

TSLAINCREASED

2.0% of portfolio

+6% shares+0.3pp

TMUSINCREASED

2.0% of portfolio

+15% shares+0.1pp

AMZNNEW

1.9% of portfolio

New position

COFREDUCED

1.9% of portfolio

-60% shares-2.0pp

JCIREDUCED

1.9% of portfolio

-13% shares+0.0pp

DKNGINCREASED

1.7% of portfolio

+27% shares+0.4pp

JPMREDUCED

1.6% of portfolio

-62% shares-2.3pp

ROSTINCREASED

1.5% of portfolio

+57% shares+0.8pp

GMINCREASED

1.5% of portfolio

-48% shares-0.5pp

MAAINCREASED

1.4% of portfolio

+47% shares+0.5pp

CPTINCREASED

1.4% of portfolio

+24% shares+0.4pp

DKSNEW

1.4% of portfolio

New position

CLSREDUCED

1.3% of portfolio

-1% shares+0.3pp

CSXREDUCED

1.3% of portfolio

-13% shares-0.1pp

SEINCREASED

1.2% of portfolio

+21% shares-0.1pp

HCAINCREASED

1.2% of portfolio

-28% shares-0.2pp

TMONEW

1.2% of portfolio

New position

RRXINCREASED

1.2% of portfolio

+3% shares+0.1pp

CVNAREDUCED

1.2% of portfolio

-49% shares-0.8pp

CHWYREDUCED

1.2% of portfolio

+147% shares+0.6pp

APGREDUCED

1.2% of portfolio

-6% shares+0.1pp

STLANEW

1.2% of portfolio

New position

CCLNEW

1.1% of portfolio

New position

UBSINCREASED

1.1% of portfolio

-30% shares-0.2pp

UNHNEW

1.0% of portfolio

New position

BMRNREDUCED

1.0% of portfolio

-27% shares-0.2pp

SAIAREDUCED

0.9% of portfolio

-21% shares-0.1pp

CBNEW

0.8% of portfolio

New position

PGRNEW

0.8% of portfolio

New position

LIINEW

0.8% of portfolio

New position

TWNEW

0.8% of portfolio

New position

MDLNNEW

0.8% of portfolio

New position

AONINCREASED

0.7% of portfolio

-45% shares-0.5pp

AJGNEW

0.7% of portfolio

New position

BACINCREASED

0.7% of portfolio

-61% shares-0.8pp

BSXREDUCED

0.6% of portfolio

-5% shares

DLR-PLNEW

0.6% of portfolio

New position

LOWNEW

0.6% of portfolio

New position

FIGNEW

0.6% of portfolio

New position

ITUBNEW

0.5% of portfolio

New position

ASREDUCED

0.5% of portfolio

-24% shares-0.1pp

RALREDUCED

0.4% of portfolio

-38% shares-0.1pp

RIOTNEW

0.4% of portfolio

New position

NAMSWREDUCED

0.4% of portfolio

-35% shares-0.1pp

ROIVINCREASED

0.4% of portfolio

-73% shares-0.5pp

IQVNEW

0.4% of portfolio

New position

INBXREDUCED

0.3% of portfolio

-20% shares+0.2pp

CSGPREDUCED

0.3% of portfolio

-22% shares-0.1pp

WSTNEW

0.2% of portfolio

New position

MASIINCREASED

0.2% of portfolio

-52% shares-0.2pp

ORICREDUCED

0.1% of portfolio

-0% shares-0.1pp

TRVIREDUCED

0.1% of portfolio

-38% shares

BLKSOLD

was 1.8%

Sold out position

Filing price: $1165.87

PMSOLD

was 1.8%

Sold out position

Filing price: $162.20

METASOLD

was 1.7%

Sold out position

Filing price: $734.38

NKESOLD

was 1.5%

Sold out position

Filing price: $69.73

NFLXSOLD

was 1.5%

Sold out position

Filing price: $1198.92

CORSOLD

was 1.4%

Sold out position

Filing price: $312.53

DHRSOLD

was 1.3%

Sold out position

Filing price: $198.26

PRMBSOLD

was 1.3%

Sold out position

Filing price: $22.10

KKRSOLD

was 0.9%

Sold out position

Filing price: $129.95

CMGSOLD

was 0.6%

Sold out position

Filing price: $39.19

EWSOLD

was 0.6%

Sold out position

Filing price: $77.77

DBSOLD

was 0.5%

Sold out position

Filing price: $35.16

CBRESOLD

was 0.5%

Sold out position

Filing price: $157.56

INTUSOLD

was 0.4%

Sold out position

Filing price: $682.91

DECKSOLD

was 0.4%

Sold out position

Filing price: $101.37

FSLRSOLD

was 0.4%

Sold out position

Filing price: $220.53

APPSOLD

was 0.3%

Sold out position

Filing price: $718.54

RYANSOLD

was 0.3%

Sold out position

Filing price: $56.36

ITGRSOLD

was 0.3%

Sold out position

Filing price: $103.33

TEVASOLD

was 0.1%

Sold out position

Filing price: $20.20

STUBSOLD

was 0.1%

Sold out position

Filing price: $16.84

CARTSOLD

was 0.1%

Sold out position

Filing price: $36.76

ESTASOLD

was <0.1%

Sold out position

Filing price: $40.99

Sold Out (23)

SOLDKKRKKR & CO INCwas 0.87%@$129.95

SOLDAPPAPPLOVIN CORPwas 0.29%@$718.54

SOLDBLKBLACKROCK INCwas 1.78%@$1165.87

SOLDCBRECBRE GROUP INCwas 0.47%@$157.56

SOLDCORCENCORA INCwas 1.37%@$312.53

SOLDCMGCHIPOTLE MEXICAN GRILL INCwas 0.64%@$39.19

SOLDDHRDANAHER CORPORATIONwas 1.34%@$198.26

SOLDDECKDECKERS OUTDOOR CORPwas 0.43%@$101.37

SOLDEWEDWARDS LIFESCIENCES CORPwas 0.59%@$77.77

SOLDESTAESTABLISHMENT LABS HLDGS INCwas 0.03%@$40.99

SOLDFSLRFIRST SOLAR INCwas 0.42%@$220.53

SOLDITGRINTEGER HLDGS CORPwas 0.26%@$103.33

SOLDINTUINTUITwas 0.44%@$682.91

SOLDCARTMAPLEBEAR INCwas 0.08%@$36.76

SOLDMETAMETA PLATFORMS INCwas 1.68%@$734.38

SOLDNFLXNETFLIX INCwas 1.48%@$1198.92

SOLDNKENIKE INCwas 1.55%@$69.73

SOLDPMPHILIP MORRIS INTL INCwas 1.77%@$162.20

SOLDPRMBPRIMO BRANDS CORPORATIONwas 1.25%@$22.10

SOLDDBDEUTSCHE BANK AGwas 0.53%@$35.16

SOLDRYANRYAN SPECIALTY HOLDINGS INCwas 0.27%@$56.36

SOLDSTUBSTUBHUB HLDGS INCwas 0.08%@$16.84

SOLDTEVATEVA PHARMACEUTICAL INDS LTDwas 0.13%@$20.20

📊 Sector Breakdown

Portfolio allocation by sector

Unknown 44.0%Financials 15.6%Technology 15.6%Consumer Discretionary 9.4%Materials 5.9%+2 more (9.5%)

💼 Holdings

🔍

76 of 76 positions · $37.68B

This quarter: 21 new positions, increased 23, reduced 23, sold 23. Net seller.

#	Stock	% Portfolio▼	Activity	Shares	Reported Price	Value	Current Price	+/- Reported	52w Low	52w High	SEC
1	MSFTMICROSOFT CORP	4.1%	Add 32.45%	3217642	$483.62	$1.56B	—	—	—	—	📄
2	PNCPNC FINL SVCS GROUP INC	4.0%	Reduce 8.42%	7287068	$208.73	$1.52B	—	—	—	—	📄
3	TSMTAIWAN SEMICONDUCTOR MFG LTD	4.0%	Add 24.61%	4914896	$303.89	$1.49B	—	—	—	—	📄
4	VVISA INC	3.7%	Add 37.53%	3984205	$350.71	$1.40B	—	—	—	—	📄
5	SCHWSCHWAB CHARLES CORP	3.7%	Reduce 16.34%	13872905	$99.91	$1.39B	—	—	—	—	📄
6	DISDISNEY WALT CO	3.4%	Add 7.12%	11193504	$113.77	$1.27B	—	—	—	—	📄
7	APDAIR PRODS & CHEMS INC	3.1%	Add 30.42%	4782534	$247.02	$1.18B	—	—	—	—	📄
8	MCDMCDONALDS CORP	2.9%	Add 7.24%	3619215	$305.63	$1.11B	—	—	—	—	📄
9	BBIOBRIDGEBIO PHARMA INC	2.9%	Reduce 9.91%	14393934	$76.49	$1.10B	—	—	—	—	📄
10	FTVFORTIVE CORP	2.8%	Reduce 6.13%	19228265	$55.21	$1.06B	—	—	—	—	📄
11	SHWSHERWIN WILLIAMS CO	2.7%	Add 10.11%	3172308	$324.03	$1.03B	—	—	—	—	📄
12	BA-PABOEING CO	2.3%	Add 31.31%	3953087	$217.12	$858.3M	—	—	—	—	📄
13	GOOGLALPHABET INC	2.2%	Buy	2666272	$313.00	$834.5M	—	—	—	—	📄
14	AMDADVANCED MICRO DEVICES INC	2.1%	Reduce 10.50%	3742191	$214.16	$801.4M	—	—	—	—	📄
15	IEPINTERCONTINENTAL EXCHANGE IN	2.1%	Buy	4803197	$161.96	$777.9M	—	—	—	—	📄
16	TSLATESLA INC	2.0%	Add 5.59%	1699741	$449.72	$764.4M	—	—	—	—	📄
17	TMUST-MOBILE US INC	2.0%	Add 15.07%	3754218	$203.04	$762.3M	—	—	—	—	📄
18	AMZNAMAZON COM INC	1.9%	Buy	3126816	$230.82	$721.7M	—	—	—	—	📄
19	COFCapital One Financial	1.9%	Reduce 60.04%	2952317	$242.36	$715.5M	—	—	—	—	📄
20	JCIJOHNSON CTLS INTL PLC	1.9%	Reduce 12.92%	5918707	$119.75	$708.8M	—	—	—	—	📄
21	DKNGDRAFTKINGS INC NEW	1.7%	Add 27.44%	19119912	$34.46	$658.9M	—	—	—	—	📄
22	JPMJPMORGAN CHASE & CO.	1.6%	Reduce 62.33%	1905982	$322.22	$614.1M	—	—	—	—	📄
23	ROSTROSS STORES INC	1.5%	Add 56.51%	3167479	$180.14	$570.6M	—	—	—	—	📄
24	GMGENERAL MTRS CO	1.5%	Add 47.75%	6806095	$81.32	$553.5M	—	—	—	—	📄
25	MAAMID-AMER APT CMNTYS INC	1.4%	Add 46.69%	3880048	$138.91	$539.0M	—	—	—	—	📄
26	CPTCAMDEN PPTY TR	1.4%	Add 23.86%	4764495	$110.08	$524.5M	—	—	—	—	📄
27	DKSDICKS SPORTING GOODS INC	1.4%	Buy	2572969	$197.97	$509.4M	—	—	—	—	📄
28	CLSCELESTICA INC	1.3%	Reduce 1.37%	1699236	$295.61	$502.3M	—	—	—	—	📄
29	CSXCSX CORP	1.3%	Reduce 13.36%	13817539	$36.25	$500.9M	—	—	—	—	📄
30	ADPTADAPTIVE BIOTECHNOLOGIES COR	1.3%	Held	29993708	$16.24	$487.1M	—	—	—	—	📄
31	SESEA LTD	1.2%	Add 20.81%	3671545	$127.57	$468.4M	—	—	—	—	📄
32	HCAHCA HEALTHCARE INC	1.2%	Add 27.63%	999180	$466.86	$466.5M	—	—	—	—	📄
33	TMOTHERMO FISHER SCIENTIFIC INC	1.2%	Buy	793187	$579.45	$459.6M	—	—	—	—	📄
34	RRXREGAL REXNORD CORPORATION	1.2%	Add 3.22%	3223940	$140.32	$452.4M	—	—	—	—	📄
35	CVNACARVANA CO	1.2%	Reduce 49.48%	1061533	$422.02	$448.0M	—	—	—	—	📄
36	CHWYCHEWY INC	1.2%	Reduce 146.85%	13536645	$33.05	$447.4M	—	—	—	—	📄
37	APGAPI GROUP CORP	1.2%	Reduce 6.25%	11537518	$38.26	$441.4M	—	—	—	—	📄
38	STLASTELLANTIS N.V	1.2%	Buy	39062551	$11.12	$434.3M	—	—	—	—	📄
39	CCLCARNIVAL CORP	1.1%	Buy	14061827	$30.54	$429.4M	—	—	—	—	📄
40	UBSUBS GROUP AG	1.1%	Add 30.30%	9128817	$46.66	$426.0M	—	—	—	—	📄
41	UNHUNITEDHEALTH GROUP INC	1.0%	Buy	1197273	$330.11	$395.2M	—	—	—	—	📄
42	BMRNBIOMARIN PHARMACEUTICAL INC	1.0%	Reduce 27.46%	6036936	$59.43	$358.8M	—	—	—	—	📄
43	SAIASAIA INC	0.9%	Reduce 21.34%	1088582	$326.52	$355.4M	—	—	—	—	📄
44	TICTIC SOLUTIONS INC	0.9%	Held	34360000	$10.11	$347.4M	—	—	—	—	📄
45	CBCHUBB LIMITED	0.8%	Buy	1013839	$312.12	$316.4M	—	—	—	—	📄
46	PGRPROGRESSIVE CORP	0.8%	Buy	1331538	$227.72	$303.2M	—	—	—	—	📄
47	LIILENNOX INTL INC	0.8%	Buy	621311	$485.58	$301.7M	—	—	—	—	📄
48	TWTRADEWEB MKTS INC	0.8%	Buy	2768659	$107.54	$297.7M	—	—	—	—	📄
49	MDLNMEDLINE INC	0.8%	Buy	6959157	$42.00	$292.3M	—	—	—	—	📄
50	AONAON PLC	0.7%	Add 44.60%	783650	$352.88	$276.5M	—	—	—	—	📄
51	AJGGALLAGHER ARTHUR J & CO	0.7%	Buy	1040977	$258.79	$269.4M	—	—	—	—	📄
52	BACBANK AMERICA CORP	0.7%	Add 60.92%	4494629	$55.00	$247.2M	—	—	—	—	📄
53	BSXBOSTON SCIENTIFIC CORP	0.6%	Reduce 4.99%	2509808	$95.35	$239.3M	—	—	—	—	📄
54	DLR-PLDIGITAL RLTY TR INC	0.6%	Buy	1507988	$154.71	$233.3M	—	—	—	—	📄
55	LOWLOWES COS INC	0.6%	Buy	912040	$241.16	$219.9M	—	—	—	—	📄
56	FIGFIGMA INC	0.6%	Buy	5752388	$37.37	$215.0M	—	—	—	—	📄
57	ITUBITAU UNIBANCO HLDG S A	0.5%	Buy	28396545	$7.16	$203.3M	—	—	—	—	📄
58	ASAMER SPORTS INC	0.5%	Reduce 24.11%	4814290	$37.35	$179.8M	—	—	—	—	📄
59	RALRALLIANT CORP	0.4%	Reduce 37.77%	3162630	$50.91	$161.0M	—	—	—	—	📄
60	RIOTRIOT PLATFORMS INC	0.4%	Buy	12428894	$12.67	$157.5M	—	—	—	—	📄
61	NAMSWNEWAMSTERDAM PHARMA COMPANY	0.4%	Reduce 35.09%	4203567	$35.08	$147.5M	—	—	—	—	📄
62	ROIVROIVANT SCIENCES LTD	0.4%	Add 72.69%	6443191	$21.70	$139.8M	—	—	—	—	📄
63	IQVIQVIA HLDGS INC	0.4%	Buy	619236	$225.41	$139.6M	—	—	—	—	📄
64	SIONSIONNA THERAPEUTICS INC	0.3%	Held	3195181	$41.14	$131.4M	—	—	—	—	📄
65	INBXINHIBRX BIOSCIENCES INC	0.3%	Reduce 19.58%	1437705	$79.00	$113.6M	—	—	—	—	📄
66	PHVSPHARVARIS N V	0.3%	Held	3653310	$27.75	$101.4M	—	—	—	—	📄
67	CSGPCOSTAR GROUP INC	0.3%	Reduce 22.01%	1442582	$67.24	$97.0M	—	—	—	—	📄
68	WSTWEST PHARMACEUTICAL SVSC INC	0.2%	Buy	295028	$275.14	$81.2M	—	—	—	—	📄
69	ORKAORUKA THERAPEUTICS INC	0.2%	Held	2666690	$30.31	$80.8M	—	—	—	—	📄
70	LABSTANDARD BIOTOOLS INC	0.2%	Held	58651170	$1.28	$75.1M	—	—	—	—	📄
71	MASIMASIMO CORP	0.2%	Add 52.08%	514340	$130.06	$66.9M	—	—	—	—	📄
72	ORICORIC PHARMACEUTICALS INC	0.1%	Reduce 0.00%	6572691	$8.18	$53.8M	—	—	—	—	📄
73	TRVITREVI THERAPEUTICS INC	0.1%	Reduce 37.63%	3198644	$12.52	$40.0M	—	—	—	—	📄
74	DNAGINKGO BIOWORKS HOLDINGS INC	0.1%	Held	3577128	$8.31	$29.7M	—	—	—	—	📄
75	PEPGPEPGEN INC	0.1%	Held	3482434	$6.51	$22.7M	—	—	—	—	📄
76	RLYBRALLYBIO CORP	<0.1%	Held	4194777	$0.69	$2.9M	—	—	—	—	📄

MSFTINCREASED

4.1%

4.1% of portfolio (was 3.1%, added)

Filed ~$484

—📄

PNCREDUCED

4.0%

4.0% of portfolio (was 3.9%, trimmed)

Filed ~$209

—📄

TSMINCREASED

4.0%

4.0% of portfolio (was 2.7%, added)

Filed ~$304

—📄

VINCREASED

3.7%

3.7% of portfolio (was 2.4%, added)

Filed ~$351

—📄

SCHWREDUCED

3.7%

3.7% of portfolio (was 3.9%, trimmed)

Filed ~$100

—📄

DISINCREASED

3.4%

3.4% of portfolio (was 2.9%, added)

Filed ~$114

—📄

APDINCREASED

3.1%

3.1% of portfolio (was 2.5%, added)

Filed ~$247

—📄

MCDINCREASED

2.9%

2.9% of portfolio (was 2.5%, added)

Filed ~$306

—📄

BBIOREDUCED

2.9%

2.9% of portfolio (was 2.0%, trimmed)

Filed ~$76

—📄

FTVREDUCED

2.8%

2.8% of portfolio (was 2.5%, trimmed)

Filed ~$55

—📄

SHWINCREASED

2.7%

2.7% of portfolio (was 2.5%, added)

Filed ~$324

—📄

BA-PAINCREASED

2.3%

2.3% of portfolio (was 1.6%, added)

Filed ~$217

—📄

GOOGLNEW

2.2%

2.2% of portfolio (new position)

Filed ~$313

—📄

AMDREDUCED

2.1%

2.1% of portfolio (was 1.7%, trimmed)

Filed ~$214

—📄

IEPNEW

2.1%

2.1% of portfolio (new position)

Filed ~$162

—📄

TSLAINCREASED

2.0%

2.0% of portfolio (was 1.8%, added)

Filed ~$450

—📄

TMUSINCREASED

2.0%

2.0% of portfolio (was 1.9%, added)

Filed ~$203

—📄

AMZNNEW

1.9%

1.9% of portfolio (new position)

Filed ~$231

—📄

COFREDUCED

1.9%

1.9% of portfolio (was 3.9%, trimmed)

Filed ~$242

—📄

JCIREDUCED

1.9%

1.9% of portfolio (was 1.8%, trimmed)

Filed ~$120

—📄

DKNGINCREASED

1.7%

1.7% of portfolio (was 1.4%, added)

Filed ~$34

—📄

JPMREDUCED

1.6%

1.6% of portfolio (was 3.9%, trimmed)

Filed ~$322

—📄

ROSTINCREASED

1.5%

1.5% of portfolio (was 0.8%, added)

Filed ~$180

—📄

GMINCREASED

1.5%

1.5% of portfolio (was 2.0%, added)

Filed ~$81

—📄

MAAINCREASED

1.4%

1.4% of portfolio (was 0.9%, added)

Filed ~$139

—📄

CPTINCREASED

1.4%

1.4% of portfolio (was 1.0%, added)

Filed ~$110

—📄

DKSNEW

1.4%

1.4% of portfolio (new position)

Filed ~$198

—📄

CLSREDUCED

1.3%

1.3% of portfolio (was 1.0%, trimmed)

Filed ~$296

—📄

CSXREDUCED

1.3%

1.3% of portfolio (was 1.4%, trimmed)

Filed ~$36

—📄

ADPT

1.3%

1.3% of portfolio

Filed ~$16

—📄

SEINCREASED

1.2%

1.2% of portfolio (was 1.3%, added)

Filed ~$128

—📄

HCAINCREASED

1.2%

1.2% of portfolio (was 1.4%, added)

Filed ~$467

—📄

TMONEW

1.2%

1.2% of portfolio (new position)

Filed ~$579

—📄

RRXINCREASED

1.2%

1.2% of portfolio (was 1.1%, added)

Filed ~$140

—📄

CVNAREDUCED

1.2%

1.2% of portfolio (was 2.0%, trimmed)

Filed ~$422

—📄

CHWYREDUCED

1.2%

1.2% of portfolio (was 0.5%, trimmed)

Filed ~$33

—📄

APGREDUCED

1.2%

1.2% of portfolio (was 1.0%, trimmed)

Filed ~$38

—📄

STLANEW

1.2%

1.2% of portfolio (new position)

Filed ~$11

—📄

CCLNEW

1.1%

1.1% of portfolio (new position)

Filed ~$31

—📄

UBSINCREASED

1.1%

1.1% of portfolio (was 1.3%, added)

Filed ~$47

—📄

UNHNEW

1.0%

1.0% of portfolio (new position)

Filed ~$330

—📄

BMRNREDUCED

1.0%

1.0% of portfolio (was 1.1%, trimmed)

Filed ~$59

—📄

SAIAREDUCED

0.9%

0.9% of portfolio (was 1.0%, trimmed)

Filed ~$327

—📄

TIC

0.9%

0.9% of portfolio

Filed ~$10

—📄

CBNEW

0.8%