Viking Global Investors

CIK: 0001103804 · Filing period: 2025-12-31

Innovation Edge

Andreas Halvorsen runs one of the most respected stock-picking shops in the world, known for deep company-by-company research.

A Copyable return: +23.9%/yr vs S&P +16.4%/yr if you'd mirrored their filings (2022-06-30 → 2025-06-30) · beat the market 62% of quarters how?

1.5×

Trust Weight

Positions

In our model

New

Increasing

Decreasing

Unchanged

In Our Model Portfolio

These holdings also appear in the Big Money Radar model

V 3.7% GOOGL 2.2% AMD 2.1% AMZN 1.9% TMO 1.2% CVNA 1.2%

Recent Moves

What Viking Global Investors opened, added to, or trimmed in their latest 13F — 78 position changes

TSM TAIWAN SEMICONDUCTOR MANUFAC ▼ Trimmed -29% 4.3% of port. APD AIR PRODUCTS AND CHEMICALS I ▲ Added +16% 4.0% of port. SHW SHERWIN WILLIAMS CO ▲ Added +24% 3.8% of port. FTV FORTIVE CORP ▼ Trimmed -11% 3.5% of port. META META PLATFORMS INC ▲ Added +76% 3.0% of port. SCHW SCHWAB CHARLES CORP ▼ Trimmed -28% 2.8% of port. TMO THERMO FISHER SCIENTIFIC INC ▲ Added +16% 2.8% of port. JPM JPMORGAN CHASE & CO ▲ Added +7% 2.7% of port. AMZN AMAZON COM INC ▲ Added +210% 2.5% of port. — FERRARI N V ● New 2.3% of port.

Top 10 positions (% of portfolio)

Sector breakdown

All Holdings

76 positions, sorted by portfolio weight

← swipe to see all columns

#	Company	Ticker	Sector	% of Portfolio	Activity	Change
1	MICROSOFT CORP	MSFT	Technology	4.1%	● New	NEW
2	PNC FINL SVCS GROUP INC	PNC	Financials	4.0%	● New	NEW
3	TAIWAN SEMICONDUCTOR MFG LTD	TSM	Technology	4.0%	● New	NEW
4	VISA INC	V	Financials	3.7%	● New	NEW
5	SCHWAB CHARLES CORP	SCHW	Financials	3.7%	● New	NEW
6	DISNEY WALT CO	DIS	Other	3.4%	● New	NEW
7	AIR PRODS & CHEMS INC	APD	Other	3.1%	● New	NEW
8	MCDONALDS CORP	MCD	Other	2.9%	● New	NEW
9	BRIDGEBIO PHARMA INC	BBIO	Other	2.9%	● New	NEW
10	FORTIVE CORP	FTV	Other	2.8%	● New	NEW
11	SHERWIN WILLIAMS CO	SHW	Other	2.7%	● New	NEW
12	BOEING CO	BA	Other	2.3%	● New	NEW
13	ALPHABET INC	GOOGL	Technology	2.2%	● New	NEW
14	ADVANCED MICRO DEVICES INC	AMD	Technology	2.1%	● New	NEW
15	INTERCONTINENTAL EXCHANGE IN	ICE	Other	2.1%	● New	NEW
16	TESLA INC	TSLA	Consumer	2.0%	● New	NEW
17	T-MOBILE US INC	TMUS	Other	2.0%	● New	NEW
18	AMAZON COM INC	AMZN	Consumer	1.9%	● New	NEW
19	CAPITAL ONE FINL CORP	COF	Financials	1.9%	● New	NEW
20	JOHNSON CTLS INTL PLC	—	Other	1.9%	● New	NEW
21	DRAFTKINGS INC NEW	DKNG	Other	1.8%	● New	NEW
22	JPMORGAN CHASE & CO.	JPM	Financials	1.6%	● New	NEW
23	ROSS STORES INC	ROST	Other	1.5%	● New	NEW
24	GENERAL MTRS CO	GM	Other	1.5%	● New	NEW
25	MID-AMER APT CMNTYS INC	MAA	Other	1.4%	● New	NEW
26	CAMDEN PPTY TR	CPT	Other	1.4%	● New	NEW
27	DICKS SPORTING GOODS INC	DKS	Other	1.4%	● New	NEW
28	CELESTICA INC	CLS	Other	1.3%	● New	NEW
29	CSX CORP	CSX	Other	1.3%	● New	NEW
30	ADAPTIVE BIOTECHNOLOGIES COR	ADPT	Other	1.3%	● New	NEW
31	HCA HEALTHCARE INC	HCA	Other	1.2%	● New	NEW
32	SEA LTD	SE	Communications	1.2%	● New	NEW
33	THERMO FISHER SCIENTIFIC INC	TMO	Other	1.2%	● New	NEW
34	REGAL REXNORD CORPORATION	RRX	Other	1.2%	● New	NEW
35	CARVANA CO	CVNA	Other	1.2%	● New	NEW
36	CHEWY INC	CHWY	Other	1.2%	● New	NEW
37	API GROUP CORP	APG	Other	1.2%	● New	NEW
38	STELLANTIS N.V	—	Other	1.1%	● New	NEW
39	CARNIVAL CORP	CCL	Other	1.1%	● New	NEW
40	UBS GROUP AG	—	Other	1.1%	● New	NEW
41	UNITEDHEALTH GROUP INC	UNH	Healthcare	1.1%	● New	NEW
42	BIOMARIN PHARMACEUTICAL INC	BMRN	Other	0.9%	● New	NEW
43	SAIA INC	SAIA	Other	0.9%	● New	NEW
44	TIC SOLUTIONS INC	T0V	Other	0.9%	● New	NEW
45	CHUBB LIMITED	CB	Financials	0.8%	● New	NEW
46	LENNOX INTL INC	LII	Other	0.8%	● New	NEW
47	PROGRESSIVE CORP	PGR	Other	0.8%	● New	NEW
48	TRADEWEB MKTS INC	TW	Other	0.8%	● New	NEW
49	MEDLINE INC	MDLN	Other	0.8%	● New	NEW
50	AON PLC	—	Other	0.7%	● New	NEW
… and 26 more positions

#1 MICROSOFT CORP 4.1%

MSFT · Technology ● New

#2 PNC FINL SVCS GROUP INC 4.0%

PNC · Financials ● New

#3 TAIWAN SEMICONDUCTOR MFG LTD 4.0%

TSM · Technology ● New

#4 VISA INC 3.7%

V · Financials ● New

#5 SCHWAB CHARLES CORP 3.7%

SCHW · Financials ● New

#6 DISNEY WALT CO 3.4%

DIS · Other ● New

#7 AIR PRODS & CHEMS INC 3.1%

APD · Other ● New

#8 MCDONALDS CORP 2.9%

MCD · Other ● New

#9 BRIDGEBIO PHARMA INC 2.9%

BBIO · Other ● New

#10 FORTIVE CORP 2.8%

FTV · Other ● New

#11 SHERWIN WILLIAMS CO 2.7%

SHW · Other ● New

#12 BOEING CO 2.3%

BA · Other ● New

#13 ALPHABET INC 2.2%

GOOGL · Technology ● New

#14 ADVANCED MICRO DEVICES INC 2.1%

AMD · Technology ● New

#15 INTERCONTINENTAL EXCHANGE IN 2.1%

ICE · Other ● New

#16 TESLA INC 2.0%

TSLA · Consumer ● New

#17 T-MOBILE US INC 2.0%

TMUS · Other ● New

#18 AMAZON COM INC 1.9%

AMZN · Consumer ● New

#19 CAPITAL ONE FINL CORP 1.9%

COF · Financials ● New

#20 JOHNSON CTLS INTL PLC 1.9%

Other ● New

#21 DRAFTKINGS INC NEW 1.8%

DKNG · Other ● New

#22 JPMORGAN CHASE & CO. 1.6%

JPM · Financials ● New

#23 ROSS STORES INC 1.5%

ROST · Other ● New

#24 GENERAL MTRS CO 1.5%

GM · Other ● New

#25 MID-AMER APT CMNTYS INC 1.4%

MAA · Other ● New

#26 CAMDEN PPTY TR 1.4%

CPT · Other ● New

#27 DICKS SPORTING GOODS INC 1.4%

DKS · Other ● New

#28 CELESTICA INC 1.3%

CLS · Other ● New

#29 CSX CORP 1.3%

CSX · Other ● New

#30 ADAPTIVE BIOTECHNOLOGIES COR 1.3%

ADPT · Other ● New

#31 HCA HEALTHCARE INC 1.2%

HCA · Other ● New

#32 SEA LTD 1.2%

SE · Communications ● New

#33 THERMO FISHER SCIENTIFIC INC 1.2%

TMO · Other ● New

#34 REGAL REXNORD CORPORATION 1.2%

RRX · Other ● New

#35 CARVANA CO 1.2%

CVNA · Other ● New

#36 CHEWY INC 1.2%

CHWY · Other ● New

#37 API GROUP CORP 1.2%

APG · Other ● New

#38 STELLANTIS N.V 1.1%

Other ● New

#39 CARNIVAL CORP 1.1%

CCL · Other ● New

#40 UBS GROUP AG 1.1%

Other ● New

#41 UNITEDHEALTH GROUP INC 1.1%

UNH · Healthcare ● New

#42 BIOMARIN PHARMACEUTICAL INC 0.9%

BMRN · Other ● New

#43 SAIA INC 0.9%

SAIA · Other ● New

#44 TIC SOLUTIONS INC 0.9%

T0V · Other ● New

#45 CHUBB LIMITED 0.8%

CB · Financials ● New

#46 LENNOX INTL INC 0.8%

LII · Other ● New

#47 PROGRESSIVE CORP 0.8%

PGR · Other ● New

#48 TRADEWEB MKTS INC 0.8%

TW · Other ● New

#49 MEDLINE INC 0.8%

MDLN · Other ● New

#50 AON PLC 0.7%

Other ● New

… and 26 more positions

⚠ Disclaimer: Holdings data from SEC EDGAR 13F filings for Viking Global Investors, delayed up to 135 days after quarter-end. This is not investment advice. The investor may have already changed these positions.

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