Viking Global

Q3 2025 13F · by Andreas Halvorsen, CEO

As of: Sep 30, 2025
Filed: Nov 14, 2025
US stock: $38.5B · prev $34.6B
Positions: 78 · prev 83
Options notional: $0
Documents: 1· no amendments

Picture100.0% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 100.0%
Foreign stock not listed in the US 0.0%
Notes debt, at principal 0.0%
Puts at notional value 0.0%
Calls at notional value 0.0%

Moves88 since the prior filing

+30.6 pp in · −31.0 pp out

New 15 +13.97 pp
Added 31 +16.59 pp
Trimmed 22 −9.76 pp
Exited 20 −21.24 pp

The book

Diversified · behaves like 47 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 116% a year, about 0.9 years per position

Low
Moderate
High

Top 5 positions20% of US stock

PNC PNC Financial Services Group added+2.87 pp added+2.874.2%
JPM JPMorgan Chase & Co. added+0.75 pp added+0.754.1%
SCHW The Charles Schwab Corporation added−0.05 pp added−0.054.1%
COF Capital One Financial added+0.59 pp added+0.594.1%
MSFT Microsoft Corp new+3.27 pp new+3.273.3%

Positions78 in this filing · 20 exited


PNCPNC Financial Services Group	4.15%	7,956,766	$1.6B	added×3.3	+2.87 pp	2 q
JPMJPMorgan Chase & Co.	4.14%	5,059,060	$1.6B	added+25%	+0.75 pp	6 q
SCHWThe Charles Schwab Corporation	4.11%	16,583,101	$1.6B	added+5%	−0.05 pp	5 q
COFCapital One Financial	4.08%	7,388,506	$1.6B	added+30%	+0.59 pp	3 q
MSFTMicrosoft Corp	3.27%	2,429,412	$1.3B	new	+3.27 pp	new
DISThe Walt Disney Company	3.11%	10,449,711	$1.2B	added+79%	+1.01 pp	2 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	2.86%	3,944,366	$1.1B	trimmed−9%	+0.03 pp	4 q
MCDMcDonald's Corporation	2.66%	3,374,875	$1.0B	added+8%	+0.02 pp	3 q
FTVFortive Corporation	2.61%	20,483,680	$1.0B	added+29%	+0.21 pp	25 q
APDAir Products & Chemicals, Inc.	2.60%	3,667,119	$1.0B	added+70%	+0.84 pp	2 q
SHWThe Sherwin-Williams Company	2.59%	2,881,091	$998M	added+47%	+0.65 pp	6 q
VVISA Inc.	2.57%	2,897,030	$989M	added+79%	+0.91 pp	5 q
BBIOBridgeBio Pharma, Inc.	2.16%	15,977,849	$830M	trimmed−14%	−0.16 pp	26 q
CVNACarvana Co.	2.06%	2,101,241	$793M	added+95%	+1.01 pp	6 q
GMGeneral Motors Company	2.06%	13,027,139	$794M	added0%	+0.21 pp	4 q
TMUST-Mobile US, Inc.	2.03%	3,262,466	$781M	added+15%	+0.07 pp	8 q
JCIJohnson Controls International plc	1.94%	6,796,942	$747M	added×4.7	+1.50 pp	2 q
BLKBlackrock, Inc.	1.88%	619,492	$722M	added×3.2	+1.29 pp	2 q
PMPhilip Morris International Inc.	1.86%	4,426,128	$718M	added+28%	+0.04 pp	10 q
TSLATesla, Inc.	1.86%	1,609,828	$716M	added+46%	+0.85 pp	3 q
METAMeta Platforms, Inc. Class A	1.77%	929,003	$682M	added×3.5	+1.20 pp	3 q
AMDAdvanced Micro Devices	1.76%	4,181,269	$676M	added×2.2	+0.98 pp	2 q
BABoeing Company	1.69%	3,010,551	$650M	added+6%	−0.03 pp	4 q
NKENike, Inc.	1.63%	8,996,579	$627M	added+29%	+0.20 pp	3 q
NFLXNetFlix Inc	1.56%	500,812	$600M	new	+1.56 pp	new
BACBank of America Corporation	1.54%	11,500,290	$593M	trimmed−63%	−2.73 pp	5 q
HCAHCA Healthcare, Inc.	1.53%	1,380,583	$588M	trimmed−26%	−0.54 pp	8 q
CSXCSX Corporation	1.47%	15,947,719	$566M	trimmed−15%	−0.31 pp	12 q
DKNGDraftKings Inc. Class A	1.46%	15,003,351	$561M	new	+1.46 pp	new
CORCencora, Inc.	1.44%	1,778,135	$556M	trimmed−15%	−0.36 pp	3 q
DHRDanaher Corporation	1.42%	2,751,245	$545M	trimmed−5%	−0.24 pp	3 q
SESea Limited	1.41%	3,039,203	$543M	trimmed−14%	−0.23 pp	3 q
UBSUBS Group AG	1.39%	13,096,560	$535M	added×5.1	+1.14 pp	2 q
PRMBPrimo Brands Corporation	1.32%	23,033,970	$509M	added+18%	−0.36 pp	3 q
AONAon plc Class A	1.31%	1,414,618	$504M	new	+1.31 pp	new
TICTIC Solutions, Inc	1.19%	34,360,000	$457M	held	—	3 q
ADPTAdaptive Biotechnologies Corporation	1.17%	29,993,708	$449M	held	—	26 q
BMRNBioMarin Pharmaceuticals Inc	1.17%	8,322,179	$451M	trimmed−32%	−0.78 pp	16 q
RRXRegal Rexnord Corporation	1.16%	3,123,262	$448M	trimmed−9%	−0.28 pp	8 q
APGAPi Group Corporation	1.10%	12,306,277	$423M	trimmed−29%	−0.60 pp	22 q
CLSCelestica, Inc.	1.10%	1,722,780	$424M	new	+1.10 pp	new
SAIASaia, Inc.	1.08%	1,383,888	$414M	added+67%	+0.42 pp	2 q
CPTCamden Property Trust	1.07%	3,846,740	$411M	added+42%	+0.19 pp	7 q
MAAMid-America Apartment Communities, Inc.	0.96%	2,645,082	$370M	new	+0.96 pp	new
ROIVRoivant Sciences Ltd.	0.93%	23,594,831	$357M	trimmed−31%	−0.19 pp	16 q
KKRKKR & Co. Inc.	0.91%	2,709,024	$352M	new	+0.91 pp	new
ROSTRoss Stores Inc	0.80%	2,023,868	$308M	trimmed−57%	−0.95 pp	4 q
CMGChipotle Mexican Grill, Inc.	0.68%	6,636,563	$260M	added+17%	−0.24 pp	3 q
BSXBoston Scientific Corp.	0.67%	2,641,682	$258M	trimmed−13%	−0.28 pp	5 q
EWEdwards Lifesciences Corp	0.62%	3,069,151	$239M	new	+0.62 pp	new
CHWYChewy, Inc.	0.58%	5,483,690	$222M	new	+0.58 pp	new
RALRalliant Corporation	0.58%	5,082,472	$222M	trimmed−4%	−0.16 pp	2 q
ASAmer Sports, Inc.	0.57%	6,343,481	$220M	added+63%	+0.14 pp	3 q
DBDeutsche Bank Aktiengesellschaft	0.56%	6,102,855	$215M	new	+0.56 pp	new
CBRECbre Group, Inc.	0.50%	1,210,004	$191M	new	+0.50 pp	new
NAMSNewAmsterdam Pharma Company N.V.	0.48%	6,475,534	$184M	trimmed−7%	+0.11 pp	12 q
INTUIntuit Inc	0.47%	264,136	$180M	new	+0.47 pp	new
DECKDeckers Outdoor Corp	0.45%	1,726,926	$175M	new	+0.45 pp	new
FSLRFirst Solar, Inc.	0.44%	767,996	$169M	trimmed−66%	−0.64 pp	3 q
CSGPCoStar Group Inc	0.41%	1,849,729	$156M	trimmed−43%	−0.34 pp	2 q
MASIMasimo Corporation	0.41%	1,073,433	$158M	added+40%	+0.04 pp	2 q
APPApplovin Corporation Class A	0.30%	162,525	$117M	trimmed−56%	−0.08 pp	4 q
ITGRInteger Holdings Corporation	0.28%	1,024,942	$106M	trimmed−20%	−0.18 pp	7 q
RYANRyan Specialty Holdings, Inc.	0.28%	1,934,957	$109M	added+37%	0.00 pp	3 q
SIONSionna Therapeutics, Inc.	0.24%	3,195,181	$94M	held	—	3 q
PHVSPharvaris N.V.	0.24%	3,653,310	$91M	held	—	19 q
LABStandard BioTools Inc.	0.20%	58,651,170	$76M	held	—	7 q
ORICOric Pharmaceuticals, Inc.	0.20%	6,572,700	$79M	held	—	7 q
INBXInhibrx Biosciences, Inc.	0.16%	1,787,705	$60M	held	—	21 q
DNAGinkgo Bioworks Holdings, Inc.	0.14%	3,577,128	$52M	held	—	17 q
ORKAOruka Therapeutics, Inc.	0.13%	2,666,690	$51M	new	+0.13 pp	new
TEVATeva Pharmaceutical Industries Limited	0.13%	2,532,119	$51M	trimmed−78%	−0.44 pp	5 q
TRVITrevi Therapeutics, Inc.	0.12%	5,128,875	$47M	added×3.3	+0.10 pp	13 q
STUBStubHub Holdings, Inc.	0.09%	2,040,816	$34M	new	+0.09 pp	new
CARTMaplebear Inc.	0.08%	832,857	$31M	trimmed−78%	−0.41 pp	2 q
PEPGPepGen Inc.	0.04%	3,482,434	$16M	added×2.3	+0.04 pp	14 q
ESTAEstablishment Labs Holdings Inc.	0.04%	343,465	$14M	held	—	2 q
unresolvedRallybio Corp	0.01%	4,194,777	$2M	held	—	17 q
USBU.S. Bancorp	—	−24,089,428	—	exited	−3.15 pp	—
AMZNAmazon.Com Inc	—	−3,897,092	—	exited	−2.47 pp	—
FLUTFlutter Entertainment plc	—	−2,284,905	—	exited	−1.89 pp	—
AMTAmerican Tower Corporation	—	−2,797,125	—	exited	−1.79 pp	—
NVDANvidia Corp	—	−3,681,935	—	exited	−1.68 pp	—
QCOMQualcomm Inc	—	−3,152,866	—	exited	−1.45 pp	—
CCLCarnival Corporation Ltd.	—	−13,207,267	—	exited	−1.07 pp	—
XYZBlock, Inc.	—	−5,420,475	—	exited	−1.06 pp	—
DHID.R. Horton Inc.	—	−2,827,032	—	exited	−1.05 pp	—
RACEFerrari N.V.	—	−721,269	—	exited	−1.02 pp	—
LLYEli Lilly & Co.	—	−416,918	—	exited	−0.94 pp	—
LENLennar Corporation Class A	—	−2,523,594	—	exited	−0.81 pp	—
AJGArthur J. Gallagher & Co.	—	−725,795	—	exited	−0.67 pp	—
TTDThe Trade Desk, Inc.	—	−2,674,320	—	exited	−0.56 pp	—
CMECME Group Inc.	—	−597,374	—	exited	−0.48 pp	—
AIGAmerican International Group, Inc.	—	−1,815,785	—	exited	−0.45 pp	—
RPRXRoyalty Pharma plc Class A	—	−2,597,460	—	exited	−0.27 pp	—
MOHMolina Healthcare, Inc.	—	−267,421	—	exited	−0.23 pp	—
unresolvedMetsera Inc	—	−1,616,612	—	exited	−0.13 pp	—
HQYHealthEquity, Inc	—	−219,746	—	exited	−0.07 pp	—