Viking Global

Q4 2025 13F · by Andreas Halvorsen, CEO

As of: Dec 31, 2025
Filed: Feb 17, 2026
US stock: $37.7B · prev $38.5B
Positions: 76 · prev 78
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%

Moves90 since the prior filing

+27.5 pp in · −27.6 pp out

New 21 +20.14 pp
Added 17 +7.35 pp
Trimmed 29 −8.85 pp
Exited 23 −18.71 pp

The book

Diversified · behaves like 46 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

High turnover · 112% a year, about 0.9 years per position

Low
Moderate
High

Top 5 positions20% of US stock

MSFT Microsoft Corp added+0.86 pp added+0.864.1%
PNC PNC Financial Services Group trimmed−0.11 pp trimmed−0.114.0%
TSM Taiwan Semiconductor Manufacturing Company Ltd. added+1.10 pp added+1.104.0%
V VISA Inc. added+1.14 pp added+1.143.7%
SCHW The Charles Schwab Corporation trimmed−0.43 pp trimmed−0.433.7%

Positions76 in this filing · 23 exited


MSFTMicrosoft Corp	4.13%	3,217,642	$1.6B	added+32%	+0.86 pp	2 q
PNCPNC Financial Services Group	4.04%	7,287,068	$1.5B	trimmed−8%	−0.11 pp	3 q
TSMTaiwan Semiconductor Manufacturing Company Ltd.	3.96%	4,914,896	$1.5B	added+25%	+1.10 pp	5 q
VVISA Inc.	3.71%	3,984,205	$1.4B	added+38%	+1.14 pp	6 q
SCHWThe Charles Schwab Corporation	3.68%	13,872,905	$1.4B	trimmed−16%	−0.43 pp	6 q
DISThe Walt Disney Company	3.38%	11,193,504	$1.3B	added+7%	+0.27 pp	3 q
APDAir Products & Chemicals, Inc.	3.14%	4,782,534	$1.2B	added+30%	+0.54 pp	3 q
MCDMcDonald's Corporation	2.94%	3,619,215	$1.1B	added+7%	+0.28 pp	4 q
BBIOBridgeBio Pharma, Inc.	2.92%	14,393,934	$1.1B	trimmed−10%	+0.76 pp	27 q
FTVFortive Corporation	2.82%	19,228,265	$1.1B	trimmed−6%	+0.21 pp	26 q
SHWThe Sherwin-Williams Company	2.73%	3,172,308	$1.0B	added+10%	+0.14 pp	7 q
BABoeing Company	2.28%	3,953,087	$858M	added+31%	+0.59 pp	5 q
GOOGLAlphabet Inc. Class A	2.21%	2,666,272	$835M	new	+2.21 pp	new
AMDAdvanced Micro Devices	2.13%	3,742,191	$801M	trimmed−11%	+0.37 pp	3 q
ICEIntercontinental Exchange Inc.	2.06%	4,803,197	$778M	new	+2.06 pp	new
TSLATesla, Inc.	2.03%	1,699,741	$764M	added+6%	+0.17 pp	4 q
TMUST-Mobile US, Inc.	2.02%	3,754,218	$762M	added+15%	−0.01 pp	9 q
AMZNAmazon.Com Inc	1.92%	3,126,816	$722M	new	+1.92 pp	new
COFCapital One Financial	1.90%	2,952,317	$716M	trimmed−60%	−2.18 pp	4 q
JCIJohnson Controls International plc	1.88%	5,918,707	$709M	trimmed−13%	−0.06 pp	3 q
DKNGDraftKings Inc. Class A	1.75%	19,119,912	$659M	added+27%	+0.29 pp	2 q
JPMJPMorgan Chase & Co.	1.63%	1,905,982	$614M	trimmed−62%	−2.51 pp	7 q
ROSTRoss Stores Inc	1.51%	3,167,479	$571M	added+57%	+0.71 pp	5 q
GMGeneral Motors Company	1.47%	6,806,095	$553M	trimmed−48%	−0.59 pp	5 q
MAAMid-America Apartment Communities, Inc.	1.43%	3,880,048	$539M	added+47%	+0.47 pp	2 q
CPTCamden Property Trust	1.39%	4,764,495	$524M	added+24%	+0.32 pp	8 q
DKSDick's Sporting Goods, Inc.	1.35%	2,572,969	$509M	new	+1.35 pp	new
CSXCSX Corporation	1.33%	13,817,539	$501M	trimmed−13%	−0.14 pp	13 q
CLSCelestica, Inc.	1.33%	1,699,236	$502M	trimmed−1%	+0.23 pp	2 q
ADPTAdaptive Biotechnologies Corporation	1.29%	29,993,708	$487M	held	—	27 q
HCAHCA Healthcare, Inc.	1.24%	999,180	$466M	trimmed−28%	−0.29 pp	9 q
SESea Limited	1.24%	3,671,545	$468M	added+21%	−0.17 pp	4 q
TMOThermo Fisher Scientific, Inc.	1.22%	793,187	$460M	new	+1.22 pp	new
RRXRegal Rexnord Corporation	1.20%	3,223,940	$452M	added+3%	+0.04 pp	9 q
CVNACarvana Co.	1.19%	1,061,533	$448M	trimmed−49%	−0.87 pp	7 q
CHWYChewy, Inc.	1.19%	13,536,645	$447M	added×2.5	+0.61 pp	2 q
APGAPi Group Corporation	1.17%	11,537,518	$441M	trimmed−6%	+0.07 pp	23 q
STLAStellantis N.V.	1.15%	39,062,551	$434M	new	+1.15 pp	new
CCLCarnival Corporation Ltd.	1.14%	14,061,827	$429M	new	+1.14 pp	new
UBSUBS Group AG	1.13%	9,128,817	$426M	trimmed−30%	−0.26 pp	3 q
UNHUNITEDHEALTH GROUP INCORPORATED (Delaware)	1.05%	1,197,273	$395M	new	+1.05 pp	new
BMRNBioMarin Pharmaceuticals Inc	0.95%	6,036,936	$359M	trimmed−27%	−0.22 pp	17 q
SAIASaia, Inc.	0.94%	1,088,582	$355M	trimmed−21%	−0.14 pp	3 q
TICTIC Solutions, Inc	0.92%	34,360,000	$347M	held	—	4 q
CBChubb Limited	0.84%	1,013,839	$316M	new	+0.84 pp	new
LIILennox International Inc.	0.80%	621,311	$302M	new	+0.80 pp	new
PGRProgressive Corporation	0.80%	1,331,538	$303M	new	+0.80 pp	new
TWTradeweb Markets Inc. Class A	0.79%	2,768,659	$298M	new	+0.79 pp	new
MDLNMedline Inc. Class A	0.78%	6,959,157	$292M	new	+0.78 pp	new
AONAon plc Class A	0.73%	783,650	$277M	trimmed−45%	−0.58 pp	2 q
AJGArthur J. Gallagher & Co.	0.71%	1,040,977	$269M	new	+0.71 pp	new
BACBank of America Corporation	0.66%	4,494,629	$247M	trimmed−61%	−0.88 pp	6 q
BSXBoston Scientific Corp.	0.64%	2,509,808	$239M	trimmed−5%	−0.03 pp	6 q
DLRDigital Realty Trust, Inc.	0.62%	1,507,988	$233M	new	+0.62 pp	new
LOWLowe's Companies Inc.	0.58%	912,040	$220M	new	+0.58 pp	new
FIGFigma, Inc.	0.57%	5,752,388	$215M	new	+0.57 pp	new
ITUBItau Unibanco Holding S.A.	0.54%	28,396,545	$203M	new	+0.54 pp	new
ASAmer Sports, Inc.	0.48%	4,814,290	$180M	trimmed−24%	−0.09 pp	4 q
RALRalliant Corporation	0.43%	3,162,630	$161M	trimmed−38%	−0.15 pp	3 q
RIOTRiot Platforms, Inc.	0.42%	12,428,894	$157M	new	+0.42 pp	new
NAMSNewAmsterdam Pharma Company N.V.	0.39%	4,203,567	$147M	trimmed−35%	−0.09 pp	13 q
IQVIQVIA Holdings Inc.	0.37%	619,236	$140M	new	+0.37 pp	new
ROIVRoivant Sciences Ltd.	0.37%	6,443,191	$140M	trimmed−73%	−0.56 pp	17 q
SIONSionna Therapeutics, Inc.	0.35%	3,195,181	$131M	held	—	4 q
INBXInhibrx Biosciences, Inc.	0.30%	1,437,705	$114M	trimmed−20%	+0.14 pp	22 q
PHVSPharvaris N.V.	0.27%	3,653,310	$101M	held	—	20 q
CSGPCoStar Group Inc	0.26%	1,442,582	$97M	trimmed−22%	−0.15 pp	3 q
WSTWest Pharmaceutical Services, Inc.	0.22%	295,028	$81M	new	+0.22 pp	new
ORKAOruka Therapeutics, Inc.	0.21%	2,666,690	$81M	held	—	2 q
LABStandard BioTools Inc.	0.20%	58,651,170	$75M	held	—	8 q
MASIMasimo Corporation	0.18%	514,340	$67M	trimmed−52%	−0.23 pp	3 q
ORICOric Pharmaceuticals, Inc.	0.14%	6,572,691	$54M	trimmed0%	−0.06 pp	8 q
TRVITrevi Therapeutics, Inc.	0.11%	3,198,644	$40M	trimmed−38%	−0.01 pp	14 q
DNAGinkgo Bioworks Holdings, Inc.	0.08%	3,577,128	$30M	held	—	18 q
PEPGPepGen Inc.	0.06%	3,482,434	$23M	held	—	15 q
unresolvedRallybio Corp	0.01%	4,194,777	$3M	held	—	18 q
BLKBlackrock, Inc.	—	−619,492	—	exited	−1.88 pp	—
PMPhilip Morris International Inc.	—	−4,426,128	—	exited	−1.86 pp	—
METAMeta Platforms, Inc. Class A	—	−929,003	—	exited	−1.77 pp	—
NKENike, Inc.	—	−8,996,579	—	exited	−1.63 pp	—
NFLXNetFlix Inc	—	−5,008,120	—	exited	−1.56 pp	—
CORCencora, Inc.	—	−1,778,135	—	exited	−1.44 pp	—
DHRDanaher Corporation	—	−2,751,245	—	exited	−1.42 pp	—
PRMBPrimo Brands Corporation	—	−23,033,970	—	exited	−1.32 pp	—
KKRKKR & Co. Inc.	—	−2,709,024	—	exited	−0.91 pp	—
CMGChipotle Mexican Grill, Inc.	—	−6,636,563	—	exited	−0.68 pp	—
EWEdwards Lifesciences Corp	—	−3,069,151	—	exited	−0.62 pp	—
DBDeutsche Bank Aktiengesellschaft	—	−6,102,855	—	exited	−0.56 pp	—
CBRECbre Group, Inc.	—	−1,210,004	—	exited	−0.50 pp	—
INTUIntuit Inc	—	−264,136	—	exited	−0.47 pp	—
DECKDeckers Outdoor Corp	—	−1,726,926	—	exited	−0.45 pp	—
FSLRFirst Solar, Inc.	—	−767,996	—	exited	−0.44 pp	—
APPApplovin Corporation Class A	—	−162,525	—	exited	−0.30 pp	—
ITGRInteger Holdings Corporation	—	−1,024,942	—	exited	−0.28 pp	—
RYANRyan Specialty Holdings, Inc.	—	−1,934,957	—	exited	−0.28 pp	—
TEVATeva Pharmaceutical Industries Limited	—	−2,532,119	—	exited	−0.13 pp	—
STUBStubHub Holdings, Inc.	—	−2,040,816	—	exited	−0.09 pp	—
CARTMaplebear Inc.	—	−832,857	—	exited	−0.08 pp	—
ESTAEstablishment Labs Holdings Inc.	—	−343,465	—	exited	−0.04 pp	—