Andreas Halvorsen - Viking Global Investors
Viking Global Investors
Latest 13F filing
Q4 2025
filed Feb 17, 2026
Portfolio value
$37.68B
Positions
76
Top 10 concentration
34.7%
QoQ change
-2.1%
$-827.10M
Activity vs. Q3 2025
21
New positions
17
Added to
9
Unchanged
29
Reduced
142
Exited
Portfolio composition — Q4 2025
- MSFTMICROSOFT CORP4.1%
- PNCPNC FINL SVCS GROUP INC4.0%
- TSMTAIWAN SEMICONDUCTOR MFG LTD4.0%
- VVISA INC3.7%
- SCHWSCHWAB CHARLES CORP3.7%
- DISDISNEY WALT CO3.4%
- APDAIR PRODS & CHEMS INC3.1%
- MCDMCDONALDS CORP2.9%
- BBIOBRIDGEBIO PHARMA INC2.9%
- FTVFORTIVE CORP2.8%
- Other66 more positions65.3%
Top buys
New & added positions, by size
Holdings as of Q4 2025
| # | Ticker | Issuer | Shares | Value | % Portfolio | Reported price | Action | Δ Shares |
|---|---|---|---|---|---|---|---|---|
| 1 | MSFT | MICROSOFT CORP | 3,217,642 | $1.56B | 4.13% | $483.62 | ADD | +32.4% |
| 2 | PNC | PNC FINL SVCS GROUP INC | 7,287,068 | $1.52B | 4.04% | $208.73 | REDUCE | -8.4% |
| 3 | TSM | TAIWAN SEMICONDUCTOR MFG LTD | 4,914,896 | $1.49B | 3.96% | $303.89 | ADD | +24.6% |
| 4 | V | VISA INC | 3,984,205 | $1.40B | 3.71% | $350.71 | ADD | +37.5% |
| 5 | SCHW | SCHWAB CHARLES CORP | 13,872,905 | $1.39B | 3.68% | $99.91 | REDUCE | -16.3% |
| 6 | DIS | DISNEY WALT CO | 11,193,504 | $1.27B | 3.38% | $113.77 | ADD | +7.1% |
| 7 | APD | AIR PRODS & CHEMS INC | 4,782,534 | $1.18B | 3.14% | $247.02 | ADD | +30.4% |
| 8 | MCD | MCDONALDS CORP | 3,619,215 | $1.11B | 2.94% | $305.63 | ADD | +7.2% |
| 9 | BBIO | BRIDGEBIO PHARMA INC | 14,393,934 | $1.10B | 2.92% | $76.49 | REDUCE | -9.9% |
| 10 | FTV | FORTIVE CORP | 19,228,265 | $1.06B | 2.82% | $55.21 | REDUCE | -6.1% |
| 11 | SHW | SHERWIN WILLIAMS CO | 3,172,308 | $1.03B | 2.73% | $324.03 | ADD | +10.1% |
| 12 | BA | BOEING CO | 3,953,087 | $858.29M | 2.28% | $217.12 | ADD | +31.3% |
| 13 | GOOGL | ALPHABET INC | 2,666,272 | $834.54M | 2.21% | $313.00 | NEW | — |
| 14 | AMD | ADVANCED MICRO DEVICES INC | 3,742,191 | $801.43M | 2.13% | $214.16 | REDUCE | -10.5% |
| 15 | ICE | INTERCONTINENTAL EXCHANGE IN | 4,803,197 | $777.93M | 2.06% | $161.96 | NEW | — |
| 16 | TSLA | TESLA INC | 1,699,741 | $764.41M | 2.03% | $449.72 | ADD | +5.6% |
| 17 | TMUS | T-MOBILE US INC | 3,754,218 | $762.26M | 2.02% | $203.04 | ADD | +15.1% |
| 18 | AMZN | AMAZON COM INC | 3,126,816 | $721.73M | 1.92% | $230.82 | NEW | — |
| 19 | COF | CAPITAL ONE FINL CORP | 2,952,317 | $715.52M | 1.90% | $242.36 | REDUCE | -60.0% |
| 20 | JCI | JOHNSON CTLS INTL PLC | 5,918,707 | $708.77M | 1.88% | $119.75 | REDUCE | -12.9% |
| 21 | DKNG | DRAFTKINGS INC NEW | 19,119,912 | $658.87M | 1.75% | $34.46 | ADD | +27.4% |
| 22 | JPM | JPMORGAN CHASE & CO. | 1,905,982 | $614.15M | 1.63% | $322.22 | REDUCE | -62.3% |
| 23 | ROST | ROSS STORES INC | 3,167,479 | $570.59M | 1.51% | $180.14 | ADD | +56.5% |
| 24 | GM | GENERAL MTRS CO | 6,806,095 | $553.47M | 1.47% | $81.32 | REDUCE | -47.8% |
| 25 | MAA | MID-AMER APT CMNTYS INC | 3,880,048 | $538.98M | 1.43% | $138.91 | ADD | +46.7% |
| 26 | CPT | CAMDEN PPTY TR | 4,764,495 | $524.48M | 1.39% | $110.08 | ADD | +23.9% |
| 27 | DKS | DICKS SPORTING GOODS INC | 2,572,969 | $509.37M | 1.35% | $197.97 | NEW | — |
| 28 | CLS | CELESTICA INC | 1,699,236 | $502.31M | 1.33% | $295.61 | REDUCE | -1.4% |
| 29 | CSX | CSX CORP | 13,817,539 | $500.89M | 1.33% | $36.25 | REDUCE | -13.4% |
| 30 | ADPT | ADAPTIVE BIOTECHNOLOGIES COR | 29,993,708 | $487.10M | 1.29% | $16.24 | — | 0% |
| 31 | SE | SEA LTD | 3,671,545 | $468.38M | 1.24% | $127.57 | ADD | +20.8% |
| 32 | HCA | HCA HEALTHCARE INC | 999,180 | $466.48M | 1.24% | $466.86 | REDUCE | -27.6% |
| 33 | TMO | THERMO FISHER SCIENTIFIC INC | 793,187 | $459.61M | 1.22% | $579.45 | NEW | — |
| 34 | RRX | REGAL REXNORD CORPORATION | 3,223,940 | $452.38M | 1.20% | $140.32 | ADD | +3.2% |
| 35 | CVNA | CARVANA CO | 1,061,533 | $447.99M | 1.19% | $422.02 | REDUCE | -49.5% |
| 36 | CHWY | CHEWY INC | 13,536,645 | $447.39M | 1.19% | $33.05 | ADD | +146.9% |
| 37 | APG | API GROUP CORP | 11,537,518 | $441.43M | 1.17% | $38.26 | REDUCE | -6.2% |
| 38 | STLA | STELLANTIS N.V | 39,062,551 | $434.32M | 1.15% | $11.12 | NEW | — |
| 39 | CCL1EUR | CARNIVAL CORP | 14,061,827 | $429.45M | 1.14% | $30.54 | NEW | — |
| 40 | UBS | UBS GROUP AG | 9,128,817 | $425.96M | 1.13% | $46.66 | REDUCE | -30.3% |
| 41 | UNH | UNITEDHEALTH GROUP INC | 1,197,273 | $395.23M | 1.05% | $330.11 | NEW | — |
| 42 | BMRN | BIOMARIN PHARMACEUTICAL INC | 6,036,936 | $358.78M | 0.95% | $59.43 | REDUCE | -27.5% |
| 43 | SAIA | SAIA INC | 1,088,582 | $355.44M | 0.94% | $326.52 | REDUCE | -21.3% |
| 44 | TIC | TIC SOLUTIONS INC | 34,360,000 | $347.38M | 0.92% | $10.11 | — | 0% |
| 45 | CB | CHUBB LIMITED | 1,013,839 | $316.44M | 0.84% | $312.12 | NEW | — |
| 46 | PGR | PROGRESSIVE CORP | 1,331,538 | $303.22M | 0.80% | $227.72 | NEW | — |
| 47 | LII | LENNOX INTL INC | 621,311 | $301.70M | 0.80% | $485.58 | NEW | — |
| 48 | TW | TRADEWEB MKTS INC | 2,768,659 | $297.74M | 0.79% | $107.54 | NEW | — |
| 49 | MDLN | MEDLINE INC | 6,959,157 | $292.28M | 0.78% | $42.00 | NEW | — |
| 50 | AON | AON PLC | 783,650 | $276.53M | 0.73% | $352.88 | REDUCE | -44.6% |
| 51 | AJG | GALLAGHER ARTHUR J & CO | 1,040,977 | $269.39M | 0.71% | $258.79 | NEW | — |
| 52 | BAC | BANK AMERICA CORP | 4,494,629 | $247.20M | 0.66% | $55.00 | REDUCE | -60.9% |
| 53 | BSX | BOSTON SCIENTIFIC CORP | 2,509,808 | $239.31M | 0.64% | $95.35 | REDUCE | -5.0% |
| 54 | DLR | DIGITAL RLTY TR INC | 1,507,988 | $233.30M | 0.62% | $154.71 | NEW | — |
| 55 | LOW | LOWES COS INC | 912,040 | $219.95M | 0.58% | $241.16 | NEW | — |
| 56 | FIG | FIGMA INC | 5,752,388 | $214.97M | 0.57% | $37.37 | NEW | — |
| 57 | ITUB | ITAU UNIBANCO HLDG S A | 28,396,545 | $203.32M | 0.54% | $7.16 | NEW | — |
| 58 | AS | AMER SPORTS INC | 4,814,290 | $179.81M | 0.48% | $37.35 | REDUCE | -24.1% |
| 59 | RAL | RALLIANT CORP | 3,162,630 | $161.01M | 0.43% | $50.91 | REDUCE | -37.8% |
| 60 | RIOT | RIOT PLATFORMS INC | 12,428,894 | $157.47M | 0.42% | $12.67 | NEW | — |
| 61 | NAMS | NEWAMSTERDAM PHARMA COMPANY | 4,203,567 | $147.46M | 0.39% | $35.08 | REDUCE | -35.1% |
| 62 | ROIV | ROIVANT SCIENCES LTD | 6,443,191 | $139.82M | 0.37% | $21.70 | REDUCE | -72.7% |
| 63 | IQV | IQVIA HLDGS INC | 619,236 | $139.58M | 0.37% | $225.41 | NEW | — |
| 64 | SION | SIONNA THERAPEUTICS INC | 3,195,181 | $131.45M | 0.35% | $41.14 | — | 0% |
| 65 | INBX | INHIBRX BIOSCIENCES INC | 1,437,705 | $113.58M | 0.30% | $79.00 | REDUCE | -19.6% |
| 66 | — | PHARVARIS N V | 3,653,310 | $101.38M | 0.27% | $27.75 | — | 0% |
| 67 | CSGP | COSTAR GROUP INC | 1,442,582 | $97.00M | 0.26% | $67.24 | REDUCE | -22.0% |
| 68 | WST | WEST PHARMACEUTICAL SVSC INC | 295,028 | $81.17M | 0.22% | $275.14 | NEW | — |
| 69 | ORKA | ORUKA THERAPEUTICS INC | 2,666,690 | $80.83M | 0.21% | $30.31 | — | 0% |
| 70 | LAB | STANDARD BIOTOOLS INC | 58,651,170 | $75.07M | 0.20% | $1.28 | — | 0% |
| 71 | MASI | MASIMO CORP | 514,340 | $66.90M | 0.18% | $130.06 | REDUCE | -52.1% |
| 72 | ORIC | ORIC PHARMACEUTICALS INC | 6,572,691 | $53.76M | 0.14% | $8.18 | REDUCE | -0.0% |
| 73 | TRVI | TREVI THERAPEUTICS INC | 3,198,644 | $40.05M | 0.11% | $12.52 | REDUCE | -37.6% |
| 74 | DNA | GINKGO BIOWORKS HOLDINGS INC | 3,577,128 | $29.73M | 0.08% | $8.31 | — | 0% |
| 75 | PEPG | PEPGEN INC | 3,482,434 | $22.67M | 0.06% | $6.51 | — | 0% |
| 76 | — | RALLYBIO CORP | 4,194,777 | $2.88M | 0.01% | $0.69 | — | 0% |
Positions exited in Q4 2025
| Ticker | Issuer | Prior shares |
|---|---|---|
| CBOE | CBOE GLOBAL MKTS INC | 0 |
| TTWO | TAKE-TWO INTERACTIVE SOFTWAR | 0 |
| APO | APOLLO GLOBAL MGMT INC | 0 |
| TEAM | ATLASSIAN CORPORATION | 0 |
| ADBE | ADOBE INC | 0 |
| AAL | AMERICAN AIRLS GROUP INC | 0 |
| CMCSA | COMCAST CORP NEW | 0 |
| PONY | PONY AI INC | 0 |
| CRM | SALESFORCE INC | 0 |
| VST | VISTRA CORP | 0 |
| SBUX | STARBUCKS CORP | 0 |
| ZS | ZSCALER INC | 0 |
| TRV | TRAVELERS COMPANIES INC | 0 |
| SNAP | SNAP INC | 0 |
| ACHC | ACADIA HEALTHCARE COMPANY IN | 0 |
| MMM | 3M CO | 0 |
| AMP | AMERIPRISE FINL INC | 0 |
| FCX | FREEPORT-MCMORAN INC | 0 |
| — | LONGBOARD PHARMACEUTICALS IN | 0 |
| APTV | APTIV PLC | 0 |
| LVS | LAS VEGAS SANDS CORP | 0 |
| RCI | ROGERS COMMUNICATIONS INC | 0 |
| ISRG | INTUITIVE SURGICAL INC | 0 |
| VRT | VERTIV HOLDINGS CO | 0 |
| EPAM | EPAM SYS INC | 0 |
| AVGO | BROADCOM INC | 0 |
| DDOG | DATADOG INC | 0 |
| FERG | FERGUSON PLC NEW | 0 |
| FIVN | FIVE9 INC | 0 |
| F | FORD MTR CO DEL | 0 |
| DLTR | DOLLAR TREE INC | 0 |
| HDB | HDFC BANK LTD | 0 |
| MCK | MCKESSON CORP | 0 |
| NRG | NRG ENERGY INC | 0 |
| INSM | INSMED INC | 0 |
| PCOR | PROCORE TECHNOLOGIES INC | 0 |
| RBRK | RUBRIK INC. | 0 |
| SNY | SANOFI | 0 |
| — | CAZOO GROUP LTD | 0 |
| CLX | CLOROX CO DEL | 0 |
| BEKE | KE HLDGS INC | 0 |
| HUM | HUMANA INC | 0 |
| CNH | CNH INDL N V | 0 |
| RDDT | REDDIT INC | 0 |
| PPG | PPG INDS INC | 0 |
| CPNG | COUPANG INC | 0 |
| DE | DEERE & CO | 0 |
| GH 0 11/15/27 | GUARDANT HEALTH INC | 0 |
| WOO | FOOT LOCKER INC | 0 |
| — | RAYZEBIO INC | 0 |
| LIANY | LIANBIO | 0 |
| MRSH | MARSH & MCLENNAN COS INC | 0 |
| SYK | STRYKER CORPORATION | 0 |
| VEEV | VEEVA SYS INC | 0 |
| GE | GENERAL ELECTRIC CO | 0 |
| MA | MASTERCARD INCORPORATED | 0 |
| DAWNGBX | DAY ONE BIOPHARMACEUTICALS I | 0 |
| KBR | KBR INC | 0 |
| SAIL | SAILPOINT INC | 0 |
| LW | LAMB WESTON HLDGS INC | 0 |
| SNPS | SYNOPSYS INC | 0 |
| DHI | D R HORTON INC | 0 |
| CMG | CHIPOTLE MEXICAN GRILL INC | 6,636,563 |
| ESTA | ESTABLISHMENT LABS HLDGS INC | 343,465 |
| WTW | WILLIS TOWERS WATSON PLC LTD | 0 |
| AAPL | APPLE INC | 0 |
| EG | EVEREST GROUP LTD | 0 |
| VKTX | VIKING THERAPEUTICS INC | 0 |
| SKAA | SKECHERS U S A INC | 0 |
| UPS | UNITED PARCEL SERVICE INC | 0 |
| IFF | INTERNATIONAL FLAVORS&FRAGRA | 0 |
| COO | COOPER COS INC | 0 |
| CHTR | CHARTER COMMUNICATIONS INC N | 0 |
| AMLX | AMYLYX PHARMACEUTICALS INC | 0 |
| EWTX | EDGEWISE THERAPEUTICS INC | 0 |
| ZLAB | ZAI LAB LTD | 0 |
| GEV | GE VERNOVA INC | 0 |
| NKE | NIKE INC | 8,996,579 |
| OSCR | OSCAR HEALTH INC | 0 |
| RYAN | RYAN SPECIALTY HOLDINGS INC | 1,934,957 |
| CDNS | CADENCE DESIGN SYSTEM INC | 0 |
| REGN | REGENERON PHARMACEUTICALS | 0 |
| COR | CENCORA INC | 1,778,135 |
| APP | APPLOVIN CORP | 162,525 |
| CBRE | CBRE GROUP INC | 1,210,004 |
| BLK | BLACKROCK INC | 619,492 |
| TWLO | TWILIO INC | 0 |
| FSLR | FIRST SOLAR INC | 767,996 |
| ITGR | INTEGER HLDGS CORP | 1,024,942 |
| INTU | INTUIT | 264,136 |
| KKR | KKR & CO INC | 2,709,024 |
| DHR | DANAHER CORPORATION | 2,751,245 |
| CART | MAPLEBEAR INC | 832,857 |
| EW | EDWARDS LIFESCIENCES CORP | 3,069,151 |
| DECK | DECKERS OUTDOOR CORP | 1,726,926 |
| META | META PLATFORMS INC | 929,003 |
| DB | DEUTSCHE BANK AG | 6,102,855 |
| PM | PHILIP MORRIS INTL INC | 4,426,128 |
| PRMB | PRIMO BRANDS CORPORATION | 23,033,970 |
| NFLX | NETFLIX INC | 500,812 |
| INBXUSD | INHIBRX INC | 0 |
| FDMT | 4D MOLECULAR THERAPEUTICS IN | 0 |
| XYZ | BLOCK INC | 0 |
| AIG | AMERICAN INTL GROUP INC | 0 |
| AMT | AMERICAN TOWER CORP NEW | 0 |
| LULU | LULULEMON ATHLETICA INC | 0 |
| LEN | LENNAR CORP | 0 |
| TEVA | TEVA PHARMACEUTICAL INDS LTD | 2,532,119 |
| STUB | STUBHUB HLDGS INC | 2,040,816 |
| LPLA | LPL FINL HLDGS INC | 0 |
| WDAY | WORKDAY INC | 0 |
| LLY | ELI LILLY & CO | 0 |
| FLUT | FLUTTER ENTMT PLC | 0 |
| CME | CME GROUP INC | 0 |
| — | METSERA INC | 0 |
| MOH | MOLINA HEALTHCARE INC | 0 |
| NVDA | NVIDIA CORPORATION | 0 |
| HQY | HEALTHEQUITY INC | 0 |
| RACE | FERRARI NV | 0 |
| — | ROYALTY PHARMA PLC | 0 |
| QCOM | QUALCOMM INC | 0 |
| USB | US BANCORP DEL | 0 |
| TTD | THE TRADE DESK INC | 0 |
| TVTX | TRAVERE THERAPEUTICS INC | 0 |
| MNST | MONSTER BEVERAGE CORP NEW | 0 |
| KNX | KNIGHT-SWIFT TRANSN HLDGS IN | 0 |
| VSTM | VERASTEM INC | 0 |
| BNTX | BIONTECH SE | 0 |
| ADSK | AUTODESK INC | 0 |
| ALL | ALLSTATE CORP | 0 |
| KDP | KEURIG DR PEPPER INC | 0 |
| KNTEUSD | KINNATE BIOPHARMA INC | 0 |
| VVV | VALVOLINE INC | 0 |
| DNA4EUR | GINKGO BIOWORKS HOLDINGS INC | 0 |
| IMVT | IMMUNOVANT INC | 0 |
| DASH | DOORDASH INC | 0 |
| EQH | EQUITABLE HLDGS INC | 0 |
| LI | LI AUTO INC | 0 |
| MET | METLIFE INC | 0 |
| MTB | M & T BK CORP | 0 |
| SPOT | SPOTIFY TECHNOLOGY S A | 0 |
| TRU | TRANSUNION | 0 |
Source: SEC EDGAR 13F-HR filing Feb 17, 2026. Reported prices are derived from the filing's value-to-shares ratio (effectively the quarter-end mark). Filings are published with a 45-day delay. CIK 0001103804.