Andreas Halvorsen just reminded Wall Street why Viking Global Investors is one of the hedge fund world’s most-watched portfolios: he doesn’t trim, he swings. Viking’s third quarter 13F filing shows a $38.5 billion book that looks like it’s been through a full reboot — complete with shock exits, oversized new wagers and a decisive tilt toward financials.
- Track Viking’s top holding PNC here.
The Quarter Halvorsen Broke Up With Big Tech
The headline-grabber is impossible to miss: Viking dumped Nvidia Corp (NASDAQ:NVDA), Amazon.com Inc (NASDAQ:AMZN), and Qualcomm Inc (NASDAQ:QCOM) entirely. All out. Zero shares. For a fund that once thrived on mega-cap tech, that’s not a pivot — that’s a controlled detonation.
Nvidia’s complete removal — 3.68 million shares wiped out — lands the biggest shock. But Amazon.com Inc (NASDAQ:AMZN), American Tower Corp (NYSE:AMT), Flutter Entertainment PLC (NYSE:FLUT), Trade Desk Inc (NASDAQ:TTD) and a long list of growth favorites also vanished, signaling Halvorsen is done paying premium multiples for crowded trades.
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A Portfolio That Suddenly Looks… Very Financial
If you want to see where the money went, follow the banks. Viking’s new top holding is PNC Financial Services Group Inc (NYSE:PNC), now sitting at 4.15% of the portfolio after Halvorsen boosted the stake by a massive 234%. JPMorgan Chase & Co (NYSE:JPM), Charles Schwab Corp (NYSE:SCHW) and Capital One Financial Corp (NYSE:COF) also climbed the ranks with double-digit share increases.
US Bancorp (NYSE:USB), however, didn’t survive the purge — a 24 million-share position dropped to zero in one stroke.
The New Arrivals: Big, Boring, Beautiful?
Halvorsen’s third quarter “shopping cart” reads like he’s suddenly embracing high-quality compounders.
Microsoft Corp (NASDAQ:MSFT), Netflix Inc (NASDAQ:NFLX), Aon PLC (NYSE:AON), Chewy Inc (NYSE:CHWY), Edwards Lifesciences Corp (NYSE:EW), Intuit Inc (NASDAQ:INTU), KKR & Co Inc (NYSE:KKR), Deckers Outdoor Corp (NYSE:DECK) and Deutsche Bank AG (NYSE:DB) all appear as fresh positions — many in billion-dollar sizing.
And some bets weren’t just new — they were loud. Viking opened a massive 15 million-share DraftKings Inc (NASDAQ:DKNG) stake, added 2.7 million shares of KKR, and quietly built a sizeable position in Celestica Inc (NYSE:CLS) right as the stock sits in the AI-supply-chain sweet spot.
Why It Matters To Investors
Viking didn’t tweak at the edges — it rewired the whole machine. The third quarter was the quarter Halvorsen exited the most crowded tech trades, rotated heavily into financials, and stocked up on durable blue chips and selective high-growth names.
If hedge fund positioning is a sentiment tell, Viking just flashed a bright signal: 2025’s winners may look a lot more like PNC and Microsoft — and a lot less like Nvidia and Amazon.
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