Andreas Halvorsen

Andreas Halvorsen’s Viking Global Investors ended the first quarter with $35.7 billion in disclosed equity assets, a portfolio that leans heavily on large-cap compounders rather than the high-octane growth names often associated with his hedge fund peers. The top ten positions account for roughly 35% of the book, and the largest holding, Visa at 5.35%, is a payments network with pricing power and recurring revenue. Taiwan Semiconductor, at 4.22%, is the only pure technology manufacturer in the top tier, and its inclusion signals a bet on AI-driven chip demand rather than on software or consumer internet names. The portfolio’s character is defensive-growth. Charles Schwab, Disney, Fortive, Air Products, McDonald’s, and Sherwin-Williams all sit in the top ten, a mix of financials, media, industrials, chemicals, and consumer staples. These are businesses with wide moats and steady cash flows, not speculative turnarounds. Tesla and Apple round out the list, but their combined weight is just over 5%, which suggests Halvorsen is not chasing momentum in mega-cap tech. Instead, the fund appears to favor companies with visible earnings growth and less valuation risk. What stands out versus peers is the absence of concentrated bets in AI infrastructure or cloud software, areas that dominate many growth-oriented 13Fs this cycle. Viking’s largest new or increased positions are not disclosed in this snapshot, but the existing book tilts toward quality cyclicals and consumer franchises. The fund’s average holding period is long, and the top ten are mostly names that have been in the portfolio for multiple quarters. Halvorsen is running a concentrated, patient book that prioritizes durable growth at reasonable prices, a style that diverges sharply from the crowded trades in Nvidia and Microsoft.