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Viking Global's Radical Q3 Overhaul: Out With Nvidia, In With Banks and Blue Chips

MarketDash Editorial Team
21 days ago
Andreas Halvorsen completely exited Nvidia, Amazon, and Qualcomm in Q3 while loading up on financial stocks and quality compounders. Viking Global's latest 13F reveals a portfolio that looks nothing like it did three months ago.

When Andreas Halvorsen makes a move, he doesn't nibble around the edges. Viking Global Investors' third quarter 13F filing just dropped, and it reads less like portfolio maintenance and more like a complete strategic reset. The $38.5 billion fund didn't trim positions or make tactical adjustments. It blew things up and started over.

The Great Tech Purge

Here's the part that'll make headlines: Viking sold every single share of Nvidia Corp (NVDA), Amazon.com Inc (AMZN), and Qualcomm Inc (QCOM). Complete exits. Zero tolerance. For a hedge fund that built its reputation riding mega-cap tech winners, this isn't just a rotation. It's a declaration.

The Nvidia exit stings the most. Halvorsen liquidated all 3.68 million shares of the AI darling that Wall Street can't stop talking about. But the carnage extended well beyond chips. Amazon vanished from the portfolio entirely. So did American Tower Corp (AMT), Flutter Entertainment PLC (FLUT), Trade Desk Inc (TTD), and a parade of other growth favorites that dominated portfolios for the past few years.

The message seems clear: Halvorsen is done paying premium valuations for crowded momentum trades. When everyone's leaning the same direction, Viking apparently prefers to walk the other way.

Banks Are Back, Baby

So where did all that money go? Follow the trail to the financial sector, where Viking is now parking serious capital. The fund's new number one holding is PNC Financial Services Group Inc (PNC), which now commands 4.15% of the entire portfolio after Halvorsen increased his stake by a jaw-dropping 234%.

PNC isn't alone. JPMorgan Chase & Co (JPM), Charles Schwab Corp (SCHW), and Capital One Financial Corp (COF) all saw double-digit share increases as Viking went all-in on the banking thesis. Whether it's interest rate optimism, valuation compression elsewhere, or just a bet that financials are the unloved corner of the market right now, Halvorsen is clearly convinced.

Not every bank made the cut, though. US Bancorp (USB) got the axe entirely. Viking held 24 million shares last quarter. This quarter? Zero. Even in sectors he likes, Halvorsen isn't afraid to be ruthlessly selective.

New Arrivals: Quality Over Flash

The shopping list from Q3 tells another interesting story. Instead of chasing the next hot thing, Viking appears to be hunting for durable businesses with strong fundamentals. Call it boring if you want, but these are the kinds of names that compound quietly while everyone else chases momentum.

Microsoft Corp (MSFT) joins the portfolio as a brand new position. So does Netflix Inc (NFLX), Aon PLC (AON), Chewy Inc (CHWY), Edwards Lifesciences Corp (EW), Intuit Inc (INTU), KKR & Co Inc (KKR), Deckers Outdoor Corp (DECK), and even Deutsche Bank AG (DB). Many of these stakes are sized in the hundreds of millions or billions of dollars. These aren't token positions.

Some of the new bets came with serious conviction. Viking opened a massive 15 million-share stake in DraftKings Inc (DKNG), added 2.7 million shares of KKR, and quietly accumulated a meaningful position in Celestica Inc (CLS), a name that sits right in the AI supply chain but flies under the radar compared to the usual suspects.

The through-line here seems to be quality and staying power. Microsoft and Netflix are cash-generating machines with durable competitive advantages. Aon is an insurance broker with pricing power. Intuit owns mission-critical software for small businesses. These aren't speculative bets on the next big thing. They're calculated wagers on businesses that should still be thriving five years from now.

What This Means for the Rest of Us

Viking Global didn't make minor adjustments or rebalance at the margins. This was a full-scale portfolio reconstruction. Halvorsen walked away from the most crowded tech trades of 2024, pivoted hard into financials, and loaded up on blue-chip compounders with selective growth plays mixed in.

If you believe hedge fund positioning tells you something about where smart money thinks the market is heading, Viking just sent a pretty loud signal. The winners in 2025 might look a lot more like PNC and Microsoft and a lot less like Nvidia and Amazon. Whether Halvorsen is early, late, or perfectly timed remains to be seen. But one thing's for sure: he's not hedging his bets. He's swinging for the fences in a completely different direction.

When a fund with $38.5 billion under management decides to tear up the playbook and start fresh, it's worth paying attention. Viking's Q3 moves suggest Halvorsen thinks the market regime has changed. Now we get to watch and see if he's right.

Back to News

Viking Global's Radical Q3 Overhaul: Out With Nvidia, In With Banks and Blue Chips

MarketDash Editorial Team
21 days ago
Andreas Halvorsen completely exited Nvidia, Amazon, and Qualcomm in Q3 while loading up on financial stocks and quality compounders. Viking Global's latest 13F reveals a portfolio that looks nothing like it did three months ago.

When Andreas Halvorsen makes a move, he doesn't nibble around the edges. Viking Global Investors' third quarter 13F filing just dropped, and it reads less like portfolio maintenance and more like a complete strategic reset. The $38.5 billion fund didn't trim positions or make tactical adjustments. It blew things up and started over.

The Great Tech Purge

Here's the part that'll make headlines: Viking sold every single share of Nvidia Corp (NVDA), Amazon.com Inc (AMZN), and Qualcomm Inc (QCOM). Complete exits. Zero tolerance. For a hedge fund that built its reputation riding mega-cap tech winners, this isn't just a rotation. It's a declaration.

The Nvidia exit stings the most. Halvorsen liquidated all 3.68 million shares of the AI darling that Wall Street can't stop talking about. But the carnage extended well beyond chips. Amazon vanished from the portfolio entirely. So did American Tower Corp (AMT), Flutter Entertainment PLC (FLUT), Trade Desk Inc (TTD), and a parade of other growth favorites that dominated portfolios for the past few years.

The message seems clear: Halvorsen is done paying premium valuations for crowded momentum trades. When everyone's leaning the same direction, Viking apparently prefers to walk the other way.

Banks Are Back, Baby

So where did all that money go? Follow the trail to the financial sector, where Viking is now parking serious capital. The fund's new number one holding is PNC Financial Services Group Inc (PNC), which now commands 4.15% of the entire portfolio after Halvorsen increased his stake by a jaw-dropping 234%.

PNC isn't alone. JPMorgan Chase & Co (JPM), Charles Schwab Corp (SCHW), and Capital One Financial Corp (COF) all saw double-digit share increases as Viking went all-in on the banking thesis. Whether it's interest rate optimism, valuation compression elsewhere, or just a bet that financials are the unloved corner of the market right now, Halvorsen is clearly convinced.

Not every bank made the cut, though. US Bancorp (USB) got the axe entirely. Viking held 24 million shares last quarter. This quarter? Zero. Even in sectors he likes, Halvorsen isn't afraid to be ruthlessly selective.

New Arrivals: Quality Over Flash

The shopping list from Q3 tells another interesting story. Instead of chasing the next hot thing, Viking appears to be hunting for durable businesses with strong fundamentals. Call it boring if you want, but these are the kinds of names that compound quietly while everyone else chases momentum.

Microsoft Corp (MSFT) joins the portfolio as a brand new position. So does Netflix Inc (NFLX), Aon PLC (AON), Chewy Inc (CHWY), Edwards Lifesciences Corp (EW), Intuit Inc (INTU), KKR & Co Inc (KKR), Deckers Outdoor Corp (DECK), and even Deutsche Bank AG (DB). Many of these stakes are sized in the hundreds of millions or billions of dollars. These aren't token positions.

Some of the new bets came with serious conviction. Viking opened a massive 15 million-share stake in DraftKings Inc (DKNG), added 2.7 million shares of KKR, and quietly accumulated a meaningful position in Celestica Inc (CLS), a name that sits right in the AI supply chain but flies under the radar compared to the usual suspects.

The through-line here seems to be quality and staying power. Microsoft and Netflix are cash-generating machines with durable competitive advantages. Aon is an insurance broker with pricing power. Intuit owns mission-critical software for small businesses. These aren't speculative bets on the next big thing. They're calculated wagers on businesses that should still be thriving five years from now.

What This Means for the Rest of Us

Viking Global didn't make minor adjustments or rebalance at the margins. This was a full-scale portfolio reconstruction. Halvorsen walked away from the most crowded tech trades of 2024, pivoted hard into financials, and loaded up on blue-chip compounders with selective growth plays mixed in.

If you believe hedge fund positioning tells you something about where smart money thinks the market is heading, Viking just sent a pretty loud signal. The winners in 2025 might look a lot more like PNC and Microsoft and a lot less like Nvidia and Amazon. Whether Halvorsen is early, late, or perfectly timed remains to be seen. But one thing's for sure: he's not hedging his bets. He's swinging for the fences in a completely different direction.

When a fund with $38.5 billion under management decides to tear up the playbook and start fresh, it's worth paying attention. Viking's Q3 moves suggest Halvorsen thinks the market regime has changed. Now we get to watch and see if he's right.