13F filing recap · Q4 2025

What did Viking Global Investors buy in Q4 2025?

Reported stock-position changes between this filing and the previous one.

Stock value

$37.68B

Positions

Estimated turnover

62.0%

Turnover is a proxy: verified trade-origin share changes valued at period-end and divided by average reported stock value. SEC holdings reports do not disclose execution dates or prices. Corporate actions and unreconciled activity are excluded.

New positions

GOOGLAlphabet Inc.$834.54Mreported value+2.67M shares ICEIntercontinental Exchange, Inc.$777.93Mreported value+4.80M shares AMZNAmazon.com Inc$721.73Mreported value+3.13M shares DKSDick'S Sporting Goods, Inc.$509.37Mreported value+2.57M shares TMOThermo Fisher Scientific Inc.$459.61Mreported value+793.2K shares STLAStellantis N.v.$434.32Mreported value+39.06M shares CCLCarnival Corporation Ltd.$429.45Mreported value+14.06M shares UNHUnitedHealth Group Incorporated$395.23Mreported value+1.20M shares CBChubb Limited$316.44Mreported value+1.01M shares PGRProgressive Corp/oh/$303.22Mreported value+1.33M shares LIILennox International Inc$301.70Mreported value+621.3K shares TWTradeweb Markets Inc.$297.74Mreported value+2.77M shares MDLNMedline Inc.$292.28Mreported value+6.96M shares AJGArthur J. Gallagher & Co.$269.39Mreported value+1.04M shares DLRDigital Realty Trust, Inc.$233.30Mreported value+1.51M shares LOWLowe’s Companies, Inc.$219.95Mreported value+912.0K shares FIGFigma, Inc.$214.97Mreported value+5.75M shares ITUBItau Unibanco Holding S.a.$203.32Mreported value+28.40M shares RIOTRiot Platforms, Inc.$157.47Mreported value+12.43M shares IQVIqvia Holdings Inc.$139.58Mreported value+619.2K shares WSTWest Pharmaceutical Services, Inc.$81.17Mreported value+295.0K shares

Increased positions

MSFTMicrosoft Corporation$1.56Breported value+788.2K shares+32.4%TSMTaiwan Semiconductor Manufacturing$1.49Breported value+970.5K shares+24.6%VVisa Inc.$1.40Breported value+1.09M shares+37.5%DISWalt Disney Co/$1.27Breported value+743.8K shares

Reduced positions

PNCThe Pnc Financial Services Group, Inc.$1.52Breported value-669.7K shares-8.4%SCHWSchwab Charles Corp$1.39Breported value-2.71M shares-16.3%BBIOBridgebio Pharma, Inc.$1.10Breported value-1.58M shares-9.9%FTVFortive Corp$1.06Breported value-1.26M shares

Exited positions

BLKBlackrock, Inc.$722.25Mprior reported value-619.5K shares-100.0%PMPhilip Morris International Inc.$717.92Mprior reported value-4.43M shares-100.0%METAMeta Platforms, Inc.$682.24Mprior reported value-929.0K shares-100.0%NKENike, Inc.$627.33Mprior reported value-9.00M shares