In the second quarter of 2026, Andreas Halvorsen's Viking Global Investors executed a significant portfolio reshuffle, maintaining a total value of approximately $35.08 billion. The firm's latest 13F filing revealed a major pivot away from some of the world's largest technology companies. Viking completely divested its substantial stakes in Apple (AAPL) and Alphabet (GOOGL), which were previously valued at over 2.5% and 1.9% of the portfolio, respectively. This move was part of a broader rebalancing that saw the firm exit 25 holdings while establishing 37 new positions.
The capital from these high-profile exits appears to have been redeployed into a mix of consumer, industrial, and financial stocks. Among the most notable new buys were a $821 million position in luxury automaker Ferrari (RACE), a $650 million stake in financial analytics firm MSCI, and a significant new holding in railroad operator Union Pacific (UNP). Simultaneously, Viking aggressively increased its positions in e-commerce giant Amazon (AMZN), more than tripling its share count, and boosted its stake in Meta Platforms (META) by over 75%. These additions made both companies significant top-ten holdings for the fund.
Beyond the headline-grabbing tech exits, Viking also trimmed other major holdings. The fund reduced its exposure to Taiwan Semiconductor (TSM) by nearly 30%, though it remains a top holding. Significant reductions were also made in Walt Disney (DIS) and Tesla (TSLA). Despite these changes, Visa (V) remains the fund's largest single position, reflecting a continued conviction in the financial payments sector. The overall activity points to an active and tactical shift in the portfolio's composition during the quarter.