In this piece, we will take a look at the top fifteen stock picks of billionaire Andreas Halvorsen’s Viking Global. For more stocks, head on over to Billionaire Andreas Halvorsen’s Viking Global Portfolio: Top 5 Stock Picks.
The world of investing is full of uncertainty. After all, there’s no such thing as a free lunch, and trying to gauge the mood of the countless investors that make up the stock market carries with it its own set of risks. However, these moods are also often influenced by broader macroeconomic sentiments, and this factor has been true for the past couple of years as well. The stock market was dealt a major shock as investors fearful of the economic impact of the coronavirus exited the market in droves. Then, they rushed back as technology stocks boomed due to a favorable environment created by the lockdowns. However, yet again, this victory would be short lived since the Russian invasion of Ukraine and the after effects of the coronavirus led to fiscal expansion harbored in inflation and cut down the markets for growth companies.
All these ups and downs appeared to be over as 2023 set in and major stock markets were eager to rise. But, as if the stock market gods weren’t happy, the latest debate about the future of the market surrounds one of the most catastrophic events to hit the American economy – if it occurs. This phenomenon, often limited to struggling developing countries, is also knocking on the doors of the U.S. – the world’s largest economy and a global financial sector. This threat is that of default, and in simple terms, it implies that the Treasury Department might not be able to meet its obligations if it is prevented from raising more debt. Or, in other words, the Treasury has to borrow to spend – and there’s no way around it.
The Treasury’s ability to borrow is mandated by Congress – the sole governing body with authority to manage America’s spending. However, Treasury itself is part of the Executive branch of America, headed by the Secretary appointed by the President. So, right now, it’s back and forth between Congress and President Biden – or to be more specific, the Republican Party and the President – since the Democrats represent Mr. Biden’s own party. Both sides have their own view on the debt ceiling, and the President’s side released a rather ominous white paper in May 2023 where it predicted that should the U.S. default on its debt, the stock market might fall a stunning 45%.
To quote the White House:
The costs would be even greater under a protracted default. A CEA simulation of the effect of a protracted default shows an immediate, sharp recession on the order of the Great Recession. In 2023 Q3, the first full quarter of the simulated debt ceiling breach, the stock market plummets 45 percent, leading to a hit to retirement accounts; meanwhile, consumer and business confidence take substantial hits, leading to a pullback in consumption and investment. Unemployment increases 5 percentage points as consumers cut consumption, and businesses lay off workers. Unlike the Great Recession and the COVID recession, the government is unable to help consumers and businesses. As the breach continues, the economy heals slowly, and unemployment is still 3 percentage points higher at the end of 2023.
On the flip side, the House Republicans maintain that they are earnestly striving to find a solution to avoid a default – and it’s the Democrats who are refusing to negotiate. House Speaker McCarthy, speaking in April 2023, continued to express willingness to negotiate as he stated:
Even members of his [BIDEN] own party think this approach is extreme. Democrat Senator Joe Mansion recently said, “Recent actions make clear to me that the Biden Administration is determined to pursue ideological agenda.” Senator Mansion is right. Make no mistake: the longer President Biden waits to be sensible, defined an agreement, the more likely it becomes that this administration will bumble into the first default in our nation’s history. Addressing the debt requires us to come together, find common ground, and reduce spending. Let me be clear. Defaulting on our debt is not an option, but neither is a future of higher taxes, higher interest rates, more dependency on China, an economy that doesn’t work for working Americans.
So, amidst this back and forth between politicians, what does the regular investor do? Well, one approach is to follow the professionals. And one such professional is Ole Andreas Halvorsen of Viking Global. Mr. Halvorsen is worth $5.9 billion, and he set up his hedge fund in 1999. The billionaire hedge fund manager is a graduate of the Stanford Graduate School of Business, and his firm has a global presence while being headquartered in Greenwich, Connecticut. The fund’s portfolio is currently worth $21 billion according to Insider Monkey’s research as of the first quarter of 2023. In this portfolio, some top stock picks are McKesson Corporation (NYSE:MCK), UnitedHealth Group Incorporated (NYSE:UNH), and Visa Inc. (NYSE:V).
Ole Andreas Halvorsen of Viking Global
Our Methodology
To make our list of the top stock picks of Andreas Halvorsen’s Viking Global for 2023, we took a look at its latest filings with the SEC and picked 15 investments with the highest dollar value.
Billionaire Andreas Halvorsen’s Viking Global Portfolio: Top 15 Stock Picks
15. Intuit Inc. (NASDAQ:INTU)
Viking Global’s Q1 2023 Stake: $544 million
Intuit Inc. (NASDAQ:INTU) is a software company headquartered in Mountain View, California. The firm provides products to enable firms to manage their account, run payroll, and conduct other operations.
By the end of this year’s first quarter, 86 of the 943 hedge funds part of Insider Monkey’s database had held a stake in Intuit Inc. (NASDAQ:INTU). Out of these, the firm’s largest shareholder is Ken Fisher’s Fisher Asset Management with a $1.1 billion stake.
Along with UnitedHealth Group Incorporated (NYSE:UNH), McKesson Corporation (NYSE:MCK), and Visa Inc. (NYSE:V), Intuit Inc. (NASDAQ:INTU) is a top Viking Global stock pick.
14. HDFC Bank Limited (NYSE:HDB)
Viking Global’s Q1 2023 Stake: $552 million
HDFC Bank Limited (NYSE:HDB) is an Indian bank headquartered in Mumbai, India. It has a global operations base with a presence in Dubai, Hong Kong, and other regions. It has thousands of branches and close to twenty thousand ATMs.
Insider Monkey’s first quarter of 2023 survey of 943 hedge funds revealed that 40 had bought the bank’s shares. HDFC Bank Limited (NYSE:HDB)’s largest investor in our database is Rajiv Jain’s GQG Partners through a $1.3 billion investment.
13. Roivant Sciences Ltd. (NASDAQ:ROIV)
Viking Global’s Q1 2023 Stake: $651 million
Roivant Sciences Ltd. (NASDAQ:ROIV) is a healthcare company based in London, United Kingdom. The firm primarily develops subsidiaries to invest in healthcare technology.
43 of the 943 hedge fund portfolios analyzed by Insider Monkey for 2023’s first quarter had held a stake in Roivant Sciences Ltd. (NASDAQ:ROIV). Daniel Gold’s QVT Financial is its largest hedge fund investor since it owns 122 million shares that are worth $904 million.
12. CSX Corporation (NASDAQ:CSX)
Viking Global’s Q1 2023 Stake: $660 million
CSX Corporation (NASDAQ:CSX) is a railroad company based in Jacksonville, Florida. The firm was set up in 1978 and serves the needs of a variety of sectors such as the agriculture and chemicals industries.
After digging through 943 hedge funds for their Q1 2023 shareholdings, Insider Monkey discovered that 61 had invested in the firm. CSX Corporation (NASDAQ:CSX)’s largest shareholder during the same time period was Eric W. Mandelblatt’s Soroban Capital Partners with a $1.5 billion stake.
11. Chubb Limited (NYSE:CB)
Viking Global’s Q1 2023 Stake: $673 million
Chubb Limited (NYSE:CB) is a financial services firm headquartered in Zurich, Switzerland. It provides different kinds of insurance products.
45 of the 943 hedge funds part of Insider Monkey’s database had bought Chubb Limited (NYSE:CB)’s shares during this year’s March quarter. Out of these, the firm’s biggest hedge fund investor after Viking Global is Ken Griffin’s Citadel Investment Group since it owns one million shares that are worth $200 million.
10. Meta Platforms, Inc. (NASDAQ:META)
Viking Global’s Q1 2023 Stake: $684 million
Meta Platforms, Inc. (NASDAQ:META) is a social media company based in Menlo Park, California. It owns the popular messaging platform WhatsApp as well as Facebook and Instagram.
As of this year’s first quarter, 220 of the 943 hedge funds part of Insider Monkey’s database had bought Meta Platforms, Inc. (NASDAQ:META)’s shares. The firm’s largest hedge fund investor is Philippe Laffont’s Coatue Management with a $1.7 billion investment.
9. Lululemon Athletica Inc. (NASDAQ:LULU)
Viking Global’s Q1 2023 Stake: $689 million
Lululemon Athletica Inc. (NASDAQ:LULU) is a Canadian retailing company headquartered in Vancouver, British Columbia. The firm designs and distributes athletic apparel and related products.
64 of the 943 hedge funds studied by Insider Monkey had invested in the firm’s shares during Q1 2023. Lululemon Athletica Inc. (NASDAQ:LULU)’s second largest hedge fund investor is Ken Griffin’s Citadel Investment Group since it owns 948,933 shares that are worth $345 million.
8. APi Group Corporation (NYSE:APG)
Viking Global’s Q1 2023 Stake: $766 million
APi Group Corporation (NYSE:APG) is an industrial company headquartered in New Brighton, Minnesota. The firm provides fire protection, heating, ventilation, and other products and services.
After digging through 943 hedge funds for their first quarter of 2023 investments, Insider Monkey discovered that 41 had held a stake in APi Group Corporation (NYSE:APG). After Viking Global, Alex Duran and Scott Hendrickson’s Permian Investment Partners is the largest shareholder since it has a $123 million stake.
7. Amazon.com, Inc. (NASDAQ:AMZN)
Viking Global’s Q1 2023 Stake: $787 million
Amazon.com, Inc. (NASDAQ:AMZN) is an electronic commerce retailer and a technology company. It is based in Seattle, Washington.
Amazon.com, Inc. (NASDAQ:AMZN) is one of the most popular stocks in Insider Monkey’s database of 943 hedge funds, with 243 investors as of March 2023. Out of these, the biggest stakeholder is Ken Fisher’s Fisher Asset Management with a $4.2 billion stake.
6. Fortinet, Inc. (NASDAQ:FTNT)
Viking Global’s Q1 2023 Stake: $789 million
Fortinet, Inc. (NASDAQ:FTNT) is a cybersecurity company that provides a variety of software products such as virtual private networks, firewalls, and malware protection solutions.
As of Q1 2023, 45 of the 943 hedge funds part of Insider Monkey’s survey had bought the firm’s shares. Fortinet, Inc. (NASDAQ:FTNT)’s second largest hedge fund investor is Peter Rathjens, Bruce Clarke, and John Campbell’s Arrowstreet Capital with a $443 million investment.
McKesson Corporation (NYSE:MCK), Fortinet, Inc. (NASDAQ:FTNT), UnitedHealth Group Incorporated (NYSE:UNH), and Visa Inc. (NYSE:V) are some of Andreas Halvorsen’s top stock picks.
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Disclosure: None. Billionaire Andreas Halvorsen’s Viking Global Portfolio: Top 15 Stock Picks is originally published on Insider Monkey.