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Andreas Halvorsen's Q1 2026 13F moves

By HoldLens EditorialPublished May 28, 2026

TL;DR

Viking Global's Q1 2026 13F-HR (filed 2026-05-15) shows Andreas Halvorsen tilting a broad long-short book toward quality and away from mega-cap software. Visa — his longest-held name (since 2015) — was added 59% by share count to become the top holding at 5.4%. A cluster of quality industrials and healthcare-tools was built: Danaher (+19%), Fortive (+17%), Thermo Fisher (+110%), a new Air Products stake, and Lennox (+153%). He added aggressively to Carvana (+162%) and Tesla (+47%), and opened a new Apple position — while trimming Microsoft (−28%), Alphabet (−10%) and TSMC (−9%). Every move is reconstructable from EDGAR using Form 13F-HR.

The Q1 2026 picture

Viking Global is a Tiger Cub long-short fund — Halvorsen co-founded it in 1999 after leaving Julian Robertson's Tiger Management — and runs one of the largest and most respected fundamental books in the business. The 13F shows the long side only, and at 77 positions it is deliberately diversified: no single name is above 5.4%. The signal, therefore, is in the tilt — which sectors gained weight and which lost it — and Q1 2026 has a clear one.

Visa to the top + a quality-compounder build

Visa (V) — added 59% by share count to 5.4%, taking Halvorsen's longest-held position to the top of the book.
Danaher (DHR) +19% to 3.6%, Fortive (FTV) +17% to 3.5%, Thermo Fisher (TMO) +110% to 2.3% — a deliberate build across healthcare-tools and quality-industrial compounders.
Air Products (APD) — brand-new at 3.3%, and Lennox International (LII) +153% to 2.0% — industrial names added in size.
Schwab (SCHW) +6% to 3.9%, JPMorgan (JPM) +42% to 2.2% — financials reinforced alongside Visa.

Aggressive single-name adds + a new Apple stake

Carvana (CVNA) +162% to 2.4% and Tesla (TSLA) +47% to 2.6% — the most aggressive proportional adds among the larger positions.
Apple (AAPL) — brand-new at 2.6%.

What was trimmed

Microsoft (MSFT) −28% to 2.4%, Alphabet (GOOGL) −10% to 1.9% — mega-cap software lightened.
TSMC (TSM) −9% to 4.2%, BridgeBio (BBIO) −18% to 2.5% — modest reductions.

What the pattern signals

The tilt is toward quality compounders and financials and away from mega-cap software. Visa to the top, a healthcare-tools and industrials cluster (Danaher, Fortive, Thermo Fisher, Air Products, Lennox), and reinforced financials (Schwab, JPMorgan) sit on one side; trims of Microsoft, Alphabet and TSMC sit on the other. The aggressive Carvana and Tesla adds and the new Apple stake show Halvorsen is not running from risk — he is reshaping which risks the book carries.

The 13F shows only the long side of a long-short fund, so the picture is partial: hedges and shorts are invisible (see what a 13F does and doesn't show). What the public record establishes is direction on the long book: more weight in quality industrials, healthcare-tools and payments; less in the largest software names.

For comparison, this quarter's recaps show several distinct reads. Chase Coleman piled into AI hardware and halved Microsoft. Chris Hohn gutted Microsoft to deepen GE + Visa. Two of the three fellow funds here trimmed Microsoft too — but Halvorsen's redeployment is the broadest, spread across quality industrials rather than a single thesis.

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How to verify this yourself

Every position change above is reconstructable from public SEC EDGAR filings. Steps:

Open Viking Global Investors' 13F-HR filing history on EDGAR (CIK 0001103804).
Compare the Q1 2026 13F (filed 2026-05-15, report date 2026-03-31) line-by-line against the Q4 2025 13F (filed Feb 2026).
Position changes appear as: increased share counts (the Visa, Danaher, Thermo Fisher, Carvana, Tesla adds), decreased share counts (the Microsoft, Alphabet, TSMC trims), and new CUSIP rows (Air Products and Apple).
Cross-reference with HoldLens's machine-readable /api/v1/snapshot/2026-Q1.json and the live Andreas Halvorsen portfolio page.

Our view

Viking's Q1 2026 13F is a tilt, not a pivot — which is what you would expect from a 77-name long-short book. The consistent thread is quality: Visa to the top, a deliberate healthcare-tools and industrials cluster, and financials reinforced, funded partly by lightening the largest software names. The aggressive Carvana and Tesla adds keep the book's risk appetite intact. Because a 13F hides Viking's short book and hedges, read this as the long-side direction only — but that direction is clearly toward durable-compounder quality at Q1 prices. Whether it proves correct is something only time and Q2 returns can answer; the public record tells us how the long book is positioned right now.

Famous trades — the public-record case studies

Six historical trades reconstructable from SEC EDGAR alone. Each essay traces the trade through 13F + Form 4 + DEF 14A filings.

Warren Buffett's Coca-Cola trade

Berkshire's 1988-89 KO purchase — $1.3B → ~$28B, untouched 37 years.

Warren Buffett's Apple position

Berkshire's 2016-onward AAPL accumulation — largest equity position in firm history.

Warren Buffett's Bank of America 2011 deal

The $5B preferred + 700M-share warrants at $7.14 strike. ~$13B paper gain at 2017 exercise.

David Tepper's 2009 bank trade

Appaloosa's $2B March 2009 distressed-bank bet (BAC + C + AIG). ~$7B returned. $4B Tepper payday.

Michael Burry's Big Short

Scion Capital's 2005-2008 subprime CDS trade — ~489% net return.

Bill Ackman's Herbalife short

Pershing Square's 2012-2018 multi-year activist campaign.

Black Wednesday — the Quantum Fund pound trade

September 16, 1992. The single-day macro trade that broke the Bank of England.

Charlie Munger's Costco position

1997-2023 hold + board seat — the canonical long-duration value position.

Carl Icahn's Apple buyback campaign

2013-2016 long-side activism — public letter to Tim Cook, ~$2B realized gain.

See all 6 essays in the Famous Trades collection →

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