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Andreas Halvorsen’s Viking Global Portfolio: 10 New Stock Picks

·14 分鐘文章

In this article, we discuss the top 10 new stock picks of Andreas Halvorsen’s Viking Global. If you want to skip our detailed analysis of these stocks, go directly to Andreas Halvorsen's Viking Global Portfolio: 5 New Stock Picks.

Andreas Halvorsen is a Norwegian-born billionaire investor and hedge fund manager, who is the founding partner and chief executive officer of Viking Global, having established the Connecticut-based hedge fund in 1999. Viking Global has a portfolio worth over $36 billion, with a top ten holdings concentration of 37.94%, according to the 13F filings from September 2021.

Halvorsen graduated from Williams College in 1986, with a Bachelor’s in economics. He also attended Stanford University, graduating with an MBA in 1990. Halvorsen started his career with the investment banking division of Morgan Stanley (NYSE:MS), and then switched to Tiger Management, a hedge fund managed by Julian Robertson. At Tiger Management, Halvorsen worked across a variety of roles, serving as an analyst, the senior managing director, director of equities, and a member of the management committee, in addition to being a member of the fund’s advisory board. In 1999, Halvorsen left Tiger Management to co-found Viking Global.

At Viking Global, Halvorsen follows a research intensive, long-term approach towards investments, focusing primarily on public and private equity interests. The Q3 portfolio at Viking Global is concentrated with stocks from the industrials, healthcare, information technology, finance, consumer discretionary, and communications sectors. Halvorsen’s top buys for the third quarter included Ginkgo Bioworks Holdings, Inc. (NYSE:DNA), McDonald's Corporation (NYSE:MCD), and Humana Inc. (NYSE:HUM), whereas he reduced holdings in Amazon.com, Inc. (NASDAQ:AMZN), ServiceNow, Inc. (NYSE:NOW), and UnitedHealth Group Incorporated (NYSE:UNH).

Andreas Halvorsen's Viking Global Portfolio: 10 New Stock Picks
Andreas Halvorsen's Viking Global Portfolio: 10 New Stock Picks

Ole Andreas Halvorsen of Viking Global

The most notable stock picks from Andreas Halvorsen's Q3 portfolio are Microsoft Corporation (NASDAQ:MSFT), Visa Inc. (NYSE:V), Meta Platforms, Inc. (NASDAQ:FB), and Tesla, Inc. (NASDAQ:TSLA), among others discussed in detail below.

Our Methodology

We used the Q3 portfolio of Andreas Halvorsen to select his top 10 new stock picks that were added to the portfolio in the third quarter.

Andreas Halvorsen's Viking Global Portfolio: New Stock Picks

10. Willis Towers Watson Public Limited Company (NASDAQ:WLTW)

Viking Global’s Stake Value: $269,618,000

Percentage of Viking Global’s 13F Portfolio: 0.74%

Number of Hedge Fund Holders: 75

Willis Towers Watson Public Limited Company (NASDAQ:WLTW), a British-American multinational insurance broker and advisory firm, was recently added to Andreas Halvorsen’s investment portfolio, with his investment firm buying 1.15 million shares in Willis Towers Watson Public Limited Company (NASDAQ:WLTW) in the third quarter, worth $269.6 million, accounting for 0.74% of the total portfolio.

On October 28, Willis Towers Watson Public Limited Company (NASDAQ:WLTW) posted its Q3 results, reporting an EPS of $1.73, beating estimates by $0.15. The $1.97 billion revenue was down 1.79% year-over-year, missing estimates by $110.84 million.

Jefferies analyst Yaron Kinar, on November 18, initiated coverage of Willis Towers Watson Public Limited Company (NASDAQ:WLTW) with a Hold rating and a $258 price target. The analyst stated that he anticipates “non-linear progress” at Willis Towers Watson Public Limited Company (NASDAQ:WLTW) after the agreement to be acquired by Aon plc (NYSE:AON) fell through.

As of September this year, 75 hedge funds in the database of 867 funds tracked by Insider Monkey were bullish on Willis Towers Watson Public Limited Company (NASDAQ:WLTW), with Jean-Marie Eveillard’s First Eagle Investment Management being the leading stakeholder of the company, holding 4.7 million shares worth $1.10 billion.

In addition to Microsoft Corporation (NASDAQ:MSFT), Visa Inc. (NYSE:V), Meta Platforms, Inc. (NASDAQ:FB), and Tesla, Inc. (NASDAQ:TSLA), Willis Towers Watson Public Limited Company (NASDAQ:WLTW) is a notable stock from Andreas Halvorsen’s Q3 portfolio.

Here is what Vltava Fund has to say about Willis Towers Watson Public Limited Company (NASDAQ:WLTW) in its Q3 2021 investor letter:

“The second position is much larger and was thrown into our hands by an unexpected turn of events. It is the stock of Willis Towers Watson. This is a British company with roots dating back to 1828. WLTW is the third-largest insurance broker in the world. This is a sector with which we are very familiar, as some time ago we held in our portfolio shares of its slightly larger competitor AON.

It was AON in fact that announced last spring it had agreed to merge with WLTW. In the merger, WLTW shareholders would have received AON shares. As is usually the case with such announcements, investors stepped in to conduct what is known as merger arbitrage. In this particular case, they bought WLTW shares and sold short AON shares in order to profit from the fact that the prices of the two stocks did not yet fully reflect the exchange ratio in the merger. Moreover, merger arbitrage commonly makes extensive use of leverage in order to increase profits.

This summer, however, AON and WLTW jointly announced that they were pulling out of the planned merger because they had not received approval from the US Department of Justice. The regulator had feared that in an already quite concentrated industry, a merger of the second- and third-largest players would restrict competition too much. The immediate reaction to this announcement was, of course, closing of positions from the merger arbitrage. This brought an immediate increase in the price of AON shares and decline in the price of WLTW shares. We saw this as an excellent buying opportunity in WLTW stock. (In addition, WLTW had received a USD 1 billion breakup fee from AON.) Because we knew the industry and the two companies well from earlier years, we were able to react immediately, and a new, very attractive investment appeared in Vltava Fund’s portfolio rather unexpectedly and quickly.

Insurance brokerage is a very good business. Simply put, insurance brokers are intermediaries who sell, find, or negotiate insurance on behalf of a client for a fee. They do not bear the insurance risk themselves and thereby do not risk their own capital. They live from commissions and the fact that this is a large and recurring business. Just to give you a sense of this, I will note, for example, that of the 500 companies in the Fortune Global 500 list, more than 90% are clients of WLTW. The entire industry is very concentrated and has relatively high barriers to entry. WLTW is the third-largest global player, has very high free cash flow, low capital investment requirements, and a very valuable client base. The business as a whole also provides some long-term inflation protection, as the speed at which the volume of total premiums grows follows the speed at which the economy and asset prices grow in nominal terms. I have to say we are very happy that circumstances have passed this investment on to us.”

9. Uber Technologies, Inc. (NYSE:UBER)

Viking Global’s Stake Value: $286,355,000

Percentage of Viking Global’s 13F Portfolio: 0.79%

Number of Hedge Fund Holders: 143

Uber Technologies, Inc. (NYSE:UBER), an American transport company operating in more than 900 metropolitan cities worldwide, is one of the newest stock picks of Andreas Halvorsen’s Viking Global from Q3. The hedge fund holds 6.39 million shares in Uber Technologies, Inc. (NYSE:UBER), valued at $286.35 million, representing 0.79% of the total Q3 investments.

Uber Technologies, Inc. (NYSE:UBER), on November 4, announced earnings for the third quarter. EPS in the period equaled -$0.07, beating estimates by $0.08. The $4.85 billion revenue was up 54.84% from the prior-year quarter, outperforming estimates by $435.63 million.

UBS analyst Lloyd Byrne initiated coverage of Uber Technologies, Inc. (NYSE:UBER) on December 2, and kept a Buy rating on the stock with an $80 price target.

Uber Technologies, Inc. (NYSE:UBER) CEO Dara Khosrowshahi purchased 200,000 common shares of the company on November 15 at an average share price of $44.92.

Brad Gerstner’s Altimeter Capital Management is the leading Uber Technologies, Inc. (NYSE:UBER) stakeholder as of Q3 2021, with 24.5 million shares worth over $1.09 billion. Overall, 143 funds in the database of Insider Monkey were long Uber Technologies, Inc. (NYSE:UBER) at the end of September, up from 135 funds in the preceding quarter.

Here is what ClearBridge Investments has to say about Uber Technologies, Inc. (NYSE:UBER) in its Q2 2021 investor letter:

“The pandemic has also brought attention to the question of gig worker employment status for companies, including ClearBridge holdings Uber and Lyft. In the U.K., Uber proactively classified its drivers as “workers” ahead of final rulings from the British court system. The worker status in the U.K. is a designation between self-employed and employed status that entitles drivers to minimum wage, holiday pay and in some cases a pension.

ClearBridge has engaged with Uber on labor issues since its IPO, and we have given feedback over that time to the CEO, CFO, Chief Legal Officer and Investor Relations on labor relations as well as strategy and communications. Uber’s agreement on this designation is ahead of other competitors in the market and the legal mandate represents a step forward in the company’s thinking about labor. The agreement represents a short-term hit to earnings, yet in some ways it places Uber ahead of the market in its ability to balance labor and shareholder interests. Workers benefit from improved conditions, with new contributions amounting to roughly 3% of a driver’s earnings, while Uber establishes more certainty on costs and visibility into its regulatory environment and operation conditions in the future.”

8. Tesla, Inc. (NASDAQ:TSLA)

Viking Global’s Stake Value: $297,634,000

Percentage of Viking Global’s 13F Portfolio: 0.82%

Number of Hedge Fund Holders: 60

Billionaire Elon Musk’s Tesla, Inc. (NASDAQ:TSLA) is an American electric vehicle company that vouches for clean energy, manufacturing electric cars, solar panels, energy storage batteries, and solar roof tiles, among other related products and services. Tesla, Inc. (NASDAQ:TSLA) was added to Viking Global’s portfolio in Q3 2021, with the fund holding a $297.6 million position in Tesla, Inc. (NASDAQ:TSLA), representing 0.82% of the total Q3 investments.

Cathie Wood’s ARK Investment Management is one of the leading Tesla, Inc. (NASDAQ:TSLA) stakeholders from the third quarter, holding 3.95 million shares valued at over $3 billion. Overall, 60 hedge funds in the Q3 database maintained by Insider Monkey were bullish on Tesla, Inc. (NASDAQ:TSLA), with stakes amounting to more than $10.6 billion.

On October 20, the Q3 EPS for Tesla, Inc. (NASDAQ:TSLA) totaled $1.86, topping estimates by $0.25. Revenue for the quarter came in at $13.76 billion, beating estimates by $54.61 million.

GLJ Research analyst Gordon Johnson stated on November 30 that Elon Musk's leaked "internal email" and his tweet was a transparent attempt to lower Q4 expectations, in a bid to outperform them. He expects that the media will deem Tesla, Inc. (NASDAQ:TSLA)’s performance as stellar, even though the numbers represent a decline in incremental cars sold quarter-over-quarter despite more having been produced. Johnson maintains a Sell rating with a $67 price target on Tesla, Inc. (NASDAQ:TSLA) shares.

Here is what Baron Partners Fund has to say about Tesla, Inc. (NASDAQ:TSLA) in its Q1 2021 investor letter:

“Tesla, Inc. designs, manufactures, and sells fully electric vehicles, solar products, energy storage solutions, and battery cells. The stock fell during the quarter as a result of general market dynamics and a potential production slowdown due to parts shortages. A refreshed S/X and China Model Y ramp could also have a negative impact on margins in early 2021. We anticipate strong growth and improved margins driven by new production capacity, manufacturing efficiencies, localization of its manufacturing and supply chain, and maturation of Tesla’s full self-driving technology.”

7. Zoom Video Communications, Inc. (NASDAQ:ZM)

Viking Global’s Stake Value: $308,306,000

Percentage of Viking Global’s 13F Portfolio: 0.85%

Number of Hedge Fund Holders: 56

Zoom Video Communications, Inc. (NASDAQ:ZM) is a California-based communications company that is used commonly for video conferencing, online chatting, remote social interactions, online education, and telecommuting. Zoom Video Communications, Inc. (NASDAQ:ZM) stock exploded during the COVID-19 pandemic, as online learning and remote work became the norm, and the company’s revenue in the last three months of 2020 was up 370% as compared to the same period in 2019, reaching $882.5 million. Profits increased drastically from $21.7 million in 2019 to $671.5 million in 2020.

Zoom Video Communications, Inc. (NASDAQ:ZM) posted its Q3 results on November 22, with EPS for the quarter being $1.11, beating estimates by $0.02. The quarterly revenue amounted to $1.05 billion, up 35.2% year-over-year, outperforming estimates by $31.34 million.

Zoom Video Communications, Inc. (NASDAQ:ZM) is another new arrival in Halvorsen’s investment portfolio, as Viking Global bought 1.17 million shares of the company in the third quarter, valued at $308.3 million, representing 0.85% of the total investments.

Daiwa analyst Stephen Bersey upgraded Zoom Video Communications, Inc. (NASDAQ:ZM) on November 30 to Underperform from Sell with a $207 price target.

The leading Zoom Video Communications, Inc. (NASDAQ:ZM) stakeholder from the third quarter is Chase Coleman’s Tiger Global Management LLC, holding 4.76 million shares worth $1.24 billion. Overall, 56 hedge funds tracked by Insider Monkey were long Zoom Video Communications, Inc. (NASDAQ:ZM) in Q3 2021, down from 59 funds in the previous quarter.

Here is what Artisan Partners has to say about Zoom Video Communications, Inc. (NASDAQ:ZM) in its Q1 2021 investor letter:

“We concluded our campaigns in Zoom Video Communications. We have been paring our position in Zoom for several quarters, anticipating the reduced need for video conferencing as vaccination rates climb and people return to their workplaces. That said, we believe there is a strong case to be made that the pandemic has prompted a permanent inflection in video conferencing’s importance—sustainably higher remote work arrangements, more online learning and less business travel. Furthermore, the company’s dramatically expanded user base (up 485% YoY in Q3) positions it well to cross sell additional services, Zoom Phone in particular. The long-term future remains bright, but we decided to end our successful investment campaign in favor of opportunities in our pipeline with more attractive near-term growth prospects.”

6. Pinterest, Inc. (NYSE:PINS)

Viking Global’s Stake Value: $368,411,000

Percentage of Viking Global’s 13F Portfolio: 1.02%

Number of Hedge Fund Holders: 58

Pinterest, Inc. (NYSE:PINS), a creative image sharing social media website, is another new addition to the Viking Global Q3 portfolio, with the hedge fund holding 7.23 shares of the company, worth $368.4 million, representing 1.02% of the third quarter investments.

One of the leading stakeholders of Pinterest, Inc. (NYSE:PINS) is Philippe Laffont’s Coatue Management, holding a $189.7 million position in the company as of September this year. Overall, 58 hedge funds were bullish on Pinterest, Inc. (NYSE:PINS) at the end of Q3, down from 63 funds in the preceding quarter.

Morgan Stanley analyst Brian Nowak lowered the price target on Pinterest, Inc. (NYSE:PINS) to $53 from $77 and kept an Overweight rating on the shares on November 24, citing a competitive market for online advertisements and tougher comps in 2022.

Pinterest, Inc. (NYSE:PINS), on November 4, reported its Q3 earnings. EPS in the quarter totaled $0.28, beating estimated EPS by $0.05. Revenue for the period totaled $632.93 million, up 43% from the preceding-year quarter, beating revenue estimates by $1.83 million.

In addition to Microsoft Corporation (NASDAQ:MSFT), Visa Inc. (NYSE:V), Meta Platforms, Inc. (NASDAQ:FB), and Tesla, Inc. (NASDAQ:TSLA), Pinterest, Inc. (NYSE:PINS) is a notable stock from Andreas Halvorsen’s Q3 portfolio.

Here is what Carillon Tower Advisers has to say about Pinterest, Inc. (NYSE:PINS) in its Q3 2021 investor letter:

“Pinterest operates a pinboard-style social media website that enables users to create theme-based image collections for events, hobbies, and other personal interests. Despite a quarterly report that displayed solid revenue and profitability versus expectations, the stock was pressured as user engagement metrics decreased as the world reopened post-pandemic. We believe the company can continue to drive growth in the face of this headwind by increasing the number of advertisers, adding engaging video content, and ramping ecommerce capabilities.”

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Disclosure: None. Andreas Halvorsen's Viking Global Portfolio: 10 New Stock Picks is originally published on Insider Monkey.

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