VIKING GLOBAL INVESTORS LP — Quarter-over-Quarter 13F Allocation Shifts Q4 2025
In Q4 2025, VIKING GLOBAL INVESTORS LP initiated 21 new positions, increased allocation to 10 existing positions, trimmed 10 positions, and exited 23 positions entirely. The fund's 13F equity book declined from $38.50B to $37.68B (-2.1% QoQ) . All deltas are sourced from sequential SEC Form 13F-HR filings; share-count changes reflect explicit trading activity, while weight changes can also include price movement. This page lists every position change reported — the portfolio overview shows a summary of the top shifts.
Net Portfolio Value Change
- $38.50BPrior quarter
- $37.68BCurrent quarter
- $-0.83BNet delta
- -2.1%% change
New Position Initiations Q4 2025
Securities disclosed for the first time in Q4 2025 that were not present in the prior 13F-HR filing.
| Company | Ticker | Initial Allocation Weight | History |
|---|---|---|---|
| ALPHABET INC | GOOGL | 2.21% | Holders → |
| INTERCONTINENTAL EXCHANGE IN | ICE | 2.06% | Holders → |
| AMAZON COM INC | AMZN | 1.92% | Holders → |
| DICKS SPORTING GOODS INC | DKS | 1.35% | Holders → |
| THERMO FISHER SCIENTIFIC INC | TMO | 1.22% | Holders → |
| STELLANTIS NV (STLA) | STLA | 1.15% | Holders → |
| CARNIVAL CORP | CCL | 1.14% | Holders → |
| UNITEDHEALTH GROUP INC | UNH | 1.05% | Holders → |
| CHUBB LIMITED | CB | 0.84% | Holders → |
| PROGRESSIVE CORP | PGR | 0.80% | Holders → |
| LENNOX INTL INC | LII | 0.80% | Holders → |
| TRADEWEB MKTS | TW | 0.79% | Holders → |
| MEDLINE INC | MDLN | 0.78% | Holders → |
| ARTHUR J. GALLAGHER | AJG | 0.71% | Holders → |
| DIGITAL RLTY TR INC | DLR | 0.62% | Holders → |
| LOWES COS INC | LOW | 0.58% | Holders → |
| FIGMA INC | FIG | 0.57% | Holders → |
| ITAU UNIBANCO HLDG S A | ITUB | 0.54% | Holders → |
| RIOT PLATFORMS INC | RIOT | 0.42% | Holders → |
| IQVIA HLDGS INC | IQV | 0.37% | Holders → |
| WEST PHARMACEUTICAL SERVICES I | WST | 0.22% | Holders → |
Largest Allocation Increases Q4 2025
Largest portfolio-weight increases in existing positions. Share-count delta is shown separately so price-only re-weighting can be distinguished from active adds.
| Company | Ticker | Δ Weight | Δ Shares | History |
|---|---|---|---|---|
| CHEWY INC | CHWY | +0.61% | +146.85% | Holders → |
| ROSS STORES INC | ROST | +0.71% | +56.51% | Holders → |
| MID-AMERICA APARTMENT COMMUNITIES, INC. | MAA | +0.47% | +46.69% | Holders → |
| VISA INC | V | +1.14% | +37.53% | History → |
| MICROSOFT CORP | MSFT | +0.86% | +32.45% | History → |
| THE BOEING COMPANY | BA | +0.59% | +31.31% | Holders → |
| AIR PRODS & CHEMS INC | APD | +0.54% | +30.42% | History → |
| DRAFTKINGS INC NEW | DKNG | +0.29% | +27.44% | Holders → |
| TAIWAN SEMICONDUCTOR MANUFAC | TSM | +1.10% | +24.61% | History → |
| CAMDEN PPTY TR | CPT | +0.33% | +23.86% | Holders → |
Largest Allocation Reductions Q4 2025
Largest portfolio-weight decreases in existing positions (positions kept open at a lower allocation).
| Company | Ticker | Δ Weight | Δ Shares | History |
|---|---|---|---|---|
| ROIVANT SCIENCES LTD. | ROIV | -0.56% | -72.69% | Holders → |
| JPMORGAN CHASE & CO | JPM | -2.51% | -62.33% | Holders → |
| BANK AMERICA CORP | BAC | -0.88% | -60.92% | Holders → |
| CAPITAL ONE FINL CORP | COF | -2.18% | -60.04% | Holders → |
| MASIMO CORP | MASI | -0.23% | -52.08% | Holders → |
| CARVANA CO | CVNA | -0.87% | -49.48% | Holders → |
| GENERAL MTRS CO | GM | -0.59% | -47.75% | Holders → |
| AON PLC | AON | -0.58% | -44.60% | Holders → |
| RALLIANT CORP | RAL | -0.15% | -37.77% | Holders → |
| TREVI THERAPEUTICS INC | TRVI | -0.02% | -37.63% | Holders → |
Exited Positions Q4 2025
Positions present in the prior 13F-HR filing that no longer appear in Q4 2025.
| Company | Ticker | Last-Reported Portfolio Weight |
|---|---|---|
| BLACKROCK INC | BLK | 1.88% |
| PHILIP MORRIS INTL INC | PM | 1.86% |
| META PLATFORMS INC | META | 1.77% |
| NIKE INC | NKE | 1.63% |
| NETFLIX INC | NFLX | 1.56% |
| CENCORA INC | COR | 1.44% |
| DANAHER CORP DEL | DHR | 1.42% |
| PRIMO BRANDS CORPORATION | PRMB | 1.32% |
| KKR & CO INC | KKR | 0.91% |
| CHIPOTLE MEXICAN GRILL INC | CMG | 0.68% |
| EDWARDS LIFESCIENCES CORP | EW | 0.62% |
| DEUTSCHE BANK AG NAMEN AKT | DB | 0.56% |
| CBRE GROUP INC | CBRE | 0.50% |
| INTUIT | INTU | 0.47% |
| DECKERS OUTDOOR CORP | DECK | 0.45% |
| FIRST SOLAR INC | FSLR | 0.44% |
| APPLOVIN CORP | APP | 0.30% |
| RYAN SPECIALTY HOLDINGS | RYAN | 0.28% |
| INTEGER HLDGS CORP | ITGR | 0.28% |
| TEVA PHARMACEUTICAL INDUSTRIES LTD. - ADR | TEVA | 0.13% |
| STUBHUB HLDGS INC | STUB | 0.09% |
| MAPLEBEAR INC | CART | 0.08% |
| ESTABLISHMENT LABS HLDGS INC | ESTA | 0.04% |
Methodology & FAQ
How VIKING GLOBAL INVESTORS LP Quarterly Changes Are Computed
Each row above is computed by joining the most recent 13F-HR filing for VIKING GLOBAL INVESTORS LP against the immediately preceding quarterly filing for the same fund. Portfolio weights are normalized to exclude listed options for comparability. A complete description of the methodology — including how confidential treatment filings are handled and why share count rather than weight is the cleaner trading signal — is documented in the Methodology.
Which positions did VIKING GLOBAL INVESTORS LP initiate in Q4 2025?
VIKING GLOBAL INVESTORS LP established 21 new positions in Q4 2025: ALPHABET INC (GOOGL, 2.21%), INTERCONTINENTAL EXCHANGE IN (ICE, 2.06%), AMAZON COM INC (AMZN, 1.92%), DICKS SPORTING GOODS INC (DKS, 1.35%), THERMO FISHER SCIENTIFIC INC (TMO, 1.22%), STELLANTIS NV (STLA) (STLA, 1.15%), CARNIVAL CORP (CCL, 1.14%), UNITEDHEALTH GROUP INC (UNH, 1.05%), CHUBB LIMITED (CB, 0.84%), PROGRESSIVE CORP (PGR, 0.80%), LENNOX INTL INC (LII, 0.80%), TRADEWEB MKTS (TW, 0.79%), MEDLINE INC (MDLN, 0.78%), ARTHUR J. GALLAGHER (AJG, 0.71%), DIGITAL RLTY TR INC (DLR, 0.62%), LOWES COS INC (LOW, 0.58%), FIGMA INC (FIG, 0.57%), ITAU UNIBANCO HLDG S A (ITUB, 0.54%), RIOT PLATFORMS INC (RIOT, 0.42%), IQVIA HLDGS INC (IQV, 0.37%), WEST PHARMACEUTICAL SERVICES I (WST, 0.22%).
Which existing positions saw the largest allocation increases for VIKING GLOBAL INVESTORS LP in Q4 2025?
The largest portfolio-weight increases in existing positions were: CHEWY INC (CHWY, +0.61% weight, +146.85% shares), ROSS STORES INC (ROST, +0.71% weight, +56.51% shares), MID-AMERICA APARTMENT COMMUNITIES, INC. (MAA, +0.47% weight, +46.69% shares), VISA INC (V, +1.14% weight, +37.53% shares), MICROSOFT CORP (MSFT, +0.86% weight, +32.45% shares), THE BOEING COMPANY (BA, +0.59% weight, +31.31% shares), AIR PRODS & CHEMS INC (APD, +0.54% weight, +30.42% shares), DRAFTKINGS INC NEW (DKNG, +0.29% weight, +27.44% shares), TAIWAN SEMICONDUCTOR MANUFAC (TSM, +1.10% weight, +24.61% shares), CAMDEN PPTY TR (CPT, +0.33% weight, +23.86% shares).
Which positions did VIKING GLOBAL INVESTORS LP fully exit in Q4 2025?
VIKING GLOBAL INVESTORS LP fully exited 23 positions in Q4 2025: BLACKROCK INC (BLK, last-reported weight 1.88%), PHILIP MORRIS INTL INC (PM, last-reported weight 1.86%), META PLATFORMS INC (META, last-reported weight 1.77%), NIKE INC (NKE, last-reported weight 1.63%), NETFLIX INC (NFLX, last-reported weight 1.56%), CENCORA INC (COR, last-reported weight 1.44%), DANAHER CORP DEL (DHR, last-reported weight 1.42%), PRIMO BRANDS CORPORATION (PRMB, last-reported weight 1.32%), KKR & CO INC (KKR, last-reported weight 0.91%), CHIPOTLE MEXICAN GRILL INC (CMG, last-reported weight 0.68%), EDWARDS LIFESCIENCES CORP (EW, last-reported weight 0.62%), DEUTSCHE BANK AG NAMEN AKT (DB, last-reported weight 0.56%), CBRE GROUP INC (CBRE, last-reported weight 0.50%), INTUIT (INTU, last-reported weight 0.47%), DECKERS OUTDOOR CORP (DECK, last-reported weight 0.45%), FIRST SOLAR INC (FSLR, last-reported weight 0.44%), APPLOVIN CORP (APP, last-reported weight 0.30%), RYAN SPECIALTY HOLDINGS (RYAN, last-reported weight 0.28%), INTEGER HLDGS CORP (ITGR, last-reported weight 0.28%), TEVA PHARMACEUTICAL INDUSTRIES LTD. - ADR (TEVA, last-reported weight 0.13%), STUBHUB HLDGS INC (STUB, last-reported weight 0.09%), MAPLEBEAR INC (CART, last-reported weight 0.08%), ESTABLISHMENT LABS HLDGS INC (ESTA, last-reported weight 0.04%).
Which existing positions saw the largest allocation reductions for VIKING GLOBAL INVESTORS LP in Q4 2025?
The largest portfolio-weight reductions in positions kept open were: ROIVANT SCIENCES LTD. (ROIV, -0.56% weight, -72.69% shares), JPMORGAN CHASE & CO (JPM, -2.51% weight, -62.33% shares), BANK AMERICA CORP (BAC, -0.88% weight, -60.92% shares), CAPITAL ONE FINL CORP (COF, -2.18% weight, -60.04% shares), MASIMO CORP (MASI, -0.23% weight, -52.08% shares), CARVANA CO (CVNA, -0.87% weight, -49.48% shares), GENERAL MTRS CO (GM, -0.59% weight, -47.75% shares), AON PLC (AON, -0.58% weight, -44.60% shares), RALLIANT CORP (RAL, -0.15% weight, -37.77% shares), TREVI THERAPEUTICS INC (TRVI, -0.02% weight, -37.63% shares).
Do quarter-over-quarter 13F allocation changes constitute explicit trading signals?
No. Quarter-over-quarter changes reflect a combination of active trading and market price movement. A weight increase can result from price appreciation alone, without the manager adding shares. Share-count delta is the cleaner indicator of explicit trading activity.