Andreas Halvorsen's Viking Global was busy rearranging its stock menu in the second quarter — trimming healthcare exposure, going big on consumer brands, and sprinkling in a few industrial and tech bets for flavor.
- Track the portfolio’s top holding BAC here.
As of June 30, 2025, Viking completely exited UnitedHealth Group Inc (NYSE:UNH), once a 3.56% slice of its portfolio. The timing is intriguing, given that the health insurer has recently caught the fancy of Warren Buffett and Michael Burry. Halvorsen, however, seems to have lost his appetite for the sector, also unloading Eli Lilly And Co (NYSE:LLY) rival positions like Travere Therapeutics Inc (NASDAQ:TVTX) and biotech-adjacent holdings.
Related: Michael Burry Joins Warren Buffett Going Long On UnitedHealth Stock
On the flip side, Viking initiated a position in Walt Disney Co (NYSE:DIS) — a $725 million bet on the parks, streaming giant. Fast food got its moment too, with a fresh $518 million-plus serving of McDonald’s Corp (NYSE:MCD) shares, signaling Halvorsen's taste for steady cash flows over flashy narratives.
The firm also delved deeper into financials with new stakes in PNC Financial Services Group Inc. (NYSE:PNC) and a boost to JPMorgan Chase & Co. (NYSE:JPM). Financials already command Viking's largest allocations, with Bank of America Corp (NYSE:BAC), Charles Schwab Corp (NYSE:SCHW), and Capital One Financial Corp (NYSE:COF) rounding out top positions.
In materials, Viking snapped up $607 million worth of Air Products & Chemicals Inc (NYSE:APD), perhaps a nod to the industrial gas giant's clean-energy potential. Tech wasn't ignored either — the firms initiated new positions in Advanced Micro Devices Inc (NASDAQ:AMD) and Block Inc (NYSE:XYZ), and fully exited long-held positions in Microsoft Corp (NASDAQ:MSFT), Synopsys Inc (NASDAQ:SNPS), and Twilio Inc (NYSE:TWLO).
Notably, the portfolio shake-up also included complete exits in high-profile names like Netflix Inc (NASDAQ:NFLX) and Chubb Ltd (NYSE:CB), marking a clear rotation away from certain mega-cap darlings toward a broader, more diversified mix.
The second quarter reshuffle paints a picture of a hedge fund leaning into brand power, consumer resilience, and selective growth plays, while shedding some of its former tech and healthcare heavyweights.
Whether this new recipe outperforms the market's unpredictable menu will be the question for the rest of 2025.
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Image created using artificial intelligence via Midjourney.
