The latest 13F filing from Andreas Halvorsen’s Viking Global Investors LP highlights a decisive shift toward large U.S. financials and mega-cap quality franchises, with several outsized additions that reshaped the top of the portfolio. The quarter was defined by aggressive scaling into core positions rather than incremental tuning. Below are the most significant moves.

1. PNC Financial Services Group (PNC): +5,581,102 shares (+234.93%)
Viking made its single largest move of the quarter in PNC, more than tripling the position to nearly 8.0 million shares worth about $1.6 billion. The scale of the increase signals strong conviction in regional bank normalization, balance-sheet resilience, and earnings recovery as credit costs stabilize and rate volatility subsides.

2. Walt Disney Co. (DIS): +4,601,645 shares (+78.69%)
Halvorsen sharply increased Viking’s Disney stake to over 10.4 million shares. The move suggests confidence in margin recovery across parks and experiences, improving streaming economics, and the long-term value of Disney’s IP portfolio after a prolonged period of operational reset.

3. Fortive Corp. (FTV): +4,571,056 shares (+28.73%)
Viking added aggressively to Fortive, lifting the position to more than 20.4 million shares valued at just over $1.0 billion. The addition reflects a preference for high-quality industrial compounders with recurring revenue, pricing power, and disciplined capital allocation.

4. Microsoft Corp. (MSFT): +2,429,412 shares (New Position)
Viking Global initiated a sizable new position in Microsoft, establishing an immediate, high-conviction stake in one of the world’s most dominant software and cloud platforms. The move reflects confidence in Microsoft’s AI monetization strategy, entrenched enterprise relationships, and durable free-cash-flow generation, even at mega-cap scale.

5. Capital One Financial Corp. (COF): +1,717,148 shares (+30.28%)
Another major financials bet, Capital One saw a sizable expansion to over 7.3 million shares. The move points to confidence in credit normalization, scale advantages in consumer banking, and upside from operating leverage as funding pressures ease.

6. JPMorgan Chase & Co. (JPM): +1,017,026 shares (+25.16%)
Viking increased its JPMorgan position to just over 5.0 million shares, reinforcing exposure to the strongest balance sheet and management team in global banking. The addition reflects a view that JPM remains a long-term compounder even after years of relative outperformance.

In Summary:
Viking Global’s latest filing reveals a high-conviction pivot toward large, systemically important financial institutions alongside elite quality franchises like Microsoft and Disney. The size and concentration of these additions suggest Halvorsen is positioning the portfolio for normalized economic conditions, favoring businesses with scale, durability, and the ability to compound capital through the next cycle rather than short-term tactical trades.