Profil et philosophie d'investissement

Viking Global Investors, le fonds d'Andreas Halvorsen, continue de dominer dans des secteurs de qualité comme la finance et les semi-conducteurs. Au premier trimestre 2026, Visa et TSM sont restées ses positions de plus forte conviction. Halvorsen a initié de nouvelles positions dans ATI Inc. et Hasbro, tout en sortant d'AMD. Son style discret et très discipliné continue d'assurer une croissance composée régulière aux investisseurs de Viking.

Track Record

Ole Andreas Halvorsen co-founded Viking Global Investors in 1999 after leaving Julian Robertson's Tiger Management, where he had run global equities. Viking has compounded at roughly 17% annually since inception, a record built less on home-run years than on disciplined risk control and notably shallow drawdowns relative to peers. The firm manages multiple long-short and long-only vehicles with assets in the tens of billions. Halvorsen's edge is a deeply researched, sector-specialist analyst pod model — particularly strong in healthcare and financials — paired with a Norwegian temperament that favours position sizing discipline over heroics. Benchmark: a blend of MSCI World and the long-short equity hedge index.

Trades emblématiques

Stratégie actuelle (2026)

Viking's 2026 13F reads like a textbook quality-compounder book: Visa anchors at 5.4%, TSMC at 4.2%, Charles Schwab at 3.9% and Apple appears as a new top-10 entry. The shape of the portfolio reflects Halvorsen's preference for businesses with three traits in common — recurring revenue, durable competitive position and predictable cash conversion. The Schwab position is interesting because it adds a rate-sensitive name to a book otherwise dominated by secular growers. There is no single sector concentration above 25% and the long book remains broad across forty-plus names. The current allocation suggests Halvorsen is positioned for a soft-landing scenario: enough cyclical exposure via financials and semis to participate in upside, but anchored by mega-cap quality should the macro backdrop deteriorate.

Viking is the manager most institutional allocators copy quietly without saying so. The portfolio is not flashy, the top names are not contrarian, and the headline returns rarely lead league tables in any single year — yet the long-run compounding is among the best in the post-Tiger generation. If you are looking for a hedge fund that behaves like a disciplined long-only manager with a short book bolted on, Viking is the template. Our concern: succession. Halvorsen has gradually stepped back from day-to-day duties, and the firm's edge has always been culture as much as model. Watch the analyst-pod retention more than the next 13F.

Dernière déclaration SEC Form 13F. Valeur totale du portefeuille: 31,2 Md €. Positions: 77 positions.