Investor: Andreas Halvorsen
Number of Assets: 91
Reporting Period: Q1 - 2025
Holdings at Report: $31,475,977,035
Return Since Report: +$4,157,546,104
Return Since Report: +13.21%
Company | Position | Activity | Shares | Port. % | Rep. Price | Curr. Price | Rep. Value | Curr. Value | Return Value | Return % |
|---|---|---|---|---|---|---|---|---|---|---|
| Acuren Corp (TIC) | Equity | +100% | 34,360,000 | 1.21% | $11.12 | $11.80 | $382,083,200 | $405,448,000 | +$23,364,800 | +6.12% |
| Chubb Limited (CB) | Equity | +100% | 1,949,065 | 1.87% | $301.99 | $269.70 | $588,598,139 | $525,662,831 | -$62,935,308 | -10.69% |
| Csx Corp. (CSX) | Equity | +16.33% | 17,068,769 | 1.60% | $29.43 | $35.81 | $502,333,872 | $611,300,893 | +$108,967,021 | +21.69% |
| D.R. Horton Inc. (DHI) | Equity | +100% | 1,357,054 | 0.55% | $127.13 | $145.28 | $172,522,275 | $197,148,734 | +$24,626,459 | +14.27% |
| Danaher Corp. (DHR) | Equity | +100% | 451,521 | 0.29% | $205.00 | $205.75 | $92,561,805 | $92,900,446 | +$338,641 | +0.37% |
| Edgewise Therapeutics Inc. (EWTX) | Equity | -60.00% | 490,035 | 0.03% | $22.00 | $14.06 | $10,780,770 | $6,889,892 | -$3,890,878 | -36.09% |
| Equitable Holdings Inc. (EQH) | Equity | +329.08% | 3,279,559 | 0.54% | $52.09 | $52.59 | $170,832,228 | $172,472,008 | +$1,639,780 | +0.96% |
| Ferrari N.V. (RACE) | Equity | +100% | 135,397 | 0.18% | $424.09 | $518.24 | $57,419,953 | $70,168,141 | +$12,748,188 | +22.20% |
| First Solar Inc. (FSLR) | Equity | +100% | 1,411,131 | 0.57% | $126.43 | $186.41 | $178,409,292 | $263,041,874 | +$84,632,582 | +47.44% |
| Flutter Entertainment PLC (FLUT) | Equity | +36.68% | 2,554,206 | 1.80% | $221.55 | $303.81 | $565,884,339 | $775,993,325 | +$210,108,986 | +37.13% |
| Fortive Corp. (FTV) | Equity | -1.84% | 12,950,122 | 3.01% | $73.18 | $51.46 | $947,689,928 | $666,348,528 | -$281,341,400 | -29.69% |
| Arthur J. Gallagher & Co. (AJG) | Equity | +100% | 666,552 | 0.73% | $345.24 | $314.91 | $230,120,412 | $209,903,890 | -$20,216,522 | -8.79% |
| General Motors Company (GM) | Equity | +178.61% | 7,188,824 | 1.07% | $47.03 | $53.20 | $338,090,393 | $382,445,437 | +$44,355,044 | +13.12% |
| Inhibrx Biosciences Inc. (INBX) | Equity | 0% | 1,787,705 | 0.08% | $13.99 | $22.67 | $25,009,993 | $40,518,334 | +$15,508,341 | +62.01% |
| Integer Holdings Corp. (ITGR) | Equity | +1.87% | 1,177,273 | 0.44% | $118.01 | $107.16 | $138,929,987 | $126,150,688 | -$12,779,299 | -9.20% |
| Intercontinental Exchange Inc. (ICE) | Equity | +15.64% | 3,200,409 | 1.75% | $172.50 | $184.80 | $552,070,553 | $591,435,583 | +$39,365,030 | +7.13% |
| Intuit Inc. (INTU) | Equity | -0.73% | 1,706,420 | 3.33% | $613.99 | $790.11 | $1,047,724,816 | $1,348,250,974 | +$300,526,158 | +28.68% |
| JP Morgan Chase & Co. (JPM) | Equity | -70.91% | 2,171,648 | 1.69% | $245.30 | $297.91 | $532,705,254 | $646,955,656 | +$114,250,402 | +21.45% |
| Lennar Corp. (LEN) | Equity | +100% | 1,351,526 | 0.49% | $114.78 | $114.88 | $155,128,154 | $155,263,307 | +$135,153 | +0.09% |
| Metsera INC | Equity | +100% | 1,616,612 | 0.14% | $27.22 | $0.00 | $44,004,179 | $0 | -$44,004,179 | -100% |
| Microsoft Corp. (MSFT) | Equity | -71.39% | 683,918 | 0.82% | $375.39 | $517.06 | $256,735,978 | $353,626,641 | +$96,890,663 | +37.74% |
| Pepgen Inc. (PEPG) | Equity | 0% | 1,482,434 | 0.01% | $1.41 | $1.45 | $2,082,820 | $2,149,529 | +$66,709 | +3.20% |
| Rallybio Corp. (RLYB) | Equity | 0% | 4,194,777 | 0.01% | $0.65 | $0.49 | $2,745,482 | $2,063,830 | -$681,652 | -24.83% |
| Regal Rexnord Corp. (RRX) | Equity | +214.90% | 2,728,983 | 0.99% | $113.85 | $157.08 | $310,694,715 | $428,668,650 | +$117,973,935 | +37.97% |
| Regeneron Pharmaceuticals Inc. (REGN) | Equity | +100% | 97,739 | 0.20% | $634.23 | $566.72 | $61,989,006 | $55,390,646 | -$6,598,360 | -10.64% |
| Roivant Sciences Ltd. (ROIV) | Equity | -3.76% | 46,013,752 | 1.48% | $10.09 | $11.63 | $464,278,758 | $534,909,867 | +$70,631,109 | +15.21% |
| Ross Stores Inc. (ROST) | Equity | +153.16% | 4,321,269 | 1.75% | $127.79 | $138.38 | $552,214,966 | $597,977,204 | +$45,762,238 | +8.29% |
| Royalty Pharma PLC (RPRX) | Equity | -13.47% | 10,563,939 | 1.04% | $31.13 | $36.55 | $328,855,421 | $386,111,970 | +$57,256,549 | +17.41% |
| Sionna Therapeutics Inc. (SION) | Equity | +100% | 2,952,754 | 0.10% | $10.46 | $19.14 | $30,885,807 | $56,515,712 | +$25,629,905 | +82.98% |
| Skechers U.S.A. Inc. (SKX) | Equity | +60.18% | 5,800,882 | 1.05% | $56.78 | $63.09 | $329,374,080 | $365,948,641 | +$36,574,561 | +11.10% |
| Spotify Technology S.A. (SPOT) | Equity | -87.54% | 192,877 | 0.34% | $550.03 | $693.14 | $106,088,136 | $133,690,764 | +$27,602,628 | +26.02% |
| Standard Biotools Inc. (LAB) | Equity | 0% | 58,651,170 | 0.20% | $1.08 | $1.38 | $63,343,264 | $80,938,615 | +$17,595,351 | +27.78% |
| Synopsys Inc. (SNPS) | Equity | -2.41% | 703,912 | 0.96% | $428.85 | $608.00 | $301,872,661 | $427,978,496 | +$126,105,835 | +41.77% |
| T-Mobile Us Inc. (TMUS) | Equity | +156.53% | 1,565,894 | 1.33% | $266.71 | $244.06 | $417,639,589 | $382,172,090 | -$35,467,499 | -8.49% |
| Taiwan Semiconductor Manufacturing Company Limited (TSM) | Equity | +19.55% | 4,889,247 | 2.58% | $166.00 | $246.08 | $811,615,002 | $1,203,121,456 | +$391,506,454 | +48.24% |
| Tesla Inc. (TSLA) | Equity | +100% | 350,084 | 0.29% | $259.16 | $315.56 | $90,727,769 | $110,472,157 | +$19,744,388 | +21.76% |
| Teva Pharmaceutical Industries Limited (TEVA) | Equity | +55.69% | 10,125,478 | 0.49% | $15.37 | $16.46 | $155,628,597 | $166,665,368 | +$11,036,771 | +7.09% |
| Transunion (TRU) | Equity | -67.39% | 1,336,984 | 0.35% | $82.99 | $98.78 | $110,956,302 | $132,065,943 | +$21,109,641 | +19.03% |
| Trevi Therapeutics Inc. (TRVI) | Equity | -26.64% | 3,227,792 | 0.06% | $6.29 | $7.86 | $20,302,812 | $25,354,306 | +$5,051,494 | +24.88% |
| Twilio Inc. (TWLO) | Equity | -69.52% | 255,514 | 0.08% | $97.91 | $132.31 | $25,017,376 | $33,807,057 | +$8,789,681 | +35.13% |
| UnitedHealth Group Inc. (UNH) | Equity | +12.49% | 2,137,806 | 3.56% | $523.75 | $282.19 | $1,119,675,893 | $603,267,475 | -$516,408,418 | -46.12% |
| Adaptive Biotechnologies Corp. (ADPT) | Equity | 0% | 29,993,708 | 0.71% | $7.43 | $10.80 | $222,853,250 | $323,782,078 | +$100,928,828 | +45.29% |
| The Allstate Corp. (ALL) | Equity | -12.07% | 1,703,403 | 1.12% | $207.07 | $196.03 | $352,723,659 | $333,918,090 | -$18,805,569 | -5.33% |
| Amazon.com Inc. (AMZN) | Equity | +4.12% | 2,721,710 | 1.65% | $190.26 | $231.86 | $517,832,545 | $631,055,681 | +$113,223,136 | +21.86% |
| Amer Sports Inc. (AS) | Equity | +100% | 2,354,335 | 0.20% | $26.73 | $37.50 | $62,931,375 | $88,287,563 | +$25,356,188 | +40.29% |
| American Tower Corp. (AMT) | Equity | -6.52% | 838,796 | 0.58% | $217.60 | $229.86 | $182,522,010 | $192,805,649 | +$10,283,639 | +5.63% |
| Api Group Corp. (APG) | Equity | 0% | 21,537,518 | 2.45% | $35.76 | $35.06 | $770,181,644 | $755,105,381 | -$15,076,263 | -1.96% |
| Applovin Corp. (APP) | Equity | -7.97% | 137,093 | 0.12% | $264.97 | $364.18 | $36,325,532 | $49,926,803 | +$13,601,271 | +37.44% |
| Autodesk Inc. (ADSK) | Equity | -59.75% | 304,494 | 0.25% | $261.80 | $303.67 | $79,716,529 | $92,464,171 | +$12,747,642 | +15.99% |
| Bank Of America Corp. (BAC) | Equity | +30.28% | 32,199,070 | 4.27% | $41.73 | $48.52 | $1,343,667,191 | $1,562,137,881 | +$218,470,690 | +16.26% |
| Biomarin Pharmaceutical Inc. (BMRN) | Equity | +2.75% | 10,800,059 | 2.43% | $70.69 | $59.55 | $763,456,171 | $643,089,513 | -$120,366,658 | -15.77% |
| Biontech Se (BNTX) | Equity | -6.47% | 879,972 | 0.25% | $91.06 | $115.40 | $80,130,250 | $101,548,769 | +$21,418,519 | +26.73% |
| The Boeing Company (BA) | Equity | +8.61% | 3,231,232 | 1.75% | $170.55 | $232.95 | $551,086,618 | $752,715,494 | +$201,628,876 | +36.59% |
| Boston Scientific Corp. (BSX) | Equity | +9.42% | 2,376,764 | 0.76% | $100.88 | $106.20 | $239,767,952 | $252,400,453 | +$12,632,501 | +5.27% |
| Bridgebio Pharma Inc. (BBIO) | Equity | -12.20% | 22,055,375 | 2.42% | $34.57 | $46.33 | $762,454,314 | $1,021,715,247 | +$259,260,933 | +34.00% |
| Camden Property Trust (CPT) | Equity | -17.06% | 2,788,789 | 1.08% | $122.30 | $113.45 | $341,068,895 | $316,388,112 | -$24,680,783 | -7.24% |
| Capital One Financial Corp. (COF) | Equity | +100% | 4,591,100 | 2.62% | $179.30 | $213.12 | $823,184,230 | $978,455,232 | +$155,271,002 | +18.86% |
| Carnival Corp. & PLC (CCL) | Equity | +100% | 12,408,817 | 0.77% | $19.53 | $29.77 | $242,344,196 | $369,348,438 | +$127,004,242 | +52.41% |
| Carvana Co. (CVNA) | Equity | +192.34% | 2,553,861 | 1.70% | $209.08 | $330.58 | $533,961,258 | $844,255,369 | +$310,294,111 | +58.11% |
| Cencora Inc. (COR) | Equity | +100% | 1,067,819 | 0.94% | $278.09 | $290.99 | $296,949,786 | $310,724,651 | +$13,774,865 | +4.64% |
| Chipotle Mexican Grill Inc. (CMG) | Equity | +100% | 6,006,556 | 0.96% | $50.21 | $46.22 | $301,589,177 | $277,623,018 | -$23,966,159 | -7.95% |
| Deutsche Bank Aktiengesellschaft (DBK.DE) | Equity | +100% | 15,106,082 | 1.13% | $23.59 | $28.36 | $356,412,385 | $428,408,486 | +$71,996,101 | +20.20% |
| Doordash Inc. (DASH) | Equity | -62.46% | 1,858,037 | 1.08% | $182.77 | $249.43 | $339,593,422 | $463,440,879 | +$123,847,457 | +36.47% |
| Ginkgo Bioworks Holdings Inc. (DNA) | Equity | 0% | 3,577,128 | 0.06% | $5.70 | $13.96 | $20,389,630 | $49,936,707 | +$29,547,077 | +144.91% |
| HCA Healthcare Inc. (HCA) | Equity | +6.41% | 1,181,360 | 1.30% | $345.55 | $333.65 | $408,218,948 | $394,160,764 | -$14,058,184 | -3.44% |
| Immunovant Inc. (IMVT) | Equity | -20.78% | 1,114,827 | 0.06% | $17.09 | $17.09 | $19,052,393 | $19,046,819 | -$5,574 | -0.03% |
| LI Auto Inc. (LI) | Equity | -97.91% | 96,031 | 0.01% | $25.20 | $29.45 | $2,419,981 | $2,827,633 | +$407,652 | +16.85% |
| M&T Bank Corp. (MTB) | Equity | +100% | 746,309 | 0.42% | $178.75 | $193.62 | $133,402,734 | $144,500,349 | +$11,097,615 | +8.32% |
| Mcdonald'S Corp. (MCD) | Equity | +100% | 1,150,434 | 1.14% | $312.37 | $297.09 | $359,361,069 | $341,782,437 | -$17,578,632 | -4.89% |
| Meta Platforms Inc. (META) | Equity | +100% | 1,466,311 | 2.68% | $576.36 | $715.15 | $845,123,008 | $1,048,632,312 | +$203,509,304 | +24.08% |
| Metlife Inc. (MET) | Equity | -98.60% | 84,312 | 0.02% | $80.29 | $78.31 | $6,769,410 | $6,602,473 | -$166,937 | -2.47% |
| Mid-America Apartment Communities Inc. (MAA) | Equity | +100% | 1,120,651 | 0.60% | $167.58 | $151.81 | $187,798,695 | $170,126,028 | -$17,672,667 | -9.41% |
| Monster Beverage Corp. (MNST) | Equity | -64.56% | 2,857,800 | 0.53% | $58.52 | $60.69 | $167,238,456 | $173,439,882 | +$6,201,426 | +3.71% |
| Netflix Inc. (NFLX) | Equity | +49.20% | 749,431 | 2.22% | $932.53 | $1,179.81 | $698,866,890 | $884,182,441 | +$185,315,551 | +26.52% |
| Newamsterdam Pharma Company N.V. (NAMS) | Equity | 0% | 6,978,534 | 0.45% | $20.47 | $23.32 | $142,850,591 | $162,739,413 | +$19,888,822 | +13.92% |
| Nike Inc. (NKE) | Equity | +100% | 5,546,625 | 1.12% | $63.48 | $76.41 | $352,099,755 | $423,817,616 | +$71,717,861 | +20.37% |
| Nvidia Corp. (NVDA) | Equity | +222.01% | 6,543,107 | 2.25% | $108.38 | $173.98 | $709,141,937 | $1,138,337,040 | +$429,195,103 | +60.52% |
| Oric Pharmaceuticals Inc. (ORIC) | Equity | +48.33% | 6,572,700 | 0.12% | $5.58 | $11.51 | $36,675,666 | $75,651,777 | +$38,976,111 | +106.27% |
| Pharvaris N.V. (PHVS) | Equity | 0% | 3,653,310 | 0.18% | $15.70 | $20.05 | $57,356,967 | $73,248,866 | +$15,891,899 | +27.71% |
| Philip Morris International Inc. (PM) | Equity | -36.84% | 3,213,460 | 1.62% | $158.73 | $161.48 | $510,072,506 | $518,909,521 | +$8,837,015 | +1.73% |
| Primo Brands Corp. (PRMB) | Equity | +100% | 5,023,527 | 0.57% | $35.49 | $28.92 | $178,284,973 | $145,295,471 | -$32,989,502 | -18.50% |
| The Progressive Corp. (PGR) | Equity | -50.85% | 1,068,406 | 0.96% | $283.01 | $250.09 | $302,369,582 | $267,197,657 | -$35,171,925 | -11.63% |
| Qualcomm Inc. (QCOM) | Equity | +343.70% | 1,432,337 | 0.70% | $153.61 | $158.68 | $220,021,287 | $227,283,235 | +$7,261,948 | +3.30% |
| Ryan Specialty Holdings Inc. (RYAN) | Equity | +100% | 955,889 | 0.22% | $73.87 | $66.03 | $70,611,520 | $63,117,351 | -$7,494,169 | -10.61% |
| Sailpoint Inc. (SAIL) | Equity | +100% | 1,010,307 | 0.06% | $18.75 | $20.29 | $18,943,256 | $20,499,129 | +$1,555,873 | +8.21% |
| The Charles Schwab Corp. (SCHW) | Equity | +20.86% | 17,716,717 | 4.41% | $78.28 | $97.05 | $1,386,864,607 | $1,719,407,385 | +$332,542,778 | +23.98% |
| Sea Limited (SE) | Equity | +100% | 4,160,096 | 1.72% | $130.49 | $158.25 | $542,850,927 | $658,331,032 | +$115,480,105 | +21.27% |
| The Sherwin-Williams Company (SHW) | Equity | +57.31% | 972,230 | 1.08% | $349.19 | $339.66 | $339,492,994 | $330,227,642 | -$9,265,352 | -2.73% |
| Travere Therapeutics Inc. (TVTX) | Equity | -10.34% | 2,601,922 | 0.15% | $17.92 | $15.57 | $46,626,442 | $40,511,926 | -$6,114,516 | -13.11% |
| U.S. Bancorp. (USB) | Equity | +42.60% | 34,863,502 | 4.68% | $42.22 | $46.30 | $1,471,937,054 | $1,614,005,825 | +$142,068,771 | +9.65% |
| Visa Inc. (V) | Equity | -39.20% | 2,125,091 | 2.37% | $350.46 | $357.12 | $744,759,392 | $758,912,498 | +$14,153,106 | +1.90% |