Investor: Andreas Halvorsen
Number of Assets: 83
Reporting Period: Q2 - 2025
Holdings at Report: $34,589,864,590
Return Since Report: +$1,339,936,310
Return Since Report: +3.87%
Company | Position | Activity | Shares | Port. % | Rep. Price | Curr. Price | Rep. Value | Curr. Value | Return Value | Return % |
|---|---|---|---|---|---|---|---|---|---|---|
| Acuren Corp (TIC) | Equity | 0% | 34,360,000 | 1.10% | $11.04 | $11.80 | $379,334,400 | $405,276,200 | +$25,941,800 | +6.84% |
| Camden Property Trust (CPT) | Equity | -2.61% | 2,716,022 | 0.88% | $112.69 | $110.92 | $306,068,519 | $301,247,580 | -$4,820,939 | -1.58% |
| Capital One Financial Corp. (COF) | Equity | +23.53% | 5,671,358 | 3.49% | $212.76 | $220.81 | $1,206,638,128 | $1,252,292,560 | +$45,654,432 | +3.78% |
| Carnival Corp. & PLC (CCL) | Equity | +6.43% | 13,207,267 | 1.07% | $28.12 | $31.60 | $371,388,348 | $417,349,637 | +$45,961,289 | +12.38% |
| Carvana Co. (CVNA) | Equity | -57.79% | 1,077,976 | 1.05% | $336.96 | $372.74 | $363,234,793 | $401,804,774 | +$38,569,981 | +10.62% |
| Cencora Inc. (COR) | Equity | +94.95% | 2,081,732 | 1.80% | $299.85 | $299.05 | $624,207,340 | $622,541,955 | -$1,665,385 | -0.27% |
| Chipotle Mexican Grill Inc. (CMG) | Equity | -5.30% | 5,688,483 | 0.92% | $56.15 | $39.44 | $319,408,320 | $224,353,770 | -$95,054,550 | -29.76% |
| CME Group Inc. (CME) | Equity | +100% | 597,374 | 0.48% | $275.62 | $262.29 | $164,648,222 | $156,685,226 | -$7,962,996 | -4.84% |
| Costar Group Inc. (CSGP) | Equity | +100% | 3,218,568 | 0.75% | $80.40 | $88.31 | $258,772,867 | $284,231,740 | +$25,458,873 | +9.84% |
| Csx Corp. (CSX) | Equity | +10.56% | 18,871,882 | 1.78% | $32.63 | $32.25 | $615,789,510 | $608,523,835 | -$7,265,675 | -1.18% |
| D.R. Horton Inc. (DHI) | Equity | +108.32% | 2,827,032 | 1.05% | $128.92 | $177.66 | $364,460,965 | $502,250,505 | +$137,789,540 | +37.81% |
| Danaher Corp. (DHR) | Equity | +543.94% | 2,907,515 | 1.66% | $197.54 | $193.55 | $574,350,513 | $562,749,528 | -$11,600,985 | -2.02% |
| The Walt Disney Company (DIS) | Equity | +100% | 5,848,066 | 2.10% | $124.01 | $117.54 | $725,218,665 | $687,381,678 | -$37,836,987 | -5.22% |
| Eli Lilly And Company (LLY) | Equity | +100% | 416,918 | 0.94% | $779.53 | $747.10 | $325,000,089 | $311,479,438 | -$13,520,651 | -4.16% |
| Ginkgo Bioworks Holdings Inc. (DNA) | Equity | 0% | 3,577,128 | 0.12% | $11.25 | $10.77 | $40,242,690 | $38,525,669 | -$1,717,021 | -4.27% |
| HCA Healthcare Inc. (HCA) | Equity | +58.47% | 1,872,133 | 2.07% | $383.10 | $414.45 | $717,214,152 | $775,905,522 | +$58,691,370 | +8.18% |
| Healthequity Inc. (HQY) | Equity | +100% | 219,746 | 0.07% | $104.76 | $92.96 | $23,020,591 | $20,427,588 | -$2,593,003 | -11.26% |
| Integer Holdings Corp. (ITGR) | Equity | +9.06% | 1,283,965 | 0.46% | $122.97 | $105.56 | $157,889,176 | $135,528,926 | -$22,360,250 | -14.16% |
| Johnson Controls International PLC (JCI) | Equity | +100% | 1,450,812 | 0.44% | $105.62 | $105.93 | $153,234,763 | $153,684,515 | +$449,752 | +0.29% |
| JP Morgan Chase & Co. (JPM) | Equity | +86.13% | 4,042,034 | 3.39% | $289.91 | $297.92 | $1,171,826,077 | $1,204,202,769 | +$32,376,692 | +2.76% |
| Lennar Corp. (LEN) | Equity | +86.72% | 2,523,594 | 0.81% | $110.61 | $137.41 | $279,134,732 | $346,767,052 | +$67,632,320 | +24.23% |
| Maplebear Inc. (CART) | Equity | +100% | 3,752,924 | 0.49% | $45.24 | $45.52 | $169,782,282 | $170,833,100 | +$1,050,818 | +0.62% |
| Masimo Corp. (MASI) | Equity | +100% | 767,426 | 0.37% | $168.22 | $147.66 | $129,096,402 | $113,318,123 | -$15,778,279 | -12.22% |
| Mcdonald'S Corp. (MCD) | Equity | +171.67% | 3,125,432 | 2.64% | $292.17 | $312.20 | $913,157,467 | $975,744,243 | +$62,586,776 | +6.85% |
| Meta Platforms Inc. (META) | Equity | -81.89% | 265,499 | 0.57% | $738.09 | $764.18 | $195,962,157 | $202,889,026 | +$6,926,869 | +3.53% |
| Pepgen Inc. (PEPG) | Equity | 0% | 1,482,434 | 0.00% | $1.11 | $1.55 | $1,645,502 | $2,297,773 | +$652,271 | +39.64% |
| Rallybio Corp. (RLYB) | Equity | 0% | 4,194,777 | 0.00% | $0.34 | $0.58 | $1,417,835 | $2,441,360 | +$1,023,525 | +72.19% |
| Regal Rexnord Corp. (RRX) | Equity | +25.69% | 3,430,128 | 1.44% | $144.96 | $141.53 | $497,231,355 | $485,448,865 | -$11,782,490 | -2.37% |
| Roivant Sciences Ltd. (ROIV) | Equity | -25.59% | 34,237,779 | 1.12% | $11.27 | $13.43 | $385,859,769 | $459,813,372 | +$73,953,603 | +19.17% |
| Ross Stores Inc. (ROST) | Equity | +9.87% | 4,747,639 | 1.75% | $127.58 | $148.82 | $605,703,784 | $706,543,636 | +$100,839,852 | +16.65% |
| Royalty Pharma PLC (RPRX) | Equity | -75.41% | 2,597,460 | 0.27% | $36.03 | $36.42 | $93,586,484 | $94,586,506 | +$1,000,022 | +1.07% |
| Trevi Therapeutics Inc. (TRVI) | Equity | -52.20% | 1,543,000 | 0.02% | $5.47 | $8.50 | $8,440,210 | $13,113,957 | +$4,673,747 | +55.37% |
| Adaptive Biotechnologies Corp. (ADPT) | Equity | 0% | 29,993,708 | 1.01% | $11.65 | $12.52 | $349,426,698 | $375,521,224 | +$26,094,526 | +7.47% |
| Advanced Micro Devices Inc. (AMD) | Equity | +100% | 1,910,571 | 0.78% | $141.90 | $154.98 | $271,110,025 | $296,100,294 | +$24,990,269 | +9.22% |
| Air Products And Chemicals Inc. (APD) | Equity | +100% | 2,154,154 | 1.76% | $282.06 | $287.30 | $607,600,677 | $618,888,444 | +$11,287,767 | +1.86% |
| Amazon.com Inc. (AMZN) | Equity | +43.19% | 3,897,092 | 2.47% | $219.39 | $238.22 | $854,983,014 | $928,365,256 | +$73,382,242 | +8.58% |
| Amer Sports Inc. (AS) | Equity | +64.83% | 3,880,649 | 0.43% | $38.76 | $36.65 | $150,413,955 | $142,206,383 | -$8,207,572 | -5.46% |
| American International Group Inc. (AIG) | Equity | +100% | 1,815,785 | 0.45% | $85.59 | $78.70 | $155,413,038 | $142,902,280 | -$12,510,758 | -8.05% |
| American Tower Corp. (AMT) | Equity | +233.47% | 2,797,125 | 1.79% | $221.02 | $193.96 | $618,220,568 | $542,530,365 | -$75,690,203 | -12.24% |
| Api Group Corp. (APG) | Equity | -46.43% | 11,537,518 | 1.70% | $51.05 | $34.66 | $588,990,294 | $399,890,374 | -$189,099,920 | -32.11% |
| Applovin Corp. (APP) | Equity | +172.06% | 372,973 | 0.38% | $350.08 | $554.59 | $130,570,388 | $206,847,096 | +$76,276,708 | +58.42% |
| Bank Of America Corp. (BAC) | Equity | -2.96% | 31,246,972 | 4.27% | $47.32 | $50.32 | $1,478,606,715 | $1,572,191,396 | +$93,584,681 | +6.33% |
| Biomarin Pharmaceutical Inc. (BMRN) | Equity | +13.78% | 12,288,611 | 1.95% | $54.97 | $55.71 | $675,504,947 | $684,598,519 | +$9,093,572 | +1.35% |
| Blackrock Inc. (BLK) | Equity | +100% | 195,104 | 0.59% | $1,049.25 | $1,106.02 | $204,712,872 | $215,788,926 | +$11,076,054 | +5.41% |
| Block Inc. (XYZ) | Equity | +100% | 5,420,475 | 1.06% | $67.93 | $75.18 | $368,212,867 | $407,511,311 | +$39,298,443 | +10.67% |
| The Boeing Company (BA) | Equity | -12.26% | 2,835,065 | 1.72% | $209.53 | $229.85 | $594,031,169 | $651,639,690 | +$57,608,521 | +9.70% |
| Boston Scientific Corp. (BSX) | Equity | +28.15% | 3,045,764 | 0.95% | $107.41 | $108.08 | $327,145,511 | $329,186,173 | +$2,040,662 | +0.62% |
| Bridgebio Pharma Inc. (BBIO) | Equity | -15.87% | 18,555,375 | 2.32% | $43.18 | $53.40 | $801,221,093 | $990,857,025 | +$189,635,932 | +23.67% |
| Establishment Labs Holdings Inc. (ESTA) | Equity | +100% | 343,465 | 0.04% | $42.71 | N/A | $14,669,390 | N/A | N/A | N/A |
| Ferrari N.V. (RACE) | Equity | +432.71% | 721,269 | 1.02% | $490.14 | $478.85 | $353,526,390 | $345,379,661 | -$8,146,729 | -2.30% |
| First Solar Inc. (FSLR) | Equity | +60.58% | 2,266,050 | 1.08% | $165.54 | $203.23 | $375,121,917 | $460,529,342 | +$85,407,425 | +22.77% |
| Flutter Entertainment PLC (FLUT) | Equity | -10.54% | 2,284,905 | 1.89% | $285.76 | $292.47 | $652,934,453 | $668,266,165 | +$15,331,712 | +2.35% |
| Fortive Corp. (FTV) | Equity | +22.88% | 15,912,624 | 2.40% | $52.13 | $47.57 | $829,525,089 | $756,963,524 | -$72,561,565 | -8.75% |
| Arthur J. Gallagher & Co. (AJG) | Equity | +8.89% | 725,795 | 0.67% | $320.12 | $298.17 | $232,341,495 | $216,410,295 | -$15,931,200 | -6.86% |
| General Motors Company (GM) | Equity | +81.10% | 13,018,874 | 1.85% | $49.21 | $57.92 | $640,658,790 | $753,988,088 | +$113,329,298 | +17.69% |
| Inhibrx Biosciences Inc. (INBX) | Equity | 0% | 1,787,705 | 0.07% | $14.27 | $29.55 | $25,510,550 | $52,826,683 | +$27,316,133 | +107.08% |
| Metsera INC | Equity | 0% | 1,616,612 | 0.13% | $28.45 | $0.00 | $45,992,611 | $0 | -$45,992,611 | -100% |
| Molina Healthcare Inc. (MOH) | Equity | +100% | 267,421 | 0.23% | $297.90 | $180.30 | $79,664,716 | $48,216,006 | -$31,448,710 | -39.48% |
| Newamsterdam Pharma Company N.V. (NAMS) | Equity | 0% | 6,978,534 | 0.37% | $18.11 | $26.07 | $126,381,251 | $181,930,381 | +$55,549,130 | +43.95% |
| Nike Inc. (NKE) | Equity | +25.61% | 6,967,198 | 1.43% | $71.04 | $73.48 | $494,949,746 | $511,914,873 | +$16,965,127 | +3.43% |
| Nvidia Corp. (NVDA) | Equity | -43.73% | 3,681,935 | 1.68% | $157.99 | $169.36 | $581,708,911 | $623,554,102 | +$41,845,191 | +7.19% |
| Oric Pharmaceuticals Inc. (ORIC) | Equity | 0% | 6,572,700 | 0.19% | $10.15 | $10.95 | $66,712,905 | $71,971,065 | +$5,258,160 | +7.88% |
| Pharvaris N.V. (PHVS) | Equity | 0% | 3,653,310 | 0.19% | $17.60 | $23.59 | $64,298,256 | $86,181,583 | +$21,883,327 | +34.03% |
| Philip Morris International Inc. (PM) | Equity | +7.49% | 3,454,186 | 1.82% | $182.13 | $164.61 | $629,110,896 | $568,593,557 | -$60,517,339 | -9.62% |
| The Pnc Financial Services Group Inc. (PNC) | Equity | +100% | 2,375,664 | 1.28% | $186.42 | $200.12 | $442,871,283 | $475,417,880 | +$32,546,597 | +7.35% |
| Primo Brands Corp. (PRMB) | Equity | +290.21% | 19,602,116 | 1.68% | $29.62 | $24.50 | $580,614,676 | $480,153,831 | -$100,460,845 | -17.30% |
| Qualcomm Inc. (QCOM) | Equity | +120.12% | 3,152,866 | 1.45% | $159.26 | $158.58 | $502,125,439 | $499,981,490 | -$2,143,949 | -0.43% |
| Ralliant corp | Equity | +100% | 5,304,195 | 0.74% | $48.49 | N/A | $257,200,416 | N/A | N/A | N/A |
| Ryan Specialty Holdings Inc. (RYAN) | Equity | +47.80% | 1,412,767 | 0.28% | $67.99 | $52.87 | $96,054,028 | $74,685,927 | -$21,368,101 | -22.25% |
| Saia Inc. (SAIA) | Equity | +100% | 827,659 | 0.66% | $273.99 | $306.39 | $226,770,289 | $253,586,441 | +$26,816,152 | +11.83% |
| The Charles Schwab Corp. (SCHW) | Equity | -10.97% | 15,773,225 | 4.16% | $91.24 | $93.56 | $1,439,149,049 | $1,475,664,065 | +$36,515,016 | +2.54% |
| Sea Limited (SE) | Equity | -14.98% | 3,536,987 | 1.64% | $159.94 | $192.14 | $565,705,701 | $679,596,682 | +$113,890,981 | +20.13% |
| The Sherwin-Williams Company (SHW) | Equity | +101.37% | 1,957,750 | 1.94% | $343.36 | $360.30 | $672,213,040 | $705,377,325 | +$33,164,285 | +4.93% |
| Sionna Therapeutics Inc. (SION) | Equity | +8.21% | 3,195,181 | 0.16% | $17.35 | $24.82 | $55,436,390 | $79,304,392 | +$23,868,002 | +43.05% |
| Standard Biotools Inc. (LAB) | Equity | 0% | 58,651,170 | 0.20% | $1.20 | $1.28 | $70,381,404 | $75,073,498 | +$4,692,094 | +6.67% |
| T-Mobile Us Inc. (TMUS) | Equity | +81.71% | 2,845,316 | 1.96% | $238.26 | $243.23 | $677,924,990 | $692,066,211 | +$14,141,221 | +2.09% |
| Taiwan Semiconductor Manufacturing Company Limited (TSM) | Equity | -11.45% | 4,329,295 | 2.83% | $226.49 | $251.74 | $980,542,025 | $1,089,865,382 | +$109,323,357 | +11.15% |
| Tesla Inc. (TSLA) | Equity | +214.30% | 1,100,331 | 1.01% | $317.66 | $346.43 | $349,531,145 | $381,182,167 | +$31,651,022 | +9.06% |
| Teva Pharmaceutical Industries Limited (TEVA) | Equity | +15.37% | 11,681,333 | 0.57% | $16.76 | $19.64 | $195,779,141 | $229,362,973 | +$33,583,832 | +17.15% |
| The Trade Desk Inc. (TTD) | Equity | +100% | 2,674,320 | 0.56% | $71.99 | $54.66 | $192,524,297 | $146,178,331 | -$46,345,966 | -24.07% |
| UBS Group AG (UBSG.SW) | Equity | +100% | 2,580,412 | 0.25% | $33.84 | $31.95 | $87,320,010 | $82,444,163 | -$4,875,847 | -5.58% |
| U.S. Bancorp. (USB) | Equity | -30.90% | 24,089,428 | 3.15% | $45.25 | $49.32 | $1,090,046,617 | $1,188,090,589 | +$98,043,972 | +8.99% |
| Visa Inc. (V) | Equity | -23.73% | 1,620,722 | 1.66% | $355.05 | $344.24 | $575,437,346 | $557,909,238 | -$17,528,108 | -3.05% |