Investor: Andreas Halvorsen
Number of Assets: 76
Reporting Period: Q4 - 2025
Holdings at Report: $37,677,848,898
Return Since Report: -$2,512,967,428
Return Since Report: -6.67%
Company | Position | Activity | Shares | Port. % | Rep. Price | Curr. Price | Rep. Value | Curr. Value | Return Value | Return % |
|---|---|---|---|---|---|---|---|---|---|---|
| Adaptive Biotechnologies Corp. (ADPT) | Equity | 0% | 29,993,708 | 1.30% | $16.24 | $13.72 | $487,097,818 | $411,513,674 | -$75,584,144 | -15.52% |
| Advanced Micro Devices Inc. (AMD) | Equity | -10.50% | 3,742,191 | 2.14% | $214.16 | $203.43 | $801,427,625 | $761,273,915 | -$40,153,710 | -5.01% |
| Air Products And Chemicals Inc. (APD) | Equity | +30.42% | 4,782,534 | 3.15% | $247.02 | $285.71 | $1,181,381,549 | $1,366,417,789 | +$185,036,240 | +15.66% |
| Alphabet Inc. (GOOGL) | Equity | +100% | 2,666,272 | 2.23% | $313.00 | $287.22 | $834,543,136 | $765,806,644 | -$68,736,492 | -8.24% |
| Amazon.com Inc. (AMZN) | Equity | +100% | 3,126,816 | 1.93% | $230.82 | $208.30 | $721,731,669 | $651,315,773 | -$70,415,896 | -9.76% |
| Amer Sports Inc. (AS) | Equity | -24.11% | 4,814,290 | 0.48% | $37.35 | $32.93 | $179,813,732 | $158,510,498 | -$21,303,234 | -11.85% |
| Aon PLC (AON) | Equity | -44.60% | 783,650 | 0.74% | $352.88 | $322.58 | $276,534,412 | $252,789,817 | -$23,744,595 | -8.59% |
| API Group Corp. (APG) | Equity | -6.25% | 11,537,518 | 1.18% | $38.26 | $40.54 | $441,425,439 | $467,730,980 | +$26,305,541 | +5.96% |
| Bank Of America Corp. (BAC) | Equity | -60.92% | 4,494,629 | 0.66% | $55.00 | $48.67 | $247,204,595 | $218,771,572 | -$28,433,023 | -11.50% |
| Biomarin Pharmaceutical Inc. (BMRN) | Equity | -27.46% | 6,036,936 | 0.96% | $59.43 | $56.55 | $358,775,106 | $341,358,546 | -$17,416,560 | -4.85% |
| The Boeing Company (BA) | Equity | +31.31% | 3,953,087 | 2.29% | $217.12 | $199.05 | $858,294,249 | $786,842,202 | -$71,452,047 | -8.32% |
| Boston Scientific Corp. (BSX) | Equity | -4.99% | 2,509,808 | 0.64% | $95.35 | $62.36 | $239,310,193 | $156,499,078 | -$82,811,115 | -34.60% |
| Bridgebio Pharma Inc. (BBIO) | Equity | -9.91% | 14,393,934 | 2.94% | $76.49 | $74.60 | $1,100,992,012 | $1,073,787,476 | -$27,204,536 | -2.47% |
| Camden Property Trust (CPT) | Equity | +23.86% | 4,764,495 | 1.40% | $110.08 | $97.84 | $524,475,610 | $466,158,191 | -$58,317,419 | -11.12% |
| Capital One Financial Corp. (COF) | Equity | -60.04% | 2,952,317 | 1.91% | $242.36 | $182.19 | $715,523,548 | $537,882,634 | -$177,640,914 | -24.83% |
| Carnival Corp. & PLC (CCL) | Equity | +100% | 14,061,827 | 1.15% | $30.54 | $25.90 | $429,448,197 | $364,131,010 | -$65,317,187 | -15.21% |
| Carvana Co. (CVNA) | Equity | -49.48% | 1,061,533 | 1.20% | $422.02 | $314.62 | $447,988,157 | $333,974,205 | -$114,013,952 | -25.45% |
| Celestica Inc. (CLS) | Equity | -1.37% | 1,699,236 | 1.34% | $295.61 | $281.30 | $502,311,154 | $477,995,087 | -$24,316,067 | -4.84% |
| Chewy Inc. (CHWY) | Equity | +146.85% | 13,536,645 | 1.19% | $33.05 | $27.00 | $447,386,117 | $365,489,415 | -$81,896,702 | -18.31% |
| Chubb Limited (CB) | Equity | +100% | 1,013,839 | 0.84% | $312.12 | $325.98 | $316,439,429 | $330,491,237 | +$14,051,808 | +4.44% |
| Costar Group Inc. (CSGP) | Equity | -22.01% | 1,442,582 | 0.26% | $67.24 | $40.34 | $96,999,214 | $58,193,758 | -$38,805,456 | -40.01% |
| Csx Corp. (CSX) | Equity | -13.36% | 13,817,539 | 1.34% | $36.25 | $41.05 | $500,885,789 | $567,209,976 | +$66,324,187 | +13.24% |
| Dick'S Sporting Goods Inc. (DKS) | Equity | +100% | 2,572,969 | 1.36% | $197.97 | $198.29 | $509,370,673 | $510,194,023 | +$823,350 | +0.16% |
| Digital Realty Trust Inc. (DLR) | Equity | +100% | 1,507,988 | 0.62% | $154.71 | $180.25 | $233,300,823 | $271,814,837 | +$38,514,014 | +16.51% |
| The Walt Disney Company (DIS) | Equity | +7.12% | 11,193,504 | 3.40% | $113.77 | $96.32 | $1,273,484,950 | $1,078,158,305 | -$195,326,645 | -15.34% |
| Draftkings Inc. (DKNG) | Equity | +27.44% | 19,119,912 | 1.76% | $34.46 | $21.62 | $658,872,168 | $413,372,497 | -$245,499,671 | -37.26% |
| Figma INC | Equity | +100% | 5,752,388 | 0.57% | $37.37 | N/A | $214,966,740 | N/A | N/A | N/A |
| Fortive Corp. (FTV) | Equity | -6.13% | 19,228,265 | 2.83% | $55.21 | $55.29 | $1,061,592,511 | $1,063,130,772 | +$1,538,261 | +0.14% |
| Arthur J. Gallagher & Co. (AJG) | Equity | +100% | 1,040,977 | 0.72% | $258.79 | $216.56 | $269,394,438 | $225,433,979 | -$43,960,459 | -16.32% |
| General Motors Company (GM) | Equity | -47.75% | 6,806,095 | 1.48% | $81.32 | $74.60 | $553,471,645 | $507,700,657 | -$45,770,988 | -8.27% |
| Ginkgo Bioworks Holdings Inc. (DNA) | Equity | 0% | 3,577,128 | 0.08% | $8.31 | $6.12 | $29,725,934 | $21,892,023 | -$7,833,911 | -26.35% |
| HCA Healthcare Inc. (HCA) | Equity | -27.63% | 999,180 | 1.24% | $466.86 | $473.00 | $466,477,175 | $472,612,140 | +$6,134,965 | +1.32% |
| Inhibrx Biosciences Inc. (INBX) | Equity | -19.58% | 1,437,705 | 0.30% | $79.00 | $66.80 | $113,578,695 | $96,038,694 | -$17,540,001 | -15.44% |
| Intercontinental Exchange Inc. (ICE) | Equity | +100% | 4,803,197 | 2.08% | $161.96 | $157.32 | $777,925,786 | $755,638,952 | -$22,286,834 | -2.86% |
| Iqvia Holdings Inc. (IQV) | Equity | +100% | 619,236 | 0.37% | $225.41 | $169.92 | $139,581,987 | $105,219,962 | -$34,362,025 | -24.62% |
| Itaú Unibanco Holding S.A. (ITUB) | C.Pref | +100% | 28,396,545 | N/A | $7.16 | N/A | $203,319,262 | N/A | N/A | N/A |
| Johnson Controls International PLC (JCI) | Equity | -12.92% | 5,918,707 | 1.89% | $119.75 | $131.05 | $708,765,163 | $775,646,552 | +$66,881,389 | +9.44% |
| JP Morgan Chase & Co. (JPM) | Equity | -62.33% | 1,905,982 | 1.64% | $322.22 | $294.43 | $614,145,520 | $561,178,280 | -$52,967,240 | -8.62% |
| Lennox International Inc. (LII) | Equity | +100% | 621,311 | 0.81% | $485.58 | N/A | $301,696,195 | N/A | N/A | N/A |
| Lowe'S Companies Inc. (LOW) | Equity | +100% | 912,040 | 0.59% | $241.16 | $236.26 | $219,947,566 | $215,478,570 | -$4,468,996 | -2.03% |
| Masimo Corp. (MASI) | Equity | -52.08% | 514,340 | 0.18% | $130.06 | $177.87 | $66,895,060 | $91,485,656 | +$24,590,596 | +36.76% |
| Mcdonald'S Corp. (MCD) | Equity | +7.24% | 3,619,215 | 2.95% | $305.63 | $310.69 | $1,106,140,680 | $1,124,435,812 | +$18,295,132 | +1.65% |
| Medline INC | Equity | +100% | 6,959,157 | 0.78% | $42.00 | N/A | $292,284,594 | N/A | N/A | N/A |
| Microsoft Corp. (MSFT) | Equity | +32.45% | 3,217,642 | 4.15% | $483.62 | $370.17 | $1,556,116,024 | $1,191,074,539 | -$365,041,485 | -23.46% |
| Mid-America Apartment Communities Inc. (MAA) | Equity | +46.69% | 3,880,048 | 1.44% | $138.91 | $122.18 | $538,977,468 | $474,064,265 | -$64,913,203 | -12.04% |
| Newamsterdam Pharma Company N.V. (NAMS) | Equity | -35.09% | 4,203,567 | 0.39% | $35.08 | $32.20 | $147,461,130 | $135,354,857 | -$12,106,273 | -8.21% |
| Oric Pharmaceuticals Inc. (ORIC) | Equity | -0.00% | 6,572,691 | 0.14% | $8.18 | $12.68 | $53,764,612 | $83,341,722 | +$29,577,110 | +55.01% |
| Oruka Therapeutics Inc. (ORKA) | Equity | 0% | 2,666,690 | 0.22% | $30.31 | $49.05 | $80,827,374 | $130,801,145 | +$49,973,771 | +61.83% |
| Pepgen Inc. (PEPG) | Equity | 0% | 3,482,434 | 0.06% | $6.51 | $1.75 | $22,670,645 | $6,094,260 | -$16,576,385 | -73.12% |
| Pharvaris N.V. (PHVS) | Equity | 0% | 3,653,310 | 0.27% | $27.75 | $28.21 | $101,379,353 | $103,059,875 | +$1,680,522 | +1.66% |
| The Pnc Financial Services Group Inc. (PNC) | Equity | -8.42% | 7,287,068 | 4.06% | $208.73 | $207.79 | $1,521,029,704 | $1,514,179,860 | -$6,849,844 | -0.45% |
| The Progressive Corp. (PGR) | Equity | +100% | 1,331,538 | 0.81% | $227.72 | $198.17 | $303,217,833 | $263,864,228 | -$39,353,605 | -12.98% |
| Ralliant corp | Equity | -37.77% | 3,162,630 | 0.43% | $50.91 | $0.00 | $161,009,493 | $0 | -$161,009,493 | -100% |
| Rallybio Corp. (RLYB) | Equity | 0% | 4,194,777 | 0.01% | $0.69 | $8.95 | $2,878,037 | $37,522,280 | +$34,644,243 | +1203.75% |
| Regal Rexnord Corp. (RRX) | Equity | +3.22% | 3,223,940 | 1.21% | $140.32 | $187.51 | $452,383,261 | $604,520,989 | +$152,137,728 | +33.63% |
| Riot Platforms Inc. (RIOT) | Equity | +100% | 12,428,894 | 0.42% | $12.67 | $12.37 | $157,474,087 | $153,683,274 | -$3,790,813 | -2.41% |
| Roivant Sciences Ltd. (ROIV) | Equity | -72.69% | 6,443,191 | 0.37% | $21.70 | $27.67 | $139,817,245 | $178,283,095 | +$38,465,850 | +27.51% |
| Ross Stores Inc. (ROST) | Equity | +56.51% | 3,167,479 | 1.52% | $180.14 | $216.49 | $570,589,667 | $685,727,529 | +$115,137,862 | +20.18% |
| Saia Inc. (SAIA) | Equity | -21.34% | 1,088,582 | 0.95% | $326.52 | $351.28 | $355,443,795 | $382,397,085 | +$26,953,290 | +7.58% |
| The Charles Schwab Corp. (SCHW) | Equity | -16.34% | 13,872,905 | 3.70% | $99.91 | $93.86 | $1,386,041,939 | $1,302,110,863 | -$83,931,076 | -6.06% |
| Sea Limited (SE) | Equity | +20.81% | 3,671,545 | 1.25% | $127.57 | $82.54 | $468,378,996 | $303,049,324 | -$165,329,672 | -35.30% |
| The Sherwin-Williams Company (SHW) | Equity | +10.11% | 3,172,308 | 2.74% | $324.03 | $315.84 | $1,027,922,961 | $1,001,941,759 | -$25,981,202 | -2.53% |
| Sionna Therapeutics Inc. (SION) | Equity | 0% | 3,195,181 | 0.35% | $41.14 | $40.09 | $131,449,746 | $128,094,806 | -$3,354,940 | -2.55% |
| Standard Biotools Inc. (LAB) | Equity | 0% | 58,651,170 | 0.20% | $1.28 | $0.92 | $75,073,498 | $53,900,425 | -$21,173,073 | -28.20% |
| Stellantis N.V. (STLA) | Equity | +100% | 39,062,551 | 1.16% | $11.12 | $7.12 | $434,319,598 | $277,930,050 | -$156,389,548 | -36.01% |
| T-Mobile Us Inc. (TMUS) | Equity | +15.07% | 3,754,218 | 2.03% | $203.04 | $210.03 | $762,256,423 | $788,498,407 | +$26,241,984 | +3.44% |
| Taiwan Semiconductor Manufacturing Company Limited (TSM) | Equity | +24.61% | 4,914,896 | 3.99% | $303.89 | $337.70 | $1,493,587,745 | $1,659,760,379 | +$166,172,634 | +11.13% |
| Tesla Inc. (TSLA) | Equity | +5.59% | 1,699,741 | 2.04% | $449.72 | $371.18 | $764,407,523 | $630,901,366 | -$133,506,157 | -17.47% |
| Thermo Fisher Scientific Inc. (TMO) | Equity | +100% | 793,187 | 1.23% | $579.45 | $492.01 | $459,612,207 | $390,251,970 | -$69,360,237 | -15.09% |
| Acuren Corp (TIC) | Equity | 0% | 34,360,000 | 0.93% | $10.11 | $6.58 | $347,379,600 | $226,088,800 | -$121,290,800 | -34.92% |
| Tradeweb Markets Inc. (TW) | Equity | +100% | 2,768,659 | 0.79% | $107.54 | $117.38 | $297,741,589 | $324,971,350 | +$27,229,761 | +9.15% |
| Trevi Therapeutics Inc. (TRVI) | Equity | -37.63% | 3,198,644 | 0.11% | $12.52 | $11.88 | $40,047,023 | $37,999,891 | -$2,047,132 | -5.11% |
| UBS Group AG (UBSG.SW) | Equity | -30.30% | 9,128,817 | 1.14% | $46.66 | $30.73 | $425,957,677 | $280,528,546 | -$145,429,131 | -34.14% |
| UnitedHealth Group Inc. (UNH) | Equity | +100% | 1,197,273 | 1.05% | $330.11 | $270.78 | $395,231,790 | $324,197,583 | -$71,034,207 | -17.97% |
| Visa Inc. (V) | Equity | +37.53% | 3,984,205 | 3.73% | $350.71 | $301.42 | $1,397,300,536 | $1,200,899,150 | -$196,401,386 | -14.06% |
| West Pharmaceutical Services Inc. (WST) | Equity | +100% | 295,028 | 0.22% | $275.14 | $250.64 | $81,174,004 | $73,945,818 | -$7,228,186 | -8.90% |