Investor: Andreas Halvorsen
Number of Assets: 78
Reporting Period: Q3 - 2025
Holdings at Report: $38,504,949,476
Return Since Report: +$494,508,038
Return Since Report: +1.28%
Company | Position | Activity | Shares | Port. % | Rep. Price | Curr. Price | Rep. Value | Curr. Value | Return Value | Return % |
|---|---|---|---|---|---|---|---|---|---|---|
| Aon PLC (AON) | Equity | +100% | 1,414,618 | 1.31% | $356.58 | $351.83 | $504,424,486 | $497,697,978 | -$6,726,508 | -1.33% |
| Acuren Corp (TIC) | Equity | 0% | 34,360,000 | 1.19% | $13.31 | $10.58 | $457,331,600 | $363,357,000 | -$93,974,600 | -20.55% |
| Draftkings Inc. (DKNG) | Equity | +100% | 15,003,351 | 1.46% | $37.40 | $35.54 | $561,125,327 | $533,219,095 | -$27,906,232 | -4.97% |
| Amer Sports Inc. (AS) | Equity | +63.46% | 6,343,481 | 0.57% | $34.75 | $38.05 | $220,435,965 | $241,369,452 | +$20,933,487 | +9.50% |
| Biomarin Pharmaceutical Inc. (BMRN) | Equity | -32.28% | 8,322,179 | 1.17% | $54.16 | $52.74 | $450,729,215 | $438,911,720 | -$11,817,495 | -2.62% |
| Celestica Inc. (CLS) | Equity | +100% | 1,722,780 | 1.10% | $246.38 | $309.90 | $424,458,536 | $533,889,522 | +$109,430,986 | +25.78% |
| Csx Corp. (CSX) | Equity | -15.49% | 15,947,719 | 1.47% | $35.51 | $37.21 | $566,303,502 | $593,414,624 | +$27,111,122 | +4.79% |
| JP Morgan Chase & Co. (JPM) | Equity | +25.16% | 5,059,060 | 4.14% | $315.43 | $317.26 | $1,595,779,296 | $1,605,037,376 | +$9,258,080 | +0.58% |
| Meta Platforms Inc. (META) | Equity | +249.91% | 929,003 | 1.77% | $734.38 | $646.63 | $682,241,223 | $600,721,210 | -$81,520,013 | -11.95% |
| Nike Inc. (NKE) | Equity | +29.13% | 8,996,579 | 1.63% | $69.73 | $67.41 | $627,331,454 | $606,414,407 | -$20,917,047 | -3.33% |
| Pharvaris N.V. (PHVS) | Equity | 0% | 3,653,310 | 0.24% | $24.95 | $24.25 | $91,150,085 | $88,592,768 | -$2,557,317 | -2.81% |
| Taiwan Semiconductor Manufacturing Company Limited (TSM) | Equity | -8.89% | 3,944,366 | 2.86% | $279.29 | $294.28 | $1,101,621,980 | $1,160,748,026 | +$59,126,046 | +5.37% |
| Trevi Therapeutics Inc. (TRVI) | Equity | +232.40% | 5,128,875 | 0.12% | $9.15 | $12.99 | $46,929,206 | $66,598,442 | +$19,669,236 | +41.91% |
| The Boeing Company (BA) | Equity | +6.19% | 3,010,551 | 1.69% | $215.83 | $204.36 | $649,767,222 | $615,236,202 | -$34,531,020 | -5.31% |
| Roivant Sciences Ltd. (ROIV) | Equity | -31.09% | 23,594,831 | 0.93% | $15.13 | $22.10 | $356,989,793 | $521,445,765 | +$164,455,972 | +46.07% |
| General Motors Company (GM) | Equity | +0.06% | 13,027,139 | 2.06% | $60.97 | $81.10 | $794,264,665 | $1,056,500,973 | +$262,236,308 | +33.02% |
| Regal Rexnord Corp. (RRX) | Equity | -8.95% | 3,123,262 | 1.16% | $143.44 | $150.26 | $448,000,701 | $469,301,348 | +$21,300,647 | +4.75% |
| Tesla Inc. (TSLA) | Equity | +46.30% | 1,609,828 | 1.86% | $444.72 | $451.57 | $715,922,708 | $726,950,030 | +$11,027,322 | +1.54% |
| UBS Group AG (UBSG.SW) | Equity | +407.54% | 13,096,560 | 1.39% | $40.84 | $34.33 | $534,852,290 | $449,604,905 | -$85,247,385 | -15.94% |
| Air Products And Chemicals Inc. (APD) | Equity | +70.23% | 3,667,119 | 2.60% | $272.72 | $241.31 | $1,000,096,694 | $884,908,819 | -$115,187,875 | -11.52% |
| Bank Of America Corp. (BAC) | Equity | -63.20% | 11,500,290 | 1.54% | $51.59 | $55.00 | $593,299,961 | $632,458,449 | +$39,158,488 | +6.60% |
| CBRE Group Inc. (CBRE) | Equity | +100% | 1,210,004 | 0.50% | $157.56 | $159.16 | $190,648,230 | $192,584,237 | +$1,936,007 | +1.02% |
| Costar Group Inc. (CSGP) | Equity | -42.53% | 1,849,729 | 0.41% | $84.37 | $68.35 | $156,061,636 | $126,428,977 | -$29,632,659 | -18.99% |
| The Walt Disney Company (DIS) | Equity | +78.69% | 10,449,711 | 3.11% | $114.50 | $111.35 | $1,196,491,910 | $1,163,575,320 | -$32,916,590 | -2.75% |
| HCA Healthcare Inc. (HCA) | Equity | -26.26% | 1,380,583 | 1.53% | $426.20 | $481.47 | $588,404,475 | $664,709,297 | +$76,304,822 | +12.97% |
| Johnson Controls International PLC (JCI) | Equity | +368.49% | 6,796,942 | 1.94% | $109.95 | $114.64 | $747,323,773 | $779,201,431 | +$31,877,658 | +4.27% |
| Mcdonald'S Corp. (MCD) | Equity | +7.98% | 3,374,875 | 2.66% | $303.89 | $316.92 | $1,025,590,764 | $1,069,565,385 | +$43,974,621 | +4.29% |
| Newamsterdam Pharma Company N.V. (NAMS) | Equity | -7.21% | 6,475,534 | 0.48% | $28.44 | $36.77 | $184,164,187 | $238,105,385 | +$53,941,198 | +29.29% |
| Ralliant corp | Equity | -4.18% | 5,082,472 | 0.58% | $43.73 | $0.00 | $222,256,501 | $0 | -$222,256,501 | -100% |
| The Sherwin-Williams Company (SHW) | Equity | +47.16% | 2,881,091 | 2.59% | $346.26 | $328.26 | $997,606,570 | $945,746,932 | -$51,859,638 | -5.20% |
| T-Mobile Us Inc. (TMUS) | Equity | +14.66% | 3,262,466 | 2.03% | $239.38 | $195.14 | $780,969,111 | $636,621,303 | -$144,347,808 | -18.48% |
| Bridgebio Pharma Inc. (BBIO) | Equity | -13.89% | 15,977,849 | 2.16% | $51.94 | $74.45 | $829,889,477 | $1,189,550,858 | +$359,661,381 | +43.34% |
| First Solar Inc. (FSLR) | Equity | -66.11% | 767,996 | 0.44% | $220.53 | $257.71 | $169,366,158 | $197,920,249 | +$28,554,091 | +16.86% |
| Ryan Specialty Holdings Inc. (RYAN) | Equity | +36.96% | 1,934,957 | 0.28% | $56.36 | $52.14 | $109,054,177 | $100,888,658 | -$8,165,519 | -7.49% |
| Adaptive Biotechnologies Corp. (ADPT) | Equity | 0% | 29,993,708 | 1.17% | $14.96 | $15.25 | $448,705,872 | $457,404,047 | +$8,698,175 | +1.94% |
| API Group Corp. (APG) | Equity | +6.66% | 12,306,277 | 1.10% | $34.37 | $39.50 | $422,966,740 | $486,097,942 | +$63,131,202 | +14.93% |
| Capital One Financial Corp. (COF) | Equity | +30.28% | 7,388,506 | 4.08% | $212.58 | $237.02 | $1,570,648,605 | $1,751,201,527 | +$180,552,922 | +11.50% |
| Chewy Inc. (CHWY) | Equity | +100% | 5,483,690 | 0.58% | $40.45 | $33.13 | $221,815,261 | $181,674,650 | -$40,140,611 | -18.10% |
| Deckers Outdoor Corp. (DECK) | Equity | +100% | 1,726,926 | 0.45% | $101.37 | $102.08 | $175,058,489 | $176,275,971 | +$1,217,482 | +0.70% |
| Edwards Lifesciences Corp. (EW) | Equity | +100% | 3,069,151 | 0.62% | $77.77 | $83.55 | $238,687,873 | $256,412,220 | +$17,724,347 | +7.43% |
| Integer Holdings Corp. (ITGR) | Equity | -20.17% | 1,024,942 | 0.28% | $103.33 | $73.07 | $105,907,257 | $74,892,512 | -$31,014,745 | -29.28% |
| Maplebear Inc. (CART) | Equity | -77.81% | 832,857 | 0.08% | $36.76 | $45.00 | $30,615,823 | $37,474,401 | +$6,858,578 | +22.40% |
| Mid-America Apartment Communities Inc. (MAA) | Equity | +100% | 2,645,082 | 0.96% | $139.73 | $131.75 | $369,597,308 | $348,476,328 | -$21,120,980 | -5.71% |
| Oruka Therapeutics Inc. (ORKA) | Equity | +100% | 2,666,690 | 0.13% | $19.23 | $30.47 | $51,280,449 | $81,254,044 | +$29,973,595 | +58.45% |
| The Pnc Financial Services Group Inc. (PNC) | Equity | +234.93% | 7,956,766 | 4.15% | $200.93 | $211.33 | $1,598,752,992 | $1,681,495,402 | +$82,742,410 | +5.18% |
| The Charles Schwab Corp. (SCHW) | Equity | +5.13% | 16,583,101 | 4.11% | $95.47 | $95.70 | $1,583,188,652 | $1,587,002,766 | +$3,814,114 | +0.24% |
| Standard Biotools Inc. (LAB) | Equity | 0% | 58,651,170 | 0.20% | $1.30 | $1.46 | $76,246,521 | $85,630,708 | +$9,384,187 | +12.31% |
| Visa Inc. (V) | Equity | +78.75% | 2,897,030 | 2.57% | $341.38 | $347.47 | $988,988,101 | $1,006,631,014 | +$17,642,913 | +1.78% |
| Advanced Micro Devices Inc. (AMD) | Equity | +118.85% | 4,181,269 | 1.76% | $161.79 | $210.93 | $676,487,512 | $881,963,433 | +$205,475,921 | +30.37% |
| Applovin Corp. (APP) | Equity | -56.42% | 162,525 | 0.30% | $718.54 | $681.46 | $116,780,714 | $110,754,287 | -$6,026,428 | -5.16% |
| Carvana Co. (CVNA) | Equity | +94.92% | 2,101,241 | 2.06% | $377.24 | $464.78 | $792,672,155 | $976,614,792 | +$183,942,637 | +23.21% |
| Chipotle Mexican Grill Inc. (CMG) | Equity | +16.67% | 6,636,563 | 0.68% | $39.19 | $36.23 | $260,086,904 | $240,409,495 | -$19,677,409 | -7.57% |
| Deutsche Bank Aktiengesellschaft (DBK.DE) | Equity | +100% | 6,102,855 | 0.56% | $35.16 | $31.59 | $214,593,455 | $192,789,189 | -$21,804,266 | -10.16% |
| Ginkgo Bioworks Holdings Inc. (DNA) | Equity | 0% | 3,577,128 | 0.14% | $14.58 | $9.45 | $52,154,526 | $33,785,974 | -$18,368,552 | -35.22% |
| Intuit Inc. (INTU) | Equity | +100% | 264,136 | 0.47% | $682.91 | $669.19 | $180,381,116 | $176,757,170 | -$3,623,946 | -2.01% |
| Masimo Corp. (MASI) | Equity | +39.87% | 1,073,433 | 0.41% | $147.55 | $138.62 | $158,385,039 | $148,793,915 | -$9,591,124 | -6.06% |
| Netflix Inc. (NFLX) | Equity | +100% | 500,812 | 1.56% | $1,198.92 | $95.63 | $600,433,523 | $47,892,652 | -$552,540,871 | -92.02% |
| Primo Brands Corp. (PRMB) | Equity | +17.51% | 23,033,970 | 1.32% | $22.10 | $16.25 | $509,050,737 | $374,186,843 | -$134,863,894 | -26.49% |
| Sea Limited (SE) | Equity | -14.07% | 3,039,203 | 1.41% | $178.73 | $123.98 | $543,196,752 | $376,800,388 | -$166,396,364 | -30.63% |
| Stubhub Hldgs INC | Equity | +100% | 2,040,816 | 0.09% | $16.84 | N/A | $34,367,341 | N/A | N/A | N/A |
| Boston Scientific Corp. (BSX) | Equity | -13.27% | 2,641,682 | 0.67% | $97.63 | $91.95 | $257,907,414 | $242,889,451 | -$15,017,963 | -5.82% |
| Establishment Labs Holdings Inc. (ESTA) | Equity | 0% | 343,465 | 0.04% | $40.99 | $72.52 | $14,078,630 | $24,906,364 | +$10,827,734 | +76.91% |
| Pepgen Inc. (PEPG) | Equity | +134.91% | 3,482,434 | 0.04% | $4.62 | $5.74 | $16,088,845 | $19,971,759 | +$3,882,914 | +24.13% |
| Ross Stores Inc. (ROST) | Equity | -57.37% | 2,023,868 | 0.80% | $152.39 | $183.29 | $308,417,245 | $370,954,766 | +$62,537,521 | +20.28% |
| Teva Pharmaceutical Industries Limited (TEVA) | Equity | -78.32% | 2,532,119 | 0.13% | $20.20 | $29.82 | $51,148,804 | $75,495,128 | +$24,346,324 | +47.60% |
| Blackrock Inc. (BLK) | Equity | +217.52% | 619,492 | 1.88% | $1,165.87 | $1,085.92 | $722,247,138 | $672,715,655 | -$49,531,483 | -6.86% |
| Camden Property Trust (CPT) | Equity | +41.63% | 3,846,740 | 1.07% | $106.78 | $103.79 | $410,754,897 | $399,253,145 | -$11,501,752 | -2.80% |
| Cencora Inc. (COR) | Equity | -14.58% | 1,778,135 | 1.44% | $312.53 | $346.40 | $555,720,532 | $615,945,964 | +$60,225,432 | +10.84% |
| Danaher Corp. (DHR) | Equity | -5.37% | 2,751,245 | 1.42% | $198.26 | $227.51 | $545,461,834 | $625,921,994 | +$80,460,160 | +14.75% |
| KKR & Co. Inc. (KKR) | Equity | +100% | 2,709,024 | 0.91% | $129.95 | $136.61 | $352,037,669 | $370,079,769 | +$18,042,100 | +5.13% |
| Microsoft Corp. (MSFT) | Equity | +100% | 2,429,412 | 3.27% | $517.95 | $478.84 | $1,258,313,945 | $1,163,299,642 | -$95,014,303 | -7.55% |
| Oric Pharmaceuticals Inc. (ORIC) | Equity | 0% | 6,572,700 | 0.20% | $12.00 | $9.48 | $78,872,400 | $62,309,196 | -$16,563,204 | -21.00% |
| Philip Morris International Inc. (PM) | Equity | +28.14% | 4,426,128 | 1.86% | $162.20 | $152.73 | $717,917,962 | $675,980,399 | -$41,937,563 | -5.84% |
| Saia Inc. (SAIA) | Equity | +67.21% | 1,383,888 | 1.08% | $299.36 | $339.97 | $414,280,712 | $470,480,403 | +$56,199,691 | +13.57% |
| Fortive Corp. (FTV) | Equity | +28.73% | 20,483,680 | 2.61% | $48.99 | $54.96 | $1,003,495,483 | $1,125,783,053 | +$122,287,570 | +12.19% |
| Inhibrx Biosciences Inc. (INBX) | Equity | 0% | 1,787,705 | 0.16% | $33.68 | $81.58 | $60,209,904 | $145,840,974 | +$85,631,070 | +142.22% |
| Rallybio Corp. (RLYB) | Equity | 0% | 4,194,777 | 0.01% | $0.50 | $0.74 | $2,093,194 | $3,104,135 | +$1,010,941 | +48.30% |
| Sionna Therapeutics Inc. (SION) | Equity | 0% | 3,195,181 | 0.24% | $29.41 | $42.63 | $93,970,273 | $136,210,566 | +$42,240,293 | +44.95% |