Viking Global Investors LP 13F holdings and portfolio analysis

Following Baseline means accepting the manager's disclosed sizing almost directly. Here that means broadly spread position sizing: top 5 21.73%, top 10 37.68%, top 20 60.10%, with MSFT 4.74%, PNC 4.64%, V 4.25%, SCHW 4.22%, DIS 3.88%, APD 3.60%. The baseline result is return 14.98%, alpha 3.66%, beta 0.83, Sharpe 0.94, Sortino 1.14, max drawdown -28.25%. That is the right reference case, but it is not automatically the safest case because the largest names and sector mix (Financials 24.76%, Consumer Discretionary 21.30%, Industrials 15.34%, Health Care 10.09%) still dominate the realized path.

The period rows show the character of the baseline. The strongest relative period was 2025-09-30 (4.12% vs SPY 1.49%, excess 2.63%, turnover 59.91%); the weakest was 2025-03-31 (4.77% vs SPY 9.22%, excess -4.45%, turnover 61.76%). The latest rows (2025-03-31 (4.77% vs SPY 9.22%, excess -4.45%, turnover 61.76%); 2025-06-30 (1.36% vs SPY 4.20%, excess -2.84%, turnover 59.71%); 2025-09-30 (4.12% vs SPY 1.49%, excess 2.63%, turnover 59.91%)) show whether recent results are confirming or reversing the long-term profile.

Before accepting Baseline, I would inspect three things: whether MSFT 4.74%, PNC 4.64%, V 4.25%, SCHW 4.22% still have current theses, whether recent changes such as no large named moves and no large named moves indicate a shift, and whether max drawdown of -28.25% is acceptable for the user's risk budget.