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James Li
James Li
Articles (1482)  | Author's Website |

Andreas Halvorsen's Top 5 Health Care Positions as of the 3rd Quarter

Viking leader makes slight real-time reduction in Adaptive Biotechnologies

According to current portfolio statistics, a Premium feature of GuruFocus, the top five health care positions in Andreas Halvorsen (Trades, Portfolio)'s equity portfolio as of the third quarter are Adaptive Biotechnologies Corp. (NASDAQ:ADPT), Centene Corp. (NYSE:CNC), BridgeBio Pharma Inc. (NASDAQ:BBIO), Boston Scientific Corp. (NYSE:BSX) and Thermo Fisher Scientific Inc. (NYSE:TMO). This week, Halvorsen revealed a slight reduction to his Adaptive Biotechnologies position according to GuruFocus Real-Time Picks, which is also a Premium feature.

Prior to founding Viking Global in 1999, Halvorsen worked as senior managing director and director of equities at Julian Robertson (Trades, Portfolio)'s Tiger Management. The Norwegian-born investor also worked as an investment banker at Morgan Stanley (NYSE:MS).

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Viking Global employs a research-intensive, long-term focused investment approach. The Greenwich, Connecticut-based firm selects equity investments across industries and geographies based on a thorough assessment of a company's fundamental data, management teams and industry trends.

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As of the third-quarter portfolio filing, Viking Global's $27.68 billion equity portfolio contains 87 stocks with 32 new positions and a turnover ratio 33%. The health care sector occupies 30.30% of the portfolio, down from the second-quarter weight of 32.64%.

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Adaptive Biotechnologies

Viking revealed this week that it owned 29,993,708 shares of Adaptive Biotechnologies as of Dec. 14, down 1 million shares or 3.23% from the Nov. 11 holding of 30,993,708 shares. Shares of the Seattle-based clinical-stage biotech company traded around $55.65 on the day of the transaction.

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According to GuruFocus, Adaptive Biotech's cash-to-debt, equity-to-asset and debt-to-equity ratios outperform over 55% of global competitors, suggesting above-average financial strength.

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Centene

Viking owns 17,445,560 shares of Centene, giving the stake 3.68% equity portfolio weight.

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The St. Louis-based company offers government-sponsored health care plans, including Medicare and Medicaid. GuruFocus ranks Centene's profitability 8 out of 10, driven by a 4.5-star business predictability rank and a three-year revenue growth rate that outperforms over 72% of global competitors. Despite this, profit margins and returns are underperforming over 65% of global companies that provide health care plans.

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Other gurus with holdings in Centene include the Vanguard Health Care Fund (Trades, Portfolio) and Pioneer Investments (Trades, Portfolio).

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BridgeBio Pharma

Viking owns 26,620,991 shares of BridgeBio Pharma, giving the position 3.61% equity portfolio weight.

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The Palo Alto, California-based company develops transformative medicines to treat patients with diseases that arise from defects in a single gene. According to GuruFocus, BridgeBio Pharma's cash-to-debt ratio of 1.47 underperforms 76.73% of global competitors, suggesting low financial strength.

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Boston Scientific

Viking owns 18,829,730 shares of Boston Scientific, giving the stake 2.60% equity portfolio weight.

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GuruFocus ranks the Massachusetts-based medical device company's profitability 6 out of 10: Operating margins are outperforming 63.77% of global competitors despite a three-year revenue growth rate outperforming just over 57% of global medical device companies.

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Thermo Fisher Scientific

Viking owns 1,377,223 shares of Thermo Fisher Scientific, giving the holding 2.20% equity portfolio weight.

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GuruFocus ranks the Waltham, Massachusetts-based medical research company's profitability 9 out of 10 on several positive investing signs, which include a high Piotroski F-score of 8, a five-star business predictability rank and an operating margin that has increased approximately 6.3% per year on average over the past five years and is outperforming over 82% of global competitors.

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Disclosure: The author has no positions in the stocks mentioned. Except for the real-time trade in Adapt Biotech, the mention of trades are as of the third-quarter portfolio filing and do not reflect trades made in October-December.

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About the author:

James Li
I am an editorial researcher at GuruFocus. I have a Master's in Finance from SMU, and I enjoy writing reports on financial trends and investor portfolios. Follow me on Twitter at @JamesLiGuru!

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