Andreas Halvorsen Top Portfolio Trims: Technology, Financials, and Insurance

Each week, we unpack the latest high-conviction trades from legendary investors — revealing what they’re doubling down on, cutting loose, or quietly walking away from.

In his most recently reported quarter, Andreas Halvorsen — founder of Viking Global Investors and a former “Tiger Cub” under Julian Robertson — made substantial reductions in several technology, financial, and insurance holdings. Known for his deep-dive research and focus on long-term fundamentals, Halvorsen’s sharpest sales this quarter suggest a strategic shift away from certain high-growth and financial names.

Here are the top reductions by percentage change in common stocks:

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METLIFE INC (MET) – ↓98.60% (Insurance / Financials)
Viking almost completely exited this major life insurer, selling nearly 5.9 million shares. Despite MetLife’s strong balance sheet and steady dividends, the exit could signal a broader retreat from interest-rate-sensitive financials.

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LI AUTO INC – ADR (LI) – ↓97.91% (Automotive / EVs)
Halvorsen nearly eliminated his position in this fast-growing Chinese EV manufacturer, selling nearly 4.5 million shares. Though Li Auto has seen rapid delivery growth, geopolitical risks and China’s uncertain macro environment may have prompted the sharp reduction.

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SPOTIFY TECHNOLOGY S.A. (SPOT) – ↓87.54% (Media / Streaming)
More than 1.3 million shares were sold in this leading audio streaming platform. The move may reflect valuation concerns or a reassessment of competitive pressures in the digital subscription space.

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MICROSOFT CORP (MSFT) – ↓71.39% (Technology / Software)
Viking slashed its stake in the software giant by over 1.7 million shares. Despite Microsoft’s continued dominance in AI and enterprise cloud, the trim could represent profit-taking after a strong run-up in the stock.

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JPMORGAN CHASE & CO (JPM) – ↓70.91% (Financials / Banking)
Halvorsen sold nearly 5.3 million shares in America’s largest bank. While JPMorgan remains a pillar of strength, concerns around credit markets and economic headwinds may have influenced the decision.

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TWILIO INC – A (TWLO) – ↓69.52% (Technology / Communications)
Over 580,000 shares were trimmed in this cloud communications platform. The reduction suggests diminishing confidence in Twilio’s growth trajectory or profitability timeline amid competitive pressure and restructuring.

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Our Interpretation of the Sales Strategy

Andreas Halvorsen’s top portfolio reductions span multiple sectors — from financials and insurance to technology, media, and electric vehicles. The magnitude of these sales — half exceeding 85% — indicates decisive capital reallocation, possibly toward higher-conviction opportunities or cash positioning. Whether prompted by macro risks, valuation discipline, or changing sector outlooks, Viking’s latest moves show a clear focus on agility and active risk management.