Billionaire Investor Ole Andreas Halvorsen Sold His Hedge Fund's Entire Stake in Nike, Netflix, and Meta and Bought 3 Insurance Stocks Instead

Core Viewpoint - Viking Global Investors, led by Ole Andreas Halvorsen, made significant portfolio changes in Q4 2025, exiting positions in Nike, Netflix, and Meta Platforms while investing in insurance stocks [2][3][12]. Group 1: Exited Positions - Viking sold its stakes in Nike, Netflix, and Meta, which collectively represented about 5% of the fund's capital [5]. - Nike has been struggling with competition in the luxury apparel market and a turnaround plan that is taking longer than expected, compounded by tariffs [6][7]. - Netflix is engaged in a competitive acquisition battle for Warner Bros. Discovery assets, facing investor skepticism regarding its acquisition strategy [8][10]. - Meta's stock performance has been hindered by concerns over its AI-related expenditures and competition from platforms like TikTok [11]. Group 2: New Investments in Insurance - Viking initiated positions in UnitedHealth Group, Chubb, and Progressive, each valued between $300 million and $400 million at the end of 2025 [12]. - UnitedHealth Group, the largest healthcare insurer in the U.S., is facing challenges such as declining Medicare Advantage membership and projected revenue decline in 2026, yet it has pricing power to mitigate these issues [14][16]. - Progressive, a major property and casualty insurer, is trading at under 13 times forward earnings, making it an attractive option for long-term investors despite expected market softness [17]. - Chubb, specializing in high-value insurance, is coming off a strong year with guidance for double-digit earnings growth, trading at 12.4 times forward earnings, although it has reduced exposure to wildfire risks [18].