Viking Fund Management’s 13F Filing Reveals Energy Sector Shifts and Top Holdings
The latest 13F filing from Viking Fund Management offers a glimpse into the fund’s investment strategy during the third quarter, showcasing a dynamic shift in its energy sector holdings. The filing, a quarterly disclosure of U.S.-based institutional investors’ equity holdings, reveals both notable exits and new additions to the fund’s portfolio.
Exiting Oil Companies Ahead of Election
Viking Fund Management took a bold step in the third quarter by completely selling out of eight stocks, including several major oil companies. This move comes in the midst of increasing focus on climate change and energy transition, particularly ahead of the 2024 election. The exited positions include:
* Marathon Oil (MRO)
* Shell PLC (SHEL)
* SM Energy Company (SM)
* Southern Copper Corporation (SCCO)
* Sociedad Quimica y Minera (SQM)
* Murphy USA (MUSA)
* Sanofi SA (SNY)
* Cactus Inc (WHD)
New Energy Investments and Other Strategic Moves
Despite exiting some oil giants, Viking Fund Management did not abandon the energy sector entirely. The fund added several new energy names to its portfolio in the third quarter, demonstrating a continued interest in the evolving landscape of the industry. The new positions, ranked by dollar value at the end of the quarter, are:
* Kodiak Gas Services (KGS)
* EQT Corporation (EQT)
* HF Sinclair Corporation (DINO)
* Weatherford International (WFRD)
* NRG Energy (NRG)
* Vertiv Holdings (VRT)
* Chart Industries (GTLS)
* Vistra Corp (VST)
* United Microelectronics (UMC)
* Eversource Energy (ES)
* Portland General Electric (POR)
* Restaurant Brands International (QSR)
* Nutrien (NTR.TO – Canada)
Significant Position Changes
The fund also made significant adjustments to its existing positions, both increasing and decreasing its stakes in various companies. The most notable additions to existing holdings include:
* Civitas Resources (CIVI) – +16,900% increase
* Broadcom Inc (AVGO) – +882% increase
* LyondellBassell Industries (LYB) – +400% increase
* Rio Tinto PLC (RIO) – +386% increase
* Dow Corp (DOW) – +200% increase
On the other hand, the fund significantly reduced its holdings in:
* Texas Pacific Land (TPL) – -60% decrease
* Tesla Inc (TSLA) – -50% decrease
* Haliburton Company (HAL) – -40% decrease
* ExxonMobil (XOM) – -36% decrease
* Ovintiv (OVV.TO – Canada) – -33% decrease
Top Holdings and Strategic Focus
At the end of the third quarter, Viking Fund Management’s top holdings by dollar value and percentage of the fund were:
1. Broadcom: $27.96 million, 4.5%
2. AbbVie Inc (ABBV): $24.88 million, 4.0%
3. NextEra Energy (NEE): $22.65 million, 3.7%
4. Entergy Corporation (ETR): $16.27 million, 2.6%
5. BlackRock Inc (BLK): $14.24 million, 2.3%
The fund’s significant investment in Broadcom, which remains its largest holding, suggests a focus on technology and semiconductor markets. The sale of several oil stocks, coupled with the new positions in energy names, points to a strategic shift towards a more diverse energy portfolio, likely driven by factors such as renewable energy growth and evolving regulatory landscapes.
