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Regardless of broad issues surrounding the well being of regional banks, Ole Andreas Halvorsen’s Viking World purchased into one key title within the sector within the fourth quarter. Viking World constructed a stake price greater than $400 million in Minneapolis-based U.S. Bancorp within the ultimate three-month interval of 2023, regulatory fillings present . The transfer got here close to the tip of a turbulent yr for regional banks after the shuttering of Silicon Valley Financial institution , First Republic Financial institution and Signature Financial institution led buyers to query the regionals’ enterprise mannequin. Shares of U.S. Bancorp climbed greater than 30% within the fourth quarter, however the stovck nonetheless ended the yr down about 1%. U.S. Bancorp has misplaced 5.2% since 2024 started. USB 1Y mountain U.S. Bancorp, 1-year Nonetheless, the acquisition gives a vote of confidence in U.S. Bancorp. The SPDR S & P Regional Banking ETF (KRE) ended 2023 down greater than 10% and has misplaced one other 9% within the new yr. The sector took a success this yr following New York Bancorp ‘s dismal fourth quarter earnings , which confirmed a loss, a big reserve in opposition to weaker future credit and slashed the dividend. Halvorsen, who based Viking in 1999 after working underneath the late Julian Robertson at Tiger Administration, additionally joined different hedge fund managers in altering up expertise holdings on the finish of a powerful yr. He opened new stakes in Google father or mother Alphabet and Superior Micro Gadgets . He lowered positions in Amazon and Meta , although the latter was nonetheless in his high 5 largest holdings by worth, in line with InsiderScore. Halvorsen went even additional and zeroed out stakes in Microsoft and Arm Holdings , the British chip and software program designer that went public final September. Past tech, Viking elevated holdings in Progressive and Mastercard by greater than 400% and 290%, respectively. With the rise, Progressive was the fund’s eighth largest place. Halvorsen additionally created new stakes in Deere , CBOE and Lamb Weston . However the 63-year-old Halvorsen additionally slashed Viking’s holdings in PPG and Common Electrical , whereas solely closing out Lululemon , Colgate-Palmolive and Greenback Common .
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