Billionaire Andreas Halvorsen’s Viking Global Portfolio: 5 New Stock Picks

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1. Otis Worldwide Corporation (NYSE:OTIS)

Number of Hedge Fund Holders: 43

Otis Worldwide Corporation (NYSE:OTIS) manufactures, installs, and services elevators and escalators in the United States, China, and internationally. Billionaire Andreas Halvorsen added Otis Worldwide Corporation (NYSE:OTIS) to his Q1 portfolio by purchasing 3.5 million shares worth $272.2 million, representing 1.10% of the total 13F holdings. 

On May 24, Barclays analyst Julian Mitchell upgraded Otis Worldwide Corporation (NYSE:OTIS) to Overweight from Equal Weight with a price target of $82, up from $80. The analyst is changing preferences in the multi-industry sector and observed that Otis Worldwide Corporation (NYSE:OTIS) counts among the most attractive stocks in case of a recession.

According to Insider Monkey’s database, 43 hedge funds were bullish on Otis Worldwide Corporation (NYSE:OTIS) at the end of March 2022, compared to 38 funds in the last quarter. Alkeon Capital Management is a notable shareholder of the company, with 4.25 million shares worth over $128 million. 

Here is what VGI Partners has to say about Otis Worldwide Corporation (NYSE:OTIS) in its Q4 2021 investor letter:

“We also exited some core holdings during the year. We sold our OTIS position, which has been a strong performer but decided to exit based on valuation coupled with a deteriorating outlook for construction in China. China represents almost 20% of OTIS revenue but an even higher proportion of future growth; in recent months we have started to see some of these concerns play out with multiple signs pointing to a prolonged slowdown in China property construction.”

Click to continue reading and see Top 9 Stocks Billionaire Larry Robbins Just Added to His Portfolio and 10 Consumer Technology Stocks to Invest In According to Ken Fisher’s Fisher Asset Management.

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