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Viking Global Investors LP is an independent hedge fund management firm founded by Andreas O. Halvorsen and David C. Ott. The firm manages over $12 bn in equities in the Viking Global series of hedge funds and the Viking Long Fund LP. The firm has offices in New York, Greenwich, CT and Tokyo, Japan.

Investment Strategy: Viking Global Investors LP is a long/short equity investor that focuses on companies in the financial services, telecommunications, healthcare, media, technology and consumer sectors in regions which include the U.S., Canada, Western Europe, Japan, Asia (ex-Japan) and emerging markets. The firm employs a bottom-up approach in analyzing stocks. Rather than undertaking analysis to explain past performance, Viking Global Investors analyzes its existing portfolio to anticipate future performance. Decision Making Process: Viking Global Investors meets with company management and conducts background checks on key personnel, interview suppliers, customers and competitors. The firm's portfolio managers review the products and services of the company and consult with industry experts.

The following is a list of Viking's top five new buys and position increases in the last quarter, as released in its most recent 13F filing with the SEC:

Top New Buys by Market Value

Company Name

Ticker

Market Value (USD $)

Current Position

Change In Position

Johnson Controls Inc

JCI

493,503,701

11,871,631

11,871,631

Priceline.com Inc

PCLN

459,173,448

906,669

906,669

News Corp-Cl A

NWSA

352,930,806

20,075,700

20,075,700

Viacom Inc-Class B

VIA.B

332,656,984

7,150,838

7,150,838

Wells Fargo & Co

WFC

182,503,734

5,755,400

5,755,400


Top Position Increases by Market Value

Company Name

Ticker

Market Value (USD $)

Current Position

Change In Position

JPMorgan Chase & Co

JPM

386,463,748

10,114,100

8,233,000

Estee Lauder Companies-Cl A

EL

155,603,726

6,910,265

587,224

H&R Block Inc

HRB

155,491,546

16,693,740

6,285,540

Marsh & Mclennan Cos

MMC

134,270,090

7,361,561

4,246,051

Universal Health Services-B

UHS

93,633,454

4,628,877

1,517,883

Here are some of the specifics about these companies, including a brief description of their business, growth expectations (topline and bottomline) and Valuation:

New Buys

Johnson Controls, Inc. is primarily in three businesses: building efficiency, automotive experience and power solutions. Building efficiency delivers integrated control systems, mechanical equipment, services and solutions designed to improve the comfort, safety and energy efficiency of non-residential buildings and residential properties. Automotive experience designs and manufactures interior products and systems (including complete seating systems and components, cockpit systems, overhead systems, floor consoles and door systems) for passenger cars and light trucks. Power solutions services both automotive OEMs and the battery aftermarket by providing advanced battery technology, coupled with systems engineering, marketing and service expertise. Vikings purchased 11,871,631 shares of Johnson Controls last quarter. Johnson Controls' EPS forecast for the current year is $2.45 and next year is $3.26. According to consensus estimates, its topline is expected to grow 15.10% in the current year and 11.90% next year. It is trading at a forward P/E of 11.48. Out of 26 analysts covering the company, 17 are positive and have buy ratings and nine have hold ratings.

Priceline.com Inc. is a global online travel company that offers its customers a range of travel services, including the opportunity to purchase hotel room reservations, car rentals, airline tickets, vacation packages, cruises and destination services in a price-disclosed manner. It also offers its Name Your Own Price service that helps its customers to use the internet to save money by allowing them to make offers for travel services at prices they set, while enabling sellers, which include many of the domestic hotel, airline and rental car companies, to generate revenue. Vikings purchased 906,669 shares of Priceline last quarter. Priceline's EPS forecast for the current year is $20.33 and next year is $26.12. According to consensus estimates, its topline is expected to grow 37.00% in the current year and 22.60% next year. It is trading at a forward P/E of 19.02. Out of 19 analysts covering the company, 14 are positive and have buy ratings, one has a sell rating and four have hold ratings.

News Corporation is a diversified global media company. It has operations in eight segments: Filmed Entertainment, Television, Cable Network Programming, Direct Broadcast Satellite Television, Integrated Marketing Services, Newspapers and Information Services, Book Publishing, and Others. Vikings purchased 20,075,700 shares of News Corporation last quarter. News Corporation's EPS forecast for the current year is $1.12 and next year is $1.34. According to consensus estimates, its topline is expected to grow 0.20% in the current year and 5.70% next year. It is trading at a forward P/E of 12.68. Out of 22 analysts covering the company, 16 are positive and have buy ratings and six have hold ratings.

Viacom Inc. is an entertainment content company. The company engages audiences on television, motion picture, Internet and mobile platforms through many of the world's entertainment brands. It manages its operations through two reporting segments: Media Networks and Filmed Entertainment. Its Media Networks segment provides entertainment content for consumers in demographics attractive to advertisers, content distributors and retailers. Its Filmed Entertainment segment produces, finances and distributes motion pictures and other entertainment content under the Paramount Pictures, Paramount Vantage, Paramount Classics, MTV Films and Nickelodeon Movies brands. Vikings purchased 7,150,838 shares of Viacom last quarter. Viacom's EPS forecast for the current year is $3.61 and next year is $4.13. According to consensus estimates, its topline is expected to grow 6.50% in the current year and 4.10% next year. Out of 29 analysts covering the company, 22 are positive and have buy ratings and seven have hold ratings.

Wells Fargo & Company is a diversified financial services company. The company provides banking, insurance, investments, mortgage banking, investment banking, retail banking, brokerage, and consumer finance through banking stores, the Internet and other distribution channels to consumers, businesses and institutions in 50 states, the District of Columbia, and in other countries. The company operates in three segments: Community Banking, Wholesale Banking, and Wealth, Brokerage and Retirement. Vikings purchased 5,755,400 shares of Wells Fargo last quarter. Well's EPS forecast for the current year is $2.77 and next year is $3.45. According to consensus estimates, its topline is expected to decline 4.00% in the current year and grow 4.30% next year. It is trading at a forward P/E of 7.98. Out of 31 analysts covering the company, 19 are positive and have buy ratings, two have sell ratings and 10 have hold ratings.

Position Increases

JPMorgan Chase & Co. is a financial holding company. The company's activities are organized into six business segments: Investment Bank, Retail Financial Services, Card Services, Commercial Banking, Treasury & Securities Services and Asset Management. Vikings purchased 8,233,000 shares of JPMorgan last quarter and now holds a total of 10,114,100 shares. JP Morgan's EPS forecast for the current year is $4.94 and next year is $5.66. According to consensus estimates, its topline is expected to decline 3.60% in the current year and grow 4.50% next year. It is trading at a forward P/E of 7.38. Out of 31 analysts covering the company, 28 are positive and have buy ratings and three have hold ratings.

The Estee Lauder Companies Inc. is a manufacturer and marketer of skin care, makeup, fragrance and hair care products. Its products are sold in over 150 countries and territories under a number of brand names, including Estee Lauder, Aramis, Clinique, Origins, MzAzC, Bobbi Brown, La Mer and Aveda. It is also the global licensee for fragrances and/or cosmetics sold under brand names, such as Tommy Hilfiger, Donna Karan, Michael Kors, Sean John and Coach. Vikings purchased 587,224 shares of Estee Lauder last quarter and now holds a total of 6,910,265 shares. Estee Lauder's EPS forecast for the current year is $3.67 and next year is $4.35. According to consensus estimates, its topline is expected to grow 12.10% in the current year and 7.70% next year. It is trading at a forward P/E of 22.73. Out of 19 analysts covering the company, eight are positive and have buy ratings, one has a sell rating and 10 have hold ratings.

H&R Block, Inc. has subsidiaries that provide tax, banking, and business and consulting services. Vikings purchased 6,285,540 shares of H&R Block last quarter and now holds a total of 16,693,740 shares. H&R Block's EPS forecast for the current year is $1.39 and next year is $1.61. According to consensus estimates, its topline is expected to decline 2.70% in the current year and grow 2.30% next year. It is trading at a forward P/E of 10.39. Out of 11 analysts covering the company, four are positive and have buy ratings and seven have hold ratings.

Marsh & McLennan Companies, Inc. is a global professional services firm providing advice and solutions in the areas of risk, strategy and human capital. It is the parent company of a number of risk experts and specialty consultants, including Marsh, the insurance broker, intermediary and risk advisor; Guy Carpenter, the risk and reinsurance specialist; Mercer, the provider of human resources and related financial advice and services, and Oliver Wyman Group, the management and economic consultancy. Vikings purchased 4,246,051 shares of Marsh & McLennan last quarter and now holds a total of 7,361,561 shares. Marsh & McLennan's EPS forecast for the current year is $1.86 and next year is $2.14. According to consensus estimates, its topline is expected to grow 7.50% in the current year and 5.80% next year. It is trading at a forward P/E of 13.96. Out of 19 analysts covering the company, nine are positive and have buy ratings and 10 have hold ratings.

Universal Health Services, Inc., through its subsidiaries, owns and operates acute care hospitals, behavioral health centers, surgical hospitals, ambulatory surgery centers and radiation oncology centers. Vikings purchased 1,517,883 shares of Universal Health last quarter and now holds a total of 4,628,877 shares. Universal Health's EPS forecast for the current year is $3.96 and next year is $4.45. According to consensus estimates, its topline is expected to grow 37.00% in the current year and 4.80% next year. It is trading at a forward P/E of 11.95. Out of 21 analysts covering the company, 15 are positive and have buy ratings and six have hold ratings.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Source: Top Buys of Viking Global Investors LP