Investors look to the recent moves of billionaires for one clear reason: They've demonstrated their knowledge of the stock market by choosing many winning investments over the years. But how do we learn about these investing experts' recent decisions? Each quarter, managers of more than $100 million must declare their trades to the Securities and Exchange Commission on Form 13F. These forms allow us to check out the moves and potentially gain investing inspiration.
In the most recent quarter, billionaire Ole Andreas Halvorsen made a move that could interest investors looking for companies that have experienced tough times -- but may have a bright future ahead. Halvorsen, who oversees $37 billion in 13F securities at Viking Global Investors, has a well-diversified portfolio, with holdings across industries from technology to financials and healthcare. Early in his career, he worked at Tiger Management, one of the world's first hedge funds, and he's now known as one of the "Tiger cubs," who went on to create their own funds.
Now, let's check out the two recovery story stocks Halvorsen bought and see if they're right for you.
Image source: Getty Images.
Leaders in their fields
Halvorsen opened many positions across industries in the fourth quarter of 2025, allowing him to add diversification to the portfolio. And two that stand out are his purchases of industry leaders that have faced headwinds in recent times. I'm talking about Carnival (CCL 7.89%) (CUK 7.72%), the world's biggest cruise operator, and UnitedHealth Group (UNH 2.78%), the No. 1 U.S. health insurer.
Here are the details:
- Halvorsen bought 14,061,827 shares of Carnival, and that position now accounts for more than 1.1% of the portfolio.
- The billionaire bought 1,197,273 shares of UnitedHealth, representing 1% of his portfolio.
Let's take a closer look at each.
Carnival has climbed more than 30% over the past year, but the cruising giant is still well below its historic highs.
The company saw profit shift to a loss and debt balloon just a few years ago, during the early days of the pandemic, as it had to temporarily halt its cruises. Since, the company has made tremendous progress, recovering and returning to growth. For example, in the latest fiscal year, Carnival reached record levels of revenue and operating income, and demand for cruises is soaring, as we can see through advanced bookings.
A low-risk recovery story
Though Carnival has traveled quite a way along its recovery path, it's still working to pay down debt, and shares look reasonably priced at 12x forward earnings estimates. So I would still consider the cruising giant as a great recovery story buy -- but accompanied by less risk than a year or so ago.
UnitedHealth isn't as far along in its recovery story as Carnival. The health insurance giant faced several challenges over the past year, from higher-than-predicted healthcare costs to the launch of a probe into its Medicare billing practices. The healthcare costs, as well as other factors, such as increased use of care, weighed on earnings in the latest quarters. And this has hurt stock performance, pushing the shares to a 40% decline over one year.
NYSE: UNH
Key Data Points
But UnitedHealth has taken aggressive steps to turn things around, from cutting certain plans to adjusting prices, and even using artificial intelligence (AI) to gain efficiency. The company calls this year one of "focus and execution" to spur long-term growth.
Like Carnival, UnitedHealth looks cheap at its current valuation. The healthcare player trades for 15x forward earnings estimates.
So, should you follow billionaire Halvorsen into these recovery stocks? Your choice depends on your comfort with risk. As mentioned, Carnival is farther along in its recovery story, and today it's even shifted into a new stage, delivering significant growth. This player may be the best choice for cautious investors.
If you don't mind a bit more risk, though, you might consider UnitedHealth as it's earlier in the turnaround process -- and if it delivers progress, early investors such as Halvorsen may win this recovery story bet.
