Billionaire Andreas Halvorsen Loads Up On Chewy — Is Smart Money Calling A CHWY Bottom?

When a hedge fund adds aggressively into a falling stock, it's rarely about momentum — it's about conviction. That's what's drawing attention to Chewy Inc (NYSE:CHWY), after Viking Global Investors, led by Andreas Halvorsen, sharply increased its position.

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Viking boosted its stake in Chewy by nearly 147% on Dec. 18, 2025, adding more than 8 million shares and bringing total ownership to roughly 13.5 million shares, valued at around $437 million. While the position represents just over 1% of Viking's portfolio, the scale of the add is notable — especially given Chewy's recent stock performance.

Read Also: Chewy’s Customer Growth Accelerates Ahead Of Q3 — JPMorgan Expects Upside

Why Buy As The Stock Slides

Chewy shares have struggled, down double digits over the past year and trading closer to their 52-week lows than highs. For many investors, that's a red flag. For long-term funds like Viking, it can be an entry point.

This move suggests Viking sees a disconnect between Chewy's stock price and the durability of its core business — particularly its subscription-heavy revenue model and entrenched position in pet e-commerce.

What The Smart Money May Be Betting On

Chewy continues to generate predictable demand driven by recurring pet needs, even as discretionary spending softens. That stability often appeals to funds willing to look past near-term margin pressure or growth deceleration.

Viking's average buy price sits above current levels, reinforcing the idea that this isn't a quick trade — it's a multi-quarter bet that fundamentals stabilize and sentiment improves.

The Risks Are Still Real

Chewy's challenges haven't disappeared. Competitive pricing, logistics costs, and a cautious consumer continue to weigh on profitability. The stock's weak recent performance shows the market remains unconvinced.

Big hedge-fund buying doesn't eliminate execution risk — and Chewy still needs to prove it can translate scale into consistent earnings leverage.

Why It Matters

Viking's aggressive accumulation signals rising confidence that Chewy's downside may be limited at current levels.

For investors, it frames Chewy as a smart-money accumulation story, not a momentum trade — one where patience, not headlines, will determine the outcome.

Read Next:

• Carvana’s S&P 500 Jump Delivers Over $500 Million Windfall To Viking And Coatue

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