Danske Bank A/S

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 19, 2025), Danske Bank A/S reported 1,472 stock positions worth $40.2 billion. Its top holding was Nvidia (NVDA) at 7.9% of the portfolio, followed by Apple (AAPL, 6.6%) and Microsoft (MSFT, 6.5%). Compared with Q2 2025, it opened 46 new positions, sold out of 83, added to 404 and reduced 531. The biggest buy was Tesla (TSLA, shares +10%) and the biggest sale Microsoft (MSFT, shares −14%).

Most Recent 13F
Q2 2026
Location
COPENHAGEN V, G7
CIK
0000800177
Portfolio Value
$40.2B (Q3 2025)
SEC Filing
0001104659-25-114006 ↗ filed Nov 19, 2025

Holdings Value

0$20.0B$40.0B$60.0B Q1 2024: $31.9B Q1 2024 Q2 2024: $27.1B Q2 2024 Q3 2024: $30.0B Q3 2024 Q4 2024: $33.4B Q4 2024 Q1 2025: $32.7B Q1 2025 Q2 2025: $40.3B Q2 2025 Q3 2025: $40.2B $40.2B Q3 2025 Q4 2025: $43.0B Q4 2025 Q1 2026: $41.5B Q1 2026 Q2 2026: $50.2B Q2 2026

Holdings 1,472 stocks · $40.2B

NVDA Nvidia Corp. 7.91% 17,045,305 $3.2B Reduce -8.7%
AAPL Apple Inc. 6.56% 10,359,342 $2.6B Reduce -9.2%
MSFT Microsoft Corp. 6.47% 5,019,029 $2.6B Reduce -14.0%
AMZN Amazon.com Inc. 4.31% 7,896,474 $1.7B Reduce -6.0%
META Meta Platforms Inc. Class A 2.96% 1,622,015 $1.2B Reduce -9.6%
GOOGL Alphabet Inc. Class A 2.82% 4,667,556 $1.1B Reduce -13.4%
TSLA Tesla Inc. 2.60% 2,348,662 $1.0B Add +10.4%
AVGO Broadcom Inc. 2.46% 2,993,203 $987.5M Reduce -15.8%
JPM JPMorgan Chase & Co. 1.73% 2,209,317 $696.9M Reduce -10.8%
GOOG Alphabet Inc. Class C 1.69% 2,784,636 $678.2M Reduce -2.7%
V Visa Inc. Class A 1.41% 1,657,052 $565.7M Reduce -12.1%
LLY Eli Lilly & Co. 1.27% 671,064 $512.0M Reduce -5.3%
BRK.B Berkshire Hathaway Inc. Class B 0.99% 790,188 $397.3M Reduce -18.3%
JNJ Johnson & Johnson 0.91% 1,981,807 $367.5M Reduce -3.4%
NFLX Netflix Inc. 0.82% 275,125 $329.9M Reduce -13.6%
PLTR Palantir Technologies Inc. Class A 0.79% 1,736,726 $316.8M Add +13.2%
ORCL Oracle Corp. 0.77% 1,099,032 $309.1M Reduce -3.0%
WMT Walmart Inc. 0.73% 2,858,734 $294.6M Add +3.0%
ABBV Abbvie Inc. 0.70% 1,207,605 $279.6M Reduce -8.4%
COST Costco Wholesale Corp. 0.68% 293,287 $271.5M Reduce -14.0%
LIN Linde PLC 0.65% 549,099 $260.8M Reduce -5.0%
PG The Procter & Gamble Co. 0.63% 1,645,644 $252.9M Add +13.8%
MA Mastercard Inc. Class A 0.61% 432,446 $246.0M Add +3.6%
CSCO Cisco Systems Inc. 0.58% 3,419,411 $234.0M Reduce -8.8%
KO The Coca-Cola Co. 0.56% 3,414,399 $226.4M Reduce -6.3%
BAC Bank of America Corp. filed as BANK AMERICA CORP 0.56% 4,358,652 $224.9M Add +30.1%
WFC Wells Fargo & Co. 0.54% 2,572,627 $215.6M Reduce -8.9%
CRM Salesforce Inc. 0.50% 840,065 $199.1M Reduce -17.2%
UNH Unitedhealth Group Inc. 0.49% 565,586 $195.3M Reduce -17.1%
HD Home Depot Inc. 0.48% 481,079 $194.9M Reduce -8.2%
GE General Electric filed as GE AEROSPACE 0.47% 629,912 $189.5M Reduce -11.5%
GS Goldman Sachs Group Inc. 0.45% 224,702 $178.9M Reduce -4.6%
LRCX Lam Research Corp. 0.42% 1,259,576 $168.7M Reduce -5.4%
RTX RTX Corp. 0.41% 995,054 $166.5M Reduce -8.5%
VZ Verizon Communications Inc. 0.40% 3,671,131 $161.3M Reduce -10.7%
MRK Merck & Co. Inc. 0.40% 1,906,030 $160.0M Reduce -8.6%
INTU Intuit Inc. 0.39% 227,565 $155.4M Reduce -9.1%
PGR Progressive Corp. 0.38% 624,650 $154.3M Reduce -10.2%
AXP American Express Co. 0.38% 461,500 $153.3M Reduce -29.2%
APH Amphenol Corp. Class A 0.38% 1,237,093 $153.1M Reduce -16.7%
UBER Uber Technologies Inc. 0.38% 1,551,276 $152.0M Reduce -5.0%
PANW Palo Alto Networks Inc. 0.38% 744,929 $151.7M Reduce -18.0%
KLAC KLA Corp. 0.36% 133,718 $144.2M Reduce -17.1%
SCHW Schwab (charles) Corp. 0.35% 1,493,597 $142.6M Reduce -13.6%
DIS The Walt Disney Co. filed as DISNEY WALT CO 0.35% 1,241,411 $142.1M Reduce -15.8%
MU Micron Technology Inc. 0.34% 823,336 $137.8M Add +9.9%
IBM Intl Business Machines Corp. filed as INTERNATIONAL BUSINESS MACHS 0.34% 486,531 $137.3M Reduce -0.4%
MRVL Marvell Technology Inc. 0.34% 1,607,051 $135.1M Reduce -3.0%
MCD McDonald's Corp. 0.34% 444,039 $134.9M Reduce -1.0%
GILD Gilead Sciences Inc. 0.33% 1,198,637 $133.0M Reduce -3.6%
AMD Advanced Micro Devices 0.33% 812,051 $131.4M Add +2.9%
PEP Pepsico Inc. 0.32% 926,934 $130.2M Add +46.3%
MCK McKesson Corp. 0.32% 165,023 $127.5M Add +68.3%
NOW ServiceNow Inc. 0.32% 138,068 $127.1M Reduce -11.9%
TMO Thermo Fisher Scientific Inc. 0.31% 254,055 $123.2M Reduce -19.3%
BKNG Booking Holdings Inc. 0.31% 22,779 $123.0M Add +0.5%
ABT Abbott Laboratories 0.29% 869,122 $116.4M Reduce -0.1%
APP AppLovin Corp. Class A 0.29% 161,523 $116.1M Reduce -23.9%
HCA HCA Healthcare Inc. 0.29% 271,070 $115.5M Add +108.2%
ANET Arista Networks Inc. 0.28% 774,652 $112.9M Add +17.3%
ADSK Autodesk Inc. 0.28% 348,882 $110.8M Reduce -4.8%
CAT Caterpillar Inc. 0.26% 221,027 $105.5M Reduce -1.3%
BLK BlackRock Inc. 0.26% 89,404 $104.2M Add +0.1%
MS Morgan Stanley 0.26% 654,864 $104.1M Add +5.9%
AMGN Amgen Inc. 0.25% 358,171 $101.1M Reduce -26.1%
SPGI S&P Global Inc. 0.25% 207,313 $100.9M Reduce -28.9%
ALL Allstate Corp. 0.25% 468,650 $100.6M Reduce -7.2%
NEM Newmont Corp. 0.25% 1,179,919 $99.5M Add +14.4%
T AT&T Inc. 0.25% 3,502,547 $98.9M Reduce -0.5%
C Citigroup Inc. 0.24% 970,513 $98.5M Add +3.9%
QCOM Qualcomm Inc. 0.24% 591,206 $98.4M Reduce -44.8%
ACN Accenture PLC Class A 0.24% 392,800 $96.9M Reduce -4.0%
COR Cencora Inc. 0.24% 305,934 $95.6M Reduce -4.5%
CRWD CrowdStrike Holdings Inc. Class A 0.24% 194,764 $95.5M Add +1.8%
BSX Boston Scientific Corp. 0.24% 968,085 $94.5M Reduce -11.0%
TDG Transdigm Group Inc. 0.23% 71,096 $93.7M Add +29.3%
AMAT Applied Materials Inc. 0.23% 455,260 $93.2M Reduce -44.3%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.23% 644,401 $93.1M Add +12.7%
HIG Hartford Insurance Group Inc. 0.23% 685,194 $91.4M Add +4.1%
GEV GE Vernova Inc. 0.23% 148,150 $91.1M Add +0.5%
ISRG Intuitive Surgical Inc. 0.23% 202,378 $90.5M Reduce -3.8%
HWM Howmet Aerospace Inc. 0.22% 454,846 $89.3M Reduce -15.6%
TT Trane Technologies PLC 0.22% 210,823 $89.0M Reduce -15.1%
NEE Nextera Energy Inc. 0.22% 1,169,187 $88.3M Reduce -10.0%
TXN Texas Instruments Inc. 0.22% 477,429 $87.7M Add +6.4%
ADBE Adobe Inc. 0.22% 246,761 $87.0M Reduce -40.0%
TEL Te Connectivity PLC 0.21% 391,474 $85.9M Reduce -0.8%
LOW Lowe's Cos Inc. 0.21% 338,674 $85.1M Reduce -2.1%
TSM Taiwan Semiconductor-SP ADR 0.21% 301,733 $84.3M Add +2.6%
PFE Pfizer Inc. 0.20% 3,190,647 $81.3M Reduce -24.7%
MELI MercadoLibre Inc. 0.20% 34,707 $81.1M Reduce -21.1%
SYK Stryker Corp. 0.20% 217,426 $80.4M Reduce -31.2%
UNP Union Pacific Corp. 0.20% 337,391 $79.7M Add +27.0%
TMUS T-Mobile US Inc. 0.19% 322,502 $77.2M Reduce -15.3%
ADP Automatic Data Processing 0.19% 254,066 $74.6M Add +10.0%
COF Capital One Financial Corp. 0.19% 350,321 $74.5M Add +9.9%
DHR Danaher Corp. 0.18% 371,722 $73.7M Reduce -7.7%
INTC Intel Corp. 0.18% 2,158,796 $72.4M Add +0.0%
VICI Vici Properties Inc. filed as VICI PPTYS INC 0.18% 2,214,787 $72.2M Reduce -15.3%
WM Waste Management Inc. 0.18% 326,063 $72.0M Reduce -1.9%

Show all 1,472 holdings

Options reported separately and not counted above: EWZ calls ($3.8M), OPEN calls ($538K), MSTR calls ($390K), SE calls ($163K), HL calls ($118K), PAAS calls ($114K), SEDG calls ($55K), AG calls ($37K), TSLA puts ($35K), XERS calls ($35K), EOG calls ($20K), BABA calls ($19K), and 5 more.

Other holdings (1): bonds, preferreds, convertibles and warrants · $995 (not counted above)
SecurityClassShares / PrincipalValueChange
OXY.WS Occidental Petroleum-CW27 *W EXP 08/03/202 39$995No change

Total filed on the 13F, all lines: $40.2B.

Portfolio Sells Q2 2025 → Q3 2025

MSFT Microsoft Corp. Reduce -14.0% 6.47% −0.75
SLB SLB Ltd. Reduce -97.7% 0.01% −0.50
WMB Williams Cos Inc. Reduce -98.2% 0.01% −0.45
META Meta Platforms Inc. Class A Reduce -9.6% 2.96% −0.33
AMZN Amazon.com Inc. Reduce -6.0% 4.31% −0.27
V Visa Inc. Class A Reduce -12.1% 1.41% −0.26
NFLX Netflix Inc. Reduce -13.6% 0.82% −0.24
CRM Salesforce Inc. Reduce -17.2% 0.50% −0.19
BRK.B Berkshire Hathaway Inc. Class B Reduce -18.3% 0.99% −0.18
ADBE Adobe Inc. Reduce -40.0% 0.22% −0.18
QCOM Qualcomm Inc. Reduce -44.8% 0.24% −0.18
COST Costco Wholesale Corp. Reduce -14.0% 0.68% −0.16
ELV Elevance Health Inc. Reduce -55.7% 0.09% −0.16
AMAT Applied Materials Inc. Reduce -44.3% 0.23% −0.14
AXP American Express Co. Reduce -29.2% 0.38% −0.14
SPGI S&P Global Inc. Reduce -28.9% 0.25% −0.13
FTNT Fortinet Inc. Reduce -55.0% 0.07% −0.12
WDAY Workday Inc. Class A Reduce -51.1% 0.11% −0.11
SYK Stryker Corp. Reduce -31.2% 0.20% −0.11
INTU Intuit Inc. Reduce -9.1% 0.39% −0.10
DIS The Walt Disney Co. Reduce -15.8% 0.35% −0.10
LLY Eli Lilly & Co. Reduce -5.3% 1.27% −0.10
GLPI Gaming and Leisure Propertie Reduce -75.7% 0.03% −0.10
RSG Republic Services Inc. Reduce -43.3% 0.10% −0.09
AMGN Amgen Inc. Reduce -26.1% 0.25% −0.08
PANW Palo Alto Networks Inc. Reduce -18.0% 0.38% −0.08
NOW ServiceNow Inc. Reduce -11.9% 0.32% −0.08
MELI MercadoLibre Inc. Reduce -21.1% 0.20% −0.08
PGR Progressive Corp. Reduce -10.2% 0.38% −0.08
CTAS Cintas Corp. Reduce -38.5% 0.10% −0.08
KO The Coca-Cola Co. Reduce -6.3% 0.56% −0.08
MRSH Marsh & McLennan Cos Reduce -31.0% 0.13% −0.07
FOXA Fox Corp. Class A Reduce -84.0% 0.02% −0.07
VRTX Vertex Pharmaceuticals Inc. Reduce -20.4% 0.16% −0.07
TEAM Atlassian Corp. Class A Reduce -58.7% 0.03% −0.07
AJG Arthur J Gallagher & Co. Reduce -34.3% 0.12% −0.07
CSCO Cisco Systems Inc. Reduce -8.8% 0.58% −0.06
ACN Accenture PLC Class A Reduce -4.0% 0.24% −0.06
RCL Royal Caribbean Cruises Ltd. Reduce -36.0% 0.12% −0.06
CMCSA Comcast Corp. Class A Reduce -16.9% 0.17% −0.06
ISRG Intuitive Surgical Inc. Reduce -3.8% 0.23% −0.06
FIX Comfort Systems USA Inc. Reduce -69.4% 0.05% −0.06
PLMR Palomar Holdings Inc. Reduce -60.6% 0.02% −0.06
STLD Steel Dynamics Inc. Reduce -43.4% 0.09% −0.06
BSX Boston Scientific Corp. Reduce -11.0% 0.24% −0.06
PFE Pfizer Inc. Reduce -24.7% 0.20% −0.05
KR Kroger Co. Reduce -42.4% 0.06% −0.05
JPM JPMorgan Chase & Co. Reduce -10.8% 1.73% −0.05
FICO Fair Isaac Corp. Reduce -43.7% 0.04% −0.05
TT Trane Technologies PLC Reduce -15.1% 0.22% −0.05

Portfolio Buys Q2 2025 → Q3 2025

TSLA Tesla Inc. Add +10.4% 2.60% +0.92
PLTR Palantir Technologies Inc. Class A Add +13.2% 0.79% +0.27
BAC Bank of America Corp. Add +30.1% 0.56% +0.17
HCA HCA Healthcare Inc. Add +108.2% 0.29% +0.16
MCK McKesson Corp. Add +68.3% 0.32% +0.14
PEP Pepsico Inc. Add +46.3% 0.32% +0.12
MU Micron Technology Inc. Add +9.9% 0.34% +0.11
ANET Arista Networks Inc. Add +17.3% 0.28% +0.11
CMI Cummins Inc. Add +108.9% 0.17% +0.11
NEM Newmont Corp. Add +14.4% 0.25% +0.10
WDC Western Digital Corp. Add +40.8% 0.12% +0.07
CDNS Cadence Design SYS Inc. Add +47.1% 0.16% +0.07
BNY Bank of New York Mellon Corp. Add +35.5% 0.16% +0.06
CTVA Corteva Inc. Add +116.0% 0.13% +0.06
FSLR First Solar Inc. Add +118.4% 0.09% +0.06
GM General Motors Co. Add +47.6% 0.13% +0.06
INTC Intel Corp. Add +0.0% 0.18% +0.06
CF CF Industries Holdings Inc. Add +206.6% 0.09% +0.06
EG Everest Group Ltd. Add +191.1% 0.09% +0.06
WMT Walmart Inc. Add +3.0% 0.73% +0.06
PG The Procter & Gamble Co. Add +13.8% 0.63% +0.06
TJX TJX Companies Inc. Add +12.7% 0.23% +0.06
ULTA Ulta Beauty Inc. Add +166.3% 0.08% +0.05
FTI Technipfmc PLC Add +48.1% 0.13% +0.05
HOOD Robinhood Markets Inc. Class A Add +23.1% 0.11% +0.05
SYY Sysco Corp. Add +91.8% 0.10% +0.05
AMD Advanced Micro Devices Add +2.9% 0.33% +0.05
URI United Rentals Inc. Add +45.4% 0.11% +0.05
DASH DoorDash Inc. Class A Add +36.9% 0.14% +0.05
C Citigroup Inc. Add +3.9% 0.24% +0.05
UNP Union Pacific Corp. Add +27.0% 0.20% +0.05
AME Ametek Inc. Add +41.1% 0.15% +0.05
TSM Taiwan Semiconductor-SP ADR Add +2.6% 0.21% +0.04
MS Morgan Stanley Add +5.9% 0.26% +0.04
KKR KKR & Co. Inc. Add +60.3% 0.12% +0.04
P Everpure Inc. Class A Add +109.8% 0.06% +0.04
MLI Mueller Industries Inc. Add +16092.3% 0.04% +0.04
SOFI Sofi Technologies Inc. Add +4603.1% 0.04% +0.04
MPWR Monolithic Power Systems Inc. Add +56.0% 0.08% +0.04
SYF Synchrony Financial Add +66.8% 0.09% +0.04
NET Cloudflare Inc. Class A Add +39.5% 0.11% +0.04
DOCN Digitalocean Holdings Inc. Add +261778.5% 0.04% +0.04
WELL Welltower Inc. Add +9.7% 0.17% +0.04
PH Parker Hannifin Corp. Add +14.7% 0.18% +0.03
WAB Wabtec Corp. Add +82.8% 0.08% +0.03
GEV GE Vernova Inc. Add +0.5% 0.23% +0.03
PDD PDD Holdings Inc. Add +965.2% 0.04% +0.03
GLW Corning Inc. Add +3.4% 0.08% +0.03
PATH Uipath Inc. Class A Add +743.0% 0.04% +0.03
DHI D.R. Horton Inc. Add +33.1% 0.07% +0.03

Options Activity Q2 2025 → Q3 2025

GS Goldman Sachs Group Inc. call Sold out 41,000 $5.5Mbefore exit
EWZ iShares MSCI Brazil ETF call New 1,340,000 $3.8M
MSFT Microsoft Corp. call Sold out 27,000 $2.3Mbefore exit
NBR Nabors Industries Ltd. put Sold out 100,000 $1.2Mbefore exit
OPEN Opendoor Technologies Inc. call New 200,000 $538K
CRCL Circle Internet Group Inc. put Sold out 15,000 $483Kbefore exit
MSTR Strategy Inc. call New 40,000 $390K
TSLA Tesla Inc. put Reduce -30.6% 5,000 $35K
XERS Xeris Biopharma Holdings Inc. call New 25,000 $35K
QBTS D-Wave Quantum Inc. put Sold out 20,000 $27Kbefore exit
FTAI Ftai Aviation Ltd. put Sold out 5,000 $23Kbefore exit
EOG EOG Resources Inc. call New 50,000 $20K
COST Costco Wholesale Corp. call New 10,000 $12K
GME Gamestop Corp. Class A call Sold out 50,000 $12Kbefore exit
CRCL Circle Internet Group Inc. call Reduce -86.8% 15,000 $10K
DJT Trump Media & Technology Gro call Sold out 10,000 $2Kbefore exit
QBTS D-Wave Quantum Inc. call Sold out 20,000 $2Kbefore exit
OPEN Opendoor Technologies Inc. put New 100,000 $2K

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

Notes & Other Activity Q2 2025 → Q3 2025

CRCL Circle Internet Group Inc. COM CL A Sold out 0 $0before exit

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 1,129$50.2BNVDA, AAPL, AMZN, MSFT, GOOGL
Q1 2026 1,161$41.5BNVDA, AAPL, MSFT, AMZN, GOOGL
Q4 2025 1,547$43.0BNVDA, AAPL, MSFT, AMZN, GOOGL
Q3 2025Amended 1,472$40.2BNVDA, AAPL, MSFT, AMZN, META
Q2 2025 1,507$40.3BNVDA, MSFT, AAPL, AMZN, META
Q1 2025 1,362$32.7BAAPL, MSFT, NVDA, AMZN, META
Q4 2024 1,388$33.4BAAPL, NVDA, MSFT, AMZN, META
Q3 2024 1,590$30.0BAAPL, MSFT, NVDA, AMZN, META
Q2 2024 1,119$27.1BMSFT, NVDA, AAPL, AMZN, GOOGL
Q1 2024 1,022$31.9BMSFT, NVDA, AAPL, AMZN, GOOGL