Novo Holdings A/S
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Novo Holdings A/S reported 27 stock positions worth $1.6 billion. Its top holding was VG Morningstar TS MKT ETF-US (VTI) at 22.0% of the portfolio, followed by Brookfield (BN, 10.3%) and ASML Holding NV-NY Reg SHS (ASML, 9.1%). Compared with Q2 2025, it opened 2 new positions, sold out of 4, added to 5 and reduced 9. The biggest buy was a new position in Bridgebio Oncology Therapeut (BBOT) and the biggest sale Insmed (INSM, shares −71%).
- Most Recent 13F
- Q2 2026
- Location
- HELLERUP, G7
- CIK
- 0001388325
- Portfolio Value
- $1.6B (Q3 2025)
- SEC Filing
- 0001388325-25-000025 ↗ filed Nov 14, 2025
Holdings Value
Holdings 27 stocks · $1.6B
| VTI VG Morningstar TS MKT ETF-US | 21.97% | 1,038,550 | $340.8M | No change |
| BN Brookfield Corp. | 10.30% | 2,330,830 | $159.8M | No change |
| ASML ASML Holding NV-NY Reg SHS | 9.10% | 145,836 | $141.2M | Reduce -12.1% |
| MIRM Mirum Pharmaceuticals Inc. | 5.97% | 1,264,028 | $92.7M | Reduce -15.7% |
| EWTX Edgewise Therapeutics Inc. | 5.59% | 5,350,000 | $86.8M | No change |
| CRM Salesforce Inc. | 5.04% | 330,187 | $78.3M | No change |
| MRUS Merus NV | 4.55% | 750,000 | $70.6M | No change |
| CRNX Crinetics Pharmaceuticals Inc. | 4.36% | 1,625,000 | $67.7M | Add +4.8% |
| VRDN Viridian Therapeutics Inc. | 3.31% | 2,380,000 | $51.4M | No change |
| BABA Alibaba Group Holding-SP ADR | 2.96% | 257,327 | $46.0M | Reduce -30.9% |
| ZBIO Zenas Biopharma Inc. | 2.86% | 2,000,000 | $44.4M | Reduce -11.1% |
| PHVS Pharvaris NV | 2.81% | 1,750,000 | $43.7M | Add +1.4% |
| RXRX Recursion Pharmaceuticals-A | 2.49% | 7,929,835 | $38.7M | Reduce -17.9% |
| AVBP Arrivent Biopharma Inc. | 2.31% | 1,942,142 | $35.8M | Add +3.7% |
| BMRN Biomarin Pharmaceutical Inc. | 2.30% | 660,000 | $35.7M | No change |
| PCVX Vaxcyte Inc. | 2.13% | 916,160 | $33.0M | No change |
| CLDX Celldex Therapeutics Inc. | 2.00% | 1,200,000 | $31.0M | No change |
| ELVN Enliven Therapeutics Inc. | 1.88% | 1,426,260 | $29.2M | Add +31.5% |
| INSM Insmed Inc. | 1.86% | 200,000 | $28.8M | Reduce -70.6% |
| VALN Valneva SE - ADR | 1.84% | 2,345,000 | $28.6M | Reduce -1.3% |
| BBOT Bridgebio Oncology Therapeut | 1.46% | 1,961,317 | $22.7M | New |
| APGE Apogee Therapeutics Inc. | 1.28% | 500,000 | $19.9M | Add +11.3% |
| FDMT 4D Molecular Therapeutics Inc. | 1.12% | 2,000,000 | $17.4M | No change |
| LNZA Lanzatech Global Inc. | 0.25% | 158,148 | $3.9M | New |
| MQ Marqeta Inc. | 0.15% | 441,558 | $2.3M | No change |
| IOBTQ Io Biotech Inc. | 0.06% | 2,512,453 | $912K | Reduce -25.1% |
| DMRA Damora Therapeutics Inc. filed as GALECTO INC | 0.02% | 86,579 | $322K | Reduce -13.3% |
Portfolio Sells Q2 2025 → Q3 2025
| INSM Insmed Inc. | Reduce -70.6% | 1.86% | −2.97 |
| BPMC Blueprint Medicines Corp. | Sold out | 0.00% | −2.40 |
| CBLL Ceribell Inc. | Sold out | 0.00% | −1.19 |
| RXRX Recursion Pharmaceuticals-A | Reduce -17.9% | 2.49% | −0.96 |
| LANZATECH GLOBAL INC | Sold out | 0.00% | −0.30 |
| ASML ASML Holding NV-NY Reg SHS | Reduce -12.1% | 9.10% | −0.28 |
| IOBTQ Io Biotech Inc. | Reduce -25.1% | 0.06% | −0.27 |
| ABCL Abcellera Biologics Inc. | Sold out | 0.00% | −0.16 |
| BABA Alibaba Group Holding-SP ADR | Reduce -30.9% | 2.96% | −0.02 |
| DMRA Damora Therapeutics Inc. | Reduce -13.3% | 0.02% | −0.00 |
| MIRM Mirum Pharmaceuticals Inc. | Reduce -15.7% | 5.97% | +0.58 |
| VALN Valneva SE - ADR | Reduce -1.3% | 1.84% | +0.89 |
| ZBIO Zenas Biopharma Inc. | Reduce -11.1% | 2.86% | +1.32 |
Portfolio Buys Q2 2025 → Q3 2025
| BBOT Bridgebio Oncology Therapeut | New | 1.46% | +1.46 |
| CRNX Crinetics Pharmaceuticals Inc. | Add +4.8% | 4.36% | +1.22 |
| PHVS Pharvaris NV | Add +1.4% | 2.81% | +0.67 |
| ELVN Enliven Therapeutics Inc. | Add +31.5% | 1.88% | +0.35 |
| LNZA Lanzatech Global Inc. | New | 0.25% | +0.25 |
| APGE Apogee Therapeutics Inc. | Add +11.3% | 1.28% | −0.10 |
| AVBP Arrivent Biopharma Inc. | Add +3.7% | 2.31% | −0.57 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 25 | $1.7B | EWTX, ASML, COAG, BN, MPLT |
| Q1 2026 | 22 | $1.2B | EWTX, BN, ASML, MIRM, MPLT |
| Q4 2025 | 24 | $1.3B | BN, EWTX, ASML, MIRM, CRM |
| Q3 2025 | 27 | $1.6B | VTI, BN, ASML, MIRM, EWTX |
| Q2 2025 | 29 | $1.4B | VTI, BN, ASML, CRM, MIRM |
| Q1 2025 | 31 | $1.3B | VTI, BN, EWTX, ASML, CRM |
| Q4 2024 | 34 | $1.7B | VTI, BN, TEM, EWTX, ASML |
| Q3 2024 | 37 | $2.0B | VTI, TEM, BN, EWTX, CORT |
| Q2 2024Amended | 38 | $1.9B | VTI, BN, TEM, ASML, CRM |
| Q1 2024 | 35 | $1.4B | ASML, BN, CRM, EPC, CORT |