Novo Holdings A/S
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Novo Holdings A/S reported 24 stock positions worth $1.3 billion. Its top holding was Brookfield (BN) at 12.5% of the portfolio, followed by Edgewise Therapeutics (EWTX, 10.3%) and ASML Holding NV-NY Reg SHS (ASML, 9.5%). Compared with Q3 2025, it opened 1 new position, sold out of 4, added to 3 and reduced 3. The biggest buy was a new position in Maplight Therapeutics (MPLT) and the biggest sale an exit from VG Morningstar TS MKT ETF-US (VTI).
- Most Recent 13F
- Q2 2026
- Location
- HELLERUP, G7
- CIK
- 0001388325
- Portfolio Value
- $1.3B (Q4 2025)
- SEC Filing
- 0001388325-26-000007 ↗ filed Feb 17, 2026
Holdings Value
Holdings 24 stocks · $1.3B
| BN Brookfield Corp. | 12.46% | 3,496,245 | $160.4M | No change |
| EWTX Edgewise Therapeutics Inc. | 10.31% | 5,350,000 | $132.8M | No change |
| ASML ASML Holding NV-NY Reg SHS | 9.47% | 113,946 | $121.9M | Reduce -21.9% |
| MIRM Mirum Pharmaceuticals Inc. | 7.75% | 1,264,028 | $99.8M | No change |
| CRM Salesforce Inc. | 6.79% | 330,187 | $87.5M | No change |
| CRNX Crinetics Pharmaceuticals Inc. | 5.87% | 1,625,000 | $75.6M | No change |
| VRDN Viridian Therapeutics Inc. | 5.75% | 2,380,000 | $74.1M | No change |
| MPLT Maplight Therapeutics Inc. | 5.03% | 3,686,622 | $64.8M | New |
| ZBIO Zenas Biopharma Inc. | 4.09% | 1,450,000 | $52.6M | Reduce -27.5% |
| PHVS Pharvaris NV | 3.77% | 1,750,000 | $48.6M | No change |
| APGE Apogee Therapeutics Inc. | 3.34% | 570,000 | $43.0M | Add +14.0% |
| PCVX Vaxcyte Inc. | 3.28% | 916,160 | $42.3M | No change |
| BMRN Biomarin Pharmaceutical Inc. | 3.05% | 660,000 | $39.2M | No change |
| AVBP Arrivent Biopharma Inc. | 3.03% | 1,942,142 | $39.1M | No change |
| BABA Alibaba Group Holding-SP ADR | 2.93% | 257,327 | $37.7M | No change |
| INSM Insmed Inc. | 2.70% | 200,000 | $34.8M | No change |
| CLDX Celldex Therapeutics Inc. | 2.53% | 1,200,000 | $32.6M | No change |
| FDMT 4D Molecular Therapeutics Inc. | 2.13% | 3,650,737 | $27.4M | Add +82.5% |
| BBOT Bridgebio Oncology Therapeut | 1.91% | 1,961,317 | $24.6M | No change |
| ELVN Enliven Therapeutics Inc. | 1.77% | 1,480,000 | $22.8M | Add +3.8% |
| VALN Valneva SE - ADR | 1.58% | 2,305,000 | $20.3M | Reduce -1.7% |
| LNZA Lanzatech Global Inc. | 0.17% | 158,148 | $2.2M | No change |
| MQ Marqeta Inc. | 0.16% | 441,558 | $2.1M | No change |
| IOBTQ Io Biotech Inc. | 0.12% | 2,512,453 | $1.5M | No change |
Portfolio Sells Q3 2025 → Q4 2025
| VTI VG Morningstar TS MKT ETF-US | Sold out | 0.00% | −21.97 |
| MRUS Merus NV | Sold out | 0.00% | −4.55 |
| RXRX Recursion Pharmaceuticals-A | Sold out | 0.00% | −2.49 |
| VALN Valneva SE - ADR | Reduce -1.7% | 1.58% | −0.27 |
| DMRA Damora Therapeutics Inc. | Sold out | 0.00% | −0.02 |
| ASML ASML Holding NV-NY Reg SHS | Reduce -21.9% | 9.47% | +0.37 |
| ZBIO Zenas Biopharma Inc. | Reduce -27.5% | 4.09% | +1.23 |
Portfolio Buys Q3 2025 → Q4 2025
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 |