Data as of Q4 2025 (Dec 31, 2025)

Novo Holdings A/S

•CIK: 1388325•Filing: Q4 2025

**Novo Holdings A/S** manages $1.3B across a concentrated portfolio of 24 positions. The fund exhibits significant conviction in technology and industrial leaders, with its top holding in **BN** representing $160.4M. Further notable allocations include **EWTX** at $132.8M and **ASML** at $121.9M, signaling deep sector focus. This structure suggests a high-conviction, growth-oriented mandate targeting established market leaders.

Total AUM
$1.3B
QoQ Performance
-17.0%
Positions
24
Top 10 Concentration
71.3%
Latest Filing
Q4 2025

Top Holdings Allocation

BN
EWTX
ASML
MIRM
CRM
CRNX
VRDN
MPLT
BN12.5%
EWTX10.3%
ASML9.5%
MIRM7.8%
CRM6.8%
CRNX5.9%
VRDN5.8%
MPLT5.0%

📈 Biggest Buys

MPLT
MAPLIGHT THERAPEUTICS INC
NEW
5.0% of portfolio
BN
BROOKFIELD CORP
+50.0%
12.5% of portfolio
FDMT
4D MOLECULAR THERAPEUTICS IN
+82.5%
2.1% of portfolio
APGE
APOGEE THERAPEUTICS INC
+14.0%
3.3% of portfolio
ELVN
ENLIVEN THERAPEUTICS INC
+3.8%
1.8% of portfolio

📉 Biggest Sells

ASML
ASML HOLDING N V
-21.9%
9.5% of portfolio
ZBIO
ZENAS BIOPHARMA INC
-27.5%
4.1% of portfolio
VALN
VALNEVA SE
-1.7%
1.6% of portfolio

Sector Breakdown

Other80.7%
Financial12.5%
Technology6.8%

🚪 Exited Positionssold since Q3 2025

VTI
VANGUARD INDEX FDS
SOLD
$340.8M
2GH
MERUS N V
SOLD
$70.6M
RXRX
RECURSION PHARMACEUTICALS IN
SOLD
$38.7M
DMRA
GALECTO INC
SOLD
$322.1K

Changes from Q3 2025

NEW1 new position
↑4 increased
↓3 decreased

Historical Filings

Q4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024Q4 2023

📌 Top Holdings

BN12.5%
BROOKFIELD CORP
$160.4M
EWTX10.3%
EDGEWISE THERAPEUTICS INC
$132.8M
ASML9.5%
ASML HOLDING N V
$121.9M
MIRM7.8%
MIRUM PHARMACEUTICALS INC
$99.8M
CRM6.8%
SALESFORCE INC
$87.5M

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