Vault-13

NOVO-NORDISK A S NVO

ADR · ADR · CUSIP 670100205 · ISIN US6701002056

1,400 institutional holders -85 vs Q2 2025
306,362,600306.4m shares reported held*
$17.0bnreported value*
145 new 504 added 554 reduced 222 sold out net sold ≈ $503.3m (-9.1m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($28.9m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $55.53. Options: 63 managers hold calls ($2.1bn notional), 56 hold puts ($3.1bn).

Trends to Q3 2025

Institutional holders

Managers reporting a position, each quarter

01k2kQ3 22: 907Q4 22: 1,049Q1 23: 1,148Q2 23: 1,198Q3 23: 1,311Q4 23: 1,511Q1 24: 1,744Q2 24: 1,865Q3 24: 1,786Q4 24: 1,668Q1 25: 1,535Q2 25: 1,485Q3 25: 1,4001,400Q3 22Q2 23Q1 24Q4 24Q3 25
Numbers
QuarterHolders
Q3 2022907
Q4 20221,049
Q1 20231,148
Q2 20231,198
Q3 20231,311
Q4 20231,511
Q1 20241,744
Q2 20241,865
Q3 20241,786
Q4 20241,668
Q1 20251,535
Q2 20251,485
Q3 20251,400

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out
2k02kQ4 23: 766 bought or addedQ4 23: 506 cut or sold outQ1 24: 1,016 bought or addedQ1 24: 556 cut or sold outQ1 24Q2 24: 952 bought or addedQ2 24: 665 cut or sold outQ3 24: 825 bought or addedQ3 24: 854 cut or sold outQ3 24Q4 24: 695 bought or addedQ4 24: 932 cut or sold outQ1 25: 751 bought or addedQ1 25: 807 cut or sold outQ1 25Q2 25: 701 bought or addedQ2 25: 729 cut or sold outQ3 25: 649 bought or addedQ3 25: 776 cut or sold outQ3 25
Numbers
QuarterBought or addedCut or sold out
Q4 2023766506
Q1 20241,016556
Q2 2024952665
Q3 2024825854
Q4 2024695932
Q1 2025751807
Q2 2025701729
Q3 2025649776

Calls vs puts

Options held, notional value, last 4 quarters. P/C = puts ÷ calls

CallsPuts
$0$1bn$2bn$3bn$4bnQ4 24 calls: $1.3bnQ4 24 puts: $1.2bnQ4 24P/C 0.94Q1 25 calls: $987.1mQ1 25 puts: $1.3bnQ1 25P/C 1.36Q2 25 calls: $1.1bnQ2 25 puts: $1.6bnQ2 25P/C 1.44Q3 25 calls: $2.1bnQ3 25 puts: $3.1bnQ3 25P/C 1.49
Numbers
QuarterCallsPutsP/C
Q4 2024$1.3bn$1.2bn0.94
Q1 2025$987.1m$1.3bn1.36
Q2 2025$1.1bn$1.6bn1.44
Q3 2025$2.1bn$3.1bn1.49

Biggest buyers

FRANKLIN RESOURCES INC Added +13,658,867+13.7m
JPMORGAN CHASE & CO Added +7,491,964+7.5m
Capital International Investors Added +6,092,192+6.1m
Boston Partners New +5,571,017+5.6m
LOOMIS SAYLES & CO L P Added +3,589,437+3.6m
CITADEL ADVISORS LLC Added +2,735,562+2.7m
SG Americas Securities, LLC Added +2,274,925+2.3m
GOLDMAN SACHS GROUP INC Added +2,125,816+2.1m
UBS Group AG Added +1,833,169+1.8m
JANE STREET GROUP, LLC Added +1,427,178+1.4m

Biggest sellers

JENNISON ASSOCIATES LLC Reduced -17,659,339-17.7m
Clearbridge Investments, LLC Reduced -7,332,020-7.3m
Sustainable Growth Advisers, LP Reduced -6,187,063-6.2m
ROYAL BANK OF CANADA Reduced -5,438,923-5.4m
Fayez Sarofim & Co Reduced -3,150,075-3.2m
Nuveen, LLC Sold out -2,095,758-2.1m
RENAISSANCE TECHNOLOGIES LLC Reduced -2,054,800-2.1m
MORGAN STANLEY Reduced -1,871,361-1.9m
DSM CAPITAL PARTNERS LLC Sold out -1,760,978-1.8m
Magellan Asset Management Ltd Sold out -1,678,195-1.7m

Biggest calls

SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $378.4m6.8m shares
CITADEL ADVISORS LLC Added $337.8m6.1m shares
SIMPLEX TRADING, LLC Added $148.5m2.7m shares
JANE STREET GROUP, LLC Added $116.3m2.1m shares
IMC-Chicago, LLC Added $112.9m2.0m shares
TUDOR INVESTMENT CORP ET AL Added $109.3m2.0m shares
Optiver Holding B.V. Added $106.1m1.9m shares
GROUP ONE TRADING LLC Added $100.2m1.8m shares
Qube Research & Technologies Ltd Added $66.6m1.2m shares
MILLENNIUM MANAGEMENT LLC Added $61.6m1.1m shares

Biggest puts

CITADEL ADVISORS LLC Added $579.2m10.4m shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $382.1m6.9m shares
JANE STREET GROUP, LLC Added $240.9m4.3m shares
IMC-Chicago, LLC Added $160.3m2.9m shares
GOLDMAN SACHS GROUP INC Added $155.5m2.8m shares
Optiver Holding B.V. Added $148.0m2.7m shares
PEAK6 LLC Added $141.8m2.6m shares
D. E. Shaw & Co., Inc. Added $139.1m2.5m shares
BARCLAYS PLC Added $133.1m2.4m shares
MILLENNIUM MANAGEMENT LLC Added $103.2m1.9m shares

Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.

Insider purchases and sales in Q3 2025

Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.

None reported in Q3 2025.

Holders, Q3 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 Capital International Investors 0.16% of their portfolio Los Angeles, CA 17,713,42417.7m $983.0m $983.0m 0.16% Added +6.1m +6,092,192
2 LOOMIS SAYLES & CO L P 1.07% of their portfolio BOSTON, MA 16,165,46816.2m $897.0m $897.0m 1.07% Added +3.6m +3,589,437
3 FMR LLC 0.04% of their portfolio BOSTON, MA 14,075,39114.1m $781.0m $781.0m 0.04% Added +134.2k +134,231
4 FRANKLIN RESOURCES INC 0.19% of their portfolio San Mateo, CA 13,984,78914.0m $776.0m $776.0m 0.19% Added +13.7m +13,658,867
5 BANK OF AMERICA CORP /DE/ 0.06% of their portfolio CHARLOTTE, NC 13,403,37813.4m $743.8m $743.8m 0.06% Reduced -1.3m -1,318,100
6 MORGAN STANLEY 0.04% of their portfolio NEW YORK, NY 12,413,42912.4m $688.8m $688.8m 0.04% Reduced -1.9m -1,871,361
7 JPMORGAN CHASE & CO 0.02% of their portfolio NEW YORK, NY 10,816,76210.8m $600.2m $600.2m 0.02% Added +7.5m +7,491,964
8 Fisher Asset Management, LLC 0.21% of their portfolio PLANO, TX 10,322,90310.3m $572.8m $572.8m 0.21% Reduced -678.0k -678,013
9 FOLKETRYGDFONDET 13.25% of their portfolio OSLO, Q8 10,211,91310.2m $566.7m $566.7m 13.25% Added +117.4k +117,370
10 Fayez Sarofim & Co 0.95% of their portfolio Houston, TX 7,353,5877.4m $408.1m $408.1m 0.95% Reduced -3.2m -3,150,075
11 GOLDMAN SACHS GROUP INC 0.05% of their portfolio NEW YORK, NY 6,716,3586.7m $372.7m $372.7m 0.05% Added +2.1m +2,125,816
12 EVERETT HARRIS & CO /CA/ 4.37% of their portfolio LOS ANGELES, CA 6,393,7806.4m $354.8m $354.8m 4.37% Reduced -402 -402
13 STATE FARM MUTUAL AUTOMOBILE INSURANCE CO 0.28% of their portfolio BLOOMINGTON, IL 6,142,7786.1m $340.9m $340.9m 0.28% Unchanged
14 STATE STREET CORP 0.01% of their portfolio BOSTON, MA 6,106,8366.1m $340.1m $340.1m 0.01% Added +59.2k +59,153
15 Boston Partners 0.32% of their portfolio BOSTON, MA 5,571,0175.6m $310.2m $310.2m 0.32% New
16 PRICE T ROWE ASSOCIATES INC /MD/ 0.03% of their portfolio BALTIMORE, MD 4,851,9774.9m $269.2m $269.2m 0.03% Reduced -1.4m -1,351,287
17 ROYAL BANK OF CANADA 0.05% of their portfolio TORONTO, A6 4,737,6654.7m $262.9m $262.9m 0.05% Reduced -5.4m -5,438,923
18 NORTHERN TRUST CORP 0.03% of their portfolio CHICAGO, IL 4,611,1264.6m $255.9m $255.9m 0.03% Added +189.6k +189,640
19 WELLS FARGO & COMPANY/MN 0.05% of their portfolio SAN FRANCISCO, CA 4,106,3634.1m $227.9m $227.9m 0.05% Reduced -65.3k -65,260
20 BlackRock, Inc. 0.00% of their portfolio New York, NY 3,963,6894.0m $219.9m $219.9m 0.00% Reduced -394.5k -394,520
21 ENVESTNET ASSET MANAGEMENT INC 0.06% of their portfolio Berwyn, PA 3,923,6013.9m $217.7m $217.7m 0.06% Reduced -262.1k -262,089
22 UBS Group AG 0.04% of their portfolio ZURICH, V8 3,690,2163.7m $204.8m $204.8m 0.04% Added +1.8m +1,833,169
23 RAYMOND JAMES FINANCIAL INC 0.06% of their portfolio ST. PETERSBURG, FL 3,282,0793.3m $182.1m $182.1m 0.06% Reduced -87.6k -87,608
24 CITADEL ADVISORS LLC 0.14% of their portfolio MIAMI, FL 3,132,0343.1m $173.8m $173.8m 0.14% Added +2.7m +2,735,562
25 RENAISSANCE TECHNOLOGIES LLC 0.21% of their portfolio NEW YORK, NY 2,881,9962.9m $159.9m $159.9m 0.21% Reduced -2.1m -2,054,800
26 WCM INVESTMENT MANAGEMENT, LLC 0.32% of their portfolio LAGUNA BEACH, CA 2,732,1822.7m $151.6m $151.6m 0.32% Added +97.5k +97,477
27 DAVENPORT & Co LLC 0.79% of their portfolio RICHMOND, VA 2,642,4982.6m $146.6m $146.6m 0.79% Added +935.5k +935,468
28 NATIXIS ADVISORS, LLC 0.21% of their portfolio Boston, MA 2,555,5352.6m $141.8m $141.8m 0.21% Reduced -277.5k -277,536
29 SG Americas Securities, LLC 0.48% of their portfolio NEW YORK, NY 2,383,1762.4m $132.2m $132.2m 0.48% Added +2.3m +2,274,925
30 Markel Group Inc. 1.07% of their portfolio Glen Allen, VA 2,368,6492.4m $131.4m $131.4m 1.07% Added +110.1k +110,061
31 JANE STREET GROUP, LLC 0.14% of their portfolio NEW YORK, NY 2,186,4662.2m $121.3m $121.3m 0.14% Added +1.4m +1,427,178
32 SATURNA CAPITAL CORP 1.48% of their portfolio BELLINGHAM, WA 2,074,6532.1m $115.1m $115.1m 1.48% Reduced -49.0k -49,039
33 Saratoga Research & Investment Management 5.35% of their portfolio SARATOGA, CA 1,853,7071.9m $102.9m $102.9m 5.35% Added +341.0k +341,030
34 Baird Financial Group, Inc. 0.16% of their portfolio MILWAUKEE, WI 1,795,4341.8m $99.6m $99.6m 0.16% Added +318.8k +318,761
35 TWO SIGMA INVESTMENTS, LP 0.14% of their portfolio NEW YORK, NY 1,691,5261.7m $93.9m $93.9m 0.14% Reduced -525.4k -525,424
36 AMERIPRISE FINANCIAL INC 0.02% of their portfolio MINNEAPOLIS, MN 1,449,5111.4m $80.3m $80.3m 0.02% Reduced -160.0k -159,969
37 LAZARD ASSET MANAGEMENT LLC 0.11% of their portfolio NEW YORK, NY 1,421,5261.4m $78.9m $78.9m 0.11% Added +157.3k +157,344
38 LPL Financial LLC 0.02% of their portfolio FORT MILL, SC 1,399,5331.4m $77.7m $77.7m 0.02% Reduced -86.9k -86,886
39 DIMENSIONAL FUND ADVISORS LP 0.02% of their portfolio AUSTIN, TX 1,338,6471.3m $74.3m $74.3m 0.02% Reduced -135.4k -135,375
40 JENNISON ASSOCIATES LLC 0.04% of their portfolio NEW YORK, NY 1,226,0041.2m $68.0m $68.0m 0.04% Reduced -17.7m -17,659,339
41 Squarepoint Ops LLC 0.13% of their portfolio NEW YORK, NY 1,088,9951.1m $60.4m $60.4m 0.13% New
42 BANK OF MONTREAL /CAN/ 0.02% of their portfolio TORONTO, A6 1,057,4181.1m $58.7m $58.7m 0.02% Reduced -1.4m -1,417,882
43 D. E. Shaw & Co., Inc. 0.05% of their portfolio New York, NY 1,049,5191.0m $58.2m $58.2m 0.05% New
44 Clear Street Group Inc. 0.27% of their portfolio NEW YORK, NY 1,016,0001.0m $56.4m $56.4m 0.27% First filing
45 PARNASSUS INVESTMENTS, LLC 0.13% of their portfolio San Francisco, CA 1,013,6841.0m $56.2m $56.2m 0.13% Added +2.1k +2,138
46 NOMURA HOLDINGS INC 0.25% of their portfolio TOKYO, M0 974,870974.9k $54.1m $54.1m 0.25% Added +607.0k +607,044
47 NATIONAL BANK OF CANADA /FI/ 0.06% of their portfolio MONTREAL, A8 949,485949.5k $52.7m $52.7m 0.06% Added +443.3k +443,339
48 STIFEL FINANCIAL CORP 0.05% of their portfolio ST. LOUIS, MO 919,372919.4k $51.0m $51.0m 0.05% Reduced -227.6k -227,577
49 Clearbridge Investments, LLC 0.04% of their portfolio NEW YORK, NY 890,653890.7k $49.4m $49.4m 0.04% Reduced -7.3m -7,332,020
50 BARCLAYS PLC 0.02% of their portfolio LONDON, X0 860,963861.0k $47.8m $47.8m 0.02% Added +232.1k +232,108
51 CANTOR FITZGERALD, L. P. 0.93% of their portfolio NEW YORK, NY 857,000857.0k $47.6m $47.6m 0.93% Added +801.8k +801,777
52 VAN ECK ASSOCIATES CORP 0.04% of their portfolio NEW YORK, NY 788,722788.7k $43.8m $43.8m 0.04% Added +120.1k +120,127
53 TRUIST FINANCIAL CORP 0.06% of their portfolio CHARLOTTE, NC 780,746780.7k $43.3m $43.3m 0.06% Added +119.1k +119,098
54 AMERICAN CENTURY COMPANIES INC 0.02% of their portfolio KANSAS CITY, MO 771,591771.6k $42.8m $42.8m 0.02% Added +30.9k +30,936
55 Focus Partners Wealth 0.07% of their portfolio ST LOUIS, MO 760,615760.6k $42.2m $42.2m 0.07% Added +156.1k +156,062
56 Rockefeller Capital Management L.P. 0.08% of their portfolio NEW YORK, NY 756,583756.6k $42.0m $42.0m 0.08% Reduced -194.4k -194,354
57 ARMISTICE CAPITAL, LLC 1.28% of their portfolio NEW YORK, NY 736,000736.0k $40.8m $40.8m 1.28% New
58 Corient Private Wealth LP 0.06% of their portfolio MIAMI, FL 728,080728.1k $40.4m $40.4m 0.06% Reduced -323.3k -323,325
59 CAUSEWAY CAPITAL MANAGEMENT LLC 0.51% of their portfolio LOS ANGELES, CA 695,979696.0k $38.6m $38.6m 0.51% Added +342.1k +342,095
60 BNP PARIBAS FINANCIAL MARKETS 0.03% of their portfolio PARIS, I0 679,370679.4k $37.7m $37.7m 0.03% Added +89.6k +89,616
61 Bank of New York Mellon Corp 0.01% of their portfolio NEW YORK, NY 671,656671.7k $37.3m $37.3m 0.01% Reduced -133.9k -133,911
62 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.05% of their portfolio BALA CYNWYD, PA 653,691653.7k $36.3m $36.3m 0.05% Reduced -753.1k -753,067
63 Marex Group Ltd 0.45% of their portfolio London, X0 649,740649.7k $36.1m $36.1m 0.45% Added +468.7k +468,674
64 UNITED CAPITAL FINANCIAL ADVISORS, LLC 0.25% of their portfolio IRVING, TX 637,807637.8k $35.4m $35.4m 0.25% Added +85.2k +85,206
65 SIMPLEX TRADING, LLC 0.73% of their portfolio CHICAGO, IL 595,602595.6k $33.0m $33.0m 0.73% Added +290.4k +290,365
66 OPPENHEIMER ASSET MANAGEMENT INC. 0.34% of their portfolio NEW YORK, NY 565,007565.0k $31.4m $31.4m 0.34% Added +71.3k +71,283
67 Cerity Partners LLC 0.05% of their portfolio NEW YORK, NY 558,615558.6k $30.5m $30.5m 0.05% Reduced -295.6k -295,607
68 Schonfeld Strategic Advisors LLC 0.22% of their portfolio NEW YORK, NY 557,519557.5k $30.9m $30.9m 0.22% New
69 CIBC WORLD MARKET INC. 0.06% of their portfolio TORONTO, A6 554,647554.6k $30.8m $30.8m 0.06% Reduced -99.4k -99,416
70 Walleye Trading LLC 0.49% of their portfolio NEW YORK, NY 551,660551.7k $30.6m $30.6m 0.49% Added +482.2k +482,185
71 THORNBURG INVESTMENT MANAGEMENT INC 0.39% of their portfolio SANTA FE, NM 544,386544.4k $30.2m $30.2m 0.39% Reduced -278.3k -278,291
72 Federation des caisses Desjardins du Quebec 0.12% of their portfolio LEVIS, A8 543,451543.5k $30.2m $30.2m 0.12% Added +192.5k +192,476
73 Vantage Investment Partners, LLC 2.02% of their portfolio KANSAS CITY, MO 533,565533.6k $29.6m $29.6m 2.02% Added +79.4k +79,441
74 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 523,994524.0k $29.1m $29.1m 0.00% Added +104.3k +104,303
75 Sanctuary Advisors, LLC 0.10% of their portfolio INDIANAPOLIS, IN 514,224514.2k $32.7m $32.7m 0.10% Added +247.2k +247,205
76 VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.09% of their portfolio JUPITER, FL 505,153505.2k $28.0m $28.0m 0.09% Added +477.6k +477,622
77 NICHOLS & PRATT ADVISERS LLP /MA 1.76% of their portfolio BOSTON, MA 500,991501.0k $27.8m $27.8m 1.76% Added +8.9k +8,935
78 CITIGROUP INC 0.02% of their portfolio NEW YORK, NY 490,484490.5k $27.2m $27.2m 0.02% Reduced -660.5k -660,486
79 DE BURLO GROUP INC 3.22% of their portfolio BOSTON, MA 481,160481.2k $26.7m $26.7m 3.22% New
80 Optiver Holding B.V. 0.43% of their portfolio AMSTERDAM, P7 478,988479.0k $26.6m $26.6m 0.43% Added +102.2k +102,186
81 PNC Financial Services Group, Inc. 0.02% of their portfolio Pittsburgh, PA 462,940462.9k $25.7m $25.7m 0.02% Reduced -63.3k -63,294
82 Mirae Asset Global Investments Co., Ltd. 0.08% of their portfolio SEOUL, M5 462,795462.8k $25.7m $25.7m 0.08% Reduced -543.6k -543,611
83 HSBC HOLDINGS PLC 0.01% of their portfolio LONDON, X0 459,436459.4k $25.3m $25.3m 0.01% Added +121.2k +121,191
84 BROWN BROTHERS HARRIMAN & CO 0.15% of their portfolio NEW YORK, NY 453,639453.6k $25.2m $25.2m 0.15% Reduced -3.5k -3,547
85 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.04% of their portfolio TORONTO, A6 431,484431.5k $23.9m $23.9m 0.04% Added +262.1k +262,129
86 Traynor Capital Management, Inc. 1.36% of their portfolio MALVERN, PA 427,434427.4k $23.7m $23.7m 1.36% Added +28.1k +28,135
87 JIA INVESTMENT ALLIANCE PTE. LTD. 2.36% of their portfolio SINGAPORE, U0 426,700426.7k $23.7m $23.7m 2.36% Unchanged
88 Prospera Financial Services Inc 0.40% of their portfolio Dallas, TX 420,795420.8k $23.4m $23.4m 0.40% Added +42.8k +42,789
89 Warther Private Wealth, LLC 5.36% of their portfolio AKRON, OH 407,995408.0k $22.6m $22.6m 5.36% Added +30.3k +30,263
90 SMITH CHAS P & ASSOCIATES PA CPAS 1.95% of their portfolio LAKELAND, FL 405,425405.4k $22.5m $22.5m 1.95% Added +208.0k +207,959
91 Obermeyer Wealth Partners 1.02% of their portfolio ASPEN, CO 393,320393.3k $21.8m $21.8m 1.02% Reduced -12 -12
92 MayTech Global Investments, LLC 2.24% of their portfolio New York, NY 387,083387.1k $21.5m $21.5m 2.24% Reduced -23.2k -23,158
93 NATIXIS 0.11% of their portfolio PARIS, I0 383,087383.1k $21.3m $21.3m 0.11% Added +354.4k +354,425
94 OSAIC HOLDINGS, INC. 0.03% of their portfolio SCOTTSDALE, AZ 374,681374.7k $21.0m $21.0m 0.03% Added +3.4k +3,351
95 Creative Planning 0.02% of their portfolio OVERLAND PARK, KS 372,642372.6k $20.7m $20.7m 0.02% Added +511 +511
96 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio SAN FRANCISCO, CA 370,133370.1k $20.5m $20.5m 0.00% Added +55.5k +55,506
97 ACADEMY CAPITAL MANAGEMENT 2.91% of their portfolio WACO, TX 367,419367.4k $20.4m $20.4m 2.91% Added +1.2k +1,170
98 Modera Wealth Management, LLC 0.23% of their portfolio WESTWOOD, NJ 359,087359.1k $19.9m $19.9m 0.23% Reduced -6.7k -6,664
99 BANCO BILBAO VIZCAYA ARGENTARIA, S.A. 0.15% of their portfolio Madrid, U3 357,521357.5k $19.5m $19.5m 0.15% Added +257.3k +257,306
100 CIBC Private Wealth Group LLC 0.03% of their portfolio ATLANTA, GA 352,471352.5k $19.6m $19.6m 0.03% Added +7.4k +7,404