Vault-13

NOVO-NORDISK A S NVO

ADR · ADR · CUSIP 670100205 · ISIN US6701002056

1,418 institutional holders +18 vs Q3 2025
315,470,791315.5m shares reported held*
$16.1bnreported value*
141 new 446 added 568 reduced 184 sold out net bought ≈ $391.0m (+7.9m 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 ($30.5m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $51.00. Options: 65 managers hold calls ($2.1bn notional), 49 hold puts ($3.3bn).

Trends to Q4 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: 1,400Q4 25: 1,4181,418Q3 22Q2 23Q1 24Q4 24Q4 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
Q4 20251,418

Buyers vs sellers

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

Bought or addedCut or sold out
2k02kQ1 24: 1,016 bought or addedQ1 24: 556 cut or sold outQ2 24: 952 bought or addedQ2 24: 665 cut or sold outQ2 24Q3 24: 825 bought or addedQ3 24: 854 cut or sold outQ4 24: 695 bought or addedQ4 24: 932 cut or sold outQ4 24Q1 25: 751 bought or addedQ1 25: 807 cut or sold outQ2 25: 701 bought or addedQ2 25: 729 cut or sold outQ2 25Q3 25: 649 bought or addedQ3 25: 776 cut or sold outQ4 25: 587 bought or addedQ4 25: 752 cut or sold outQ4 25
Numbers
QuarterBought or addedCut or sold out
Q1 20241,016556
Q2 2024952665
Q3 2024825854
Q4 2024695932
Q1 2025751807
Q2 2025701729
Q3 2025649776
Q4 2025587752

Calls vs puts

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

CallsPuts
$0$1bn$2bn$3bn$4bnQ1 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 1.49Q4 25 calls: $2.1bnQ4 25 puts: $3.3bnQ4 25P/C 1.62
Numbers
QuarterCallsPutsP/C
Q1 2025$987.1m$1.3bn1.36
Q2 2025$1.1bn$1.6bn1.44
Q3 2025$2.1bn$3.1bn1.49
Q4 2025$2.1bn$3.3bn1.62

Biggest buyers

PRICE T ROWE ASSOCIATES INC /MD/ Added +4,836,285+4.8m
VOLORIDGE INVESTMENT MANAGEMENT, LLC Added +4,302,126+4.3m
CITADEL ADVISORS LLC Added +4,278,889+4.3m
GOLDMAN SACHS GROUP INC Added +4,275,072+4.3m
MILLENNIUM MANAGEMENT LLC Added +1,592,362+1.6m
BANK OF MONTREAL /CAN/ Added +1,468,409+1.5m
SUSQUEHANNA ADVISORS GROUP, INC. New +1,330,000+1.3m
UBS Group AG Added +1,221,675+1.2m
NATIONAL BANK OF CANADA /FI/ Added +1,199,556+1.2m
Holocene Advisors, LP New +1,180,500+1.2m

Biggest sellers

JPMORGAN CHASE & CO Reduced -7,283,125-7.3m
Capital International Investors Reduced -6,502,318-6.5m
FMR LLC Reduced -4,058,066-4.1m
Fayez Sarofim & Co Reduced -3,118,838-3.1m
BANK OF AMERICA CORP /DE/ Reduced -1,535,249-1.5m
TWO SIGMA INVESTMENTS, LP Reduced -1,348,335-1.3m
JENNISON ASSOCIATES LLC Sold out -1,226,004-1.2m
ENVESTNET ASSET MANAGEMENT INC Reduced -1,150,167-1.2m
Clearbridge Investments, LLC Reduced -882,035-882.0k
BlackRock, Inc. Reduced -728,787-728.8k

Biggest calls

CITADEL ADVISORS LLC Added $415.0m8.2m shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $405.7m8.0m shares
JANE STREET GROUP, LLC Added $167.4m3.3m shares
Optiver Holding B.V. Added $142.9m2.8m shares
SIMPLEX TRADING, LLC Reduced $125.3m2.5m shares
IMC-Chicago, LLC Added $121.5m2.4m shares
GROUP ONE TRADING LLC Added $96.8m1.9m shares
Qube Research & Technologies Ltd Added $84.8m1.7m shares
TUDOR INVESTMENT CORP ET AL Reduced $53.9m1.1m shares
D. E. Shaw & Co., Inc. Added $47.5m933.1k shares

Biggest puts

CITADEL ADVISORS LLC Added $782.9m15.4m shares
JANE STREET GROUP, LLC Added $412.9m8.1m shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP Added $377.1m7.4m shares
D. E. Shaw & Co., Inc. Added $288.5m5.7m shares
Optiver Holding B.V. Added $152.0m3.0m shares
PEAK6 LLC Added $144.2m2.8m shares
Squarepoint Ops LLC Added $105.9m2.1m shares
SIMPLEX TRADING, LLC Added $100.2m2.0m shares
MILLENNIUM MANAGEMENT LLC Added $94.9m1.9m shares
UBS Group AG Reduced $89.9m1.8m 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 Q4 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 Q4 2025.

Holders, Q4 2025

#ManagerLocationShares Value% of their portfolioChangeShares change
1 LOOMIS SAYLES & CO L P 1.05% of their portfolio BOSTON, MA 17,135,38417.1m $871.8m $871.8m 1.05% Added +969.9k +969,916
2 FRANKLIN RESOURCES INC 0.18% of their portfolio San Mateo, CA 14,702,50814.7m $748.1m $748.1m 0.18% Added +717.7k +717,719
3 MORGAN STANLEY 0.04% of their portfolio NEW YORK, NY 12,842,08912.8m $653.4m $653.4m 0.04% Added +428.7k +428,660
4 BANK OF AMERICA CORP /DE/ 0.04% of their portfolio CHARLOTTE, NC 11,868,12911.9m $603.9m $603.9m 0.04% Reduced -1.5m -1,535,249
5 Capital International Investors 0.09% of their portfolio Los Angeles, CA 11,211,10611.2m $571.9m $571.9m 0.09% Reduced -6.5m -6,502,318
6 GOLDMAN SACHS GROUP INC 0.08% of their portfolio NEW YORK, NY 10,991,43011.0m $559.2m $559.2m 0.08% Added +4.3m +4,275,072
7 FOLKETRYGDFONDET 12.04% of their portfolio OSLO, Q8 10,164,13710.2m $517.2m $517.2m 12.04% Reduced -47.8k -47,776
8 FMR LLC 0.03% of their portfolio BOSTON, MA 10,017,32510.0m $509.7m $509.7m 0.03% Reduced -4.1m -4,058,066
9 Fisher Asset Management, LLC 0.17% of their portfolio PLANO, TX 9,784,2229.8m $497.8m $497.8m 0.17% Reduced -538.7k -538,681
10 PRICE T ROWE ASSOCIATES INC /MD/ 0.05% of their portfolio BALTIMORE, MD 9,688,2629.7m $492.9m $492.9m 0.05% Added +4.8m +4,836,285
11 CITADEL ADVISORS LLC 0.26% of their portfolio MIAMI, FL 7,410,9237.4m $377.1m $377.1m 0.26% Added +4.3m +4,278,889
12 EVERETT HARRIS & CO /CA/ 3.94% of their portfolio LOS ANGELES, CA 6,407,3666.4m $326.0m $326.0m 3.94% Added +13.6k +13,586
13 STATE FARM MUTUAL AUTOMOBILE INSURANCE CO 0.25% of their portfolio BLOOMINGTON, IL 6,142,7786.1m $312.5m $312.5m 0.25% Unchanged
14 STATE STREET CORP 0.01% of their portfolio BOSTON, MA 5,996,1136.0m $306.3m $306.3m 0.01% Reduced -110.7k -110,723
15 Boston Partners 0.29% of their portfolio BOSTON, MA 5,376,8245.4m $275.6m $275.6m 0.29% Reduced -194.2k -194,193
16 UBS Group AG 0.05% of their portfolio ZURICH, V8 4,911,8914.9m $249.9m $249.9m 0.05% Added +1.2m +1,221,675
17 VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.86% of their portfolio JUPITER, FL 4,807,2794.8m $244.6m $244.6m 0.86% Added +4.3m +4,302,126
18 NORTHERN TRUST CORP 0.03% of their portfolio CHICAGO, IL 4,629,3054.6m $235.5m $235.5m 0.03% Added +18.2k +18,179
19 ROYAL BANK OF CANADA 0.04% of their portfolio TORONTO, A6 4,386,4034.4m $223.2m $223.2m 0.04% Reduced -351.3k -351,262
20 Fayez Sarofim & Co 0.52% of their portfolio Houston, TX 4,234,7494.2m $215.5m $215.5m 0.52% Reduced -3.1m -3,118,838
21 WELLS FARGO & COMPANY/MN 0.04% of their portfolio SAN FRANCISCO, CA 3,992,0494.0m $203.1m $203.1m 0.04% Reduced -114.3k -114,314
22 JPMORGAN CHASE & CO 0.01% of their portfolio NEW YORK, NY 3,533,6373.5m $179.8m $179.8m 0.01% Reduced -7.3m -7,283,125
23 BlackRock, Inc. 0.00% of their portfolio New York, NY 3,234,9023.2m $164.6m $164.6m 0.00% Reduced -728.8k -728,787
24 RENAISSANCE TECHNOLOGIES LLC 0.25% of their portfolio NEW YORK, NY 3,183,6783.2m $162.0m $162.0m 0.25% Added +301.7k +301,682
25 RAYMOND JAMES FINANCIAL INC 0.05% of their portfolio ST. PETERSBURG, FL 3,167,1113.2m $161.1m $161.1m 0.05% Reduced -115.0k -114,968
26 Markel Group Inc. 1.16% of their portfolio Glen Allen, VA 2,869,7742.9m $146.0m $146.0m 1.16% Added +501.1k +501,125
27 ENVESTNET ASSET MANAGEMENT INC 0.04% of their portfolio Berwyn, PA 2,773,4342.8m $141.1m $141.1m 0.04% Reduced -1.2m -1,150,167
28 NATIXIS ADVISORS, LLC 0.19% of their portfolio Boston, MA 2,661,2382.7m $135.4m $135.4m 0.19% Added +105.7k +105,703
29 SG Americas Securities, LLC 0.17% of their portfolio NEW YORK, NY 2,535,3462.5m $129.0m $129.0m 0.17% Added +152.2k +152,170
30 BANK OF MONTREAL /CAN/ 0.05% of their portfolio TORONTO, A6 2,525,8272.5m $128.5m $128.5m 0.05% Added +1.5m +1,468,409
31 WCM INVESTMENT MANAGEMENT, LLC 0.26% of their portfolio LAGUNA BEACH, CA 2,508,2922.5m $128.5m $128.5m 0.26% Reduced -223.9k -223,890
32 JANE STREET GROUP, LLC 0.14% of their portfolio NEW YORK, NY 2,248,9942.2m $114.4m $114.4m 0.14% Added +62.5k +62,528
33 DAVENPORT & Co LLC 0.61% of their portfolio RICHMOND, VA 2,206,8192.2m $112.5m $112.5m 0.61% Reduced -435.7k -435,679
34 NATIONAL BANK OF CANADA /FI/ 0.11% of their portfolio MONTREAL, A8 2,149,0412.1m $109.3m $109.3m 0.11% Added +1.2m +1,199,556
35 SATURNA CAPITAL CORP 1.40% of their portfolio BELLINGHAM, WA 2,072,6192.1m $105.5m $105.5m 1.40% Reduced -2.0k -2,034
36 Baird Financial Group, Inc. 0.15% of their portfolio MILWAUKEE, WI 1,927,5321.9m $98.1m $98.1m 0.15% Added +132.1k +132,098
37 Saratoga Research & Investment Management 4.94% of their portfolio SARATOGA, CA 1,852,5661.9m $94.3m $94.3m 4.94% Reduced -1.1k -1,141
38 AMERIPRISE FINANCIAL INC 0.02% of their portfolio MINNEAPOLIS, MN 1,736,1761.7m $88.7m $88.7m 0.02% Added +286.7k +286,665
39 VAN ECK ASSOCIATES CORP 0.07% of their portfolio NEW YORK, NY 1,645,1491.6m $83.7m $83.7m 0.07% Added +856.4k +856,427
40 MILLENNIUM MANAGEMENT LLC 0.06% of their portfolio NEW YORK, NY 1,616,2651.6m $82.2m $82.2m 0.06% Added +1.6m +1,592,362
41 Corient Private Wealth LP 0.05% of their portfolio MIAMI, FL 1,415,4331.4m $72.0m $72.0m 0.05% Added +687.4k +687,353
42 CITIGROUP INC 0.05% of their portfolio NEW YORK, NY 1,405,7241.4m $71.5m $71.5m 0.05% Added +915.2k +915,240
43 BNP PARIBAS FINANCIAL MARKETS 0.05% of their portfolio PARIS, I0 1,398,2921.4m $71.1m $71.1m 0.05% Added +718.9k +718,922
44 Rockefeller Capital Management L.P. 0.12% of their portfolio NEW YORK, NY 1,340,8581.3m $68.2m $68.2m 0.12% Added +584.3k +584,275
45 SUSQUEHANNA ADVISORS GROUP, INC. 2.18% of their portfolio BALA CYNWYD, PA 1,330,0001.3m $67.7m $67.7m 2.18% New
46 DIMENSIONAL FUND ADVISORS LP 0.01% of their portfolio AUSTIN, TX 1,326,0581.3m $67.5m $67.5m 0.01% Reduced -12.6k -12,589
47 STIFEL FINANCIAL CORP 0.06% of their portfolio ST. LOUIS, MO 1,267,7001.3m $64.5m $64.5m 0.06% Added +348.3k +348,328
48 LPL Financial LLC 0.02% of their portfolio FORT MILL, SC 1,222,6651.2m $62.2m $62.2m 0.02% Reduced -176.9k -176,868
49 SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.09% of their portfolio BALA CYNWYD, PA 1,222,0341.2m $62.2m $62.2m 0.09% Added +568.3k +568,343
50 Holocene Advisors, LP 0.13% of their portfolio New York, NY 1,180,5001.2m $60.1m $60.1m 0.13% New
51 Quadrature Capital Ltd 0.61% of their portfolio LONDON, X0 1,176,9331.2m $59.9m $59.9m 0.61% New
52 SIMPLEX TRADING, LLC 1.46% of their portfolio CHICAGO, IL 1,017,1621.0m $51.8m $51.8m 1.46% Added +421.6k +421,560
53 Marex Group Ltd 0.55% of their portfolio London, X0 1,005,7131.0m $51.2m $51.2m 0.55% Added +356.0k +355,973
54 Carmignac Gestion 0.69% of their portfolio PARIS, I0 1,003,3001.0m $51.0m $51.0m 0.69% New
55 CAUSEWAY CAPITAL MANAGEMENT LLC 0.70% of their portfolio LOS ANGELES, CA 993,850993.9k $50.6m $50.6m 0.70% Added +297.9k +297,871
56 Optiver Holding B.V. 0.91% of their portfolio AMSTERDAM, P7 983,717983.7k $50.1m $50.1m 0.91% Added +504.7k +504,729
57 PARNASSUS INVESTMENTS, LLC 0.13% of their portfolio San Francisco, CA 969,015969.0k $49.3m $49.3m 0.13% Reduced -44.7k -44,669
58 BARCLAYS PLC 0.02% of their portfolio LONDON, X0 950,272950.3k $48.3m $48.3m 0.02% Added +89.3k +89,309
59 Squarepoint Ops LLC 0.10% of their portfolio NEW YORK, NY 934,644934.6k $47.6m $47.6m 0.10% Reduced -154.4k -154,351
60 Contrarius Group Holdings Ltd 2.30% of their portfolio Hamilton, D0 930,367930.4k $47.3m $47.3m 2.30% New
61 HSBC HOLDINGS PLC 0.01% of their portfolio LONDON, X0 918,466918.5k $46.9m $46.9m 0.01% Added +459.0k +459,030
62 AMERICAN CENTURY COMPANIES INC 0.02% of their portfolio KANSAS CITY, MO 879,152879.2k $44.7m $44.7m 0.02% Added +107.6k +107,561
63 LAZARD ASSET MANAGEMENT LLC 0.07% of their portfolio NEW YORK, NY 859,806859.8k $43.7m $43.7m 0.07% Reduced -561.7k -561,720
64 NATIXIS 0.17% of their portfolio PARIS, I0 845,298845.3k $43.0m $43.0m 0.17% Added +462.2k +462,211
65 D. E. Shaw & Co., Inc. 0.03% of their portfolio New York, NY 845,224845.2k $43.0m $43.0m 0.03% Reduced -204.3k -204,295
66 Focus Partners Wealth 0.05% of their portfolio ST LOUIS, MO 844,234844.2k $43.1m $43.1m 0.05% Added +83.6k +83,619
67 CIBC WORLD MARKET INC. 0.06% of their portfolio TORONTO, A6 700,174700.2k $35.6m $35.6m 0.06% Added +145.5k +145,527
68 TRUIST FINANCIAL CORP 0.05% of their portfolio CHARLOTTE, NC 695,164695.2k $35.4m $35.4m 0.05% Reduced -85.6k -85,582
69 UNITED CAPITAL FINANCIAL ADVISORS, LLC 0.20% of their portfolio IRVING, TX 648,353648.4k $33.0m $33.0m 0.20% Added +10.5k +10,546
70 Invesco Ltd. 0.00% of their portfolio ATLANTA, GA 631,689631.7k $32.1m $32.1m 0.00% Added +107.7k +107,695
71 OPPENHEIMER ASSET MANAGEMENT INC. 0.39% of their portfolio NEW YORK, NY 631,405631.4k $32.1m $32.1m 0.39% Added +66.4k +66,398
72 Aberdeen Group plc 0.05% of their portfolio EDINBURGH, X0 614,866614.9k $31.3m $31.3m 0.05% Added +429.4k +429,351
73 Bank of New York Mellon Corp 0.01% of their portfolio NEW YORK, NY 603,600603.6k $30.7m $30.7m 0.01% Reduced -68.1k -68,056
74 Clear Street Group Inc. 0.15% of their portfolio NEW YORK, NY 580,826580.8k $29.6m $29.6m 0.15% Reduced -435.2k -435,174
75 CANTOR FITZGERALD, L. P. 0.87% of their portfolio NEW YORK, NY 576,227576.2k $29.3m $29.3m 0.87% Reduced -280.8k -280,773
76 SMITH CHAS P & ASSOCIATES PA CPAS 1.53% of their portfolio LAKELAND, FL 570,711570.7k $29.0m $29.0m 1.53% Added +165.3k +165,286
77 Vantage Investment Partners, LLC 1.87% of their portfolio KANSAS CITY, MO 549,469549.5k $28.0m $28.0m 1.87% Added +15.9k +15,904
78 Cullen Capital Management, LLC 0.30% of their portfolio New York, NY 547,520547.5k $27.9m $27.9m 0.30% New
79 MARSHALL WACE, LLP 0.03% of their portfolio LONDON, X0 544,547544.5k $27.7m $27.7m 0.03% New
80 Hudson Bay Capital Management LP 0.15% of their portfolio STAMFORD, CT 529,203529.2k $26.9m $26.9m 0.15% Added +274.6k +274,597
81 Balyasny Asset Management L.P. 0.05% of their portfolio Chicago, IL 508,109508.1k $25.9m $25.9m 0.05% Added +464.1k +464,129
82 FIRST TRUST ADVISORS LP 0.02% of their portfolio Wheaton, IL 503,535503.5k $25.6m $25.6m 0.02% Added +461.9k +461,940
83 Mirae Asset Global Investments Co., Ltd. 0.07% of their portfolio SEOUL, M5 503,078503.1k $25.6m $25.6m 0.07% Added +40.3k +40,283
84 DEUTSCHE BANK AG\ 0.01% of their portfolio FRANKFURT AM MAIN, 2M 501,839501.8k $25.5m $25.5m 0.01% Added +373.4k +373,381
85 Walleye Capital LLC 0.15% of their portfolio NEW YORK, NY 500,644500.6k $25.5m $25.5m 0.15% Added +356.9k +356,879
86 NICHOLS & PRATT ADVISERS LLP /MA 1.55% of their portfolio BOSTON, MA 487,625487.6k $24.8m $24.8m 1.55% Reduced -13.4k -13,366
87 Cerity Partners LLC 0.04% of their portfolio NEW YORK, NY 478,605478.6k $24.4m $24.4m 0.04% Reduced -80.0k -80,010
88 ADAGE CAPITAL PARTNERS GP, L.L.C. 0.04% of their portfolio Boston, MA 475,000475.0k $24.2m $24.2m 0.04% New
89 PNC Financial Services Group, Inc. 0.01% of their portfolio Pittsburgh, PA 468,869468.9k $23.9m $23.9m 0.01% Added +5.9k +5,929
90 Longaeva Partners L.P. 2.69% of their portfolio Chicago, IL 444,266444.3k $22.6m $22.6m 2.69% New
91 Prospera Financial Services Inc 0.37% of their portfolio Dallas, TX 441,858441.9k $22.5m $22.5m 0.37% Added +21.1k +21,063
92 HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.04% of their portfolio TORONTO, A6 431,484431.5k $22.0m $22.0m 0.04% Unchanged
93 CREDIT AGRICOLE S A 0.06% of their portfolio Montrouge Cedex, I0 430,085430.1k $21.9m $21.9m 0.06% Added +194.4k +194,450
94 JIA INVESTMENT ALLIANCE PTE. LTD. 2.00% of their portfolio SINGAPORE, U0 426,700426.7k $21.7m $21.7m 2.00% Unchanged
95 Warther Private Wealth, LLC 5.09% of their portfolio AKRON, OH 418,828418.8k $21.3m $21.3m 5.09% Added +10.8k +10,833
96 Traynor Capital Management, Inc. 1.13% of their portfolio MALVERN, PA 402,133402.1k $20.5m $20.5m 1.13% Reduced -25.3k -25,301
97 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio SAN FRANCISCO, CA 401,998402.0k $20.5m $20.5m 0.00% Added +31.9k +31,865
98 TD Asset Management Inc 0.02% of their portfolio Toronto, A6 398,408398.4k $20.3m $20.3m 0.02% New
99 Creative Planning 0.01% of their portfolio OVERLAND PARK, KS 393,313393.3k $20.0m $20.0m 0.01% Added +20.7k +20,671
100 DE BURLO GROUP INC 2.31% of their portfolio BOSTON, MA 374,660374.7k $19.1m $19.1m 2.31% Reduced -106.5k -106,500