Which funds own NVO
Novo-nordisk A S in the Q2 2026 filings. At least 8 of the 91 current managers on file reported a position, worth $2.0bn between them. It is among the largest positions of fewer than a fifth of the current managers on file. Buying and selling roughly cancelled this quarter, which is what a name looks like when the argument is still live.
- Managers holding
- 8
- at least, of 91 current
- Combined value
- $2.0bn
- as reported
- Opened
- 0
- new this quarter
- Added to
- 5
- already held
- Trimmed or sold out
- 3
- 1 sold out entirely
Only each manager’s largest 200 positions are listed here, so a smaller holder may be missing.
Managers reporting a position
Largest first. Weight is the share of that manager’s whole reported book, which is the number worth quoting: $400m is a rounding error in one book and a defining bet in another.
| Manager | Value | Weight | Shares | Change on the quarter | Action |
|---|---|---|---|---|---|
| Dodge & Cox Activist · $191bn book | $978m | 0.5% | 20,397,110 | +$267m+1,063,360 | Added |
| Arrowstreet Capital LP Quantitative · $225bn book | $397m | 0.2% | 8,270,785 | +$109m+443,294 | Added |
| Renaissance Technologies LLC Quantitative · $72.6bn book | $145m | 0.2% | 3,032,421 | +$21m-364,700 | Trimmed |
| Markel Group Inc Activist · $13.1bn book | $138m | 1.0% | 2,869,774 | +$32m0 | Held |
| Acadian Asset Management LLC Quantitative · $84.2bn book | $131m | 0.2% | 2,736,697 | +$115m+2,286,233 | Added |
| Farallon Capital Management LLC Long/short equity · $21.7bn book | $126m | 0.6% | 2,619,000 | +$97m+1,837,000 | Added |
| Maverick Capital Ltd Long/short equity · $11.3bn book | $79m | 0.7% | 1,653,872 | +$2.8m-426,249 | Trimmed |
| Hudson Bay Capital Management LP Multi-strategy · $36.8bn book | $35m | 0.1% | 730,000 | +$30m+604,962 | Added |
Sold out of this quarter
Valued at what the position was worth in the previous filing, because by this one it is gone.
- Holocene Advisors LP · Long/short equity$64m held before
Ownership through time
At least 15 of the 95 managers whose filings are on file listed NVO in Q2 2026, against 5 in Q2 2013. 2 managers fewer than in Q1 2026: 1 started a position; 2 listed it again; 5 no longer listed it among the positions read, which can mean a holding below the listed range or a filing not yet made.
Each manager’s largest 500 positions a quarter are read, so a small holding in a very large book can be missing, and a manager is counted as leaving only where its own filing shows it.
- Q2 2013: 5
- Q3 2013: 6
- Q4 2013: 4
- Q1 2014: 5
- Q2 2014: 4
- Q3 2014: 4
- Q4 2014: 5
- Q1 2015: 4
- Q2 2015: 7
- Q3 2015: 6
- Q4 2015: 5
- Q1 2016: 8
- Q2 2016: 6
- Q3 2016: 14
- Q4 2016: 11
- Q1 2017: 10
- Q2 2017: 5
- Q3 2017: 8
- Q4 2017: 9
- Q1 2018: 8
- Q2 2018: 10
- Q3 2018: 10
- Q4 2018: 10
- Q1 2019: 9
- Q2 2019: 10
- Q3 2019: 10
- Q4 2019: 11
- Q1 2020: 10
- Q2 2020: 8
- Q3 2020: 7
- Q4 2020: 5
- Q1 2021: 4
- Q2 2021: 5
- Q3 2021: 7
- Q4 2021: 6
- Q1 2022: 7
- Q2 2022: 10
- Q3 2022: 7
- Q4 2022: 12
- Q1 2023: 14
- Q2 2023: 17
- Q3 2023: 20
- Q4 2023: 23
- Q1 2024: 17
- Q2 2024: 24
- Q3 2024: 23
- Q4 2024: 21
- Q1 2025: 18
- Q2 2025: 15
- Q3 2025: 15
- Q4 2025: 12
- Q1 2026: 17
- Q2 2026: 15
- Q2 2013: $735m
- Q3 2013: $870m
- Q4 2013: $1.0bn
- Q1 2014: $1.3bn
- Q2 2014: $1.3bn
- Q3 2014: $1.3bn
- Q4 2014: $1.1bn
- Q1 2015: $1.3bn
- Q2 2015: $1.3bn
- Q3 2015: $1.3bn
- Q4 2015: $1.4bn
- Q1 2016: $1.3bn
- Q2 2016: $1.3bn
- Q3 2016: $1.2bn
- Q4 2016: $714m
- Q1 2017: $791m
- Q2 2017: $677m
- Q3 2017: $804m
- Q4 2017: $1.1bn
- Q1 2018: $1.0bn
- Q2 2018: $1.1bn
- Q3 2018: $1.2bn
- Q4 2018: $1.5bn
- Q1 2019: $1.7bn
- Q2 2019: $1.6bn
- Q3 2019: $1.8bn
- Q4 2019: $2.1bn
- Q1 2020: $2.2bn
- Q2 2020: $2.2bn
- Q3 2020: $2.2bn
- Q4 2020: $2.0bn
- Q1 2021: $1.8bn
- Q2 2021: $2.2bn
- Q3 2021: $2.4bn
- Q4 2021: $2.5bn
- Q1 2022: $2.4bn
- Q2 2022: $2.5bn
- Q3 2022: $1.8bn
- Q4 2022: $3.1bn
- Q1 2023: $3.8bn
- Q2 2023: $4.3bn
- Q3 2023: $5.6bn
- Q4 2023: $6.0bn
- Q1 2024: $7.3bn
- Q2 2024: $8.7bn
- Q3 2024: $6.5bn
- Q4 2024: $4.3bn
- Q1 2025: $2.8bn
- Q2 2025: $2.4bn
- Q3 2025: $1.6bn
- Q4 2025: $1.6bn
- Q1 2026: $2.9bn
- Q2 2026: $3.0bn
Between the quarter ends of Q1 2026 and Q2 2026. Each change in shares is valued at the Q2 2026 price, so the price’s own move is left out; a 13F shows the two quarter ends, not when in between anything was bought or sold.
Started in Q2 2026
Largest increases, by shares
- Acadian Asset Management LLC450,464 to 2,736,697 shares+$110m
- Farallon Capital Management LLC782,000 to 2,619,000 shares+$88m
- Dodge & Cox19,333,750 to 20,397,110 shares+$51m
- T. Rowe Price Associates Inc11,060,680 to 11,704,719 shares+$31m
- Arrowstreet Capital LP7,827,491 to 8,270,785 shares+$21m
Largest decreases, by shares
- Marshall Wace LLP3,046,611 to 1,707,104 shares-$64m
- Maverick Capital Ltd2,080,121 to 1,653,872 shares-$20m
- Renaissance Technologies LLC3,397,121 to 3,032,421 shares-$17m
- Capital World Investors5,209,427 to 5,205,926 shares-$168k
Left it
No manager on file is shown leaving it.
Reported as options rather than shares
A put or a call on a name is not a position in it, and the filing states the notional rather than what the option cost. These lines are listed apart for that reason and are not counted in anything above.
- D. E. Shaw & Co. · puts$244m notional
- Point72 Asset Management LP · puts$133m notional
- Hudson Bay Capital Management LP · puts$32m notional
What NVO is worth
Knowing who owns it is half the question. The other half is what it is worth against the companies it trades beside, which is the one an interviewer will follow up with.
Build the comp set around NVO →How much of the picture this is
A Form 13F reports US-listed long equity and nothing else: no shorts, no bonds, no cash and no non-US listings. It arrives forty-five days after the quarter ends, so a manager who sold in July still shows the position in a filing published in August. This page reads the managers on file here rather than every filer in the market, and each manager’s largest positions rather than the whole table, so a small position in a very large book may not appear. Say “their last filing showed” rather than “they own”, and the distinction will do you credit.
What to do with a name the funds are buying
Knowing who owns something is the start of a pitch, not the pitch. The next questions are what it is worth and why they were buying.
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The holdings, every quarter, and the week between
One email a week on what moved in the market and what it means for the people interviewing into it, with the 13F changes the quarter they are filed.
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