Novo Holdings A/S
"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.
13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.
We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 17 quarters, returned +4.8% per quarter — versus +4.0% per quarter from simply owning every 13F stock. It beat that baseline in only 58.8% of quarters (excess t = -0.97, not statistically significant). Its filings tell you what it bought — not what you should buy.
Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)
Top 20 holdings of 22 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| EWTX | $169M | | HOLD |
| BN | $141M | | HOLD |
| ASML | $125M | | TRIM |
| MIRM | $122M | | ADD |
| MPLT | $75M | | HOLD |
| CRM | $73M | | ADD |
| CRNX | $56M | | TRIM |
| ELVN | $50M | | TRIM |
| PCVX | $50M | | TRIM |
| PHVS | $49M | | HOLD |
| AVBP | $45M | | HOLD |
| VRDN | $39M | | TRIM |
| CLDX | $38M | | HOLD |
| APGE | $38M | | TRIM |
| BMRN | $37M | | HOLD |
| FDMT | $34M | | HOLD |
| BABA | $32M | | HOLD |
| XENE | $28M | | NEW |
| BBOT | $20M | | ADD |
| MQ | $2M | | HOLD |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q1
Method & Limitations
Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.