Novo Holdings A S' Q3 2025 13F: 1 new position, 3 exits
Form 13F-HR for the quarter ended Sep 30, 2025 · filed Nov 14, 2025 · 27 reported positions · accession 0001388325-25-000025
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| Reduced | INSMED INC (INSM) | 4.8% | 1.9% | −3.0 pts | −480K sh | −71% |
| Exited | BLUEPRINT MEDICINES CORP (BPMC) | 2.4% | — | −2.4 pts | −265K sh | −100% |
| New | BRIDGEBIO ONCOLOGY THERAPEUT (BBOT) | — | 1.5% | +1.5 pts | +1.96M sh | new |
| Reduced | ALIBABA GROUP HLDG LTD (BABA) | 3.0% | 3.0% | 0.0 pts | −115K sh | −31% |
| Reduced | ASML HOLDING N V (ASML) | 9.4% | 9.1% | −0.3 pts | −20,000 sh | −12% |
| Exited | CERIBELL INC (CBLL) | 1.2% | — | −1.2 pts | −900K sh | −100% |
| Reduced | MIRUM PHARMACEUTICALS INC (MIRM) | 5.4% | 6.0% | +0.6 pts | −236K sh | −16% |
| Reduced | RECURSION PHARMACEUTICALS IN (RXRX) | 3.5% | 2.5% | −1.0 pts | −1.74M sh | −18% |
| Increased | ENLIVEN THERAPEUTICS INC (ELVN) | 1.5% | 1.9% | +0.3 pts | +342K sh | +32% |
| Reduced | ZENAS BIOPHARMA INC (ZBIO) | 1.5% | 2.9% | +1.3 pts | −250K sh | −11% |
| Increased | CRINETICS PHARMACEUTICALS IN (CRNX) | 3.1% | 4.4% | +1.2 pts | +75,000 sh | +5% |
| Exited | ABCELLERA BIOLOGICS INC (ABCL) | 0.2% | — | −0.2 pts | −653K sh | −100% |
| Increased | APOGEE THERAPEUTICS INC (APGE) | 1.4% | 1.3% | −0.1 pts | +50,608 sh | +11% |
| Increased | ARRIVENT BIOPHARMA INC (AVBP) | 2.9% | 2.3% | −0.6 pts | +70,000 sh | +4% |
| Increased | PHARVARIS N V (PHVS) | 2.1% | 2.8% | +0.7 pts | +25,000 sh | +1% |
| Reduced | VALNEVA SE (VALN) | 1.0% | 1.8% | +0.9 pts | −30,000 sh | −1% |
| Reduced | IO BIOTECH INC (IOBT) | 0.3% | 0.1% | −0.3 pts | −842K sh | −25% |
| Reduced | GALECTO INC (GLTO) | 0.0% | 0.0% | 0.0 pts | −13,334 sh | −13% |
Reported by the fund in its Form 13F filed with the SEC; holdings are as of the quarter-end report date and may have changed since. For informational purposes only — not investment advice or a recommendation to buy or sell any security. FilingExplorer is not affiliated with or endorsed by this fund. How this brief is compiled
† Security identifier (CUSIP) changed — read as one continuing position, not an exit and a new position:
- LANZATECH GLOBAL INC (LNZA): 51655R101 → 51655R200, 15.81M → 158K shares (share count changed with the identifier; not shown as a trade)
Top 10 positions — 73.2% of the equity book
Changes in the top 10 this quarter: MRUS entered · VRDN entered · INSM left · RXRX left
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | VANGUARD INDEX FDS (VTI) | 22.3% | 22.0% | |
| 2 | BROOKFIELD CORP (BN) | 10.2% | 10.3% | |
| 3 | ASML HOLDING N V (ASML) | 9.4% | 9.1% | |
| 4 | MIRUM PHARMACEUTICALS INC (MIRM) | 5.4% | 6.0% | |
| 5 | EDGEWISE THERAPEUTICS INC (EWTX) | 5.0% | 5.6% | |
| 6 | SALESFORCE INC (CRM) | 6.4% | 5.0% | |
| 7 | MERUS N V (MRUS) | 2.8% | 4.6% | Entered the top 10 |
| 8 | CRINETICS PHARMACEUTICALS IN (CRNX) | 3.1% | 4.4% | |
| 9 | VIRIDIAN THERAPEUTICS INC (VRDN) | 2.3% | 3.3% | Entered the top 10 |
| 10 | ALIBABA GROUP HLDG LTD (BABA) | 3.0% | 3.0% | |
| — | INSMED INC (INSM) | 4.8% | 1.9% | Left the top 10 |
| — | RECURSION PHARMACEUTICALS IN (RXRX) | 3.5% | 2.5% | Left the top 10 |
Weights are each position's reported value as a share of the fund's reported equity positions (options and principal-amount holdings excluded).