What smart money is saying about Novo Nordisk
NVO
No fund has written a full thesis on Novo Nordisk in our archive, but 14 fund letters report a position in it — most recently Middle Coast Investing Equity Portfolios in September 2026.
Get an email when a fund buys, sells or pitches it
14
Reported positions
2
Bought
8
Sold
14
Letters
Position history
Between Q2 2025 and Q3 2026, 14 fund letters reported a position in Novo Nordisk — 2 opened or added to the position, 8 trimmed or exited.
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q3 2026 | 4 | 0 | 3 | 0 |
| Q2 2026 | 4 | 1 | 1 | 0 |
| Q1 2026 | 1 | 0 | 1 | 0 |
| Q4 2025 | 1 | 0 | 1 | 0 |
| Q3 2025 | 2 | 1 | 1 | 0 |
| Q2 2025 | 2 | 0 | 1 | 0 |
Fund activity · 14 positions · 10 moves
- September 2026
“We also sold a small Novo Nordisk (NVO) position that was a legacy of a client’s prior portfolio.”
Novo Nordisk - HoldsAugustine Asset Management Quarterly FundSeptember 2026
“Positive contributions from US technology (Apple, Microsoft), US healthcare (Halozyme, Merck, Gilead, Regeneron), Japanese financials (Mizuho, Mitsubishi UFJ), and European energy (Shell, TotalEnergies) more than offset slight detractions from European technology (ASML), European and US industrials (Siemens, CSX), and European healthcare (Novo, Sanofi).”
Novo Nordisk - ExitedLiontrust Balanced FundSeptember 2026
“These trades add exposure to high-quality medical technology businesses after periods of share-price weakness. DexCom provides exposure to the long- term adoption of continuous glucose monitoring, while Intuitive Surgical is a global leader in robotic-assisted surgery and Boston Scientific earnings look to be at an inflection point. We funded this by fully exiting Novo Nordisk and EssilorLuxottica.”
Novo Nordisk - ExitedGreensKeeper Value FundSeptember 2026
“Following its recent Capital Markets Day, we fully exited our position in Novo Nordisk (NVO).”
Novo Nordisk - June 2026
“Accenture faces a similar market narrative. Results announced in May showed earnings growth of 9 percent and a dividend increase of 10 percent, yet AI disruption fears persist and the shares now trade on an undemanding nine times next year's earnings. In hindsight, we bought in too early, but we still believe consulting will survive the AI revolution and that Accenture will be central to spreading its benefits through the corporate world. We have been here before. Novo Nordisk and Edenred, both under intense scrutiny in recent years, were among the top contributors this quarter as sentiment began to recover.”
Novo Nordisk - ExitedFundsmith Equity FundJune 2026
“We exited or have started exiting: Atlas Copco, Coloplast, Essilor Luxottica, Intuit, LVMH, Magnum Ice Cream, Mettler-Toledo, Nike, Novo Nordisk, Otis, Unilever, Wolters Kluwer, and Zoetis.”
Novo Nordisk - June 2026
“Novo Nordisk A/S Healthcare & Pharma Visa Inc. Technology GreensKeeper Value Fund”
Novo Nordisk - New positionLiontrust Global Alpha FundJune 2026
“Other new positions included OHB, a key beneficiary of the Space / Satellite theme, Novo Nordisk within the obesity market, Essilor, a favoured play on wearable AI, and Tencent, increasing our exposure to China technology.”
Novo Nordisk - ExitedThe Davenport FundsMarch 2026
“Novo Nordisk A/S (NVO) was a relatively brief holding, and while it wasn’t a profitable holding, our exit decision saved us from further pain as the company continues to lose share in the GLP-1 weight-loss market.”
Novo Nordisk - December 2025
“Roche replaces Danish GLP-1 pharmaceutical maker Novo Nordisk, a long-term holding that has faced numerous challenges internally and externally. The rise of obesity medications has undermined its once leading position in the market, complicated by the rise of compounders, specifically in the U.S. This has led to steep price decreases for treatment. We sold the position as we do not believe the changes it has made to date will close the competitive gap relative to Eli Lilly.”
Novo Nordisk - September 2025
“A better outlook from Johnson & Johnson, where Tremfya could be a next-gen immunology leader, and for CVS Health, on track toward recovery in its Medicare Advantage insurance book, more than offset weakness in GLP-1 maker Novo Nordisk, which we exited.”
Novo Nordisk - September 2025
“Portfolio Activity • All aspects of our quality-growth-valuation investment thesis must be present for us to make an investment. Often our research is completed well in advance of the opportunity to invest. We are patient investors and maintain coverage of high-quality businesses in order to take advantage of meaningful price dislocations if and when they occur. During the quarter, we added to our existing positions in Novo Nordisk and Vertex as near-term price weaknesses created attractive reward-to-risk opportunities.”
Novo Nordisk - ExitedLatitude IMJune 2025
“An example would be our sale of Novo Nordisk in 2022, a business which we highly admire and would happily invest in in the future but felt our investors capital was better recycled at that valuation into another shelf stock: McKesson.”
Novo Nordisk - HoldsFederated Hermes Sustainable Global EquityJune 2025
“Thermo Fisher, Gartner and Novo Nordisk detracted the most from performance. Thermo Fisher shares were impacted by concerns over US policy and tariffs, though the company remains well-positioned for long-term structural trends in healthcare. Gartner’s share price fell due to concerns over US government spending cuts – including on consulting contracts with Gartner – and longer-term concerns around potential disruption from AI advancements. Novo Nordisk fell due to investor concerns over the absence of an acceleration in prescription data for Wegovy, following the end of supply shortages in late February.”
Novo Nordisk
Read the letters behind these Novo Nordisk positions
Every quote above comes from a fund letter in our archive. Get unlimited access to the letters themselves — and to Warren AI, which reads all of them for you.
View plans→Share this ledger