NOVO-NORDISK A S

Novo Nordisk's $106.8 million tracked institutional book, spread across 107 holders, saw its two largest moves point in opposite directions this quarter — against a backdrop where the data implies NVO shares rose roughly 30.5%. ARS Investment Partners, LLC nearly doubled its position, adding shares from 149,056 to 288,970 (+93.9%, an $8.4 million increase) to become the single largest tracked holder at 13.0% of the book. At the same time, Eastern Bank slashed its stake by 58.1% (292,377 to 122,583 shares, a $4.9 million reduction) and FFG Partners cut an even steeper 61.9% (67,501 to 25,719 shares, -$1.2 million) — both real sales, not just a function of the price move, since dollar value fell for both despite the rally. Viking Fund Management, the second-largest holder at 12.1% of the book, held its 270,000 shares exactly flat and let the price appreciation do the work. With three of the book's five largest holders moving in materially different directions during the same quarter, NVO's institutional ownership shows a genuine split in conviction rather than a consensus trade.