How is hedge fund similarity measured?

Similarity is computed from each fund's top conviction holdings in their latest 13F filing. Funds are scored by the overlap of distinctive shared positions (the mega-caps that nearly every fund owns are excluded), so the ranking reflects genuinely shared strategy rather than common index exposure.

Hedge Funds Similar to Novo A/S

13F Portfolio OverlapQ2 2026Novo A/S portfolio →

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Most similar hedge funds by 13F overlap

Novo Holdings A/S is an institutional investor managing $1.7B across 25 U.S. equity positions as of Q2 2026. Based on the overlap of conviction holdings in their latest 13F filings, the hedge funds with portfolios most similar to Novo A/S are ORBIMED ADVISORS, Pivotal bioVenture Partners Investment Advisor, Rock Springs, with shared positions in $EWTX, $ELVN, $AVBP, $DYN, $XENE, $AVLN. The full ranking of 25 similar funds is below.

#1ORBIMED ADVISORS LLCActive

Notable overlap · 5 shared positions

$EWTX $ELVN $AVBP $DYN $XENE

$5.4B

129 positions

#2Pivotal bioVenture Partners Investment Advisor LLCActive

Notable overlap · 3 shared positions

$AVLN $MPLT $PCVX

$308M

13 positions

#3Rock Springs Capital Management LPActive

Notable overlap · 9 shared positions

$MIRM $XENE $CLDX $ELVN $PHVS $AVLN

$2.0B

104 positions

#4Paradigm Biocapital Advisors LPActive

Notable overlap · 5 shared positions

$EWTX $PCVX $VRDN $INSM $MPLT

$5.3B

28 positions

#5First Turn Management, LLCActive

Notable overlap · 6 shared positions

$ELVN $MIRM $PCVX $VRDN $XENE $INSM

$935M

31 positions

#65AM Venture Management, LLCActive

Notable overlap · 3 shared positions

$MPLT $PHVS $CLDX

$288M

16 positions

#7Elmind Capital, LPActive

Notable overlap · 6 shared positions

$PHVS $PCVX $VRDN $CLDX $ALMS $INSM

$398M

35 positions

#8Octagon Capital Advisors LPActive

Notable overlap · 5 shared positions

$MIRM $AVBP $ALMS $XENE $PHVS

$1.1B

27 positions

#9Bellevue Group AGActive

Notable overlap · 7 shared positions

$PCVX $VRDN $CRNX $ELVN $CLDX $AVLN

$4.8B

148 positions

#10Patient Square Capital LPActive

Notable overlap · 4 shared positions

$MIRM $PHVS $XENE $ELVN

$646M

23 positions

#11RA CAPITAL MANAGEMENT, L.P.Active

Notable overlap · 4 shared positions

$EWTX $COAG $PCVX $FDMT

$11.5B

84 positions

#12Cormorant Asset Management, LPActive

Notable overlap · 7 shared positions

$EWTX $ALMS $PHVS $BBOT $INSM $ELVN

$2.0B

50 positions

#13Palo Alto Investors LP

Notable overlap · 5 shared positions

$MIRM $CLDX $DYN $INSM $XENE

$724M

52 positions

#14Seven Fleet Capital Management LP

Notable overlap · 6 shared positions

$ELVN $PHVS $MIRM $AVBP $CLDX $XENE

$606M

96 positions

#15Catalio Capital Management, LPActive

Notable overlap · 4 shared positions

$AVLN $FDMT $DYN $BBOT

$532M

39 positions

#16Ikarian Capital, LLCActive

Notable overlap · 6 shared positions

$PCVX $CLDX $ALMS $PHVS $VRDN $ELVN

$928M

156 positions

#17First Light Asset Management, LLCActive

Notable overlap · 4 shared positions

$ELVN $CRNX $EWTX $PCVX

$1.6B

31 positions

#18Siren, L.L.C.Active

Notable overlap · 6 shared positions

$EWTX $ELVN $XENE $COAG $CRNX $DYN

$4.9B

117 positions

#19Warther Private Wealth, LLCActive

Notable overlap · 3 shared positions

$BN $ASML $BABA

$456M

50 positions

#20Trails Edge Capital Partners, LPActive

Notable overlap · 4 shared positions

$MIRM $FDMT $XENE $INSM

$630M

35 positions

#21Kynam Capital Management, LPActive

Notable overlap · 5 shared positions

$PCVX $VRDN $CLDX $PHVS $INSM

$1.8B

32 positions

#22TANG CAPITAL MANAGEMENT LLCActive

Notable overlap · 3 shared positions

$MIRM $VRDN $INSM

$2.2B

41 positions

#23KVP Capital Advisors, LPActive

Notable overlap · 4 shared positions

$EWTX $AVBP $VRDN $INSM

$136M

35 positions

#24Deep Track Capital, LPActive

Notable overlap · 5 shared positions

$PCVX $COAG $ALMS $CLDX $VRDN

$6.9B

67 positions

#25HighVista Strategies LLCPassive

Notable overlap · 7 shared positions

$PCVX $ELVN $ALMS $PHVS $DYN $EWTX

$439M

147 positions

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Similarity is derived from each fund’s latest 13F-HR filing with the SEC. Funds are ranked by the overlap of distinctive conviction holdings; near-universal mega-cap positions are excluded so the ranking reflects shared strategy, not common index exposure. Data is informational only and not investment advice.