% of shares outstanding not shown: this line files 20-F annual reports only — a foreign private issuer whose US listing trades as ADSs (depositary receipts), while its cover-page share count is in ORDINARY shares. The depositary ratio is not in our data. The count we hold for this line is 64,238,408 shares (as of 2025-12-31, source company_meta:ifrs-bs). Dividing one by the other is wrong by the whole ratio (a 5:1 ADR reads one fifth of the true percentage), so the percentage is withheld rather than served wrong. Holder share counts are shown as filed.
Crowding percentile withheld — no market cap for GMAB in the served universe — the cohort is size-matched, and an unmatched percentile would compare a micro-cap register to a mega-cap one.
| # | Holder | Shares | Value | % of shares out | Δ QoQ |
|---|---|---|---|---|---|
| 1 | Orbis Allan Gray Ltd | 12,925,57812.9M | $347M | — | TRIM -10% |
| 2 | ALLIANCEBERNSTEIN L.P. | 9,557,1499.6M | $294M | — | TRIM -12% |
| 3 | Paradigm Biocapital Advisors LP | 7,967,8368.0M | $214M | — | ADD 13% |
| 4 | ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | 4,975,3245.0M | $133M | — | — |
| 5 | BlackRock, Inc. | 4,536,5654.5M | $122M | — | — |
| 6 | RENAISSANCE TECHNOLOGIES LLC | 4,414,5504.4M | $118M | — | ADD 26% |
| 7 | Deep Track Capital, LP | 3,663,2503.7M | $98M | — | NEW† |
| 8 | Harding Loevner LP | 3,231,6013.2M | $87M | — | TRIM -4% |
| 9 | DEERFIELD MANAGEMENT COMPANY, L.P. | 2,462,0002.5M | $66M | — | NEW† |
| 10 | FIRST TRUST ADVISORS LP | 2,461,3422.5M | $66M | — | ADD 84% |
| 11 | TWO SIGMA INVESTMENTS, LP | 2,339,4322.3M | $63M | — | ADD 161% |
| 12 | MORGAN STANLEY | 2,184,7012.2M | $59M | — | ADD 19% |
| 13 | FEDERATED HERMES, INC. | 1,251,5901.3M | $34M | — | ADD 84% |
| 14 | FRANKLIN RESOURCES INC | 1,193,1451.2M | $32M | — | ADD 3793% |
| 15 | Pictet Asset Management Holding SA | 1,077,4711.1M | $29M | — | — |
| 16 | FMR LLC | 1,011,7261.0M | $27M | — | TRIM -4% |
| 17 | NORTHERN TRUST CORP | 950,534950,534 | $26M | — | — |
| 18 | GOLDMAN SACHS GROUP INC | 931,259931,259 | $25M | — | TRIM -30% |
| 19 | ENVESTNET ASSET MANAGEMENT INC | 862,301862,301 | $23M | — | ADD 7% |
| 20 | Russell Investments Group, Ltd. | 797,068797,068 | $21M | — | ADD 12% |
| 21 | MILLENNIUM MANAGEMENT LLC | 792,293792,293 | $21M | — | ADD 738% |
| 22 | Perpetual Ltd | 758,503758,503 | $20M | — | TRIM -8% |
| 23 | Sofinnova Investments, Inc. | 752,261752,261 | $20M | — | NEW |
| 24 | Qube Research & Technologies Ltd | 677,346677,346 | $18M | — | ADD 1617% |
| 25 | Alyeska Investment Group, L.P. | 645,481645,481 | $17M | — | ADD 27% |
| 26 | AMERICAN CENTURY COMPANIES INC | 538,944538,944 | $14M | — | ADD 25% |
| 27 | CIBC WORLD MARKET INC. | 488,266488,266 | $13M | — | ADD 33% |
| 28 | OPPENHEIMER ASSET MANAGEMENT INC. | 457,508457,508 | $12M | — | ADD 25% |
| 29 | WELLS FARGO & COMPANY/MN | 319,592319,592 | $9M | — | ADD 836% |
| 30 | Hudson Bay Capital Management LP | 310,000310,000 | $8M | — | TRIM -5% |
| 31 | UBS Group AG | 298,132298,132 | $8M | — | ADD 62% |
| 32 | Quantinno Capital Management LP | 282,498282,498 | $8M | — | ADD 14% |
| 33 | EAGLE GLOBAL ADVISORS LLC | 244,565244,565 | $7M | — | — |
| 34 | BANK OF AMERICA CORP /DE/ | 241,520241,520 | $6M | — | TRIM -29% |
| 35 | BNP PARIBAS FINANCIAL MARKETS | 227,587227,587 | $6M | — | ADD 378% |
| 36 | ASSETMARK, INC | 224,144224,144 | $6M | — | TRIM -4% |
| 37 | JPMORGAN CHASE & CO | 222,607222,607 | $6M | — | TRIM -3% |
| 38 | MOORE CAPITAL MANAGEMENT, LP | 211,705211,705 | $6M | — | NEW |
| 39 | SUPERSTRING CAPITAL MANAGEMENT LP | 196,709196,709 | $5M | — | ADD 575% |
| 40 | LPL Financial LLC | 188,637188,637 | $5M | — | TRIM -57% |
| 41 | Tidal Investments LLC | 184,124184,124 | $5M | — | NEW |
| 42 | AIMZ Investment Advisors, LLC | 160,910160,910 | $4M | — | — |
| 43 | FOLKETRYGDFONDET | 160,773160,773 | $4M | — | TRIM -8% |
| 44 | ROYAL BANK OF CANADA | 150,135150,135 | $4M | — | — |
| 45 | CHARLES SCHWAB INVESTMENT MANAGEMENT INC | 127,571127,571 | $3M | — | ADD 15% |
| 46 | Creative Planning | 118,596118,596 | $3M | — | TRIM -9% |
| 47 | Avidity Partners Management LP | 100,000100,000 | $3M | — | ADD 9% |
| 48 | JANE STREET GROUP, LLC | 98,43298,432 | $3M | — | NEW |
| 49 | US BANCORP \DE\ | 95,54895,548 | $3M | — | TRIM -26% |
| 50 | SEI INVESTMENTS CO | 93,01293,012 | $2M | — | ADD 24% |
| 51 | SummitTX Capital, L.P. | 84,35484,354 | $2M | — | NEW |
| 52 | AQR CAPITAL MANAGEMENT LLC | 83,27983,279 | $2M | — | — |
| 53 | Ishara Investments LP | 82,00082,000 | $2M | — | ADD 17% |
| 54 | Cetera Investment Advisers | 81,42081,420 | $2M | — | TRIM -3% |
| 55 | STIFEL FINANCIAL CORP | 79,10579,105 | $2M | — | ADD 98% |
| 56 | INGALLS & SNYDER LLC | 72,89172,891 | $2M | — | — |
| 57 | Madison Asset Management, LLC | 70,97070,970 | $2M | — | ADD 7% |
| 58 | NATIXIS ADVISORS, LLC | 70,98070,980 | $2M | — | TRIM -15% |
| 59 | RAYMOND JAMES FINANCIAL INC | 66,90266,902 | $2M | — | ADD 40% |
| 60 | QRG CAPITAL MANAGEMENT, INC. | 65,82265,822 | $2M | — | ADD 7% |
| 61 | GEODE CAPITAL MANAGEMENT, LLC | 65,13065,130 | $2M | — | ADD 39% |
| 62 | Dorsey Wright & Associates | 64,38864,388 | $2M | — | ADD 44% |
| 63 | AMERIPRISE FINANCIAL INC | 61,92461,924 | $2M | — | — |
| 64 | Vestmark Advisory Solutions, Inc. | 59,30659,306 | $2M | — | TRIM -46% |
| 65 | Bank of New York Mellon Corp | 58,92158,921 | $2M | — | ADD 4% |
| 66 | Vanguard Personalized Indexing Management, LLC | 57,29257,292 | $2M | — | TRIM -22% |
| 67 | LEVEL FOUR ADVISORY SERVICES, LLC | 57,02357,023 | $2M | — | TRIM -7% |
| 68 | DIMENSIONAL FUND ADVISORS LP | 56,43856,438 | $2M | — | — |
| 69 | Mariner, LLC | 56,30956,309 | $2M | — | — |
| 70 | CAPITAL FUND MANAGEMENT S.A. | 55,39955,399 | $1M | — | NEW |
| 71 | Callan Family Office, LLC | 55,04755,047 | $1M | — | — |
| 72 | NEUBERGER BERMAN GROUP LLC | 53,96253,962 | $1M | — | TRIM -5% |
| 73 | BANK OF MONTREAL /CAN/ | 52,68852,688 | $1M | — | — |
| 74 | Advisors Preferred, LLC | 50,72050,720 | $1M | — | NEW |
| 75 | Vident Advisory, LLC | 48,37948,379 | $1M | — | ADD 22% |
| 76 | Pinnacle Financial Partners, Inc. | 47,44147,441 | $1M | — | — |
| 77 | FIFTH THIRD BANCORP | 47,37147,371 | $1M | — | TRIM -3% |
| 78 | XTX Topco Ltd | 46,70946,709 | $1M | — | ADD 31% |
| 79 | Atria Investments, Inc | 45,41645,416 | $1M | — | ADD 7% |
| 80 | DIVERSIFY WEALTH MANAGEMENT, LLC | 46,56446,564 | $1M | — | NEW |
| 81 | DAVENPORT & Co LLC | 44,90144,901 | $1M | — | — |
| 82 | Y-Intercept (Hong Kong) Ltd | 44,66844,668 | $1M | — | NEW |
| 83 | Terra Nova Asset Management LLC | 42,64442,644 | $1M | — | TRIM -30% |
| 84 | BAROMETER CAPITAL MANAGEMENT INC. | 42,40042,400 | $1M | — | ADD 842% |
| 85 | TRUIST FINANCIAL CORP | 42,05742,057 | $1M | — | ADD 9% |
| 86 | BOOTHBAY FUND MANAGEMENT, LLC | 40,04840,048 | $1M | — | NEW |
| 87 | Cerity Partners LLC | 39,70239,702 | $1M | — | TRIM -2% |
| 88 | RHUMBLINE ADVISERS | 39,56239,562 | $1M | — | ADD 7% |
| 89 | Legacy Wealth Asset Management, LLC | 38,68038,680 | $1M | — | ADD 76% |
| 90 | MML INVESTORS SERVICES, LLC | 38,23038,230 | $1M | — | TRIM -3% |
| 91 | GRANDFIELD & DODD, LLC | 37,16337,163 | $997,083 | — | TRIM -2% |
| 92 | Integrated Quantitative Investments LLC | 36,35536,355 | $975,405 | — | NEW |
| 93 | Brooklyn Investment Group | 35,82335,823 | $961,122 | — | ADD 23% |
| 94 | Squarepoint Ops LLC | 34,53334,533 | $926,520 | — | NEW |
| 95 | Quadrature Capital Ltd | 33,39933,399 | $896,095 | — | TRIM -58% |
| 96 | UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 32,64432,644 | $875,839 | — | ADD 435% |
| 97 | CITIGROUP INC | 30,94330,943 | $830,201 | — | TRIM -19% |
| 98 | AdvisorShares Investments LLC | 30,85330,853 | $827,786 | — | ADD 2% |
| 99 | VIRTUS ADVISERS, LLC | 30,83030,830 | $827,169 | — | ADD 12% |
| 100 | KEYBANK NATIONAL ASSOCIATION/OH | 30,53030,530 | $819,128 | — | TRIM -15% |
† a filer this large appearing as NEW usually reflects a renamed or succeeded filing entity (the old name stops filing the same quarter) — not a brand-new position.
Rows rank by the value each filer reported — 13F filers price their own positions, so a holder with fewer shares can rank just above one with more.
| Holder | 2024-Q4 | 2025-Q1 | 2025-Q2 | 2025-Q3 | 2025-Q4 | 2026-Q1 | Latest value |
|---|---|---|---|---|---|---|---|
| Orbis Allan Gray Ltd | 2.8M | 5.7M | 7.9M | 11.1M | 14.4M | 12.9M | $347M |
| ALLIANCEBERNSTEIN L.P. | 14.9M | 14.7M | 10.7M | 11.0M | 10.9M | 9.6M | $294M |
| Paradigm Biocapital Advisors LP | — | — | — | 3.8M | 7.0M | 8.0M | $214M |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | 30K | 1.4M | 3.5M | 3.6M | 5.0M | 5.0M | $133M |
| BlackRock, Inc. | 4.2M | 3.5M | 3.2M | 3.5M | 4.6M | 4.5M | $122M |
| RENAISSANCE TECHNOLOGIES LLC | 1.9M | 2.3M | 2.8M | 2.8M | 3.5M | 4.4M | $118M |
| Deep Track Capital, LP | 2.0M | — | — | 481K | — | 3.7M | $98M |
| Harding Loevner LP | 2.2M | 2.9M | 2.9M | 3.5M | 3.4M | 3.2M | $87M |
| DEERFIELD MANAGEMENT COMPANY, L.P. | — | — | — | — | — | 2.5M | $66M |
| FIRST TRUST ADVISORS LP | 1.6M | 1.7M | 1.8M | 1.7M | 1.3M | 2.5M | $66M |
| TWO SIGMA INVESTMENTS, LP | 1.7M | 1.9M | 1.6M | 1.4M | 896K | 2.3M | $63M |
| MORGAN STANLEY | 2.8M | 2.8M | 2.7M | 1.7M | 1.8M | 2.2M | $59M |
| FEDERATED HERMES, INC. | — | — | — | 423K | 679K | 1.3M | $34M |
| FRANKLIN RESOURCES INC | 31K | 31K | 30K | 31K | 31K | 1.2M | $32M |
| Pictet Asset Management Holding SA | — | — | — | — | 1.1M | 1.1M | $29M |
Shares reported each quarter by the largest current holders. Green = added vs the prior filing, red = trimmed, grey = roughly held; a dash is a quarter with no 13F on file (a gap is skipped, not read as an exit). 13F is filed up to 45 days after quarter-end. Up to 40 quarters (10 years) available — use the selector above.
Holder count only — too few computable %-of-shares-outstanding quarters for a % pane. Line breaks are quarters with no 13F record, never interpolated.
Short interest has its own tab now — open SI →
Source: SEC Form 13F — every institution manager (≥ $100M in 13F securities) reporting a long US-listed position, across ~10,250 filers over 10 years of history. 13F is long-only, US-listed, filed up to 45 days after quarter-end.
| Biggest buyers | Δ shares | Δ value | |
|---|---|---|---|
| Deep Track Capital, LP | +3,663,250 | $98M | OPEN |
| DEERFIELD MANAGEMENT COMPANY, L.P. | +2,462,000 | $66M | OPEN |
| TWO SIGMA INVESTMENTS, LP | +1,443,589 | $39M | ADD |
| FRANKLIN RESOURCES INC | +1,162,495 | $31M | ADD |
| FIRST TRUST ADVISORS LP | +1,126,069 | $30M | ADD |
| Biggest sellers | Δ shares | Δ value | |
|---|---|---|---|
| Orbis Allan Gray Ltd | −1,492,884 | $40M | TRIM |
| ALLIANCEBERNSTEIN L.P. | −1,319,945 | $35M | TRIM |
| Brandywine Global Investment Management, LLC | −1,031,464 | $28M | CLOSE |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | −612,323 | $16M | CLOSE |
| GOLDMAN SACHS GROUP INC | −402,044 | $11M | TRIM |
The 2025-Q4 register is as-filed in ITS OWN share basis; every count below was rebased into the 2026-Q1 basis (no split in between, factor 1). Dollar figures value the SHARE delta at one price — the 2026-03-31 close — rather than differencing two filings' own reported values, which would mix the quarter's price move into the trade figure.
13Fs disclose LONG US-listed positions only — shorts, most derivatives, bonds and non-US listings are invisible here, and a filer's quarter-over-quarter change is not necessarily a trade (index rebalances, in-kind transfers and entity successions all read as flow).
| Quarter | Holders | Shares held | % shares out | Value held |
|---|---|---|---|---|
| 2026-Q1 | 270 | 81,878,999 | — | $2.2B |
| 2025-Q4 | 291 | 73,280,375 | — | $2.3B |
| 2025-Q3 | 252 | 61,953,925 | — | $1.9B |
| 2025-Q2 | 217 | 63,868,638 | — | $1.3B |
| 2025-Q1 | 219 | 64,916,731 | — | $1.3B |
| 2024-Q4 | 229 | 60,866,759 | — | $1.3B |
| 2024-Q3 | 223 | 52,323,967 | — | $1.3B |
| 2024-Q2 | 219 | 48,770,198 | — | $1.2B |
| 2024-Q1 | 226 | 49,933,543 | — | $1.5B |
| 2023-Q4 | 225 | 47,859,051 | — | $1.5B |
| 2023-Q3 | 233 | 47,506,281 | — | $1.7B |
| 2023-Q2 | 213 | 41,703,259 | — | $1.6B |
| 2023-Q1 | 216 | 43,970,376 | — | $1.6B |
| 2022-Q4 | 237 | 46,434,476 | — | $2.0B |
| 2022-Q3 | 193 | 44,422,928 | — | $1.4B |
| 2022-Q2 | 180 | 35,551,006 | — | $1.2B |
| 2022-Q1 | 204 | 39,136,383 | — | $1.4B |
| 2021-Q4 | 211 | 39,809,327 | — | $1.6B |
| 2021-Q3 | 212 | 42,771,487 | — | $1.9B |
| 2021-Q2 | 212 | 46,174,651 | — | $1.9B |
| 2021-Q1 | 209 | 41,823,124 | — | $1.4B |
| 2020-Q4 | 227 | 42,532,720 | — | $1.7B |
| 2020-Q3 | 198 | 40,936,411 | — | $1.5B |
| 2020-Q2 | 174 | 37,982,267 | — | $1.3B |
| 2020-Q1 | 142 | 28,745,990 | — | $645M |
| 2019-Q4 | 133 | 23,718,816 | — | $565M |
| 2019-Q3 | 97 | 25,200,064 | — | $511M |
| 2019-Q2 | 7 | 1,094,347 | — | $21M |
| 2019-Q1 | 8 | 1,046,385 | — | $19M |
| 2018-Q4 | 6 | 342,843 | — | $6M |
| 2018-Q3 | 7 | 315,789 | — | $5M |
| 2018-Q2 | 5 | 437,691 | — | $7M |
| 2018-Q1 | 5 | 84,840 | — | $9M |
| 2017-Q4 | 4 | 45,079 | — | $4M |
| 2017-Q3 | 5 | 43,176 | — | $5M |
| 2017-Q2 | 4 | 36,255 | — | $4M |
| 2017-Q1 | 3 | 24,155 | — | $2M |
| 2016-Q4 | 2 | 18,337 | — | $2M |
| 2016-Q3 | 1 | 3,278 | — | $280,000 |
| 2016-Q2 | 1 | 3,832 | — | $350,000 |
| 2014-Q3 | 1 | 445 | — | $9,000 |
| 2014-Q2 | 1 | 125 | — | $3,000 |
| 2014-Q1 | 1 | 116 | — | $2,000 |
