Sec Form 13G Filing - Nielsen Ole @ TRUPANION INC.

Insider filing report for Changes in Beneficial Ownership

Schedule 13G & 13D forms are used to report a party's ownership of stock which exceeds 5% of a company's total stock issue.
Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. _____)*

Trupanion, Inc.

(Name of Issuer)

Common Stock, par value $0.00001 per share

(Title of Class of Securities)

898202106

(CUSIP Number)

November 14, 2023

(Date of event which requires filing of this statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

	¨	Rule 13d-1(b)
	x	Rule 13d-1(c)
	¨	Rule 13d-1(d)

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

CUSIP No. 898202106

Schedule 13G

Page 2 of 9

1	NAMES OF REPORTING PERSONS   Ole Nielsen
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP   (a)   ¨ (b)   ¨
3	SEC USE ONLY
4	CITIZENSHIP OR PLACE OF ORGANIZATION   Denmark

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	5	SOLE VOTING POWER   0 shares
	6	SHARED VOTING POWER   2,342,286 shares
	7	SOLE DISPOSITIVE POWER   0 shares
	8	SHARED DISPOSITIVE POWER   2,342,286 shares

9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON   2,342,286 shares
10	CHECK IF THE AGGREGATE AMOUNT IN ROW 9 EXCLUDES CERTAIN SHARES  ¨
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9   5.6%
12	TYPE OF REPORTING PERSON   IN

CUSIP No. 898202106

Schedule 13G

Page 3 of 9

1	NAMES OF REPORTING PERSONS   NCMH ApS
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP   (a)   ¨ (b)   ¨
3	SEC USE ONLY
4	CITIZENSHIP OR PLACE OF ORGANIZATION   Denmark

NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH

REPORTING
PERSON WITH

SOLE VOTING POWER

0 shares

SHARED VOTING POWER

2,291,365 shares

SOLE DISPOSITIVE POWER

0 shares

SHARED DISPOSITIVE POWER

2,291,365 shares

9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON   2,291,365 shares
10	CHECK IF THE AGGREGATE AMOUNT IN ROW 9 EXCLUDES CERTAIN SHARES  ¨
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9   5.5%
12	TYPE OF REPORTING PERSON   OO

CUSIP No. 898202106

Schedule 13G

Page 4 of 9

1	NAMES OF REPORTING PERSONS   Nielsen Capital Management Fondsmæglerselskab A/S
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP   (a)   ¨ (b)   ¨
3	SEC USE ONLY
4	CITIZENSHIP OR PLACE OF ORGANIZATION   Denmark

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH	5	SOLE VOTING POWER   0 shares
	6	SHARED VOTING POWER   2,280,413 shares
	7	SOLE DISPOSITIVE POWER   0 shares
	8	SHARED DISPOSITIVE POWER   2,280,413 shares

9	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON   2,280,413 shares
10	CHECK IF THE AGGREGATE AMOUNT IN ROW 9 EXCLUDES CERTAIN SHARES  ¨
11	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9   5.5%
12	TYPE OF REPORTING PERSON   OO

CUSIP No. 898202106

Schedule 13G

Page 5 of 9

Item 1(a).       Name of Issuer:

Trupanion, Inc.

Item 1(b).      Address of Issuer’s Principal Executive Offices:

6100 4^th Avenue S, Suite 200

Seattle, Washington 98108.

Item 2(a).      Name of Person Filing:

Ole Nielsen, NCMH ApS (“NCMH”) and Nielsen Capital Management Fondsmæglerselskab A/S (“NCMF”) (each, a “Reporting Person”)

Item 2(b).      Address of Principal Business Office or, if None, Residence:

For each Reporting Person:

Eriksholmvej 40

4390 Vipperoed

Denmark

Item 2(c).      Citizenship:

Ole Nielsen is a citizen of Denmark, and each of NCMH and NCMF is an entity organized under the laws of Denmark.

Item 2(d).      Title of Class of Securities:

Common stock, par value $0.00001 per share (the “Common Stock”).

Item 2(e).      CUSIP Number:

898202106

Item 3.           If this statement is filed pursuant to §§ 240.13d-1(b), or 240.13d-2(b) or (c), check whether the person filing is a:

Not applicable.

Item 4.           Ownership.

Amount beneficially owned: As of November 15, 2023, Ole Nielsen may be deemed to beneficially own 2,342,286 shares of Common Stock, comprised of (1) 1,550 shares held jointly by Mr. Nielsen and his spouse, (2) 10,952 shares held by NCMH, (3) 49,371 shares held by an entity of which Mr. Nielsen serves as CEO with investment and voting power over the securities held by the entity, and (4) 2,280,413 shares held by various funds for which NCMF serves as advisor.

NCMF is an investment advisor based in Denmark and registered with the Danish Financial Supervisory Authority. NCMF furnishes investment advice to and manages certain investment funds, and Ole Nielson serves as CEO of NCMF. In its role as advisor, NCMF may be deemed the beneficial owner of an aggregate of 2,280,413 shares of Common Stock held by these funds, as it may have or share voting and/or investment power with respect to such shares. None of such funds individually holds more than 5% of the shares of Common Stock.

CUSIP No. 898202106

Schedule 13G

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NCMH owns 100% of NCMF, and Ole Nielsen indirectly owns 100% of NCMH. Mr. Nielsen also serves as CEO of NCMH. NCMH holds directly 10,952 shares of Common Stock and may also be deemed to beneficially own the 2,280,413 shares of Common Stock held by the funds managed by NCMF.

Each Reporting Person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is the beneficial owner of any securities covered by this statement. Each Reporting Person disclaims beneficial ownership with respect to the shares of Common Stock reporting in this statement except to the extent that such Reporting Person has or shares voting or investment control with respect to such shares.

Percent of Class: The percentages used in this Schedule 13G are calculated based upon 41,545,178 shares of Common Stock outstanding as of October 27, 2023, as reported in the issuer’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 3, 2023. Therefore, as of November 15, 2023, Ole Nielsen may be deemed to beneficially own 5.6% of such outstanding shares, and each of NCMF and NCMH may be deemed to beneficially own 5.5% of such outstanding shares.

Number of shares as to which the person has:

Sole power to vote or to direct the vote:

	•	Ole Nielsen – 0 shares
	•	NCMH – 0 shares
	•	NCMF – 0 shares

Shared power to vote or to direct the vote:

	•	Mr. Nielsen – 2,342,286 shares
	•	NCMH – 2,291,365 shares
	•	NCMF - 2,280,413 shares

Sole power to dispose or to direct the disposition of:

	•	Mr. Nielsen – 0 shares
	•	NCMH – 0 shares
	•	NCMF - 0 shares

Shared power to dispose or to direct the disposition of:

	•	Mr. Nielsen – 2,342,286 shares
	•	NCMH – 2,291,365 shares
	•	NCMF - 2,280,413 shares

Item 5.          Ownership of Five Percent or Less of a Class.

Not applicable.

CUSIP No. 898202106

Schedule 13G

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Item 6.          Ownership of More Than Five Percent on Behalf of Another Person.

The disclosure in Item 4(a) above is incorporated by reference into this Item 6.

Item 7.          Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Control Person.

Not applicable.

Item 8.          Identification and Classification of Members of the Group.

Not applicable.

Item 9.          Notice of Dissolution of Group.

Not applicable.

Item 10.        Certifications.

Each of the undersigned Reporting Persons hereby makes the following certification:

By signing below the undersigned certifies that, to the best of its knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §240.14a-11.

CUSIP No. 898202106

Schedule 13G

Page 8 of 9

SIGNATURE

After reasonable inquiry and to the best of its knowledge and belief, each undersigned certifies that the information set forth in this statement is true, complete and correct.

Dated: November 24, 2023
	/S/ Ole Nielsen
	Ole Nielsen


	NCMH ApS


	By: /S/ Ole Nielsen
	Name: Ole Nielsen Title: CEO


	NIELSEN CAPITAL MANAGEMENT FONDSMÆGLERSELSKAB A/S


	By: /S/ Ole Nielsen
	Name: Ole Nielsen Title: CEO

CUSIP No. 898202106

Schedule 13G

Page 9 of 9

EXHIBIT INDEX

Exhibit	Description of Exhibit
99.1	Joint Filing Agreement (filed herewith).

Sec Form 13G Filing - Nielsen Ole filing for TRUPANION INC. (TRUP) - 2023-11-24