“英国巴菲特”怒怼诺和诺德：减肥药巨头成基金“滑铁卢”？

Core Viewpoint - Terry Smith, known as the "UK Buffett," criticized Novo Nordisk in his latest semi-annual shareholder letter, labeling it the biggest drag on the fund's performance in the first half of the year [1][3]. Fund Performance - The Fundsmith Equity Fund reported a -1.9% return for the first half of 2025, with a cumulative return of +593.6% since inception, resulting in an annualized return of +14.1% [2]. - The fund's size reached £20.1 billion as of June 30, 2025 [2]. Key Holdings and Challenges - Novo Nordisk, the fund's eighth-largest holding valued at approximately $1 billion, saw its European stock price decline nearly 30% year-to-date [3]. - Despite the global popularity of its diabetes and obesity drug semaglutide, the company struggles to convince investors that its product pipeline can withstand competitive pressures [3]. - Smith also criticized the Danish medical device manufacturer Coloplast, which has also experienced a nearly 30% decline in stock price year-to-date, following operational failures after two significant acquisitions [3]. Management Changes and Market Conditions - Both Novo Nordisk and Coloplast's former CEOs resigned in May, which Smith viewed as a disadvantage given the slow pace of transformation within the companies [3]. - The appreciation of the British pound against the US dollar by 9% from the beginning of the year to June 30 impacted the fund's net asset value, with Smith expressing skepticism about the sustainability of this trend [3].