Fundsmith Equity Fund’s Thoughts on Novo Nordisk (NVO)

Group 1: Fundsmith Equity Fund Performance - Fundsmith Equity Fund's T Class Accumulation shares returned 0.8% in 2025, underperforming the MSCI World Index which returned 12.8% [1] - Since inception, the fund has outperformed the index by 1.7% per annum [1] - The underperformance in 2025 is attributed to index concentration, growth of assets in Index Funds, and weakness in the dollar [1] Group 2: Novo Nordisk A/S Overview - Novo Nordisk A/S had a one-month return of 16.76% but lost 30.50% of its value over the last 52 weeks [2] - As of January 9, 2026, Novo Nordisk A/S stock closed at $58.81 per share, with a market capitalization of $263.8 billion [2] - Fundsmith Equity Fund expressed concerns about Novo Nordisk's market position and its failure to prevent illegal generic competition in the US market [3] Group 3: Analyst Insights on Novo Nordisk A/S - Berenberg lowered the price target for Novo Nordisk A/S to DKK 400 while maintaining a Buy rating [4] - The stock is not among the 30 Most Popular Stocks Among Hedge Funds, with 50 hedge fund portfolios holding it at the end of Q3, up from 45 in the previous quarter [4] - Analysts suggest that certain AI stocks may offer greater upside potential and less downside risk compared to Novo Nordisk A/S [4]