Novo Nordisk(US:NVO) 聪明投资者·2026-01-12 12:14Core Viewpoint - The performance of Fundsmith Equity Fund in 2025 was disappointing, with an annual increase of only 0.8%, significantly lagging behind the MSCI World Index, which rose by 12.8% [2][11]. Performance Overview - Fundsmith Equity Fund's cumulative return since inception is 612.9%, with an annualized return of 13.8%, outperforming the MSCI World Index by 1.7 percentage points [10][11]. - The Sortino Ratio for Fundsmith is 0.75, indicating a higher return per unit of downside risk compared to the index's 0.48 [11]. Key Factors Affecting Performance - Concentration of Index: The dominance of a few large tech stocks, referred to as the "Seven Giants," has significantly influenced market returns, with the top ten stocks contributing 50% of the S&P 500's total return by the end of 2025 [16][19][22]. - Growth of Index Fund Assets: The expansion of passive index funds has created a momentum effect, where funds are automatically allocated to the highest-weighted stocks, further driving up their prices [24][26][28]. - Weakening Dollar: The dollar weakened against the pound in 2025, impacting the performance of Fundsmith, which primarily invests in U.S. companies [34]. Notable Holdings - Novo Nordisk: This stock was the largest detractor from performance, with a nearly 40% decline in 2025, attributed to execution and governance failures rather than the product direction [3][4][5][41]. - Top Contributors: Alphabet, IDEXX, Philip Morris, Meta Platforms, and Microsoft were the top contributors to the fund's performance in 2025, with Alphabet making its first appearance on the list [45][46]. Investment Strategy - The company maintains a three-step investment strategy: buy good companies, avoid overpaying, and do nothing [48]. - The focus remains on holding high-quality companies with sustainable growth, as evidenced by a 16% increase in free cash flow across the portfolio [53]. Changes in Portfolio - The company sold positions in Brown-Forman and PepsiCo due to concerns over the impact of weight-loss drugs on consumer behavior, while initiating positions in Zoetis, EssilorLuxottica, Intuit, and Wolters Kluwer [64][66]. Conclusion - The company aims to continue holding a portfolio of high-quality businesses, expecting that solid fundamentals will eventually reflect in better stock performance and long-term fund results [67].