Novo Nordisk stock fell over 60% since August 2024, impacting European funds with high exposure. Only two Danish funds hold over 9% of Novo stock. The funds, with Bronze ratings, are slightly overweight in the Denmark equity universe. Terry Smith’s Fundsmith also holds Novo, blaming underperformance on the stock’s decline.

Wellington European Stewards Fund has a significant overweight position in Novo Nordisk, while Fundamental Invest Stock Pick II Akk is underweight. Morningstar analysts praise the funds’ strategies, with low-volatility exposure benefiting in market downturns and a focus on higher-growth companies for stronger markets. Novo Nordisk was the largest stock in Europe until June 2025, with two European funds having over 9% exposure to the company, known for its weight-loss drug Wegovy and diabetes treatment Ozempic. Fundsmith’s Terry Smith has criticized Novo’s performance in recent months.

Read more at Morningstar.co.uk

Novo Nordisk was the top European stock until June 2025 with two European funds having over 9% exposure to the company, known for Wegovy and Ozempic. Fundsmith’s Terry Smith has criticized Novo’s performance.: These European Funds Are Most Exposed