Investment firm Fundsmith released its 2025 investor letter for the Fundsmith Equity Fund, which focuses on global equities. The fund’s T Class Accumulation shares returned 0.8% in 2025, compared to 12.8% for the MSCI World Index. Fund attributed underperformance to index concentration, growth in Index Funds, and dollar weakness.

In the fourth quarter of 2025, Fundsmith Equity Fund highlighted Novo Nordisk A/S (NYSE:NVO), a pharmaceutical company. The one-month return for NVO was 16.76%, with shares losing 30.50% over 52 weeks. On January 9, 2026, NVO closed at $58.81 per share, with a market cap of $263.8 billion.

Fundsmith Equity Fund criticized Novo Nordisk A/S (NYSE:NVO) in its 2025 investor letter, expressing disappointment in the company’s performance and market position. Berenberg lowered NVO’s price target to DKK 400 while maintaining a Buy rating. NVO is not among the 30 Most Popular Stocks Among Hedge Funds, with 50 hedge fund portfolios holding it in Q3 2025.

Read more at Yahoo Finance: Fundsmith Equity Fund’s Thoughts on Novo Nordisk (NVO)