Terry Smith Blasts Novo, Coloplast in Danish Life Science Rebuke

Terry Smith Blasts Novo, Coloplast in Danish Life Science Rebuke

Terry Smith slammed two of Denmark’s largest life sciences companies — Novo Nordisk A/S and Coloplast A/S — after they weighed on the equity fund run by the man often dubbed ‘Britain’s Warren Buffett.’

Terry Smith on Fundsmith's first half purchases, exits and laggards

Fundsmith Equity manager Terry Smith (pictured) began to build stakes in Zoetis, Intuit and EssilorLuxottica in H1, while he blasted holding Novo Nordisk for snatching “defeat from the jaws of victory” in his semi-annual shareholder letter. Meanwhile, the fund exited its positions in PepsiCo and Brown-Forman over the first half of 2025. Over the six months to 30 June, the fund was down 1.9% compared to the MSCI World’s return 0.1%. See also: Ter…

Terry Smith: H1 2025 Performance – Winners, Losers, and What’s Next | The Acquirer's Multiple®

Terry Smith’s mid-year letter for the Fundsmith Equity Fund opens with a direct assessment of performance. In a period marked by underperformance relative to the MSCI World Index, Smith offers investors a characteristically clear update: “Our Fund fell 1.9% in the first six months of the year,” while “the MSCI World Index (£ net)” eked out a 0.1% gain. Though he acknowledges the underperformance, Smith is quick to frame it as driven by a handful…