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: 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…