Novo Holdings 2025 portfolio return 2.3% vs 18.1% in 2024
TL;DR
Novo Holdings reported a 2.3% portfolio return in 2025, down from 14.8% in 2024, largely due to US dollar depreciation. The portfolio, valued at DKK 226 billion, saw life science investments underperform while capital investments beat benchmarks, with strategic expansions like a new Mumbai office.
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Novo Holdings A/S reported a 2.3% return on its investment portfolio in 2025, a decline from the 14.8% return in 2024, primarily due to the depreciation of the US dollar against the Danish krone by over 11%. Total income and investment returns for the year amounted to DKK 21 billion (€2.8 billion), comprising DKK 15 billion from dividends and DKK 5.8 billion from investment assets. The portfolio, valued at DKK 226 billion (€30 billion), was divided into 52% life science investments and 48% capital investments.
Life Science Investments, focused on human and planetary health, generated a -0.3% return in DKK and 9.8% in Constant Exchange Rates (CER), reflecting significant exits such as KabaFusion and Clario. Capital Investments, which target non-life science sectors, delivered 6.4% in DKK and 9.8% in CER, outperforming benchmarks amid market volatility. The portfolio saw 12 new additions and 36 exits in 2025, with Novo Holdings deploying DKK 13 billion into life sciences.
Total assets under management fell to DKK 694 billion (€93 billion) in 2025, down from DKK 1,060 billion in 2024, driven by the market value decline of Novo Nordisk A/S. CEO Kasim Kutay noted the year's challenges, including geopolitical shifts and currency headwinds, but emphasized strategic geographic expansion, including a new Mumbai office, to enhance diversification. The 9.2% CER return for 2025 followed a strong 14.8% CER return in 2024.
