Investments
€ 149bn
Total Assets under Management by the end of 2023
10.1%
5-year average annual return on the Investment Portfolio
170
Portfolio companies at year-end 2023
Our investment areas
Novo Holdings is a world-leading life science investor. In addition we manage a broad portfolio of equities, bonds, real estate, infrastructure and private equity assets.
Our investment strategy
The overriding strategy of Novo Holdings is 1. to be a stable and supportive owner of the Novo Group, 2. to generate attractive long-term returns that allow us to both deliver an income to the Novo Nordisk Foundation and to grow the Investment Portfolio, 3. to allocate a significant portion of our funds to direct life science investing, where we can leverage our heritage and deep-rooted insights, 4. to invest, both through specialist portfolio managers and directly, across the asset classes including equities, fixed income and alternatives through Capital Investments, and 5. to invest for positive societal impact.
In relation to Life Science Investments, we endeavour to:
invest in established life science companies with strong long-term potential, as executed by Principal Investments;
invest in private and public growth companies requiring expansion capital, as executed by Growth Investments;
invest in private and public venture companies, as executed by Venture Investments; and
create and build life science companies in Scandinavia, as executed by Seed Investments;
We have a long-term and flexible investment style. We can invest in private and public companies and take majority and minority positions. Furthermore, we aspire to bring more than capital to our investments by leveraging our deep-rooted life science expertise and network.
In relation to Capital Investments, we endeavour to:
build long-term relationships with specialist external equity and fixed income fund managers;
make direct public equity and bond investments in high quality companies with a long-term sustainable growth profile and capital allocation discipline;
make credit investments in companies that appeal to our risk/return requirements;
make both direct and externally managed Real Asset investments in infrastructure, green transition and real estate assets; and
invest in specialist venture capital and private equity funds.
Novo Holdings closed 2023 with Total Assets under Management of DKK 1,114 billion (€149 billion), up from DKK 805 billion (€108 billion) in 2022.
The Novo Holdings Investment Portfolio comprises Life Science Investments (Seed Investments, Venture Investments, Planetary Health Investments, Asia Investments, Growth Investments and Principal Investments), making up 51% of the portfolio, and Capital Investments, 49% of the portfolio.
In 2023, Life Science Investments reported a DKK 5 billion (€0.7 billion) return, compared to a negative DKK -6 billion (€-0.9 billion) return in 2022.
Capital Investments reported a DKK 8 billion (€.1.0 billion) return, compared to a negative DKK -5 billion (€-0.7 billion) return in 2022.
During a year where global biotech investment activity was less vigorous, Novo Holdings continued to support life sciences companies in their efforts to improve health outcomes for patients and to foster better planetary health.
Our Investment Portfolio
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We recognise that the health of people and the health of our planet are intricately intertwined, and we are determined to play our part in securing a more sustainable future. Our Responsible Investment report for 2022 offers a comprehensive review of our investments and activities, including the commitment to the Science Based Targets initiative (SBTi) to achieve emission reductions for companies within the investment portfolio by 2030.