| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
Mike Loeb discusses navigating the AI-driven market disruption that defined 2025 and continues into 2026. AI developments from major companies are causing rapid stock price declines for quality businesses at unprecedented frequency. The software sector faces particular pressure from concerns about reduced seat-based revenue, lower pricing power from AI-first competitors, and decreased new customer bookings. However, Loeb believes some software solutions requiring high security and user interconnectedness may be less easily replaced. Portfolio activity included selling Novo Nordisk due to competitive disadvantages versus Eli Lilly despite valuation appeal, adding to DAVA position viewing it as undervalued relative to peers, and initiating Floor & Decor as a long-term value play on margin recovery and store expansion following the Home Depot disruption model. The manager remains open-minded about AI development paths, having seen previous Silicon Valley buzzwords fail to deliver claimed impacts, while working to identify opportunities created by the current market disruption and indiscriminate selling.
The manager is navigating AI-driven market disruption by focusing on undervalued companies with defensible competitive positions, particularly in areas less susceptible to immediate AI displacement, while selectively adding to positions during periods of indiscriminate selling.
The manager expects continued AI-driven market volatility and is working hard to stay on top of changing dynamics. He remains open-minded about various paths AI development could take, having seen previous Silicon Valley buzzwords fail to deliver claimed impacts. The focus is on finding opportunities in the current market disruption while being selective about deployment.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Mar 6 2026 | 2025 Q4 | DAVA, EPAM, FND, HD, LLY, LOW, NVO | AI, Cyclical, Pharmaceuticals, retail, software, value | - | Loeb navigates AI-driven market chaos by focusing on undervalued companies with defensible positions less susceptible to immediate AI displacement. Sold NVO for competitive reasons, added to DAVA as undervalued versus peers, initiated FND as long-term value play on margin recovery. Remains open-minded about AI paths while seeking opportunities in current disruption. |
| Oct 30 2025 | 2025 Q3 | DAVA, DFH, FERG, HOV, NVDA, NVO, POST, W | AI, Consumer Staples, Credit Stress, GLP1, Homebuilders, technology, value |
POST DAVA NVO DFH POST DAVA NVO DFH |
Value-focused manager trims homebuilding exposure and exits underperforming Post Holdings while adding Endava at trough valuations and Novo Nordisk for GLP-1 upside. Uses Tricolor lending collapse to illustrate credit deterioration risks. Guardedly optimistic on markets, seeing AI infrastructure ahead of use cases but finding opportunities in overlooked sectors like life science tools. |
| Aug 23 2025 | 2025 Q2 | DAVA, DFH, FERG, HOV, LLY, NVDA, NVO, POST, W | AI, Capital Allocation, Credit Stress, GLP1, Homebuilders, Portfolio Management, value |
POST DAVA NVO |
Argosy Investors takes a cautious value approach, selling underperforming Post Holdings and trimming homebuilding exposure while adding Endava at trough valuation and Novo Nordisk for GLP-1 growth. The manager highlights credit market instability and questions AI commercialization timelines, focusing on overlooked opportunities in sectors like life science tools despite temporary headwinds. |
| May 30 2025 | 2025 Q1 | CELH, FMX, HOV, TRRSF, W | Beverages, Debt, E-Commerce, Fiscal, Homebuilders, inflation, tariffs, value |
W HOV CELH FMX |
Argosy Investors warns of unprecedented US fiscal risks while making selective value investments in Wayfair, Hovnanian, Celsius, and Femsa. Manager maintains defensive positioning against mounting debt service costs and policy uncertainty, focusing on undervalued companies with strong fundamentals. Trimmed Trisura for portfolio management. Expects more challenging environment ahead requiring continued conservatism. |
| Mar 11 2025 | 2024 Q4 | ALNT, CDW, CSWI, DAVA, MSFT, NVDA, TOITF | AI, Buybacks, Data centers, small caps, technology, Utilities, value |
ALNT CDW |
Conservative value manager maintains cautious stance despite underperformance in NVIDIA-driven market. Added Allient at 15%+ FCF yield expecting post-COVID recovery. Trimmed high-valuation CSWI/TOITF and AI-threatened Endava. New position CDW offers dominant SMB IT distribution franchise at attractive 21x cash flow multiple with double-digit EPS growth potential. |
| Jun 25 2024 | 2024 Q1 | DAVA, DEO, NVDA, TBBB | AI, Cash, Discount Retail, IT Services, Mexico, Valuations, value |
DAVA TBBB DEO |
Argosy maintains 46% cash amid elevated valuations, adding selectively to IT services (Endava), Mexican retail (Tiendas BBB), and spirits (Diageo). Manager views current 28x S&P multiple as historically high versus similar rate environments. Strategy focuses on patient capital deployment, building watchlist for future opportunities while avoiding momentum-driven market participation. |
| Mar 29 2024 | 2023 Q4 | ANGL, DFH, MLAB, ZROZ | Cash, Defensive, Homebuilders, Patience, selectivity, value | MLAB | Argosy Investors holds 51.8% cash, reflecting extreme caution after 15 years without a bear market. Added Mesa Labs at attractive valuation following temporary setbacks. Manager emphasizes patience and discipline, screening opportunities but waiting for more favorable conditions to deploy capital aggressively. |
| Nov 18 2023 | 2023 Q3 | BURL, LESL, POST, TRRSF | Buybacks, Cash, rates, retail, value |
LESL TRRSF POST BURL |
Argosy holds 38.6% cash while selectively adding value positions in Leslie's pool services, Trisura insurance, Post Holdings food, and Burlington off-price retail. The manager expects multi-year economic headwinds from interest rate refinancing pressures and remains defensively positioned to capitalize on future market dislocations despite current attractive individual opportunities. |
| Jul 23 2023 | 2023 Q2 | DAVA, GDYN, OLLI, TWKS, ZROZ | Cash, Defensive, interest rates, IT Services, risk management |
ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM ZROZ |
Argosy maintains extreme defensiveness with 52% cash, expecting delayed interest rate pain to pressure corporate profits and market multiples. Consolidated IT outsourcing exposure in higher-quality Endava while adding ZROZ bonds as recession hedge. Strategy prioritizes risk control over deployment, positioning to invest aggressively when market stress creates better opportunities. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
AIAI developments from major companies are causing rapid market changes and stock price declines for quality businesses. The manager sees AI creating potential headwinds for software companies through reduced seat counts, lower pricing power, and increased competition from AI-first upstarts. However, believes many software solutions cannot be easily replaced and is reviewing opportunities in the wreckage. |
Software Disruption Valuation Competition Technology |
SoftwareSoftware companies are experiencing significant declines as the market reassesses AI impacts. The manager identifies three vectors negatively affecting valuations: fewer seats due to efficiency gains, lower pricing power from AI competition, and reduced new customer bookings. Despite headwinds, believes there are software solutions that won't be easily replaced by AI. |
SaaS Pricing Competition Efficiency Disruption | |
Home ImprovementFloor & Decor represents an attractive long-term opportunity following the Home Depot disruption model in flooring. The company has depressed margins due to post-COVID hangover and higher interest rates affecting home sales. Manager expects significant margin expansion as sales per store recover and the company builds out its store base. |
Retail Margins Expansion Cyclical Recovery | |
| 2025 Q3 |
Credit StressDetailed analysis of subprime auto lender Tricolor's collapse due to fraudulent collateral pledging practices. Discussion of how post-2008 lending standards deteriorated in auto loans with higher LTVs, longer terms, and weaker underwriting. Highlights how stability breeds instability per Minsky's theory. |
Auto Lending Subprime Collateral Underwriting Default |
HomebuildersManager trimmed homebuilding exposure including Dream Finders Homes while maintaining Hovnanian as cheaper option. Neutral view on housing undersupply narrative, noting countervailing forces like potential existing home supply increase with lower rates that could offset new construction demand. |
Housing Construction Interest Rates Supply Valuation | |
AIGuarded optimism on AI spending through Nvidia chips and data centers, but notes real-world use cases haven't kept pace with infrastructure buildout. Sees this as potentially healthy long-term similar to prior technology infrastructure cycles with gaps between buildout and profitable commercialization. |
Infrastructure Data Centers Nvidia Commercialization Buildout | |
GLP1Purchased Novo Nordisk despite execution missteps in North America that allowed Eli Lilly to take the lead. Believes current mid-teens P/E doesn't reflect long-term growth potential given massive underutilization of GLP-1s relative to addressable population. |
Diabetes Obesity Pharmaceuticals Wegovy Pricing | |
| 2025 Q2 |
Credit StressDetailed analysis of Tricolor subprime auto lender collapse and widespread fraud, highlighting how stability breeds instability in credit markets. Auto lending has deteriorated significantly since 2008 with higher LTVs, longer terms, and weaker underwriting standards. |
Auto Lending Subprime Credit Fraud Underwriting |
HomebuildersTrimmed exposure to homebuilding through DFH, FERG, and W sales due to new construction exposure concerns. Maintains neutral view on housing, noting countervailing forces including interest rate impacts on existing home supply and demand dynamics. |
Housing Construction Interest Rates Supply Demand | |
GLP1Purchased Novo Nordisk despite execution missteps in North America that allowed Eli Lilly to take the lead. Believes current mid-teens P/E doesn't reflect long-term growth potential as GLP-1s are still underutilized relative to addressable population. |
Diabetes Weight Loss Pharmaceuticals Growth Valuation | |
AIExpresses caution about AI spending versus real-world use cases, noting concerning circular financing among largest AI-exposed businesses. Sees massive infrastructure spending on chips, data centers, and power supply but questions commercialization timeline. |
Infrastructure Data Centers Chips Commercialization Valuation | |
| 2025 Q1 |
HomebuildersManager purchased Hovnanian Enterprises at 3.2x earnings, believing it could trade at 10x through-the-cycle earnings. The company has reduced debt from $2.2B to $0.9B since the financial crisis, with opportunity for further balance sheet improvement worth $2 per share. |
Homebuilders Balance Sheet Debt Reduction Valuation Recovery |
E-commerceWayfair was purchased despite trading at 50x earnings because it's a dominant online furniture retailer continuing to take market share. Using long-term margin assumptions, it trades at 70% of fair value with potential for 10% annual revenue growth through the cycle. |
E-commerce Furniture Market Share Margins Growth | |
BeveragesCelsius Holdings was purchased below $30 after falling from $90, following inventory issues with Pepsi distribution. The acquisition of Alani Nu consolidates their position in better-for-you energy drinks, purchased at 21x 2026 consensus estimates. |
Energy Drinks Distribution Acquisition Growth Valuation | |
| 2024 Q4 |
AIManager discusses cooling enthusiasm around AI following DeepSeek release and draws parallels to late 1990s telecom buildout. Notes AI's potential to reduce coding and marketing labor, which could impact companies like Endava. |
Data Centers DeepSeek Automation Labor Displacement |
Data CentersSignificant discussion of data center capacity expansion driven by AI demand. Manager notes Microsoft restarting nuclear plants and utility companies announcing capacity expansions to meet power demand growth. |
Power Demand Nuclear Utilities Infrastructure | |
BuybacksManager highlights CSWI's capital allocation skills, noting they raised equity at attractive levels and are now pursuing stock buybacks at more attractive prices after stock retreat. |
Capital Allocation Valuation Share Repurchases | |
| 2024 Q1 |
IT ServicesManager discusses extensive research in IT services dating back to 2017, highlighting the evolution from low-skilled infrastructure monitoring to customer-facing application development. The sector earns extremely high returns on capital and historically augments organic growth with acquisitions. Current investment in Endava represents exposure to this new generation of IT services focused on custom application development. |
Software Technology Services Applications Development |
Discount RetailInvestment in Tiendas BBB represents exposure to the hard discounter model similar to Aldi or Lidl. The model thrives on limited SKUs (2,000-3,000 vs competitors' tens of thousands), enabling better supplier negotiations, negative working capital, and self-funded growth. TBBB operates over 2,200 stores in Mexico with visibility to 12,000 stores long-term. |
Retail Mexico Expansion Margins Scale | |
AIManager views artificial intelligence as more opportunity than threat for IT services companies like Endava. While some question the value IT services can provide if companies adopt AI, the manager argues that many companies without full-time software engineering talent will need companies like Endava to help them adopt AI technologies. |
Technology Adoption Services Implementation Opportunity | |
| 2023 Q4 |
ValueManager focuses on finding businesses trading at attractive valuations, specifically mentioning Mesa Labs trading at low-double-digit multiples of cash flows after temporary challenges. The approach emphasizes patience and discipline in finding undervalued securities. |
Valuation Cash flows Multiples Undervalued Discipline |
| 2023 Q3 |
Off Price RetailBurlington Stores participates in the off-price retail category competing against TJ Maxx and Ross Stores. Despite current inventory overhang and same-store sales slowdown, the company has capacity to double stores and margins while expanding same-store sales growth. |
Burlington Discount Inventory Margins Expansion |
FoodPost Holdings is creating a reincarnation of Ralston-Purina through disciplined acquisitions including a large pet food platform. The company demonstrates improved efficiency, consistent share buybacks, and strategic divestitures while trading at attractive valuations. |
Post Acquisitions Pet Food Efficiency Buybacks | |
| 2023 Q2 |
Risk AppetiteManager maintains extremely defensive positioning with 52% cash, emphasizing risk control over aggressive deployment. Believes current environment warrants heightened caution due to interest rate impacts that haven't fully materialized in the economy yet. |
Cash Risk Management Defensive Interest Rates |
RatesHigher interest rates are viewed as a significant threat that will eventually impact corporate profits and market multiples. Manager expects delayed pain as companies face refinancing challenges, though timing remains uncertain. |
Interest Rates Corporate Debt Refinancing Fed Policy | |
IT ServicesTech sector employment slowdown is impacting IT outsourcing projects. Manager consolidated positions by selling Thoughtworks and Grid Dynamics while adding Endava, viewing it as better-managed among peers. |
Outsourcing Tech Employment IT Projects |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Oct 30, 2025 | Fund Letters | Mike Loeb | POST | Post Holdings, Inc. | Consumer Staples | Food Products | Bear | NYSE | buybacks, capital allocation, Category headwinds, Free Cash Flow, leverage | Login |
| Oct 30, 2025 | Fund Letters | Mike Loeb | DFH | Dream Finders Homes, Inc. | Consumer Discretionary | Homebuilding | Bear | NYSE | asset-light, backlog, deleveraging, housing cycle, Incentives | Login |
| Oct 30, 2025 | Fund Letters | Argosy Investors | NVO | Novo Nordisk A/S | Health Care | Pharmaceuticals | Bull | NYSE | Diabetes, GLP-1, market penetration, Metabolic Diseases, Obesity, pharmaceuticals, secular growth, Wegovy | Login |
| Oct 30, 2025 | Fund Letters | Argosy Investors | POST | Post Holdings Inc | Consumer Staples | Packaged Foods | Bear | NYSE | brand loyalty, capital allocation, Cereal, consumer staples, LBO Model, Leveraged Structure, Packaged Foods, secular decline | Login |
| Oct 30, 2025 | Fund Letters | Mike Loeb | DAVA | Endava plc | Information Technology | IT Consulting & Other Services | Bull | NYSE | Digital transformation, M&A optionality, Margin recovery, Multiple re-rating, Utilization | Login |
| Oct 30, 2025 | Fund Letters | Mike Loeb | NVO | Novo Nordisk A/S | Health Care | Pharmaceuticals | Bull | NYSE | Capacity, GLP-1, Obesity, pipeline, Reimbursement | Login |
| Oct 30, 2025 | Fund Letters | Mike Loeb | DFH | Dream Finders Homes, Inc. | Consumer Discretionary | Homebuilding | Bear | NYSE | asset-light, backlog, deleveraging, housing cycle, Incentives | Login |
| Oct 30, 2025 | Fund Letters | Argosy Investors | DAVA | Endava plc | Information Technology | IT Services | Bull | NYSE | AI disruption, contrarian, IT services, Mean Reversion, operating margins, Self-Help Story, Technology Consulting, Trough Valuation | Login |
| Oct 30, 2025 | Fund Letters | Mike Loeb | POST | Post Holdings, Inc. | Consumer Staples | Food Products | Bear | NYSE | buybacks, capital allocation, Category headwinds, Free Cash Flow, leverage | Login |
| Oct 30, 2025 | Fund Letters | Mike Loeb | DAVA | Endava plc | Information Technology | IT Consulting & Other Services | Bull | NYSE | Digital transformation, M&A optionality, Margin recovery, Multiple re-rating, Utilization | Login |
| Oct 30, 2025 | Fund Letters | Mike Loeb | NVO | Novo Nordisk A/S | Health Care | Pharmaceuticals | Bull | NYSE | Capacity, GLP-1, Obesity, pipeline, Reimbursement | Login |
| May 30, 2025 | Fund Letters | Argosy Investors | FMX | Fomento Economico Mexicano SAB de CV | Consumer Staples | Food Distributors | Bull | NYSE | Coca-Cola, conglomerate, convenience stores, Latin America, Store growth, synergies, Value | Login |
| May 30, 2025 | Fund Letters | Argosy Investors | W | Wayfair Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NYSE | Cyclical, e-commerce, furniture, growth, market share, online retail, valuation | Login |
| May 30, 2025 | Fund Letters | Argosy Investors | CELH | Celsius Holdings Inc. | Consumer Staples | Soft Drinks | Bull | NASDAQ | acquisition, Better-for-You, Brand Consolidation, Distribution, Energy drinks, GARP, growth, Pepsi Partnership | Login |
| May 30, 2025 | Fund Letters | Argosy Investors | HOV | Hovnanian Enterprises Inc. | Consumer Discretionary | Homebuilding | Bull | NYSE | balance sheet, debt reduction, homebuilder, multiple expansion, Refinancing, turnaround, Value | Login |
| Mar 22, 2025 | Fund Letters | Argosy Investors | ALNT | Allient Inc | Industrials | Aerospace & Defense | Bull | NASDAQ | Acquisitions, Aerospace, Defense, Industrial automation, medical equipment, Plant Consolidation, post-COVID recovery, specialty chemicals, turnaround, Value | Login |
| Mar 22, 2025 | Fund Letters | Argosy Investors | CDW | CDW Corporation | Information Technology | Technology Distributors | Bull | NASDAQ | Acquisitions, growth, IT distribution, market leader, Share Buybacks, small business, SMB, software distribution, technology | Login |
| Jun 10, 2024 | Fund Letters | Argosy Investors | DEO | Diageo plc | Consumer Staples | Beverages | Bull | NYSE | defensive, dividend yield, Global Brands, premium brands, risk management, Spirits, Stable Earnings, Value Investment | Login |
| Jun 10, 2024 | Fund Letters | Argosy Investors | DAVA | Endava plc | Information Technology | IT Consulting & Other Services | Bull | NYSE | Artificial Intelligence, Custom Application Development, Cyclical Recovery, Digital transformation, High Returns on Capital, IT services, post-COVID recovery, Project-Based, Time-and-Materials | Login |
| Jun 10, 2024 | Fund Letters | Argosy Investors | TBBB | Tiendas BBB | Consumer Staples | Food & Staples Retailing | Bull | BMV | Emerging markets, Hard Discount Retail, High Inventory Turnover, Limited SKUs, Mexico, negative working capital, Private-label, Self-Funding Growth, store expansion | Login |
| Mar 29, 2024 | Fund Letters | Argosy Investors | MLAB | Mesa Labs | Health Care Equipment & Services | Health Care Equipment | Bull | NASDAQ | contrarian, COVID impact, Cyclical Recovery, Health Care Equipment, life sciences, M&A Integration, Quality Control Instruments, Value | Login |
| Nov 18, 2023 | Fund Letters | Argosy Investors | POST | Post Holdings Inc | Consumer Staples | Packaged Foods & Meats | Bull | NYSE | capital allocation, conglomerate, operational efficiency, Pet Food, portfolio optimization, share repurchases, strategic acquisitions, value creation | Login |
| Nov 18, 2023 | Fund Letters | Argosy Investors | TRRSF | Trisura Group Ltd | Financials | Property & Casualty Insurance | Bull | TSX | Balance sheet strengthening, Crisis Recovery, financial services, growth, P/E multiple, Reinsurance, specialty insurance | Login |
| Nov 18, 2023 | Fund Letters | Argosy Investors | BURL | Burlington Stores Inc | Consumer Discretionary | Apparel Retail | Bull | NYSE | Apparel Retail, Inventory Overhang, margin normalization, Off-price retail, operating leverage, same-store sales, store expansion, turnaround | Login |
| Nov 18, 2023 | Fund Letters | Argosy Investors | LESL | Leslie's Inc | Consumer Discretionary | Specialty Retail | Bull | NASDAQ | capital allocation, debt reduction, essential services, Free Cash Flow, Pool Services, Specialty retail, value creation | Login |
| Jul 23, 2023 | Fund Letters | Argosy Investors | ARGX BB|DAVA|DDOG|GLOB|ILMN|LOAR|MELI|NET|NU|NVDA|TSM | Endava plc | Information Technology | IT Consulting & Other Services | Bull | NYSE | Digital transformation, IT Outsourcing, Quality Management, Sector Consolidation, Technology Services, value opportunity | Login |
| Jul 23, 2023 | Fund Letters | Argosy Investors | ZROZ | PIMCO 25+ Year Zero Coupon U.S. Treasury Index Exchange-Traded Fund | Financials | Asset Management & Custody Banks | Bull | NYSE Arca | Duration risk, interest rate sensitivity, Long duration bonds, Macro hedge, Portfolio Hedge, Treasury securities, Zero Coupon | Login |
| TICKER | COMMENTARY |
|---|---|
| DAVA | I also added to the existing DAVA position during the quarter, while taking some tax losses on previously purchased shares. I continue to believe that DAVA is undervalued relative to peers who face similar AI threats as DAVA, such as EPAM. It has become clearer that "vibe coding" solutions are less likely to immediately displace solutions that require high levels of security and interconnectedness between users. With that in mind, there are still many applications that DAVA can help develop. I still believe DAVA's share price performance relative to peers is mostly company-specific, and believe there is a significant chance of mean reversion if DAVA can demonstrate inflecting organic revenue growth. It however remains difficult to see the market disagree with my assessment, and this position is among my most fluid. |
| EPAM | I continue to believe that DAVA is undervalued relative to peers who face similar AI threats as DAVA, such as EPAM. |
| FND | Floor & Decor (FND) is a business I've wanted to own shares in for some time. They are the leading warehouse-style flooring store with higher in-stock inventory selection and lower prices than scaled competitors, and have been taking market share for years if not decades. In my opinion, they are following the Home Depot model to disrupt a profitable subcategory of home improvement. I still believe the current purchase price is not obviously cheap on near-term earnings, but the purchase price does reflect an attractive valuation on long-term margins. The company's current EBIT margins are about 30% below their long-term pre-COVID levels, and I believe EBIT margins should continue to scale towards the low-to-mid-teens as the company builds out its store base. Current sales per store are depressed by a post-COVID hangover and higher interest rates which have depressed existing home sales, a key catalyst for renovation activity. Higher sales per store will lead directly to higher store-level margins, which flow nicely through to EBIT margins. I believe, with a more favorable existing home sales macro backdrop, that sales can grow at double digits with significant flow-through to the bottom line. It would not surprise me to look a couple years out and see the company generating $6.5B of sales at 7.0% net margins, which would mean the company is trading at 16x that admittedly uncertain (due to macro uncertainty) future earnings with nearly a decade of future store growth and comp growth. I see the company generating nearly $12 earnings per share 10 years from now, when it's store growth plan should be essentially complete. |
| HD | Conversely, our biggest detractors this quarter were DR Horton (DHI), Lennar Corp (LEN), Home Depot (HD). |
| LLY | Eli Lilly shares were a top performer in 4Q25 after delivering strong Q3 2025 earnings in October. Revenue rose 54% year-over-year to $17.6 billion, and adjusted EPS of $7.02 beat consensus of $6.02. Growth was driven by its GLP-1 franchises, Mounjaro and Zepbound, where sales more than doubled year-over-year, alongside strength in other therapeutic areas. Management raised full-year guidance for both revenue and earnings, reinforcing investor confidence in the company's growth outlook. |
| LOW | Stocks like Lowe's and Home Depot have suffered from the housing slowdown. |
| NVO | added a new holding in Novo Nordisk, which had seen its share price decline by two thirds since mid-2024 |
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