Salient to Investors:

The OMX Copenhagen 20 Index:

  • Returned 21% (18% in US dollars) in 2014 including dividends – the best benchmark gain in 24 developed markets – versus 9.6% for the S&P 500.
  • Returned 280% (299% in US dollars) including dividends since its low in March 2009 versus 229% for the S&P 500 since its low 3 days later.
  • Trades for 22.7 x earnings versus 17.7 for the S&P 500 and has been at a premium most of the time since the low in 2009, but was most of the time at a discount for the decade before that.


Novo Nordisk, the world’s largest insulin maker, accounts for 38% of the Copenhagen 20 – more than 10 times the most heavily weighted stock in the S&P 500, Apple.

Weaker currencies tends to lift stock prices of companies that book a lot of revenue in dollars.

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