In earlier posts we looked at the annual return charts for S&P 500 sectors, emerging markets and asset classes. Let’s wrap up the review with the final chart from Novel Investor for developed markets excluding the US. In 2023, Italy was the best performer followed by Spain and Denmark based on MSCI total returns for the year. The Danish market was highly boosted by the astonishing growth in drug-maker Novo Nordisk(NVO) with their weight-loss drug.

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Source: Novel Investor