Kenvue: Out Of Favor Then, Under Pressure Now

Macquarie Asset Management36 FollowersFollow5ShareSavePlay(4min)Comment(1)SummaryAt the time of our initial purchase in May 2025, Kenvue was out of favor and appeared reasonably valued to us.Kenvue's shares traded lower on news that the Trump administration would release a report linking autism to acetaminophen use during pregnancy.Tylenol accounts for an estimated 12-15% of Kenvue's earnings.In October 2025, news broke that a group action lawsuit had been filed against Kenvue in the UK over claims that its talc-based products cause cancer.Proceeds from the sale of Kenvue were used to purchase a position in Zoetis Inc., a leading global provider of animal health products. MicroStockHub/iStock via Getty Images The following segment was excerpted from the Nomura Value Fund Q4 2025 Commentary. In October, we sold our position in Kenvue Inc. (KVUE), a consumer health company with globally recognizable brands such as Band-Aid, Listerine, Neutrogena, Tylenol, andThis article was written byMacquarie Asset Management36 FollowersFollowMacquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is an integrated asset manager across public and private markets offering a diverse range of capabilities, including real assets, real estate, credit, equities and multi-asset solutions. Macquarie Group refers to Macquarie Group Limited and its subsidiaries and affiliates worldwide. Delaware Funds by Macquarie refers to certain investment solutions that MAM distributes, offers, or advises. Investment advisory services are provided to the Delaware Funds by Delaware Management Company, a series of Macquarie Investment Management Business Trust (MIMBT), a Securities and Exchange Commission (SEC) registered investment adviser.

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