Eleven key stocks have been instrumental to this strong performance, affectionately known as The Granolas. The term was coined by Goldman Sachs in 2020 based on a loose acronym of the stocks’ names. It includes GlaxoSmithKline, Roche, ASML, Nestlé, Novartis, Novo Nordisk, L’Oréal, LVMH, AstraZeneca, SAP and Sanofi.