Harding Loevner, an asset management company, released its “International Equity Strategy” first-quarter 2023 investor letter. A copy of the same can be downloaded here. HL International Equity returned 7.72% (Net of fees) compared to a 7% return for the MSCI All Country World ex-US Index and 8.62% for the MSCI EAFE Index. Sector and regional allocation are the sources of the relative performance of the fund in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.
HL International Equity Strategy highlighted stocks like Roche Holding AG (OTC:RHHBY) in the first quarter 2023 investor letter. Headquartered in Basel, Switzerland, Roche Holding AG (OTC:RHHBY) engages in the pharmaceuticals and diagnostics businesses. On June 14, 2023, Roche Holding AG (OTC:RHHBY) stock closed at $38.09 per share. One-month return of Roche Holding AG (OTC:RHHBY) was -4.34%, and its shares lost 1.14% of their value over the last 52 weeks. Roche Holding AG (OTC:RHHBY) has a market capitalization of $243.527 billion.
HL International Equity Strategy made the following comment about Roche Holding AG (OTC:RHHBY) in its first quarter 2023 investor letter:
“Within Health Care, Roche Holding AG (OTC:RHHBY) performed poorly as the revenue generated from the detection and treatment of COVID-19 is expected to decline, which may put downward pressure on results in 2023.”
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Roche Holding AG (OTC:RHHBY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 2 hedge fund portfolios held Roche Holding AG (OTC:RHHBY) at the end of first quarter 2023 which was 2 in the previous quarter. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.