Baron Funds, an investment management company, released its “Baron Health Care Fund” second quarter 2023 investor letter. A copy of the same can be downloaded here. The fund advanced 9.22% (Institutional Shares) in the quarter compared to a 3.44% gain for the Russell 3000 Health Care Index (benchmark) and an 8.74% gain for the S&P 500 Index. Since its inception, on April 30, 2018, the fund gained 13.58% on an annualized basis, compared to the benchmark’s 10.85% gain and the S&P 500 Index’s 12.54% return. Favorable stock selection led the fund to outperform in the quarter. Investments in biotechnology, pharmaceuticals, and healthcare equipment accounted for most of the relative gains of the fund in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron Health Care Fund highlighted stocks like AbbVie Inc. (NYSE:ABBV) in the second quarter 2023 investor letter. Headquartered in North Chicago, Illinois, AbbVie Inc. (NYSE:ABBV) is a global pharmaceutical company. On July 24, 2023, AbbVie Inc. (NYSE:ABBV) stock closed at $143.18 per share. One-month return of AbbVie Inc. (NYSE:ABBV) was 6.10%, and its shares lost 4.69% of their value over the last 52 weeks. AbbVie Inc. (NYSE:ABBV) has a market capitalization of $252.611 billion.
Baron Health Care Fund made the following comment about AbbVie Inc. (NYSE:ABBV) in its second quarter 2023 investor letter:
“Apart from stock selection, the Fund also benefited from its lower exposure to AbbVie Inc. (NYSE:ABBV), whose shares were down almost 15% in the Benchmark due to concerns about the company’s growth profile after the loss of exclusivity for lead drug Humira. We exited our position during the quarter. We sold AbbVie Inc. due to our less optimistic view of the company’s pipeline and long-term growth profile.”
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AbbVie Inc. (NYSE:ABBV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 75 hedge fund portfolios held AbbVie Inc. (NYSE:ABBV) at the end of first quarter which was 73 in the previous quarter.
We discussed AbbVie Inc. (NYSE:ABBV) in another article and shared the list best low volatility stocks to buy. In addition, please check out our hedge fund investor letters Q2 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.