Baron Funds, an investment management company, released its “Baron Health Care Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. The fund declined 6.05% (Institutional Shares) in the quarter compared to a 3.88% loss for the Russell 3000 Health Care Index and a 3.27% loss for the S&P 500 Index. Year-to-date through September 30, 2023, the fund declined 1.17%, compared to a 3.83% decline for the Russell 3000 Health Care Index and a 13.07% increase for the S&P 500 Index. The combination of stock selection and active sub-industry weights drove the underperformance 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 Boston Scientific Corporation (NYSE:BSX) in the third quarter 2023 investor letter. Headquartered in Marlborough, Massachusetts, Boston Scientific Corporation (NYSE:BSX) develops, manufactures, and markets medical devices. On October 18, 2023, Boston Scientific Corporation (NYSE:BSX) stock closed at $50.71 per share. One-month return of Boston Scientific Corporation (NYSE:BSX) was -5.82%, and its shares gained 26.35% of their value over the last 52 weeks. Boston Scientific Corporation (NYSE:BSX) has a market capitalization of $74.661 billion.
Baron Health Care Fund made the following comment about Boston Scientific Corporation (NYSE:BSX) in its Q3 2023 investor letter:
“We added to our position in Boston Scientific Corporation (NYSE:BSX), a global developer, manufacturer, and marketer of medical devices that are used in a broad range of interventional medical specialties. We wrote about Boston Scientific last quarter. We believe Boston Scientific can grow revenue in the high single digits, driven by differentiated products used to treat atrial fibrillation, among others. The company held an Investor Day during the quarter at which management established financial targets for the 2024– 2026 period calling for an organic sales CAGR of 8% to 10%, 150 basis points of margin expansion and strong double-digit adjusted EPS growth and improved free-cash-flow conversion. We think this growth profile makes Boston Scientific a compelling name within the large medical device universe.”
An operating room with a doctor monitoring a patient’s vital signs during surgery with a medical device. Editorial photo for a financial news article. 8k. –ar 16:9
Boston Scientific Corporation (NYSE:BSX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 69 hedge fund portfolios held Boston Scientific Corporation (NYSE:BSX) at the end of second quarter which was 65 in the previous quarter.
We discussed Boston Scientific Corporation (NYSE:BSX) in another article and shared the list of safe haven stocks billionaires are loading up on. In addition, please check out our hedge fund investor letters Q3 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.