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 Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) in the third quarter 2023 investor letter. Headquartered in Cranbury, New Jersey, Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) is a multi-platform biotechnology company. On October 19, 2023, Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) stock closed at $17.06 per share. One-month return of Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) was -16.37%, and its shares lost 2.90% of their value over the last 52 weeks. Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) has a market capitalization of $1.535 billion.
Baron Health Care Fund made the following comment about Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) in its Q3 2023 investor letter:
“The relative shortfall in biotechnology mostly had to do with not owning a few larger cap names, particularly AbbVie Inc., Amgen Inc., and Regeneron Pharmaceuticals, Inc., whose share prices were up double digits for the quarter as investors flocked to larger, safer, cash flow positive biotechnology companies as long-term interest rates rose. These losses were somewhat offset by strong performance from argenx SE and Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT).
In biotechnology, we continue to focus on select biotechnology companies that we believe have innovative products and are well funded and well positioned in a more difficult pricing environment. Examples include Rocket Pharmaceuticals, Inc., a developer of gene therapies for rare, undertreated diseases.”
A researcher handling a vial of adeno-associated virus gene therapy for a preclinical program. Editorial photo for a financial news article. 8k. –ar 16:9
Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 28 hedge fund portfolios held Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) at the end of second quarter which was 24 in the previous quarter.
We discussed Rocket Pharmaceuticals, Inc. (NASDAQ:RCKT) in another article and shared the list of oversold biotech stocks to buy. 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.