Baron Funds, an investment management company, released its “Baron Health Care Fund” first quarter 2024 investor letter. A copy of the same can be downloaded here. The fund advanced 8.92% (Institutional Shares) in the quarter compared to an 8.52% gain for the Russell 3000 Health Care Index (benchmark) and a 10.56% increase for the S&P 500 Index. The fund rose 13.61% on an annualized basis since its inception on April 30, 2018, compared to an 11.45% gain for the benchmark and a 14.24% gain for the index. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Baron Health Care Fund featured stocks like Arcellx, Inc. (NASDAQ:ACLX) in its Q1 2024 investor letter. Headquartered in Redwood City, California, Arcellx, Inc. (NASDAQ:ACLX) engages in the development of various immunotherapies for patients with cancer and other incurable diseases. On April 22, 2024, Arcellx, Inc. (NASDAQ:ACLX) stock closed at $52.00 per share. One-month return of Arcellx, Inc. (NASDAQ:ACLX) was -21.39%, and its shares gained 34.20% of their value over the last 52 weeks. Arcellx, Inc. (NASDAQ:ACLX) has a market capitalization of $2.932 billion.
Baron Health Care Fund stated the following regarding Arcellx, Inc. (NASDAQ:ACLX) in its first quarter 2024 investor letter:
“We added toArcellx, Inc. (NASDAQ:ACLX), an early-stage biotechnology company that is developing cell therapies for multiple myeloma. We continue to be bullish on the overall multiple myeloma space and expect cell therapy to revolutionize multiple myeloma care. Though earlier in development than its competitors, Arcellx’s cell therapy platform has potential advantages in terms of safety and manufacturing scalability while potentially achieving similar or better efficacy.”
A scientist in a lab coat examining a microscope, looking at the details of the biotechnology company’s immunotherapies.
Arcellx, Inc. (NASDAQ:ACLX) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Arcellx, Inc. (NASDAQ:ACLX) was held by 33 hedge fund portfolios, up from 26 in the previous quarter, according to our database.
We previously discussed Arcellx, Inc. (NASDAQ:ACLX) in another article, where we shared the list of healthcare stock insiders are dumping. In addition, please check out our hedge fund investor letters Q1 2024 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.