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 Zoetis Inc. (NYSE:ZTS) in the first quarter 2024 investor letter. Headquartered in Parsippany, New Jersey, Zoetis Inc. (NYSE:ZTS) engages in the development, manufacture, and commercialization of animal health medicines, vaccines, and diagnostic products and services. On April 22, 2024, Zoetis Inc. (NYSE:ZTS) stock closed at $145.54 per share. One-month return of Zoetis Inc. (NYSE:ZTS) was -9.56%, and its shares lost 13.40% of their value over the last 52 weeks. Zoetis Inc. (NYSE:ZTS) has a market capitalization of $68.469 billion.
Baron Health Care Fund stated the following regarding Zoetis Inc. (NYSE:ZTS) in its first quarter 2024 investor letter:
“Zoetis Inc. (NYSE:ZTS) is a global leader in medicines and vaccines for companion and farm animals, operating in more than 120 countries across eight core species and five major product categories. Shares fell after the company reported mixed fourth quarter results that fell short of high market expectations and issued below-consensus 2024 guidance. While revenue beat Street forecasts primarily on higher sales in the livestock category, EPS missed consensus due to FX headwinds, costs associated with an acquired asset, and investments related to the U.S. launch of canine arthritis drug Librela. Investor concerns about new parasiticide competition and inefficiencies with the Librela ramp also weighed on the share price. Zoetis remains an attractive holding given its consistent above-market growth, diverse portfolio and rich pipeline, new and innovative product flow, and attractive end-markets that have proven resilient in periods of heightened economic uncertainty.”
A veterinarian administering a vaccine to a herd of cattle in a farm.
Zoetis Inc. (NYSE:ZTS) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Zoetis Inc. (NYSE:ZTS) was held by 50 hedge fund portfolios, compared to 56 in the previous quarter, according to our database.
We previously discussed Zoetis Inc. (NYSE:ZTS) in another article, where we shared Polen Focus Growth Strategy’s views on the company. 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.