Baird Asset Management controlled Chautauqua Capital Management, a boutique investment firm, released the “Baird Chautauqua International and Global Growth Fund” third quarter 2024 investor letter. A copy of the letter can be downloaded here. The third quarter saw a significant rally in global equities markets, driven by robust stock performance from the U.S., international developed, and emerging markets. The Baird Chautauqua International Growth Fund Net Investor Class returned +9.46% in the third quarter, outperforming the MSCI ACWI ex-U.S. Index® ND, which returned +8.06%. The Baird Chautauqua Global Growth Fund Net Investor Class returned +5.25% compared to a +6.61% return for the MSCI ACWI Index® ND. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Baird Chautauqua International and Global Growth Fund highlighted stocks like Novo Nordisk A/S (NYSE:NVO), in the Q3 2024 investor letter. Novo Nordisk A/S (NYSE:NVO) engages in the research and development, manufacture, and distribution of pharmaceutical products. The one-month return of Novo Nordisk A/S (NYSE:NVO) was -14.00%, and its shares gained 17.32% of their value over the last 52 weeks. On October 10, 2024, Novo Nordisk A/S (NYSE:NVO) stock closed at $117.53 per share with a market capitalization of $523.925 billion.
Baird Chautauqua International and Global Growth Fund stated the following regarding Novo Nordisk A/S (NYSE:NVO) in its Q3 2024 investor letter:
“Novo Nordisk A/S (NYSE:NVO): After a 38% price appreciation in 1H24, investors have concerns that Novo could not increase capacity fast enough to exceed projections on its weight loss drug in 3Q24. Disappointment on an early-stage pipeline candidate, which should have very little impact on the value of the company, further contributed to negative sentiment on the stock.”
An elderly couple receiving insulin from a pharmacist, representing healthcare company’s successful pharmaceutical products.
Novo Nordisk A/S (NYSE:NVO) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 67 hedge fund portfolios held Novo Nordisk A/S (NYSE:NVO) at the end of the second quarter which was 60 in the previous quarter. In the first half of 2024, Novo Nordisk A/S (NYSE:NVO) delivered 25% sales growth and 19% operating profit growth, at constant exchange rates. While we acknowledge the potential of Novo Nordisk A/S (NYSE:NVO) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed Novo Nordisk A/S (NYSE:NVO) and shared the list of best stocks to buy which are part of the Renaissance Technologies portfolio. In addition, please check out our hedge fund investor letters Q3 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.