Polaris Capital Management, an investment management company, released its third quarter 2024 investor letter. A copy of the same can be downloaded here. Global markets were in solidly positive territory for the third straight quarter of 2024 despite geopolitical volatility. Polaris Global Equity Composite (net of fees) returned 6.86% in the quarter, compared to 6.46% return for the MSCI World Index, gross dividends reinvested. In addition, check the fund’s top five holdings to know its best picks in 2024.
Polaris Global Equity Strategy highlighted stocks like Gilead Sciences, Inc. (NASDAQ:GILD), in the third quarter 2024 investor letter. Gilead Sciences, Inc. (NASDAQ:GILD) is a biopharmaceutical company. The one-month return of Gilead Sciences, Inc. (NASDAQ:GILD) was 2.30%, and its shares gained 16.21% of their value over the last 52 weeks. On December 20, 2024, Gilead Sciences, Inc. (NASDAQ:GILD) stock closed at $92.57 per share with a market capitalization of $115.367 billion.
Polaris Global Equity Strategy stated the following regarding Gilead Sciences, Inc. (NASDAQ:GILD) in its Q3 2024 investor letter:
“U.S. biopharma/biotech companies topped the health care sector, with the majority of holdings posting returns in excess of 10%. Gilead Sciences, Inc. (NASDAQ:GILD) had two big announcements during the quarter: 1) the FDA approved its new liver disease treatment for biliary cholangitis and 2) its phase III HIV drug trial reduced new infections by 96% when compared to background HIV incidence, which could be a game changer for the disease.”
A physician and a patient having a discussion in a hospital about biopharmaceutical medicines.
Gilead Sciences, Inc. (NASDAQ:GILD) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 59 hedge fund portfolios held Gilead Sciences, Inc. (NASDAQ:GILD) at the end of the third quarter which was 62 in the previous quarter. Gilead Sciences, Inc. (NASDAQ:GILD) reported sales of 7.5 billion in the third quarter 2024, up 7% year-over-year. While we acknowledge the potential of Gilead Sciences, Inc. (NASDAQ:GILD) 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 Gilead Sciences, Inc. (NASDAQ:GILD) and shared the list of best pharma stocks to buy. 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.