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 AbbVie Inc. (NYSE:ABBV) in its Q3 2024 investor letter. AbbVie Inc. (NYSE:ABBV) discovers, develops, manufactures, and sells pharmaceuticals. The one-month return of AbbVie Inc. (NYSE:ABBV) was -0.84%, and its shares gained 13.32% of their value over the last 52 weeks. On December 20, 2024, AbbVie Inc. (NYSE:ABBV) stock closed at $175.58 per share with a market capitalization of $310.274 billion.
Polaris Global Equity Strategy stated the following regarding AbbVie Inc. (NYSE:ABBV) 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%. AbbVie Inc. (NYSE:ABBV) showed positive top-line growth from its immunosuppressive drugs, Skyrizi and Rinvoq. Abbvie’s management continues to work through the loss of exclusivity from Humira, switching patients to Skyrizi or Rinvoq rather than Humira biosimilars.”
A pharmacist handing out a pharmaceutical drug to a patient in a drug store or chemist.
AbbVie Inc. (NYSE:ABBV) is not on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 68 hedge fund portfolios held AbbVie Inc. (NYSE:ABBV) at the end of the third quarter which was 67 in the previous quarter. While we acknowledge the potential of AbbVie Inc. (NYSE:ABBV) 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 AbbVie Inc. (NYSE:ABBV) and shared the list of best stocks to buy and hold for 3 years. 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.