Baron Funds: “Abbvie (ABBV) is Well Positioned for Growth”

Baron Funds, an asset management firm, published its “Baron Health Care Fund” second quarter 2022 investor letter – a copy of which can be downloaded here. In the quarter ended June 30, 2022, Baron Health Care Fund (the “Fund”) declined 10.00% (Institutional Shares), compared with the 7.43% decline for the Russell 3000 Health Care Index (the “Benchmark”) and the 16.10% decline for the S&P 500 Index. Since its inception (April 30, 2018), the Fund increased 15.00% on an annualized basis compared with the 11.96% gain for the Benchmark and the 10.91% gain for the S&P 500 Index. Go over the fund’s top 5 positions to have a glimpse of its finest picks for 2022.

In its Q2 2022 investor letter, Baron Health Care Fund mentioned AbbVie Inc. (NYSE:ABBV) and explained its insights for the company. Founded in 2013, AbbVie Inc. (NYSE:ABBV) is a North Chicago, Illinois-based publicly traded biopharmaceutical company with a $252.5 billion market capitalization. AbbVie Inc. (NYSE:ABBV) delivered a 5.28% return since the beginning of the year, while its 12-month returns are up by 19.13%. The stock closed at $142.55 per share on August 16, 2022.

Here is what Baron Health Care Fund has to say about AbbVie Inc. (NYSE:ABBV) in its Q2 2022 investor letter:

“We added to our position in AbbVie Inc., a leading global biopharmaceutical company. We wrote about AbbVie in last quarter’s letter. We think Abbvie is well positioned for growth off trough earnings levels next year when the company’s lead drug Humira loses patent protection.”

Photo by National Cancer Institute on Unsplash

Our calculations show that AbbVie Inc. (NYSE:ABBV) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. AbbVie Inc. (NYSE:ABBV) was in 76 hedge fund portfolios at the end of the second quarter of 2022, compared to 82 funds in the previous quarter. AbbVie Inc. (NYSE:ABBV) delivered a -7.90% return in the past 3 months.

In July 2022, we also shared another hedge fund’s views on AbbVie Inc. (NYSE:ABBV) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q2 page.

Disclosure: None. This article is originally published at Insider Monkey.