Baron Funds: “Bio-Techne (TECH) is a Stable Business”

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 Bio-Techne Corporation (NASDAQ:TECH) and explained its insights for the company. Founded in 1976, Bio-Techne Corporation (NASDAQ:TECH) is a Minneapolis, Minnesota-based biotechnology company with a $14.8 billion market capitalization. Bio-Techne Corporation (NASDAQ:TECH) delivered a -26.61% return since the beginning of the year, while its 12-month returns are down by -18.69%. The stock closed at $379.65 per share on August 12, 2022.

Here is what Baron Health Care Fund has to say about Bio-Techne Corporation (NASDAQ:TECH) in its Q2 2022 investor letter:

Bio-Techne Corporation detracted from performance in the quarter. Bio-Techne sells life science reagents, instruments, and services for the research, diagnostics, and bioprocessing markets worldwide. The stock fell along with other premium valuation and life sciences tools stocks, which declined due to concerns about high inflation, rising interest rates, peaking COVID-related revenues, and biotechnology funding. We continue to believe Bio-Techne is a stable business with multiple drivers that will enable the company to grow its revenue by double digits over the next five years.

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Our calculations show that Bio-Techne Corporation (NASDAQ:TECH) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Bio-Techne Corporation (NASDAQ:TECH) was in 29 hedge fund portfolios at the end of the second quarter of 2022, compared to 24 funds in the previous quarter. Bio-Techne Corporation (NASDAQ:TECH) delivered a 3.23% return in the past 3 months.

In June 2022, we also shared another hedge fund’s views on Bio-Techne Corporation (NASDAQ:TECH) 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.