The Ithaka Group, an investment advisory firm, released “Ithaka US Growth Strategy” second-quarter 2023 investor letter. A copy of the same can be downloaded here. In the quarter, the strategy outperformed in a strong market, returning 16.1% (gross) compared to its benchmark the Russell 1000 Growth Index’s 12.8% gain. The outperformance of the fund was entirely contributed by stock selection, with a slight benefit from sector allocation. In addition, please check the fund’s top five holdings to know its best picks in 2023.
The Ithaka Group highlighted stocks like Insulet Corporation (NASDAQ:PODD) in the second quarter 2023 investor letter. Headquartered in Acton, Massachusetts, Insulet Corporation (NASDAQ:PODD) develops and manufactures insulin delivery systems. On July 21, 2023, Insulet Corporation (NASDAQ:PODD) stock closed at $284.28 per share. One-month return of Insulet Corporation (NASDAQ:PODD) was -4.20%, and its shares gained 18.16% of their value over the last 52 weeks. Insulet Corporation (NASDAQ:PODD) has a market capitalization of $19.813 billion.
The Ithaka Group made the following comment about Insulet Corporation (NASDAQ:PODD) in its second quarter 2023 investor letter:
“Insulet Corporation (NASDAQ:PODD) is a medical device company focused on the design, development and commercialization of insulin pump systems for people with type 1 diabetes. Diabetes is a chronic, life-threatening disease for which there is no known cure. Insulet’s insulin pump system is superior to traditional multiple daily injections because it provides its users with a more accurate and pain free way to administer insulin when compared to injecting it via syringe multiple times per day. Insulet’s stock was under pressure following news that Medtronic purchased EOFlow, the manufacturer of the EOPatch, a tubeless, wearable and fully disposable insulin delivery device. While the EOPatch is not yet launched in the US, it is widely believed it will be available by the end of 2024, increasing competitive pressure on Insulet.”
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Insulet Corporation (NASDAQ:PODD) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 37 hedge fund portfolios held Insulet Corporation (NASDAQ:PODD) at the end of first quarter which was 35 in the previous quarter.
We discussed Insulet Corporation (NASDAQ:PODD) in another article and shared The Brown Capital Management Mid Company Fund’s views on the company. In addition, please check out our hedge fund investor letters Q2 2023 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.
