Broyhill Asset Management, a boutique investment firm, released its second-quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the portfolio increased 0.9% net of all fees and expenses, and year-to-date, the portfolio returned 12.3% net of all fees and expenses. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Broyhill Asset Management highlighted stocks like Bayer Aktiengesellschaft (OTC:BAYRY) in the second quarter 2023 investor letter. Headquartered in Leverkusen, Germany, Bayer Aktiengesellschaft (OTC:BAYRY) is a life science company. On August 4, 2023, Bayer Aktiengesellschaft (OTC:BAYRY) stock closed at $14.09 per share. One-month return of Bayer Aktiengesellschaft (OTC:BAYRY) was 5.56%, and its shares gained 4.06% of their value over the last 52 weeks. Bayer Aktiengesellschaft (OTC:BAYRY) has a market capitalization of $55.908 billion.
Broyhill Asset Management made the following comment about Bayer Aktiengesellschaft (OTC:BAYRY) in its second quarter 2023 investor letter:
“The largest detractors to performance over the quarter were First Horizon Corp (FHN), Anheuser-Busch InBev (BUD), and Bayer Aktiengesellschaft (OTC:BAYRY). Bayer, the German pharmaceutical and life sciences company, is firmly in the running for our most frustrating investment. Following a steady increase in consensus estimates since bottoming in early 2021, numbers took a dive after the company’s first-quarter earnings report. While the miss was relatively minor, the stock’s reaction was not, suggesting that investors were already pricing in additional downgrades to guidance. The incoming CEO may reset the bar even lower after taking a good look under the hood, but we think there is more risk that the CEO, a Roche veteran, will give in to activist investors who are pressing to break up the conglomerate.2 Should investors decide to sharpen their pencils and value Bayer’s individual segments on a stand-alone basis, we believe the discount to peers would quickly disappear. Our base case sum of the parts estimates pegs the company’s fair value at nearly twice current levels. Our longer-term upside estimates are materially higher.”
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Bayer Aktiengesellschaft (OTC:BAYRY) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 1 hedge fund portfolio held Bayer Aktiengesellschaft (OTC:BAYRY) at the end of first quarter which was 1 in the previous quarter. 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.
