Sound Shore Management, an investment management firm, has released its investor letter for the third quarter of 2023. A copy of the same can be downloaded here. In the third quarter, the Sound Shore Fund Investor Class (SSHFX) and Institutional Class (SSHVX) declined 2.01% and 1.94%, respectively outperforming the Russell 1000 Value Index (Russell Value) which declined 3.16%. The three-year annualized gains for SSHFX and SSHVX were 11.83% and 12.05%, respectively, ahead of the Russell Value’s 11.05%. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Sound Shore Management highlighted stocks like Teva Pharmaceutical Industries Limited (NYSE:TEVA) in the third quarter 2023 investor letter. Headquartered in Tel Aviv, Israel, Teva Pharmaceutical Industries Limited (NYSE:TEVA) is a pharmaceutical company. On December 20, 2023, Teva Pharmaceutical Industries Limited (NYSE:TEVA) stock closed at $10.41 per share. One-month return of Teva Pharmaceutical Industries Limited (NYSE:TEVA) was 10.04%, and its shares gained 13.65% of their value over the last 52 weeks. Teva Pharmaceutical Industries Limited (NYSE:TEVA) has a market capitalization of $11.87 billion.
Sound Shore Management made the following comment about Teva Pharmaceutical Industries Limited (NYSE:TEVA) in its Q3 2023 investor letter:
“Away from power, drug maker Teva Pharmaceutical Industries Limited (NYSE:TEVA), a new holding, also performed well during the quarter. Teva develops, manufactures and markets generic and specialty drugs focused on neurological and respiratory diseases, as well as oncology. Following a period of poor capital allocation decisions in prior years, we were able to invest at a very attractive valuation. We now believe management has positioned the company for renewed growth, driven by its most promising branded drug pipeline in years. The investment is off to a good start and the stock gained after second quarter results topped consensus.”
A close-up shot of various types of medicines on a table, illustrating the specialty and generic products offered by the pharmaceutical company.
Teva Pharmaceutical Industries Limited (NYSE:TEVA) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 44 hedge fund portfolios held Teva Pharmaceutical Industries Limited (NYSE:TEVA) at the end of third quarter which was 42 in the previous quarter.
We discussed Teva Pharmaceutical Industries Limited (NYSE:TEVA) in another article and shared the list of most undervalued pharmaceutical stocks to buy according to analysts. In addition, please check out our hedge fund investor letters Q3 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.
