IDEXX Laboratories (IDXX) Surged in 2023

Fundsmith LLP, an investment management company based in London, released its “Fundsmith Equity Fund” 2023 yearly update. A copy of the same can be downloaded here. In 2023, the Fundsmith Equity Fund rose +12.4 compared to a 16.8% return for the MSCI World Index. In 2023, the Fund underperformed this comparable; however, a longer-term view may be helpful and is undoubtedly better in line with the firm’s investment goals and approach. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Fundsmith Equity Fund featured stocks such as IDEXX Laboratories, Inc. (NASDAQ:IDXX) in the 2023 yearly investor letter. Headquartered in Westbrook, Maine, IDEXX Laboratories, Inc. (NASDAQ:IDXX) engages in the development and manufacturing of products and services for animal veterinary, livestock and poultry, dairy, and water testing. On January 18, 2024, IDEXX Laboratories, Inc. (NASDAQ:IDXX) stock closed at $525.28 per share. One-month return of IDEXX Laboratories, Inc. (NASDAQ:IDXX) was -5.19%, and its shares gained 7.45% of their value over the last 52 weeks. IDEXX Laboratories, Inc. (NASDAQ:IDXX) has a market capitalization of $43.625 billion.

Fundsmith Equity Fund stated the following regarding IDEXX Laboratories, Inc. (NASDAQ:IDXX) in its 2023 investor letter:

“IDEXX Laboratories, Inc. (NASDAQ:IDXX), the supplier of veterinary diagnostic equipment, makes its fifth appearance in our table of top five contributors despite concerns about a hangover following the upsurge in pet ownership during Covid.”

A veterinarian conducting a physical exam on a four-legged patient in a veterinary hospital, highlighting the company’s work in veterinary health.

IDEXX Laboratories, Inc. (NASDAQ:IDXX) is not our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 48 hedge fund portfolios held IDEXX Laboratories, Inc. (NASDAQ:IDXX) at the end of third quarter which was 43 in the previous quarter.

We discussed IDEXX Laboratories, Inc. (NASDAQ:IDXX) in another article and shared TimesSquare Capital’s views on the company. In addition, please check out our hedge fund investor letters Q4 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.