Mettler-Toledo International (MTD) Declined on Decreased Demand for Laboratory Equipment

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 Mettler-Toledo International Inc. (NYSE:MTD) in the 2023 annual investor letter. Based in Columbus, Ohio, Mettler-Toledo International Inc. (NYSE:MTD) is a precision instruments and services manufacturer and supplier. On January 18, 2024, Mettler-Toledo International Inc. (NYSE:MTD) stock closed at $1,185.00 per share. One-month return of Mettler-Toledo International Inc. (NYSE:MTD) was -2.37%, and its shares lost 24.11% of their value over the last 52 weeks. Mettler-Toledo International Inc. (NYSE:MTD) has a market capitalization of $25.695 billion.

Fundsmith Equity Fund stated the following regarding Mettler-Toledo International Inc. (NYSE:MTD) in its 2023 investor letter:

Mettler-Toledo International Inc. (NYSE:MTD) suffered from a downturn in demand for laboratory equipment post the pandemic, demand falling in China and a tighter funding market for biotech companies. However, we have no concerns about their longer-term prospects and our holding in Mettler-Toledo, in particular, is small and we may be able to use share price weakness to acquire more.”

A microscopist working with precision instruments while looking at a sample of a kidney disease.

Mettler-Toledo International Inc. (NYSE:MTD) is not our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 40 hedge fund portfolios held Mettler-Toledo International Inc. (NYSE:MTD) at the end of third quarter which was 45 in the previous quarter.

We discussed Mettler-Toledo International Inc. (NYSE:MTD) in another article and shared the list of beaten down stocks billionaires are crazy about. 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.