Baron Funds, an investment management company, released its “Baron Health Care Fund” first quarter 2023 investor letter. A copy of the same can be downloaded here. The first quarter was difficult for the fund, as it failed to participate in the broader market rally and declined 3.69% compared to the 3.27% decline for the benchmark Russell 3000 Health Care Index and a 7.50% increase for the S&P 500 Index. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron Health Care Fund highlighted stocks like Mettler-Toledo International Inc. (NYSE:MTD) in the first quarter 2023 investor letter. Based in Columbus, Ohio, Mettler-Toledo International Inc. (NYSE:MTD) is a precision instruments and services manufacturer and supplier. On May 17, 2023, Mettler-Toledo International Inc. (NYSE:MTD) stock closed at $1,369.17 per share. One-month return of Mettler-Toledo International Inc. (NYSE:MTD) was -11.07%, and its shares gained 12.25% of their value over the last 52 weeks. Mettler-Toledo International Inc. (NYSE:MTD) has a market capitalization of $30.149 billion.
Baron Health Care Fund made the following comment about Mettler-Toledo International Inc. (NYSE:MTD) in its Q1 2023 investor letter:
“These negative effects were somewhat offset by favorable stock selection in pharmaceuticals and life sciences tools & services, where performance was led by global animal health company Zoetis Inc. and weighing instruments provider Mettler-Toledo International Inc. (NYSE:MTD), respectively. Mettler’s shares outperformed in response to strong financial results, driven by broad-based strength across geographies and product categories. Additionally, management raised EPS guidance for fiscal year 2023 to account for less adverse foreign currency impacts versus the prior forecast. The Fund also benefited from its lack of exposure to select large-cap pharmaceutical companies, namely Pfizer Inc. and Johnson & Johnson, whose shares were down double digits for the quarter.”
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Mettler-Toledo International Inc. (NYSE:MTD) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 34 hedge fund portfolios held Mettler-Toledo International Inc. (NYSE:MTD) at the end of the fourth quarter which was 45 in the previous quarter.
We discussed Mettler-Toledo International Inc. (NYSE:MTD) in another article and shared Renaissance Investment Management’s views on the company. In addition, please check out our hedge fund investor letters Q1 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.
