Baron Funds, an investment management company, released its “Baron Health Care Fund” first quarter 2024 investor letter. A copy of the same can be downloaded here. The fund advanced 8.92% (Institutional Shares) in the quarter compared to an 8.52% gain for the Russell 3000 Health Care Index (benchmark) and a 10.56% increase for the S&P 500 Index. The fund rose 13.61% on an annualized basis since its inception on April 30, 2018, compared to an 11.45% gain for the benchmark and a 14.24% gain for the index. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Baron Health Care Fund featured stocks like Repligen Corporation (NASDAQ:RGEN) in the first quarter 2024 investor letter. Headquartered in Waltham, Massachusetts, Repligen Corporation (NASDAQ:RGEN) develops and distributes bioprocessing technologies and systems. On April 22, 2024, Repligen Corporation (NASDAQ:RGEN) stock closed at $157.48 per share. One-month return of Repligen Corporation (NASDAQ:RGEN) was -6.13%, and its shares gained 15.39% of their value over the last 52 weeks. Repligen Corporation (NASDAQ:RGEN) has a market capitalization of $9.633 billion.
Baron Health Care Fund stated the following regarding Repligen Corporation (NASDAQ:RGEN) in its first quarter 2024 investor letter:
“We added to Repligen Corporation (NASDAQ:RGEN), a life science tools supplier that offers a broad portfolio of tools involved in the production of biologic drugs, including upstream cell culture, downstream chromatography and filtration, and process analytics. Repligen operates in attractive end markets, historically targeting monoclonal antibodies (10% to 12% market growth) and moving into cell and gene therapies (over 25% market growth). Repligen has a strong track record of smart acquisitions and innovation, including the introduction of differentiated filters and development of in-line process analytics (real-time monitoring of the drug production process). Because bioprocessing is a highly regulated industry, suppliers are embedded into workflows and their products become very sticky. We see the opportunity for Repligen to drive an attractive, recurring consumables stream in an increasing number of commercial processes. After a year of headwinds including customer destocking, biotechnology customer funding constraints, and China weakness, we believe Repligen’s results are turning the corner, and we have conviction in the company’s long-term growth potential.”
A technician in a lab inspecting an ELISA test kit for use in biopharmaceutical diagnostics.
Repligen Corporation (NASDAQ:RGEN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Repligen Corporation (NASDAQ:RGEN) was held by 31 hedge fund portfolios, compared to 24 in the previous quarter, according to our database.
We previously discussed Repligen Corporation (NASDAQ:RGEN) in another article, where we shared Artisan Mid Cap Fund’s views on the company. In addition, please check out our hedge fund investor letters Q1 2024 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.
