Baron Funds, an investment management company, released its “Baron Health Care Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. The fund declined 6.05% (Institutional Shares) in the quarter compared to a 3.88% loss for the Russell 3000 Health Care Index and a 3.27% loss for the S&P 500 Index. Year-to-date through September 30, 2023, the fund declined 1.17%, compared to a 3.83% decline for the Russell 3000 Health Care Index and a 13.07% increase for the S&P 500 Index. The combination of stock selection and active sub-industry weights drove the underperformance of the fund in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Baron Health Care Fund highlighted stocks like Legend Biotech Corporation (NASDAQ:LEGN) in its Q3 2023 investor letter. Based in Somerset, New Jersey, Legend Biotech Corporation (NASDAQ:LEGN) is a clinical-stage biopharmaceutical company. On October 19, 2023, Legend Biotech Corporation (NASDAQ:LEGN) stock closed at $66.48 per share. One-month return of Legend Biotech Corporation (NASDAQ:LEGN) was 5.26%, and its shares gained 39.58% of their value over the last 52 weeks. Legend Biotech Corporation (NASDAQ:LEGN) has a market capitalization of $12.119 billion.
Baron Health Care Fund made the following comment about Legend Biotech Corporation (NASDAQ:LEGN) in its Q3 2023 investor letter:
“We added to Legend Biotech Corporation (NASDAQ:LEGN), a biotechnology company developing cell therapies for cancer. The company’s lead product is Carvykti, a cell therapy for the treatment of multiple myeloma, a blood cancer affecting over 200,000 people in the U.S. alone. We wrote about Legend Biotech last quarter and retain conviction in the investment thesis.”
A biopharma executive in a meeting room discussing the clinical-stage of a new therapy. Editorial photo for a financial news article. 8k. –ar 16:9
Legend Biotech Corporation (NASDAQ:LEGN) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 28 hedge fund portfolios held Legend Biotech Corporation (NASDAQ:LEGN) at the end of second quarter which was 28 in the previous quarter.
We discussed Legend Biotech Corporation (NASDAQ:LEGN) in another article and shared TimesSquare U.S. Mid Cap Growth Strategy’s views on the company. 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.
