Harding Loevner, an asset management company, released its “Global Equity Strategy” first-quarter 2023 investor letter. A copy of the same can be downloaded here. In the first quarter, the strategy returned 6.25% net of fees compared to a 7.44% return for the MSCI All Country World Index and 7.88% for the MSCI World Index. Exposure to the banking sector detracted the relative and absolute performance of the fund in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Harding Loevner Global Equity Strategy highlighted stocks like AbbVie Inc. (NYSE:ABBV) in the first quarter 2023 investor letter. Headquartered in North Chicago, Illinois, AbbVie Inc. (NYSE:ABBV) is a global pharmaceutical company. On June 6, 2023, AbbVie Inc. (NYSE:ABBV) stock closed at $135.43 per share. One-month return of AbbVie Inc. (NYSE:ABBV) was -7.51%, and its shares lost 9.26% of their value over the last 52 weeks. AbbVie Inc. (NYSE:ABBV) has a market capitalization of $238.938 billion.
Harding Loevner Global Equity Strategy made the following comment about AbbVie Inc. (NYSE:ABBV) in its Q1 2023 investor letter:
“One of our two new additions to the portfolio is AbbVie Inc. (NYSE:ABBV), a US drugmaker best known for Humira, a medicine used to treat a variety of autoimmune diseases. AbbVie is building upon its maturing blockbuster Humira business by expanding its stable of autoimmune-disorder treatments with launches such as Skyrizi and Rinvoq, which have been well received and should support continued growth. Separately, we believe the slowdown in venture capital funding may foster more collaboration between biotechnology companies with promising, early-stage pipelines and large pharmaceutical companies. This may allow AbbVie to supplement its own pipeline at cheaper valuations than biotechs had commanded in recent years.”
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AbbVie Inc. (NYSE:ABBV) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 75 hedge fund portfolios held AbbVie Inc. (NYSE:ABBV) at the end of first quarter 2023 which was 73 in the previous quarter.
We discussed AbbVie Inc. (NYSE:ABBV) in another article and shared the list of best dividend aristocrat stocks sorted by hedge fund popularity. 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.
