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 McKesson Corporation (NYSE:MCK) in the third quarter 2023 investor letter. Headquartered in Irving, Texas, McKesson Corporation (NYSE:MCK) offers healthcare services. On October 19, 2023, McKesson Corporation (NYSE:MCK) stock closed at $453.27 per share. One-month return of McKesson Corporation (NYSE:MCK) was 3.33%, and its shares gained 22.29% of their value over the last 52 weeks. McKesson Corporation (NYSE:MCK) has a market capitalization of $61.147 billion.
Baron Health Care Fund made the following comment about McKesson Corporation (NYSE:MCK) in its Q3 2023 investor letter:
“Partially offsetting the above was favorable stock selection in pharmaceuticals and health care distributors along with cash exposure in a declining market. Strength in pharmaceuticals and health care distributors was driven by gains from Lilly and McKesson Corporation (NYSE:MCK). McKesson’s stock performed well due to strong financial results in the company’s pharmaceutical distribution and prescription technology solutions businesses, driven in part by higher volumes of GLP-1 medicines and prior authorization technology services related to GLP-1 medicines.”
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McKesson Corporation (NYSE:MCK) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 60 hedge fund portfolios held McKesson Corporation (NYSE:MCK) at the end of second quarter which was 60 in the previous quarter.
We discussed McKesson Corporation (NYSE:MCK) in another article and shared the list of largest pharmacy chains in the world. 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.
